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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-10395
Pioneer Series Trust VII
(Exact name of registrant as specified in charter)
60 State Street, Boston, MA 02109
(Address of principal executive offices) (ZIP code)
Terrence J. Cullen, Pioneer Investment Management, Inc.,
60 State Street, Boston, MA 02109
(Name and address of agent for service)
Registrant's telephone number, including area code: (617) 742-7825
Date of fiscal year end: October 31
Date of reporting period: November 1, 2011 through April 30, 2012
Form N-CSR is to be used by management investment companies to file reports with
the Commission not later than 10 days after the transmission to stockholders of
any report that is required to be transmitted to stockholders under Rule 30e-1
under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may
use the information provided on Form N-CSR in its regulatory, disclosure review,
inspection, and policymaking roles.
A registrant is required to disclose the information specified by Form N-CSR,
and the Commission will make this information public. A registrant is not
required to respond to the collection of information contained in Form N-CSR
unless the Form displays a currently valid Office of Management and Budget
("OMB") control number. Please direct comments concerning the accuracy of the
information collection burden estimate and any suggestions for reducing the
burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW,
Washington, DC 20549-0609. The OMB has reviewed this collection of information
under the clearance requirements of 44 U.S.C. ss. 3507.
ITEM 1. REPORTS TO SHAREOWNERS.
Pioneer Global Aggregate
Bond Fund
--------------------------------------------------------------------------------
Semiannual Report | April 30, 2012
--------------------------------------------------------------------------------
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 8
Prices and Distributions 9
Performance Update 10
Comparing Ongoing Fund Expenses 13
Schedule of Investments 15
Financial Statements 40
Notes to Financial Statements 47
Approval of Investment Advisory Agreement 57
Trustees, Officers and Service Providers 61
Pioneer Global Aggregate Bond Fund | Semiannual Report | 4/30/12 1
President's Letter
Dear Shareowner,
The U.S. economy continued its recovery through the first quarter of 2012, even
as broader global concerns weighed on investors. The U.S. unemployment rate
fell to 8.1% in April, and some indicators suggest that it may continue to
trend down. The housing market continued to improve, fueled in part by
record-low mortgage rates. The risk of rising oil prices appeared to recede.
The improved outlook helped U.S. equity markets to perform well in the first
quarter, with the Standard & Poor's 500 Index rising by 12%. For bond
investors, the riskier sectors of the bond market fared the best. The broad
bond market, as measured by the Barclays Capital Aggregate Bond Index, rose by
just 0.3%, while the high-yield bond market, as measured by the Bank of America
Merrill Lynch High Yield Master II Index, rose by 5.15%.
We are cautiously optimistic that the U.S. economy will continue to improve.
But we are also closely monitoring macroeconomic concerns that could change the
market's direction, such as the lingering debt woes in Europe, the state of the
Chinese economy, and the U.S. government's fiscal situation. Clouds have
continued to hover over Europe, as the exit of Greece from the Euro-zone
remains a possibility. Meanwhile, China continues to face a potential slowdown
in economic growth. In the U.S., tax increases and spending cuts scheduled to
take effect at year-end should, unless fiscal policy changes, sharply reduce
the budget deficit -- which would be very good for the country in the longer
run -- but also could potentially stall U.S. economic growth in 2013. All of
these considerations may lead to further market volatility.
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.
Pioneer's investment professionals focus on finding good opportunities to
invest in both equity and bond markets using the same disciplined investment
approach we have used since 1928. Our strategy is to identify undervalued
individual securities with the greatest potential for success, carefully
weighing risk against reward. Our teams of investment professionals continually
2 Pioneer Global Aggregate Bond Fund | Semiannual Report | 4/30/12
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.
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 | Semiannual Report | 4/30/12 3
Portfolio Management Discussion | 4/30/12
Rising confidence that the world economic recovery was gathering strength
helped to lift the performance of global fixed-income investments early in the
six-month period ended April 30, 2012. Confidence was shaken somewhat late in
the period, however, amid renewed concerns about European sovereign-debt
problems and sluggish job growth in the U.S. In the following interview,
Charles Melchreit discusses the performance of Pioneer Global Aggregate Bond
Fund during the six-month period. 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 European Fixed-Income Portfolio Management
and European Fixed-Income Research at Pioneer.
Q How did the Fund perform during the six months ended April 30, 2012?
A Pioneer Global Aggregate Bond Fund Class A shares returned 2.18% at net asset
value during the six months ended April 30, 2012, while the Fund's
benchmark, the Barclays Capital Global Aggregate Bond Index (the Barclays
Index), returned 0.96%. During the same six-month period, the average
return of the 193 mutual funds in Lipper's Global Income Funds category was
2.80%. At the end of the period on April 30, 2012, the 30-day standardized
SEC yield of the Fund's Class A shares was 2.23% with fees waived, and
1.79% without fees waived.
Q What was the investment environment like during the six months ended April
30, 2012?
A A generally improving global economy encouraged investment in the global
fixed-income markets early on in the six-month period, with investors
demonstrating confidence in the fiscal and monetary policies of various
central banks that had been implemented to encourage economic growth. In
the United States, statistics measuring both economic growth and employment
trends appeared to be getting better following troubling evidence of some
weakening during the summer and early fall of 2011. While the
sovereign-debt problems in some European countries, most notably Greece and
Spain, caused cycles of investor angst, followed by relief, the markets
reacted positively to a change in monetary policy by the European Central
Bank (ECB), which moved to inject added liquidity into the financial
system. In Asia, investors had been worried about a "hard landing" in China
after a period of double-digit growth rates in that country. However, the
Chinese government's monetary policies appeared to be successful in slowing
growth to a more moderate pace, without plunging the country's economy into
recession.
4 Pioneer Global Aggregate Bond Fund | Semiannual Report | 4/30/12
The favorable signs appeared to weaken, however, in the early spring of
2012. In the United States, job growth began weakening after the healthier
rates during the winter. Rising world oil prices also fed fears that higher
transportation and energy costs could impede growth in consumer spending in
the United States and Asia. In Europe, renewed fears that austerity
programs were pushing the economies there into recession led to a political
backlash against the programs. As a result, the governments of the
Netherlands, France and Greece all saw new leadership elected.
Q How did you position the Fund in that environment during the six months ended
April 30, 2012?
A During the period we believed that the world's fundamentally strongest
economies were in the United States, select emerging markets, and
commodity-exporting countries such as Canada, Australia, and Norway.
Consistent with that view, we placed the greatest emphasis in those areas
when managing the Fund's portfolio. We increased the Fund's weighting in
the United States to approximately 54% of net assets at the end of the
period on April 30, 2012, while also raising portfolio exposure to some of
the more financially solid emerging market nations, including Indonesia,
Korea, Malaysia, Mexico and the Philippines. The Fund remained
underweighted in Europe because of the region's well-documented debt
problems. Among the more financially troubled European countries, the Fund
had no investments in the government debt of either Greece or Portugal, and
was significantly underweighted in the government debt of Italy and Spain.
Ireland was the only peripheral European nation where the Fund had
noteworthy investments in government debt, as we believed that the national
government in Ireland had done a good job of managing the country during
the financial crisis.
In developed markets, we overweighted the Fund to corporate bonds and
mortgage-backed securities, while underweighting government securities. In
emerging markets, we emphasized government debt.
As of April 30, 2012, the Fund had 28% of its net assets invested in
mortgage-backed securities, 17.8% of net assets invested in investment-grade
corporate debt, and another 7.7% of net assets allocated to U.S. high-yield
corporate debt. International investment-grade debt represented 28.2% of
the Fund's net assets, while emerging market and international high-yield
debt combined to account for 28.2% of net assets.
Q How did the Fund's positioning during the six-month period ended April 30,
2012, affect performance?
A The Fund's sector allocations helped performance as corporate bonds and other
risk-related investments were in favor during the six-month period. The
Fund's significant exposure to U.S. corporate bonds supported results,
Pioneer Global Aggregate Bond Fund | Semiannual Report | 4/30/12 5
as did investments in non-government agency collateralized mortgage
obligations and commercial mortgages.
The Fund's currency weightings also aided performance relative to the
Barclays Index, particularly an overweighted position in the U.S. dollar
and underweights in the Japanese yen and the euro. The positive effects of
these currency exposures helped to offset the negative effects of the
Fund's overweighted positions in the Canadian, Norwegian and Swedish
currencies. We eventually reduced portfolio exposure to the Canadian dollar
during the six-month period.
On the negative side, the Fund's positioning relative to interest rates
detracted somewhat from performance during the period. As interest rates
continued to decline, our emphasis on shorter-maturity investments in the
portfolio held back results when longer-maturity investments outperformed.
During the period we maintained an average portfolio duration that was
shorter than that of the benchmark, consistent with our view that there is
more potential price risk in longer-maturity securities at a time when an
economy is growing. (Duration is a measurement of price sensitivity to
changes in interest rates.) Normally, bond prices decline when interest
rates rise, which often occurs when an economy is improving. Conversely,
bond prices tend to rise when interest rates decline. At the end of the
semiannual reporting period on April 30, 2012, the Fund's effective
duration was 4.68 years.
Q What is your investment outlook?
A We continue to be cautiously positive about growth in the United States,
believing that the economy will grow at an annual pace of 2% in 2012, and
we expect to continue to overweight the Fund in domestic investments. While
the rate of recovery in the U.S. may be slow, there does appear to be a
recovery. In addition, we are encouraged by improvements in the employment
market and a pick-up in construction spending, both of which should add to
the foundation for future growth. Moreover, consumer credit has improved
and the outlook for consumers has been trending positive. That said,
potential obstacles do remain on the domestic front, most notably the lack
of political consensus surrounding fiscal policy and dealing with the
nation's debt. At the same time, while the Federal Reserve Board's
accommodative monetary policy has been supporting growth, we are concerned
that the policy could set the table for future inflation.
We may consider increasing the Fund's allocations to Asia and select
emerging markets, where we think interest rates may begin to decline and
bond prices may rise as central banks in the region start relaxing some of
their tighter monetary policies.
6 Pioneer Global Aggregate Bond Fund | Semiannual Report | 4/30/12
In contrast, we plan to have the Fund remain significantly underweighted in
Europe, where the situation is much less encouraging. The austerity
policies put into place to solve the sovereign-debt crisis have led to a
more volatile political landscape in several European nations. We intend to
monitor the situation very carefully. As the political situation on the
Continent evolves, we think European banks might start to present more
attractive investment opportunities.
Please refer to the Schedule of Investments on pages 15-39 for a full listing
of Fund securities.
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 issuers 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.
Pioneer Global Aggregate Bond Fund | Semiannual Report | 4/30/12 7
Portfolio Summary | 4/30/12
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 32.4%
U.S. Corporate Bonds 22.8%
Collateralized Mortgage Obligations 16.3%
U.S. Government Securities 11.1%
International Corporate Bonds 6.8%
Asset Backed Securities 3.5%
Municipal Bonds 2.7%
Convertible Corporate Bonds 1.4%
Temporary Cash Investment 1.0%
U.S. Preferred Stocks 1.0%
Convertible Preferred Stocks 1.0%
10 Largest Holdings
--------------------------------------------------------------------------------
(As a percentage of total long-term holdings)*
1. Fannie Mae, 5.0%, 7/1/40 3.32%
2. Indonesia Treasury Bond, 7.375%, 9/15/16 2.06
3. Poland Government Bond, 5.25%, 10/25/17 1.57
4. Japan Government Two Year Bond, 0.2%, 8/15/13 1.53
5. Japan Government Ten Year Bond, 1.7%, 9/20/16 1.39
6. Sweden Government Bond, 5.5%, 10/8/12 1.29
7. Japan Government Twenty Year Bond, 1.5%, 3/20/19 1.26
8. Federal Home Loan Mortgage Corp., 5.0%, 10/1/38 0.96
9. France Government Bond OAT, 3.25%, 10/25/21 0.95
10. Merrill Lynch Financial Assets, Inc., Floating Rate Note, 1/12/40 0.94
* This list excludes temporary cash investments and derivative instruments. The
portfolio is actively managed, and current holdings may be different. The
holdings listed should not be considered recommendations to buy or sell any
security listed.
8 Pioneer Global Aggregate Bond Fund | Semiannual Report | 4/30/12
Prices and Distributions | 4/30/12
Net Asset Value per Share
--------------------------------------------------------------------------------
Class 4/30/12 10/31/11
A $11.26 $11.22
--------------------------------------------------------------------------------
C $11.28 $11.23
--------------------------------------------------------------------------------
Y $11.35 $11.30
--------------------------------------------------------------------------------
Distributions per Share: 11/1/11-4/30/12
--------------------------------------------------------------------------------
Net Investment Short-Term Long-Term
Class Income Capital Gains Capital Gains
A $0.1770 $0.0051 $0.0183
--------------------------------------------------------------------------------
C $0.1232 $0.0051 $0.0183
--------------------------------------------------------------------------------
Y $0.1781 $0.0051 $0.0183
--------------------------------------------------------------------------------
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 10-12.
Pioneer Global Aggregate Bond Fund | Semiannual Report | 4/30/12 9
Performance Update | 4/30/12 Class A Shares
Investment Returns
--------------------------------------------------------------------------------
The mountain chart on the right shows the change in value of a $10,000
investment made in Pioneer Global Aggregate Bond Fund at public offering price,
compared to that of the Barclays Capital Global Aggregate Bond Index.
Average Annual Total Returns
(As of April 30, 2012)
--------------------------------------------------------------------------------
Net Asset Public Offering
Period Value (NAV) Price (POP)
--------------------------------------------------------------------------------
Life-of-Class
(12/27/07) 6.29% 5.18%
1 Year 3.04 -1.58
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated March 1, 2012)
--------------------------------------------------------------------------------
Gross Net
--------------------------------------------------------------------------------
2.07% 1.00%
--------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $10,000 Investment
Pioneer Global Barclays Capital
Aggregate Bond Fund Global Aggregate Bond Index
------------------- ---------------------------
12/07 9,550 10,000
4/08 9,982 10,460
4/09 9,646 10,229
4/10 11,020 11,176
4/11 12,140 12,345
4/12 12,509 12,752
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.
10 Pioneer Global Aggregate Bond Fund | Semiannual Report | 4/30/12
Performance Update | 4/30/12 Class C Shares
Investment Returns
--------------------------------------------------------------------------------
The mountain chart on the right shows the change in value of a $10,000
investment made in Pioneer Global Aggregate Bond Fund, compared to that of the
Barclays Capital Global Aggregate Bond Index.
Average Annual Total Returns
(As of April 30, 2012)
--------------------------------------------------------------------------------
If If
Period Held Redeemed
--------------------------------------------------------------------------------
Life-of-Class
(12/27/07) 5.42% 5.42%
1 Year 2.18 2.18
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated March 1, 2012)
--------------------------------------------------------------------------------
Gross Net
--------------------------------------------------------------------------------
2.94% 1.90%
--------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $10,000 Investment
Pioneer Global Barclays Capital
Aggregate Bond Fund Global Aggregate Bond Index
------------------- ---------------------------
12/07 10,000 10,000
4/08 10,429 10,460
4/09 9,976 10,229
4/10 11,309 11,176
4/11 12,370 12,345
4/12 12,640 12,752
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.
Pioneer Global Aggregate Bond Fund | Semiannual Report | 4/30/12 11
Performance Update| 4/30/12 Class Y Shares
Investment Returns
--------------------------------------------------------------------------------
The mountain chart on the right shows the change in value of a $5 million
investment made in Pioneer Global Aggregate Bond Fund, compared to that of the
Barclays Capital Global Aggregate Bond Index.
Average Annual Total Returns
(As of April 30, 2012)
--------------------------------------------------------------------------------
If If
Period Held Redeemed
--------------------------------------------------------------------------------
Life-of-Class
(12/27/07) 6.52% 6.52%
1 Year 3.56 3.56
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated March 1, 2012)
--------------------------------------------------------------------------------
Gross Net
--------------------------------------------------------------------------------
1.55% 0.75%
--------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $5 Million Investment
Pioneer Global Barclays Capital
Aggregate Bond Fund Global Aggregate Bond Index
------------------- ---------------------------
12/07 5,000,000 5,000,000
4/08 5,227,750 5,229,772
4/09 5,054,129 5,114,537
4/10 5,790,645 5,588,203
4/11 6,382,956 6,172,351
4/12 6,610,228 6,375,830
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 net expense ratio reflects contractual expense limitations currently in
effect through 3/1/13 for Class Y 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 | Semiannual Report | 4/30/12
Comparing Ongoing Fund Expenses
As a shareowner in the Fund, you incur two types of costs:
(1) ongoing costs, including management fees, distribution and/or service
(12b-1) fees, and other Fund expenses; and
(2) transaction costs, including sales charges (loads) on purchase payments.
This example is intended to help you understand your ongoing expenses (in
dollars) of investing in the Fund and to compare these costs with the ongoing
costs of investing in other mutual funds. The example is based on an investment
of $1,000 at the beginning of the Fund's latest six-month period and held
throughout the six months.
Using the Tables
--------------------------------------------------------------------------------
Actual Expenses
The first table below provides information about actual account values and
actual expenses. You may use the information in this table, together with the
amount you invested, to estimate the expenses that you paid over the period as
follows:
1. Divide your account value by $1,000
Example: an $8,600 account value [divided by] $1,000 = 8.6
2. Multiply the result in (1) above by the corresponding share class's number
in the third row under the heading entitled "Expenses Paid During Period"
to estimate the expenses you paid on your account during this period.
Expenses Paid on a $1,000 Investment in Pioneer Global Aggregate Bond Fund
Based on actual returns from November 1, 2011, through April 30, 2012.
--------------------------------------------------------------------------------
Share Class A C Y
--------------------------------------------------------------------------------
Beginning Account Value $1,000.00 $1,000.00 $1,000.00
on 11/1/11
--------------------------------------------------------------------------------
Ending Account Value $1,021.80 $1,017.70 $1,022.60
(after expenses) on 4/30/12
--------------------------------------------------------------------------------
Expenses Paid During Period* $5.03 $9.53 $4.32
--------------------------------------------------------------------------------
* Expenses are equal to the Fund's annualized expense ratio of 1.00%, 1.90%,
and 0.86% for Class A, Class C, and Class Y shares respectively, multiplied
by the average account value over the period, multiplied by 182/366.
Pioneer Global Aggregate Bond Fund | Semiannual Report | 4/30/12 13
Hypothetical Example for Comparison Purposes
The table below provides information about hypothetical account values and
hypothetical expenses based on the Fund's actual expense ratio and an assumed
rate of return of 5% per year before expenses, which is not the Fund's actual
return. The hypothetical account values and expenses may not be used to
estimate the actual ending account balance or expenses you paid for the period.
You may use this information to compare the ongoing costs of investing in the
Fund and other funds. To do so, compare this 5% hypothetical example with the
5% hypothetical examples that appear in the shareholder reports of the other
funds.
Please note that the expenses shown in the tables are meant to highlight your
ongoing costs only and do not reflect any transaction costs, such as sales
charges (loads) that are charged at the time of the transaction. Therefore, the
table below is useful in comparing ongoing costs only and will not help you
determine the relative total costs of owning different funds. In addition, if
these transaction costs were included, your costs would have been higher.
Expenses Paid on a $1,000 Investment in Pioneer Global Aggregate Bond Fund
Based on a hypothetical 5% per year return before expenses, reflecting the
period from November 1, 2011, through April 30, 2012.
--------------------------------------------------------------------------------
Share Class A C Y
--------------------------------------------------------------------------------
Beginning Account Value $1,000.00 $1,000.00 $1,000.00
on 11/1/11
--------------------------------------------------------------------------------
Ending Account Value $1,019.89 $1,015.42 $1,020.59
(after expenses) on 4/30/12
--------------------------------------------------------------------------------
Expenses Paid During Period* $5.02 $9.52 $4.32
--------------------------------------------------------------------------------
* Expenses are equal to the Fund's annualized expense ratio of 1.00%, 1.90%,
and 0.86% for Class A, Class C, and Class Y shares respectively, multiplied
by the average account value over the period, multiplied by 182/366.
14 Pioneer Global Aggregate Bond Fund | Semiannual Report | 4/30/12
Schedule of Investments | 4/30/12 (unaudited)
------------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate (b) Ratings Value
------------------------------------------------------------------------------------------------------
CONVERTIBLE CORPORATE BONDS -- 1.3%
ENERGY -- 0.0%
Coal & Consumable Fuels -- 0.0%
20,000 BB-/NR Alpha Appalachia Holdings, Inc.,
3.25%, 8/1/15 $ 18,300
-----------
Total Energy $ 18,300
------------------------------------------------------------------------------------------------------
CAPITAL GOODS -- 0.4%
Electrical Components & Equipment -- 0.2%
56,000 B/B2 General Cable Corp., 4.5%,
11/15/29 (Step) $ 59,500
------------------------------------------------------------------------------------------------------
Construction & Farm Machinery & Heavy Trucks -- 0.2%
75,000 B/NR Navistar International Corp.,
3.0%, 10/15/14 $ 77,344
-----------
Total Capital Goods $ 136,844
------------------------------------------------------------------------------------------------------
HEALTH CARE EQUIPMENT & SERVICES -- 0.3%
Health Care Equipment -- 0.3%
75,000 BB+/NR Hologic, Inc., 2.0%, 12/15/37 (Step) $ 80,812
-----------
Total Health Care Equipment & Services $ 80,812
------------------------------------------------------------------------------------------------------
SEMICONDUCTORS & SEMICONDUCTOR
EQUIPMENT -- 0.6%
Semiconductor Equipment -- 0.3%
75,000 BBB-/Baa1 Lam Research Corp., 1.25%,
5/15/18 (144A) $ 75,000
------------------------------------------------------------------------------------------------------
Semiconductors -- 0.3%
85,000 A-/NR Intel Corp., 2.95%, 12/15/35 $ 96,794
-----------
Total Semiconductors & Semiconductor
Equipment $ 171,794
------------------------------------------------------------------------------------------------------
TOTAL CONVERTIBLE CORPORATE BONDS
(Cost $390,126) $ 407,750
------------------------------------------------------------------------------------------------------
PREFERRED STOCKS -- 1.0%
BANKS -- 0.4%
Diversified Banks -- 0.4%
4,000 6.00 BBB+/A3 US Bancorp, Floating Rate Note,
12/31/99 (Perpetual) $ 103,280
-----------
Total Banks $ 103,280
------------------------------------------------------------------------------------------------------
DIVERSIFIED FINANCIALS -- 0.6%
Other Diversified Financial Services -- 0.6%
6,527 7.88 BB/Baa3 Citigroup Capital XIII, Floating Rate Note,
10/30/40 $ 173,814
The accompanying notes are an integral part of these financial statements.
Pioneer Global Aggregate Bond Fund | Semiannual Report | 4/30/12 15
Schedule of Investments | 4/30/12 (unaudited) (continued)
-------------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate (b) Ratings Value
-------------------------------------------------------------------------------------------------------
Other Diversified Financial Services -- (continued)
850 8.12 CCC+/B3 GMAC Capital Trust I, Floating Rate Note,
2/15/40 $ 20,358
-----------
$ 194,172
-------------------------------------------------------------------------------------------------------
Total Diversified Financials $ 194,172
-------------------------------------------------------------------------------------------------------
TOTAL PREFERRED STOCKS
(Cost $285,928) $ 297,452
-------------------------------------------------------------------------------------------------------
CONVERTIBLE PREFERRED STOCK -- 0.5%
BANKS -- 0.5%
Diversified Banks -- 0.5%
140 BBB+/Ba1 Wells Fargo & Co., 7.5%,
12/31/99 (Perpetual) $ 156,804
-----------
Total Banks $ 156,804
-------------------------------------------------------------------------------------------------------
TOTAL CONVERTIBLE PREFERRED STOCK
(Cost $146,838) $ 156,804
-------------------------------------------------------------------------------------------------------
ASSET BACKED SECURITIES -- 3.3%
AUTOMOBILES & COMPONENTS -- 0.7%
Auto Parts & Equipment -- 0.5%
CAD 150,000 AAA/NR Ford Auto Securitization Trust, 2.431%,
11/15/14 (144A) $ 153,734
-------------------------------------------------------------------------------------------------------
Automobile Manufacturers -- 0.2%
20,000 NR/Aa1 Santander Drive Auto Receivables Trust,
2.66%, 1/15/16 $ 20,094
30,000 A/A1 Santander Drive Auto Receivables Trust,
3.78%, 11/15/17 30,739
-----------
$ 50,833
-----------
Total Automobiles & Components $ 204,567
-------------------------------------------------------------------------------------------------------
RETAILING -- 0.2%
Automotive Retail -- 0.2%
EURO 45,550 1.66 AAA/Aaa E-CARAT, Floating Rate Note, 10/18/18 $ 60,543
EURO 7,255 1.71 AAA/NR Volkswagen Car Lease, Floating Rate Note,
8/21/15 9,615
-----------
$ 70,158
-----------
Total Retailing $ 70,158
-------------------------------------------------------------------------------------------------------
BANKS -- 1.5%
Diversified Banks -- 0.0%
12,852 0.33 NR/Aa1 Wells Fargo Home Equity Trust, Floating
Rate Note, 4/25/37 $ 12,491
-------------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- 1.5%
24,700 NR/A1 Bombardier Capital Mortgage
Securitization Corp., 6.65%, 4/15/28 $ 26,031
The accompanying notes are an integral part of these financial statements.
16 Pioneer Global Aggregate Bond Fund | Semiannual Report | 4/30/12
----------------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate (b) Ratings Value
----------------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- (continued)
79,260 A/B2 Citicorp Residential Mortgage Securities,
Inc., 5.836%, 7/25/36 (Step) $ 78,981
2,922 0.34 BBB/Baa3 Citigroup Mortgage Loan Trust, Inc.,
Floating Rate Note, 1/25/37 2,857
CAD 133,023 NR/Aaa CNH Capital Canada Receivables Trust,
1.694%, 7/15/14 (144A) 134,754
17,675 0.61 AAA/Baa2 Countrywide Asset-Backed Certificates,
Floating Rate Note, 1/25/36 16,767
29,925 4.46 BBB/Ba1 Countrywide Asset-Backed Certificates,
Floating Rate Note, 10/25/35 28,812
27,414 5.07 AAA/B2 Countrywide Asset-Backed Certificates,
Floating Rate Note, 2/25/36 24,801
25,388 0.59 BBB/Baa3 Countrywide Home Equity Loan Trust,
Floating Rate Note, 11/15/28 24,276
50,000 0.64 AAA/Aa2 First NLC Trust, Floating Rate Note,
9/25/35 46,711
6,119 0.88 A/A2 GSAMP Trust, Floating Rate Note,
3/25/35 5,797
5,176 0.62 AAA/Aa1 GSAMP Trust, Floating Rate Note,
9/25/35 5,059
3,212 0.30 CCC/Ba3 Morgan Stanley ABS Capital I, Floating
Rate Note, 12/25/36 1,762
230 0.29 CCC/Caa2 Morgan Stanley IXIS Real Estate Capital
Trust, Floating Rate Note, 11/25/36 76
31,877 0.50 AAA/Aa3 Option One Mortgage Loan Trust, Floating
Rate Note, 11/25/35 30,458
17,919 5.91 AA/A3 Origen Manufactured Housing, Floating
Rate Note, 1/15/35 18,777
18,628 0.68 AA+/A3 Residential Asset Securities Corp., Floating
Rate Note, 8/25/35 17,834
-----------
$ 463,753
-----------
Total Banks $ 476,244
----------------------------------------------------------------------------------------------------------
DIVERSIFIED FINANCIALS -- 0.9%
Other Diversified Financial Services -- 0.2%
4,967 NR/NR DT Auto Owner Trust, 5.92%,
10/15/15 (144A) $ 5,030
44,092 AAA/A2 Sierra Receivables Funding Co., LLC,
5.84%, 5/20/18 (144A) 44,172
-----------
$ 49,202
----------------------------------------------------------------------------------------------------------
Specialized Finance -- 0.4%
99,625 BBB+/Baa1 Dominos Pizza Master Issuer LLC, 5.216%,
1/25/42 (144A) $ 103,438
26,147 NR/Baa1 Irwin Home Equity Corp., 5.32%,
6/25/35 (Step) 24,780
The accompanying notes are an integral part of these financial statements.
Pioneer Global Aggregate Bond Fund | Semiannual Report | 4/30/12 17
Schedule of Investments | 4/30/12 (unaudited) (continued)
------------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate (b) Ratings Value
------------------------------------------------------------------------------------------------------
Specialized Finance -- (continued)
9,559 0.59 AAA/Aaa New Century Home Equity Loan Trust,
Floating Rate Note, 3/25/35 $ 8,835
-----------
$ 137,053
------------------------------------------------------------------------------------------------------
Consumer Finance -- 0.3%
GBP 50,000 1.27 AAA/Aaa Chester Asset Receivables Dealings,
Floating Rate Note, 4/15/16 $ 79,618
-----------
Total Diversified Financials $ 265,873
------------------------------------------------------------------------------------------------------
TOTAL ASSET BACKED SECURITIES
(Cost $1,011,122) $ 1,016,842
------------------------------------------------------------------------------------------------------
COLLATERALIZED MORTGAGE
OBLIGATIONS -- 15.4%
BANKS -- 9.1%
Thrifts & Mortgage Finance -- 9.1%
23,247 NR/Ba3 Banc of America Alternative Loan Trust,
5.0%, 7/25/19 $ 23,570
35,515 NR/B1 Banc of America Alternative Loan Trust,
5.5%, 11/25/19 35,929
74,872 NR/Baa2 Banc of America Alternative Loan Trust,
5.5%, 9/25/33 76,161
31,081 AAA/Baa2 Banc of America Alternative Loan Trust,
5.75%, 4/25/33 32,555
20,262 NR/Baa3 Banc of America Alternative Loan Trust,
6.0%, 3/25/34 20,811
23,721 0.69 NR/A1 Banc of America Alternative Loan Trust,
Floating Rate Note, 12/25/33 22,591
39,286 B-/NR Banc of America Funding Corp.,
5.5%, 1/25/36 39,026
104,065 NR/Ba3 Bayview Commercial Asset Trust,
3.855%, 9/25/37 (Step) (144A) 9,366
163,370 3.57 NR/Ba3 Bayview Commercial Asset Trust, Floating
Rate Note, 7/25/37 (144A) 11,403
50,000 0.41 BBB+/Aa2 Citigroup Commercial Mortgage Trust,
Floating Rate Note, 4/15/22 (144A) 46,028
100,000 5.03 NR/Aa1 Citigroup Commercial Mortgage Trust,
Floating Rate Note, 9/20/51 (144A) 98,552
34,353 NR/Baa1 Citigroup Mortgage Loan Trust, Inc.,
6.75%, 8/25/34 36,597
100,000 NR/Aaa Commercial Mortgage Pass Through
Certificates, 4.063%, 12/10/44 101,871
45,094 AAA/Ba1 Countrywide Alternative Loan Trust,
4.25%, 4/25/34 44,899
105,000 AAA/Baa2 Countrywide Alternative Loan Trust,
5.0%, 7/25/19 106,226
The accompanying notes are an integral part of these financial statements.
18 Pioneer Global Aggregate Bond Fund | Semiannual Report | 4/30/12
--------------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate (b) Ratings Value
--------------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- (continued)
11,151 BB/B2 Countrywide Alternative Loan Trust,
5.5%, 1/25/35 $ 11,305
20,373 BB/NR Countrywide Alternative Loan Trust,
5.5%, 8/25/34 19,188
18,490 0.69 B-/NR Countrywide Alternative Loan Trust,
Floating Rate Note, 8/25/18 17,249
26,071 4.82 AAA/Ba1 Countrywide Home Loan Mortgage Pass
Through Trust, Floating Rate Note,
12/25/33 24,895
GBP 16,171 2.29 NR/Aaa Darrowby Plc, Floating Rate Note,
12/20/43 26,266
1,400,000 1.37 BBB/A3 Extended Stay America Trust, Floating Rate
Note, 1/5/16 (144A) 10,345
12,489 CCC/NR First Horizon Asset Securities, Inc.,
6.0%, 5/25/36 12,067
50,000 NR/Aaa GS Mortgage Securities Corp., II,
5.56%, 11/10/39 56,678
103,116 2.75 AAA/NR GSR Mortgage Loan Trust, Floating Rate
Note, 8/25/33 101,732
35,000 NR/Aaa JP Morgan Chase Commercial Mortgage
Securities Corp., 4.171%, 8/15/46 38,204
48,755 0.60 NR/Ba1 JP Morgan Chase Commercial Mortgage
Securities Corp., Floating Rate Note,
11/15/18 (144A) 40,467
15,000 5.15 AA+/Aaa JP Morgan Chase Commercial Mortgage
Securities Corp., Floating Rate Note,
7/12/35 15,075
100,000 4.65 BBB+/Baa1 JP Morgan Chase Commercial Mortgage
Securities Corp., Floating Rate Note,
7/15/28 (144A) 98,186
22,012 BBB/Ba2 JP Morgan Mortgage Trust,
6.0%, 9/25/34 22,503
18,321 4.89 AAA/A2 JP Morgan Mortgage Trust, Floating Rate
Note, 2/25/34 18,478
15,750 4.44 AAA/A3 JP Morgan Mortgage Trust, Floating Rate
Note, 2/25/35 15,791
179,296 3.06 AAA/NR JP Morgan Mortgage Trust, Floating Rate
Note, 5/25/34 175,000
34,000 5.62 BBB+/NR LB-UBS Commercial Mortgage Trust,
Floating Rate Note, 10/15/35 (144A) 33,581
13,292 5.41 AAA/Aaa Lehman Brothers Small Balance
Commercial, Floating Rate Note,
12/25/36 (144A) 13,147
9,330 A-/NR MASTR Alternative Loans Trust,
4.5%, 1/25/15 9,321
The accompanying notes are an integral part of these financial statements.
Pioneer Global Aggregate Bond Fund | Semiannual Report | 4/30/12 19
Schedule of Investments | 4/30/12 (unaudited) (continued)
---------------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate (b) Ratings Value
---------------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- (continued)
10,091 B+/NR MASTR Alternative Loans Trust,
5.5%, 10/25/19 $ 10,353
22,095 AAA/NR MASTR Alternative Loans Trust,
5.5%, 2/25/35 21,792
57,646 B/NR MASTR Alternative Loans Trust,
6.0%, 7/25/34 57,359
77,987 6.80 A-/NR MASTR Seasoned Securities Trust, Floating
Rate Note, 9/25/32 81,957
5,181 AAA/Aaa Merrill Lynch Mortgage Trust,
4.556%, 6/12/43 5,194
27,676 0.70 AAA/Baa2 MLCC Mortgage Investors, Inc., Floating
Rate Note, 3/25/30 24,177
20,303 0.47 AAA/A3 MLCC Mortgage Investors, Inc., Floating
Rate Note, 4/25/29 18,036
100,000 NR/NR Morgan Stanley Reremic Trust, 5.0%,
11/26/36 (144A) 96,915
GBP 117,680 1.48 AAA/NR Paragon Secured Finance Plc, Floating
Rate Note, 11/15/35 169,597
8,624 B+/B2 RAAC Series, 6.0%, 1/25/32 8,801
AUD 82,791 4.96 AAA/A1 Rams Mortgage Securities Pty, Ltd.,
Floating Rate Note, 7/21/35 82,190
20,781 B-/NR Residential Asset Securitization Trust,
5.5%, 2/25/35 20,897
23,053 B/NR Residential Asset Securitization Trust,
5.5%, 7/25/35 20,873
37,833 BBB+/NR Residential Asset Securitization Trust,
5.75%, 12/25/34 38,765
75,798 BB/NR Residential Funding Mortgage Securities,
Inc., 5.25%, 8/25/35 75,637
26,130 0.46 AAA/Ba3 Sequoia Mortgage Trust, Floating Rate
Note, 3/20/35 22,695
67,059 2.87 AAA/A3 Structured Asset Securities Corp., Floating
Rate Note, 10/25/33 65,265
50,000 AAA/Aa1 Timberstar Trust, 5.668%,
10/15/36 (144A) 55,882
5,577,722 0.14 AAA/Aaa Wachovia Bank Commercial Mortgage
Trust, Floating Rate Note, 6/15/45 3,977
92,368 2.45 AA/NR WaMu Mortgage Pass Through Certificates,
Floating Rate Note, 1/25/35 89,140
69,642 2.59 AA+/Ba3 WaMu Mortgage Pass Through Certificates,
Floating Rate Note, 6/25/34 68,762
2,109 2.48 CC/NR WaMu Mortgage Pass Through Certificates,
Floating Rate Note, 9/25/35 2,079
90,922 NR/Aaa Wells Fargo Commercial Mortgage Trust,
3.349%, 11/15/43 (144A) 95,302
The accompanying notes are an integral part of these financial statements.
20 Pioneer Global Aggregate Bond Fund | Semiannual Report | 4/30/12
--------------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate (b) Ratings Value
--------------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- (continued)
13,953 AAA/Baa3 Wells Fargo Mortgage Backed Securities
Trust, 4.75%, 12/25/18 $ 14,401
21,311 AAA/A1 Wells Fargo Mortgage Backed Securities
Trust, 5.0%, 11/25/36 22,211
18,951 BB-/B1 Wells Fargo Mortgage Backed Securities
Trust, 5.5%, 10/25/35 19,187
49,557 NR/B1 Wells Fargo Mortgage Backed Securities
Trust, 5.75%, 3/25/36 49,005
18,443 CCC/B1 Wells Fargo Mortgage Backed Securities
Trust, 6.0%, 8/25/36 18,411
22,361 2.64 BBB-/B1 Wells Fargo Mortgage Backed Securities
Trust, Floating Rate Note, 3/25/35 21,699
50,000 BBB/NR WFDB Commercial Mortgage Trust,
5.914%, 7/5/24 (144A) 51,582
-----------
$ 2,797,204
-----------
Total Banks $ 2,797,204
--------------------------------------------------------------------------------------------------------
DIVERSIFIED FINANCIALS -- 4.3%
Other Diversified Financial Services -- 2.2%
19,219 A+/NR Banc of America Mortgage Securities, Inc.,
5.5%, 11/25/34 $ 20,073
30,552 AAA/NR Banc of America Mortgage Securities, Inc.,
5.75%, 1/25/35 31,299
14,451 2.75 AAA/NR Banc of America Mortgage Securities, Inc.,
Floating Rate Note, 6/25/34 14,369
10,219 5.06 AA-/NR Banc of America Mortgage Securities, Inc.,
Floating Rate Note, 9/25/35 9,843
6,761 NR/B1 Citicorp Mortgage Securities, Inc.,
5.0%, 2/25/36 6,898
100,000 5.57 NR/Aa2 DBUBS Mortgage Trust, Floating Rate
Note, 8/10/44 (144A) 107,872
GBP 49,795 1.32 AA+/Aaa Epic Plc, Floating Rate Note, 10/28/16 77,194
178,022 AAA/NR Residential Accredit Loans, Inc.,
4.0%, 3/25/34 181,686
49,328 AAA/Ba1 Residential Accredit Loans, Inc.,
4.25%, 1/25/34 49,943
45,988 NR/Ba1 Residential Accredit Loans, Inc.,
5.0%, 9/25/19 46,120
15,883 NR/B3 Residential Accredit Loans, Inc.,
5.5%, 12/25/34 16,030
53,133 AAA/NR Residential Accredit Loans, Inc.,
6.0%, 10/25/34 53,718
20,788 0.79 AAA/Ba1 Residential Accredit Loans, Inc., Floating
Rate Note, 1/25/34 19,788
The accompanying notes are an integral part of these financial statements.
Pioneer Global Aggregate Bond Fund | Semiannual Report | 4/30/12 21
Schedule of Investments | 4/30/12 (unaudited) (continued)
---------------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate (b) Ratings Value
---------------------------------------------------------------------------------------------------------
Other Diversified Financial Services -- (continued)
33,528 0.79 NR/Baa1 Residential Accredit Loans, Inc., Floating
Rate Note, 10/25/17 $ 31,459
-----------
$ 666,292
---------------------------------------------------------------------------------------------------------
Specialized Finance -- 2.0%
2,354 AAA/NR CW Capital Cobalt, Ltd.,
5.174%, 8/15/48 $ 2,350
CAD 250,000 4.74 NR/Aaa Merrill Lynch Financial Assets, Inc.,
Floating Rate Note, 1/12/40 270,059
CAD 199,159 4.71 AAA/Aaa Merrill Lynch Financial Assets, Inc.,
Floating Rate Note, 3/12/49 205,150
EURO 100,000 2.01 AAA/Aaa Permanent Master Issuer Plc, Floating Rate
Note, 7/15/42 132,305
-----------
$ 609,864
---------------------------------------------------------------------------------------------------------
Investment Banking & Brokerage -- 0.1%
50,000 5.94 BB+/A3 Bear Stearns Commercial Mortgage
Securities, Floating Rate Note, 9/11/38 $ 44,268
-----------
Total Diversified Financials $ 1,320,424
---------------------------------------------------------------------------------------------------------
REAL ESTATE -- 1.0%
Mortgage REIT's -- 1.0%
14,648 1.59 AA+/Aa2 Credit Suisse First Boston Mortgage
Securities Corp., Floating Rate Note,
12/25/33 $ 13,892
50,000 6.45 CCC-/B3 Credit Suisse First Boston Mortgage
Securities Corp., Floating Rate Note,
9/15/34 (144A) 33,677
25,000 4.49 NR/A3 FREMF Mortgage Trust, Floating Rate Note,
1/25/46 (144A) 24,765
25,000 4.94 NR/A3 FREMF Mortgage Trust, Floating Rate Note,
4/25/44 (144A) 25,555
50,000 5.05 NR/A3 FREMF Mortgage Trust, Floating Rate Note,
7/25/44 (144A) 52,364
25,000 4.44 A+/NR FREMF Mortgage Trust, Floating Rate Note,
7/25/48 (144A) 25,490
75,000 4.31 NR/Baa2 FREMF Mortgage Trust, Floating Rate Note,
9/25/44 (144A) 67,168
45,000 5.33 NR/NR FREMF Mortgage Trust, Floating Rate Note,
9/25/45 (144A) 47,361
-----------
$ 290,272
-----------
Total Real Estate $ 290,272
---------------------------------------------------------------------------------------------------------
GOVERNMENT -- 1.0%
115,569 NR/NR Fannie Mae REMICS, 6.0%, 3/25/35 $ 124,714
14,102 NR/NR Fannie Mae REMICS, 6.25%, 6/25/44 14,109
The accompanying notes are an integral part of these financial statements.
22 Pioneer Global Aggregate Bond Fund | Semiannual Report | 4/30/12
----------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate (b) Ratings Value
----------------------------------------------------------------------------------------------------
Government -- (continued)
45,625 NR/NR Freddie Mac REMICS, 5.5%, 2/15/33 $ 46,969
50,000 NR/NR Government National Mortgage
Association, 4.5%, 9/20/39 56,320
961,677 0.68 NR/NR Government National Mortgage
Association, Floating Rate Note,
11/16/51 43,282
299,355 1.10 NR/NR Government National Mortgage
Association, Floating Rate Note, 8/16/52 24,248
-----------
$ 309,642
-----------
Total Government $ 309,642
----------------------------------------------------------------------------------------------------
TOTAL COLLATERALIZED MORTGAGE
OBLIGATIONS
(Cost $4,700,553) $ 4,717,542
----------------------------------------------------------------------------------------------------
CORPORATE BONDS -- 28.0%
ENERGY -- 4.2%
Oil & Gas Drilling -- 0.1%
25,000 BBB+/Baa1 Pride International, Inc.,
6.875%, 8/15/20 $ 30,787
----------------------------------------------------------------------------------------------------
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., Bermuda,
5.95%, 4/15/42 25,925
25,000 BBB/Baa2 Weatherford International, Ltd., Bermuda,
9.625%, 3/1/19 33,072
-----------
$ 106,997
----------------------------------------------------------------------------------------------------
Oil & Gas Exploration & Production -- 1.4%
10,000 BBB+/Baa1 Canadian Natural Resources, Ltd.,
5.9%, 2/1/18 $ 11,938
50,000 B/B3 Carrizo Oil & Gas, Inc., 8.625%,
10/15/18 53,000
100,000 B-/B3 Chaparral Energy, Inc., 8.25%, 9/1/21 106,500
90,000 B/B2 Linn Energy LLC, 6.25%, 11/1/19 (144A) 88,650
51,000 B/B2 Linn Energy LLC, 8.625%, 4/15/20 55,718
23,000 BBB/Baa2 Marathon Oil Corp., 5.9%, 3/15/18 27,089
70,000 BB-/B1 Plains Exploration & Production Co.,
6.75%, 2/1/22 72,800
-----------
$ 415,695
----------------------------------------------------------------------------------------------------
Oil & Gas Refining & Marketing -- 0.3%
40,000 A/A2 Motiva Enterprises LLC, 5.75%,
1/15/20 (144A) $ 46,688
25,000 BBB/Baa2 Spectra Energy Capital LLC, 6.2%,
4/15/18 29,402
The accompanying notes are an integral part of these financial statements.
Pioneer Global Aggregate Bond Fund | Semiannual Report | 4/30/12 23
Schedule of Investments | 4/30/12 (unaudited) (continued)
---------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate (b) Ratings Value
---------------------------------------------------------------------------------------------------
Oil & Gas Refining & Marketing -- (continued)
21,000 BBB/Baa2 Valero Energy Corp., 9.375%, 3/15/19 $ 27,769
-----------
$ 103,859
---------------------------------------------------------------------------------------------------
Oil & Gas Storage & Transportation -- 1.4%
25,000 BBB/Baa3 Buckeye Partners LP, 6.05%, 1/15/18 $ 28,418
25,000 BBB/Baa2 DCP Midstream LLC, 9.75%,
3/15/19 (144A) 32,342
65,000 7.00 BB+/Baa3 Enterprise Products Operating LLC,
Floating Rate Note, 6/1/67 65,162
50,000 NR/B2 Everest Acquisition LLC, 9.375%,
5/1/20 (144A) 53,250
70,000 BBB/Baa2 Kinder Morgan Energy Partners LP,
4.15%, 3/1/22 71,615
10,000 BBB/Baa2 Kinder Morgan Energy Partners LP,
5.95%, 2/15/18 11,641
25,000 BBB-/Baa2 Plains All American Pipeline LP,
6.125%, 1/15/17 29,162
10,000 A/A3 Questar Pipeline Co., 5.83%, 2/1/18 11,824
30,000 BB/Ba1 Rockies Express Pipeline LLC, 5.625%,
4/15/20 (144A) 27,000
10,000 BBB/Baa2 Spectra Energy Capital LLC, 6.75%,
7/15/18 11,705
60,000 BBB/Baa2 Sunoco Logistics Partners Operations LP,
6.1%, 2/15/42 64,235
13,000 BBB-/Baa3 The Williams Companies, Inc.,
7.75%, 6/15/31 15,889
-----------
$ 422,243
---------------------------------------------------------------------------------------------------
Coal & Consumable Fuels -- 0.7%
45,000 BB/Ba3 Alpha Natural Resources, Inc.,
6.0%, 6/1/19 $ 42,075
25,000 BB-/B1 Berau Coal Energy Tbk PT, 7.25%,
3/13/17 (144A) 24,938
150,000 BB+/Ba1 Peabody Energy Corp., 6.0%,
11/15/18 (144A) 152,250
-----------
$ 219,263
-----------
Total Energy $ 1,298,844
---------------------------------------------------------------------------------------------------
MATERIALS -- 1.2%
Commodity Chemicals -- 0.3%
70,000 BB/Ba2 NOVA Chemicals Corp., 8.375%, 11/1/16 $ 77,700
---------------------------------------------------------------------------------------------------
Specialty Chemicals -- 0.1%
25,000 BBB/Baa2 Cytec Industries, Inc., 8.95%, 7/1/17 $ 31,232
---------------------------------------------------------------------------------------------------
Construction Materials -- 0.1%
30,000 BBB/Baa2 Holcim US Finance Sarl & Cie SCS, 6.0%,
12/30/19 (144A) $ 31,877
---------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
24 Pioneer Global Aggregate Bond Fund | Semiannual Report | 4/30/12
Principal Floating S&P/Moody's
Amount ($) Rate (b) Ratings Value
Aluminum -- 0.1%
25,000 BBB-/Baa3 Alcoa, Inc., 6.15%, 8/15/20 $ 27,256
---------------------------------------------------------------------------------------------------
Diversified Metals & Mining -- 0.1%
35,000 BBB-/Baa3 AngloGold Ashanti Holdings Plc,
5.375%, 4/15/20 $ 36,634
---------------------------------------------------------------------------------------------------
Steel -- 0.5%
30,000 BBB-/Baa3 ArcelorMittal, 6.125%, 6/1/18 $ 31,619
25,000 BB+/Ba2 Commercial Metals Co., 7.35%, 8/15/18 26,062
100,000 NR/B2 Metinvest BV, 10.25%, 5/20/15 (144A) 99,250
-----------
$ 156,931
-----------
Total Materials $ 361,630
---------------------------------------------------------------------------------------------------
CAPITAL GOODS -- 1.4%
Aerospace & Defense -- 0.1%
30,000 BB/Ba2 Esterline Technologies Corp.,
6.625%, 3/1/17 $ 31,012
Building Products -- 0.4%
25,000 BBB-/Ba2 Masco Corp., 5.95%, 3/15/22 $ 25,436
85,000 BBB-/Ba2 Masco Corp., 7.125%, 3/15/20 91,942
-----------
$ 117,378
---------------------------------------------------------------------------------------------------
Electrical Components & Equipment -- 0.3%
75,000 B+/Ba2 Belden, Inc., 7.0%, 3/15/17 $ 77,062
25,000 B/B2 WireCo WorldGroup, Inc., 9.5%, 5/15/17 25,812
-----------
$ 102,874
---------------------------------------------------------------------------------------------------
Industrial Conglomerates -- 0.1%
10,000 A-/A3 Tyco International Finance SA,
8.5%, 1/15/19 $ 13,106
---------------------------------------------------------------------------------------------------
Construction & Farm Machinery &
Heavy Trucks -- 0.1%
10,000 A/Baa1 Cummins, Inc., 6.75%, 2/15/27 $ 12,120
---------------------------------------------------------------------------------------------------
Industrial Machinery -- 0.1%
15,000 BBB+/Baa1 Ingersoll-Rand Global Holding Co., Ltd.,
9.5%, 4/15/14 $ 17,240
20,000 BBB-/Baa3 Valmont Industries, Inc.,
6.625%, 4/20/20 23,364
-----------
$ 40,604
---------------------------------------------------------------------------------------------------
Trading Companies & Distributors -- 0.3%
55,000 BBB-/NR Aviation Capital Group Corp., 6.75%,
4/6/21 (144A) $ 54,417
40,000 BBB/Baa2 GATX Corp., 6.0%, 2/15/18 44,834
-----------
$ 99,251
-----------
Total Capital Goods $ 416,345
---------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Global Aggregate Bond Fund | Semiannual Report | 4/30/12 25
Schedule of Investments | 4/30/12 (unaudited) (continued)
----------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate (b) Ratings Value
----------------------------------------------------------------------------------------------------
TRANSPORTATION -- 0.9%
Air Freight & Logistics -- 0.2%
75,000 B+/Ba3 CEVA Group Plc, 8.375%,
12/1/17 (144A) $ 74,625
----------------------------------------------------------------------------------------------------
Airlines -- 0.6%
145,572 BBB-/Baa3 American Airlines 2011-2 Class A Pass
Through Trust, 8.625%, 10/15/21 $ 153,578
14,298 A-/Baa2 Delta Air Lines 2010-2 Class A Pass
Through Trust, 4.95%, 5/23/19 15,299
-----------
$ 168,877
----------------------------------------------------------------------------------------------------
Railroads -- 0.1%
25,000 BBB+/A3 Burlington Northern Santa Fe LLC,
5.75%, 3/15/18 $ 29,918
-----------
Total Transportation $ 273,420
----------------------------------------------------------------------------------------------------
AUTOMOBILES & COMPONENTS -- 0.9%
Auto Parts & Equipment -- 0.5%
100,000 B+/B2 Pittsburgh Glass Works LLC, 8.5%,
4/15/16 (144A) $ 98,500
50,000 B+/B1 Tower Automotive Holdings USA LLC,
10.625%, 9/1/17 (144A) 53,688
-----------
$ 152,188
----------------------------------------------------------------------------------------------------
Automobile Manufacturers -- 0.4%
AUD 100,000 A/A2 BMW Australia Finance, Ltd.,
6.5%, 2/28/14 $ 107,572
10,000 BBB+/Baa1 Nissan Motor Acceptance Corp.,
4.5%, 1/30/15 (144A) 10,711
-----------
$ 118,283
-----------
Total Automobiles & Components $ 270,471
----------------------------------------------------------------------------------------------------
CONSUMER DURABLES & APPAREL -- 0.2%
Homebuilding -- 0.1%
50,000 NR/Ba3 Desarrolladora Homex SAB de CV, 9.5%,
12/11/19 (144A) $ 51,625
----------------------------------------------------------------------------------------------------
Household Appliances -- 0.1%
25,000 BBB-/Baa3 Whirlpool Corp., 5.5%, 3/1/13 $ 25,845
-----------
Total Consumer Durables & Apparel $ 77,470
----------------------------------------------------------------------------------------------------
CONSUMER SERVICES -- 0.8%
Casinos & Gaming -- 0.1%
25,000 BBB/Baa2 International Game Technology,
7.5%, 6/15/19 $ 29,698
----------------------------------------------------------------------------------------------------
Education Services -- 0.7%
25,000 AAA/Aaa Massachusetts Institute of Technology,
5.6%, 7/1/11 $ 33,044
The accompanying notes are an integral part of these financial statements.
26 Pioneer Global Aggregate Bond Fund | Semiannual Report | 4/30/12
----------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate (b) Ratings Value
----------------------------------------------------------------------------------------------------
Education Services -- (continued)
30,000 AAA/Aaa Stanford University, 4.75%, 5/1/19 $ 35,424
75,000 AA-/NR Tufts University, 5.017%, 4/15/12 80,686
50,000 AAA/Aaa Yale University, 2.9%, 10/15/14 52,780
-----------
$ 201,934
-----------
Total Consumer Services $ 231,632
----------------------------------------------------------------------------------------------------
MEDIA -- 0.3%
Broadcasting -- 0.2%
50,000 B-/B3 Telesat Canada, 12.5%, 11/1/17 $ 56,000
----------------------------------------------------------------------------------------------------
Cable & Satellite -- 0.1%
25,000 BBB+/Baa1 British Sky Broadcasting Group Plc, 6.1%,
2/15/18 (144A) $ 29,506
10,000 BBB/Baa2 Time Warner Cable, Inc., 8.25%, 4/1/19 13,025
5,000 BBB/Baa2 Time Warner Cable, Inc., 8.75%, 2/14/19 6,602
-----------
$ 49,133
-----------
Total Media $ 105,133
----------------------------------------------------------------------------------------------------
RETAILING -- 0.2%
Internet Retail -- 0.2%
50,000 BBB-/Ba1 Expedia, Inc., 5.95%, 8/15/20 $ 52,271
-----------
Total Retailing $ 52,271
----------------------------------------------------------------------------------------------------
FOOD & STAPLES RETAILING -- 0.0%
Drug Retail -- 0.0%
14,561 BBB+/Baa2 CVS Pass-Through Trust, 5.773%,
1/10/33 (144A) $ 15,993
-----------
Total Food & Staples Retailing $ 15,993
----------------------------------------------------------------------------------------------------
FOOD, BEVERAGE & TOBACCO -- 1.0%
Brewers -- 0.1%
20,000 A-/A3 Anheuser-Busch InBev Worldwide, Inc.,
7.75%, 1/15/19 $ 26,461
----------------------------------------------------------------------------------------------------
Agricultural Products -- 0.2%
50,000 BBB-/Ba1 Viterra, Inc., 5.95%, 8/1/20 (144A) $ 55,252
----------------------------------------------------------------------------------------------------
Packaged Foods & Meats -- 0.7%
45,000 BBB-/Baa2 Kraft Foods, Inc., 6.5%, 2/9/40 $ 56,590
150,000 B+/B1 Post Holdings, Inc., 7.375%,
2/15/22 (144A) 156,000
-----------
$ 212,590
-----------
Total Food, Beverage & Tobacco $ 294,303
----------------------------------------------------------------------------------------------------
HEALTH CARE EQUIPMENT & SERVICES -- 0.8%
Health Care Facilities -- 0.2%
10,000 BB/Ba3 HCA, Inc., 8.5%, 4/15/19 $ 11,219
The accompanying notes are an integral part of these financial statements.
Pioneer Global Aggregate Bond Fund | Semiannual Report | 4/30/12 27
Schedule of Investments | 4/30/12 (unaudited) (continued)
-------------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate (b) Ratings Value
-------------------------------------------------------------------------------------------------------
Health Care Facilities -- (continued)
50,000 B-/B3 Health Management Associates, Inc.,
7.375%, 1/15/20 (144A) $ 52,062
-----------
$ 63,281
-------------------------------------------------------------------------------------------------------
Managed Health Care -- 0.3%
100,000 BB+/Ba3 Amerigroup Corp., 7.5%, 11/15/19 $ 109,000
-------------------------------------------------------------------------------------------------------
Health Care Technology -- 0.3%
75,000 B-/B3 MedAssets, Inc., 8.0%, 11/15/18 $ 78,375
-----------
Total Health Care Equipment & Services $ 250,656
-------------------------------------------------------------------------------------------------------
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE
SCIENCES -- 0.1%
Biotechnology -- 0.1%
25,000 BBB+/Baa2 Biogen Idec, Inc., 6.0%, 3/1/13 $ 26,031
-----------
Total Pharmaceuticals, Biotechnology &
Life Sciences $ 26,031
-------------------------------------------------------------------------------------------------------
BANKS -- 5.1%
Diversified Banks -- 3.0%
NOK 250,000 AAA/Aaa Asian Development Bank,
3.375%, 5/20/14 $ 44,873
EURO 50,000 NR/Aaa AXA Bank Europe SCF, 3.5%, 11/5/20 68,272
AUD 100,000 AA/Aaa Cooperatieve Centrale Raiffeisen-
Boerenleenbank BA Australia, 6.0%,
10/29/15 107,694
TRY 40,000 AA/Aaa Cooperatieve Centrale Raiffeisen-
Boerenleenbank BA Netherlands, 3/3/15 17,896
EURO 50,000 NR/Aaa Cooperatieve Centrale Raiffeisen-
Boerenleenbank BA Netherlands,
6.875%, 3/19/20 63,734
AUD 50,000 AAA/Aaa Inter-American Development Bank,
6.5%, 8/20/19 58,412
NOK 1,500,000 AAA/Aaa International Bank for Reconstruction &
Development, 3.25%, 4/14/14 268,206
AUD 185,000 AAA/Aaa International Bank for Reconstruction &
Development, 5.75%, 10/21/19 207,514
100,000 BBB+/A2 Intesa Sanpaolo S.p.A., 6.5%,
2/24/21 (144A) 90,856
-----------
$ 927,457
-------------------------------------------------------------------------------------------------------
Regional Banks -- 1.5%
70,000 BB+/Baa3 Capital One Capital VI, 8.875%, 5/15/40 $ 71,574
25,000 A/A1 Mellon Funding Corp., 5.5%, 11/15/18 28,617
65,000 8.25 BBB/Baa3 PNC Financial Services Group, Inc.,
Floating Rate Note, 5/29/49 (Perpetual) 67,407
115,000 6.75 BBB/Baa3 PNC Financial Services Group, Inc.,
Floating Rate Note, 7/29/49 (Perpetual) 120,540
The accompanying notes are an integral part of these financial statements.
28 Pioneer Global Aggregate Bond Fund | Semiannual Report | 4/30/12
------------------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate (b) Ratings Value
------------------------------------------------------------------------------------------------------------
Regional Banks -- (continued)
150,000 5.46 BBB+/Baa1 State Street Capital Trust III, Floating Rate
Note, 1/29/49 (Perpetual) $ 150,588
20,000 A+/A1 Wachovia Bank NA, 6.0%, 11/15/17 23,303
-----------
$ 462,029
------------------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- 0.6%
GBP 100,000 AAA/Aaa Cie de Financement Foncier SA,
4.625%, 12/28/12 $ 165,405
-----------
Total Banks $ 1,554,891
------------------------------------------------------------------------------------------------------------
DIVERSIFIED FINANCIALS -- 3.6%
Other Diversified Financial Services -- 0.6%
20,000 BBB+/Baa2 Alterra Finance LLC, 6.25%, 9/30/20 $ 21,464
TRY 65,000 AAA/Aaa European Investment Bank, 0.00%,
3/2/15 29,458
25,000 A/Aa3 JPMorgan Chase & Co., 6.0%, 1/15/18 28,886
100,000 7.90 BBB/Baa1 JPMorgan Chase & Co., Floating Rate
Note, 4/29/49 (Perpetual) 109,564
-----------
$ 189,372
------------------------------------------------------------------------------------------------------------
Specialized Finance -- 0.4%
91,000 BBB/Baa3 Cantor Fitzgerald LP, 7.875%,
10/15/19 (144A) $ 91,552
10,000 A+/A1 National Rural Utilities Cooperative
Finance Corp., 5.45%, 2/1/18 11,797
-----------
$ 103,349
------------------------------------------------------------------------------------------------------------
Consumer Finance -- 0.8%
35,000 A+/A1 American Honda Finance Corp.,
6.7%, 10/1/13 (144A) $ 37,633
CNY 1,000,000 A/A2 Caterpillar Financial Services Corp.,
1.35%, 7/12/13 155,813
25,000 A/A2 Caterpillar Financial Services Corp.,
7.05%, 10/1/18 32,056
30,000 CCC/B3 Springleaf Finance Corp.,
6.9%, 12/15/17 24,488
-----------
$ 249,990
------------------------------------------------------------------------------------------------------------
Asset Management & Custody Banks -- 0.1%
25,000 A-/A3 Eaton Vance Corp., 6.5%, 10/2/17 $ 28,588
------------------------------------------------------------------------------------------------------------
Investment Banking & Brokerage -- 1.7%
110,000 5.79 BB+/Baa2 Goldman Sachs Capital II, Floating Rate
Note, 6/1/43 $ 75,625
35,000 BBB/Baa2 Jefferies Group, Inc., 5.125%, 4/13/18 34,169
50,000 BBB/Baa2 Jefferies Group, Inc., 6.875%, 4/15/21 49,812
25,000 BBB/Baa2 Jefferies Group, Inc., 8.5%, 7/15/19 27,625
10,000 BBB/A3 Macquarie Group, Ltd., 6.0%,
1/14/20 (144A) 9,979
The accompanying notes are an integral part of these financial statements.
Pioneer Global Aggregate Bond Fund | Semiannual Report | 4/30/12 29
Schedule of Investments | 4/30/12 (unaudited) (continued)
------------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate (b) Ratings Value
------------------------------------------------------------------------------------------------------
Investment Banking & Brokerage -- (continued)
50,000 A-/Baa1 Merrill Lynch & Co., Inc., 5.45%, 2/5/13 $ 51,368
100,000 BBB+/Baa2 Merrill Lynch & Co., Inc., 7.75%, 5/14/38 110,742
10,000 A-/A2 Morgan Stanley, 5.5%, 1/26/20 9,775
45,000 A-/A2 Morgan Stanley, 6.625%, 4/1/18 47,036
25,000 BBB/Baa2 Raymond James Financial, Inc.,
4.25%, 4/15/16 26,031
90,000 NR/Baa3 Scottrade Financial Services, Inc.,
6.125%, 7/11/21 (144A) 90,115
-----------
$ 532,277
-----------
Total Diversified Financials $ 1,103,576
------------------------------------------------------------------------------------------------------
INSURANCE -- 1.9%
Life & Health Insurance -- 0.7%
35,000 BBB/Baa3 Delphi Financial Group, Inc.,
7.875%, 1/31/20 $ 41,427
15,000 A-/Baa2 Lincoln National Corp., 8.75%, 7/1/19 19,187
25,000 6.05 BBB/Ba1 Lincoln National Corp., Floating Rate Note,
4/20/67 23,250
35,000 BBB/Baa2 MetLife, Inc., 10.75%, 8/1/39 48,650
45,000 A-/Baa2 Protective Life Corp., 7.375%, 10/15/19 51,084
25,000 A/Baa2 Prudential Financial, Inc.,
5.15%, 1/15/13 25,760
-----------
$ 209,358
------------------------------------------------------------------------------------------------------
Multi-line Insurance -- 0.3%
40,000 BBB/Baa3 Genworth Financial, Inc., 7.2%, 2/15/21 $ 38,420
45,000 7.00 BB/Baa3 Liberty Mutual Group, Inc., Floating Rate
Note, 3/15/37 (144A) 40,500
-----------
$ 78,920
------------------------------------------------------------------------------------------------------
Property & Casualty Insurance -- 0.7%
95,000 7.51 BB+/Ba2 Sirius International Group, Ltd., Floating
Rate Note, 5/29/49 (Perpetual) (144A) $ 90,688
70,000 6.50 BBB/Baa1 The Allstate Corp., Floating Rate Note,
5/15/57 68,425
50,000 BBB-/Baa3 The Hanover Insurance Group, Inc.,
7.5%, 3/1/20 57,434
-----------
$ 216,547
------------------------------------------------------------------------------------------------------
Reinsurance -- 0.2%
40,000 BBB/NR Platinum Underwriters Finance, Inc.,
7.5%, 6/1/17 $ 43,059
35,000 6.75 BBB-/Baa3 Reinsurance Group of America, Inc.,
Floating Rate Note, 12/15/65 32,386
-----------
$ 75,445
-----------
Total Insurance $ 580,270
------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
30 Pioneer Global Aggregate Bond Fund | Semiannual Report | 4/30/12
-------------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate (b) Ratings Value
-------------------------------------------------------------------------------------------------------
REAL ESTATE -- 1.0%
Diversified REIT's -- 0.2%
40,000 BBB+/Baa1 Dexus Property Group, 7.125%,
10/15/14 (144A) $ 43,511
20,000 BBB/Baa2 Digital Realty Trust LP, 4.5%, 7/15/15 21,015
10,000 BBB/Baa2 Digital Realty Trust LP, 5.875%, 2/1/20 11,017
-----------
$ 75,543
-------------------------------------------------------------------------------------------------------
Office REIT's -- 0.2%
20,000 BBB-/Baa2 Alexandria Real Estate Equities, Inc.,
4.6%, 4/1/22 $ 20,084
25,000 BBB/Baa2 Mack-Cali Realty LP, 5.125%, 2/15/14 26,131
-----------
$ 46,215
-------------------------------------------------------------------------------------------------------
Retail REIT's -- 0.1%
35,000 BB+/Baa3 DDR Corp., 7.5%, 4/1/17 $ 40,141
-------------------------------------------------------------------------------------------------------
Specialized REIT's -- 0.4%
10,000 BBB-/Baa2 Health Care Real Estate Investment Trust,
Inc., 6.2%, 6/1/16 $ 11,093
25,000 BBB-/Baa3 Healthcare Realty Trust, Inc.,
6.5%, 1/17/17 27,586
25,000 BBB-/Baa2 Hospitality Properties Trust,
7.875%, 8/15/14 27,359
45,000 BBB-/Baa3 Senior Housing Properties Trust,
6.75%, 4/15/20 48,267
-----------
$ 114,305
-------------------------------------------------------------------------------------------------------
Diversified Real Estate Activities -- 0.1%
35,000 A-/A2 WEA Finance LLC, 7.125%,
4/15/18 (144A) $ 41,593
-----------
Total Real Estate $ 317,797
-------------------------------------------------------------------------------------------------------
TECHNOLOGY HARDWARE & EQUIPMENT -- 0.5%
Communications Equipment -- 0.5%
150,000 B/B3 CommScope, Inc., 8.25%,
1/15/19 (144A) $ 160,125
-----------
Total Technology Hardware & Equipment $ 160,125
-------------------------------------------------------------------------------------------------------
SEMICONDUCTORS & SEMICONDUCTOR
EQUIPMENT -- 0.1%
Semiconductor Equipment -- 0.1%
25,000 BBB/Baa1 KLA-Tencor Corp., 6.9%, 5/1/18 $ 30,250
-----------
Total Semiconductors &
Semiconductor Equipment $ 30,250
-------------------------------------------------------------------------------------------------------
TELECOMMUNICATION SERVICES -- 2.6%
Integrated Telecommunication Services -- 1.6%
CHF 40,000 BBB+/Baa1 Deutsche Telekom AG, 3.75%, 4/22/14 $ 46,749
The accompanying notes are an integral part of these financial statements.
Pioneer Global Aggregate Bond Fund | Semiannual Report | 4/30/12 31
Schedule of Investments | 4/30/12 (unaudited) (continued)
-------------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate (b) Ratings Value
-------------------------------------------------------------------------------------------------------
Integrated Telecommunication Services -- (continued)
30,000 BB/Ba2 Frontier Communications Corp.,
8.5%, 4/15/20 $ 31,200
45,000 NR/A2 GTP Acquisition Partners I LLC,
4.347%, 6/15/16 (144A) 46,483
45,000 NR/A2 GTP Towers Issuer LLC, 4.436%,
2/15/15 (144A) 46,211
20,000 A/A2 Qtel International Finance, Ltd.,
6.5%, 6/10/14 (144A) 21,800
EURO 50,000 BBB+/Baa1 Telefonica Emisiones SAU,
5.496%, 4/1/16 69,296
75,000 BBB+/Baa1 Telefonica Emisiones SAU,
6.221%, 7/3/17 76,516
150,000 B+/Ba3 UPCB Finance V, Ltd., 7.25%,
11/15/21 (144A) 157,875
-----------
$ 496,130
-------------------------------------------------------------------------------------------------------
Wireless Telecommunication Services -- 1.0%
CNY 1,000,000 A-/A2 America Movil SAB de CV, 3.5%, 2/8/15 $ 160,119
35,000 B+/Ba2 Cricket Communications, Inc.,
7.75%, 5/15/16 36,838
30,000 NR/A2 Crown Castle Towers LLC,
4.883%, 8/15/20 (144A) 31,821
75,000 B/B2 MetroPCS Wireless, Inc.,
6.625%, 11/15/20 72,188
-----------
$ 300,966
-----------
Total Telecommunication Services $ 797,096
-------------------------------------------------------------------------------------------------------
UTILITIES -- 0.9%
Electric Utilities -- 0.7%
10,000 A-/A3 Commonwealth Edison Co.,
6.15%, 9/15/17 $ 12,152
25,000 BBB/Baa2 Commonwealth Edison Co.,
6.95%, 7/15/18 30,294
10,000 6.70 BB+/Ba1 PPL Capital Funding, Inc., Floating Rate
Note, 3/30/67 9,900
70,000 BBB-/Baa3 Public Service Co., of New Mexico,
7.95%, 5/15/18 85,695
50,000 6.25 BBB-/Baa2 Southern California Edison Co., Floating
Rate Note, 8/1/49 (Perpetual) 52,181
10,000 BBB+/A3 West Penn Power Co., 5.95%,
12/15/17 (144A) 11,734
-----------
$ 201,956
-------------------------------------------------------------------------------------------------------
Multi-Utilities -- 0.1%
25,000 BBB+/Baa2 New York State Electric & Gas Corp.,
6.15%, 12/15/17 (144A) $ 28,335
-------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
32 Pioneer Global Aggregate Bond Fund | Semiannual Report | 4/30/12
---------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate (b) Ratings Value
---------------------------------------------------------------------------------------------------
Independent Power Producers & Energy Traders -- 0.1%
37,703 BBB-/Baa3 Panoche Energy Center LLC, 6.885%,
7/31/29 (144A) $ 41,539
-----------
Total Utilities $ 271,830
---------------------------------------------------------------------------------------------------
GOVERNMENT -- 0.3%
Government -- 0.3%
GBP 50,000 AAA/NR European Bank for Reconstruction &
Development, 1.875%, 12/10/13 $ 82,434
-----------
Total Government $ 82,434
---------------------------------------------------------------------------------------------------
TOTAL CORPORATE BONDS
(Cost $8,036,865) $ 8,572,468
---------------------------------------------------------------------------------------------------
U.S. GOVERNMENT AND AGENCY
OBLIGATIONS -- 10.5%
122,637 AAA/Aaa Fannie Mae, 4.0%, 11/1/41 $ 129,902
173,686 AAA/Aaa Fannie Mae, 4.0%, 12/1/41 183,975
149,048 AAA/Aaa Fannie Mae, 4.5%, 12/1/41 160,026
69,874 AAA/Aaa Fannie Mae, 4.5%, 4/1/41 75,021
67,495 AAA/Aaa Fannie Mae, 5.0%, 6/1/40 73,658
871,371 AAA/Aaa Fannie Mae, 5.0%, 7/1/40 950,942
474,458 AAA/Aaa Federal Home Loan Mortgage Corp.,
5.0%, 9/1/38-10/1/38 513,036
111,346 AAA/Aaa Federal Home Loan Mortgage Corp.,
6.0%, 8/1/37 124,833
254,962 AAA/Aaa Federal Home Loan Mortgage Corp.,
6.5%, 1/1/38-4/1/38 287,337
142,995 AAA/Aaa Government National Mortgage
Association I, 4.5%, 8/15/41 156,771
147,250 AAA/Aaa Government National Mortgage
Association II, 4.5%, 9/20/41 161,758
30,000 AA+/Aaa U.S. Treasury Bonds, 4.25%, 5/15/39 36,877
60,000 AA+/Aaa U.S. Treasury Bonds, 4.5%, 2/15/36 76,238
10,000 AA+/Aaa U.S. Treasury Bonds, 4.5%, 5/15/38 12,759
60,000 AA+/Aaa U.S. Treasury Bonds, 4.5%, 8/15/39 76,659
100,000 AA+/Aaa U.S. Treasury Bonds, 4.75%, 2/15/41 132,891
50,000 AA+/Aaa U.S. Treasury Bonds, 5.375%, 2/15/31 69,828
-----------
$ 3,222,511
---------------------------------------------------------------------------------------------------
TOTAL U.S. GOVERNMENT AND
AGENCY OBLIGATIONS
(Cost $3,076,117) $ 3,222,511
---------------------------------------------------------------------------------------------------
FOREIGN GOVERNMENT BONDS -- 30.6%
AUD 100,000 NR/Aaa Australia Government Bond,
5.75%, 5/15/21 $ 121,492
The accompanying notes are an integral part of these financial statements.
Pioneer Global Aggregate Bond Fund | Semiannual Report | 4/30/12 33
Schedule of Investments | 4/30/12 (unaudited) (continued)
------------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate (b) Ratings Value
------------------------------------------------------------------------------------------------------
Foreign Government Bonds -- (continued)
AUD 200,000 NR/Aaa Australia Government Bond,
6.5%, 5/15/13 $ 215,321
EURO 50,000 AA+/Aaa Austria Government Bond,
4.15%, 3/15/37 (144A) 74,435
EURO 110,000 AA+/Aaa Austria Government Bond, 4.3%, 7/15/14 156,741
EURO 50,000 AA+/Aaa Austria Government Bond,
4.35%, 3/15/19 (144A) 75,233
EURO 25,000 NR/Aa3 Belgium Government Bond,
5.5%, 3/28/28 40,097
EURO 50,000 NR/Aaa Bundesrepublik Deutschland,
2.0%, 1/4/22 68,698
EURO 100,000 NR/Aaa Bundesrepublik Deutschland,
3.25%, 1/4/20 152,082
EURO 125,000 NR/Aaa Bundesrepublik Deutschland,
6.5%, 7/4/27 255,382
CAD 10,000 AAA/Aaa Canada Housing Trust No 1,
3.35%, 12/15/20 (144A) 10,807
CAD 225,000 AAA/Aaa Canada Housing Trust No 1,
3.55%, 9/15/13 (144A) 234,491
CAD 100,000 AAA/Aaa Canada Housing Trust No 1,
3.8%, 6/15/21 (144A) 111,626
CAD 60,000 AAA/Aaa Canadian Government Bond,
1.5%, 3/1/17 60,434
CAD 250,000 AAA/Aaa Canadian Government Bond,
2.0%, 6/1/16 257,444
CZK 500,000 AA/A1 Czech Republic Government Bond,
3.7%, 6/16/13 27,250
DKK 170,000 AAA/Aaa Denmark Government Bond,
4.0%, 11/15/15 33,999
DKK 250,000 AAA/Aaa Denmark Government Bond,
4.5%, 11/15/39 63,907
100,000 B+/B1 Dominican Republic International Bond,
7.5%, 5/6/21 (144A) 105,350
EURO 150,000 NR/Aaa France Government Bond OAT,
3.0%, 10/25/15 210,619
EURO 200,000 NR/Aaa France Government Bond OAT,
3.25%, 10/25/21 272,624
EURO 117,000 NR/Aaa France Government Bond OAT,
3.75%, 4/25/21 166,126
EURO 25,000 NR/Aaa France Government Bond OAT,
4.0%, 10/25/38 34,670
HUF 5,000,000 BB+/Ba1 Hungary Government Bond,
6.75%, 2/12/13 22,926
IDR 200,000,000 BB+/NR Indonesia Recapitalization Bond,
14.25%, 6/15/13 24,122
The accompanying notes are an integral part of these financial statements.
34 Pioneer Global Aggregate Bond Fund | Semiannual Report | 4/30/12
-------------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate (b) Ratings Value
-------------------------------------------------------------------------------------------------------
Foreign Government Bonds -- (continued)
IDR 100,000,000 BB+/NR Indonesia Recapitalization Bond,
14.275%, 12/15/13 $ 12,541
IDR 400,000,000 BB+/Baa3 Indonesia Treasury Bond,
11.0%, 12/15/12 45,409
IDR 50,000,000 BB+/Baa3 Indonesia Treasury Bond,
12.5%, 3/15/13 5,829
IDR 5,000,000,000 NR/Baa3 Indonesia Treasury Bond,
7.375%, 9/15/16 590,539
IDR 1,010,000,000 NR/NR Indonesia Treasury Bond,
8.25%, 6/15/32 127,295
IDR 25,000,000 NR/Baa3 Indonesia Treasury Bond, 9.0%, 9/15/13 2,888
EURO 90,000 BBB+/Ba1 Ireland Government Bond, 4.5%, 4/18/20 102,679
EURO 45,000 BBB+/Ba1 Ireland Government Bond,
5.0%, 10/18/20 52,576
EURO 85,000 BBB+/Ba1 Ireland Government Bond,
5.9%, 10/18/19 106,761
EURO 75,000 NR/A3 Italy Buoni Poliennali Del Tesoro,
2.25%, 11/1/13 98,402
EURO 50,000 NR/A3 Italy Buoni Poliennali Del Tesoro,
3.75%, 8/1/16 65,223
EURO 110,000 NR/A3 Italy Buoni Poliennali Del Tesoro,
4.75%, 2/1/13 148,251
EURO 25,000 NR/A3 Italy Buoni Poliennali Del Tesoro,
6.5%, 11/1/27 34,557
JPY 30,000,000 NR/Aa3 Japan Government Ten Year Bond,
1.7%, 9/20/16 399,945
JPY 5,000,000 NR/Aa3 Japan Government Thirty Year Bond,
2.3%, 12/20/36 68,546
JPY 27,000,000 NR/Aa3 Japan Government Twenty Year Bond,
1.5%, 3/20/19 361,247
JPY 35,000,000 NR/Aa3 Japan Government Two Year Bond,
0.2%, 8/15/13 439,000
MXN 1,690,000 A-/NR Mexican Bonos, 7.75%, 11/13/42 134,464
MXN 250,000 A-/Baa1 Mexican Bonos, 9.5%, 12/18/14 22,089
EURO 150,000 NR/Aaa Netherlands Government Bond,
4.0%, 7/15/16 222,731
EURO 100,000 NR/Aaa Netherlands Government Bond,
4.25%, 7/15/13 138,872
EURO 91,000 NR/Aaa Netherlands Government Bond,
5.5%, 1/15/28 163,835
NOK 150,000 AAA/Aaa Norway Government Bond,
4.25%, 5/19/17 29,495
NOK 275,000 AAA/Aaa Norway Government Bond,
5.0%, 5/15/15 52,923
The accompanying notes are an integral part of these financial statements.
Pioneer Global Aggregate Bond Fund | Semiannual Report | 4/30/12 35
Schedule of Investments | 4/30/12 (unaudited) (continued)
-----------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate (b) Ratings Value
-----------------------------------------------------------------------------------------------------
Foreign Government Bonds -- (continued)
PHP 6,480,000 NR/NR Philippine Government Bond,
5.875%, 3/1/32 $ 153,436
PHP 2,440,000 NR/Ba2 Philippine Government Bond,
7.625%, 9/29/36 68,082
PLN 250,000 A/A2 Poland Government Bond, 5.0%, 4/25/16 79,705
PLN 1,400,000 A/A2 Poland Government Bond,
5.25%, 10/25/17 450,165
NZD 250,000 AA-/Aa2 Province of Ontario Canada,
6.25%, 6/16/15 219,573
AUD 120,000 AA+/Aa1 Queensland Treasury Corp.,
6.0%, 7/21/22 134,587
200,000 BBB/Baa1 Russian Foreign Bond -- Eurobond,
4.5%, 4/4/22 (144A) 207,300
SGD 150,000 NR/Aaa Singapore Government Bond,
1.625%, 4/1/13 122,773
ZAR 1,500,000 NR/A3 South Africa Government Bond,
6.75%, 3/31/21 181,593
ZAR 250,000 A/A3 South Africa Government Bond,
7.5%, 1/15/14 33,109
ZAR 300,000 A/A3 South Africa Government Bond,
8.0%, 12/21/18 39,959
EURO 100,000 BBB+/A3 Spain Government Bond, 4.1%, 7/30/18 125,416
EURO 129,000 BBB+/A3 Spain Government Bond, 4.4%, 1/31/15 174,260
SEK 500,000 AAA/Aaa Sweden Government Bond,
3.5%, 3/30/39 93,954
SEK 55,000 AAA/Aaa Sweden Government Bond,
3.75%, 8/12/17 9,139
SEK 1,000,000 AAA/Aaa Sweden Government Bond,
4.25%, 3/12/19 174,249
SEK 2,450,000 AAA/Aaa Sweden Government Bond,
5.5%, 10/8/12 370,740
SEK 55,000 AAA/Aaa Sweden Government Bond,
6.75%, 5/5/14 9,082
GBP 50,000 NR/Aaa United Kingdom Gilt, 4.0%, 9/7/16 91,775
GBP 60,000 NR/Aaa United Kingdom Gilt, 4.25%, 12/7/27 115,767
GBP 70,000 NR/Aaa United Kingdom Gilt, 4.25%, 9/7/39 132,696
GBP 75,000 NR/Aaa United Kingdom Gilt, 8.75%, 8/25/17 169,998
-----------
$ 9,379,331
-----------
TOTAL FOREIGN GOVERNMENT BONDS
(Cost $9,164,233) $ 9,379,331
-----------------------------------------------------------------------------------------------------
MUNICIPAL BONDS -- 2.6%
Municipal Airport -- 0.1%
20,000 BBB/Baa1 Indianapolis Airport Authority,
5.1%, 1/15/17 $ 22,722
-----------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
36 Pioneer Global Aggregate Bond Fund | Semiannual Report | 4/30/12
------------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate (b) Ratings Value
------------------------------------------------------------------------------------------------------
Municipal Development -- 0.2%
50,000 AA-/Aa3 California Statewide Communities
Development Authority, 6.0%, 8/15/42 $ 58,612
------------------------------------------------------------------------------------------------------
Higher Municipal Education -- 1.6%
50,000 AA-/Aa2 California State University, 5.0%, 11/1/39 $ 53,304
50,000 AAA/Aaa Connecticut State Health & Educational
Facility Authority, 5.0%, 7/1/40 55,206
25,000 AAA/Aaa Connecticut State Health & Educational
Facility Authority, 5.0%, 7/1/42 27,760
50,000 AAA/Aaa Houston Higher Education Finance Corp.,
4.5%, 11/15/37 52,216
70,000 AAA/Aaa Massachusetts Health & Educational
Facilities Authority, 5.5%, 11/15/36 84,144
25,000 AAA/Aaa Massachusetts Health & Educational
Facilities Authority, 5.5%, 7/1/32 34,966
10,000 AAA/Aaa Massachusetts Health & Educational
Facilities Authority, 5.5%, 7/1/36 11,913
20,000 AAA/Aaa Massachusetts Health & Educational
Facilities Authority, 6.0%, 7/1/36 24,504
30,000 AAA/Aaa Missouri State Health & Educational
Facilities Authority, 5.0%, 11/15/39 33,571
50,000 AAA/Aaa New York State Dormitory Authority,
5.0%, 7/1/38 55,632
50,000 AA/Aa1 New York State Dormitory Authority,
5.0%, 7/1/40 55,700
20,000 AAA/Aaa Permanent University Fund, 5.0%, 7/1/30 24,373
-----------
$ 513,289
------------------------------------------------------------------------------------------------------
Municipal Medical -- 0.1%
25,000 AA-/A1 Massachusetts Development Finance
Agency, 5.25%, 4/1/37 $ 27,462
------------------------------------------------------------------------------------------------------
Municipal Transportation -- 0.2%
50,000 AA/Aa2 Harris County Metropolitan Transit
Authority, 5.0%, 11/1/41 $ 55,168
------------------------------------------------------------------------------------------------------
Municipal Water -- 0.2%
45,000 AAA/Aa1 City of Charleston South Carolina,
5.0%, 1/1/41 $ 50,725
20,000 AAA/Aa2 Hampton Roads Sanitation District,
5.0%, 4/1/38 21,669
-----------
$ 72,394
------------------------------------------------------------------------------------------------------
Municipal Obligation -- 0.2%
50,000 AA+/Aa1 State of Washington, 5.0%, 8/1/39 $ 55,590
------------------------------------------------------------------------------------------------------
TOTAL MUNICIPAL BONDS
(Cost $731,545) $ 805,237
------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Global Aggregate Bond Fund | Semiannual Report | 4/30/12 37
Schedule of Investments | 4/30/12 (unaudited) (continued)
--------------------------------------------------------------------------------------------------
Principal
Amount ($) Value
--------------------------------------------------------------------------------------------------
TEMPORARY CASH INVESTMENTS -- 0.9%
Repurchase Agreement -- 0.9%
290,000 JPMorgan, Inc., 0.20%, dated 4/30/12,
repurchase price of $290,000 plus
accrued interest on 4/2/12
collateralized by $295,800 Federal
National Mortgage Association (ARM),
2.191 - 5.904%, 11/1/35 - 8/1/45 $ 290,000
--------------------------------------------------------------------------------------------------
TOTAL TEMPORARY CASH INVESTMENTS
(Cost $290,000) $ 290,000
--------------------------------------------------------------------------------------------------
TOTAL INVESTMENT IN SECURITIES -- 94.1%
(Cost $27,833,328) (a) $28,865,937
--------------------------------------------------------------------------------------------------
OTHER ASSETS & LIABILITIES -- 5.9% $ 1,797,959
--------------------------------------------------------------------------------------------------
TOTAL NET ASSETS -- 100.0% $30,663,896
==================================================================================================
NR Not rated by either S&P or Moody's.
(Step) Bond issued with an initial coupon rate which converts to a higher
rate at a later date.
REIT's Real Estate Investment Trust.
(Perpetual) Security with no stated maturity date.
(144A) Security is exempt from registration under Rule 144A of the
Securities Act of 1933. Such securities may be resold normally to
qualified institutional buyers in a transaction exempt from
registration. At April 30, 2012, the value of these securities
amounted to $4,671,355 or 15.2% of total net assets.
(a) At April 30, 2012, the net unrealized gain on investments based on
cost for federal income tax purposes of $27,833,452 was as follows:
Aggregate gross unrealized gain for all investments in which there is an
excess of value over tax cost $1,650,815
Aggregate gross unrealized loss for all investments in which there is an
excess of tax cost over value (618,330)
----------
Net unrealized gain $1,032,485
==========
(b) Debt obligation with a variable interest rate. Rate shown is rate at
end of period.
Principal amounts are denominated in U.S. Dollars unless otherwise
noted:
AUD Austrialian Dollar
CAD Canadian Dollar
CHF Swiss Franc
CNY New Chinese Yuan
CZK Czech Krona
DKK Danish Kroner
EURO Euro
GBP British Pound Sterling
HUF Hungarian Forint
The accompanying notes are an integral part of these financial statements.
38 Pioneer Global Aggregate Bond Fund | Semiannual Report | 4/30/12
IDR Indonesian Rupiah
JPY Japanese Yen
MXN Mexican Peso
NOK Norwegian Krone
NZD New Zealand Dollar
PHP Philippine Peso
PLN New Polish Zloty
SEK Swedish Krone
SGD Singapore Dollar
TRY Turkish Lira
ZAR South African Rand
Purchases and sales of securities (excluding temporary cash investments) for
the six months ended April 30, 2012 aggregated $6,778,474 and $4,216,964,
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 following is a summary of the inputs used as of April 30, 2012, in valuing
the Fund's assets:
-------------------------------------------------------------------------------------------------
Level 1 Level 2 Level 3 Total
-------------------------------------------------------------------------------------------------
Convertible Corporate Bonds $ -- $ 407,750 $-- $ 407,750
Preferred Stocks 297,452 -- 297,452
Convertible Preferred Stocks 156,804 -- -- 156,804
Asset Backed Securities -- 1,016,842 -- 1,016,842
Collateralized Mortgage Obligations -- 4,717,542 -- 4,717,542
Corporate Bonds -- 8,572,468 -- 8,572,468
U.S. Government Agency Obligations -- 3,222,511 -- 3,222,511
Foreign Government Bonds -- 9,379,331 -- 9,379,331
Municipal Bonds -- 805,237 -- 805,237
Repurchase Agreement -- 290,000 -- 290,000
-------------------------------------------------------------------------------------------------
Total $454,256 $28,411,681 $-- $28,865,937
=================================================================================================
Other Financial Instruments* $ -- $ 1,564 $-- $ 1,564
=================================================================================================
* Other financial instruments include the unrealized gain on foreign exchange
contracts.
The accompanying notes are an integral part of these financial statements.
Pioneer Global Aggregate Bond Fund | Semiannual Report | 4/30/12 39
Statement of Assets and Liabilities | 4/30/12 (unaudited)
ASSETS:
Investment in securities, at value (cost $27,833,328) $28,865,937
Cash 146,411
Foreign currencies, at value (cost $1,411,907) 1,445,465
Receivables --
Investment securities sold 99,795
Fund shares sold 39,895
Interest 324,474
Forward foreign currency settlement contracts, net 1,564
Due from Pioneer Investment Management, Inc. 36,842
Other 26,150
-------------------------------------------------------------------------------------
Total assets $30,986,533
-------------------------------------------------------------------------------------
LIABILITIES:
Payables --
Investment securities purchased $ 170,803
Fund shares repurchased 11,833
Dividends 56,818
Due to affiliates 23,097
Accrued expenses 60,086
-------------------------------------------------------------------------------------
Total liabilities $ 322,637
-------------------------------------------------------------------------------------
NET ASSETS:
Paid-in capital $29,381,947
Undistributed net investment income 1,958
Accumulated net realized gain on investments and foreign currency
transactions 212,466
Net unrealized gain on investments 1,032,609
Net unrealized gain on forward foreign currency contracts and other
assets and liabilities denominated in foreign currencies 34,916
-------------------------------------------------------------------------------------
Total net assets $30,663,896
=====================================================================================
NET ASSET VALUE PER SHARE:
(No par value, unlimited number of shares authorized)
Class A (based on $12,754,793/1,132,527 shares) $ 11.26
Class C (based on $3,673,559/325,531 shares) $ 11.28
Class Y (based on $14,235,544/1,254,164 shares) $ 11.35
MAXIMUM OFFERING PRICE:
Class A ($11.26 [divided by] 95.5%) $ 11.79
=====================================================================================
The accompanying notes are an integral part of these financial statements.
40 Pioneer Global Aggregate Bond Fund | Semiannual Report | 4/30/12
Statement of Operations (unaudited)
For the Six Months Ended 4/30/12
INVESTMENT INCOME:
Dividends $ 6,857
Interest (net of foreign taxes withheld of $2,058) 627,868
-------------------------------------------------------------------------------------------------
Total investment income $634,725
-------------------------------------------------------------------------------------------------
EXPENSES:
Management fees $ 74,197
Transfer agent fees and expenses
Class A 9,564
Class C 2,581
Class Y 262
Distribution fees
Class A 16,335
Class C 17,894
Shareholder communications expense 4,285
Administrative reimbursements 4,263
Custodian fees 6,970
Registration fees 21,021
Professional fees 29,105
Printing expense 33,312
Fees and expenses of nonaffiliated trustees 3,560
Miscellaneous 3,165
-------------------------------------------------------------------------------------------------
Total expenses $226,514
Less fees waived and expenses reimbursed by Pioneer
Investment Management, Inc. (71,180)
-------------------------------------------------------------------------------------------------
Net expenses $155,334
-------------------------------------------------------------------------------------------------
Net investment income $479,391
-------------------------------------------------------------------------------------------------
REALIZED AND UNREALIZED GAIN ON INVESTMENTS, AND FOREIGN
CURRENCY TRANSACTIONS:
Net realized gain on:
Investments $195,379
Forward foreign currency contracts and other assets and liabilities
denominated in foreign currencies 17,362 $212,741
-------------------------------------------------------------------------------------------------
Change in net unrealized gain on:
Investments $ 18,139
Forward foreign currency contracts and other assets and liabilities
denominated in foreign currencies (14,969) $ 3,170
-------------------------------------------------------------------------------------------------
Net gain on investments and foreign currency transactions $215,911
-------------------------------------------------------------------------------------------------
Net increase in net assets resulting from operations $695,302
=================================================================================================
The accompanying notes are an integral part of these financial statements.
Pioneer Global Aggregate Bond Fund | Semiannual Report | 4/30/12 41
Statements of Changes in Net Assets
---------------------------------------------------------------------------------------------------
Six Months
Ended
4/30/12 Year Ended
(unaudited) 10/31/11
---------------------------------------------------------------------------------------------------
FROM OPERATIONS:
Net investment income $ 479,391 $ 531,809
Net realized gain on investments, futures contracts and foreign
currency transactions 212,741 20,479
Change in net unrealized gain (loss) on investments and foreign
currency transactions 3,170 54,872
---------------------------------------------------------------------------------------------------
Net increase in net assets resulting from operations $ 695,302 $ 607,160
---------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO SHAREOWNERS:
Net investment income:
Class A ($0.18 and $0.32 per share, respectively) $ (208,594) $ (273,085)
Class C ($0.12 and $0.22 per share, respectively) (39,762) (67,255)
Class Y ($0.18 and $0.32 per share, respectively) (209,076) (152,769)
Net realized gain:
Class A ($0.02 and $0.00 per share, respectively) (27,154) --
Class C ($0.02 and $0.00 per share, respectively) (7,524) --
Class Y ($0.02 and $0.00 per share, respectively) (23,477) --
---------------------------------------------------------------------------------------------------
Total distributions to shareowners $ (515,587) $ (493,109)
---------------------------------------------------------------------------------------------------
FROM FUND SHARE TRANSACTIONS:
Net proceeds from sale of shares $ 5,504,512 $22,128,644
Reinvestment of distributions 201,808 230,156
Cost of shares repurchased (4,767,379) (6,631,172)
---------------------------------------------------------------------------------------------------
Net increase in net assets resulting from Fund share
transactions $ 938,941 $15,727,628
---------------------------------------------------------------------------------------------------
Net increase in net assets $ 1,118,656 $15,841,679
NET ASSETS:
Beginning of period 29,545,240 13,703,561
---------------------------------------------------------------------------------------------------
End of period $30,663,896 $29,545,240
===================================================================================================
Undistributed (distributions in excess of) net investment income $ 1,958 $ (20,001)
===================================================================================================
The accompanying notes are an integral part of these financial statements.
42 Pioneer Global Aggregate Bond Fund | Semiannual Report | 4/30/12
------------------------------------------------------------------------------------------------
'12 Shares '12 Amount '11 Shares '11 Amount
(unaudited) (unaudited)
------------------------------------------------------------------------------------------------
Class A
Shares sold 175,411 $ 1,925,364 1,010,747 $11,248,729
Reinvestment of distributions 15,975 177,858 17,937 199,884
Less shares repurchased (379,992) (4,233,658) (264,524) (2,920,267)
------------------------------------------------------------------------------------------------
Net increase (decrease) (188,606) $(2,130,436) 764,160 $8,528,346
================================================================================================
Class C
Shares sold 40,044 $ 441,878 80,347 $ 891,114
Reinvestment of distributions 2,141 23,887 2,718 30,177
Less shares repurchased (33,194) (369,205) (58,160) (641,829)
------------------------------------------------------------------------------------------------
Net increase 8,991 $ 96,560 24,905 $ 279,462
================================================================================================
Class Y
Shares sold 281,219 $ 3,137,270 886,941 $9,988,801
Reinvestment of distributions 6 63 8 95
Less shares repurchased (14,766) (164,516) (273,937) (3,069,076)
------------------------------------------------------------------------------------------------
Net increase 266,459 $ 2,972,817 613,012 $6,919,820
================================================================================================
The accompanying notes are an integral part of these financial statements.
Pioneer Global Aggregate Bond Fund | Semiannual Report | 4/30/12 43
Financial Highlights
-------------------------------------------------------------------------------------------------------
Six Months
Ended
4/30/12 Year Ended
(unaudited) 10/31/11
-------------------------------------------------------------------------------------------------------
Class A
Net asset value, beginning of period $ 11.22 $ 11.19
-------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income $ 0.18 $ 0.34
Net realized and unrealized gain (loss) on investments 0.06 0.01
-------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets from investment operations $ 0.24 $ 0.35
Distributions to shareowners:
Net investment income (0.18) (0.32)
Net realized gain (0.02) --
Tax return of capital -- --
-------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ 0.04 $ 0.03
-------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 11.26 $ 11.22
=======================================================================================================
Total return* 2.18% 3.22%
Ratio of net expenses to average net assets 1.00%** 1.00%
Ratio of net investment income to average net assets 3.30%** 2.94%
Portfolio turnover rate 29%** 34%
Net assets, end of period (in thousands) $12,755 $14,830
Ratios with no waiver of fees and assumption of expenses by the Adviser:
Net expenses 1.63%** 2.07%
Net investment income 2.70%** 1.86%
=======================================================================================================
Financial Highlights
----------------------------------------------------------------------------------------------------------------------------
12/28/07 (a)
(Commencement
Year Ended Year Ended of Operations)
10/31/10 10/31/09 to 10/31/08
----------------------------------------------------------------------------------------------------------------------------
Class A
Net asset value, beginning of period $10.84 $ 9.25 $10.00
----------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income $ 0.35 $ 0.39 $ 0.25
Net realized and unrealized gain (loss) on investments 0.41 1.57 (0.75)
----------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets from investment operations $ 0.76 $ 1.96 $(0.50)
Distributions to shareowners:
Net investment income (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 $ 0.35 $ 1.59 $(0.75)
----------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $11.19 $ 10.84 $ 9.25
============================================================================================================================
Total return* 7.21% 21.58% (5.18)%***
Ratio of net expenses to average net assets 1.00% 1.00% 1.00%**
Ratio of net investment income to average net assets 3.26% 3.83% 3.23%**
Portfolio turnover rate 27% 28% 46%***
Net assets, end of period (in thousands) $6,235 $ 5,434 $3,628
Ratios with no waiver of fees and assumption of expenses by the Adviser:
Net expenses 2.35% 2.90% 3.16%**
Net investment income 1.91% 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.
44 Pioneer Global Aggregate Bond Fund | Semiannual Report | 4/30/12
------------------------------------------------------------------------------------------------------
Six Months
Ended
4/30/12 Year Ended
(unaudited) 10/31/11
------------------------------------------------------------------------------------------------------
Class C
Net asset value, beginning of period $11.23 $11.19
------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income $ 0.13 $ 0.24
Net realized and unrealized gain (loss) on investments 0.06 0.02
------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets from investment operations $ 0.19 $ 0.26
Distributions to shareowners:
Net investment income (0.12) (0.22)
Net realized gain (0.02) --
Tax return of capital -- --
------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ 0.05 $ 0.04
------------------------------------------------------------------------------------------------------
Net asset value, end of period $11.28 $11.23
======================================================================================================
Total return* 1.77% 2.39%
Ratio of net expenses to average net assets 1.90%** 1.90%
Ratio of net investment income to average net assets 2.45%** 2.15%
Portfolio turnover rate 29%** 34%
Net assets, end of period (in thousands) $3,674 $3,555
Ratios with no waiver of fees and assumption of expenses by the Adviser:
Net expenses 2.37%** 2.94%
Net investment income 1.96%** 1.11%
======================================================================================================
---------------------------------------------------------------------------------------------------------------------------
12/28/07 (a)
(Commencement
Year Ended Year Ended of Operations)
10/31/10 10/31/09 to 10/31/08
---------------------------------------------------------------------------------------------------------------------------
Class C
Net asset value, beginning of period $10.82 $ 9.23 $10.00
---------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income $ 0.25 $ 0.29 $ 0.18
Net realized and unrealized gain (loss) on investments 0.43 1.58 (0.76)
---------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets from investment operations $ 0.68 $ 1.87 $(0.58)
Distributions to shareowners:
Net investment income (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 $ 0.37 $ 1.59 $(0.77)
---------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $11.19 $10.82 $ 9.23
===========================================================================================================================
Total return* 6.45% 20.55% (5.95)%***
Ratio of net expenses to average net assets 1.90% 1.89% 1.90%**
Ratio of net investment income to average net assets 2.37% 2.94% 2.29%**
Portfolio turnover rate 27% 28% 46%***
Net assets, end of period (in thousands) $3,264 $3,281 $2,471
Ratios with no waiver of fees and assumption of expenses by the Adviser:
Net expenses 3.00% 3.57% 3.84%**
Net investment income 1.27% 1.26% 0.35%**
===========================================================================================================================
(a) Class C shares were first publicly offered on December 28, 2007.
* Assumes initial investment at net asset value at the beginning of the
period, reinvestment of all distributions, the complete redemption of the
investment at net asset value at the end of the period and no sales
charges. Total return would be reduced if sales charges were taken into
account.
** Annualized.
*** Not annualized.
The accompanying notes are an integral part of these financial statements.
Pioneer Global Aggregate Bond Fund | Semiannual Report | 4/30/12 45
Financial Highlights (continued)
------------------------------------------------------------------------------------------------------
Six Months
Ended
4/30/12 Year Ended
(unaudited) 10/31/11
------------------------------------------------------------------------------------------------------
Class Y
Net asset value, beginning of period $ 11.30 $ 11.22
------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income $ 0.19 $ 0.35
Net realized and unrealized gain (loss) on investments 0.06 0.05
------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets from investment operations $ 0.25 $ 0.40
Distributions to shareowners:
Net investment income (0.18) (0.32)
Net realized gain (0.02) --
Tax return of capital -- --
------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ 0.05 $ 0.08
------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 11.35 $ 11.30
======================================================================================================
Total return* 2.26% 3.66%
Ratio of net expenses to average net assets 0.86%** 0.82%
Ratio of net investment income to average net assets 3.36%** 3.01%
Portfolio turnover rate 29%** 34%
Net assets, end of period (in thousands) $14,236 $11,160
Ratios with no waiver of fees and assumption of expenses by the Adviser:
Net expenses 1.20%** 1.55%
Net investment income 3.02%** 2.28%
======================================================================================================
Financial Highlights (continued)
------------------------------------------------------------------------------------------------------------------------
12/28/07 (a)
(Commencement
Year Ended Year Ended of Operations)
10/31/10 10/31/09 to 10/31/08
------------------------------------------------------------------------------------------------------------------------
Class Y
Net asset value, beginning of period $10.85 $ 9.25 $10.00
------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income $ 0.34 $ 0.38 $ 0.27
Net realized and unrealized gain (loss) on investments 0.45 1.59 (0.77)
------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets from investment operations $ 0.79 $ 1.97 $(0.50)
Distributions to shareowners:
Net investment income (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 $ 0.37 $ 1.60 $(0.75)
------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $11.22 $10.85 $ 9.25
========================================================================================================================
Total return* 7.48% 21.69% (5.12)%***
Ratio of net expenses to average net assets 0.94% 1.00% 0.89%**
Ratio of net investment income to average net assets 3.31% 3.83% 3.22%**
Portfolio turnover rate 27% 28% 46%***
Net assets, end of period (in thousands) $4,205 $1,809 $1,542
Ratios with no waiver of fees and assumption of expenses by the Adviser:
Net expenses 1.86% 2.48% 2.82%**
Net investment income 2.38% 2.35% 1.29%**
========================================================================================================================
(a) Class Y shares were first publicly offered on December 28, 2007.
* Assumes initial investment at net asset value at the beginning of the
period, reinvestment of all distributions and the complete redemption of the
investment at net asset value at the end of the period.
** Annualized.
*** Not annualized.
The accompanying notes are an integral part of these financial statements.
46 Pioneer Global Aggregate Bond Fund | Semiannual Report | 4/30/12
Notes to Financial Statements | 4/30/12 (unaudited)
1. Organization and Significant Accounting Policies
Pioneer Global Aggregate Bond Fund (the Fund) is a series of Pioneer Series
Trust VII, a Delaware statutory trust. The Fund is registered under the
Investment Company Act of 1940 as a diversified, open-end management investment
company. The investment objective of the Fund is to provide current income from
an investment grade portfolio with due regard to preservation of capital and
prudent investment risk.
The Fund offers three classes of shares designated as Class A, Class C, and
Class Y shares. Class A, Class C, and Class Y shares were first publicly
offered on December 28, 2007. Each class of shares represents an interest in
the same portfolio of investments of the Fund and has identical rights (based
on relative net asset values) to assets and liquidation proceeds. Share classes
can bear different rates of class-specific fees and expenses such as transfer
agent and distribution fees. Differences in class-specific fees and expenses
will result in differences in net investment income and, therefore, the payment
of different dividends from net investment income earned by each class. The
Amended and Restated Declaration of Trust of the Fund gives the Board the
flexibility to specify either per-share voting or dollar-weighted voting when
submitting matters for shareholder approval. Under per-share voting, each share
of a class of the Fund is entitled to one vote. Under dollar-weighted voting, a
shareholder's voting power is determined not by the number of shares owned, but
by the dollar value of the shares on the record date. Each share class has
exclusive voting rights with respect to matters affecting only that class,
including with respect to the distribution plan for that class. There is no
distribution plan for Class Y shares.
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
Pioneer Global Aggregate Bond Fund | Semiannual Report | 4/30/12 47
(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 April 30, 2012, 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.
Gains and losses on sales of investments are calculated on the identified
cost method for both financial reporting and federal income tax purposes.
48 Pioneer Global Aggregate Bond Fund | Semiannual Report | 4/30/12
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.
Pioneer Global Aggregate Bond Fund | Semiannual Report | 4/30/12 49
The tax character of current year distributions payable will be determined
at the end of the current taxable year. The tax character of distributions
paid during the year ended October 31, 2011 was as follows:
--------------------------------------------------------------------------------
2011
--------------------------------------------------------------------------------
Distributions paid from:
Ordinary income $493,109
Long-term capital gain --
Distribution in excess of net investment income --
--------------------------------------------------------------------------------
Total $493,109
================================================================================
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.
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 $1,400 in underwriting commissions on the sale of Class A shares
during the six months ended April 30, 2012.
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
50 Pioneer Global Aggregate Bond Fund | Semiannual Report | 4/30/12
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 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 may lend 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
Pioneer Global Aggregate Bond Fund | Semiannual Report | 4/30/12 51
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. At April 30, 2012, the Fund had no
securities on loan.
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 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. There were no open futures contracts at April 30, 2012.
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.
52 Pioneer Global Aggregate Bond Fund | Semiannual Report | 4/30/12
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%, 1.90% and 0.75% of the
average daily net assets attributable to Class A, Class C and Class Y shares,
respectively. Fees waived and expenses reimbursed during the six months ended
April 30, 2012 are reflected on the Statement of Operations. These expense
limitations are in effect through March 1, 2013. 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
$19,897 in management fees, administrative costs and certain other
reimbursements payable to PIM at April 30, 2012.
3. Transfer Agent
PIMSS, a wholly owned indirect subsidiary of UniCredit, provides substantially
all transfer agent and shareowner services to the Fund at negotiated rates.
In addition, the Fund reimburses PIMSS for out-of-pocket expenses incurred by
PIMSS related to shareholder communications activities such as proxy and
statement mailings, outgoing phone calls and omnibus relationship contracts.
For the six months ended April 30, 2012, such out-of-pocket expenses by class
of shares were as follows:
--------------------------------------------------------------------------------
Shareholder Communications:
--------------------------------------------------------------------------------
Class A $3,199
Class C 658
Class Y 428
--------------------------------------------------------------------------------
Total $4,285
================================================================================
Included in "Due to affiliates" reflected on the Statement of Assets and
Liabilities is $2,451 in transfer agent fees and out-of-pocket reimbursements
payable to PIMSS at April 30, 2012.
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
Pioneer Global Aggregate Bond Fund | Semiannual Report | 4/30/12 53
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 $749 in
distribution fees payable to PFD at April 30, 2012.
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 six months ended April 30, 2012, CDSCs in the amount of $134 were paid
to PFD.
5. Expense Offset Arrangements
The Fund has entered into certain expense offset arrangements with PIMSS which
may result in a reduction in the Fund's total expenses due to interest earned
on cash held by PIMSS. For the six months ended April 30, 2012, the Fund's
expenses were not reduced under such arrangements.
6. Forward Foreign Currency Contracts
At April 30, 2012, the Fund had entered into various forward foreign currency
contracts that obligate the Fund to deliver or take delivery of currencies at
specified future maturity dates. Alternatively, prior to the settlement date of
a forward foreign currency contract, the Fund may close out such contract by
entering into an offsetting contract. The average value of contracts open
during the six months ended April 30, 2012 was $404,156.
Open hedges at April 30, 2012 were as follows:
------------------------------------------------------------------------------------------------------------
Net
Contracts to In Exchange Settlement Unrealized
Currency deliver For USD Date Value Gain (Loss)
------------------------------------------------------------------------------------------------------------
MYR (Malaysian Ringgit) (91,975) $ (91,975) 5/11/12 $ (91,975) $ (91,975)
MYR (Malaysian Ringgit) 280,000 91,975 5/11/12 92,483 92,483
MYR (Malaysian Ringgit) (62,438) (62,438) 5/11/12 (62,438) (62,438)
MYR (Malaysian Ringgit) 190,000 62,438 5/11/12 62,757 62,757
KRW (Korean Won) (181,027) (181,027) 6/11/12 (181,027) (181,027)
KRW (Korean Won) 206,000,000 181,027 6/11/12 181,765 181,765
------------------------------------------------------------------------------------------------------------
Total $ 1,564
============================================================================================================
54 Pioneer Global Aggregate Bond Fund | Semiannual Report | 4/30/12
7. Additional Disclosures about Derivative Instruments and Hedging Activities
Values of derivative instruments as of April 30, 2012 were as follows:
Asset Derivatives 2012 Liabilities Derivatives 2012
Derivatives Not Accounted for --------------------------------------------------------------------
as Hedging Instruments Under
Accounting Standards Codification Balance Sheet Balance Sheet
(ASC) 815 Location Value Location Value
Foreign Exchange Contracts** Net Assets -- $337,005 Net Assets -- $335,441
Receivables Payables
--------------------------------------------------------------------------------------------------------
Total $337,005 $335,441
========================================================================================================
** The value of foreign exchange contracts is shown as a net receivable on the
Statement of Assets and Liabilities.
The effect of derivative instruments on the Statement of Operations for the six
months ended April 30, 2012 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
--------------------------------------------------------------------------------------------------------
Foreign Exchange Contracts Net realized gain on forward foreign $18,385
currency contracts and other assets
and liabilities denominated in
foreign currencies
Foreign Exchange Contracts Change in unrealized gain (loss) on $ (2,019)
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 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. The
credit facility in effect until January 20, 2012 was in the amount of $165
million. Under such facility, interest on borrowings was 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 credit facility in effect as of February 15,
2012 is in the amount of $215 million. Under such facility, depending on the
type of loan, interest on borrowings is payable at LIBOR plus 0.90% on an
annualized basis, or the Alternate Base Rate, which is the greater of (a) the
facility's administrative agent's daily announced prime rate on the borrowing
Pioneer Global Aggregate Bond Fund | Semiannual Report | 4/30/12 55
date, (b) 2% plus the Federal Funds Rate on the borrowing date and (c) 2% plus
the overnight Euro dollar rate on the borrowing date. The Funds pay an annual
commitment fee to participate in a credit facility. The commitment fee is
allocated among participating Funds based on an allocation schedule set forth
in the credit agreement. For the six months ended April 30, 2012, the Fund had
no outstanding borrowings.
56 Pioneer Global Aggregate Bond Fund | Semiannual Report | 4/30/12
Approval of Investment Advisory Agreement
Pioneer Investment Management, Inc. (PIM) serves as the investment adviser to
Pioneer Global Aggregate Bond Fund (the Fund) pursuant to an investment
advisory agreement between PIM and the Fund. In order for PIM to remain the
investment adviser of the Fund, the Trustees of the Fund must determine
annually whether to renew the investment advisory agreement for the Fund.
The contract review process began in March 2011 as the Trustees of the Fund
agreed on, among other things, an overall approach and timeline for the
process. In July 2011, the Trustees approved the format of the contract review
materials and submitted their formal request to PIM to furnish information
necessary to evaluate the terms of the investment advisory agreement. The
contract review materials were provided to the Trustees in July 2011 and
September 2011. After reviewing and discussing the materials, the Trustees
submitted a request for additional information to PIM, and materials were
provided in response to this request. Meetings of the Independent Trustees of
the Fund were held in July, September, October, and November, 2011 to review
and discuss the contract review materials. In addition, the Trustees took into
account the information related to the Fund provided to the Trustees at each
regularly scheduled meeting.
At a meeting held on November 29, 2011, based on their evaluation of the
information provided by PIM and third parties, the Trustees of the Fund,
including the Independent Trustees voting separately, unanimously approved the
renewal of the investment advisory agreement for another year. In considering
the renewal of the investment advisory agreement, the Trustees considered
various factors that they determined were relevant, including the factors
described below. The Trustees did not identify any single factor as the
controlling factor in determining to approve the renewal of the agreement.
Nature, Extent and Quality of Services
The Trustees considered the nature, extent and quality of the services that had
been provided by PIM to the Fund, taking into account the investment objective
and strategy of the Fund. The Trustees reviewed the terms of the investment
advisory agreement. The Trustees also reviewed PIM's investment approach for
the Fund, its research process and its process for trade execution. The
Trustees considered the resources of PIM and the personnel of PIM who provide
investment management services to the Fund. The Trustees considered the
non-investment resources and personnel of PIM involved in PIM's services to the
Fund, including PIM's compliance and legal resources and personnel. The
Trustees also considered the substantial attention and high priority given by
PIM's senior management to the Pioneer fund complex. In addition, the
Pioneer Global Aggregate Bond Fund | Semiannual Report | 4/30/12 57
Trustees considered PIM's plans to increase resources in its investment
management function and other enhancements to PIM's advisory capabilities.
The Trustees considered that PIM supervises and monitors the performance of the
Fund's service providers and provides the Fund with personnel (including Fund
officers) and other resources that are necessary for the Fund's business
management and operations. The Trustees also considered that, as administrator,
PIM is responsible for the administration of the Fund's business and other
affairs. The Trustees considered the fees paid to PIM for the provision of
administration services.
Based on these considerations, the Trustees concluded that the nature, extent
and quality of services that had been provided by PIM to the Fund were
satisfactory and consistent with the terms of the investment advisory
agreement.
Performance of the Fund
The Trustees considered the performance results of the Fund over various time
periods. They reviewed information comparing the Fund's performance with the
performance of its peer group of funds as classified by Morningstar, Inc.
(Morningstar), an independent provider of investment company data, and with the
performance of the Fund's benchmark index. The Trustees considered that the
Fund's annualized total return was in the fourth quintile of its Morningstar
category for the one year period ended June 30, 2011 and in the second quintile
of its Morningstar category for the three year period ended June 30, 2011. (In
all quintile rankings referred to throughout this disclosure, first quintile is
most favorable to the Fund's shareowners. Thus, highest relative performance
would be first quintile and lowest relative expenses would also be first
quintile.) The Trustees considered that the Fund's twelve month average gross
portfolio yield (using month end 30 day effective yields) exceeded the twelve
month average yield of the Fund's benchmark index. The Trustees discussed the
Fund's recent underperformance and considered that performance had improved in
the six months ended June 30, 2011. The Trustees indicated that they were
satisfied with the information presented with respect to the Fund's
performance.
Management Fee and Expenses
The Trustees considered information showing the fees and expenses of the Fund
in comparison to the management fees and expense ratios of its peer group of
funds as classified by Morningstar and also to the expense ratios of a peer
group of funds selected on the basis of criteria determined by the Independent
Trustees for this purpose using data provided by Strategic Insight Mutual Trust
Research and Consulting, LLC (Strategic Insight), an independent third party.
The Trustees considered that the Fund's management fee for the twelve months
ended June 30, 2011 was in the second quintile relative to the management fees
58 Pioneer Global Aggregate Bond Fund | Semiannual Report | 4/30/12
paid by other funds in its Morningstar peer group for the comparable period.
The Trustees considered that the Fund's expense ratio for the twelve months
ended June 30, 2011 was in the first quintile relative to its Strategic Insight
peer group for the comparable period.
The Trustees reviewed gross and net management fees charged by PIM to its
institutional and other clients, including publicly offered European funds,
U.S. registered investment companies (in a sub-advisory capacity), and
unaffiliated foreign and domestic separate accounts. The Trustees also
considered PIM's costs in providing services to the Fund and to its other
clients and considered the differences in management fees and profit margins
for PIM's Fund and non-Fund services. In evaluating the fees associated with
PIM's client accounts, the Trustees took into account the respective demands,
resources and complexity associated with the Fund and client accounts. The
Trustees noted that in some instances the fee rates for those clients were
lower than the management fee for the Fund and considered that, under the
investment advisory agreement with the Fund, PIM performs additional services
for the Fund that it does not provide to those other clients or services that
are broader in scope, including oversight of the Fund's other service providers
and activities related to compliance and the extensive regulatory and tax
regimes to which the Fund is subject. The Trustees also considered the
different entrepreneurial risks associated with PIM's management of the Fund
and the other client accounts. The Trustees concluded that the management fee
payable by the Fund to PIM was reasonable in relation to the nature and quality
of the services provided by PIM.
Profitability
The Trustees considered information provided by PIM regarding the profitability
of PIM with respect to the advisory services provided by PIM to the Fund,
including the methodology used by PIM in allocating certain of its costs to the
management of the Fund. The Trustees also considered PIM's profit margin in
connection with the overall operation of the Fund. They further reviewed the
financial results realized by PIM and its affiliates from non-fund businesses.
The Trustees considered PIM's profit margins with respect to the Fund in
comparison to the limited industry data available and noted that the
profitability of any adviser was affected by numerous factors, including its
organizational structure and method for allocating expenses. The Trustees
concluded that PIM's profitability with respect to the management of the Fund
was not unreasonable.
Economies of Scale
The Trustees considered PIM's views relating to economies of scale in
connection with the Pioneer Funds as fund assets grow and the extent to which
any such economies of scale are shared with funds and fund shareholders. The
Trustees recognize that economies of scale are difficult to identify and
quantify, rarely identifiable on a Fund-by-Fund basis, and that, among other
factors that
Pioneer Global Aggregate Bond Fund | Semiannual Report | 4/30/12 59
may be relevant, are the following: fee levels, expense subsidization,
investment by PIM in research and analytical capabilities and PIM's commitment
and resource allocation to the Funds. The Trustees noted that profitability
also may be an indicator of the availability of any economies of scale,
although profitability may vary for other reasons particularly, for example
during the recent difficult periods for financial markets, as the level of
services was maintained notwithstanding a significant decline in PIM's fee
revenues from the Funds. Accordingly, the Trustees concluded that economies of
scale, if any, were being appropriately shared with the Fund.
Other Benefits
The Trustees considered the other benefits to PIM from its relationship with
the Fund. The Trustees considered the character and amount of fees paid by the
Fund, other than under the investment advisory agreement, for services provided
by PIM and its affiliates. The Trustees further considered the revenues and
profitability of PIM's businesses other than the fund business. The Trustees
considered the intangible benefits to PIM by virtue of its relationship with
the Fund and the other Pioneer funds. The Trustees concluded that the receipt
of these benefits was reasonable in the context of the overall relationship
between PIM and the Fund.
Conclusion
After consideration of the factors described above as well as other factors,
the Trustees, including all of the Independent Trustees, concluded that the
investment advisory agreement between PIM and the Fund, including the fees
payable thereunder, was fair and reasonable and voted to approve the proposed
renewal of the investment advisory agreement for the Fund.
60 Pioneer Global Aggregate Bond Fund | Semiannual Report | 4/30/12
Trustees, Officers and Service Providers
Trustees
John F. Cogan, Jr., Chairman
David R. Bock
Mary K. Bush
Benjamin M. Friedman
Margaret B.W. Graham
Daniel K. Kingsbury
Thomas J. Perna
Marguerite A. Piret
Stephen K. West
Officers
John F. Cogan, Jr., President
Daniel K. Kingsbury, Executive Vice President
Mark E. Bradley, Treasurer
Christopher J. Kelley, Secretary
Investment Adviser and Administrator
Pioneer Investment Management, Inc.
Custodian
Brown Brothers Harriman & Co.
Principal Underwriter
Pioneer Funds Distributor, Inc.
Legal Counsel
Bingham McCutchen LLP
Shareowner Services and Transfer Agent
Pioneer Investment Management Shareholder Services, Inc.
Sub-Administrator
State Street Bank and Trust Company
Proxy Voting Policies and Procedures of the Fund are available without charge,
upon request, by calling our toll free number (1-800-225-6292). Information
regarding how the Fund voted proxies relating to portfolio securities during
the most recent 12-month period ended June 30 is publicly available to
shareowners at us.pioneerinvestments.com. This information is also available on
the Securities and Exchange Commission's web site at www.sec.gov.
Pioneer Global Aggregate Bond Fund | Semiannual Report | 4/30/12 61
This page for your notes.
62 Pioneer Global Aggregate Bond Fund | Semiannual Report | 4/30/12
This page for your notes.
Pioneer Global Aggregate Bond Fund | Semiannual Report | 4/30/12 63
This page for your notes.
64 Pioneer Global Aggregate Bond Fund | Semiannual Report | 4/30/12
This page for your notes.
Pioneer Global Aggregate Bond Fund | Semiannual Report | 4/30/12 65
This page for your notes.
66 Pioneer Global Aggregate Bond Fund | Semiannual Report | 4/30/12
This page for your notes.
Pioneer Global Aggregate Bond Fund | Semiannual Report | 4/30/12 67
This page for your notes.
68 Pioneer Global Aggregate Bond Fund | Semiannual Report | 4/30/12
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 www.sec.gov. The filed form may also be viewed and copied at the
Commission's Public Reference Room in Washington, DC. Information regarding the
operations of the Public Reference Room may be obtained by calling
1-800-SEC-0330.
Pioneer Global High
Yield Fund
--------------------------------------------------------------------------------
Semiannual Report | April 30, 2012
--------------------------------------------------------------------------------
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 56
Notes to Financial Statements 65
Approval of Investment Advisory Agreement 77
Trustees, Officers and Service Providers 81
Pioneer Global High Yield Fund | Semiannual Report | 4/30/12 1
President's Letter
Dear Shareowner,
The U.S. economy continued its recovery through the first quarter of 2012, even
as broader global concerns weighed on investors. The U.S. unemployment rate
fell to 8.1% in April, and some indicators suggest that it may continue to
trend down. The housing market continued to improve, fueled in part by
record-low mortgage rates. The risk of rising oil prices appeared to recede.
The improved outlook helped U.S. equity markets to perform well in the first
quarter, with the Standard & Poor's 500 Index rising by 12%. For bond
investors, the riskier sectors of the bond market fared the best. The broad
bond market, as measured by the Barclays Capital Aggregate Bond Index, rose by
just 0.3%, while the high-yield bond market, as measured by the Bank of America
Merrill Lynch High Yield Master II Index, rose by 5.15%.
We are cautiously optimistic that the U.S. economy will continue to improve.
But we are also closely monitoring macroeconomic concerns that could change the
market's direction, such as the lingering debt woes in Europe, the state of the
Chinese economy, and the U.S. government's fiscal situation. Clouds have
continued to hover over Europe, as the exit of Greece from the Euro-zone
remains a possibility. Meanwhile, China continues to face a potential slowdown
in economic growth. In the U.S., tax increases and spending cuts scheduled to
take effect at year-end should, unless fiscal policy changes, sharply reduce
the budget deficit -- which would be very good for the country in the longer
run -- but also could potentially stall U.S. economic growth in 2013. All of
these considerations may lead to further market volatility.
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.
Pioneer's investment professionals focus on finding good opportunities to
invest in both equity and bond markets using the same disciplined investment
approach we have used since 1928. Our strategy is to identify undervalued
individual securities with the greatest potential for success, carefully
weighing risk against reward. Our teams of investment professionals continually
2 Pioneer Global High Yield Fund | Semiannual Report | 4/30/12
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.
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 | Semiannual Report | 4/30/12 3
Portfolio Management Discussion | 4/30/12
Despite renewed concerns about European sovereign-debt problems, improved
investor confidence in the prospects for a sustained recovery in world markets
helped drive solid returns by higher-yielding, lower-rated fixed-income
investments during most of the six-month period ended April 30, 2012. In the
following interview, lead portfolio manager Andrew Feltus and assistant
portfolio manager Tracy Wright discuss the factors that affected the
performance of Pioneer Global High Yield Fund during the six-month period. Mr.
Feltus, senior vice president and portfolio manager at Pioneer, and Ms. 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 six months ended April 30, 2012?
A Pioneer Global High Yield Fund Class A shares returned 5.68% at net asset
value during the six months ended April 30, 2012, 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 6.45% and 6.24%, respectively. During the same six-month period,
the average return of the 514 mutual funds in Lipper's High Current Yield
Funds category was 6.39%. At the end of the period on April 30, 2012, the
30-day standardized SEC yield of the Fund's Class A shares was 9.66%.
Q How would you describe the investment environment during the six months ended
April 30, 2012?
A An improving global economy delivered a generally favorable backdrop for
investments in credit-sensitive securities, including domestic high-yield
corporate bonds and emerging market debt.
The early weeks of the period, starting in November 2011, saw continued
stabilization in the capital markets following a severe sell-off in the
third calendar quarter of 2011. Then, in December 2011, a succession of
positive developments triggered a significant change in market attitudes,
and credit-sensitive investments embarked on a robust rally that continued
through March of 2012. Contributing to the improving investment backdrop
were reports suggesting a strengthening of the economic recovery in the
United States, accompanied by a long-delayed improvement in the jobs
market. Meanwhile, more accommodative monetary policies by the European
Central Bank (ECB) injected additional money into the financial system in
Europe and bolstered the liquidity of European banks, which also boosted
confidence in the markets. At the same time, the Chinese government began
an easing of monetary policy, which helped to quell fears about a slump in
that growing economy. However, markets grew choppier in the final month
4 Pioneer Global High Yield Fund | Semiannual Report | 4/30/12
of the six-month period (April 2012), as the approach of national elections
in Greece raised new worries that debt problems in Europe could have a
contagious effect on the global markets.
Q How was the Fund positioned during the six months ended April 30, 2012, and
how did the positioning affect relative performance?
A We maintained a relatively stable overall asset allocation strategy in the
Fund's portfolio throughout the six months, with a primary focus on
domestic high-yield bonds as well as a healthy allocation to emerging
market debt. Over the six months, we increased portfolio exposure to
emerging market currencies, notably in Asia, where many economies were
growing strongly while maintaining discipline in their national fiscal and
monetary policies. We reduced the Fund's exposure to Europe, primarily
because of the severe debt problems in Greece and several other nations,
which had raised questions about the financial strength of European banks.
At the end of the period, on April 30, 2012, nearly 62% of the Fund's
assets were invested in the United States, approximately 27% in emerging
markets, including Asia, and about 10% in the European region. By sector,
nearly 56% of the Fund's assets were invested in U.S. high-yield corporate
bonds, which was the largest portfolio allocation. During the six-month
period, we built up portfolio positions in domestic high-yield,
floating-rate loans, which represented about 9% of net assets as of April
30, 2012. We like the more senior position of floating-rate loans in the
corporate capital structure, which gives added protection to investors. In
addition, valuations of floating-rate bank loans appeared attractive
relative to high-yield bonds of higher quality (BB-rated). We also were
attracted by the fact that the yields of floating-rate loans have the
potential to increase should interest rates increase. Finally, the Fund was
underweighted both in Europe and in Japan, where we saw few attractive
opportunities.
The Fund's focus on both U.S. high-yield and emerging market debt generally
supported performance during the period. However, the portfolio's
underweighted position in European high-yield corporate bonds detracted
from performance, as lower-rated European corporate bonds outperformed
after the ECB eased monetary policy. Nevertheless, we have continued to be
cautious about the Fund's investments in Europe, and we have maintained the
underweighted position there.
Q What types of individual investments had the biggest impact on the Fund's
relative performance during the six months ended April 30, 2012?
A The Fund had solid results from holdings in both U.S. high-yield corporates
and the emerging markets. The top overall contributor to the Fund's
performance during the six-month period was the convertible debt of a U.S.
company, WESCO International, a distributor of industrial and electrical
Pioneer Global High Yield Fund | Semiannual Report | 4/30/12 5
components. WESCO's business and equity performed well during the period.
Other strong performers included the bonds of Burger King, which gained in
value when the company announced plans for an initial stock offering, and
of Jefferies Group, an investment bank. In the case of Jefferies, the
company's debt had fallen in value after MF Global, another investment
bank, went bankrupt. However, our credit research had led us to believe
that the market had misunderstood Jefferies' financial strength and
business, and so we built up a Fund position in the company's bonds. When
the investment bank went on to announce solid earnings, the price of the
bonds bounced back. Another high-yield holding that supported Fund
performance during the period was Connacher Oil & Gas, a Canada-based
integrated energy company that improved its balance sheet after it sold
assets. The investment also benefited from a stronger Canadian dollar.
Emerging market corporates was the Fund's best-performing sector during the
six-month period. Top performers from that part of the portfolio included
the debt of CEMEX, a global building materials company based in Mexico, and
securities of Minerva and Marfrig, two Brazilian beef producers.
The Fund did have some disappointing holdings during the period.
Underperformers in the portfolio included the debt of AGY, a company that
encountered cost-control problems in its production of fiber materials, and
of Stanadyne, a producer of components for farm machinery that encountered
short-term difficulties while establishing offshore production
capabilities. The Fund also experienced two defaults during the six months
ended April 30, 2012. The more serious default came from different airport
facility securities backed by revenues from American Airlines. The
securities fell in value after AMR, parent of the airline, unexpectedly
filed for federal bankruptcy protection late in 2011. The other default in
the portfolio involved the debt of Sino Forest, a Canada-based forest
products company operating in China. We had expected that default, however,
and it did not have a noteworthy impact on the Fund's performance during
the six-month period.
Q What is your investment outlook?
A We have positioned the Fund for a period of continued, moderate economic
growth, both domestically and globally, although we maintain a sense of
caution about Europe.
In the U.S, industrial output and retail sales have been positive, while
the employment market finally is beginning to show improvement and the
housing industry is showing evidence of stabilization. Meanwhile, corporate
profits have remained healthy and most companies have strengthened their
balance sheets. Default rates remain low by historical benchmarks. All of
these factors, we think, should support high-yield investments. It is
6 Pioneer Global High Yield Fund | Semiannual Report | 4/30/12
important to keep in mind, however, that the current low-interest-rate
environment has resulted in relatively lower yields from corporate bonds on
an absolute basis, and that necessarily limits the returns that can
reasonably be expected.
While emerging market corporate bonds have rallied, we think they continue
to offer opportunity, both because of the healthy growth trends in many
emerging markets and because a number of emerging market-based companies
have emerged as major players in the global economy.
We think the Fund's ability to invest flexibly in higher-yielding
opportunities throughout the world gives it the potential for solid
returns, while its diversified* approach can help to reduce volatility.
Please refer to the Schedule of Investments on pages 18-55 for a full listing
of Fund securities.
* Diversification does not assure a profit or protect against loss in a
declining market.
Pioneer Global High Yield Fund | Semiannual Report | 4/30/12 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 | Semiannual Report | 4/30/12
Portfolio Summary | 4/30/12
Portfolio Quality
--------------------------------------------------------------------------------
(As a percentage of long-term securities, based on S&P ratings)
[THE FOLLOWING DATA WAS REPRESENTED AS A PIE CHART IN THE PRINTED MATERIAL]
AAA 0.4%
AA 0.3%
A 1.1%
BBB 6.0%
BB 23.7%
B 46.6%
CCC 11.2%
Not Rated 9.6%
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 long-term holdings)
[THE FOLLOWING DATA WAS REPRESENTED AS A BAR CHART IN THE PRINTED MATERIAL]
United States 57.0%
Cayman Islands 5.1%
Mexico 3.9%
Luxembourg 3.7%
Argentina 3.4%
Netherlands 3.0%
Brazil 2.9%
United Kingdom 2.6%
Ireland 2.4%
China 2.0%
Canada 1.8%
Singapore 1.3%
Peru 1.2%
Ohter (individually less than 1%) 9.7%
10 Largest Holdings
--------------------------------------------------------------------------------
(As a percentage of total long-term holdings)*
1. Cincinnati Bell, Inc., 8.25%, 10/15/17 0.84%
2. Minerva Overseas II, Ltd., 10.875%, 11/15/19 (144A) 0.80
3. Energisa SA, 9.5%, 1/29/49 (Perpetual) (144A) 0.71
4. WESCO International, Inc., 6.0%, 9/15/29 0.71
5. LyondellBasell Industries NV, 5.0%, 4/15/19 (144A) 0.70
6. Alliance One International, Inc., 10.0%, 7/15/16 0.70
7. Ford Motor Co., 4.25%, 11/15/16 0.69
8. Alpha Appalachia Holdings, Inc., 3.25%, 8/1/15 0.69
9. Marfrig Overseas, Ltd., 9.5%, 5/4/20 (144A) 0.69
10. Chrysler Group LLC, Tranche B Term Loan, 4/28/17 0.68
* The list excludes temporary cash investments and derivative instruments. The
portfolio is actively managed, and current holdings may be different. The
holdings listed should not be considered recommendations to buy or sell any
security listed.
Pioneer Global High Yield Fund | Semiannual Report | 4/30/12 9
Prices and Distributions | 4/30/12
Net Asset Value per Share
--------------------------------------------------------------------------------
Class 4/30/12 10/31/11
A $ 9.94 $ 9.83
--------------------------------------------------------------------------------
B $ 9.95 $ 9.83
--------------------------------------------------------------------------------
C $ 9.92 $ 9.80
--------------------------------------------------------------------------------
Y $ 9.77 $ 9.66
--------------------------------------------------------------------------------
Z $10.23 $10.11
--------------------------------------------------------------------------------
Distributions per Share: 11/1/11-4/30/12
--------------------------------------------------------------------------------
Net Investment Short-Term Long-Term
Class Income Capital Gains Capital Gains
A $0.4325 $ -- $ --
--------------------------------------------------------------------------------
B $0.3934 $ -- $ --
--------------------------------------------------------------------------------
C $0.3993 $ -- $ --
--------------------------------------------------------------------------------
Y $0.4441 $ -- $ --
--------------------------------------------------------------------------------
Z $0.4583 $ -- $ --
--------------------------------------------------------------------------------
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 | Semiannual Report | 4/30/12
Performance Update | 4/30/12 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 April 30, 2012)
--------------------------------------------------------------------------------
Net Asset Public Offering
Period Value (NAV) Price (POP)
--------------------------------------------------------------------------------
10 Years 9.79% 9.28%
5 Years 4.78 3.83
1 Year -1.40 -5.88
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated March 1, 2012)
--------------------------------------------------------------------------------
Gross
--------------------------------------------------------------------------------
1.09%
--------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $10,000 Investment
Pioneer Global BofA ML Global High Yield BofA ML High
High Yield Fund and Emerging Markets Plus Index Yield Master II Index
--------------- ------------------------------- ---------------------
4/02 9,550 10,000 10,000
11,370 11,422 10,760
4/04 13,376 13,127 12,346
15,171 14,487 13,145
4/06 16,931 15,942 14,337
19,239 18,015 16,116
4/08 18,658 18,327 15,983
13,218 15,720 13,635
4/10 21,380 22,048 19,663
24,645 25,006 22,286
4/12 24,299 26,230 23,434
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 performance table and graph do not reflect the deduction of fees and taxes
that a shareowner would pay on Fund distributions or the redemption of Fund
shares.
Pioneer Global High Yield Fund | Semiannual Report | 4/30/12 11
Performance Update | 4/30/12 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 April 30, 2012)
--------------------------------------------------------------------------------
If If
Period Held Redeemed
--------------------------------------------------------------------------------
Life-of-Class
(11/21/03) 6.96% 6.96%
5 Years 3.99 3.99
1 Year -2.11 -5.74
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated March 1, 2012)
--------------------------------------------------------------------------------
Gross
--------------------------------------------------------------------------------
1.90%
--------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $10,000 Investment
Pioneer Global BofA ML Global High Yield BofA ML High
High Yield Fund and Emerging Markets Plus Index Yield Master II Index
--------------- ------------------------------- ---------------------
11/03 10,000 10,000 10,000
4/04 10,277 10,322 10,396
11,563 11,391 11,069
4/06 12,811 12,536 12,072
14,430 14,166 13,571
4/08 13,879 14,411 13,458
9,745 12,361 11,481
4/10 15,660 17,337 16,557
17,923 19,663 18,766
4/12 17,545 20,626 19,732
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 | Semiannual Report | 4/30/12
Performance Update | 4/30/12 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 April 30, 2012)
--------------------------------------------------------------------------------
If If
Period Held Redeemed
--------------------------------------------------------------------------------
Life-of-Class
(11/21/03) 6.94% 6.94%
5 Years 4.07 4.07
1 Year -1.91 -1.91
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated March 1, 2012)
--------------------------------------------------------------------------------
Gross
--------------------------------------------------------------------------------
1.78%
--------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $10,000 Investment
Pioneer Global BofA ML Global High Yield BofA ML High
High Yield Fund and Emerging Markets Plus Index Yield Master II Index
--------------- ------------------------------- ---------------------
11/03 10,000 10,000 10,000
4/04 10,211 10,322 10,396
11,487 11,391 11,069
4/06 12,724 12,536 12,072
14,343 14,166 13,571
4/08 13,810 14,411 13,458
9,699 12,361 11,481
4/10 15,592 17,337 16,557
17,853 19,663 18,766
4/12 17,512 20,626 19,732
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 | Semiannual Report | 4/30/12 13
Performance Update | 4/30/12 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 April 30, 2012)
--------------------------------------------------------------------------------
If If
Period Held Redeemed
--------------------------------------------------------------------------------
10 Years 9.83% 9.83%
5 Years 5.15 5.15
1 Year -1.02 -1.02
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated March 1, 2012)
--------------------------------------------------------------------------------
Gross
--------------------------------------------------------------------------------
0.74%
--------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $5 Million Investment
Pioneer Global BofA ML Global High Yield BofA ML High
High Yield Fund and Emerging Markets Plus Index Yield Master II Index
--------------- ------------------------------- ---------------------
4/02 5,000,000 5,000,000 5,000,000
5,953,821 5,710,784 5,380,191
4/04 7,004,391 6,563,256 6,173,172
7,944,341 7,243,344 6,572,556
4/06 8,712,869 7,971,045 7,168,423
9,932,801 9,007,701 8,058,206
4/08 9,691,166 9,163,539 7,991,510
6,899,507 7,859,932 6,817,601
4/10 11,177,255 11,023,867 9,831,250
12,900,688 12,502,788 11,143,223
4/12 12,768,943 13,115,210 11,716,966
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 | Semiannual Report | 4/30/12
Performance Update | 4/30/12 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 April 30, 2012)
--------------------------------------------------------------------------------
If If
Period Held Redeemed
--------------------------------------------------------------------------------
10 Years 10.15% 10.15%
5 Years 5.58 5.58
1 Year -1.37 -1.37
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated March 1, 2012)
--------------------------------------------------------------------------------
Gross
--------------------------------------------------------------------------------
0.76%
--------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $10,000 Investment
Pioneer Global BofA ML Global High Yield BofA ML High
High Yield Fund and Emerging Markets Plus Index Yield Master II Index
--------------- ------------------------------- ---------------------
4/02 10,000 10,000 10,000
11,908 11,422 10,760
4/04 14,009 13,127 12,346
15,889 14,487 13,145
4/06 17,731 15,942 14,337
20,040 18,015 16,116
4/08 19,613 18,327 15,983
14,235 15,720 13,635
4/10 23,036 22,048 19,663
26,660 25,006 22,286
4/12 26,295 26,230 23,434
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 performance table and graph do not reflect the deduction of fees and taxes
that a shareowner would pay on Fund distributions or the redemption of Fund
shares.
Pioneer Global High Yield Fund | Semiannual Report | 4/30/12 15
Comparing Ongoing Fund Expenses
As a shareowner in the Fund, you incur two types of costs:
(1) ongoing costs, including management fees, distribution and/or service
(12b-1) fees, and other Fund expenses; and
(2) transaction costs, including sales charges (loads) on purchase payments.
This example is intended to help you understand your ongoing expenses (in
dollars) of investing in the Fund and to compare these costs with the ongoing
costs of investing in other mutual funds. The example is based on an investment
of $1,000 at the beginning of the Fund's latest six-month period and held
throughout the six months.
Using the Tables
--------------------------------------------------------------------------------
Actual Expenses
The first table below provides information about actual account values and
actual expenses. You may use the information in this table, together with the
amount you invested, to estimate the expenses that you paid over the period as
follows:
1. Divide your account value by $1,000
Example: an $8,600 account value [divided by] $1,000 = 8.6
2. Multiply the result in (1) above by the corresponding share class's number
in the third row under the heading entitled "Expenses Paid During Period"
to estimate the expenses you paid on your account during this period.
Expenses Paid on a $1,000 Investment in Pioneer Global High Yield Fund
Based on actual returns from November 1, 2011 through April 30, 2012.
-------------------------------------------------------------------------------------------------------------
Share Class A B C Y Z
-------------------------------------------------------------------------------------------------------------
Beginning Account $1,000.00 $1,000.00 $1,000.00 $1,000.00 $1,000.00
Value on 11/1/11
-------------------------------------------------------------------------------------------------------------
Ending Account Value $1,056.80 $1,053.70 $1,054,50 $1,059.10 $1,058.90
(after expenses)
on 4/30/12
-------------------------------------------------------------------------------------------------------------
Expenses Paid $5.73 $9.80 $9.09 $4.15 $4.35
During Period*
-------------------------------------------------------------------------------------------------------------
* Expenses are equal to the Fund's annualized expense ratio of 1.12%, 1.92%,
1.78%, 0.81% and 0.85%, 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 182/366 (to reflect the one-half year period).
16 Pioneer Global High Yield Fund | Semiannual Report | 4/30/12
Hypothetical Example for Comparison Purposes
The table below provides information about hypothetical account values and
hypothetical expenses based on the Fund's actual expense ratio and an assumed
rate of return of 5% per year before expenses, which is not the Fund's actual
return. The hypothetical account values and expenses may not be used to
estimate the actual ending account balance or expenses you paid for the period.
You may use this information to compare the ongoing costs of investing in the
Fund and other funds. To do so, compare this 5% hypothetical example with the
5% hypothetical examples that appear in the shareholder reports of the other
funds.
Please note that the expenses shown in the tables are meant to highlight your
ongoing costs only and do not reflect any transaction costs, such as sales
charges (loads) that are charged at the time of the transaction. Therefore, the
table below is useful in comparing ongoing costs only and will not help you
determine the relative total costs of owning different funds. In addition, if
these transaction costs were included, your costs would have been higher.
Expenses Paid on a $1,000 Investment in Pioneer Global High Yield Fund
Based on a hypothetical 5% per year return before expenses, reflecting the
period from November 1, 2011 through April 30, 2012.
-------------------------------------------------------------------------------------------------------------
Share Class A B C Y Z
-------------------------------------------------------------------------------------------------------------
Beginning Account $1,000.00 $1,000.00 $1,000.00 $1,000.00 $1,000.00
Value on 11/1/11
-------------------------------------------------------------------------------------------------------------
Ending Account Value $1,019.29 $1,015.32 $1,016.01 $1,020.84 $1,020.64
(after expenses)
on 4/30/12
-------------------------------------------------------------------------------------------------------------
Expenses Paid $5.62 $9.62 $8.92 $4.07 $4.27
During Period*
-------------------------------------------------------------------------------------------------------------
* Expenses are equal to the Fund's annualized expense ratio of 1.12%, 1.92%,
1.78%, 0.81% and 0.85%, for Class A, Class B, Class C, Class Y and Class Z
shares, respectively, multiplied by the average account value over the
period, multiplied by 182/366 (to reflect the one-half year period).
Pioneer Global High Yield Fund | Semiannual Report | 4/30/12 17
Schedule of Investments | 4/30/12 (Consolidated) (unaudited)
--------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate (b) Ratings Value
--------------------------------------------------------------------------------------------------
CONVERTIBLE CORPORATE BONDS -- 6.2%
ENERGY -- 0.8%
Oil & Gas Exploration & Production -- 0.1%
4,130,000 BB/NR Chesapeake Energy Corp., 2.5%, 5/15/37 $ 3,510,500
--------------------------------------------------------------------------------------------------
Coal & Consumable Fuels -- 0.7%
19,320,000 BB-/NR Alpha Appalachia Holdings, Inc.,
3.25%, 8/1/15 $ 17,677,800
1,305,000 CCC/B2 James River Coal Co., 3.125%, 3/15/18 484,481
--------------
$ 18,162,281
--------------
Total Energy $ 21,672,781
--------------------------------------------------------------------------------------------------
MATERIALS -- 0.7%
Construction Materials -- 0.4%
11,050,000 NR/NR Cemex SAB de CV, 3.75%, 3/15/18 $ 9,875,938
--------------------------------------------------------------------------------------------------
Forest Products -- 0.3%
14,559,000 NR/NR Sino-Forest Corp., 4.25%,
12/15/16 (144A) (c) $ 4,076,520
12,150,000 NR/WR Sino-Forest Corp., 5.0%, 8/1/13 (c) 3,462,750
--------------
$ 7,539,270
--------------
Total Materials $ 17,415,208
--------------------------------------------------------------------------------------------------
CAPITAL GOODS -- 1.0%
Electrical Components & Equipment -- 0.1%
1,250,000 B/B2 General Cable Corp., 4.5%,
11/15/29 (Step) $ 1,328,125
--------------------------------------------------------------------------------------------------
Construction & Farm Machinery & Heavy Trucks -- 0.2%
6,285,000 B/NR Navistar International Corp.,
3.0%, 10/15/14 $ 6,481,406
--------------------------------------------------------------------------------------------------
Trading Companies & Distributors -- 0.7%
7,423,000 B/NR WESCO International, Inc.,
6.0%, 9/15/29 $ 18,204,908
--------------
Total Capital Goods $ 26,014,439
--------------------------------------------------------------------------------------------------
TRANSPORTATION -- 0.1%
Marine -- 0.1%
5,171,454 NR/NR Horizon Lines, Inc., 6.0%, 4/15/17 $ 2,223,725
1,436,515 NR/NR Horizon Lines, Inc., 6.0%, 4/15/17 (d) 617,701
--------------
$ 2,841,426
--------------
Total Transportation $ 2,841,426
--------------------------------------------------------------------------------------------------
AUTOMOBILES & COMPONENTS -- 0.7%
Automobile Manufacturers -- 0.7%
12,029,000 BB+/Ba2 Ford Motor Co., 4.25%, 11/15/16 $ 17,863,065
--------------
Total Automobiles & Components $ 17,863,065
--------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
18 Pioneer Global High Yield Fund | Semiannual Report | 4/30/12
----------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate (b) Ratings Value
----------------------------------------------------------------------------------------------------
FOOD, BEVERAGE & TOBACCO -- 0.2%
Tobacco -- 0.2%
5,135,000 CCC+/Caa1 Alliance One International, Inc.,
5.5%, 7/15/14 $ 4,948,856
--------------
Total Food, Beverage & Tobacco $ 4,948,856
----------------------------------------------------------------------------------------------------
HEALTH CARE EQUIPMENT & SERVICES -- 0.1%
Health Care Technology -- 0.1%
3,485,000 NR/NR WebMD Health Corp., 2.5%, 1/31/18 $ 3,010,169
--------------
Total Health Care Equipment & Services $ 3,010,169
----------------------------------------------------------------------------------------------------
PHARMACEUTICALS, BIOTECHNOLOGY &
LIFE SCIENCES -- 0.5%
Biotechnology -- 0.5%
7,600,000 NR/NR Cubist Pharmaceuticals, Inc.,
2.5%, 11/1/17 $ 11,932,000
--------------
Total Pharmaceuticals, Biotechnology &
Life Sciences $ 11,932,000
----------------------------------------------------------------------------------------------------
REAL ESTATE -- 0.2%
Real Estate Operating Companies -- 0.2%
3,805,000 B-/B3 Forest City Enterprises, Inc., 4.25%,
8/15/18 (144A) $ 3,914,394
1,900,000 B-/NR Forest City Enterprises, Inc.,
5.0%, 10/15/16 2,598,250
--------------
$ 6,512,644
--------------
Total Real Estate $ 6,512,644
----------------------------------------------------------------------------------------------------
SOFTWARE & SERVICES -- 0.4%
Application Software -- 0.4%
1,025,000 NR/NR Mentor Graphics Corp., 4.0%, 4/1/31 $ 1,091,625
6,865,000 BB-/NR Nuance Communications, Inc., 2.75%,
11/1/31 (144A) 7,688,800
--------------
$ 8,780,425
----------------------------------------------------------------------------------------------------
Systems Software -- 0.0%
565,000 NR/NR Rovi Corp., 2.625%, 2/15/40 $ 576,300
--------------
Total Software & Services $ 9,356,725
----------------------------------------------------------------------------------------------------
TECHNOLOGY HARDWARE & EQUIPMENT -- 0.2%
Computer Storage & Peripherals -- 0.2%
4,435,000 BB/NR SanDisk Corp., 1.5%, 8/15/17 $ 4,595,769
----------------------------------------------------------------------------------------------------
Electronic Components -- 0.0%
1,605,000 BB+/NR Vishay Intertechnology, Inc., 2.25%,
5/15/41 (144A) $ 1,294,031
--------------
Total Technology Hardware & Equipment $ 5,889,800
----------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Global High Yield Fund | Semiannual Report | 4/30/12 19
Schedule of Investments | 4/30/12 (Consolidated) (unaudited) (continued)
---------------------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate (b) Ratings Value
---------------------------------------------------------------------------------------------------------------
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT -- 1.2%
Semiconductor Equipment -- 0.4%
3,400,000 BBB-/Baa1 Lam Research Corp., 1.25%,
5/15/18 (144A) $ 3,400,000
5,515,000 NR/NR Novellus Systems, Inc., 2.625%,
5/15/41 (144A) 7,314,269
--------------
$ 10,714,269
---------------------------------------------------------------------------------------------------------------
Semiconductors -- 0.8%
4,650,000 NR/NR JA Solar Holdings Co., Ltd.,
4.5%, 5/15/13 $ 3,830,438
10,750,000 NR/NR ReneSola, Ltd., 4.125%, 3/15/18 (144A) 5,925,938
3,687,000 NR/NR SunPower Corp., 4.75%, 4/15/14 3,382,822
11,919,000 NR/NR Suntech Power Holdings Co., Ltd.,
3.0%, 3/15/13 8,194,312
--------------
$ 21,333,510
--------------
Total Semiconductors &
Semiconductor Equipment $ 32,047,779
---------------------------------------------------------------------------------------------------------------
TELECOMMUNICATION SERVICES -- 0.1%
Integrated Telecommunication Services -- 0.1%
2,485,000 NR/NR MasTec, Inc., 4.0%, 6/15/14 $ 3,273,988
--------------
Total Telecommunication Services $ 3,273,988
---------------------------------------------------------------------------------------------------------------
TOTAL CONVERTIBLE CORPORATE BONDS
(Cost $174,229,136) $ 162,778,880
---------------------------------------------------------------------------------------------------------------
Shares
---------------------------------------------------------------------------------------------------------------
PREFERRED STOCKS -- 0.4%
CONSUMER SERVICES -- 0.0%
Hotels, Resorts & Cruise Lines -- 0.0%
17,350 NR/NR Perseus Holding Corp., 14.0%,
4/15/14 (144A) $ 303,625
--------------
Total Consumer Services $ 303,625
---------------------------------------------------------------------------------------------------------------
DIVERSIFIED FINANCIALS -- 0.4%
Other Diversified Financial Services -- 0.3%
355,600 8.12 CCC+/B3 GMAC Capital Trust I, Floating Rate Note,
2/15/40 $ 8,516,620
---------------------------------------------------------------------------------------------------------------
Consumer Finance -- 0.1%
3,100 CCC+/B3 Ally Financial, Inc., 7.0%, 12/31/99
(Perpetual) (144A) $ 2,631,319
--------------
Total Diversified Financials $ 11,147,939
---------------------------------------------------------------------------------------------------------------
TOTAL PREFERRED STOCKS
(Cost $11,680,355) $ 11,451,564
---------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
20 Pioneer Global High Yield Fund | Semiannual Report | 4/30/12
----------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate (b) Ratings Value
----------------------------------------------------------------------------------------------------
CONVERTIBLE PREFERRED STOCK -- 0.0%
BANKS -- 0.0%
Diversified Banks -- 0.0%
445 BBB+/Ba1 Wells Fargo & Co., 7.5%,
12/31/99 (Perpetual) $ 498,413
--------------
Total Banks $ 498,413
----------------------------------------------------------------------------------------------------
TOTAL CONVERTIBLE PREFERRED STOCK
(Cost $467,249) $ 498,413
----------------------------------------------------------------------------------------------------
Shares
----------------------------------------------------------------------------------------------------
COMMON STOCKS -- 1.0%
ENERGY -- 0.3%
Oil & Gas Drilling -- 0.1%
46,147 Rowan Companies, Inc.* $ 1,593,456
----------------------------------------------------------------------------------------------------
Oil & Gas Equipment & Services -- 0.0%
248,438 Sevan Marine ASA* $ 590,475
----------------------------------------------------------------------------------------------------
Oil & Gas Exploration & Production -- 0.2%
145,359,884 Norse Energy Corp., ASA* $ 6,350,810
--------------
Total Energy $ 8,534,741
----------------------------------------------------------------------------------------------------
MATERIALS -- 0.5%
Commodity Chemicals -- 0.1%
55,345 Georgia Gulf Corp.* $ 1,961,980
----------------------------------------------------------------------------------------------------
Diversified Metals & Mining -- 0.3%
6,615,974 Blaze Recycling and Metals LLC (Class A)
Units (d) $ 4,366,543
95,846 Freeport-McMoRan Copper & Gold, Inc.
(Class B) 3,670,902
--------------
$ 8,037,445
----------------------------------------------------------------------------------------------------
Steel -- 0.1%
134,106 Vale SA (A.D.R.) $ 2,900,713
----------------------------------------------------------------------------------------------------
Forest Products -- 0.0%
244,090 Ainsworth Lumber Co., Ltd.* $ 309,022
--------------
Total Materials $ 13,209,160
----------------------------------------------------------------------------------------------------
CAPITAL GOODS -- 0.0%
Building Products -- 0.0%
894 Panolam Holdings Co.* (d) $ 438,060
--------------
Total Capital Goods $ 438,060
----------------------------------------------------------------------------------------------------
TRANSPORTATION -- 0.0%
Marine -- 0.0%
136,065 Horizon Lines, Inc.* $ 361,933
--------------
Total Transportation $ 361,933
----------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Global High Yield Fund | Semiannual Report | 4/30/12 21
Schedule of Investments | 4/30/12 (Consolidated) (unaudited) (continued)
----------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Shares Rate (b) Ratings Value
----------------------------------------------------------------------------------------------------
AUTOMOBILES & COMPONENTS -- 0.2%
Auto Parts & Equipment -- 0.2%
99,863 Lear Corp. $ 4,144,314
--------------
Total Automobiles & Components $ 4,144,314
----------------------------------------------------------------------------------------------------
DIVERSIFIED FINANCIALS -- 0.0%
Other Diversified Financial Services -- 0.0%
24,638 BTA Bank JSC (G.D.R.) (144A)* $ 54,204
--------------
Total Diversified Financials $ 54,204
----------------------------------------------------------------------------------------------------
REAL ESTATE -- 0.0%
Real Estate Development -- 0.0%
159,647 Newhall Land Development LLC* $ 207,541
--------------
Total Real Estate $ 207,541
----------------------------------------------------------------------------------------------------
SOFTWARE & SERVICES -- 0.0%
Data Processing & Outsourced Services -- 0.0%
33,046 Perseus Holdings, Ltd.* $ 82,615
--------------
Total Software & Services $ 82,615
----------------------------------------------------------------------------------------------------
TOTAL COMMON STOCKS
(Cost $32,040,777) $ 27,032,568
----------------------------------------------------------------------------------------------------
Principal
Amount ($)
----------------------------------------------------------------------------------------------------
ASSET BACKED SECURITIES -- 2.0%
AUTOMOBILES & COMPONENTS -- 0.0%
Automobile Manufacturers -- 0.0%
550,000 BB/Ba1 AmeriCredit Automobile Receivables Trust,
6.23%, 7/9/18 $ 577,912
--------------
Total Automobiles & Components $ 577,912
----------------------------------------------------------------------------------------------------
BANKS -- 1.3%
Thrifts & Mortgage Finance -- 1.3%
475,638 0.33 CCC/Caa3 ACE Securities Corp., Floating Rate Note,
1/25/37 $ 132,306
2,837,523 1.14 AA+/Baa3 ACE Securities Corp., Floating Rate Note,
12/25/34 2,134,271
1,260,479 1.51 CCC/Caa3 Amortizing Residential Collateral Trust,
Floating Rate Note, 1/25/32 536,382
499,566 0.82 AAA/Aaa Bayview Financial Acquisition Trust,
Floating Rate Note, 8/28/44 479,887
1,480,000 0.69 CCC/B2 Bear Stearns Asset Backed Securities
Trust, Floating Rate Note, 1/25/47 537,687
1,350,000 1.29 BB/A2 Bear Stearns Asset Backed Securities
Trust, Floating Rate Note, 10/25/34 932,249
1,258,743 0.37 CCC/B1 Bear Stearns Asset Backed Securities
Trust, Floating Rate Note, 10/25/36 1,193,561
3,976,356 0.92 A/Caa1 Bear Stearns Asset Backed Securities
Trust, Floating Rate Note, 3/25/35 3,129,659
The accompanying notes are an integral part of these financial statements.
22 Pioneer Global High Yield Fund | Semiannual Report | 4/30/12
------------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate (b) Ratings Value
------------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- (continued)
675,000 NR/NR CarNow Auto Receivables Trust, 6.9%,
11/15/16 (144A) $ 674,993
677,157 0.36 BB/Ba3 Carrington Mortgage Loan Trust, Floating
Rate Note, 2/25/37 661,847
8,090,000 0.44 CCC/Caa2 Carrington Mortgage Loan Trust, Floating
Rate Note, 2/25/37 4,731,436
559,086 0.34 CCC/Ba3 Carrington Mortgage Loan Trust, Floating
Rate Note, 6/25/37 506,810
2,925,613 0.30 CCC/Caa1 Citigroup Mortgage Loan Trust, Inc.,
Floating Rate Note, 7/25/45 2,061,106
1,700,000 1.21 BB/Caa1 Countrywide Asset-Backed Certificates,
Floating Rate Note, 11/25/34 893,500
10,266,931 0.69 CCC/NR Countrywide Asset-Backed Certificates,
Floating Rate Note, 3/25/47 (144A) 4,144,688
2,077,845 0.42 BBB-/B2 Countrywide Asset-Backed Certificates,
Floating Rate Note, 6/25/36 1,711,087
813,832 0.94 AAA/Caa2 FBR Securitization Trust, Floating Rate
Note, 10/25/35 455,922
965,744 0.37 B-/B3 GSAMP Trust, Floating Rate Note,
1/25/37 859,932
4,000,000 BBB/NR Leaf II Receivables Funding LLC, 5.5%,
2/20/22 (144A) 3,710,000
5,805,582 0.59 CC/Ca Lehman XS Trust, Floating Rate Note,
12/25/35 1,692,327
2,650,374 0.36 CCC/Caa3 Lehman XS Trust, Floating Rate Note,
8/25/36 1,385,425
1,173,549 0.40 BB+/Ba1 Residential Asset Mortgage Products, Inc.,
Floating Rate Note, 8/25/36 988,118
1,500,000 6.55 CCC/B3 Security National Mortgage Loan Trust,
Floating Rate Note, 4/25/37 (144A) 1,305,094
--------------
$ 34,858,287
--------------
Total Banks $ 34,858,287
------------------------------------------------------------------------------------------------------
DIVERSIFIED FINANCIALS -- 0.7%
Other Diversified Financial Services -- 0.4%
9,145,407 0.72 B-/Caa1 Aircraft Finance Trust, Floating Rate Note,
5/15/24 (144A) $ 4,298,341
1,517,119 1.04 B/B1 Ellington Loan Acquisition Trust, Floating
Rate Note, 5/27/37 (144A) 1,397,042
4,740,591 0.35 CCC/B2 Home Equity Asset Trust, Floating Rate
Note, 3/25/37 3,872,267
662,907 BB/NR Sierra Receivables Funding Co., LLC,
9.31%, 7/20/28 (144A) 662,790
--------------
$ 10,230,440
------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Global High Yield Fund | Semiannual Report | 4/30/12 23
Schedule of Investments | 4/30/12 (Consolidated) (unaudited) (continued)
-----------------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate (b) Ratings Value
-----------------------------------------------------------------------------------------------------------
Specialized Finance -- 0.3%
11,634,489 0.63 CCC+/Caa2 Lease Investment Flight Trust, Floating
Rate Note, 7/15/31 $ 7,504,245
1,013,374 0.67 CCC+/Caa2 Lease Investment Flight Trust, Floating
Rate Note, 7/15/31 653,626
--------------
$ 8,157,871
--------------
Total Diversified Financials $ 18,388,311
-----------------------------------------------------------------------------------------------------------
TOTAL ASSET BACKED SECURITIES
(Cost $57,503,182) $ 53,824,510
-----------------------------------------------------------------------------------------------------------
COLLATERALIZED MORTGAGE OBLIGATIONS -- 1.3%
BANKS -- 0.5%
Thrifts & Mortgage Finance -- 0.5%
14,765,841 2.93 AAA/Ba3 Bayview Commercial Asset Trust, Floating
Rate Note, 4/25/36 (144A) $ 321,009
1,000,000 6.85 CCC+/NR Commercial Mortgage Pass Through
Certificates, Floating Rate Note,
8/15/33 (144A) 636,664
797,400 CC/Caa1 Countrywide Alternative Loan Trust,
5.25%, 8/25/35 797,589
501,182 5.67 NR/NR First Horizon Asset Securities, Inc., Floating
Rate Note, 11/25/34 439,018
650,192 NR/B3 GSR Mortgage Loan Trust, 5.5%, 8/25/21 621,050
809,976 5.74 BB-/NR GSR Mortgage Loan Trust, Floating Rate
Note, 2/25/34 689,877
258,820 1.00 AAA/Baa3 Impac CMB Trust, Floating Rate Note,
1/25/35 195,245
1,658,539 2.86 NR/B1 JP Morgan Mortgage Trust, Floating Rate
Note, 10/25/35 1,339,288
611,657 2.59 CCC/B1 JP Morgan Mortgage Trust, Floating Rate
Note, 11/25/35 601,922
2,925,402 4.71 BBB/Caa3 JP Morgan Mortgage Trust, Floating Rate
Note, 2/25/35 2,434,327
4,315,000 BB/B1 Timberstar Trust, 7.53%,
10/15/36 (144A) 3,987,004
2,261,835 5.18 CCC/NR WaMu Mortgage Pass Through Certificates,
Floating Rate Note, 12/25/36 1,825,391
--------------
$ 13,888,384
--------------
Total Banks $ 13,888,384
-----------------------------------------------------------------------------------------------------------
DIVERSIFIED FINANCIALS -- 0.3%
Other Diversified Financial Services -- 0.2%
1,042,121 NR/B3 Credit Suisse Mortgage Capital
Certificates, 5.0%, 4/25/37 $ 961,837
The accompanying notes are an integral part of these financial statements.
24 Pioneer Global High Yield Fund | Semiannual Report | 4/30/12
------------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate (b) Ratings Value
------------------------------------------------------------------------------------------------------
Other Diversified Financial Services -- (continued)
2,500,000 0.94 BBB+/Baa2 Morgan Stanley Capital I, Floating Rate
Note, 12/15/20 (144A) $ 2,279,875
700,000 8.11 NR/NR Vericrest Opportunity Loan Transferee,
Floating Rate Note, 3/25/49 (144A) 700,875
--------------
$ 3,942,587
------------------------------------------------------------------------------------------------------
Investment Banking & Brokerage -- 0.1%
3,450,000 6.94 BBB-/NR Bear Stearns Commercial Mortgage
Securities, Floating Rate Note,
2/15/35 (144A) $ 3,408,980
--------------
Total Diversified Financials $ 7,351,567
------------------------------------------------------------------------------------------------------
REAL ESTATE -- 0.4%
Mortgage REIT's -- 0.4%
1,133,015 2.73 AAA/Caa1 American Home Mortgage Investment
Trust, Floating Rate Note, 6/25/45 $ 908,892
9,000,000 7.08 CCC-/NR Credit Suisse First Boston Mortgage
Securities Corp., Floating Rate Note,
12/15/35 (144A) 7,943,400
2,456,421 5.50 CC/Caa1 Deutsche ALT-A Securities Inc Alternate
Loan Trust, Floating Rate Note, 11/25/35 2,104,821
--------------
$ 10,957,113
--------------
Total Real Estate $ 10,957,113
------------------------------------------------------------------------------------------------------
GOVERNMENT -- 0.1%
22,711,897 1.47 NR/Aaa Government National Mortgage
Association, Floating Rate Note,
10/16/52 $ 1,722,516
--------------
Total Government $ 1,722,516
------------------------------------------------------------------------------------------------------
TOTAL COLLATERALIZED MORTGAGE
OBLIGATIONS
(Cost $36,278,349) $ 33,919,580
------------------------------------------------------------------------------------------------------
CORPORATE BONDS -- 72.2%
ENERGY -- 11.0%
Oil & Gas Drilling -- 1.8%
3,600,000 NR/NR Deep Drilling 1 Pte, Ltd.,
12.0%, 12/21/15 $ 3,438,323
1,250,000 B-/Caa1 Hercules Offshore, Inc., 10.5%,
10/15/17 (144A) 1,306,250
8,900,000 CCC+/Caa2 Ocean Rig UDW, Inc., 9.5%, 4/27/16 8,900,000
13,445,000 B-/B3 Offshore Group Investments, Ltd.,
11.5%, 8/1/15 14,705,469
4,510,000 B-/B3 Offshore Group Investments, Ltd., 11.5%,
8/1/15 (144A) 4,932,812
6,395,000 B+/NR Pioneer Drilling Co., 9.875%, 3/15/18 6,746,725
The accompanying notes are an integral part of these financial statements.
Pioneer Global High Yield Fund | Semiannual Report | 4/30/12 25
Schedule of Investments | 4/30/12 (Consolidated) (unaudited) (continued)
--------------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate (b) Ratings Value
--------------------------------------------------------------------------------------------------------
Oil & Gas Drilling -- (continued)
7,990,000 BB-/B2 Trinidad Drilling, Ltd., 7.875%,
1/15/19 (144A) $ 8,509,350
--------------
$ 48,538,929
--------------------------------------------------------------------------------------------------------
Oil & Gas Equipment & Services -- 1.2%
17,815,000 B-/B3 Expro Finance Luxembourg SCA, 8.5%,
12/15/16 (144A) $ 17,280,550
1,825,000 BB/Ba3 Exterran Holdings, Inc., 7.25%, 12/1/18 1,752,000
2,275,000 CCC+/Caa2 Green Field Energy Services, Inc., 13.0%,
11/15/16 (144A) 2,229,500
910,944 NR/NR Nexus 1 Pte, Ltd., 10.5%, 4/9/22 (144A) 911
NOK 32,463,000 12.98 NR/NR Sevan Marine ASA, Floating Rate Note,
10/24/12 (144A) 3,403,960
NOK 23,000,000 NR/NR Transocean Drilling Norway AS,
11.0%, 2/24/16 4,341,064
NOK 16,000,000 9.67 NR/NR Transocean Drilling Norway AS, Floating
Rate Note, 2/24/16 2,977,928
--------------
$ 31,985,913
--------------------------------------------------------------------------------------------------------
Integrated Oil & Gas -- 0.2%
CAD 5,070,000 BB-/Caa2 Connacher Oil and Gas, Ltd., 8.75%,
8/1/18 (144A) $ 5,109,282
--------------------------------------------------------------------------------------------------------
Oil & Gas Exploration & Production -- 4.7%
7,485,000 B/B3 Carrizo Oil & Gas, Inc.,
8.625%, 10/15/18 $ 7,934,100
7,990,000 B-/B3 Chaparral Energy, Inc., 8.25%, 9/1/21 8,509,350
7,920,000 BB/Ba3 Chesapeake Energy Corp.,
6.775%, 3/15/19 7,702,200
3,235,000 BB+/Ba1 Cimarex Energy Co., 5.875%, 5/1/22 3,348,225
4,740,000 B/B2 Comstock Resources, Inc.,
7.75%, 4/1/19 4,408,200
1,120,000 BB+/B1 Concho Resources, Inc., 6.5%, 1/15/22 1,181,600
5,035,000 CCC+/Caa1 Goodrich Petroleum Corp.,
8.875%, 3/15/19 4,871,362
5,215,000 B-/Caa1 Kodiak Oil & Gas Corp., 8.125%,
12/1/19 (144A) 5,527,900
13,600,000 B/B2 Linn Energy LLC, 6.25%, 11/1/19 (144A) 13,396,000
12,850,000 B+/NR MIE Holdings Corp., 9.75%,
5/12/16 (144A) 12,801,170
NOK 12,000,000 NR/NR Norwegian Energy Co., AS,
10.25%, 4/27/16 2,099,292
NOK 45,000,000 NR/NR Norwegian Energy Co., AS,
12.9%, 11/20/14 7,838,215
2,840,000 B/Caa1 Oasis Petroleum, Inc., 6.5%, 11/1/21 2,896,800
3,065,000 CCC+/Caa1 PetroBakken Energy, Ltd., 8.625%,
2/1/20 (144A) 3,195,262
3,775,000 BBB+/Baa3 Petrohawk Energy Corp., 7.25%, 8/15/18 4,303,500
The accompanying notes are an integral part of these financial statements.
26 Pioneer Global High Yield Fund | Semiannual Report | 4/30/12
------------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate (b) Ratings Value
------------------------------------------------------------------------------------------------------
Oil & Gas Exploration & Production -- (continued)
6,460,000 B/Caa1 Petroquest Energy, Inc., 10.0%, 9/1/17 $ 6,669,950
2,580,000 B-/B3 Quicksilver Resources, Inc.,
7.125%, 4/1/16 2,360,700
3,370,000 B/B2 Quicksilver Resources, Inc.,
9.125%, 8/15/19 3,252,050
4,370,000 B/B1 Samson Investment Co., 9.75%,
2/15/20 (144A) 4,561,188
8,605,000 B/B3 SandRidge Energy, Inc., 8.0%,
6/1/18 (144A) 8,927,688
3,080,000 BB/B1 SM Energy Co., 6.5%, 11/15/21 3,249,400
2,919,000 B/Caa1 Stone Energy Corp., 8.625%, 2/1/17 3,072,248
2,275,000 B-/Caa1 Venoco, Inc., 8.875%, 2/15/19 2,132,812
--------------
$ 124,239,212
------------------------------------------------------------------------------------------------------
Oil & Gas Refining & Marketing -- 0.0%
765,000 BB+/Ba1 Tesoro Corp., 9.75%, 6/1/19 $ 870,188
------------------------------------------------------------------------------------------------------
Oil & Gas Storage & Transportation -- 0.8%
5,030,000 7.00 BB+/Baa3 Enterprise Products Operating LLC,
Floating Rate Note, 6/1/67 $ 5,042,575
13,700,000 NR/B2 Everest Acquisition LLC, 9.375%,
5/1/20 (144A) 14,590,500
950,000 3.56 BB/Ba1 Southern Union Co., Floating Rate Note,
11/1/66 801,562
--------------
$ 20,434,637
------------------------------------------------------------------------------------------------------
Coal & Consumable Fuels -- 2.3%
815,000 BB/Ba3 Alpha Natural Resources, Inc.,
6.0%, 6/1/19 $ 762,025
5,575,000 B+/B1 Arch Coal, Inc., 7.25%, 6/15/21 (144A) 4,975,688
15,063,000 BB-/B1 Berau Capital Resources Pte, Ltd., 12.5%,
7/8/15 (144A) 16,832,902
3,750,000 BB-/B1 Berau Coal Energy Tbk PT, 7.25%,
3/13/17 (144A) 3,740,625
12,200,000 BB/Ba3 Bumi Capital Pte, Ltd., 12.0%,
11/10/16 (144A) 13,420,000
11,485,000 B/Caa1 Foresight Energy LLC, 9.625%,
8/15/17 (144A) 11,886,975
4,435,000 B/B2 James River Coal Co., 7.875%, 4/1/19 2,882,750
2,706,000 B/B3 Murray Energy Corp., 10.25%,
10/15/15 (144A) 2,570,700
2,070,000 B/B2 Penn Virginia Resource Partners LP,
8.25%, 4/15/18 2,126,925
--------------
$ 59,198,590
--------------
Total Energy $ 290,376,751
------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Global High Yield Fund | Semiannual Report | 4/30/12 27
Schedule of Investments | 4/30/12 (Consolidated) (unaudited) (continued)
-------------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate (b) Ratings Value
-------------------------------------------------------------------------------------------------------
MATERIALS -- 10.5%
Commodity Chemicals -- 1.4%
11,343,000 NR/WR Basell Finance Co., BV, 8.1%,
3/15/27 (144A) $ 13,441,455
9,350,000 CCC+/B3 Hexion US Finance Corp.,
8.875%, 2/1/18 9,794,125
2,259,000 BB/Ba2 NOVA Chemicals Corp., 7.875%, 9/15/25 2,281,590
11,320,000 BB/B1 Rain CII Carbon LLC, 8.0%,
12/1/18 (144A) 11,857,700
--------------
$ 37,374,870
-------------------------------------------------------------------------------------------------------
Diversified Chemicals -- 1.8%
EURO 10,935,000 CCC+/Caa1 Ineos Group Holdings, Ltd., 7.875%,
2/15/16 (144A) $ 13,316,184
800,000 CCC+/Caa1 Ineos Group Holdings, Ltd., 8.5%,
2/15/16 (144A) 782,000
17,540,000 BB+/Ba2 LyondellBasell Industries NV, 5.0%,
4/15/19 (144A) 18,110,050
EURO 9,025,000 NR/Caa1 Momentive Performance Materials, Inc.,
9.5%, 1/15/21 9,497,023
EURO 4,390,000 B+/B2 Styrolution Group GmbH, 7.625%,
5/15/16 (144A) 5,258,795
--------------
$ 46,964,052
-------------------------------------------------------------------------------------------------------
Construction Materials -- 0.9%
12,050,000 CC/Caa3 AGY Holding Corp., 11.0%, 11/15/14 $ 4,338,000
4,275,000 B-/NR Cemex Espana Luxembourg, 9.875%,
4/30/19 (144A) 3,997,125
9,406,000 B-/NR Cemex Finance LLC, 9.5%,
12/14/16 (144A) 9,264,910
3,750,000 B-/NR Cemex SAB de CV, 9.0%,
1/11/18 (144A) 3,506,250
2,735,000 B-/Caa2 Texas Industries, Inc., 9.25%, 8/15/20 2,666,625
--------------
$ 23,772,910
-------------------------------------------------------------------------------------------------------
Metal & Glass Containers -- 1.1%
4,105,000 B-/B3 AEP Industries, Inc., 8.25%, 4/15/19 $ 4,310,250
9,059,942 B-/Caa1 ARD Finance SA, 11.125%,
6/1/18 (144A) (PIK) 9,082,592
5,000,000 BB-/B3 Ardagh Packaging Finance Plc, 9.125%,
10/15/20 (144A) 5,412,500
EURO 2,100,000 B-/B3 Ardagh Packaging Finance Plc, 9.25%,
10/15/20 (144A) 2,863,055
7,904,423 CCC+/Caa1 BWAY Parent Co, Inc., 10.125%,
11/1/15 (PIK) 8,062,511
--------------
$ 29,730,908
-------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
28 Pioneer Global High Yield Fund | Semiannual Report | 4/30/12
-------------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate (b) Ratings Value
-------------------------------------------------------------------------------------------------------
Paper Packaging -- 1.1%
15,426,044 NR/NR Bio Pappel SAB de CV, 7.0%,
8/27/16 (Step) $ 11,878,054
2,200,771 NR/NR Bio Pappel SAB de CV, 7.0%,
8/27/16 (Step) (144A) 1,694,594
EURO 6,800,000 B/B2 Nordenia International AG, 9.75%,
7/15/17 (144A) 9,675,881
4,430,000 B/B3 Packaging Dynamics Corp., 8.75%,
2/1/16 (144A) 4,706,875
--------------
$ 27,955,404
-------------------------------------------------------------------------------------------------------
Aluminum -- 0.0%
306 B-/B3 Noranda Aluminum Acquisition Corp.,
4.659%, 5/15/15 (PIK) $ 295
-------------------------------------------------------------------------------------------------------
Diversified Metals & Mining -- 1.4%
10,175,000 CCC+/Caa1 Midwest Vanadium Pty, Ltd., 11.5%,
2/15/18 (144A) $ 6,817,250
11,725,000 CCC+/Caa1 Mirabela Nickel, Ltd., 8.75%,
4/15/18 (144A) 8,617,875
4,750,000 NR/B1 Mongolian Mining Corp., 8.875%,
3/29/17 (144A) 4,749,348
12,910,000 BB/Ba3 Vedanta Resources Plc, 8.25%,
6/7/21 (144A) 12,264,500
2,000,000 BB/Ba3 Vedanta Resources Plc, 9.5%,
7/18/18 (144A) 2,055,000
1,585,000 BBB-/Baa3 Volcan Cia Minera SAA, 5.375%,
2/2/22 (144A) 1,646,022
--------------
$ 36,149,995
-------------------------------------------------------------------------------------------------------
Steel -- 2.4%
12,950,000 CCC/Caa2 Algoma Acquisition Corp., 9.875%,
6/15/15 (144A) $ 11,914,000
5,300,000 NR/Ba1 China Oriental Group Co., Ltd., 8.0%,
8/18/15 (144A) 4,836,250
11,975,000 B-/B3 Ferrexpo Finance Plc, 7.875%,
4/7/16 (144A) 11,151,719
6,000,000 BB+/Ba3 Fosun International, Ltd., 7.5%,
5/12/16 (144A) 5,610,000
4,340,000 B/B3 JMC Steel Group, 8.25%,
3/15/18 (144A) 4,491,900
7,620,000 NR/B2 Metinvest BV, 10.25%, 5/20/15 (144A) 7,562,850
11,550,000 NR/B2 Metinvest BV, 8.75%, 2/14/18 (144A) 10,683,750
4,890,000 CCC+/Caa1 Ryerson, Inc., 12.0%, 11/1/15 5,097,825
EURO 2,505,000 CCC/Caa2 Zlomrex International Finance SA, 8.5%,
2/1/14 (144A) 2,752,067
--------------
$ 64,100,361
-------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Global High Yield Fund | Semiannual Report | 4/30/12 29
Schedule of Investments | 4/30/12 (Consolidated) (unaudited) (continued)
-------------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate (b) Ratings Value
-------------------------------------------------------------------------------------------------------
Paper Products -- 0.4%
14,215,000 B+/Ba3 Grupo Papelero Scribe SA, 8.875%,
4/7/20 (144A) $ 12,011,675
--------------
Total Materials $ 278,060,470
-------------------------------------------------------------------------------------------------------
CAPITAL GOODS -- 6.2%
Aerospace & Defense -- 0.6%
19,238,000 B-/B2 DynCorp International, Inc.,
10.375%, 7/1/17 $ 16,496,585
-------------------------------------------------------------------------------------------------------
Building Products -- 0.8%
3,905,000 BB+/Ba3 Building Materials Corp., of America,
6.75%, 5/1/21 (144A) $ 4,066,081
16,000,000 NR/Ba2 China Liansu Group Holdings, Ltd.,
7.875%, 5/13/16 (144A) 15,160,000
3,739,472 NR/NR Industrias Unidas SA de CV,
11.5%, 11/15/16 2,767,209
--------------
$ 21,993,290
-------------------------------------------------------------------------------------------------------
Construction & Engineering -- 0.9%
6,900,000 B+/Ba3 Abengoa Finance SAU, 8.875%,
11/1/17 (144A) $ 6,589,500
2,980,000 BB-/Ba3 Dycom Investments, Inc.,
7.125%, 1/15/21 3,069,400
7,900,000 B+/B1 Empresas ICA SAB de CV, 8.9%,
2/4/21 (144A) 7,821,000
9,175,000 CCC/Caa3 New Enterprise Stone & Lime Co., Inc.,
11.0%, 9/1/18 7,523,500
--------------
$ 25,003,400
-------------------------------------------------------------------------------------------------------
Electrical Components & Equipment -- 0.5%
10,825,000 B/B3 Coleman Cable, Inc., 9.0%, 2/15/18 $ 11,420,375
1,171,000 B/B1 WESCO Distribution, Inc.,
7.5%, 10/15/17 1,198,811
1,540,000 B/B2 WireCo WorldGroup, Inc., 9.5%, 5/15/17 1,590,050
--------------
$ 14,209,236
-------------------------------------------------------------------------------------------------------
Industrial Conglomerates -- 0.6%
2,980,000 B/B2 JB Poindexter & Co., Inc., 9.0%,
4/1/22 (144A) $ 3,032,150
EURO 1,800,000 BB-/Ba3 Mark IV Europe Lux SCA, 8.875%,
12/15/17 (144A) 2,454,047
1,200,000 CCC+/B3 Park-Ohio Industries, Inc.,
8.125%, 4/1/21 1,236,000
7,800,000 BBB/Baa3 Votorantim Cimentos SA, 7.25%,
4/5/41 (144A) 7,936,500
--------------
$ 14,658,697
-------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
30 Pioneer Global High Yield Fund | Semiannual Report | 4/30/12
---------------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate (b) Ratings Value
---------------------------------------------------------------------------------------------------------
Construction & Farm Machinery & Heavy Trucks -- 0.9%
6,780,000 B/B2 Commercial Vehicle Group, Inc.,
7.875%, 4/15/19 $ 6,780,000
6,225,000 BB/Ba3 Lonking Holdings, Ltd., 8.5%,
6/3/16 (144A) 5,851,500
4,400,000 NR/NR OSX 3 Leasing BV, 9.25%,
3/20/15 (144A) 4,559,280
2,280,000 BB-/B2 Terex Corp., 6.5%, 4/1/20 2,342,700
2,740,000 B+/B1 Titan International, Inc.,
7.875%, 10/1/17 2,904,400
--------------
$ 22,437,880
---------------------------------------------------------------------------------------------------------
Industrial Machinery -- 1.1%
5,322,000 NR/WR Indalex Holding Corp., 11.5%, 2/1/14 (c) $ 19,958
5,080,000 B/Caa1 Liberty Tire Recycling, 11.0%,
10/1/16 (144A) 4,787,900
7,237,000 CCC+/Caa2 Mueller Water Products, Inc.,
7.375%, 6/1/17 7,255,092
1,725,000 B/B1 Schaeffler Finance BV, 7.75%,
2/15/17 (144A) 1,828,500
1,465,000 B/B1 Schaeffler Finance BV, 8.5%,
2/15/19 (144A) 1,571,212
14,600,000 B+/NR WPE International Cooperatief UA,
10.375%, 9/30/20 (144A) 12,848,000
--------------
$ 28,310,662
---------------------------------------------------------------------------------------------------------
Trading Companies & Distributors -- 0.8%
9,840,000 B-/B3 INTCOMEX, Inc., 13.25%, 12/15/14 $ 9,987,600
2,735,000 B/B3 UR Financing Escrow Corp., 7.375%,
5/15/20 (144A) 2,871,750
6,820,000 B/B3 UR Financing Escrow Corp., 7.625%,
4/15/22 (144A) 7,212,150
--------------
$ 20,071,500
--------------
Total Capital Goods $ 163,181,250
---------------------------------------------------------------------------------------------------------
COMMERCIAL SERVICES & SUPPLIES -- 0.4%
Environmental & Facilities Services -- 0.1%
6,510,000 NR/WR Old AII, Inc., 10.0%, 12/15/16 (c) $ 651
EURO 3,022,531 CCC+/Caa2 The New Reclamation Group Pty, Ltd.,
8.125%, 2/1/13 (144A) 2,880,556
--------------
$ 2,881,207
---------------------------------------------------------------------------------------------------------
Diversified Support Services -- 0.3%
6,365,000 B/B3 ADS Tactical, Inc., 11.0%, 4/1/18 (144A) $ 6,683,250
--------------
Total Commercial Services & Supplies $ 9,564,457
---------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Global High Yield Fund | Semiannual Report | 4/30/12 31
Schedule of Investments | 4/30/12 (Consolidated) (unaudited) (continued)
-----------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate (b) Ratings Value
-----------------------------------------------------------------------------------------------------
TRANSPORTATION -- 2.2%
Air Freight & Logistics -- 0.6%
12,061,000 B-/Caa1 CEVA Group Plc, 11.5%, 4/1/18 (144A) $ 11,880,085
2,445,000 B-/B3 CEVA Group Plc, 11.625%,
10/1/16 (144A) 2,597,812
--------------
$ 14,477,897
-----------------------------------------------------------------------------------------------------
Airlines -- 0.7%
1,635,019 BB/Ba2 Continental Airlines 1998-1 Class B Pass
Through Trust, 6.748%, 3/15/17 $ 1,618,669
2,125,000 BBB-/Ba2 Continental Airlines 2012-1 Class B Pass
Thru Trusts, 6.25%, 4/11/20 2,151,562
7,363,000 B/NR Gol Finance, 9.25%, 7/20/20 (144A) 6,589,885
8,250,000 B/NR TAM Capital 3, Inc., 8.375%,
6/3/21 (144A) 8,580,000
--------------
$ 18,940,116
-----------------------------------------------------------------------------------------------------
Marine -- 0.0%
1,345,000 B+/B3 Navios South American Logistics, Inc.,
9.25%, 4/15/19 $ 1,230,675
-----------------------------------------------------------------------------------------------------
Railroads -- 0.1%
2,335,962 CCC/Caa3 Florida East Coast Holdings Corp.,
10.5%, 8/1/17 (PIK) $ 1,921,329
-----------------------------------------------------------------------------------------------------
Trucking -- 0.5%
7,656,551 NR/Ba2 Inversiones Alsacia SA, 8.0%,
8/18/18 (144A) $ 7,517,049
6,125,000 B/B3 syncreon Global Ireland, Ltd., 9.5%,
5/1/18 (144A) 6,079,062
--------------
$ 13,596,111
-----------------------------------------------------------------------------------------------------
Airport Services -- 0.3%
4,536,250 B/B2 Aeropuertos Argentina 2000 SA, 10.75%,
12/1/20 (144A) $ 4,513,569
3,900,000 B/B2 Aguila 3 SA, 7.875%, 1/31/18 (144A) 4,085,250
--------------
$ 8,598,819
--------------
Total Transportation $ 58,764,947
-----------------------------------------------------------------------------------------------------
AUTOMOBILES & COMPONENTS -- 2.6%
Auto Parts & Equipment -- 1.4%
4,800,000 B+/B2 Pittsburgh Glass Works LLC, 8.5%,
4/15/16 (144A) $ 4,728,000
4,365,000 CCC/Caa1 Stanadyne Corp., 10.0%, 8/15/14 3,655,688
16,550,000 CCC-/Caa3 Stanadyne Holdings, Inc., 12.0%,
2/15/15 (Step) 12,743,500
11,854,000 B+/B1 Tower Automotive Holdings USA LLC,
10.625%, 9/1/17 (144A) 12,728,232
4,260,000 CCC+/B3 UCI International, Inc., 8.625%, 2/15/19 4,366,500
--------------
$ 38,221,920
-----------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
32 Pioneer Global High Yield Fund | Semiannual Report | 4/30/12
--------------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate (b) Ratings Value
--------------------------------------------------------------------------------------------------------
Tires & Rubber -- 0.1%
2,810,000 B+/B1 The Goodyear Tire & Rubber Co.,
7.0%, 5/15/22 $ 2,788,925
--------------------------------------------------------------------------------------------------------
Automobile Manufacturers -- 1.1%
4,000,000 NR/Ba1 Automotores Gildemeister SA, 8.25%,
5/24/21 (144A) $ 4,224,000
11,605,000 B/B2 Chrysler Group LLC, 8.0%, 6/15/19 12,011,175
7,865,000 B/B2 Chrysler Group LLC, 8.25%, 6/15/21 8,140,275
5,000,000 B+/B1 Hyva Global BV, 8.625%,
3/24/16 (144A) 4,212,500
--------------
$ 28,587,950
--------------
Total Automobiles & Components $ 69,598,795
--------------------------------------------------------------------------------------------------------
CONSUMER DURABLES & APPAREL -- 3.0%
Homebuilding -- 1.2%
1,600,000 CCC/Caa3 Beazer Homes USA, Inc.,
9.125%, 5/15/19 $ 1,340,000
8,750,000 CCC/Caa3 Beazer Homes USA, Inc.,
9.125%, 6/15/18 7,437,500
2,050,000 BB-/NR Corp GEO SAB de CV, 8.875%,
3/27/22 (144A) 2,080,750
10,272,000 NR/Ba3 Desarrolladora Homex SAB de CV, 9.5%,
12/11/19 (144A) 10,605,840
3,805,000 B+/B1 Meritage Homes Corp., 7.0%,
4/1/22 (144A) 3,862,075
7,500,000 NR/Ba3 Urbi Desarrollos Urbanos SAB de CV,
9.75%, 2/3/22 (144A) 7,800,000
--------------
$ 33,126,165
--------------------------------------------------------------------------------------------------------
Housewares & Specialties -- 1.5%
2,400,000 B-/Caa1 Reynolds Group Issuer, Inc., 8.5%,
2/15/21 (144A) $ 2,316,000
3,235,000 B-/Caa1 Reynolds Group Issuer, Inc., 9.0%,
4/15/19 (144A) 3,251,175
7,490,000 B-/Caa1 Reynolds Group Issuer, Inc., 9.25%,
5/15/18 (144A) 7,564,900
7,675,000 B-/Caa1 Reynolds Group Issuer, Inc., 9.875%,
8/15/19 (144A) 8,001,188
11,165,000 CCC+/B3 Yankee Candle Co., Inc., 9.75%, 2/15/17 11,667,425
5,775,000 CCC+/Caa1 YCC Holdings LLC, 10.25%,
2/15/16 (PIK) 5,904,938
--------------
$ 38,705,626
--------------------------------------------------------------------------------------------------------
Leisure Products -- 0.3%
EURO 4,700,000 CCC/Caa2 Heckler & Koch GmbH, 9.5%,
5/15/18 (144A) $ 4,043,751
The accompanying notes are an integral part of these financial statements.
Pioneer Global High Yield Fund | Semiannual Report | 4/30/12 33
Schedule of Investments | 4/30/12 (Consolidated) (unaudited) (continued)
--------------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate (b) Ratings Value
--------------------------------------------------------------------------------------------------------
Leisure Products -- (continued)
5,000,000 B/B2 Icon Health & Fitness, Inc., 11.875%,
10/15/16 (144A) $ 4,312,500
--------------
$ 8,356,251
--------------
Total Consumer Durables & Apparel $ 80,188,042
--------------------------------------------------------------------------------------------------------
CONSUMER SERVICES -- 1.7%
Casinos & Gaming -- 0.8%
10,750,000 NR/WR Buffalo Thunder Development Authority,
9.375%, 12/15/14 (144A) (c) $ 4,004,375
4,395,000 B/B2 Codere Finance Luxembourg SA, 9.25%,
2/15/19 (144A) 4,048,894
2,052,000 B-/NR Little Traverse Bay Bands of Odawa
Indians, 9.0%, 8/31/20 (144A) 1,867,320
EURO 1,000,000 8.25 BB/Ba2 Lottomatica S.p.A., Floating Rate Note,
3/31/66 (144A) 1,181,728
5,965,000 NR/WR Mashantucket Western Pequot Tribe,
8.5%, 11/15/15 (144A) (c) 544,306
EURO 6,335,000 B-/B3 Peermont Global Pty, Ltd., 7.75%,
4/30/14 (144A) 7,798,350
1,725,000 CCC/Caa2 Shingle Springs Tribal Gaming Authority,
9.375%, 6/15/15 (144A) 1,254,938
--------------
$ 20,699,911
--------------------------------------------------------------------------------------------------------
Hotels, Resorts & Cruise Lines -- 0.2%
4,977,000 CCC+/B3 Grupo Posadas SAB de CV, 9.25%,
1/15/15 (144A) $ 4,404,645
--------------------------------------------------------------------------------------------------------
Restaurants -- 0.5%
BRL 4,250,000 NR/Ba2 Arcos Dorados Holdings, Inc., 10.25%,
7/13/16 (144A) $ 2,293,286
15,915,000 CCC+/Caa1 Burger King Capital Holdings LLC, 0.0%,
4/15/19 (Step) (144A) 12,214,762
--------------
$ 14,508,048
--------------------------------------------------------------------------------------------------------
Education Services -- 0.2%
4,225,000 B-/B2 Cambium Learning Group, Inc.,
9.75%, 2/15/17 $ 4,108,812
--------------
Total Consumer Services $ 43,721,416
--------------------------------------------------------------------------------------------------------
MEDIA -- 2.7%
Advertising -- 0.6%
3,800,000 NR/B3 Good Sam Enterprises LLC,
11.5%, 12/1/16 $ 3,966,250
5,549,000 B+/B2 MDC Partners, Inc., 11.0%, 11/1/16 6,034,538
8,700,000 B-/Caa2 Sitel LLC, 11.5%, 4/1/18 6,090,000
--------------
$ 16,090,788
--------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
34 Pioneer Global High Yield Fund | Semiannual Report | 4/30/12
--------------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate (b) Ratings Value
--------------------------------------------------------------------------------------------------------
Broadcasting -- 1.7%
2,968,235 CCC+/Caa3 Intelsat Luxembourg SA, 11.5%, 2/4/17 $ 3,094,385
15,840,000 CCC+/Caa3 Intelsat Luxembourg SA, 11.5%,
2/4/17 (144A) (PIK) 16,354,800
4,300,000 B/B1 Nara Cable Funding, Ltd., 8.875%,
12/1/18 (144A) 3,934,500
EURO 10,950,000 B/B1 Nara Cable Funding, Ltd., 8.875%,
12/1/18 (144A) 13,044,571
EURO 1,925,000 CCC+/Caa1 Ono Finance II Plc, 11.125%,
7/15/19 (144A) 2,114,862
4,245,000 B-/B3 Telesat Canada, 12.5%, 11/1/17 4,754,400
--------------
$ 43,297,518
--------------------------------------------------------------------------------------------------------
Movies & Entertainment -- 0.1%
2,125,000 B-/B3 Regal Entertainment Group,
9.125%, 8/15/18 $ 2,353,438
--------------------------------------------------------------------------------------------------------
Publishing -- 0.3%
6,135,000 B-/Caa1 Interactive Data Corp., 10.25%, 8/1/18 $ 6,932,550
1,675,000 B/B3 MPL 2 Acquisition Canco, Inc., 9.875%,
8/15/18 (144A) 1,444,688
--------------
$ 8,377,238
--------------
Total Media $ 70,118,982
--------------------------------------------------------------------------------------------------------
RETAILING -- 0.7%
Internet Retail -- 0.3%
7,415,000 B/B3 Ticketmaster Entertainment LLC,
10.75%, 8/1/16 $ 7,952,588
--------------------------------------------------------------------------------------------------------
Department Stores -- 0.4%
10,855,000 B/NR Grupo Famsa SAB de CV, 11.0%,
7/20/15 (144A) $ 11,452,025
--------------
Total Retailing $ 19,404,613
--------------------------------------------------------------------------------------------------------
FOOD, BEVERAGE & TOBACCO -- 5.3%
Distillers & Vintners -- 0.3%
EURO 4,171,607 NR/NR Belvedere SA, 7.692%, 11/10/19 $ 1,270,002
EURO 320,792 7.69 NR/NR Belvedere SA, Floating Rate Note,
11/10/19 97,662
7,512,000 B-/B3 CEDC Finance Corp International, Inc.,
9.125%, 12/1/16 (144A) 5,896,920
--------------
$ 7,264,584
--------------------------------------------------------------------------------------------------------
Soft Drinks -- 0.0%
1,590,000 BB/Ba2 Central American Bottling Corp., 6.75%,
2/9/22 (144A) $ 1,645,650
--------------------------------------------------------------------------------------------------------
Agricultural Products -- 0.2%
4,959,000 B+/B3 Southern States Cooperative, Inc.,
11.25%, 5/15/15 (144A) $ 5,318,528
--------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Global High Yield Fund | Semiannual Report | 4/30/12 35
Schedule of Investments | 4/30/12 (Consolidated) (unaudited) (continued)
----------------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate (b) Ratings Value
----------------------------------------------------------------------------------------------------------
Packaged Foods & Meats -- 4.1%
EURO 3,200,000 B/NR Agrokor DD, 9.875%, 5/1/19 (144A) $ 4,299,215
6,000,000 NR/B1 Bertin SA, 10.25%, 10/5/16 (144A) 6,480,000
12,305,000 NR/B2 Corp Pesquera Inca SAC, 9.0%,
2/10/17 (144A) 13,166,350
9,500,000 B/B3 FAGE Dairy Industry SA, 9.875%,
2/1/20 (144A) 8,882,500
2,969,595 NR/NR Independencia International, Ltd., 12.0%,
12/30/16 (144A) (c) 2,970
9,590,000 BB/B1 JBS Finance II, Ltd., 8.25%,
1/29/18 (144A) 9,382,856
1,250,000 BB/B1 JBS USA LLC, 8.25%, 2/1/20 (144A) 1,265,625
20,248,000 B+/B1 Marfrig Overseas, Ltd., 9.5%,
5/4/20 (144A) 17,666,380
3,783,000 B+/B1 Marfrig Overseas, Ltd., 9.625%,
11/16/16 (144A) 3,593,850
4,755,000 B+/B2 Minerva Luxembourg SA, 12.25%,
2/10/22 (144A) 5,064,075
19,900,000 B+/B2 Minerva Overseas II, Ltd., 10.875%,
11/15/19 (144A) 20,497,000
10,905,000 B-/Caa1 Pilgrim's Pride Corp., 7.875%, 12/15/18 11,068,575
7,158,000 NR/B1 SA Fabrica de Produtos Alimenticios Vigor,
9.25%, 2/23/17 (Step) (144A) 6,950,418
--------------
$ 108,319,814
----------------------------------------------------------------------------------------------------------
Tobacco -- 0.7%
17,855,000 B/B2 Alliance One International, Inc.,
10.0%, 7/15/16 $ 18,033,550
--------------
Total Food, Beverage & Tobacco $ 140,582,126
----------------------------------------------------------------------------------------------------------
HEALTH CARE EQUIPMENT & SERVICES -- 2.5%
Health Care Equipment -- 0.3%
8,850,000 CCC+/Caa2 Accellent, Inc., 10.0%, 11/1/17 $ 7,234,875
----------------------------------------------------------------------------------------------------------
Health Care Supplies -- 0.4%
1,550,000 B/B2 Alere, Inc., 7.875%, 2/1/16 $ 1,613,938
5,750,000 B/Caa1 ConvaTec Healthcare E SA, 10.5%,
12/15/18 (144A) 5,879,375
3,200,000 B-/Caa1 Immucor, Inc., 11.125%, 8/15/19 3,588,000
--------------
$ 11,081,313
----------------------------------------------------------------------------------------------------------
Health Care Services -- 1.0%
4,339,000 B-/Caa1 BioScrip, Inc., 10.25%, 10/1/15 $ 4,696,968
1,945,000 CCC+/B3 ExamWorks Group, Inc., 9.0%,
7/15/19 (144A) 1,974,175
4,253,000 CCC/Caa2 Gentiva Health Services, Inc.,
11.5%, 9/1/18 3,965,922
5,975,000 CCC+/Caa1 Surgical Care Affiliates, Inc., 10.0%,
7/15/17 (144A) 6,034,750
The accompanying notes are an integral part of these financial statements.
36 Pioneer Global High Yield Fund | Semiannual Report | 4/30/12
--------------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate (b) Ratings Value
--------------------------------------------------------------------------------------------------------
Health Care Services -- (continued)
10,447,362 CCC+/B3 Surgical Care Affiliates, Inc., 8.875%,
7/15/15 (144A) (PIK) $ 10,604,072
--------------
$ 27,275,887
--------------------------------------------------------------------------------------------------------
Health Care Facilities -- 0.6%
1,550,000 B-/B3 Kindred Healthcare, Inc., 8.25%, 6/1/19 $ 1,367,875
10,295,000 BB-/B1 Tenet Healthcare Corp., 6.25%,
11/1/18 (144A) 10,706,800
4,200,000 B-/B3 Vanguard Health Holding Co., II LLC,
7.75%, 2/1/19 4,215,750
172,000 CCC+/Caa1 Vanguard Health Systems, Inc., 2/1/16 113,950
--------------
$ 16,404,375
--------------------------------------------------------------------------------------------------------
Health Care Technology -- 0.2%
5,150,000 B-/B3 MedAssets, Inc., 8.0%, 11/15/18 $ 5,381,750
--------------
Total Health Care Equipment & Services $ 67,378,200
--------------------------------------------------------------------------------------------------------
PHARMACEUTICALS, BIOTECHNOLOGY
& LIFE SCIENCES -- 0.4%
Biotechnology -- 0.4%
10,302,000 B+/Caa2 Lantheus Medical Imaging, Inc.,
9.75%, 5/15/17 $ 9,014,250
--------------------------------------------------------------------------------------------------------
Life Sciences Tools & Services -- 0.0%
924,776 9.50 B/Caa1 Catalent Pharma Solutions, Inc., Floating
Rate Note, 4/15/15 $ 952,519
--------------
Total Pharmaceuticals, Biotechnology &
Life Sciences $ 9,966,769
--------------------------------------------------------------------------------------------------------
BANKS -- 2.7%
Diversified Banks -- 1.9%
TRY 6,430,000 NR/NR Asian Development Bank, 14.0%, 8/7/12 $ 3,705,762
6,875,000 9.75 BB+/NR Banco de Credito del Peru Panama,
Floating Rate Note, 11/6/69 (144A) 8,043,750
6,600,000 B/B2 Banco de Galicia y Buenos Aires, 8.75%,
5/4/18 (144A) 5,742,000
1,750,000 NR/Ba1 Banco do Estado do Rio Grande do Sul,
7.375%, 2/2/22 (144A) 1,838,902
2,140,000 NR/Ba1 Banco Industrial e Comercial SA, 8.5%,
4/27/20 (144A) 2,197,074
6,230,000 NR/Ba2 Banco Macro SA, 10.75%, 6/7/12 3,800,300
2,870,000 9.75 NR/B2 Banco Macro SA, Floating Rate Note,
12/18/36 2,095,100
3,880,000 NR/B2 Bank CenterCredit, 8.625%,
1/30/14 (144A) 3,957,600
5,100,000 NR/A2 BBVA Bancomer SA Texas, 6.5%,
3/10/21 (144A) 5,151,000
The accompanying notes are an integral part of these financial statements.
Pioneer Global High Yield Fund | Semiannual Report | 4/30/12 37
Schedule of Investments | 4/30/12 (Consolidated) (unaudited) (continued)
-------------------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate (b) Ratings Value
-------------------------------------------------------------------------------------------------------------
Diversified Banks -- (continued)
EURO 2,600,000 NR/Aaa Cooperatieve Centrale Raiffeisen-
Boerenleenbank BA Netherlands,
6.875%, 3/19/20 $ 3,314,155
1,400,000 B+/B2 Kazkommertsbank JSC, 8.0%,
11/3/15 (144A) 1,309,000
2,750,000 9.20 CCC-/Caa1 Kazkommertsbank JSC, Floating Rate
Note, 11/29/49 (Perpetual) (144A) 1,567,500
80,000 BBB-/Ba1 Societe Generale SA, 8.75%,
10/29/49 (Perpetual) 72,400
7,400,000 NR/Baa1 VTB Bank OJSC Via VTB Capital SA, 6.0%,
4/12/17 (144A) 7,502,882
--------------
$ 50,297,425
-------------------------------------------------------------------------------------------------------------
Regional Banks -- 0.8%
3,165,000 8.50 NR/Ba3 Banco Internacional del Peru SAA, Floating
Rate Note, 4/23/70 (144A) $ 3,373,574
2,700,000 BB+/Baa3 Capital One Capital V, 10.25%, 8/15/39 2,814,750
13,430,000 6.75 BBB/Baa3 PNC Financial Services Group, Inc.,
Floating Rate Note, 7/29/49 (Perpetual) 14,076,923
--------------
$ 20,265,247
--------------
Total Banks $ 70,562,672
-------------------------------------------------------------------------------------------------------------
DIVERSIFIED FINANCIALS -- 5.6%
Other Diversified Financial Services -- 1.7%
EURO 1,300,000 11.04 B-/NR ATLAS VI Capital, Ltd., Floating Rate Note,
4/7/14 (Cat Bond) (144A) $ 1,745,524
2,000,000 6.50 BB+/NR Caelus Re II, Ltd., Floating Rate Note,
5/24/13 (Cat Bond) (144A) 1,978,400
250,000 15.85 B+/NR Calabash Re, Ltd., Floating Rate Note,
6/15/12 (Cat Bond) (144A) 252,675
1,500,000 10.25 BB-/NR Compass Re, Ltd., Floating Rate Note,
1/8/15 (Cat Bond) (144A) 1,477,350
1,000,000 0.00 B+/NR Compass Re, Ltd., Floating Rate Note,
1/8/15 (Cat Bond) (144A) 973,500
400,000 0.00 BB/NR East Lane Re V, Ltd., Floating Rate Note,
3/16/16 (Cat Bond) (144A) 396,880
TRY 12,410,000 AAA/Aaa European Investment Bank, 0.0% 3/2/15 5,624,247
1,250,000 8.35 BB-/NR Ibis Re II, Ltd., Floating Rate Note, 2/5/15
(Cat Bond) (144A) 1,234,125
1,925,000 13.50 B-/NR Ibis Re II, Ltd., Floating Rate Note, 2/5/15
(Cat Bond) (144A) 1,889,772
1,135,000 10.72 BB/NR Ibis Re, Ltd., Floating Rate Note, 5/10/12
(Cat Bond) (144A) 1,133,978
1,500,000 6.20 BB-/NR Ibis Re, Ltd., Floating Rate Note, 5/3/13
(Cat Bond) (144A) 1,479,000
250,000 9.25 B/NR Ibis Re, Ltd., Floating Rate Note, 5/3/13
(Cat Bond) (144A) 246,300
The accompanying notes are an integral part of these financial statements.
38 Pioneer Global High Yield Fund | Semiannual Report | 4/30/12
-----------------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate (b) Ratings Value
-----------------------------------------------------------------------------------------------------------
Other Diversified Financial Services -- (continued)
TRY 800,000 A/Aa3 JPMorgan Chase & Co., 0.0%
10/4/17 (144A) $ 263,613
500,000 6.00 BB/NR Lodestone Re, Ltd., Floating Rate Note,
1/8/14 (Cat Bond) (144A) 484,500
5,000,000 7.25 BB/NR Lodestone Re, Ltd., Floating Rate Note,
1/8/14 (Cat Bond) (144A) 4,820,500
4,000,000 8.25 BB-/NR Lodestone Re, Ltd., Floating Rate Note,
5/17/13 (Cat Bond) (144A) 3,959,200
4,100,000 BB/NR Magnesita Finance, Ltd., 8.625%,
4/29/49 (Perpetual) (144A) 4,069,250
4,000,000 7.50 BB-/NR Queen Street II Capital, Ltd., Floating Rate
Note, 4/9/14 (Cat Bond) (144A) 3,884,000
2,000,000 7.50 BB-/NR Queen Street IV Capital, Ltd., Floating Rate
Note, 4/9/15 (Cat Bond) (144A) 1,903,200
900,000 0.00 NR/NR Queen Street V Re, Ltd., Floating Rate
Note, 4/9/15 (Cat Bond) (144A) 884,610
250,000 0.00 B-/NR Residential Reinsurance 2010, Ltd.,
Floating Rate Note,
6/6/13 (Cat Bond) (144A) 250,775
1,750,000 7.25 NR/NR Residential Reinsurance 2010, Ltd.,
Floating Rate Note,
6/6/13 (Cat Bond) (144A) 1,715,175
1,500,000 0.00 BB/NR Residential Reinsurance 2010, Ltd.,
Floating Rate Note,
6/6/13 (Cat Bond) (144A) 1,484,850
3,450,000 12.00 B-/NR Residential Reinsurance 2011, Ltd.,
Floating Rate Note,
6/6/15 (Cat Bond) (144A) 3,330,975
--------------
$ 45,482,399
-----------------------------------------------------------------------------------------------------------
Multi-Sector Holdings -- 0.4%
5,075,000 B/B2 Constellation Enterprises LLC, 10.625%,
2/1/16 (144A) $ 5,100,375
4,020,000 AA/Aa3 IPIC GMTN, Ltd., 5.5%, 3/1/22 (144A) 4,200,900
--------------
$ 9,301,275
-----------------------------------------------------------------------------------------------------------
Specialized Finance -- 1.2%
7,675,000 BBB/Baa3 Cantor Fitzgerald LP, 7.875%,
10/15/19 (144A) $ 7,721,572
2,250,000 5.25 BB+/NR Kibou, Ltd., Floating Rate Note,
2/16/15 (Cat Bond) (144A) 2,245,950
10,460,000 NR/Ba3 Metalloinvest Finance, Ltd., 6.5%,
7/21/16 (144A) 10,407,700
9,315,000 B+/B2 National Money Mart Co., 10.375%,
12/15/16 10,456,088
--------------
$ 30,831,310
-----------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Global High Yield Fund | Semiannual Report | 4/30/12 39
Schedule of Investments | 4/30/12 (Consolidated) (unaudited) (continued)
-----------------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate (b) Ratings Value
-----------------------------------------------------------------------------------------------------------
Consumer Finance -- 0.8%
CNY 25,000,000 A/A2 Caterpillar Financial Services Corp.,
1.35%, 7/12/13 $ 3,895,319
7,400,000 BB+/Ba1 Ford Motor Credit Co., LLC,
5.875%, 8/2/21 8,362,651
10,395,000 NR/NR Tarjeta Naranja SA, 9.0%,
1/28/17 (144A) 9,464,232
--------------
$ 21,722,202
-----------------------------------------------------------------------------------------------------------
Asset Management & Custody Banks -- 0.3%
8,150,000 NR/B1 Intercorp Retail Trust, 8.875%,
11/14/18 (144A) $ 8,720,500
-----------------------------------------------------------------------------------------------------------
Investment Banking & Brokerage -- 1.2%
20,515,000 5.79 BB+/Baa2 Goldman Sachs Capital II, Floating Rate
Note, 6/1/43 $ 14,104,062
13,600,000 BBB/Baa2 Jefferies Group, Inc., 6.875%, 4/15/21 13,549,000
4,000,000 5.32 NR/NR UBS AG, Floating Rate Note,
1/15/14 (144A) 3,973,600
--------------
$ 31,626,662
--------------
Total Diversified Financials $ 147,684,348
-----------------------------------------------------------------------------------------------------------
INSURANCE -- 3.5%
Insurance Brokers -- 1.6%
11,140,000 CCC/Caa2 Alliant Holdings I, Inc., 11.0%,
5/1/15 (144A) $ 11,627,375
11,241,000 CCC+/Caa2 HUB International Holdings, Inc., 10.25%,
6/15/15 (144A) 11,493,922
4,300,000 CCC+/Caa1 HUB International Holdings, Inc., 9.0%,
12/15/14 (144A) 4,375,250
GBP 4,840,000 B-/Caa1 Towergate Finance Plc, 10.5%,
2/15/19 (144A) 6,756,824
4,841,000 CCC/Caa2 USI Holdings Corp., 9.75%,
5/15/15 (144A) 4,895,461
4,532,000 4.38 CCC/Caa1 USI Holdings Corp., Floating Rate Note,
11/15/14 (144A) 4,243,085
--------------
$ 43,391,917
-----------------------------------------------------------------------------------------------------------
Multi-line Insurance -- 0.4%
3,570,000 7.00 BB/Baa3 Liberty Mutual Group, Inc., Floating Rate
Note, 3/15/37 (144A) $ 3,213,000
5,170,000 10.75 BB/Baa3 Liberty Mutual Group, Inc., Floating Rate
Note, 6/15/58 (144A) 7,031,200
--------------
$ 10,244,200
-----------------------------------------------------------------------------------------------------------
Property & Casualty Insurance -- 0.4%
8,535,000 7.51 BB+/Ba2 Sirius International Group, Ltd., Floating
Rate Note, 5/29/49 (Perpetual) (144A) $ 8,147,596
The accompanying notes are an integral part of these financial statements.
40 Pioneer Global High Yield Fund | Semiannual Report | 4/30/12
---------------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate (b) Ratings Value
---------------------------------------------------------------------------------------------------------
Property & Casualty Insurance -- (continued)
2,970,000 6.50 BBB-/Ba1 XL Group Plc, Floating Rate Note,
12/29/49 (Perpetual) $ 2,472,525
--------------
$ 10,620,121
---------------------------------------------------------------------------------------------------------
Reinsurance -- 1.1%
1,000,000 0.00 NR/NR Combine Re, Ltd., Floating Rate Note,
1/7/15 (Cat Bond) (144A) $ 996,800
750,000 0.00 NR/Ba3 Combine Re, Ltd., Floating Rate Note,
1/7/15 (Cat Bond) (144A) 747,600
2,700,000 5.00 BB+/NR Foundation Re III, Ltd., Floating Rate Note,
2/25/15 (Cat Bond) 2,626,290
2,500,000 5.75 BB/NR Foundation Re III, Ltd., Floating Rate Note,
2/3/14 (Cat Bond) (144A) 2,441,000
375,000 6.47 NR/B1 GlobeCat, Ltd., Floating Rate Note,
1/2/13 (Cat Bond) (144A) 371,812
2,600,000 9.72 NR/B3 GlobeCat, Ltd., Floating Rate Note,
1/2/13 (Cat Bond) (144A) 2,459,080
1,700,000 13.72 CCC+/NR Montana Re, Ltd., Floating Rate Note,
12/7/12 (Cat Bond) (144A) 1,608,200
750,000 11.50 B/NR MultiCat Mexico 2009, Ltd., Floating Rate
Note, 10/19/12 (Cat Bond) (144A) 754,875
250,000 10.25 B/NR MultiCat Mexico 2009, Ltd., Floating Rate
Note, 10/19/12 (Cat Bond) (144A) 247,450
250,000 10.25 B/NR MultiCat Mexico 2009, Ltd., Floating Rate
Note, 10/19/12 (Cat Bond) (144A) 246,550
250,000 10.25 BB-/NR MultiCat Mexico 2009, Ltd., Floating Rate
Note, 10/19/12 (Cat Bond) (144A) 247,350
2,500,000 12.00 B/NR Mystic Re, Ltd., Floating Rate Note,
3/12/15 (Cat Bond) (144A) 2,469,500
2,800,000 11.49 NR/NR Mythen, Ltd., Floating Rate Note,
5/7/15 (Cat Bond) (144A) 2,800,000
875,000 16.50 NR/NR Successor X, Ltd., Floating Rate Note,
1/27/15 (Cat Bond) (144A) 858,200
1,125,000 14.99 B-/NR Successor X, Ltd., Floating Rate Note,
1/7/14 (Cat Bond) (144A) 1,109,362
2,600,000 16.49 NR/NR Successor X, Ltd., Floating Rate Note,
1/7/14 (Cat Bond) (144A) 2,514,720
375,000 11.25 B-/NR Successor X, Ltd., Floating Rate Note,
11/10/15 (Cat Bond) (144A) 358,912
4,000,000 13.00 NR/NR Successor X, Ltd., Floating Rate Note,
2/25/14 (Cat Bond) (144A) 3,851,200
2,100,000 9.75 B-/NR Successor X, Ltd., Floating Rate Note,
4/4/13 (Cat Bond) (144A) 2,081,100
250,000 11.75 NR/NR Successor X, Ltd., Floating Rate Note,
4/4/13 (Cat Bond) (144A) 247,500
--------------
$ 29,037,501
--------------
Total Insurance $ 93,293,739
---------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Global High Yield Fund | Semiannual Report | 4/30/12 41
Schedule of Investments | 4/30/12 (Consolidated) (unaudited) (continued)
-------------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate (b) Ratings Value
-------------------------------------------------------------------------------------------------------
REAL ESTATE -- 1.2%
Specialized REIT's -- 0.1%
1,650,000 BB-/B1 Sabra Health Care LP, 8.125%, 11/1/18 $ 1,755,188
-------------------------------------------------------------------------------------------------------
Diversified Real Estate Activities -- 0.5%
8,000,000 BB-/NR BR Malls International Finance, Ltd., 8.5%,
1/29/49 (Perpetual) (144A) $ 8,420,000
5,590,000 BB-/NR BR Malls International Finance, Ltd.,
9.75%, 11/29/49 (Perpetual) (144A) 5,729,750
--------------
$ 14,149,750
-------------------------------------------------------------------------------------------------------
Real Estate Operating Companies -- 0.6%
2,284,651 B/NR Alto Palermo SA, 11.0%, 6/11/12 (144A) $ 2,010,493
6,750,000 B/NR Alto Palermo SA, 7.875%,
5/11/17 (144A) 6,007,500
8,405,000 B/NR IRSA Inversiones y Representaciones SA,
8.5%, 2/2/17 (144A) 7,808,245
--------------
$ 15,826,238
--------------
Total Real Estate $ 31,731,176
-------------------------------------------------------------------------------------------------------
SOFTWARE & SERVICES -- 1.1%
Data Processing & Outsourced Services -- 0.3%
3,597,000 B-/Caa1 First Data Corp., 12.625%, 1/15/21 $ 3,605,992
1,545,000 B+/B1 First Data Corp., 7.375%,
6/15/19 (144A) 1,579,762
3,597,000 B-/Caa1 First Data Corp., 8.25%, 1/15/21 (144A) 3,543,045
--------------
$ 8,728,799
-------------------------------------------------------------------------------------------------------
Application Software -- 0.3%
8,684,000 B/B3 Allen Systems Group, Inc., 10.5%,
11/15/16 (144A) $ 7,207,720
-------------------------------------------------------------------------------------------------------
Systems Software -- 0.5%
13,774,160 NR/NR Pegasus Solutions, Inc., 13.0%,
4/15/14 (144A) (PIK) $ 12,672,227
--------------
Total Software & Services $ 28,608,746
-------------------------------------------------------------------------------------------------------
TECHNOLOGY HARDWARE & EQUIPMENT -- 0.7%
Communications Equipment -- 0.3%
5,675,000 B/B3 CommScope, Inc., 8.25%,
1/15/19 (144A) $ 6,058,062
1,675,000 B+/B1 ViaSat, Inc., 6.875%, 6/15/20 (144A) 1,695,938
--------------
$ 7,754,000
-------------------------------------------------------------------------------------------------------
Computer Storage & Peripherals -- 0.2%
3,985,000 BB+/Ba1 Seagate HDD Cayman, 7.75%, 12/15/18 $ 4,393,462
-------------------------------------------------------------------------------------------------------
Electronic Equipment Manufacturers -- 0.2%
5,500,000 BB-/B2 Viasystems, Inc., 7.875%, 5/1/19 (144A) $ 5,568,750
--------------
Total Technology Hardware & Equipment $ 17,716,212
-------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
42 Pioneer Global High Yield Fund | Semiannual Report | 4/30/12
-------------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate (b) Ratings Value
-------------------------------------------------------------------------------------------------------
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT -- 0.1%
Semiconductor Equipment -- 0.1%
3,200,000 BB/B3 MEMC Electronic Materials, Inc.,
7.75%, 4/1/19 $ 2,552,000
-------------------------------------------------------------------------------------------------------
Semiconductors -- 0.0%
CNY 14,000,000 BB-/NR LDK Solar Co., Ltd., 10.0%, 2/28/14 $ 1,381,529
--------------
Total Semiconductors & Semiconductor
Equipment $ 3,933,529
-------------------------------------------------------------------------------------------------------
TELECOMMUNICATION SERVICES -- 4.5%
Alternative Carriers -- 0.4%
9,765,000 BB-/WR PAETEC Holding Corp., 8.875%, 6/30/17 $ 10,668,262
-------------------------------------------------------------------------------------------------------
Integrated Telecommunication Services -- 3.1%
20,977,000 B/B1 Cincinnati Bell, Inc., 8.25%, 10/15/17 $ 21,711,196
7,160,000 B/B1 Cincinnati Bell, Inc., 8.375%, 10/15/20 7,160,000
8,478,000 CCC+/B3 Cincinnati Bell, Inc., 8.75%, 3/15/18 7,948,125
2,940,000 BB/Ba2 Frontier Communications Corp.,
8.5%, 4/15/20 3,057,600
15,345,000 BB/Ba2 Frontier Communications Corp.,
8.75%, 4/15/22 16,112,250
6,285,000 B+/NR Windstream Corp., 7.5%, 6/1/22 6,583,538
2,300,000 B+/Ba3 Windstream Corp., 7.75%, 10/1/21 2,466,750
6,765,000 B+/Ba3 Windstream Corp., 7.75%, 10/15/20 7,238,550
7,345,000 B+/Ba3 Windstream Corp., 8.125%, 9/1/18 7,895,875
--------------
$ 80,173,884
-------------------------------------------------------------------------------------------------------
Wireless Telecommunication Services -- 1.0%
CNY 15,000,000 A-/A2 America Movil SAB de CV, 3.5%, 2/8/15 $ 2,401,778
1,000,000 NR/Caa1 Digicel Group, Ltd., 10.5%,
4/15/18 (144A) 1,096,200
2,950,000 NR/B1 Digicel, Ltd., 8.25%, 9/1/17 (144A) 3,075,375
650,000 BB/Ba2 MTS International Funding, Ltd., 8.625%,
6/22/20 (144A) 746,688
3,925,000 B+/B2 NII Capital Corp., 7.625%, 4/1/21 3,650,250
2,300,000 NR/NR Richland Towers Funding LLC, 7.87%,
3/15/16 (144A) 2,353,595
7,800,000 BB/Ba3 Vimpel Communications Via VIP Finance
Ireland, Ltd., OJSC, 7.748%,
2/2/21 (144A) 7,762,950
3,275,000 BB/Ba3 Vimpel Communications Via VIP Finance
Ireland, Ltd., OJSC, 9.125%,
4/30/18 (144A) 3,602,500
2,100,000 BB/Ba3 VimpelCom Holdings BV, 7.504%,
3/1/22 (144A) 2,037,000
--------------
$ 26,726,336
--------------
Total Telecommunication Services $ 117,568,482
-------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Global High Yield Fund | Semiannual Report | 4/30/12 43
Schedule of Investments | 4/30/12 (Consolidated) (unaudited) (continued)
------------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate (b) Ratings Value
------------------------------------------------------------------------------------------------------
UTILITIES -- 3.6%
Electric Utilities -- 1.5%
12,081,000 B-/NR Cia de Transporte de Energia Electrica en
Alta Tension Transener SA, 9.75%,
8/15/21 (144A) $ 8,577,510
2,640,000 NR/Ba1 Dubai Electricity & Water Authority,
7.375%, 10/21/20 (144A) 2,840,640
5,256,000 B-/B3 Empresa Distribuidora Y Comercializadora
Norte, 9.75%, 10/25/22 (144A) 2,969,640
17,750,000 NR/Ba2 Energisa SA, 9.5%,
1/29/49 (Perpetual) (144A) 18,282,500
819,145 B/Ba2 FPL Energy National Wind Portfolio LLC,
6.125%, 3/25/19 (144A) 804,769
838,100 B/Ba2 FPL Energy Wind Funding LLC, 6.876%,
6/27/17 (144A) 670,480
1,950,000 BB+/Baa3 Israel Electric Corp., Ltd., 6.7%,
2/10/17 (144A) 2,022,735
2,695,000 CCC/B2 Texas Competitive Electric Holdings Co.,
LLC, 11.5%, 10/1/20 (144A) 1,670,900
4,000,000 CC/Caa3 Texas Competitive Electric Holdings Co.,
LLC, 15.0%, 4/1/21 1,140,000
--------------
$ 38,979,174
------------------------------------------------------------------------------------------------------
Gas Utilities -- 0.3%
2,437,000 B-/B2 Star Gas Partners LP, 8.875%, 12/1/17 $ 2,424,815
7,966,000 B/B2 Transportadora de Gas del Sur SA,
7.875%, 5/14/17 (144A) 6,611,780
--------------
$ 9,036,595
------------------------------------------------------------------------------------------------------
Multi-Utilities -- 0.3%
7,092,322 NR/NR Ormat Funding Corp., 8.25%, 12/30/20 $ 6,657,917
------------------------------------------------------------------------------------------------------
Independent Power Producers & Energy Traders -- 1.5%
14,000,000 NR/B1 Inkia Energy, Ltd., 8.375%,
4/4/21 (144A) $ 14,735,000
940,000 NR/Baa3 Instituto Costarricense de Electricidad,
6.95%, 11/10/21 (144A) 991,700
378,098 NR/NR Juniper Generation LLC, 6.79%,
12/31/14 (144A) 321,723
2,300,000 BB-/Ba2 Listrindo Capital BV, 6.95%,
2/21/19 (144A) 2,393,587
5,025,000 BB-/B1 NRG Energy, Inc., 7.625%, 1/15/18 5,087,812
2,840,000 BB-/B1 NRG Energy, Inc., 7.625%, 5/15/19 2,797,400
8,750,000 BB-/B1 NRG Energy, Inc., 8.25%, 9/1/20 8,771,875
2,200,000 BB-/B1 NRG Energy, Inc., 8.5%, 6/15/19 2,244,000
1,857,000 BB+/Ba2 NSG Holdings LLC, 7.75%,
12/15/25 (144A) 1,866,285
--------------
$ 39,209,382
--------------
Total Utilities $ 93,883,068
------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
44 Pioneer Global High Yield Fund | Semiannual Report | 4/30/12
----------------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate (b) Ratings Value
----------------------------------------------------------------------------------------------------------
GOVERNMENT -- 0.0%
Municipal Environment -- 0.0%
4,400,000 10.36 NR/NR Ohio Air Quality Development Authority,
Floating Rate Note, 6/8/22 (144A) (d) $ 220,000
--------------
Total Government $ 220,000
----------------------------------------------------------------------------------------------------------
TOTAL CORPORATE BONDS
(Cost $1,973,189,779) $1,906,108,790
----------------------------------------------------------------------------------------------------------
FOREIGN GOVERNMENT BONDS -- 3.6%
BRL 5,700,000 BBB/Baa2 Brazilian Government International Bond,
10.25%, 1/10/28 $ 3,533,689
13,000,000 B/B2 City of Buenos Aires Argentina, 12.5%,
4/6/15 (144A) 13,162,500
COP 6,986,000,000 BBB-/Baa3 Colombia Government International Bond,
12.0%, 10/22/15 4,953,005
2,275,000 B+/B1 Dominican Republic International Bond,
7.5%, 5/6/21 (144A) 2,396,712
IDR 53,000,000,000 NR/NR Indonesia Treasury Bond, 7.0%, 5/15/22 6,230,177
IDR 84,459,000,000 NR/NR Indonesia Treasury Bond,
8.25%, 6/15/32 10,644,784
EURO 2,950,000 BBB+/Ba1 Ireland Government Bond, 4.5%, 4/18/20 3,365,597
EURO 3,150,000 BBB+/Ba1 Ireland Government Bond,
5.0%, 10/18/20 3,680,332
EURO 2,100,000 BBB+/Ba1 Ireland Government Bond,
5.9%, 10/18/19 2,637,624
MXN 144,510,000 A-/NR Mexican Bonos, 7.75%, 11/13/42 11,497,833
PHP 360,965,000 NR/NR Philippine Government Bond,
5.875%, 3/1/32 8,547,076
4,600,000 B/NR Province of Salta Argentina, 9.5%,
3/16/22 (144A) 4,002,000
7,425,000 B/B3 Provincia de Buenos Aires Argentina,
10.875%, 1/26/21 (144A) 5,151,094
2,125,000 B/B3 Provincia de Buenos Aires Argentina,
11.75%, 10/5/15 (144A) 1,854,062
2,600,000 B/NR Provincia de Neuquen Argentina, 7.875%,
4/26/21 (144A) 2,314,000
9,200,000 BBB/Baa1 Russian Foreign Bond - Eurobond,
5.625%, 4/4/42 (144A) 9,740,040
--------------
$ 93,710,525
--------------
TOTAL FOREIGN GOVERNMENT BONDS
(Cost $93,764,216) $ 93,710,525
----------------------------------------------------------------------------------------------------------
MUNICIPAL BONDS -- 0.8%
Municipal Airport -- 0.3%
8,140,000 B/B3 New Jersey Economic Development
Authority, 6.25%, 9/15/29 $ 8,159,536
----------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Global High Yield Fund | Semiannual Report | 4/30/12 45
Schedule of Investments | 4/30/12 (Consolidated) (unaudited) (continued)
--------------------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate (b) Ratings Value
--------------------------------------------------------------------------------------------------------------
Municipal Development -- 0.0%
15,000 7.00 B/B3 New Jersey Economic Development
Authority, Floating Rate Note, 11/15/30 $ 15,056
--------------------------------------------------------------------------------------------------------------
Municipal General -- 0.5%
3,545,000 BB/B1 County of Cook Illinois, 6.5%, 10/15/40 $ 3,835,619
1,885,000 BB-/B1 Illinois Finance Authority,
6.5%, 10/15/40 2,039,532
8,875,000 0.00 NR/NR Non-Profit Preferred Funding Trust I,
Floating Rate Note, 9/15/37 (144A) 5,718,162
--------------
$ 11,593,313
--------------
TOTAL MUNICIPAL BONDS
(Cost $21,231,420) $ 19,767,905
--------------------------------------------------------------------------------------------------------------
SENIOR FLOATING RATE LOAN
INTERESTS -- 9.1%**
ENERGY -- 0.6%
Oil & Gas Equipment & Services -- 0.4%
9,427,167 6.25 B+/B2 FTS International Services LLC, Term Loan,
4/19/16 $ 9,105,069
--------------------------------------------------------------------------------------------------------------
Coal & Consumable Fuels -- 0.2%
6,000,000 0.00 NR/NR Bumi Resources Tbk PT, Loan, 8/15/13 $ 6,000,000
--------------
Total Energy $ 15,105,069
--------------------------------------------------------------------------------------------------------------
MATERIALS -- 0.6%
Commodity Chemicals -- 0.1%
1,723,188 6.00 B/B2 CPG International I, Inc., Term Loan,
1/26/17 $ 1,662,876
--------------------------------------------------------------------------------------------------------------
Diversified Chemicals -- 0.4%
4,095,000 0.00 NR/NR Ineos Group Holdings, Ltd., Term Loan,
5/4/18 $ 4,120,594
EURO 4,092,762 8.00 B+/Ba3 Ineos Group Holdings, Ltd., Term C1
Facility (New), 12/16/14 5,713,406
--------------
$ 9,834,000
--------------------------------------------------------------------------------------------------------------
Metal & Glass Containers -- 0.0%
304,424 4.50 B/Ba3 BWAY Holding Co., Replacement B Term
Loan, 2/9/18 $ 305,565
28,861 4.50 B/Ba3 ICL Industrial Containers ULC,
Replacement C Term Loan, 2/9/18 28,969
--------------
$ 334,534
--------------------------------------------------------------------------------------------------------------
Paper Products -- 0.1%
2,375,533 6.50 B/B1 Exopack Holding Corp., Term Loan B,
5/6/17 $ 2,375,533
--------------
Total Materials $ 14,206,943
--------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
46 Pioneer Global High Yield Fund | Semiannual Report | 4/30/12
-------------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate (b) Ratings Value
-------------------------------------------------------------------------------------------------------
CAPITAL GOODS -- 0.7%
Aerospace & Defense -- 0.6%
3,799,904 5.47 B/B2 Dubai Aerospace Enterprise (DAE),
Tranche B-1 Loan, 7/31/14 $ 3,799,904
3,622,644 5.47 B/B2 Dubai Aerospace Enterprise (DAE),
Tranche B-2 Loan, 7/31/14 3,622,644
3,784,825 6.49 BB/B1 Hunter Defense Technologies, Inc., Series
1 New Term Loan, 8/22/14 3,349,570
1,968,441 3.49 BB-/B1 Hunter Defense Technologies, Inc., Term
Loan, 8/22/14 1,751,913
3,459,599 9.25 CCC/WR IAP Worldwide Services, Inc., Term Loan
(First-Lien), 12/20/12 3,122,288
--------------
$ 15,646,319
-------------------------------------------------------------------------------------------------------
Building Products -- 0.0%
318,182 9.00 B-/B3 Goodman Global Group, Inc., Loan
(Second Lien), 10/6/17 $ 324,247
-------------------------------------------------------------------------------------------------------
Electrical Components & Equipment -- 0.0%
857,803 5.75 B+/B1 Scotsman Industries, Inc., Term Loan,
4/30/16 $ 858,875
-------------------------------------------------------------------------------------------------------
Industrial Conglomerates -- 0.1%
1,467,116 6.25 B+/B2 Pro Mach, Inc., Term Loan, 7/6/17 $ 1,445,109
--------------
Total Capital Goods $ 18,274,550
-------------------------------------------------------------------------------------------------------
COMMERCIAL SERVICES & SUPPLIES -- 0.2%
Environmental & Facilities Services -- 0.1%
2,144,398 8.75 NR/WR Aquilex Holdings LLC, Term Loan, 4/1/16 $ 2,128,315
655,000 5.50 B+/B1 WCA Waste Corp., Term Loan, 3/1/18 658,275
--------------
$ 2,786,590
-------------------------------------------------------------------------------------------------------
Research & Consulting Services -- 0.1%
1,335,446 5.75 BB/B1 Wyle Services Corp., Term Loan
(First Lien), 3/31/17 $ 1,333,776
--------------
Total Commercial Services & Supplies $ 4,120,366
-------------------------------------------------------------------------------------------------------
TRANSPORTATION -- 0.1%
Air Freight & Logistics -- 0.1%
508,620 5.47 NR/NR CEVA Group Plc, Dollar Tranche B Pre
Funded L/C, 8/31/16 $ 480,646
794,899 5.47 NR/NR CEVA Group Plc, EGL Tranche B Term
Loan, 8/31/16 749,192
779,050 5.47 NR/Ba3 CEVA Group Plc, U.S. Tranche B Term
Loan, 8/31/16 736,202
--------------
$ 1,966,040
--------------
Total Transportation $ 1,966,040
-------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Global High Yield Fund | Semiannual Report | 4/30/12 47
Schedule of Investments | 4/30/12 (Consolidated) (unaudited) (continued)
------------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate (b) Ratings Value
------------------------------------------------------------------------------------------------------
AUTOMOBILES & COMPONENTS -- 0.8%
Auto Parts & Equipment -- 0.1%
22,398 2.74 BB-/Ba3 Allison Transmission, Inc., Term B-1 Loan,
8/7/14 $ 22,377
3,175,000 6.75 NR/NR TI Group Automotive Systems LLC, Term
Loan, 3/1/19 3,190,875
--------------
$ 3,213,252
------------------------------------------------------------------------------------------------------
Automobile Manufacturers -- 0.7%
17,269,500 6.00 BB/Ba2 Chrysler Group LLC, Tranche B Term Loan,
4/28/17 $ 17,617,187
--------------
Total Automobiles & Components $ 20,830,439
------------------------------------------------------------------------------------------------------
CONSUMER DURABLES & APPAREL -- 0.1%
Housewares & Specialties -- 0.1%
2,320,000 5.25 B+/B1 Yankee Candle Co, Inc., Initial Term Loan,
3/2/19 $ 2,340,300
--------------
Total Consumer Durables & Apparel $ 2,340,300
------------------------------------------------------------------------------------------------------
CONSUMER SERVICES -- 0.2%
Specialized Consumer Services -- 0.2%
6,325,000 5.50 B/Ba3 Ascent Capital Group, Inc., Term Loan,
3/6/18 $ 6,384,297
--------------
Total Consumer Services $ 6,384,297
------------------------------------------------------------------------------------------------------
MEDIA -- 0.3%
Advertising -- 0.1%
2,238,598 5.00 B+/Ba3 Affinion Group, Inc., Tranche B Term Loan,
10/9/16 $ 2,132,265
------------------------------------------------------------------------------------------------------
Cable & Satellite -- 0.2%
5,243,356 6.74 B-/B1 WideOpenWest LLC, Series A New Term
Loan, 6/18/14 $ 5,256,465
------------------------------------------------------------------------------------------------------
Publishing -- 0.0%
773,795 2.49 B/B2 Cengage Learning Acquisitions, Inc., Term
Loan (Non Extending), 7/4/14 $ 709,818
--------------
Total Media $ 8,098,548
------------------------------------------------------------------------------------------------------
RETAILING -- 0.2%
Automotive Retail -- 0.2%
6,467,500 7.50 NR/B1 Stackpole International, Term Loan,
7/8/17 $ 6,516,006
--------------
Total Retailing $ 6,516,006
------------------------------------------------------------------------------------------------------
FOOD, BEVERAGE & TOBACCO -- 0.6%
Packaged Foods & Meats -- 0.6%
13,297,500 7.00 B+/B1 Pierre Foods, Inc., Loan (First Lien),
9/30/16 $ 13,372,298
The accompanying notes are an integral part of these financial statements.
48 Pioneer Global High Yield Fund | Semiannual Report | 4/30/12
--------------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate (b) Ratings Value
--------------------------------------------------------------------------------------------------------
Packaged Foods & Meats -- (continued)
2,800,000 11.25 BB-/B2 Pierre Foods, Inc., Loan (Second Lien),
7/29/17 $ 2,810,500
--------------
$ 16,182,798
--------------
Total Food, Beverage & Tobacco $ 16,182,798
--------------------------------------------------------------------------------------------------------
HOUSEHOLD & PERSONAL PRODUCTS -- 0.1%
Personal Products -- 0.1%
1,503,340 4.75 BB-/Ba3 Revlon, Inc., Term Loan B, 11/19/17 $ 1,506,393
--------------
Total Household & Personal Products $ 1,506,393
--------------------------------------------------------------------------------------------------------
HEALTH CARE EQUIPMENT & SERVICES -- 1.5%
Health Care Services -- 1.0%
1,478,920 7.25 B+/Ba3 Alliance HealthCare Services, Inc., Initial
Term Loan, 6/1/16 $ 1,419,763
2,076,948 6.50 BB-/Ba3 inVentiv Health, Inc., Consolidated Term
Loan, 8/4/16 1,970,505
5,049,000 7.00 B+/B1 National Mentor Holdings, Inc., Tranche B
Term Loan, 1/18/17 5,013,238
4,236,086 8.25 B/B2 National Surgical Hospitals, Inc., Initial
Term Loan, 1/4/17 4,045,462
4,348,612 7.50 NR/B1 Prime Healthcare Services, Term B Loan,
4/28/15 4,326,869
2,816,667 8.75 BB-/Ba1 Sun Healthcare Group, Inc., Term Loan,
10/18/16 2,774,417
4,535,088 6.50 B/B1 Surgery Center Holdings, Inc., Term Loan,
9/20/16 4,331,009
1,456,563 7.25 B+/B1 Virtual Radiologic Corp., Term Loan A,
11/3/16 1,354,603
--------------
$ 25,235,866
--------------------------------------------------------------------------------------------------------
Health Care Facilities -- 0.2%
4,122,947 6.50 B/B1 Ardent Medical Services, Inc., Term Loan,
9/15/15 $ 4,138,408
--------------------------------------------------------------------------------------------------------
Managed Health Care -- 0.2%
2,305,000 8.50 B+/B1 Aveta, Inc., MMM Term Loan, 3/20/17 $ 2,302,119
2,305,000 8.50 B+/B1 Aveta, Inc., NAMM Term Loan, 4/4/17 2,310,762
--------------
$ 4,612,881
--------------------------------------------------------------------------------------------------------
Health Care Technology -- 0.1%
698,220 4.50 BB/Ba3 IMS Health, Inc., Tranche B Dollar Term
Loan (2011), 8/31/17 $ 702,008
354,592 6.25 B/NR Physician Oncology Services LP, Delayed
Draw Term Loan, 1/31/17 342,181
The accompanying notes are an integral part of these financial statements.
Pioneer Global High Yield Fund | Semiannual Report | 4/30/12 49
Schedule of Investments | 4/30/12 (Consolidated) (unaudited) (continued)
-------------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate (b) Ratings Value
-------------------------------------------------------------------------------------------------------
Health Care Technology -- (continued)
2,918,726 6.25 B/B2 Physician Oncology Services LP, Effective
Date Term Loan, 2/10/17 $ 2,816,570
--------------
$ 3,860,759
--------------
Total Health Care Equipment & Services $ 37,847,914
-------------------------------------------------------------------------------------------------------
PHARMACEUTICALS, BIOTECHNOLOGY &
LIFE SCIENCES -- 0.3%
Biotechnology -- 0.3%
6,112,625 5.50 BB/B2 Axcan Intermediate Holdings, Inc., Term
B-1 Loan, 1/25/17 $ 6,061,053
1,063,154 6.50 B+/B1 Generic Drug Holdings, Inc., Closing Date
Term Loan, 4/7/16 1,060,496
146,182 6.50 B+/B1 Generic Drug Holdings, Inc., Delayed Draw
Term Loan, 4/8/16 145,817
1,495,147 4.50 BB-/Ba3 Grifols, Inc., New U.S. Tranche B Term
Loan, 6/4/17 1,500,521
--------------
$ 8,767,887
--------------
Total Pharmaceuticals, Biotechnology &
Life Sciences $ 8,767,887
-------------------------------------------------------------------------------------------------------
DIVERSIFIED FINANCIALS -- 0.4%
Other Diversified Financial Services -- 0.3%
993,485 0.00 NR/NR Long Haul Holdings, Ltd., Facility A Loan,
1/14/13 $ 933,876
792,928 0.00 NR/NR Long Haul Holdings, Ltd., Facility B,
1/14/13 745,353
7,925,138 7.50 B+/B2 Preferred Sands Holding Co., LLC, Term B
Loan, 12/15/16 7,845,886
--------------
$ 9,525,115
-------------------------------------------------------------------------------------------------------
Consumer Finance -- 0.1%
1,765,000 5.50 CCC+/B2 Springleaf Finance Corp., Initial Loan,
5/28/17 $ 1,675,426
--------------
Total Diversified Financials $ 11,200,541
-------------------------------------------------------------------------------------------------------
INSURANCE -- 0.9%
Insurance Brokers -- 0.7%
1,663,439 3.47 B-/B2 Alliant Holdings I, Inc., Term Loan,
8/21/14 $ 1,667,362
3,290,905 6.75 B-/B2 Alliant Holdings I, Inc., Tranche D
Incremental Loan, 8/21/14 3,332,275
5,508,861 6.75 B+/B1 HUB International Holdings, Inc., 2014
Additional Term Loan, 6/13/14 5,559,311
737,601 2.97 B+/B1 HUB International Holdings, Inc., 2014
Delayed Draw Term Loan, 6/13/14 736,366
3,281,235 2.97 B+/B1 HUB International Holdings, Inc., 2014
Initial Term Loan, 6/13/14 3,269,935
The accompanying notes are an integral part of these financial statements.
50 Pioneer Global High Yield Fund | Semiannual Report | 4/30/12
------------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate (b) Ratings Value
------------------------------------------------------------------------------------------------------
Insurance Brokers -- (continued)
2,817,750 7.00 B/B1 USI Holdings Corp., Series C New Term
Loan, 5/5/14 $ 2,842,335
--------------
$ 17,407,584
------------------------------------------------------------------------------------------------------
Multi-line Insurance -- 0.2%
6,750,000 5.74 CCC+/Caa1 AmWINS Group, Inc., Initial Term Loan
(Second Lien), 6/11/13 $ 6,631,875
--------------
Total Insurance $ 24,039,459
------------------------------------------------------------------------------------------------------
REAL ESTATE -- 0.0%
Real Estate Development -- 0.0%
1,132,182 8.25 B-/B1 Ozburn-Hessey Logistics LLC, Term Loan
(First Lien), 4/7/16 $ 999,150
--------------
Total Real Estate $ 999,150
------------------------------------------------------------------------------------------------------
SOFTWARE & SERVICES -- 0.7%
Application Software -- 0.7%
15,635,000 9.00 B/Ba3 Expert Global Solutions, Inc., Term B
Advance (First Lien), 3/13/18 $ 15,498,194
698,233 5.25 B+/B1 Vertafore, Inc., Term Loan (First Lien),
7/31/16 701,507
3,500,000 9.75 CCC+/Caa1 Vertafore, Inc., Term Loan (Second Lien),
10/18/17 3,535,000
--------------
$ 19,734,701
--------------
Total Software & Services $ 19,734,701
------------------------------------------------------------------------------------------------------
TECHNOLOGY HARDWARE & EQUIPMENT -- 0.6%
Electronic Equipment Manufacturers -- 0.5%
13,175,000 0.00 BB-/B2 Viasystems, Inc., 4/3/13 $ 13,175,000
------------------------------------------------------------------------------------------------------
Electronic Components -- 0.1%
3,994,773 5.00 B/B2 Scitor Corp., Term Loan, 1/21/17 $ 3,909,884
--------------
Total Technology Hardware & Equipment $ 17,084,884
------------------------------------------------------------------------------------------------------
UTILITIES -- 0.2%
Electric Utilities -- 0.2%
8,805,543 4.74 CCC/B2 Texas Competitive Electric Holdings Co
LLC, 2017 Term Loan (Extending),
10/10/17 $ 4,846,721
--------------
Total Utilities $ 4,846,721
------------------------------------------------------------------------------------------------------
TOTAL SENIOR FLOATING RATE
LOAN INTERESTS
(Cost $241,690,637) $ 240,053,006
------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Global High Yield Fund | Semiannual Report | 4/30/12 51
Schedule of Investments | 4/30/12 (Consolidated) (unaudited) (continued)
----------------------------------------------------------------------------------------------
Shares Value
----------------------------------------------------------------------------------------------
RIGHTS/WARRANTS -- 0.0%
ENERGY -- 0.0%
Oil & Gas Equipment & Services -- 0.0%
2,275 Green Field Energy Services, Inc. (144A) $ 138,775
----------------------------------------------------------------------------------------------
Oil & Gas Exploration & Production -- 0.0%
5,925,293 Norse Energy Corp., ASA, 6/16/15 $ 155,327
----------------------------------------------------------------------------------------------
Total Energy $ 294,102
----------------------------------------------------------------------------------------------
TOTAL RIGHTS/WARRANTS
(Cost $90,991) $ 294,102
----------------------------------------------------------------------------------------------
Principal
Amount ($)
----------------------------------------------------------------------------------------------
TEMPORARY CASH INVESTMENTS -- 0.8%
Repurchase Agreements -- 0.8%
10,615,000 JPMorgan, Inc., 0.20%, dated 4/30/12,
repurchase price of $10,615,000
plus accrued interest on 5/1/12
collateralized by $10,827,307 Federal
National Mortgage Association (ARM),
2.191 - 5.904%, 11/1/35 - 8/1/45 $ 10,615,000
10,615,000 RBC Capital Markets, Inc., 0.19%, dated
4/30/12, repurchase price of
$10,615,000 plus accrued interest on
5/1/12 collateralized by $10,827,307
Freddie Mac Giant, 3.5%, 2/1/42 10,615,000
--------------
$ 21,230,000
----------------------------------------------------------------------------------------------
TOTAL TEMPORARY CASH INVESTMENTS
(Cost $21,230,000) $ 21,230,000
----------------------------------------------------------------------------------------------
TOTAL INVESTMENT IN SECURITIES -- 97.4%
(Cost $2,663,396,090) (a) (e) $2,570,669,843
----------------------------------------------------------------------------------------------
OTHER ASSETS & LIABILITIES -- 2.6% $ 69,932,801
----------------------------------------------------------------------------------------------
TOTAL NET ASSETS -- 100.0% $2,640,602,644
==============================================================================================
Notional Unrealized
Principal Swap Counterparty/Referenced Obligation Gain
----------------------------------------------------------------------------------------------
$ 14,000,000 JPMorgan Chase & Co., Index : Markit
CDX.NA.HY.17, 5.0%, 12/20/16 $1,018,624
----------
TOTAL CREDIT DEFAULT SWAP AGREEMENTS
(Cost $1,442,875) $1,018,624
==========
(A.D.R.) American Depositary Receipt.
(G.D.R.) Global Depositary Receipt.
* Non-income producing security.
WR Security rating withdrawn by either S&P or Moody's.
NR Not rated by either S&P or Moody's.
The accompanying notes are an integral part of these financial statements.
52 Pioneer Global High Yield Fund | Semiannual Report | 4/30/12
(Perpetual) Security with no stated maturity date.
(Step) Bond issued with an initial coupon rate which converts to a higher
rate at a later date.
REIT's Real Estate Investment Trust.
PIK Represents a pay in kind security.
(144A) Security is exempt from registration under Rule 144A of the
Securities Act of 1933. Such securities may be resold normally to
qualified institutional buyers in a transaction exempt from
registration. At April 30, 2012, the value of these securities
amounted to $1,333,407,384 or 50.5% of total net assets.
** Senior floating rate loan interests in which the Fund invests
generally pay interest at rates that are periodically redetermined
by reference to a base lending rate plus a premium. These base
lending rates are generally (i) the lending rate offered by one or
more major European banks, such as LIBOR (London InterBank Offered
Rate), (ii) the prime rate offered by one or more major United
States banks, (iii) the certificate of deposit or (iv) other base
lending rates used by commercial lenders. The rate shown is the
coupon rate at period end.
(a) At April 30, 2012, the net unrealized loss on investments based on
cost for federal income tax purposes of $2,662,968,665 was as
follows:
Aggregate gross unrealized gain for all investments in which there is an
excess of value over tax cost $ 112,597,557
Aggregate gross unrealized loss for all investments in which there is an
excess of tax cost over value (204,896,379)
-------------
Net unrealized loss $ (92,298,822)
=============
(b) Debt obligation with a variable interest rate. Rate shown is rate
at end of period.
(c) Security is in default and is non-income producing.
(d) Security is valued using fair value methods (other than prices
supplied by independent pricing services). See Notes to Financial
Statements -- Note 1A.
(e) Distributions of investments by country of issue (excluding
temporary cash investments) as a percentage of total investment in
securities, is as follows:
United States 57.0%
Cayman Islands 5.1
Mexico 3.9
Luxembourg 3.7
Argentina 3.4
Netherlands 3.0
Brazil 2.9
United Kingdom 2.6
Ireland 2.4
China 2.0
Canada 1.8
Singapore 1.3
Peru 1.2
Other (individually less than 1%) 9.7
-----
100.0%
=====
The accompanying notes are an integral part of these financial statements.
Pioneer Global High Yield Fund | Semiannual Report | 4/30/12 53
Schedule of Investments | 4/30/12 (Consolidated) (unaudited) (continued)
NOTE: Principal amounts are denominated in U.S. Dollars unless otherwise
noted:
NOK Norwegian Krone
EURO Euro
BRL Brazilian Real
CAD Canadian Dollar
TRY Turkish Lira
CNY New Chinese Yuan
GBP British Pound Sterling
IDR Indonesian Rupiah
PHP Philippine Peso
MXN Mexican Peso
COP Columbian Peso
Purchases and sales of securities (excluding temporary cash investments) for
the six months ended April 30, 2012 aggregated $576,403,205 and $390,452,132,
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 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.
54 Pioneer Global High Yield Fund | Semiannual Report | 4/30/12
The following is a summary of the inputs used as of April 30, 2012, in valuing
the Fund's assets:
--------------------------------------------------------------------------------------------------
Level 1 Level 2 Level 3 Total
--------------------------------------------------------------------------------------------------
Asset Backed Securities $ -- $ 53,824,510 $ -- $ 53,824,510
Collateralized Mortgage Obligations -- 33,919,580 -- 33,919,580
Corporate Bonds -- 1,905,888,790 220,000 1,906,108,790
Convertible Corporate Bonds -- 159,937,454 2,841,426 162,778,880
Municipal Bonds -- 19,767,905 -- 19,767,905
Foreign Government Bonds -- 93,710,525 -- 93,710,525
Senior Floating Rate Loan Interests -- 240,053,006 -- 240,053,006
Common Stocks 21,937,809 290,156 4,804,603 27,032,568
Preferred Stocks 8,516,620 2,934,944 -- 11,451,564
Convertible Preferred Stocks 498,413 -- -- 498,413
Warrants 155,327 138,775 -- 294,102
Repurchase Agreements -- 21,230,000 -- 21,230,000
--------------------------------------------------------------------------------------------------
Total $31,108,169 $2,531,695,645 $7,866,029 $2,570,669,843
==================================================================================================
Other Financial Instruments* $ -- $ 1,022,163 $ -- $ 1,022,163
==================================================================================================
* Other financial instruments include credit default swaps and the unrealized
gain (loss) on foreign exchange contracts
The following is a reconciliation of assets valued using significant observable
inputs (Level 3):
--------------------------------------------------------------------------------------------------
Convertible
Corporate Common Corporate
Bonds Stocks Bonds Total
--------------------------------------------------------------------------------------------------
Balance as of 10/31/11 $ -- $7,422,267 $460,680 $7,882,947
Realized gain (loss) -- 1,202,521 -- 1,202,521
Change in unrealized
appreciation (depreciation)(1) (395,042) (1,629,098) (240,680) (2,264,820)
Net purchases (sales) -- (2,191,087) -- (2,191,087)
Transfers in and out of Level 3 3,236,468 -- -- 3,236,438
--------------------------------------------------------------------------------------------------
Balance as of 4/30/12 $2,841,426 $4,804,603 $220,000 $7,866,029
==================================================================================================
(1) Realized gain (loss) on these securities is included in the net realized
gain (loss) from investments in the Statement of Operations.
(2) Unrealized appreciation (depreciation) on these securities is included in
the change in unrealized gain (loss) on investments in the Statement of
Operations.
* Transfers are calculated on the beginning of period values.
Net change in unrealized appreciation (depreciation) of
investments still held as of 4/30/12 $98,479
-------
The accompanying notes are an integral part of these financial statements.
Pioneer Global High Yield Fund | Semiannual Report | 4/30/12 55
Statement of Assets and Liabilities | 4/30/12 (Consolidated) (unaudited)
ASSETS:
Investment in securities (cost $2,663,396,090) $2,570,669,843
Cash 10,336,264
Credit default swap collateral 350,000
Foreign currencies, at value (cost $15,482,350) 15,698,190
Receivables --
Investment securities sold 10,971,471
Fund shares sold 14,327,325
Dividends and interest 49,391,891
Forward foreign currency portfolio hedge contracts, open-net 3,539
Unrealized appreciation on credit default swaps 1,018,624
Other 762,751
----------------------------------------------------------------------------------------
Total assets $2,673,529,898
----------------------------------------------------------------------------------------
LIABILITIES:
Payables --
Investment securities purchased $ 20,683,568
Fund shares repurchased 8,940,920
Dividends 2,014,933
Due to affiliates 1,092,624
Accrued expenses 161,625
Unrealized depreciation on unfunded corporate loans 33,583
----------------------------------------------------------------------------------------
Total liabilities $ 32,927,254
----------------------------------------------------------------------------------------
NET ASSETS:
Paid-in capital $3,006,640,645
Distributions in excess of net investment income (9,338,954)
Accumulated net realized loss on investments and foreign currency
transactions (265,167,897)
Net unrealized loss on investments (92,759,830)
Net unrealized gain on credit default swaps 1,018,624
Net unrealized gain on forward foreign currency contracts and other
assets and liabilities denominated in foreign currencies 210,056
----------------------------------------------------------------------------------------
Total net assets $2,640,602,644
========================================================================================
NET ASSET VALUE PER SHARE:
No par value (unlimited number of shares authorized)
Class A (based on $703,163,556/70,715,793 shares) $ 9.94
Class B (based on 43,546,186/4,376,443 shares) $ 9.95
Class C (based on $465,460,838/46,933,451 shares) $ 9.92
Class Y (based on $1,420,400,798/145,314,429 shares) $ 9.77
Class Z (based on $8,031,266/784,801 shares) $ 10.23
MAXIMUM OFFERING PRICE:
Class A ($9.94 [divided by] 95.5%) $ 10.41
========================================================================================
The accompanying notes are an integral part of these financial statements.
56 Pioneer Global High Yield Fund | Semiannual Report | 4/30/12
Statement of Operations (Consolidated) (unaudited)
For Six Months Ended 4/30/12
INVESTMENT INCOME:
Interest (net of foreign taxes withheld of $17,909) $ 108,294,523
Dividends (net of foreign taxes withheld of $18,741) 689,269
Income from securities loaned, net 79,184
----------------------------------------------------------------------------------------------------------
Total investment income $ 109,062,976
----------------------------------------------------------------------------------------------------------
EXPENSES:
Management fees $ 7,359,869
Transfer agent fees
Class A 351,610
Class B 35,705
Class C 127,606
Class Y 41,868
Class Z 3,150
Distribution fees
Class A 821,908
Class B 230,328
Class C 2,260,518
Shareholder communication expense 1,518,458
Administrative reimbursements 358,738
Custodian fees 49,378
Registration fees 130,242
Professional fees 71,939
Printing expense 24,038
Fees and expenses of nonaffiliated Trustees 39,707
Miscellaneous 144,418
----------------------------------------------------------------------------------------------------------
Total expenses $ 13,569,481
----------------------------------------------------------------------------------------------------------
Net investment income $ 95,493,495
----------------------------------------------------------------------------------------------------------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS,
CLASS ACTION AND FOREIGN CURRENCY TRANSACTIONS:
Net realized gain (loss) on:
Investments $ (27,898,485)
Class actions 610,059
Credit default swaps (947,611)
Forward foreign currency contracts and other assets and liabilities
denominated in foreign currencies (871,473) $ (29,107,510)
----------------------------------------------------------------------------------------------------------
Change in net unrealized loss on:
Investments $ 70,692,488
Credit default swaps 1,204,474
Forward foreign currency contracts and other assets and liabilities
denominated in foreign currencies 221,332 $ 72,118,294
----------------------------------------------------------------------------------------------------------
Net gain on investments $ 43,010,784
----------------------------------------------------------------------------------------------------------
Net increase in net assets resulting from operations $ 138,504,279
==========================================================================================================
The accompanying notes are an integral part of these financial statements.
Pioneer Global High Yield Fund | Semiannual Report | 4/30/12 57
Statements of Changes in Net Assets
Six Months
Ended
4/30/12 Year Ended
(unaudited) 10/31/11
FROM OPERATIONS:
Net investment income $ 95,493,495 $ 205,492,800
Net realized gain (loss) on investments, credit default swaps,
class actions and foreign currency transactions (29,107,510) 64,438,836
Change in net unrealized gain (loss) on investments and foreign
currency transactions 72,118,294 (239,192,629)
--------------------------------------------------------------------------------------------------------
Net increase in net assets resulting from operations $ 138,504,279 $ 30,739,007
--------------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO SHAREOWNERS:
Net investment income:
Class A ($0.43 and $0.77 per share, respectively) $ (29,030,404) $ (71,500,008)
Class B ($0.39 and $0.69 per share, respectively) (1,867,911) (4,324,584)
Class C ($0.40 and $0.70 per share, respectively) (18,553,265) (34,373,840)
Class Y ($0.44 and $0.80 per share, respectively) (61,472,202) (93,119,401)
Class Z ($0.46 and $0.83 per share, respectively) (345,124) (1,004,924)
--------------------------------------------------------------------------------------------------------
Total distributions to shareowners $ (111,268,906) $ (204,322,757)
--------------------------------------------------------------------------------------------------------
FROM FUND SHARE TRANSACTIONS:
Net proceeds from sale or exchange of shares $ 504,833,366 $ 1,848,261,452
Reinvestment of distributions 96,967,762 166,943,218
Cost of shares repurchased (520,287,942) (1,997,556,834)
--------------------------------------------------------------------------------------------------------
Net increase in net assets resulting from
Fund share transactions $ 81,513,186 $ 17,647,836
--------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets $ 108,748,559 $ (155,935,914)
NET ASSETS:
Beginning of period 2,531,854,085 2,687,789,999
--------------------------------------------------------------------------------------------------------
End of period $2,640,602,644 $ 2,531,854,085
========================================================================================================
Undistributed (distributions in excess of) net investment income $ (9,338,954) $ 6,436,457
========================================================================================================
The accompanying notes are an integral part of these financial statements.
58 Pioneer Global High Yield Fund | Semiannual Report | 4/30/12
---------------------------------------------------------------------------------------------------
'12 Shares '12 Amount '11 Shares '11 Amount
(unaudited) (unaudited)
---------------------------------------------------------------------------------------------------
Class A
Shares sold 14,689,614 $ 144,155,419 45,322,070 $ 478,856,191
Reinvestment of distributions 2,563,272 25,033,386 5,325,281 55,922,586
Less shares repurchased (12,554,626) (122,504,822) (90,708,421) (956,573,557)
---------------------------------------------------------------------------------------------------
Net increase (decrease) 4,698,260 $ 46,683,983 (40,061,070) $ (421,794,780)
===================================================================================================
Class B
Shares sold or exchanged 70,379 $ 687,915 182,501 $ 1,919,382
Reinvestment of distributions 154,313 1,504,922 315,412 3,301,623
Less shares repurchased (985,227) (9,628,117) (2,965,546) (31,230,042)
---------------------------------------------------------------------------------------------------
Net decrease (760,535) $ (7,435,280) (2,467,633) $ (26,009,037)
===================================================================================================
Class C
Shares sold 3,916,842 $ 38,326,162 8,590,010 $ 90,033,530
Reinvestment of distributions 1,295,816 12,611,271 2,193,451 22,827,373
Less shares repurchased (5,265,238) (51,171,484) (13,781,313) (142,849,741)
---------------------------------------------------------------------------------------------------
Net decrease (52,580) $ (234,052) (2,997,852) $ (29,988,838)
===================================================================================================
Class Y
Shares sold 33,216,245 $ 320,369,641 123,093,815 $1,257,879,328
Reinvestment of distributions 5,995,513 57,569,484 8,210,266 84,133,526
Less shares repurchased (35,139,544) (335,804,005) (82,635,654) (847,547,383)
---------------------------------------------------------------------------------------------------
Net increase 4,072,214 $ 42,135,120 48,668,427 $ 494,465,471
===================================================================================================
Class Z
Shares sold 127,481 $ 1,294,229 1,776,624 $ 19,573,021
Reinvestment of distributions 24,759 248,698 69,254 758,110
Less shares repurchased (117,088) (1,179,513) (1,778,794) (19,356,111)
---------------------------------------------------------------------------------------------------
Net increase 35,152 $ 363,414 67,084 $ 975,020
===================================================================================================
The accompanying notes are an integral part of these financial statements.
Pioneer Global High Yield Fund | Semiannual Report | 4/30/12 59
Financial Highlights
------------------------------------------------------------------------------------------------------
Six Months
Ended
4/30/12
(Consolidated)
(unaudited)
------------------------------------------------------------------------------------------------------
Class A
Net asset value, beginning of period $ 9.83
------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income $ 0.38
Net realized and unrealized gain (loss) on investments and foreign currency
transactions 0.16
------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 0.54
Distributions to shareowners:
Net investment income (0.43)
Net realized gain --
------------------------------------------------------------------------------------------------------
Total distributions $ (0.43)
------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ 0.11
------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 9.94
======================================================================================================
Total return* 5.68%
Ratio of net expenses to average net assets+ 1.12%*
Ratio of net investment income to average net assets+ 7.72%*
Portfolio turnover rate 32%*
Net assets, end of period (in thousands) $703,164
Ratios with no waiver of fees and assumption of expenses by the Adviser and no
reduction for fees paid indirectly:
Net expenses 1.12%*
Net investment income 7.72%*
Ratios with waiver of fees and assumption of expenses by the Adviser and reduction for
fees paid indirectly:
Net expenses 1.12%*
Net investment income 7.72%*
======================================================================================================
---------------------------------------------------------------------------------------------------------------------
Year Ended
10/31/11 Year 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) $648,797 $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 Ended Year Ended
10/31/09 10/31/08
-------------------------------------------------------------------------------------------------------------------
Class A
Net asset value, beginning of period $ 7.56 $ 12.30
-------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income $ 0.90 $ 1.03
Net realized and unrealized gain (loss) on investments and foreign currency
transactions 1.98 (4.59)
-------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 2.88 $ (3.56)
Distributions to shareowners:
Net investment income (1.05) (1.07)
Net realized gain -- (0.11)
-------------------------------------------------------------------------------------------------------------------
Total distributions $ (1.05) $ (1.18)
-------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ 1.83 $ (4.74)
-------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 9.39 $ 7.56
===================================================================================================================
Total return* 43.56% (31.45)%
Ratio of net expenses to average net assets+ 1.10% 1.10%
Ratio of net investment income to average net assets+ 11.68% 9.25%
Portfolio turnover rate 33% 25%
Net assets, end of period (in thousands) $1,018,040 $759,925
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%
Net investment income 11.46% 9.17%
Ratios with waiver of fees and assumption of expenses by the Adviser and reduction for
fees paid indirectly:
Net expenses 1.10% 1.10%
Net investment income 11.68% 9.25%
===================================================================================================================
-----------------------------------------------------------------------------------------------------
Year Ended
10/31/07
-----------------------------------------------------------------------------------------------------
Class A
Net asset value, beginning of period $ 12.34
-----------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income $ 0.96
Net realized and unrealized gain (loss) on investments and foreign currency
transactions 0.04
-----------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 1.00
Distributions to shareowners:
Net investment income (0.98)
Net realized gain (0.06)
-----------------------------------------------------------------------------------------------------
Total distributions $ (1.04)
-----------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ (0.04)
-----------------------------------------------------------------------------------------------------
Net asset value, end of period $ 12.30
=====================================================================================================
Total return* 8.30%
Ratio of net expenses to average net assets+ 1.06%
Ratio of net investment income to average net assets+ 7.73%
Portfolio turnover rate 31%
Net assets, end of period (in thousands) $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 1.06%
Net investment income 7.73%
Ratios with waiver of fees and assumption of expenses by the Adviser and reduction for
fees paid indirectly:
Net expenses 1.06%
Net investment income 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.
** Annualized.
+ Ratios with no reduction for fees paid indirectly.
The accompanying notes are an integral part of these financial statements.
60 Pioneer Global High Yield Fund | Semiannual Report | 4/30/12
------------------------------------------------------------------------------------------------------
Six Months
Ended
4/30/12
(Consolidated)
(unaudited)
------------------------------------------------------------------------------------------------------
Class B
Net asset value, beginning of period $ 9.83
------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income $ 0.28
Net realized and unrealized gain (loss) on investments and foreign currency
transactions 0.23
------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 0.51
Distributions to shareowners:
Net investment income (0.39)
Net realized gain --
------------------------------------------------------------------------------------------------------
Total distributions $ (0.39)
------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ 0.12
------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 9.95
======================================================================================================
Total return* 5.37%
Ratio of net expenses to average net assets+ 1.92%*
Ratio of net investment income to average net assets+ 5.90%*
Portfolio turnover rate 32%*
Net assets, end of period (in thousands) $43,546
Ratios with no waiver of fees and assumption of expenses by the Adviser and no
reduction for fees paid indirectly:
Net expenses 1.92%*
Net investment income 5.90%*
Ratios with waiver of fees and assumption of expenses by the Adviser and reduction for
fees paid indirectly:
Net expenses 1.92%*
Net investment income 5.90%*
======================================================================================================
---------------------------------------------------------------------------------------------------------------------
Year Ended
10/31/11 Year 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) $50,513 $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 6.56% 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 Ended Year Ended Year 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.
** Annualized.
+ Ratios with no reduction for fees paid indirectly.
The accompanying notes are an integral part of these financial statements.
Pioneer Global High Yield Fund | Semiannual Report | 4/30/12 61
Financial Highlights (continued)
-------------------------------------------------------------------------------------------------------------
Six Months
Ended
4/30/12
(Consolidated)
(unaudited)
-------------------------------------------------------------------------------------------------------------
Class C
Net asset value, beginning of period $ 9.80
-------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income $ 0.33
Net realized and unrealized gain (loss) on investments and foreign currency
transactions 0.19
-------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 0.52
Distributions to shareowners:
Net investment income (0.40)
Net realized gain --
-------------------------------------------------------------------------------------------------------------
Total distributions $ (0.40)
-------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ 0.12
-------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 9.92
=============================================================================================================
Total return* 5.45%
Ratio of net expenses to average net assets+ 1.78%*
Ratio of net investment income to average net assets+ 6.74%*
Portfolio turnover rate 32%*
Net assets, end of period (in thousands) $465,461
Ratios with no waiver of fees and assumption of expenses by the Adviser and no
reduction for fees paid indirectly:
Net expenses 1.78%*
Net investment income 6.74%*
Ratios with waiver of fees and assumption of expenses by the Adviser and reduction for
fees paid indirectly:
Net expenses 1.78%*
Net investment income 6.74%*
=============================================================================================================
-----------------------------------------------------------------------------------------------------------------------
Year Ended
10/31/11 Year 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) $460,512 $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 Ended Year Ended Year 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.
** Annualized.
+ Ratios with no reduction for fees paid indirectly.
The accompanying notes are an integral part of these financial statements.
62 Pioneer Global High Yield Fund | Semiannual Report | 4/30/12
-----------------------------------------------------------------------------------------------------------
Six Months
Ended
4/30/12
(Consolidated)
(unaudited)
-----------------------------------------------------------------------------------------------------------
Class Y
Net asset value, beginning of period $ 9.66
-----------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income $ 0.39
Net realized and unrealized gain (loss) on investments and foreign currency
transactions 0.16
-----------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 0.55
Distributions to shareowners:
Net investment income (0.44)
Net realized gain --
-----------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ 0.11
-----------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 9.77
===========================================================================================================
Total return* 5.91%
Ratio of net expenses to average net assets+ 0.81%*
Ratio of net investment income to average net assets+ 8.00%*
Portfolio turnover rate 32%*
Net assets, end of period (in thousands) $1,420,401
Ratios with no waiver of fees and assumption of expenses by the Adviser and no
reduction for fees paid indirectly:
Net expenses 0.81%*
Net investment income 8.00%*
Ratios with waiver of fees and assumption of expenses by the Adviser and reduction for
fees paid indirectly:
Net expenses 0.81%*
Net investment income 8.00%*
===========================================================================================================
--------------------------------------------------------------------------------------------------------------------------
Year Ended
10/31/11 Year 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) $1,364,650 $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 Ended Year Ended Year 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.
** Annualized.
+ Ratios with no reduction for fees paid indirectly.
The accompanying notes are an integral part of these financial statements.
Pioneer Global High Yield Fund | Semiannual Report | 4/30/12 63
Financial Highlights (continued)
-----------------------------------------------------------------------------------------------------------
Six Months
Ended
4/30/12
(Consolidated)
(unaudited)
-----------------------------------------------------------------------------------------------------------
Class Z
Net asset value, beginning of period $10.11
-----------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income $ 0.40
Net realized and unrealized gain (loss) on investments and foreign currency
transactions 0.18
-----------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 0.58
Distributions to shareowners:
Net investment income (0.46)
Net realized gain --
-----------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $(0.46)
-----------------------------------------------------------------------------------------------------------
Net asset value, end of period $10.23
===========================================================================================================
Total return* 5.89%
Ratio of net expenses to average net assets+ 0.85%*
Ratio of net investment income to average net assets+ 7.94%*
Portfolio turnover rate 32%*
Net assets, end of period (in thousands) $8,031
Ratios with no waiver of fees and assumption of expenses by the Adviser and no
reduction for fees paid indirectly:
Net expenses 0.85%*
Net investment income 7.94%*
Ratios with waiver of fees and assumption of expenses by the Adviser and reduction for
fees paid indirectly:
Net expenses 0.85%*
Net investment income 7.94%*
===========================================================================================================
-------------------------------------------------------------------------------------------------------------------------
Year Ended
10/31/11 Year 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 Ended Year Ended
10/31/09 10/31/08
--------------------------------------------------------------------------------------------------------------------------
Class Z
Net asset value, beginning of period $ 7.79 $12.31
--------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income $ 1.00 $ 1.07
Net realized and unrealized gain (loss) on investments and foreign currency
transactions 1.98 (4.37)
--------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 2.98 $(3.30)
Distributions to shareowners:
Net investment income (1.10) (1.11)
Net realized gain -- (0.11)
--------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ 1.88 $(4.52)
--------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 9.67 $ 7.79
==========================================================================================================================
Total return* 43.69% (29.21)%
Ratio of net expenses to average net assets+ 0.90% 0.90%
Ratio of net investment income to average net assets+ 11.46% 9.85%
Portfolio turnover rate 33% 25%
Net assets, end of period (in thousands) $4,283 $2,366
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%
Net investment income 11.13% 9.64%
Ratios with waiver of fees and assumption of expenses by the Adviser and reduction for
fees paid indirectly:
Net expenses 0.90% 0.90%
Net investment income 11.46% 9.85%
==========================================================================================================================
-----------------------------------------------------------------------------------------------------------
7/6/07 (a) to
10/31/07
-----------------------------------------------------------------------------------------------------------
Class Z
Net asset value, beginning of period $12.65
-----------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income $ 0.33
Net realized and unrealized gain (loss) on investments and foreign currency
transactions (0.35)
-----------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $(0.02)
Distributions to shareowners:
Net investment income (0.32)
Net realized gain --
-----------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $(0.34)
-----------------------------------------------------------------------------------------------------------
Net asset value, end of period $12.31
===========================================================================================================
Total return* (0.09)%(b)
Ratio of net expenses to average net assets+ 0.69%**
Ratio of net investment income to average net assets+ 8.30%**
Portfolio turnover rate 31%(b)
Net assets, end of period (in thousands) $ 97
Ratios with no waiver of fees and assumption of expenses by the Adviser and no
reduction for fees paid indirectly:
Net expenses 0.69%**
Net investment income 8.30%**
Ratios with waiver of fees and assumption of expenses by the Adviser and reduction for
fees paid indirectly:
Net expenses 0.69%**
Net investment income 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.
64 Pioneer Global High Yield Fund | Semiannual Report | 4/30/12
Notes to Financial Statements | 4/30/12 (Consolidated) (unaudited)
1. Organization and Significant Accounting Policies
Pioneer Global High Yield Fund (the Fund) is a series of Pioneer Series Trust
VII, a Delaware statutory trust. The Fund is registered under the Investment
Company Act of 1940 as a diversified, open-end management investment company.
The investment objective of the Fund is to maximize total return through a
combination of income and capital appreciation.
The Fund offers five classes of shares designated as Class A, Class B, Class C,
Class Y and Class Z shares. Class Y shares were first publicly offered on
December 28, 2005. Class Z shares were first publicly offered on July 6, 2007.
Effective 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.
Pioneer Global High Yield Fund | Semiannual Report | 4/30/12 65
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.
Credit default swaps are valued by an independent pricing service based upon
valuation models incorporating default probabilities, estimated recovery
rates, actual reported transactions, and other available market data. Equity
securities that have traded on an exchange are valued at the last sale price
on the principal exchange where they are traded. Equity securities that have
not traded on the date of valuation, or securities for which sale prices are
not available, generally are valued using the mean between the last bid and
asked prices. 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.
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.
66 Pioneer Global High Yield Fund | Semiannual Report | 4/30/12
At April 30, 2012, four securities were valued using fair value methods (in
addition to securities valued using prices supplied by independent pricing
services) representing 0.2% 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
Pioneer Global High Yield Fund | Semiannual Report | 4/30/12 67
portfolio hedge is offset by entry into a closing transaction or
extinguished by delivery of the currency. Risks may arise upon entering into
these contracts from the potential inability of counterparties to meet the
terms of the contract and from unanticipated movements in the value of
foreign currencies relative to the U.S. dollar (See Note 8).
D. Federal Income Taxes
It is the Fund's policy to comply with the requirements of the Internal
Revenue Code applicable to regulated investment companies and to distribute
all of its taxable income and net realized capital gains, if any, to its
shareowners. Therefore, no federal income tax provision is required. Tax
years for the prior three fiscal years remain subject to examination by
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.
The tax character of current year distributions payable will be determined
at the end of the current taxable year. The tax character of distributions
paid during the year ended October 31, 2011 was as follows:
--------------------------------------------------------------------------------
2011
--------------------------------------------------------------------------------
Distributions paid from:
Ordinary income $204,322,757
--------------------------------------------------------------------------------
Total $204,322,757
================================================================================
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,
68 Pioneer Global High Yield Fund | Semiannual Report | 4/30/12
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 $100,062 in underwriting commissions on the sale of Class A shares
during the six months ended April 30, 2012.
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 six months ended April 30, 2012, the Fund recognized
gains of $610,059 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).
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
Pioneer Global High Yield Fund | Semiannual Report | 4/30/12 69
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 may lend 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. There were no securities on loan at
April 30, 2012.
70 Pioneer Global High Yield Fund | Semiannual Report | 4/30/12
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.
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 six months ended April 30, 2012, the Fund opened one credit
default swap, with a notional amount of $14,000,000, which was still open at
period end. Credit default swap contracts outstanding at period end are
listed at the end of the Fund's schedule of investments.
Pioneer Global High Yield Fund | Semiannual Report | 4/30/12 71
2. Management Agreement
PIM, a wholly owned indirect subsidiary of UniCredit, the Fund's investment
adviser, manages the Fund's portfolio. Management fees are calculated daily at
the annual rate of 0.70% of the Fund's average daily net assets up to $500
million; 0.65% of the next $500 million; 0.60% of the next $500 million; 0.55%
of the next $500 million; and 0.45% of the excess over $2 billion. For the six
months ended April 30, 2012, the effective management fee (excluding waivers
and/or assumption of expenses) was equivalent to 0.59% 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 were in effect through March 1,
2012.
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
$244,890 in management fees, administrative costs and certain other
reimbursements payable to PIM at April 30, 2012.
3. Transfer Agent
PIMSS, a wholly owned indirect subsidiary of UniCredit, provides substantially
all transfer agent and shareowner services to the Fund at negotiated rates.
In addition, the Fund reimburses PIMSS for out-of-pocket expenses incurred by
PIMSS related to shareholder communications activities such as proxy and
statement mailings, outgoing phone calls and omnibus relationship contracts.
For the six months ended April 30, 2012, such out-of-pocket expenses by class
of shares were as follows:
--------------------------------------------------------------------------------
Shareholder Communications:
--------------------------------------------------------------------------------
Class A $ 357,658
Class B 25,339
Class C 139,666
Class Y 991,797
Class Z 3,998
--------------------------------------------------------------------------------
Total $1,518,458
================================================================================
Included in "Due to affiliates" reflected on the Statement of Assets and
Liabilities is $773,156 in transfer agent fees and out-of-pocket reimbursements
payable to PIMSS at April 30, 2012.
72 Pioneer Global High Yield Fund | Semiannual Report | 4/30/12
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
April 30, 2012, 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 Assets
and Liabilities is $74,578 in distribution fees payable to PFD at April 30,
2012.
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 six
months ended April 30, 2012, CDSCs in the amount of $37,643 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 committed, unsecured revolving line of credit
facility. Borrowings are used solely for temporary or emergency purposes. The
Fund
Pioneer Global High Yield Fund | Semiannual Report | 4/30/12 73
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. The credit
facility in effect until January 20, 2012 was in the amount of $165 million.
Under such facility, interest on borrowings was 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 credit facility in effect as of February 15, 2012 is
in the amount of $215 million. Under such facility, depending on the type of
loan, interest on borrowings is payable at LIBOR plus 0.90% on an annualized
basis, or the Alternate Base Rate, which is the greater of (a) the facility's
administrative agent's daily announced prime rate on the borrowing date, (b) 2%
plus the Federal Funds Rate on the borrowing date and (c) 2% plus the overnight
Euro dollar rate on the borrowing date. The Funds pay an annual commitment fee
to participate in a credit facility. The commitment fee is allocated among
participating Funds based on an allocation schedule set forth in the credit
agreement. For the six months ended April 30, 2012, the Fund had no outstanding
borrowings under a credit facility.
7. Expense Offset Arrangements
The Fund has entered into certain expense offset arrangements with PIMSS which
may result in a reduction in the Fund's total expenses due to interest earned
on cash held by PIMSS. For the six months ended April 30, 2012, the Fund's
expenses were not reduced under such arrangements.
8. Forward Foreign Currency Contracts
During the six months ended April 30, 2012, 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 six months ended April 30, 2012 was
$21,854,586.
Open hedges at April 30, 2012 were as follows:
----------------------------------------------------------------------------------------------------------------------
Net
Contracts to In Exchange Settlement Unrealized
Currency deliver For USD Date Value Gain (Loss)
----------------------------------------------------------------------------------------------------------------------
EUR (Euro) (15,000,000) $(19,964,550) 5/15/12 $(19,855,636) $(19,855,636)
EUR (Euro) (4,900,000) (6,474,478) 5/18/12 (6,486,260) (6,486,260)
EUR (Euro) 19,964,550 19,964,550 5/15/12 19,964,550 19,964,550
EUR (Euro) 6,474,478 6,474,478 5/18/12 6,474,478 6,474,478
GBP (Pound Sterling) (2,000,000) (3,152,734) 5/14/12 (3,246,326) (3,246,326)
GBP (Pound Sterling) 3,152,734 3,152,734 5/14/12 3,152,734 3,152,734
----------------------------------------------------------------------------------------------------------------------
Total $ 3,539
======================================================================================================================
74 Pioneer Global High Yield Fund | Semiannual Report | 4/30/12
9. Unfunded Loan Commitments
As of April 30, 2012, the fund had unfunded loan commitments of approximately
$746,287 (excluding unrealized depreciation on those commitments of $33,583 as
of April 30, 2012) 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., Delayed
Draw Term Loan 746,287 $746,287 $712,704 $(33,583)
-------------------------------------------------------------------------------------------------------
Total $(33,583)
=======================================================================================================
In addition, the Fund had the following bridge loan commitments outstanding at
April 30, 2012:
-----------------------------------------------------------------------------------------------------------
Net
Unrealized
Loan Shares Cost Value Gain
-----------------------------------------------------------------------------------------------------------
Molycorp, Inc., Senior Unsecued Bridge Loan 5,762,000 $5,762,000 $5,762,000 $--
-----------------------------------------------------------------------------------------------------------
Total $--
===========================================================================================================
10. Additional Disclosures about Derivative Instruments and Hedging Activities:
Values of derivative instruments as of April 30, 2012 were as follows:
-----------------------------------------------------------------------------------------------------
Derivatives Not
Accounted for as
Hedging Instruments Asset Derivatives 2012 Liabilities Derivatives 2012
Under Accounting ------------------------------ ---------------------------------
Standards Codification Balance Sheet Balance Sheet
(ASC) 815 Location Value Location Value
-----------------------------------------------------------------------------------------------------
Foreign Exchange Contracts Receivables $29,521,762 Payables $29,588,223
Credit Default Swaps Receivables $ 1,442,874 Payables $ 424,450
-----------------------------------------------------------------------------------------------------
Total $30,540,386 $30,012,673
=====================================================================================================
Pioneer Global High Yield Fund | Semiannual Report | 4/30/12 75
The effect of derivative instruments on the Statement of Operations for the six
months ended April 30, 2012 was as follows:
-------------------------------------------------------------------------------------------------------------
Derivatives Not Change in
Accounted for as Realized Gain Unrealized Gain
Hedging Instruments or (Loss) 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 loss on forward foreign
Contracts currency contracts $(368,895)
Foreign Exchange Change in unrealized loss on forward
Contracts foreign currency contracts $64,815
Credit Default Swaps Net realized loss on credit default swaps $(947,611)
Credit Default Swaps Change in unrealized loss on credit
default swaps $1,204,474
76 Pioneer Global High Yield Fund | Semiannual Report | 4/30/12
Approval of Investment Advisory Agreement
Pioneer Investment Management, Inc. (PIM) serves as the investment adviser to
Pioneer Global High Yield Fund (the Fund) pursuant to an investment advisory
agreement between PIM and the Fund. In order for PIM to remain the investment
adviser of the Fund, the Trustees of the Fund must determine annually whether
to renew the investment advisory agreement for the Fund.
The contract review process began in March 2011 as the Trustees of the Fund
agreed on, among other things, an overall approach and timeline for the
process. In July 2011, the Trustees approved the format of the contract review
materials and submitted their formal request to PIM to furnish information
necessary to evaluate the terms of the investment advisory agreement. The
contract review materials were provided to the Trustees in July 2011 and
September 2011. After reviewing and discussing the materials, the Trustees
submitted a request for additional information to PIM, and materials were
provided in response to this request. Meetings of the Independent Trustees of
the Fund were held in July, September, October, and November, 2011 to review
and discuss the contract review materials. In addition, the Trustees took into
account the information related to the Fund provided to the Trustees at each
regularly scheduled meeting.
At a meeting held on November 29, 2011, based on their evaluation of the
information provided by PIM and third parties, the Trustees of the Fund,
including the Independent Trustees voting separately, unanimously approved the
renewal of the investment advisory agreement for another year. In considering
the renewal of the investment advisory agreement, the Trustees considered
various factors that they determined were relevant, including the factors
described below. The Trustees did not identify any single factor as the
controlling factor in determining to approve the renewal of the agreement.
Nature, Extent and Quality of Services
The Trustees considered the nature, extent and quality of the services that had
been provided by PIM to the Fund, taking into account the investment objective
and strategy of the Fund. The Trustees reviewed the terms of the investment
advisory agreement. The Trustees also reviewed PIM's investment approach for
the Fund, its research process and its process for trade execution. The
Trustees considered the resources of PIM and the personnel of PIM who provide
investment management services to the Fund. The Trustees considered the
non-investment resources and personnel of PIM involved in PIM's services to the
Fund, including PIM's compliance and legal resources and personnel. The
Trustees also considered the substantial attention and high priority given by
PIM's senior management to the Pioneer fund complex. In addition, the
Pioneer Global High Yield Fund | Semiannual Report | 4/30/12 77
Trustees considered PIM's plans to increase resources in its investment
management function and other enhancements to PIM's advisory capabilities.
The Trustees considered that PIM supervises and monitors the performance of the
Fund's service providers and provides the Fund with personnel (including Fund
officers) and other resources that are necessary for the Fund's business
management and operations. The Trustees also considered that, as administrator,
PIM is responsible for the administration of the Fund's business and other
affairs. The Trustees considered the fees paid to PIM for the provision of
administration services.
Based on these considerations, the Trustees concluded that the nature, extent
and quality of services that had been provided by PIM to the Fund were
satisfactory and consistent with the terms of the investment advisory
agreement.
Performance of the Fund
The Trustees considered the performance results of the Fund over various time
periods. They reviewed information comparing the Fund's performance with the
performance of its peer group of funds as classified by Morningstar, Inc.
(Morningstar), an independent provider of investment company data, and with the
performance of the Fund's benchmark index. The Trustees considered that the
Fund's annualized total return was in the first quintile of its Morningstar
category for the one year period ended June 30, 2011, in the fourth quintile of
its Morningstar category for the three year period ended June 30, 2011, and in
the third quintile of its Morningstar category for the five year period ended
June 30, 2011. (In all quintile rankings referred to throughout this
disclosure, first quintile is most favorable to the Fund's shareowners. Thus,
highest relative performance would be first quintile and lowest relative
expenses would also be first quintile.) The Trustees also considered that the
Fund's twelve month average gross portfolio yield (using month end 30 day
effective yields) exceeded the twelve month average yield of the Fund's
benchmark index. The Trustees noted that the Fund's performance was improving.
They indicated that they were satisfied with the information presented with
respect to the Fund's performance.
Management Fee and Expenses
The Trustees considered information showing the fees and expenses of the Fund
in comparison to the management fees and expense ratios of its peer group of
funds as classified by Morningstar and also to the expense ratios of a peer
group of funds selected on the basis of criteria determined by the Independent
Trustees for this purpose using data provided by Strategic Insight Mutual Trust
Research and Consulting, LLC (Strategic Insight), an independent third party.
The Trustees considered that the Fund's management fee for the twelve months
ended June 30, 2011 was in the third quintile relative to the management fees
78 Pioneer Global High Yield Fund | Semiannual Report | 4/30/12
paid by other funds in its Morningstar peer group for the comparable period.
The Trustees noted that the assets of the Fund were currently in excess of the
last breakpoint in the Fund's management fee schedule. The Trustees considered
information that showed that the current fee schedule for the Fund would remain
competitive at higher asset levels. The Trustees considered that the Fund's
expense ratio for the twelve months ended June 30, 2011 was in the fifth
quintile relative to its Strategic Insight peer group for the comparable
period. The Trustees noted that the Fund's expense ratio was seven basis points
above the median expense ratio of its peer group. The Trustees also compared
the expense ratio of the Fund with the funds in the Fund's Morningstar peer
group, which was comprised of a greater number of funds than the Strategic
Insight peer group, and noted that the Fund's expense ratio for the twelve
months ended June 30, 2011 was in the third quintile relative to its
Morningstar category.
The Trustees reviewed gross and net management fees charged by PIM to its
institutional and other clients, including publicly offered European funds,
U.S. registered investment companies (in a sub-advisory capacity), and
unaffiliated foreign and domestic separate accounts. The Trustees also
considered PIM's costs in providing services to the Fund and to its other
clients and considered the differences in management fees and profit margins
for PIM's Fund and non-Fund services. In evaluating the fees associated with
PIM's client accounts, the Trustees took into account the respective demands,
resources and complexity associated with the Fund and client accounts. The
Trustees noted that in some instances the fee rates for those clients were
lower than the management fee for the Fund and considered that, under the
investment advisory agreement with the Fund, PIM performs additional services
for the Fund that it does not provide to those other clients or services that
are broader in scope, including oversight of the Fund's other service providers
and activities related to compliance and the extensive regulatory and tax
regimes to which the Fund is subject. The Trustees also considered the
different entrepreneurial risks associated with PIM's management of the Fund
and the other client accounts. The Trustees concluded that the management fee
payable by the Fund to PIM was reasonable in relation to the nature and quality
of the services provided by PIM.
Profitability
The Trustees considered information provided by PIM regarding the profitability
of PIM with respect to the advisory services provided by PIM to the Fund,
including the methodology used by PIM in allocating certain of its costs to the
management of the Fund. The Trustees also considered PIM's profit margin in
connection with the overall operation of the Fund. They further reviewed the
financial results realized by PIM and its affiliates from non-fund businesses.
The Trustees considered PIM's profit margins with respect to the Fund in
comparison to the limited industry data available and noted that the
profitability of any adviser was affected by numerous factors, including its
Pioneer Global High Yield Fund | Semiannual Report | 4/30/12 79
organizational structure and method for allocating expenses. The Trustees
concluded that PIM's profitability with respect to the management of the Fund
was not unreasonable.
Economies of Scale
The Trustees considered PIM's views relating to economies of scale in
connection with the Pioneer Funds as fund assets grow and the extent to which
any such economies of scale are shared with funds and fund shareholders. The
Trustees noted the breakpoints in the management fee schedule. The Trustees
recognize that economies of scale are difficult to identify and quantify,
rarely identifiable on a Fund-by-Fund basis, and that, among other factors that
may be relevant, are the following: fee levels, expense subsidization,
investment by PIM in research and analytical capabilities and PIM's commitment
and resource allocation to the Funds. The Trustees noted that profitability
also may be an indicator of the availability of any economies of scale,
although profitability may vary for other reasons particularly, for example
during the recent difficult periods for financial markets, as the level of
services was maintained notwithstanding a significant decline in PIM's fee
revenues from the Funds. Accordingly, the Trustees concluded that economies of
scale, if any, were being appropriately shared with the Fund.
Other Benefits
The Trustees considered the other benefits to PIM from its relationship with
the Fund. The Trustees considered the character and amount of fees paid by the
Fund, other than under the investment advisory agreement, for services provided
by PIM and its affiliates. The Trustees further considered the revenues and
profitability of PIM's businesses other than the fund business. The Trustees
considered the intangible benefits to PIM by virtue of its relationship with
the Fund and the other Pioneer funds. The Trustees concluded that the receipt
of these benefits was reasonable in the context of the overall relationship
between PIM and the Fund.
Conclusion
After consideration of the factors described above as well as other factors,
the Trustees, including all of the Independent Trustees, concluded that the
investment advisory agreement between PIM and the Fund, including the fees
payable thereunder, was fair and reasonable and voted to approve the proposed
renewal of the investment advisory agreement for the Fund.
80 Pioneer Global High Yield Fund | Semiannual Report | 4/30/12
Trustees, Officers and Service Providers
Trustees
John F. Cogan, Jr., Chairman
David R. Bock
Mary K. Bush
Benjamin M. Friedman
Margaret B.W. Graham
Daniel K. Kingsbury
Thomas J. Perna
Marguerite A. Piret
Stephen K. West
Officers
John F. Cogan, Jr., President
Daniel K. Kingsbury, Executive Vice President
Mark E. Bradley, Treasurer
Christopher J. Kelley, Secretary
Investment Adviser and Administrator
Pioneer Investment Management, Inc.
Custodian
Brown Brothers Harriman & Co.
Principal Underwriter
Pioneer Funds Distributor, Inc.
Legal Counsel
Bingham McCutchen LLP
Shareowner Services and Transfer Agent
Pioneer Investment Management Shareholder Services, Inc.
Proxy Voting Policies and Procedures of the Fund are available without charge,
upon request, by calling our toll free number (1-800-225-6292). Information
regarding how the Fund voted proxies relating to portfolio securities during
the most recent 12-month period ended June 30 is publicly available to
shareowners at us.pioneerinvestments.com. This information is also available on
the Securities and Exchange Commission's web site at www.sec.gov.
Pioneer Global High Yield Fund | Semiannual Report | 4/30/12 81
This page for your notes.
82 Pioneer Global High Yield Fund | Semiannual Report | 4/30/12
This page for your notes.
Pioneer Global High Yield Fund | Semiannual Report | 4/30/12 83
This page for your notes.
84 Pioneer Global High Yield Fund | Semiannual Report | 4/30/12
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 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.
N/A
(b) Disclose, under the caption AUDIT-RELATED FEES, the aggregate fees billed in
each of the last two fiscal years for assurance and related services by the
principal accountant that are reasonably related to the performance of the audit
of the registrant's financial statements and are not reported under
paragraph (a) of this Item. Registrants shall describe the nature of the
services comprising the fees disclosed under this category.
N/A
(c) Disclose, under the caption TAX FEES, the aggregate fees billed in each of
the last two fiscal years for professional services rendered by the principal
accountant for tax compliance, tax advice, and tax planning. Registrants shall
describe the nature of the services comprising the fees disclosed under this
category.
N/A
(d) Disclose, under the caption ALL OTHER FEES, the aggregate fees billed in
each of the last two fiscal years for products and services provided by the
principal accountant, other than the services reported in paragraphs (a) through
(c) of this Item. Registrants shall describe the nature of the services
comprising the fees disclosed under this category.
N/A
(e) (1) Disclose the audit committee's pre-approval policies and procedures
described in paragraph (c)(7) of Rule 2-01 of Regulation S-X.
PIONEER FUNDS
APPROVAL OF AUDIT, AUDIT-RELATED, TAX AND OTHER SERVICES
PROVIDED BY THE INDEPENDENT AUDITOR
SECTION I - POLICY PURPOSE AND APPLICABILITY
The Pioneer Funds recognize the importance of maintaining the independence of
their outside auditors. Maintaining independence is a shared responsibility
involving Pioneer Investment Management, Inc ("PIM"), the audit committee and
the independent auditors.
The Funds recognize that a Fund's independent auditors: 1) possess knowledge of
the Funds, 2) are able to incorporate certain services into the scope of the
audit, thereby avoiding redundant work, cost and disruption of Fund personnel
and processes, and 3) have expertise that has value to the Funds. As a result,
there are situations where it is desirable to use the Fund's independent
auditors for services in addition to the annual audit and where the potential
for conflicts of interests are minimal. Consequently, this policy, which is
intended to comply with Rule 210.2-01(C)(7), sets forth guidelines and
procedures to be followed by the Funds when retaining the independent audit firm
to perform audit, audit-related tax and other services under those
circumstances, while also maintaining independence.
Approval of a service in accordance with this policy for a Fund shall also
constitute approval for any other Fund whose pre-approval is required pursuant
to Rule 210.2-01(c)(7)(ii).
In addition to the procedures set forth in this policy, any non-audit services
that may be provided consistently with Rule 210.2-01 may be approved by the
Audit Committee itself and any pre-approval that may be waived in accordance
with Rule 210.2-01(c)(7)(i)(C) is hereby waived.
Selection of a Fund's independent auditors and their compensation shall be
determined by the Audit Committee and shall not be subject to this policy.
SECTION II - POLICY
---------------- -------------------------------- -------------------------------------------------
SERVICE SERVICE CATEGORY DESCRIPTION SPECIFIC PRE-APPROVED SERVICE SUBCATEGORIES
CATEGORY
---------------- -------------------------------- -------------------------------------------------
I. AUDIT Services that are directly o Accounting research assistance
SERVICES related to performing the o SEC consultation, registration
independent audit of the Funds statements, and reporting
o Tax accrual related matters
o Implementation of new accounting
standards
o Compliance letters (e.g. rating agency
letters)
o Regulatory reviews and assistance
regarding financial matters
o Semi-annual reviews (if requested)
o Comfort letters for closed end
offerings
---------------- -------------------------------- -------------------------------------------------
II. Services which are not o AICPA attest and agreed-upon procedures
AUDIT-RELATED prohibited under Rule o Technology control assessments
SERVICES 210.2-01(C)(4) (the "Rule") o Financial reporting control assessments
and are related extensions of o Enterprise security architecture
the audit services support the assessment
audit, or use the
knowledge/expertise gained
from the audit procedures as a
foundation to complete the
project. In most cases, if
the Audit-Related Services are
not performed by the Audit
firm, the scope of the Audit
Services would likely
increase. The Services are
typically well-defined and
governed by accounting
professional standards (AICPA,
SEC, etc.)
---------------- -------------------------------- -------------------------------------------------
------------------------------------- ------------------------------------
AUDIT COMMITTEE APPROVAL POLICY AUDIT COMMITTEE
REPORTING POLICY
------------------------------------- ------------------------------------
o "One-time" pre-approval o A summary of all such
for the audit period for all services and related fees
pre-approved specific service reported at each regularly
subcategories. Approval of the scheduled Audit Committee
independent auditors as meeting.
auditors for a Fund shall
constitute pre approval for
these services.
------------------------------------- ------------------------------------
o "One-time" pre-approval o A summary of all such
for the fund fiscal year within services and related fees
a specified dollar limit (including comparison to
for all pre-approved specified dollar limits)
specific service subcategories reported quarterly.
o Specific approval is
needed to exceed the
pre-approved dollar limit for
these services (see general
Audit Committee approval policy
below for details on obtaining
specific approvals)
o Specific approval is
needed to use the Fund's
auditors for Audit-Related
Services not denoted as
"pre-approved", or
to add a specific service
subcategory as "pre-approved"
------------------------------------- ------------------------------------
SECTION III - POLICY DETAIL, CONTINUED
----------------------- --------------------------- -----------------------------------------------
SERVICE CATEGORY SERVICE CATEGORY SPECIFIC PRE-APPROVED SERVICE SUBCATEGORIES
DESCRIPTION
----------------------- --------------------------- -----------------------------------------------
III. TAX SERVICES Services which are not o Tax planning and support
prohibited by the Rule, o Tax controversy assistance
if an officer of the Fund o Tax compliance, tax returns, excise
determines that using the tax returns and support
Fund's auditor to provide o Tax opinions
these services creates
significant synergy in
the form of efficiency,
minimized disruption, or
the ability to maintain a
desired level of
confidentiality.
----------------------- --------------------------- -----------------------------------------------
------------------------------------- -------------------------
AUDIT COMMITTEE APPROVAL POLICY AUDIT COMMITTEE
REPORTING POLICY
------------------------------------- -------------------------
------------------------------------- -------------------------
o "One-time" pre-approval o A summary of
for the fund fiscal year all such services and
within a specified dollar limit related fees
(including comparison
to specified dollar
limits) reported
quarterly.
o Specific approval is
needed to exceed the
pre-approved dollar limits for
these services (see general
Audit Committee approval policy
below for details on obtaining
specific approvals)
o Specific approval is
needed to use the Fund's
auditors for tax services not
denoted as pre-approved, or to add a specific
service subcategory as
"pre-approved"
------------------------------------- -------------------------
SECTION III - POLICY DETAIL, CONTINUED
----------------------- --------------------------- -----------------------------------------------
SERVICE CATEGORY SERVICE CATEGORY SPECIFIC PRE-APPROVED SERVICE SUBCATEGORIES
DESCRIPTION
----------------------- --------------------------- -----------------------------------------------
IV. OTHER SERVICES Services which are not o Business Risk Management support
prohibited by the Rule, o Other control and regulatory
A. SYNERGISTIC, if an officer of the Fund compliance projects
UNIQUE QUALIFICATIONS determines that using the
Fund's auditor to provide
these services creates
significant synergy in
the form of efficiency,
minimized disruption,
the ability to maintain a
desired level of
confidentiality, or where
the Fund's auditors
posses unique or superior
qualifications to provide
these services, resulting
in superior value and
results for the Fund.
----------------------- --------------------------- -----------------------------------------------
--------------------------------------- ------------------------
AUDIT COMMITTEE APPROVAL POLICY AUDIT COMMITTEE
REPORTING POLICY
------------------------------------- --------------------------
o "One-time" pre-approval o A summary of
for the fund fiscal year within all such services and
a specified dollar limit related fees
(including comparison
to specified dollar
limits) reported
quarterly.
o Specific approval is
needed to exceed the
pre-approved dollar limits for
these services (see general
Audit Committee approval policy
below for details on obtaining
specific approvals)
o Specific approval is
needed to use the Fund's
auditors for "Synergistic" or
"Unique Qualifications" Other
Services not denoted as
pre-approved to the left, or to
add a specific service
subcategory as "pre-approved"
------------------------------------- --------------------------
SECTION III - POLICY DETAIL, CONTINUED
----------------------- ------------------------- -----------------------------------------------
SERVICE CATEGORY SERVICE CATEGORY SPECIFIC PROHIBITED SERVICE SUBCATEGORIES
DESCRIPTION
----------------------- ------------------------- -----------------------------------------------
PROHIBITED SERVICES Services which result 1. Bookkeeping or other services
in the auditors losing related to the accounting records or
independence status financial statements of the audit
under the Rule. client*
2. Financial information systems design
and implementation*
3. Appraisal or valuation services,
fairness* opinions, or
contribution-in-kind reports
4. Actuarial services (i.e., setting
actuarial reserves versus actuarial
audit work)*
5. Internal audit outsourcing services*
6. Management functions or human
resources
7. Broker or dealer, investment
advisor, or investment banking services
8. Legal services and expert services
unrelated to the audit
9. Any other service that the Public
Company Accounting Oversight Board
determines, by regulation, is
impermissible
----------------------- ------------------------- -----------------------------------------------
------------------------------------------- ------------------------------
AUDIT COMMITTEE APPROVAL POLICY AUDIT COMMITTEE
REPORTING POLICY
------------------------------------------- ------------------------------
o These services are not to be o A summary of all
performed with the exception of the(*) services and related
services that may be permitted fees reported at each
if they would not be subject to audit regularly scheduled
procedures at the audit client (as Audit Committee meeting
defined in rule 2-01(f)(4)) level will serve as continual
the firm providing the service. confirmation that has
not provided any
restricted services.
------------------------------------------- ------------------------------
--------------------------------------------------------------------------------
GENERAL AUDIT COMMITTEE APPROVAL POLICY:
o For all projects, the officers of the Funds and the Fund's auditors will each
make an assessment to determine that any proposed projects will not impair
independence.
o Potential services will be classified into the four non-restricted service
categories and the "Approval of Audit, Audit-Related, Tax and Other
Services" Policy above will be applied. Any services outside the specific
pre-approved service subcategories set forth above must be specifically
approved by the Audit Committee.
o At least quarterly, the Audit Committee shall review a report summarizing the
services by service category, including fees, provided by the Audit firm as
set forth in the above policy.
--------------------------------------------------------------------------------
(2) Disclose the percentage of services described in each of paragraphs (b)
through (d) of this Item that were approved by the audit committee pursuant
to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.
N/A
(f) If greater than 50 percent, disclose the percentage of hours expended on the
principal accountant's engagement to audit the registrant's financial statements
for the most recent fiscal year that were attributed to work performed by
persons other than the principal accountant's full-time, permanent employees.
N/A
(g) Disclose the aggregate non-audit fees billed by the registrant's accountant
for services rendered to the registrant, and rendered to the registrant's
investment adviser (not including any sub-adviser whose role is primarily
portfolio management and is subcontracted with or overseen by another investment
adviser), and any entity controlling, controlled by, or under common control
with the adviser that provides ongoing services to the registrant for each of
the last two fiscal years of the registrant.
N/A
(h) Disclose whether the registrant's audit committee of the board of trustees
has considered whether the provision of non-audit services that were rendered to
the registrant's investment adviser (not including any subadviser whose role is
primarily portfolio management and is subcontracted with or overseen by another
investment adviser), and any entity controlling, controlled by, or under common
control with the investment adviser that provides ongoing services to the
registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of
Rule 2-01 of Regulation S-X is compatible with maintaining the principal
accountant's independence.
The Fund's audit committee of the Board of Trustees has
considered whether the provision of non-audit services that
were rendered to the Affiliates (as defined) that were not pre-
approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of
Regulation S-X is compatible with maintaining the principal
accountant's independence.
Item 5. Audit Committee of Listed Registrants
(a) If the registrant is a listed issuer as defined in Rule 10A-3
under the Exchange Act (17 CFR 240.10A-3), state whether
or not the registrant has a separately-designated standing
audit committee established in accordance with Section
3(a)(58)(A) of the Exchange Act (15 U.S.C. 78c(a)(58)(A)).
If the registrant has such a committee, however designated,
identify each committee member. If the entire board of directors
is acting as the registrants audit committee as specified in
Section 3(a)(58)(B) of the Exchange Act (15 U.S.C. 78c(a)(58)(B)),
so state.
N/A
(b) If applicable, provide the disclosure required by Rule 10A-3(d)
under the Exchange Act (17 CFR 240.10A-3(d)) regarding an exemption
from the listing standards for audit committees.
N/A
Item 6. Schedule of Investments.
File Schedule I Investments in securities of unaffiliated issuers
as of the close of the reporting period as set forth in 210.12-
12 of Regulation S-X [17 CFR 210.12-12], unless the schedule is
included as part of the report to shareholders filed under Item
1 of this Form.
Included in Item 1
ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR
CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
A closed-end management investment company that is filing an annual report on
this Form N-CSR must, unless it invests exclusively in non-voting securities,
describe the policies and procedures that it uses to determine how to vote
proxies relating to portfolio securities, including the procedures that the
company uses when a vote presents a conflict between the interests of its
shareholders, on the one hand, and those of the company's investment adviser;
principal underwriter; or any affiliated person (as defined in Section 2(a)(3)
of the Investment Company Act of 1940 (15 U.S.C. 80a-2(a)(3)) and the rules
thereunder) of the company, its investment adviser, or its principal
underwriter, on the other. Include any policies and procedures of the company's
investment adviser, or any other third party, that the company uses, or that are
used on the company's behalf, to determine how to vote proxies relating to
portfolio securities.
Not applicable to open-end management investment companies.
Item 8. Portfolio Managers of Closed-End Management Investment
Companies.
(a) If the registrant is a closed-end management investment company that
is filing an annual report on this Form N-CSR,provide the following
information:
(1) State the name, title, and length of service of the person or persons
employed by or associated with the registrant or an investment adviser
of the registrant who are primarily responsible for the day-to-day management
of the registrants portfolio (Portfolio Manager). Also state each Portfolio
Managers business experience during the past 5 years.
Not applicable to open-end management investment companies.
Item 9. Purchases of Equity Securities by Closed-End Management
Investment Company and Affiliated Purchasers.
(a) If the registrant is a closed-end management investment company,
in the following tabular format, provide the information specified in
paragraph (b) of this Item with respect to any purchase made by or on
behalf of the registrant or any affiliated purchaser, as defined in
Rule 10b-18(a)(3) under the Exchange Act (17 CFR 240.10b-18(a)(3)), of
shares or other units of any class of the registrants equity securities
that is registered by the registrant pursuant to Section 12 of the
Exchange Act (15 U.S.C. 781). Instruction to paragraph (a). Disclose
all purchases covered by this Item, including purchases that do not
satisfy the conditions of the safe harbor of Rule 10b-18 under the
Exchange Act (17 CFR 240.10b-18), made in the period covered by the
report. Provide disclosures covering repurchases made on a monthly basis.
For example, if the reporting period began on January 16 and ended on
July 15, the chart would show repurchases for the months from January 16
through February 15, February 16 through March 15, March 16 through
April 15, April 16 through May 15, May 16 through June 15, and June 16
through July 15.
Not applicable to open-end management investment companies.
Item 10. Submission of Matters to a Vote of Security Holders.
Describe any material changes to the procedures by which shareholders
may recommend nominees to the registrants board of directors, where
those changes were implemented after the registrant last provided
disclosure in response to the requirements of Item 7(d)(2)(ii)(G)
of Schedule 14A (17 CFR 240.14a-101), or this Item.
There have been no material changes to the procedures by which the
shareholders may recommend nominees to the registrants board of
directors since the registrant last provided disclosure in response
to the requirements of Item 7(d)(2)(ii)(G) of Schedule 14(A) in
its definitive proxy statement, or this Item.
ITEM 11. CONTROLS AND PROCEDURES.
(a) Disclose the conclusions of the registrant's principal executive officer or
officers and principal financial officer or officers, or persons performing
similar functions, about the effectiveness of the registrant's disclosure
controls and procedures (as defined in Rule 30a-2(c) under the Act (17 CFR
270.30a-2(c))) based on their evaluation of these controls and procedures as of
a date within 90 days of the filing date of the report that includes the
disclosure required by this paragraph.
The registrant's principal executive officer
and principal financial officer have
concluded that the registrant's disclosure
controls and procedures are effective based
on their evaluation of these controls and
procedures as of a date within 90 days of the
filing date of this report.
(b) Disclose whether or not there were significant changes in the registrant's
internal controls or in other factors that could significantly affect these
controls subsequent to the date of their evaluation, including any corrective
actions with regard to significant deficiencies and material weaknesses.
There were no significant changes in the
registrant's internal control over financial
reporting that occurred during the second
fiscal quarter of the period covered by this
report that have materially affected, or are
reasonably likely to materially affect, the
registrant's internal control over financial
reporting.
The registrant's principal executive officer and principal financial
officer, however, voluntarily are reporting the following information:
In August of 2006 the registrant's investment adviser
enhanced its internal procedures for reporting performance
information required to be included in prospectuses.
Those enhancements involved additional internal controls
over the appropriateness of performance data
generated for this purpose. Such enhancements were made
following an internal review which identified
prospectuses relating to certain classes of shares of
a limited number of registrants where, inadvertently,
performance information not reflecting the deduction of
applicable sales charges was included. Those prospectuses
were revised, and the revised prospectuses were distributed to
shareholders.
ITEM 12. EXHIBITS.
File the exhibits listed below as part of this Form. Letter or number the
exhibits in the sequence indicated.
(a) Any code of ethics, or amendment thereto, that is the subject of the
disclosure required by Item 2, to the extent that the registrant intends to
satisfy the Item 2 requirements through filing of an exhibit.
(b) A separate certification for each principal executive officer and principal
financial officer of the registrant as required by Rule 30a-2 under the Act
(17 CFR 270.30a-2).
Filed herewith.
SIGNATURES
[See General Instruction F]
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, the registrant has duly caused this report to be
signed on its behalf by the undersigned, thereunto duly authorized.
(Registrant) Pioneer Series Trust VII
By (Signature and Title)* /s/ John F. Cogan, Jr.
John F. Cogan, Jr, President
Date June 29, 2012
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, this report has been signed below by the
following persons on behalf of the registrant and in the capacities and on the
dates indicated.
By (Signature and Title)* /s/ John F. Cogan, Jr.
John F. Cogan, Jr., President
Date June 29, 2012
By (Signature and Title)* /s/ Mark Bradley
Mark Bradley, Treasurer & Chief Accounting & Financial Officer
Date June 29, 2012
* Print the name and title of each signing officer under his or her signature.