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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 October 31, 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 High
Yield Fund
--------------------------------------------------------------------------------
Annual Report | October 31, 2012
--------------------------------------------------------------------------------
Ticker Symbols:
Class A PGHYX
Class B PGHBX
Class C PGYCX
Class Y GHYYX
Class Z PGHZX
[LOGO] PIONEER
Invesments(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 54
Notes to Financial Statements 63
Report of Independent Registered Public Accounting Firm 75
Trustees, Officers and Service Providers 76
Pioneer Global High Yield Fund | Annual Report | 10/31/12 1
President's Letter
Dear Shareowner,
The U.S. stock market rallied sharply through the third quarter of 2012 amid a
sluggish, but nonetheless growing, U.S. economy. We have been cautiously
optimistic about the U.S. from the start of the year, and the economic data
continue to be encouraging. The housing and auto sectors are benefitting from
record-low interest rates. The climate for consumer and business credit has
improved, and inflation appears to be subdued. While corporate profits slowed in
the third quarter, many U.S. companies continue to have strong balance sheets
and to pay attractive dividends* compared to fixed-income securities.
All of these factors contributed to gains for investors who owned riskier
assets, including equities and higher-yielding corporate bonds. Year to date
through the end of the third quarter, the Standard & Poor's 500 Index returned
16.35%. In fixed income, the Bank of America Merrill Lynch High Yield Master II
Index was up by 12.02% during the same period, while the Barclays Capital
Aggregate Bond Index gained 3.99%. Treasury bonds, by contrast, generated a
comparatively sluggish return of 1.70%, as measured by the Barclays Capital
Intermediate Treasuries Index.
Despite this generally positive picture during the first three quarters of 2012,
investors face powerful macroeconomic challenges in the months ahead. These
include the threat of a so-called "fiscal cliff" in the U.S. budget process
after the November elections, the European sovereign-debt crisis, and slowing
growth in both Europe and China. Investors can continue to count on market
volatility tied to these factors, although we remain optimistic that the
underlying economic trends are moving in the right direction.
At Pioneer, we have long advocated the benefits of staying diversified** and
investing for the long term. And while diversification alone does not assure a
profit or protect against loss in a declining market, we believe in actively
seeking out opportunities in undervalued securities and sectors around the
globe. 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.
* Dividends are not guaranteed.
** Diversification does not assure a profit or protect against loss in a
declining market.
2 Pioneer Global High Yield Fund | Annual Report | 10/31/12
Pioneer's investment professionals focus on finding good opportunities 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 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 | Annual Report | 10/31/12 3
Portfolio Management Discussion | 10/31/12
In a low-interest-rate environment, the demand for higher-yielding investment
opportunities remained strong during most of the 12 months ended October 31,
2012. Corporate high-yield bonds and other credit-sensitive securities performed
well during the period, despite some interim market fallbacks caused by
investors' concerns about potential economic weakness in the U.S. and China, and
worries about the possible contagion effects of the ongoing sovereign-debt
problems in Europe. 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 12-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 12 months ended October 31, 2012?
A Pioneer Global High Yield Fund's Class A shares returned 11.89% at net asset
value during the 12 months ended October 31, 2012, while the Fund's
benchmarks, the Bank of America Merrill Lynch (BofA ML) High Yield Master II
Index and the BofA ML Global High Yield and Emerging Markets Plus Index,
returned 13.18% and 14.67%, respectively. During the same 12-month period,
the average return of the 503 mutual funds in Lipper's High Current Yield
Funds category was 12.26%.
Q Could you describe the investment environment for fixed-income securities
during the 12 months ended October 31, 2012?
A Credit-sensitive, high-yielding debt generated solid returns during the
12-month period. The backdrop for high-yield investing was positive early in
the period as investors grew more confident that the global economic
recovery would continue. The market suffered a setback, however, in April
and May of 2012, as investors' worries about the sovereign-debt problems in
Greece, Spain, and several other European nations heightened. Fears grew
about the potential contagion effects that a recession in Europe could have
on the world economy. The concerns were compounded when some corporations in
the United States began announcing disappointing profit growth.
Amid the worries about economic weakness, corporate bonds and other
credit-sensitive investments produced lackluster results through much of the
summer of 2012, until the announcements by major central banks--
particularly the European Central Bank (ECB) and the U.S. Federal Reserve
Board (the Fed)--of their intentions to inject more liquidity into the
global financial system to encourage job creation and stimulate economic
growth.
4 Pioneer Global High Yield Fund | Annual Report | 10/31/12
The ECB announced in August 2012 that it could become more active in buying
the short-term debt of peripheral European nations, including Greece and
Spain, in an effort to keep borrowing rates low for national governments on
the Continent. Shortly after that, the Fed announced its third round of
quantitative easing ("QE3") in an effort to encourage lower interest rates
through the purchasing of mortgage-backed securities in the open market.
Additionally, monetary authorities in China announced that they, too, were
lowering short-term interest rates and easing credit conditions.
The combination of the central banks' announcements helped trigger a sharp
rally in the financial markets, and high-yield and other credit-sensitive
securities outperformed through the end of the period in October.
While economic benchmarks did not signal robust growth, evidence of
improving economic conditions and progress in new-job creation proved
sufficient to dampen investors' fears that the world economy might fall into
a double-dip recession. U.S. high-yield bonds performed very well during the
market rally, but the strongest returns came from the emerging markets.
Emerging market debt rebounded sharply after producing lackluster returns
earlier in the period--struggles that were the result of concerns about the
strength of the global economy and worries that the sovereign-debt problems
of Argentina might be indicative of wider problems in other emerging
markets.
Q How did you position the Fund during the 12 months ended October 31, 2012,
and how did the positioning affect the Fund's underperformance relative to
its two BofA ML benchmarks during the period?
A The Fund performed well during the period, especially during the 10 months
of the period occurring in calendar year 2012, but benchmark-relative
results for the full fiscal year dating back to November 1, 2011, were
adversely affected by one disappointing investment, as the Fund's holdings
in airport facility securities backed by American Airlines went down in
value after AMR, the parent company of the airline, unexpectedly filed for
bankruptcy protection in November 2011.
Overall, domestic high-yield corporate bonds, which represented the largest
component of the portfolio, contributed positively to the Fund's relative
performance, which also was supported by portfolio exposure to emerging
market debt, a strong performer during the period (outside of Argentina).
Also holding back benchmark-relative results somewhat was the Fund's
exposure to bank loans. While the portfolio's bank-loan investments
performed well, they produced lower yields, in general, than high-yield
bonds. About 8% of the Fund's net assets were invested in floating-rate bank
loans as of October 31, 2012.
Pioneer Global High Yield Fund | Annual Report | 10/31/12 5
The Fund's underweight to the euro had a negative effect on relative
performance as well during 2012, when the euro rallied against the U.S.
dollar, but the Fund's holdings in underlying European high-yield corporate
bonds, nevertheless, performed very well.
As of October 31, 2012, U.S. high-yield corporates represented the largest
allocation in the Fund's portfolio, at 30.1% of net assets, with U.S.
investment-grade corporates representing another 2.8%. Floating-rate bank
loans accounted for 8.0% of the Fund's net assets, while emerging market
corporates represented another 23.5% of net assets, supplemented by a 5.2%
weighting in emerging market sovereign debt. High-yield corporate bonds
issued by companies in developed foreign nations accounted for an additional
13.6% of net assets. The Fund also had exposures to convertible bonds (6.5%
of net assets) and event-linked (catastrophe) bonds (3.5% of net assets).
Q What individual securities, aside from AMR Corporation, had the biggest
effect on the Fund's performance during the 12 months ended October 31,
2012?
A The Fund's emerging market corporate bond holdings performed particularly
well during the period, with strong results coming from a diverse number of
positions, including MIE Holdings, a Chinese energy company; Bio Pappel, a
Mexican packaging company; and Vedanta Resources, an Indian metals and
mining corporation. Another solid contributor in the Fund's portfolio was
the debt of Cemex, the Mexico-based global building materials corporation.
The securities gained in value after Cemex solidified its finances by
selling off part of its Latin American operations.
Among the Fund's U.S. holdings, securities issued by BWAY, a packaging firm,
appreciated in value after private-equity investors made a buyout proposal.
Elsewhere, the Fund's investment in the bonds of Basell Finance, a
subsidiary of the Dutch chemical company LyondellBasell, performed well as
Lyondell's debt was upgraded to investment grade during the 12-month period.
In addition to the disappointing performance from the AMR-related debt, the
Fund's investments in Argentina also detracted from results during the
period as Argentinian debt fell out of favor due to lack of investor
confidence in the government's policies, with the nationalization of energy
firm YPF's assets a particular concern. YPF is a subsidiary of Spanish
energy firm Repsol. As a result, the Fund's positions in the corporate debt
of Argentinian companies Banco Macro and Edenor declined in value.
6 Pioneer Global High Yield Fund | Annual Report | 10/31/12
Q Did the use of derivatives affect the Fund's performance during the 12
months ended October 31, 2012?
A The Fund did invest in some currency forward contracts, which were used to
reduce the risks of changes in the relative values of currencies. The
contracts had a slightly positive effect on the Fund's performance.
Q What is your investment outlook?
A The short-term outlook is clouded by uncertainties about whether the United
States' elected leaders in Washington can reach an agreement on solving the
approaching "fiscal cliff" scenario. At the conclusion of the national
elections, the President and the Congress faced three significant financial
challenges: potentially increasing the nation's debt ceiling; sequestration,
which calls for unspecified, but deep and automatic across-the-board
spending cuts in the absence of some budget agreement; and the expiration of
the Bush-era tax cuts. The automatic spending cuts and the expiration of the
Bush-era tax cuts both are scheduled to occur at the end of 2012.
If there is a successful resolution to the debate over the looming policy
issues, we believe we should see less volatility in the markets and a return
to a focus on fundamental investment principles. While the U.S. economy's
growth, as measured by gross domestic product (GDP), clearly slowed in the
first and second quarters of 2012, we believe the prospects for improving
conditions are good. In fact, GDP growth for the third quarter recently was
revised upward to roughly 2.7%. The more accommodative policy stances taken
by the major central banks in the U.S., Europe, China and Japan also should
help to encourage economic expansion and an improvement in corporate
profits.
In an environment of extremely low interest rates, we think there should be
continuing investor appetite for corporate bonds and other credit-sensitive
securities that offer yield premiums greater than those available in the
high-grade debt market. Nevertheless, the low absolute level of interest
rates does limit the total-return potential of fixed-income investments in
general.
In addition to our emphasis on corporate bonds in the Fund, we continue to
favor having healthy portfolio exposures to bank loans and catastrophe
bonds, both of which have floating interest rates. Although the two groups
did not perform as well as high-yield bonds during the past fiscal year
ended October 31, 2012, we believe their prospects should improve over the
next two to three years, especially if interest rates start to rise and
floating-rate securities start paying out higher yields. Catastrophe bonds
also may fare well in the shorter term, as they were not seriously affected
by the recent hurricane season. Even October's devastating Hurricane Sandy
did not have a major impact on catastrophe bonds, as private insurers did
not bear most of the effects of the damage inflicted on the U.S. East Coast.
Pioneer Global High Yield Fund | Annual Report | 10/31/12 7
The Funds remains underweight to Europe, but we intend to continue to look
for individual investment opportunities there. We believe the most
interesting growth opportunities may lie in the emerging markets, where many
nations have strong balance sheets, disciplined fiscal and monetary
policies, and attractive real interest rates. There are, however, areas of
concern in the emerging markets, such as Argentina, where investors need to
be attentive to corporate-governance problems.
Looking ahead, we will seek to identify potential investment opportunities
for the Fund created by growth in the emerging markets and potential
weakness in the U.S. dollar and the euro.
Please refer to the Schedule of Investments on pages 18-53 for a full listing of
Fund securities.
Investments in high-yield or lower-rated securities are subject to greater-than-
average risk.
When interest rates rise, the prices of fixed-income securities in the Fund will
generally fall. Conversely, when interest rates fall, the prices of fixed-income
securities in the Fund will generally rise.
Investing in foreign and/or emerging markets securities involves risks relating
to interest rates, currency exchange rates, economic, and political conditions.
Investments in the Fund are subject to possible loss due to the financial
failure of issuers of underlying securities and their inability to meet their
debt obligations.
Prepayment risk is the chance that mortgage-backed securities will be paid off
early if falling interest rates prompt homeowners to refinance their mortgages.
Forced to reinvest the unanticipated proceeds at lower interest rates, the Fund
would experience a decline in income and lose the opportunity for additional
price appreciation associated with falling interest rates.
At times, the Fund's investments may represent industries or industry sectors
that are interrelated or have common risks, making it more susceptible to any
economic, political, or regulatory developments or other risks affecting those
industries and sectors.
These risks may increase share price volatility.
Past performance is no guarantee of future results, and there is no guarantee
that market forecasts discussed will be realized.
Any information in this shareholder report regarding market or economic trends
or the factors influencing the Fund's historical or future performance are
statements of opinion as of the date of this report. These statements should not
be relied upon for any other purposes.
8 Pioneer Global High Yield Fund | Annual Report | 10/31/12
Portfolio Summary | 10/31/12
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]
B 41.5%
BB 22.7%
CCC 16.4%
Not Rated 8.5%
BBB 8.2%
A 1.3%
AAA 0.6%
Cash Equivalents 0.6%
AA 0.2%
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 50.9%
Cayman Islands 8.4%
Mexico 5.0%
Luxembourg 4.1%
Netherlands 3.6%
Argentina 3.4%
Ireland 3.3%
Canada 2.3%
United Kingdom 2.3%
Brazil 2.1%
Bermuda 1.7%
Indonesia 1.4%
Peru 1.2%
Singapore 1.1%
Norway 1.0%
Other (individually less than 1%) 8.2%
10 Largest Holdings
--------------------------------------------------------------------------------
(As a percentage of total long-term holdings)*
1. Minerva Overseas II, Ltd., 10.875%, 11/15/19 (144A) 1.14%
-------------------------------------------------------------------------------------
2. Alpha Appalachia Holdings, Inc., 3.25%, 8/1/15 0.91
-------------------------------------------------------------------------------------
3. Marfrig Overseas, Ltd., 9.5%, 5/4/20 (144A) 0.89
-------------------------------------------------------------------------------------
4. Ford Motor Co., 4.25%, 11/15/16 0.88
-------------------------------------------------------------------------------------
5. Intelsat Luxembourg SA, 11.5%, 2/4/17 (144A) (PIK) 0.83
-------------------------------------------------------------------------------------
6. Goldman Sachs Capital II, Floating Rate Note, 6/1/43 0.81
-------------------------------------------------------------------------------------
7. PNC Financial Services Group, Inc., Floating Rate Note (Perpetual) 0.77
-------------------------------------------------------------------------------------
8. Alliance One International, Inc., 10.0%, 7/15/16 0.76
-------------------------------------------------------------------------------------
9. Basell Finance Co., BV, 8.1%, 3/15/27 (144A) 0.75
-------------------------------------------------------------------------------------
10. EP Energy LLC, 9.375%, 5/1/20 (144A) 0.75
-------------------------------------------------------------------------------------
* The list excludes temporary cash investments and derivative instruments. The
portfolio is actively managed, and current holdings may be different. The
holdings listed should not be considered recommendations to buy or sell any
security listed.
Pioneer Global High Yield Fund | Annual Report | 10/31/12 9
Prices and Distributions | 10/31/12
Net Asset Value per Share
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Class 10/31/12 10/31/11
--------------------------------------------------------------------------------
A $10.13 $ 9.83
--------------------------------------------------------------------------------
B $10.14 $ 9.83
--------------------------------------------------------------------------------
C $10.10 $ 9.80
--------------------------------------------------------------------------------
Y $ 9.96 $ 9.66
--------------------------------------------------------------------------------
Z $10.43 $10.11
--------------------------------------------------------------------------------
Distributions per Share: 11/1/11-10/31/12
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Net Investment Short-Term Long-Term
Class Income Capital Gains Capital Gains
--------------------------------------------------------------------------------
A $0.8095 $ -- $ --
--------------------------------------------------------------------------------
B $0.7304 $ -- $ --
--------------------------------------------------------------------------------
C $0.7429 $ -- $ --
--------------------------------------------------------------------------------
Y $0.8307 $ -- $ --
--------------------------------------------------------------------------------
Z $0.8597 $ -- $ --
--------------------------------------------------------------------------------
Index Definition
--------------------------------------------------------------------------------
The Bank of America (BofA) Merrill Lynch (ML) Global High Yield and Emerging
Markets Plus Index tracks the performance of the below and border-line
investment-grade global debt markets denominated in the major developed market
currencies. The index includes sovereign issuers rated BBB1 and lower along with
corporate issuers rated BB1 and lower. There are no restrictions on issuer
country of domicile. However, the bonds must be publicly issued in a developed
market (i.e., investment-grade country). The BofA ML High Yield Master II Index
is a commonly accepted measure of the performance of high-yield securities.
Index returns are calculated monthly, assume reinvestment of dividends and,
unlike Fund returns, do not reflect any fees, expenses or sales charges. It is
not possible to invest directly in an index.
The indices defined here pertain to the "Value of $10,000 Investment" and "Value
of $5 Million Investment" charts appearing on pages 11-15.
10 Pioneer Global High Yield Fund | Annual Report | 10/31/12
Performance Update | 10/31/12 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 October 31, 2012)
--------------------------------------------------------------------------------
Net Asset Public Offering
Period Value (NAV) Price (POP)
--------------------------------------------------------------------------------
10 Years 11.44% 10.93%
5 Years 6.04 5.07
1 Year 11.89 6.89
--------------------------------------------------------------------------------
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
BofA ML Global High
Pioneer Global BofA ML High Yield Yield and Emerging
High Yield Fund Master II Index Markets Plus Index
10/31/2002 $ 9,550 $ 10,000 $ 10,000
10/31/2003 $ 13,909 $ 13,310 $ 13,469
10/31/2004 $ 15,970 $ 14,927 $ 15,331
10/31/2005 $ 17,330 $ 15,518 $ 16,244
10/31/2006 $ 19,430 $ 17,122 $ 18,130
10/31/2007 $ 21,042 $ 18,294 $ 19,665
10/31/2008 $ 14,424 $ 13,443 $ 14,457
10/31/2009 $ 20,707 $ 20,002 $ 21,882
10/31/2010 $ 25,089 $ 23,847 $ 25,736
10/31/2011 $ 25,213 $ 25,003 $ 26,595
10/31/2012 $ 28,210 $ 28,298 $ 30,496
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 | Annual Report | 10/31/12 11
Performance Update | 10/31/12 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 October 31, 2012)
--------------------------------------------------------------------------------
If If
Period Held Redeemed
--------------------------------------------------------------------------------
Life-of-class
(11/21/03) 7.19% 7.19%
5 Years 5.24 5.24
1 Year 11.10 7.10
--------------------------------------------------------------------------------
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
BofA ML Global High
Pioneer Global BofA ML High Yield Yield and Emerging
High Yield Fund Master II Index Markets Plus Index
11/30/2003 $ 10,000 $ 10,000 $ 10,000
10/31/2004 $ 11,146 $ 11,214 $ 11,383
10/31/2005 $ 11,995 $ 11,658 $ 12,061
10/31/2006 $ 13,344 $ 12,864 $ 13,461
10/31/2007 $ 14,332 $ 13,745 $ 14,601
10/31/2008 $ 9,743 $ 10,100 $ 10,734
10/31/2009 $ 13,875 $ 15,027 $ 16,247
10/31/2010 $ 16,706 $ 17,916 $ 19,108
10/31/2011 $ 16,651 $ 18,784 $ 19,746
10/31/2012 $ 18,500 $ 21,260 $ 22,643
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). The maximum CDSC for Class B shares is 4% and declines over five years.
For more complete information, please see the prospectus.
All results are historical and assume the reinvestment of dividends and capital
gains. Other share classes are available for which performance and expenses will
differ.
Performance results reflect any applicable expense waivers in effect during the
periods shown. Without such waivers Fund performance would be lower. Waivers may
not be in effect for all funds. Certain fee waivers are contractual through a
specified period. Otherwise, fee waivers can be rescinded at any time. See the
prospectus and financial statements for more information.
The performance table and graph do not reflect the deduction of taxes that a
shareowner would pay on Fund distributions or the redemption of Fund shares.
12 Pioneer Global High Yield Fund | Annual Report | 10/31/12
Performance Update | 10/31/12 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 October 31, 2012)
--------------------------------------------------------------------------------
If If
Period Held Redeemed
--------------------------------------------------------------------------------
Life-of-class
(11/21/03) 7.17% 7.17%
5 Years 5.30 5.30
1 Year 11.17 11.17
--------------------------------------------------------------------------------
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
BofA ML Global High
Pioneer Global BofA ML High Yield Yield and Emerging
High Yield Fund Master II Index Markets Plus Index
11/30/2003 $ 10,000 $ 10,000 $ 10,000
10/31/2004 $ 11,079 $ 11,214 $ 11,383
10/31/2005 $ 11,921 $ 11,658 $ 12,061
10/31/2006 $ 13,267 $ 12,864 $ 13,461
10/31/2007 $ 14,260 $ 13,745 $ 14,601
10/31/2008 $ 9,685 $ 10,100 $ 10,734
10/31/2009 $ 13,807 $ 15,027 $ 16,247
10/31/2010 $ 16,628 $ 17,916 $ 19,108
10/31/2011 $ 16,607 $ 18,784 $ 19,746
10/31/2012 $ 18,462 $ 21,260 $ 22,643
Call 1-800-225-6292 or visit us.pioneerinvestments.com for the most recent
month-end performance results. Current performance may be lower or higher than
the performance data quoted.
The performance data quoted represents past performance, which is no guarantee
of future results. Investment return and principal value will fluctuate, and
shares, when redeemed, may be worth more or less than their original cost.
Class C shares held for less than one year are also subject to a 1% contingent
deferred sales charge (CDSC). The performance of Class C shares does not reflect
the 1% front-end sales charge in effect prior to February 1, 2004. If you paid a
1% sales charge, your returns would be lower than those shown above. "If Held"
results represent the percent change in net asset value per share. Returns would
have been lower had sales charges been reflected. All results are historical and
assume the reinvestment of dividends and capital gains. Other share classes are
available for which performance and expenses will differ.
Performance results reflect any applicable expense waivers in effect during the
periods shown. Without such waivers Fund performance would be lower. Waivers may
not be in effect for all funds. Certain fee waivers are contractual through a
specified period. Otherwise, fee waivers can be rescinded at any time. See the
prospectus and financial statements for more information.
The performance table and graph do not reflect the deduction of fees and taxes
that a shareowner would pay on Fund distributions or the redemption of Fund
shares.
Pioneer Global High Yield Fund | Annual Report | 10/31/12 13
Performance Update | 10/31/12 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 October 31, 2012)
--------------------------------------------------------------------------------
If If
Period Held Redeemed
--------------------------------------------------------------------------------
10 Years 11.50% 11.50%
5 Years 6.42 6.42
1 Year 12.35 12.35
--------------------------------------------------------------------------------
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
BofA ML Global High
Pioneer Global BofA ML High Yield Yield and Emerging
High Yield Fund Master II Index Markets Plus Index
10/31/2002 $ 5,000,000 $ 5,000,000 $ 5,000,000
10/31/2003 $ 7,279,251 $ 6,665,132 $ 6,734,296
10/31/2004 $ 8,358,157 $ 7,463,327 $ 7,665,665
10/31/2005 $ 9,069,794 $ 7,758,813 $ 8,122,193
10/31/2006 $ 10,061,378 $ 8,561,000 $ 9,064,762
10/31/2007 $ 10,878,725 $ 9,147,148 $ 9,832,576
10/31/2008 $ 7,510,174 $ 6,721,589 $ 7,228,334
10/31/2009 $ 10,797,829 $ 10,000,837 $ 10,940,968
10/31/2010 $ 13,102,744 $ 11,923,494 $ 12,867,752
10/31/2011 $ 13,213,504 $ 12,501,305 $ 13,297,303
10/31/2012 $ 14,845,365 $ 14,149,031 $ 15,248,175
Call 1-800-225-6292 or visit us.pioneerinvestments.com for the most recent
month-end performance results. Current performance may be lower or higher than
the performance data quoted.
The performance data quoted represents past performance, which is no guarantee
of future results. Investment return and principal value will fluctuate, and
shares, when redeemed, may be worth more or less than their original cost.
Performance shown for Class Y shares for periods prior to the inception of Class
Y shares on December 28, 2005, reflects the NAV performance of the Fund's Class
A shares. The performance does not reflect differences in expenses, including
the Rule 12b-1 fees applicable to Class A shares. Since fees for Class A shares
are generally higher than those of Class Y shares, the performance for Class Y
shares prior to their inception on December 28, 2005, would have been higher
than the performance shown. Class Y shares are not subject to sales charges and
are available for limited groups of eligible investors, including institutional
investors. All results are historical and assume the reinvestment of dividends
and capital gains. Other share classes are available for which performance and
expenses will differ.
Performance results reflect any applicable expense waivers in effect during the
periods shown. Without such waivers Fund performance would be lower. Waivers may
not be in effect for all funds. Certain fee waivers are contractual through a
specified period. Otherwise, fee waivers can be rescinded at any time. See the
prospectus and financial statements for more information.
The performance table and graph do not reflect the deduction of fees and taxes
that a shareowner would pay on Fund distributions or the redemption of Fund
shares.
14 Pioneer Global High Yield Fund | Annual Report | 10/31/12
Performance Update | 10/31/12 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 October 31, 2012)
--------------------------------------------------------------------------------
If If
Period Held Redeemed
--------------------------------------------------------------------------------
10 Years 11.90% 11.90%
5 Years 6.90 6.90
1 Year 12.30 12.30
--------------------------------------------------------------------------------
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
BofA ML Global High
Pioneer Global BofA ML High Yield Yield and Emerging
High Yield Fund Master II Index Markets Plus Index
10/31/2002 $ 10,000 $ 10,000 $ 10,000
10/31/2003 $ 14,559 $ 13,310 $ 13,469
10/31/2004 $ 16,716 $ 14,927 $ 15,331
10/31/2005 $ 18,140 $ 15,518 $ 16,244
10/31/2006 $ 20,338 $ 17,122 $ 18,130
10/31/2007 $ 22,054 $ 18,294 $ 19,665
10/31/2008 $ 15,612 $ 13,443 $ 14,457
10/31/2009 $ 22,432 $ 20,002 $ 21,882
10/31/2010 $ 27,273 $ 23,847 $ 25,736
10/31/2011 $ 27,417 $ 25,003 $ 26,595
10/31/2012 $ 30,791 $ 28,298 $ 30,496
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 | Annual Report | 10/31/12 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 May 1, 2012, through October 31, 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 5/1/12
------------------------------------------------------------------------------------------------
Ending Account $1,058.76 $1,054.38 $1,054.24 $1,060.81 $1,060.53
Value (after expenses)
on 10/31/12
------------------------------------------------------------------------------------------------
Expenses Paid $5.69 $9.86 $9.19 $4.14 $4.56
During Period*
------------------------------------------------------------------------------------------------
* Expenses are equal to the Fund's annualized expense ratio of 1.10%, 1.91%,
1.78%, 0.80%, and 0.88% for Class A, Class B, Class C, Class Y and Class Z
shares, respectively, multiplied by the average account value over the
period, multiplied by 184/366 (to reflect the one-half year period).
16 Pioneer Global High Yield Fund | Annual Report | 10/31/12
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% return per year before expenses, reflecting the
period from May 1, 2012, through October 31, 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 5/1/12
---------------------------------------------------------------------------------------------
Ending Account $1,019.61 $1,015.53 $1,016.19 $1,021.11 $1,020.71
Value (after expenses)
on 10/31/12
---------------------------------------------------------------------------------------------
Expenses Paid $5.58 $9.68 $9.02 $4.06 $4.47
During Period*
---------------------------------------------------------------------------------------------
* Expenses are equal to the Fund's annualized expense ratio of 1.10%, 1.91%,
1.78%, 0.80%, and 0.88% for Class A, Class B, Class C, Class Y and Class Z
shares, respectively, multiplied by the average account value over the
period, multiplied by 184/366 (to reflect the one-half year period).
Pioneer Global High Yield Fund | Annual Report | 10/31/12 17
Schedule of Investments | 10/31/12 (Consolidated)
-------------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-------------------------------------------------------------------------------------------------------------
CONVERTIBLE CORPORATE BONDS -- 6.2%
ENERGY -- 1.2%
Oil & Gas Drilling -- 0.1%
2,475,000 NR/NR Vantage Drilling Co., 7.875%,
9/1/42 $ 2,920,500
-------------------------------------------------------------------------------------------------------------
Oil & Gas Exploration & Production -- 0.2%
4,130,000 BB-/Ba3 Chesapeake Energy Corp., 2.5%,
5/15/37 $ 3,667,956
-------------------------------------------------------------------------------------------------------------
Coal & Consumable Fuels -- 0.9%
19,320,000 B+/NR Alpha Appalachia Holdings, Inc.,
3.25%, 8/1/15 $ 18,269,475
1,305,000 CCC-/B2 James River Coal Co., 3.125%,
3/15/18 556,256
---------------
$ 18,825,731
---------------
Total Energy $ 25,414,187
-------------------------------------------------------------------------------------------------------------
MATERIALS -- 0.8%
Construction Materials -- 0.6%
11,050,000 NR/NR Cemex SAB de CV, 3.75%, 3/15/18 $ 11,719,906
-------------------------------------------------------------------------------------------------------------
Forest Products -- 0.2%
14,559,000 NR/NR Sino-Forest Corp., 4.25%, 12/15/16
(144A) (c) $ 2,183,850
12,150,000 NR/WR Sino-Forest Corp., 5.0%, 8/1/13 (c) 1,822,500
---------------
$ 4,006,350
---------------
Total Materials $ 15,726,256
-------------------------------------------------------------------------------------------------------------
CAPITAL GOODS -- 0.9%
Electrical Components & Equipment -- 0.1%
1,250,000 B/B2 General Cable Corp., 4.5%,
11/15/29 (Step) $ 1,305,469
-------------------------------------------------------------------------------------------------------------
Construction & Farm Machinery &
Heavy Trucks -- 0.2%
5,475,000 CCC+/NR Navistar International Corp., 3.0%,
10/15/14 $ 4,770,094
-------------------------------------------------------------------------------------------------------------
Trading Companies & Distributors -- 0.6%
5,123,000 B/NR WESCO International, Inc., 6.0%,
9/15/29 $ 12,205,548
---------------
Total Capital Goods $ 18,281,111
-------------------------------------------------------------------------------------------------------------
AUTOMOBILES & COMPONENTS -- 0.9%
Automobile Manufacturers -- 0.9%
12,029,000 BB+/Baa3 Ford Motor Co., 4.25%, 11/15/16 $ 17,705,184
---------------
Total Automobiles & Components $ 17,705,184
-------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
18 Pioneer Global High Yield Fund | Annual Report | 10/31/12
-------------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-------------------------------------------------------------------------------------------------------------
FOOD, BEVERAGE & TOBACCO -- 0.1%
Tobacco -- 0.1%
1,635,000 CCC+/Caa2 Alliance One International, Inc.,
5.5%, 7/15/14 $ 1,557,338
---------------
Total Food, Beverage & Tobacco $ 1,557,338
-------------------------------------------------------------------------------------------------------------
HEALTH CARE EQUIPMENT & SERVICES -- 0.1%
Health Care Technology -- 0.1%
3,485,000 NR/NR WebMD Health Corp., 2.5%,
1/31/18 $ 2,949,181
---------------
Total Health Care Equipment &
Services $ 2,949,181
-------------------------------------------------------------------------------------------------------------
REAL ESTATE -- 0.3%
Real Estate Operating Companies -- 0.3%
3,805,000 B-/B3 Forest City Enterprises, Inc., 4.25%,
8/15/18 $ 3,971,469
1,900,000 B-/NR Forest City Enterprises, Inc., 5.0%,
10/15/16 2,604,188
---------------
$ 6,575,657
---------------
Total Real Estate $ 6,575,657
-------------------------------------------------------------------------------------------------------------
SOFTWARE & SERVICES -- 0.0%+
Application Software -- 0.0%+
1,025,000 NR/NR Mentor Graphics Corp., 4.0%,
4/1/31 $ 1,160,172
---------------
Total Software & Services $ 1,160,172
-------------------------------------------------------------------------------------------------------------
TECHNOLOGY HARDWARE & EQUIPMENT -- 0.3%
Computer Storage & Peripherals -- 0.2%
4,435,000 BB/NR SanDisk Corp., 1.5%, 8/15/17 $ 4,925,622
-------------------------------------------------------------------------------------------------------------
Electronic Components -- 0.1%
1,605,000 BB+/NR Vishay Intertechnology, Inc., 2.25%,
5/15/41 (144A) $ 1,101,431
---------------
Total Technology Hardware &
Equipment $ 6,027,053
-------------------------------------------------------------------------------------------------------------
SEMICONDUCTORS &
SEMICONDUCTOR EQUIPMENT -- 1.4%
Semiconductor Equipment -- 0.5%
3,400,000 BBB-/Baa1 Lam Research Corp., 1.25%,
5/15/18 $ 3,317,125
5,515,000 BBB-/NR Novellus Systems, Inc., 2.625%,
5/15/41 6,704,172
---------------
$ 10,021,297
-------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Global High Yield Fund | Annual Report | 10/31/12 19
Schedule of Investments | 10/31/12 (Consolidated) (continued)
-------------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-------------------------------------------------------------------------------------------------------------
Semiconductors -- 0.9%
4,650,000 NR/NR JA Solar Holdings Co., Ltd., 4.5%,
5/15/13 $ 4,391,344
10,750,000 NR/NR ReneSola, Ltd., 4.125%, 3/15/18
(144A) 5,294,375
3,687,000 NR/NR SunPower Corp., 4.75%, 4/15/14 3,525,694
11,919,000 NR/NR Suntech Power Holdings Co., Ltd.,
3.0%, 3/15/13 5,601,930
---------------
$ 18,813,343
---------------
Total Semiconductors &
Semiconductor Equipment $ 28,834,640
-------------------------------------------------------------------------------------------------------------
TELECOMMUNICATION SERVICES -- 0.2%
Integrated Telecommunication Services -- 0.2%
2,485,000 NR/NR MasTec, Inc., 4.0%, 6/15/14 $ 3,774,094
---------------
Total Telecommunication Services $ 3,774,094
-------------------------------------------------------------------------------------------------------------
TOTAL CONVERTIBLE CORPORATE BONDS
(Cost $147,853,838) $ 128,004,873
-------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------
Shares
-------------------------------------------------------------------------------------------------------------
PREFERRED STOCKS -- 0.6%
CONSUMER SERVICES -- 0.0%+
Hotels, Resorts & Cruise Lines -- 0.0%+
17,350 NR/NR Perseus Holding Corp., 14.0%,
4/15/14 (144A) $ 936,900
---------------
Total Consumer Services $ 936,900
-------------------------------------------------------------------------------------------------------------
DIVERSIFIED FINANCIALS -- 0.6%
Other Diversified Financial Services -- 0.5%
355,600 8.12 CCC+/B3 GMAC Capital Trust I, Floating Rate
Note, 2/15/40 $ 9,295,384
-------------------------------------------------------------------------------------------------------------
Consumer Finance -- 0.1%
3,100 CCC+/B3 Ally Financial, Inc., 7.0% (Perpetual)
(144A) $ 2,987,431
---------------
Total Diversified Financials $ 12,282,815
-------------------------------------------------------------------------------------------------------------
TOTAL PREFERRED STOCKS
(Cost $11,680,355) $ 13,219,715
-------------------------------------------------------------------------------------------------------------
CONVERTIBLE PREFERRED STOCK -- 0.0%+
BANKS -- 0.0%+
Diversified Banks -- 0.0%+
445 BBB+/Ba1 Wells Fargo & Co., 7.5% (Perpetual) $ 556,250
-------------------------------------------------------------------------------------------------------------
TOTAL CONVERTIBLE PREFERRED STOCK
(Cost $467,249) $ 556,250
-------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
20 Pioneer Global High Yield Fund | Annual Report | 10/31/12
-------------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Rate (b) Ratings
Shares (unaudited) (unaudited) Value
-------------------------------------------------------------------------------------------------------------
COMMON STOCKS -- 1.1%
ENERGY -- 0.3%
Oil & Gas Drilling -- 0.1%
46,147 Rowan Companies Plc* $ 1,463,321
-------------------------------------------------------------------------------------------------------------
Oil & Gas Equipment & Services -- 0.0%+
248,438 Sevan Marine ASA* $ 653,715
-------------------------------------------------------------------------------------------------------------
Oil & Gas Exploration & Production -- 0.2%
13,710,691 Norse Energy Corp., ASA* $ 3,295,030
---------------
Total Energy $ 5,412,066
-------------------------------------------------------------------------------------------------------------
MATERIALS -- 0.5%
Diversified Metals & Mining -- 0.3%
6,615,974 Blaze Recycling & Metals LLC
(Class A) Units (d)* $ 2,977,188
95,846 Freeport-McMoRan Copper &
Gold, Inc. 3,726,492
---------------
$ 6,703,680
-------------------------------------------------------------------------------------------------------------
Steel -- 0.1%
134,106 Vale SA (A.D.R.) $ 2,385,746
-------------------------------------------------------------------------------------------------------------
Forest Products -- 0.1%
244,090 Ainsworth Lumber Co., Ltd.* $ 658,944
---------------
Total Materials $ 9,748,370
-------------------------------------------------------------------------------------------------------------
CAPITAL GOODS -- 0.0%+
Building Products -- 0.0%+
894 Panolam Holdings Co.* (d) $ 522,096
---------------
Total Capital Goods $ 522,096
-------------------------------------------------------------------------------------------------------------
TRANSPORTATION -- 0.1%
Marine -- 0.1%
2,370,345 Horizon Lines, Inc.* $ 3,128,855
---------------
Total Transportation $ 3,128,855
-------------------------------------------------------------------------------------------------------------
AUTOMOBILES & COMPONENTS -- 0.2%
Auto Parts & Equipment -- 0.2%
99,863 Lear Corp. $ 4,254,164
---------------
Total Automobiles & Components $ 4,254,164
-------------------------------------------------------------------------------------------------------------
DIVERSIFIED FINANCIALS -- 0.0%+
Other Diversified Financial
Services -- 0.0%+
24,638 BTA Bank JSC (G.D.R.) (144A)* $ 38,386
---------------
Total Diversified Financials $ 38,386
-------------------------------------------------------------------------------------------------------------
REAL ESTATE -- 0.0%+
Real Estate Development -- 0.0%+
159,647 Newhall Land Development LLC* $ 247,453
---------------
Total Real Estate $ 247,453
-------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Global High Yield Fund | Annual Report | 10/31/12 21
Schedule of Investments | 10/31/12 (Consolidated) (continued)
-------------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Rate (b) Ratings
Shares (unaudited) (unaudited) Value
-------------------------------------------------------------------------------------------------------------
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 $34,955,511) $ 23,434,005
-------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------
Principal
Amount ($)
-------------------------------------------------------------------------------------------------------------
ASSET BACKED SECURITIES -- 1.8%
BANKS -- 1.2%
Thrifts & Mortgage Finance -- 1.2%
464,192 0.30 CCC/Caa3 ACE Securities Corp., Floating
Rate Note, 1/25/37 $ 150,302
1,057,205 1.49 CCC/Caa3 Amortizing Residential Collateral
Trust 2002-BC1, Floating Rate
Note, 1/25/32 534,160
1,480,000 0.66 CCC/Caa3 Bear Stearns Asset Backed
Securities Trust, Floating Rate
Note, 1/25/47 632,552
1,350,000 1.26 AA+/A2 Bear Stearns Asset Backed
Securities Trust, Floating Rate
Note, 10/25/34 1,129,807
675,000 BB/NR CarNow Auto Receivables Trust
2012-1, 6.9%, 11/15/16 (144A) 676,901
8,090,000 0.41 CCC/Caa2 Carrington Mortgage Loan Trust,
Floating Rate Note, 2/25/37 6,214,900
2,680,754 0.27 CCC/Caa1 Citigroup Mortgage Loan Trust
2007-AHL3, Floating Rate Note,
7/25/45 2,017,769
1,700,000 1.19 BB/Caa1 Countrywide Asset-Backed
Certificates, Floating Rate Note,
11/25/34 1,077,134
9,776,487 0.66 CC/NR Countrywide Asset-Backed
Certificates, Floating Rate Note,
3/25/47 (144A) 4,685,968
774,808 0.91 BBB-/Caa2 FBR Securitization Trust, Floating
Rate Note, 10/25/35 520,687
884,493 0.34 B-/B3 GSAMP Trust 2006-HE8, Floating
Rate Note, 1/25/37 822,152
4,000,000 BBB/NR Leaf II Receivables Funding LLC,
5.5%, 2/20/22 (144A) 3,596,400
1,051,562 0.37 BB+/Ba1 RAMP Trust, Floating Rate Note,
8/25/36 934,455
The accompanying notes are an integral part of these financial statements.
22 Pioneer Global High Yield Fund | Annual Report | 10/31/12
-------------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-------------------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- (continued)
1,500,000 6.55 CCC/B3 Security National Mortgage Loan
Trust, Floating Rate Note, 4/25/37
(144A) $ 1,396,776
---------------
$ 24,389,963
---------------
Total Banks $ 24,389,963
-------------------------------------------------------------------------------------------------------------
DIVERSIFIED FINANCIALS -- 0.6%
Other Diversified Financial Services -- 0.2%
8,559,405 0.69 CCC/Caa1 Aircraft Finance Trust, Floating Rate
Note, 5/15/24 (144A) $ 3,937,326
519,324 BB/NR Sierra Receivables Funding Co.,
LLC, 9.31%, 7/20/28 (144A) 535,844
---------------
$ 4,473,170
-------------------------------------------------------------------------------------------------------------
Specialized Finance -- 0.4%
10,703,774 0.60 CCC+/Caa2 Lease Investment Flight Trust,
Floating Rate Note, 7/15/31 $ 7,439,123
932,308 0.64 CCC+/Caa2 Lease Investment Flight Trust,
Floating Rate Note, 7/15/31 645,623
---------------
$ 8,084,746
---------------
Total Diversified Financials $ 12,557,916
-------------------------------------------------------------------------------------------------------------
TOTAL ASSET BACKED SECURITIES
(Cost $35,159,028) $ 36,947,879
-------------------------------------------------------------------------------------------------------------
COLLATERALIZED MORTGAGE
OBLIGATIONS -- 1.3%
BANKS -- 0.4%
Thrifts & Mortgage Finance -- 0.4%
13,808,249 2.93 AAA/Caa1 Bayview Commercial Asset Trust,
Floating Rate Note, 4/25/36
(144A) (f) $ 482,645
218,736 6.85 CCC+/NR COMM 2000-C1 Mortgage Trust,
Floating Rate Note, 8/15/33 (144A) 158,104
452,275 5.68 NR/NR First Horizon Mortgage Pass-Through
Trust 2004-6, Floating Rate Note,
11/25/34 397,950
777,319 5.74 BB-/NR GSR Mortgage Loan Trust, Floating
Rate Note, 2/25/34 665,131
2,880,864 4.70 BBB/Caa3 JP Morgan Mortgage Trust, Floating
Rate Note, 2/25/35 2,467,921
4,315,000 BB/B1 Timberstar Trust, 7.53%, 10/15/36
(144A) 4,461,080
---------------
$ 8,632,831
---------------
Total Banks $ 8,632,831
-------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Global High Yield Fund | Annual Report | 10/31/12 23
Schedule of Investments | 10/31/12 (Consolidated) (continued)
-------------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-------------------------------------------------------------------------------------------------------------
DIVERSIFIED FINANCIALS -- 0.4%
Other Diversified Financial Services -- 0.2%
908,581 NR/B3 CSMC Mortgage-Backed Trust
2007-3, 5.0%, 4/25/37 $ 882,868
2,500,000 0.91 BBB+/A3 Morgan Stanley Capital I, Inc.,
Class C, Floating Rate Note,
12/15/20 (144A) 2,322,222
700,000 8.11 NR/NR Vericrest Opportunity Loan Trust
2012-NPL1, Floating Rate Note,
3/25/49 (144A) 711,079
---------------
$ 3,916,169
-------------------------------------------------------------------------------------------------------------
Investment Banking & Brokerage -- 0.2%
3,450,000 6.94 BBB-/NR Bear Stearns Commercial Mortgage
Securities, Floating Rate Note,
2/15/35 (144A) $ 3,435,079
---------------
Total Diversified Financials $ 7,351,248
-------------------------------------------------------------------------------------------------------------
REAL ESTATE -- 0.4%
Mortgage REITs -- 0.4%
1,065,151 2.55 AAA/B2 American Home Mortgage
Investment Trust, Floating Rate
Note, 6/25/45 $ 956,774
9,000,000 7.08 CCC-/NR Credit Suisse First Boston
Mortgage Securities Corp.,
Floating Rate Note, 12/15/35
(144A) 8,135,199
---------------
$ 9,091,973
---------------
Total Real Estate $ 9,091,973
-------------------------------------------------------------------------------------------------------------
GOVERNMENT -- 0.1%
21,389,436 1.46 NR/Aaa Government National Mortgage
Association, Floating Rate Note,
10/16/52 (f) $ 1,366,165
---------------
Total Government $ 1,366,165
-------------------------------------------------------------------------------------------------------------
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS
(Cost $27,619,430) $ 26,442,217
-------------------------------------------------------------------------------------------------------------
CORPORATE BONDS -- 73.6%
ENERGY -- 8.9%
Oil & Gas Drilling -- 1.2%
1,250,000 B-/Caa1 Hercules Offshore, Inc., 10.5%,
10/15/17 (144A) $ 1,318,750
8,900,000 CCC+/Caa1 Ocean Rig UDW, Inc., 9.5%,
4/27/16 (144A) 9,122,500
6,395,000 B+/B2 Pioneer Energy Services Corp.,
9.875%, 3/15/18 6,922,588
2,835,000 NR/B1 Shelf Drilling Holdings, Ltd.,
8.625%, 11/1/18 (144A) 2,849,175
The accompanying notes are an integral part of these financial statements.
24 Pioneer Global High Yield Fund | Annual Report | 10/31/12
-------------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-------------------------------------------------------------------------------------------------------------
Oil & Gas Drilling -- (continued)
3,765,000 BB-/B2 Unit Corp., 6.625%, 5/15/21
(144A) $ 3,840,300
---------------
$ 24,053,313
-------------------------------------------------------------------------------------------------------------
Oil & Gas Equipment & Services -- 0.7%
54,000 NR/NR Green Field Energy Services, Inc.,
13.25%, 11/15/16 (144A) $ 55,080
5,409,000 B/B3 Expro Finance Luxembourg SCA,
8.5%, 12/15/16 (144A) 5,544,225
2,275,000 CCC/Caa2 Green Field Energy Services, Inc.,
13.25%, 11/15/16 (144A) 2,320,500
910,944 NR/NR Nexus 1 Pte, Ltd., 10.5%, 4/9/22
(144A) (c) 911
NOK 23,000,000 NR/NR Transocean Norway Drilling AS,
11.0%, 2/24/16 4,276,743
NOK 16,000,000 9.05 NR/NR Transocean Norway Drilling AS,
Floating Rate Note, 2/24/16 2,975,125
---------------
$ 15,172,584
-------------------------------------------------------------------------------------------------------------
Integrated Oil & Gas -- 0.2%
CAD 5,070,000 BB-/Caa2 Connacher Oil and Gas, Ltd.,
8.75%, 8/1/18 (144A) $ 4,334,200
-------------------------------------------------------------------------------------------------------------
Oil & Gas Exploration & Production -- 4.9%
2,000,000 B/B3 Carrizo Oil & Gas, Inc., 7.5%,
9/15/20 $ 2,040,000
2,870,000 B/B3 Carrizo Oil & Gas, Inc., 8.625%,
10/15/18 3,092,425
4,740,000 B-/B3 Comstock Resources, Inc., 7.75%,
4/1/19 4,811,100
750,000 BB+/Ba2 Continental Resources, Inc., 5.0%,
9/15/22 (144A) 791,250
13,700,000 B/B2 EP Energy LLC, 9.375%, 5/1/20
(144A) 15,138,500
4,980,000 B-/Caa1 EPL Oil & Gas, Inc., 8.25%,
2/15/18 (144A) 4,930,200
5,035,000 CCC+/Caa1 Goodrich Petroleum Corp., 8.875%,
3/15/19 5,035,000
4,990,000 CCC+/B3 Gulfport Energy Corp., 7.75%,
11/1/20 (144A) 4,890,200
3,015,000 CCC+/B3 Halcon Resources Corp., 8.875%,
5/15/21 (144A) 3,056,456
5,215,000 CCC+/Caa1 Kodiak Oil & Gas Corp., 8.125%,
12/1/19 (144A) 5,684,350
5,800,000 B/B2 Linn Energy LLC, 6.25%, 11/1/19
(144A) 5,800,000
12,850,000 B+/NR MIE Holdings Corp., 9.75%,
5/12/16 (144A) 13,621,000
The accompanying notes are an integral part of these financial statements.
Pioneer Global High Yield Fund | Annual Report | 10/31/12 25
Schedule of Investments | 10/31/12 (Consolidated) (continued)
-------------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-------------------------------------------------------------------------------------------------------------
Oil & Gas Exploration & Production -- (continued)
NOK 12,000,000 NR/NR Norwegian Energy Co., AS,
10.25%, 4/27/16 $ 2,104,179
NOK 45,000,000 NR/NR Norwegian Energy Co., AS,
12.9%, 11/20/14 7,732,081
2,840,000 B/B3 Oasis Petroleum, Inc., 6.5%,
11/1/21 3,003,300
2,580,000 CCC/Caa1 Quicksilver Resources, Inc.,
7.125%, 4/1/16 2,244,600
3,370,000 CCC+/B3 Quicksilver Resources, Inc.,
9.125%, 8/15/19 3,285,750
1,920,000 B-/B3 Samson Investment Co., 9.75%,
2/15/20 (144A) 2,025,600
2,105,000 B/B2 SandRidge Energy, Inc., 8.0%,
6/1/18 (144A) 2,210,250
3,800,000 B-/B3 Stone Energy Corp., 7.5%,
11/15/22 3,752,500
2,919,000 B-/B3 Stone Energy Corp., 8.625%,
2/1/17 3,101,438
2,275,000 CCC+/Caa1 Venoco, Inc., 8.875%, 2/15/19 2,002,000
---------------
$ 100,352,179
-------------------------------------------------------------------------------------------------------------
Oil & Gas Storage & Transportation -- 0.3%
2,030,000 7.00 BB+/Baa3 Enterprise Products Operating
LLC, Floating Rate Note, 6/1/67 $ 2,202,550
NOK 12,000,000 7.11 NR/NR Golar LNG Partners LP, Floating
Rate Note, 10/12/17 2,099,779
950,000 3.46 BB/Ba1 Southern Union Co., Floating Rate
Note, 11/1/66 782,562
---------------
$ 5,084,891
-------------------------------------------------------------------------------------------------------------
Coal & Consumable Fuels -- 1.6%
815,000 B+/B2 Alpha Natural Resources, Inc.,
6.0%, 6/1/19 $ 715,162
11,063,000 BB-/B1 Berau Capital Resources Pte, Ltd.,
12.5%, 7/8/15 (144A) 11,629,979
3,750,000 BB-/B1 Berau Coal Energy Tbk PT, 7.25%,
3/13/17 (144A) 3,515,625
12,200,000 B+/B1 Bumi Capital Pte, Ltd., 12.0%,
11/10/16 (144A) 10,431,000
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) 2,651,880
2,070,000 B/B2 Penn Virginia Resource Partners LP,
8.25%, 4/15/18 2,150,212
---------------
$ 33,976,608
---------------
Total Energy $ 182,973,775
-------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
26 Pioneer Global High Yield Fund | Annual Report | 10/31/12
-------------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-------------------------------------------------------------------------------------------------------------
MATERIALS -- 11.1%
Commodity Chemicals -- 1.6%
11,343,000 BB+/WR Basell Finance Co BV, 8.1%,
3/15/27 (144A) $ 15,199,620
EURO 2,500,000 CCC/Caa1 Kloeckner Pentaplast GmbH &
Co KG, 11.625%, 7/15/17 (144A) 3,459,634
2,259,000 BB+/Ba2 NOVA Chemicals Corp., 7.875%,
9/15/25 2,270,295
11,320,000 BB/B1 Rain CII Carbon LLC, 8.0%,
12/1/18 (144A) 11,546,400
---------------
$ 32,475,949
-------------------------------------------------------------------------------------------------------------
Diversified Chemicals -- 1.6%
EURO 10,935,000 CCC+/Caa1 INEOS Group Holdings SA,
7.875%, 2/15/16 (144A) $ 13,519,966
800,000 CCC+/Caa1 INEOS Group Holdings SA,
8.5%, 2/15/16 (144A) 772,000
5,540,000 BB+/Ba2 LyondellBasell Industries NV,
5.0%, 4/15/19 5,997,050
EURO 7,125,000 NR/Caa1 Momentive Performance
Materials, Inc., 9.5%, 1/15/21 6,742,640
EURO 4,390,000 B+/B2 Styrolution Group GmbH,
7.625%, 5/15/16 (144A) 5,427,769
---------------
$ 32,459,425
-------------------------------------------------------------------------------------------------------------
Construction Materials -- 1.1%
12,050,000 C/Caa3 AGY Holding Corp., 11.0%,
11/15/14 $ 5,543,000
4,275,000 B-/NR Cemex Espana Luxembourg,
9.875%, 4/30/19 (144A) 4,606,312
9,006,000 B-/NR Cemex Finance LLC, 9.5%,
12/14/16 (144A) 9,557,618
3,750,000 B-/NR Cemex SAB de CV, 9.0%,
1/11/18 (144A) 3,890,625
---------------
$ 23,597,555
-------------------------------------------------------------------------------------------------------------
Metal & Glass Containers -- 1.5%
4,105,000 B-/B3 AEP Industries, Inc., 8.25%,
4/15/19 $ 4,351,300
9,563,901 CCC+/Caa1 ARD Finance SA, 11.125%,
6/1/18 (144A) (PIK) 9,850,818
5,000,000 CCC+/B3 Ardagh Packaging Finance Plc,
9.125%, 10/15/20 (144A) 5,225,000
EURO 2,100,000 CCC+/B3 Ardagh Packaging Finance Plc,
9.25%, 10/15/20 (144A) 2,858,452
8,787,398 CCC+/Caa1 BWAY Parent Co., Inc., 10.125%,
11/1/15 (PIK) 9,578,264
---------------
$ 31,863,834
-------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Global High Yield Fund | Annual Report | 10/31/12 27
Schedule of Investments | 10/31/12 (Consolidated) (continued)
-------------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-------------------------------------------------------------------------------------------------------------
Paper Packaging -- 0.2%
3,451,044 NR/NR Bio Pappel SAB de CV, 7.0%,
8/27/16 (Step) $ 3,192,216
2,200,771 NR/NR Bio Pappel SAB de CV, 7.0%,
8/27/16 (Step) (144A) 2,035,713
---------------
$ 5,227,929
-------------------------------------------------------------------------------------------------------------
Aluminum -- 0.0%+
306 CCC+/B3 Noranda Aluminum Acquisition
Corp., 4.73%, 5/15/15 (PIK) $ 289
-------------------------------------------------------------------------------------------------------------
Diversified Metals & Mining -- 1.9%
10,175,000 CCC+/Caa1 Midwest Vanadium Pty, Ltd.,
11.5%, 2/15/18 (144A) $ 6,105,000
11,725,000 CCC+/Caa1 Mirabela Nickel, Ltd., 8.75%,
4/15/18 (144A) 9,614,500
5,300,000 CCC+/B3 Molycorp, Inc., 10.0%,
6/1/20 (144A) 5,101,250
1,700,000 B+/B1 Mongolian Mining Corp., 8.875%,
3/29/17 (144A) 1,734,000
13,660,000 BB/Ba3 Vedanta Resources Plc, 8.25%,
6/7/21 (144A) 14,035,650
2,000,000 BB/Ba3 Vedanta Resources Plc, 9.5%,
7/18/18 (144A) 2,165,000
---------------
$ 38,755,400
-------------------------------------------------------------------------------------------------------------
Steel -- 2.6%
3,500,000 NR/Ba2 China Oriental Group Co., Ltd.,
8.0%, 8/18/15 (144A) $ 3,351,250
9,410,000 CCC/Caa2 Essar Steel Algoma, Inc., 9.875%,
6/15/15 (144A) 7,339,800
11,975,000 B-/B3 Ferrexpo Finance Plc, 7.875%,
4/7/16 (144A) 11,496,000
4,340,000 B/B3 JMC Steel Group, Inc., 8.25%,
3/15/18 (144A) 4,405,100
7,620,000 NR/B2 Metinvest BV, 10.25%, 5/20/15
(144A) 7,779,258
11,550,000 NR/B2 Metinvest BV, 8.75%, 2/14/18
(144A) 11,085,112
4,890,000 CCC+/Caa1 Ryerson, Inc., 12.0%, 11/1/15 5,036,700
EURO 2,505,000 CCC/Caa2 Zlomrex International Finance SA,
8.5%, 2/1/14 (144A) 2,614,122
---------------
$ 53,107,342
-------------------------------------------------------------------------------------------------------------
Paper Products -- 0.6%
13,490,000 B+/B1 Grupo Papelero Scribe SA de CV,
8.875%, 4/7/20 (144A) $ 11,790,260
---------------
Total Materials $ 229,277,983
-------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
28 Pioneer Global High Yield Fund | Annual Report | 10/31/12
-------------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-------------------------------------------------------------------------------------------------------------
CAPITAL GOODS -- 6.6%
Aerospace & Defense -- 0.7%
17,038,000 B-/B2 DynCorp International, Inc.,
10.375%, 7/1/17 $ 14,993,440
-------------------------------------------------------------------------------------------------------------
Building Products -- 0.8%
14,000,000 NR/Ba2 China Liansu Group Holdings, Ltd.,
7.875%, 5/13/16 (144A) $ 14,192,500
3,739,472 NR/NR Industrias Unidas SA de CV,
11.5%, 11/15/16 2,319,058
---------------
$ 16,511,558
-------------------------------------------------------------------------------------------------------------
Construction & Engineering -- 1.4%
6,900,000 B+/B1 Abengoa Finance SAU, 8.875%,
11/1/17 (144A) $ 6,348,000
2,980,000 BB-/Ba3 Dycom Investments, Inc., 7.125%,
1/15/21 3,188,600
7,900,000 B+/B1 Empresas ICA SAB de CV, 8.9%,
2/4/21 (144A) 8,532,000
9,175,000 C/Caa3 New Enterprise Stone & Lime Co.,
Inc., 11.0%, 9/1/18 6,697,750
4,400,000 BB-/NR OAS Investments GmbH, 8.25%,
10/19/19 (144A) 4,444,000
---------------
$ 29,210,350
-------------------------------------------------------------------------------------------------------------
Electrical Components & Equipment -- 0.4%
5,825,000 B/B3 Coleman Cable, Inc., 9.0%,
2/15/18 $ 6,203,625
1,540,000 B/B3 WireCo WorldGroup, Inc., 9.5%,
5/15/17 1,632,400
---------------
$ 7,836,025
-------------------------------------------------------------------------------------------------------------
Industrial Conglomerates -- 0.8%
2,980,000 B+/B2 JB Poindexter & Co., Inc., 9.0%,
4/1/22 (144A) $ 3,058,225
EURO 1,800,000 BB-/Ba3 Mark IV Europe Lux SCA, 8.875%,
12/15/17 (144A) 2,461,769
1,200,000 CCC+/B3 Park-Ohio Industries, Inc., 8.125%,
4/1/21 1,254,000
7,800,000 BBB/Baa3 Votorantim Cimentos SA, 7.25%,
4/5/41 (144A) 8,814,000
---------------
$ 15,587,994
-------------------------------------------------------------------------------------------------------------
Construction & Farm Machinery &
Heavy Trucks -- 0.9%
6,225,000 B+/B1 Lonking Holdings, Ltd., 8.5%,
6/3/16 (144A) $ 6,162,750
8,405,000 CCC+/B2 Navistar International Corp.,
8.25%, 11/1/21 7,869,181
The accompanying notes are an integral part of these financial statements.
Pioneer Global High Yield Fund | Annual Report | 10/31/12 29
Schedule of Investments | 10/31/12 (Consolidated) (continued)
-------------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-------------------------------------------------------------------------------------------------------------
Construction & Farm Machinery &
Heavy Trucks -- (continued)
4,400,000 NR/NR OSX 3 Leasing BV, 9.25%,
3/20/15 (144A) $ 4,576,000
---------------
$ 18,607,931
-------------------------------------------------------------------------------------------------------------
Industrial Machinery -- 1.1%
5,075,000 B/B2 Constellation Enterprises LLC,
10.625%, 2/1/16 (144A) $ 5,366,812
5,322,000 NR/WR Indalex Holding Corp., 11.5%,
2/1/14 (c) 20,224
5,080,000 B/Caa2 Liberty Tire Recycling, Inc., 11.0%,
10/1/16 (144A) 5,029,200
14,600,000 B+/NR WPE International Cooperatief UA,
10.375%, 9/30/20 (144A) 12,556,000
---------------
$ 22,972,236
-------------------------------------------------------------------------------------------------------------
Trading Companies & Distributors -- 0.5%
9,840,000 B-/B3 INTCOMEX, Inc., 13.25%, 12/15/14 $ 10,049,100
---------------
Total Capital Goods $ 135,768,634
-------------------------------------------------------------------------------------------------------------
COMMERCIAL SERVICES & SUPPLIES -- 0.5%
Environmental & Facilities Services -- 0.2%
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) 3,330,519
---------------
$ 3,331,170
-------------------------------------------------------------------------------------------------------------
Diversified Support Services -- 0.3%
6,365,000 B/B3 ADS Tactical, Inc., 11.0%, 4/1/18
(144A) $ 6,269,525
---------------
Total Commercial Services &
Supplies $ 9,600,695
-------------------------------------------------------------------------------------------------------------
TRANSPORTATION -- 2.4%
Air Freight & Logistics -- 0.4%
7,061,000 CCC+/Caa1 CEVA Group Plc, 11.5%, 4/1/18
(144A) $ 6,072,460
2,445,000 CCC+/B3 CEVA Group Plc, 11.625%,
10/1/16 (144A) 2,506,125
---------------
$ 8,578,585
-------------------------------------------------------------------------------------------------------------
Airlines -- 0.7%
1,635,019 BB/Ba2 Continental Airlines 1998-1
Class B Pass Through Trust, 6.748%,
3/15/17 $ 1,711,048
2,125,000 BBB-/Ba2 Continental Airlines 2012-1 Class B
Pass Thru Trusts, 6.25%, 4/11/20 2,241,875
7,363,000 B-/NR Gol Finance SA de CV, 9.25%,
7/20/20 (144A) 6,810,775
The accompanying notes are an integral part of these financial statements.
30 Pioneer Global High Yield Fund | Annual Report | 10/31/12
-------------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-------------------------------------------------------------------------------------------------------------
Airlines -- (continued)
4,250,000 BB-/NR TAM Capital 3, Inc., 8.375%,
6/3/21 (144A) $ 4,696,250
---------------
$ 15,459,948
-------------------------------------------------------------------------------------------------------------
Marine -- 0.1%
1,345,000 B+/B3 Navios South American Logistics,
Inc., 9.25%, 4/15/19 $ 1,274,388
-------------------------------------------------------------------------------------------------------------
Railroads -- 0.1%
2,467,359 CCC/Caa3 Florida East Coast Holdings Corp.,
10.5%, 8/1/17 (PIK) $ 2,368,665
-------------------------------------------------------------------------------------------------------------
Trucking -- 0.7%
7,418,993 NR/Ba2 Inversiones Alsacia SA, 8.0%,
8/18/18 (144A) $ 7,816,503
6,125,000 B/B3 Syncreon Global Ireland, Ltd.,
9.5%, 5/1/18 (144A) 6,392,969
---------------
$ 14,209,472
-------------------------------------------------------------------------------------------------------------
Airport Services -- 0.4%
4,440,750 B/B3 Aeropuertos Argentina 2000 SA,
10.75%, 12/1/20 (144A) $ 4,140,999
3,900,000 B/B2 Aguila 3 SA, 7.875%, 1/31/18
(144A) 4,124,250
---------------
$ 8,265,249
---------------
Total Transportation $ 50,156,307
-------------------------------------------------------------------------------------------------------------
AUTOMOBILES & COMPONENTS -- 2.0%
Auto Parts & Equipment -- 1.6%
4,800,000 B+/B2 Pittsburgh Glass Works LLC, 8.5%,
4/15/16 (144A) $ 4,428,000
4,365,000 CCC/Caa1 Stanadyne Corp., 10.0%, 8/15/14 4,075,819
16,550,000 CCC-/Caa3 Stanadyne Holdings, Inc., 12.0%,
2/15/15 (Step) 10,985,062
11,854,000 B+/B1 Tower Automotive Holdings USA
LLC, 10.625%, 9/1/17 (144A) 12,876,408
---------------
$ 32,365,289
-------------------------------------------------------------------------------------------------------------
Tires & Rubber -- 0.1%
2,810,000 B+/B1 The Goodyear Tire & Rubber Co.,
7.0%, 5/15/22 $ 2,946,988
-------------------------------------------------------------------------------------------------------------
Automobile Manufacturers -- 0.3%
1,605,000 B/B2 Chrysler Group LLC, 8.0%,
6/15/19 $ 1,707,319
5,000,000 B+/B2 Hyva Global BV, 8.625%,
3/24/16 (144A) 4,662,500
---------------
$ 6,369,819
---------------
Total Automobiles & Components $ 41,682,096
-------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Global High Yield Fund | Annual Report | 10/31/12 31
Schedule of Investments | 10/31/12 (Consolidated) (continued)
-------------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-------------------------------------------------------------------------------------------------------------
CONSUMER DURABLES & APPAREL -- 3.7%
Homebuilding -- 1.4%
8,750,000 CCC/Caa3 Beazer Homes USA, Inc., 9.125%,
6/15/18 $ 9,176,562
2,050,000 BB-/Ba3 Corp GEO SAB de CV, 8.875%,
3/27/22 (144A) 2,167,875
10,272,000 NR/Ba3 Desarrolladora Homex SAB de CV,
9.5%, 12/11/19 (144A) 10,259,674
7,500,000 NR/Ba3 Urbi Desarrollos Urbanos SAB de
CV, 9.75%, 2/3/22 (144A) 6,975,000
---------------
$ 28,579,111
-------------------------------------------------------------------------------------------------------------
Housewares & Specialties -- 1.8%
2,400,000 CCC+/Caa2 Reynolds Group Issuer, Inc., 8.25%,
2/15/21 $ 2,358,000
7,490,000 CCC+/Caa2 Reynolds Group Issuer, Inc., 8.5%,
5/15/18 7,452,550
3,235,000 CCC+/Caa2 Reynolds Group Issuer, Inc., 9.0%,
4/15/19 3,275,438
7,675,000 CCC+/Caa2 Reynolds Group Issuer, Inc., 9.875%,
8/15/19 8,039,562
11,165,000 CCC+/B3 Yankee Candle Co., Inc., 9.75%,
2/15/17 11,597,644
5,775,000 CCC+/Caa1 YCC Holdings LLC, 10.25%,
2/15/16 (PIK) 5,969,906
---------------
$ 38,693,100
-------------------------------------------------------------------------------------------------------------
Leisure Products -- 0.5%
EURO 4,700,000 CCC/Caa2 Heckler & Koch GmbH, 9.5%,
5/15/18 (144A) $ 5,239,847
5,000,000 B/B2 Icon Health & Fitness, Inc.,
11.875%, 10/15/16 (144A) 4,775,000
---------------
$ 10,014,847
---------------
Total Consumer Durables & Apparel $ 77,287,058
-------------------------------------------------------------------------------------------------------------
CONSUMER SERVICES -- 1.8%
Casinos & Gaming -- 1.0%
10,750,000 NR/WR Buffalo Thunder Development Authority,
9.375%, 12/15/14 (144A) (c) $ 3,762,500
4,395,000 B-/Caa2 Codere Finance Luxembourg SA,
9.25%, 2/15/19 (144A) 3,307,238
2,052,000 B-/NR Little Traverse Bay Bands of Odawa
Indians, 9.0%, 8/31/20 (144A) 1,908,360
EURO 1,000,000 8.25 BB/Ba2 Lottomatica Group S.p.A., Floating
Rate Note, 3/31/66 (144A) 1,290,153
5,965,000 NR/WR Mashantucket Western Pequot Tribe,
8.5%, 11/15/15 (144A) (c) 715,800
EURO 6,335,000 B-/B3 Peermont Global Pty, Ltd., 7.75%,
4/30/14 (144A) 7,924,944
The accompanying notes are an integral part of these financial statements.
32 Pioneer Global High Yield Fund | Annual Report | 10/31/12
-------------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-------------------------------------------------------------------------------------------------------------
Casinos & Gaming -- (continued)
1,725,000 CCC/Caa2 Shingle Springs Tribal Gaming
Authority, 9.375%, 6/15/15 (144A) $ 1,440,375
---------------
$ 20,349,370
-------------------------------------------------------------------------------------------------------------
Hotels, Resorts & Cruise Lines -- 0.6%
3,800,000 NR/B3 Good Sam Enterprises LLC, 11.5%,
12/1/16 $ 4,051,750
4,977,000 CCC+/B3 Grupo Posadas SAB de CV, 9.25%,
1/15/15 (144A) 5,200,965
2,860,000 B+/B3 Viking Cruises, Ltd., 8.5%,
10/15/22 (144A) 2,952,950
---------------
$ 12,205,665
-------------------------------------------------------------------------------------------------------------
Restaurants -- 0.1%
BRL 4,250,000 NR/Ba2 Arcos Dorados Holdings, Inc.,
10.25%, 7/13/16 (144A) $ 2,240,148
-------------------------------------------------------------------------------------------------------------
Education Services -- 0.1%
4,225,000 CCC-/B3 Cambium Learning Group, Inc.,
9.75%, 2/15/17 $ 3,105,375
---------------
Total Consumer Services $ 37,900,558
-------------------------------------------------------------------------------------------------------------
MEDIA -- 2.9%
Advertising -- 0.5%
5,549,000 B/B3 MDC Partners, Inc., 11.0%,
11/1/16 $ 6,048,410
6,820,000 B-/Caa2 Sitel LLC, 11.5%, 4/1/18 4,876,300
---------------
$ 10,924,710
-------------------------------------------------------------------------------------------------------------
Broadcasting -- 2.3%
2,514,281 CCC+/Caa3 Intelsat Luxembourg SA, 11.5%,
2/4/17 $ 2,646,281
15,840,000 CCC+/Caa3 Intelsat Luxembourg SA, 11.5%,
2/4/17 (144A) (PIK) 16,671,600
4,300,000 B+/B1 Nara Cable Funding, Ltd., 8.875%,
12/1/18 (144A) 4,063,500
EURO 10,950,000 B+/B1 Nara Cable Funding, Ltd., 8.875%,
12/1/18 (144A) 13,378,818
EURO 1,925,000 B-/Caa1 Ono Finance II Plc, 11.125%,
7/15/19 (144A) 2,189,778
CAD 7,500,000 B+/B2 Quebecor Media, Inc., 6.625%,
1/15/23 (144A) 7,639,676
1,755,000 B-/B3 Telesat Canada, Inc., 12.5%, 11/1/17 1,948,050
---------------
$ 48,537,703
-------------------------------------------------------------------------------------------------------------
Publishing -- 0.1%
1,675,000 B-/B3 MPL 2 Acquisition Canco, Inc.,
9.875%, 8/15/18 (144A) $ 1,528,438
---------------
Total Media $ 60,990,851
-------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Global High Yield Fund | Annual Report | 10/31/12 33
Schedule of Investments | 10/31/12 (Consolidated) (continued)
-------------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-------------------------------------------------------------------------------------------------------------
RETAILING -- 0.6%
Department Stores -- 0.6%
10,855,000 B/NR Grupo Famsa SAB de CV, 11.0%,
7/20/15 (144A) $ 11,452,025
---------------
Total Retailing $ 11,452,025
-------------------------------------------------------------------------------------------------------------
FOOD, BEVERAGE & TOBACCO -- 5.9%
Distillers & Vintners -- 0.3%
EURO 4,171,607 NR/NR Belvedere SA, 7.692%, 11/10/19 $ 1,081,572
EURO 320,792 7.69 NR/NR Belvedere SA, Floating Rate Note,
11/10/19 (c) 83,172
7,512,000 CCC+/Caa1 CEDC Finance Corp International,
Inc., 9.125%, 12/1/16 (144A) 4,882,800
---------------
$ 6,047,544
-------------------------------------------------------------------------------------------------------------
Packaged Foods & Meats -- 4.9%
1,960,000 B/NR Agrokor DD, 8.875%, 2/1/20
(144A) $ 2,028,600
EURO 3,200,000 B/B2 Agrokor DD, 9.875%, 5/1/19
(144A) 4,428,332
6,000,000 BB/B1 Bertin SA, 10.25%, 10/5/16
(144A) 6,555,000
4,450,000 B+/B1 CFG Investment SAC, 9.75%,
7/30/19 (144A) 3,849,250
7,920,000 B+/B2 Corp Pesquera Inca SAC, 9.0%,
2/10/17 (144A) 8,514,000
6,000,000 B/B3 FAGE Dairy Industry SA, 9.875%,
2/1/20 (144A) 6,000,000
2,969,595 NR/NR Independencia International, Ltd.,
12.0%, 12/30/16 (144A) (c) 13,363
8,690,000 BB/B1 JBS Finance II, Ltd., 8.25%,
1/29/18 (144A) 9,059,325
20,248,000 B+/B2 Marfrig Overseas, Ltd., 9.5%,
5/4/20 (144A) 17,919,480
3,783,000 B+/B2 Marfrig Overseas, Ltd., 9.625%,
11/16/16 (144A) 3,745,170
4,755,000 B+/B2 Minerva Luxembourg SA, 12.25%,
2/10/22 (144A) 5,658,450
19,900,000 B+/B2 Minerva Overseas II, Ltd., 10.875%,
11/15/19 (144A) 22,984,497
10,905,000 B-/Caa1 Pilgrim's Pride Corp., 7.875%,
12/15/18 10,741,425
---------------
$ 101,496,892
-------------------------------------------------------------------------------------------------------------
Tobacco -- 0.7%
14,855,000 B-/B3 Alliance One International, Inc.,
10.0%, 7/15/16 $ 15,337,788
---------------
Total Food, Beverage & Tobacco $ 122,882,224
-------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
34 Pioneer Global High Yield Fund | Annual Report | 10/31/12
-------------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-------------------------------------------------------------------------------------------------------------
HEALTH CARE EQUIPMENT & SERVICES -- 1.2%
Health Care Equipment -- 0.3%
8,850,000 CCC+/Caa2 Accellent, Inc., 10.0%, 11/1/17 $ 6,770,250
-------------------------------------------------------------------------------------------------------------
Health Care Supplies -- 0.5%
5,750,000 B/Caa1 ConvaTec Healthcare E SA, 10.5%,
12/15/18 (144A) $ 6,238,750
3,200,000 B-/Caa1 Immucor, Inc., 11.125%, 8/15/19 3,552,000
---------------
$ 9,790,750
-------------------------------------------------------------------------------------------------------------
Health Care Services -- 0.3%
4,253,000 CCC/Caa2 Gentiva Health Services, Inc.,
11.5%, 9/1/18 $ 3,965,922
2,975,000 CCC+/Caa1 Surgical Care Affiliates, Inc., 10.0%,
7/15/17 (144A) 3,064,250
---------------
$ 7,030,172
-------------------------------------------------------------------------------------------------------------
Health Care Facilities -- 0.1%
1,550,000 B-/B3 Kindred Healthcare, Inc., 8.25%,
6/1/19 $ 1,519,000
172,000 CCC+/Caa1 Vanguard Health Systems, Inc.,
0.0%, 2/1/16 120,400
---------------
$ 1,639,400
---------------
Total Health Care Equipment
& Services $ 25,230,572
-------------------------------------------------------------------------------------------------------------
PHARMACEUTICALS, BIOTECHNOLOGY
& LIFE SCIENCES -- 1.1%
Biotechnology -- 0.9%
10,302,000 B+/Caa2 Lantheus Medical Imaging, Inc.,
9.75%, 5/15/17 $ 9,503,595
8,485,000 BB-/B1 VPI Escrow Corp., 6.375%,
10/15/20 (144A) 8,930,462
---------------
$ 18,434,057
-------------------------------------------------------------------------------------------------------------
Pharmaceuticals -- 0.2%
3,180,000 BB-/B1 Valeant Pharmaceuticals
International, 6.375%, 10/15/20
(144A) $ 3,346,950
---------------
Total Pharmaceuticals,
Biotechnology & Life Sciences $ 21,781,007
-------------------------------------------------------------------------------------------------------------
BANKS -- 4.4%
Diversified Banks -- 2.6%
6,875,000 9.75 BB+/NR Banco de Credito del Peru Panama
SA de CV, Floating Rate Note,
11/6/69 (144A) $ 8,181,250
6,600,000 B/B3 Banco de Galicia y Buenos Aires
SA de CV, 8.75%, 5/4/18 (144A) 5,115,000
The accompanying notes are an integral part of these financial statements.
Pioneer Global High Yield Fund | Annual Report | 10/31/12 35
Schedule of Investments | 10/31/12 (Consolidated) (continued)
-------------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-------------------------------------------------------------------------------------------------------------
Diversified Banks -- (continued)
1,750,000 NR/Ba1 Banco do Estado do Rio Grande do
Sul SA, 7.375%, 2/2/22 (144A) $ 1,986,250
5,000,000 NR/Ba2 Banco GNB Sudameris SA, 7.5%,
7/30/22 (144A) 5,528,426
2,870,000 9.75 NR/Caa3 Banco Macro SA, Floating Rate Note,
12/18/36 2,052,050
3,880,000 NR/B2 Bank CenterCredit, Ltd., 8.625%,
1/30/14 (144A) 3,995,430
5,100,000 NR/A3 BBVA Bancomer SA Texas, 6.5%,
3/10/21 (144A) 5,820,375
1,250,000 NR/A3 BBVA Bancomer SA Texas, 6.75%,
9/30/22 (144A) 1,415,625
EURO 2,600,000 NR/Aaa Cooperatieve Centrale Raiffeisen-
Boerenleenbank BA Netherlands,
6.875%, 3/19/20 3,629,904
TRY 1,075,000 NR/Aaa International Bank for Reconstruction
& Development, Ltd., 9.0%, 1/25/13 603,856
1,400,000 B+/Caa1 Kazkommertsbank JSC, 8.0%,
11/3/15 (144A) 1,309,000
2,750,000 9.20 CCC-/Caa3 Kazkommertsbank JSC, Floating Rate
Note (Perpetual) (144A) 1,595,000
60,000 BBB-/Ba2 Societe Generale SA, 8.75%
(Perpetual) 60,906
1,860,000 NR/Baa2 Turkiye Garanti Bankasi AS, 5.25%,
9/13/22 (144A) 1,925,100
1,500,000 NR/Ba2 Turkiye Is Bankasi AS, 6.0%,
10/24/22 (144A) 1,530,000
2,800,000 NR/Baa1 VTB Bank OJSC Via VTB Capital SA,
6.0%, 4/12/17 (144A) 2,922,500
5,000,000 BBB-/Baa2 VTB Bank OJSC Via VTB Capital SA,
6.95%, 10/17/22 (144A) 5,164,750
---------------
$ 52,835,422
-------------------------------------------------------------------------------------------------------------
Regional Banks -- 1.6%
3,165,000 8.50 NR/Ba3 Banco Internacional del Peru SAA,
Floating Rate Note, 4/23/70 (144A) $ 3,509,194
2,700,000 BB+/Baa3 Capital One Capital V, Inc., 10.25%,
8/15/39 2,781,000
13,430,000 6.75 BBB/Baa3 PNC Financial Services Group, Inc.,
Floating Rate Note (Perpetual) 15,487,342
10,650,000 BBB-/NR UBS AG, 7.625%, 8/17/22 11,485,035
---------------
$ 33,262,571
-------------------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- 0.2%
4,000,000 B+/Ba2 Alfa Bank OJSC Via Alfa Bond
Issuance Plc, 7.5%, 9/26/19 (144A) $ 4,115,640
---------------
Total Banks $ 90,213,633
-------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
36 Pioneer Global High Yield Fund | Annual Report | 10/31/12
-------------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-------------------------------------------------------------------------------------------------------------
DIVERSIFIED FINANCIALS -- 5.5%
Other Diversified Financial Services -- 2.6%
EURO 800,000 10.48 B-/NR ATLAS VI Capital, Ltd., Floating Rate
Note, 4/7/14 (Cat Bond) (144A) $ 1,046,932
2,000,000 6.50 BB+/NR Caelus Re II, Ltd., Floating Rate Note,
5/24/13 (Cat Bond) (144A) 2,045,800
1,500,000 10.25 BB-/NR Compass Re, Ltd., Floating Rate Note,
1/8/15 (Cat Bond) (144A) 1,554,750
1,000,000 11.25 B+/NR Compass Re, Ltd., Floating Rate Note,
1/8/15 (Cat Bond) (144A) 1,035,600
400,000 9.00 BB/NR East Lane Re V, Ltd., Floating Rate
Note, 3/16/16 (Cat Bond) (144A) 431,400
TRY 12,410,000 AAA/Aaa European Investment
Bank, 3/2/15 (e) 6,023,701
1,250,000 8.35 BB-/NR Ibis Re II, Ltd., Floating Rate Note,
2/5/15 (Cat Bond) (144A) 1,298,250
1,925,000 13.50 B-/NR Ibis Re II, Ltd., Floating Rate Note,
2/5/15 (Cat Bond) (144A) 2,041,462
1,500,000 6.20 BB-/NR Ibis Re, Ltd., Floating Rate Note,
5/3/13 (Cat Bond) (144A) 1,538,250
250,000 9.25 B/NR Ibis Re, Ltd., Floating Rate Note,
5/3/13 (Cat Bond) (144A) 247,450
TRY 800,000 A/A2 JPMorgan Chase & Co., 10/4/17
(144A) (e) 298,632
500,000 6.00 BB/NR Lodestone Re, Ltd., Floating Rate
Note, 1/8/14 (Cat Bond) (144A) 501,700
4,250,000 7.25 BB/NR Lodestone Re, Ltd., Floating Rate
Note, 1/8/14 (Cat Bond) (144A) 4,307,800
350,000 6.25 BB/NR Lodestone Re, Ltd., Floating Rate
Note, 5/17/13 (Cat Bond) (144A) 354,655
4,000,000 8.25 BB-/NR Lodestone Re, Ltd., Floating Rate
Note, 5/17/13 (Cat Bond) (144A) 4,085,600
4,100,000 BB/NR Magnesita Finance, Ltd., 8.625%
(Perpetual) (144A) 4,326,078
4,565,000 B+/B2 National Money Mart Co., 10.375%,
12/15/16 5,095,681
2,500,000 7.50 BB-/NR Queen Street II Capital, Ltd., Floating
Rate Note, 4/9/14 (Cat Bond) (144A) 2,522,250
2,000,000 7.50 BB-/NR Queen Street IV Capital, Ltd., Floating
Rate Note, 4/9/15 (Cat Bond) (144A) 1,975,000
900,000 8.50 B+/NR Queen Street V Re, Ltd., Floating Rate
Note, 4/9/15 (Cat Bond) (144A) 906,210
250,000 B-/NR Residential Reinsurance 2010, Ltd.,
Floating Rate Note, 6/6/13 (Cat Bond)
(144A) 265,175
1,750,000 7.25 NR/NR Residential Reinsurance 2010, Ltd.,
Floating Rate Note, 6/6/13 (Cat Bond)
(144A) 1,798,650
The accompanying notes are an integral part of these financial statements.
Pioneer Global High Yield Fund | Annual Report | 10/31/12 37
Schedule of Investments | 10/31/12 (Consolidated) (continued)
-------------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-------------------------------------------------------------------------------------------------------------
Other Diversified Financial Services -- (continued)
1,500,000 0.00 BB/NR Residential Reinsurance 2010, Ltd.,
Floating Rate Note, 6/6/13
(Cat Bond) (144A) $ 1,539,750
3,450,000 12.00 B-/NR Residential Reinsurance 2011, Ltd.,
Floating Rate Note, 6/6/15
(Cat Bond) (144A) 3,557,640
1,100,000 10.00 BB-/NR Residential Reinsurance 2012, Ltd.,
Floating Rate Note, 6/6/16
(Cat Bond) (144A) 1,192,510
1,000,000 8.00 BB/NR Residential Reinsurance 2012, Ltd.,
Floating Rate Note, 6/6/16
(Cat Bond) (144A) 984,000
1,850,000 22.00 NR/NR Residential Reinsurance 2012, Ltd.,
Floating Rate Note, 6/6/16
(Cat Bond) (144A) 1,633,180
---------------
$ 52,608,106
-------------------------------------------------------------------------------------------------------------
Specialized Finance -- 1.0%
7,675,000 BBB/Ba1 Cantor Fitzgerald LP, 7.875%,
10/15/19 (144A) $ 7,886,385
1,000,000 5.25 BB+/NR Kibou, Ltd., Floating Rate Note,
2/16/15 (Cat Bond) (144A) 1,023,800
10,460,000 NR/Ba3 Metalloinvest Finance, Ltd., 6.5%,
7/21/16 (144A) 10,773,800
---------------
$ 19,683,985
-------------------------------------------------------------------------------------------------------------
Consumer Finance -- 0.4%
10,395,000 NR/NR Tarjeta Naranja SA, 9.0%, 1/28/17
(144A) $ 9,147,600
-------------------------------------------------------------------------------------------------------------
Investment Banking & Brokerage -- 1.5%
20,515,000 4.00 BB+/Ba2 Goldman Sachs Capital II, Inc.,
Floating Rate Note, 6/1/43 $ 16,215,056
10,600,000 BBB/Baa3 Jefferies Group, Inc., 6.875%,
4/15/21 11,580,500
4,000,000 5.21 NR/NR UBS AG, Floating Rate Note,
1/15/14 (144A) 4,021,520
---------------
$ 31,817,076
---------------
Total Diversified Financials $ 113,256,767
-------------------------------------------------------------------------------------------------------------
INSURANCE -- 4.5%
Insurance Brokers -- 2.1%
11,140,000 CCC/Caa2 Alliant Holdings I, Inc., 11.0%,
5/1/15 (144A) $ 11,485,340
14,000,000 CCC+/Caa2 Hub International, Ltd., 8.125%,
10/15/18 (144A) 14,385,000
GBP 4,840,000 B-/Caa1 Towergate Finance Plc, 10.5%,
2/15/19 (144A) 7,416,344
The accompanying notes are an integral part of these financial statements.
38 Pioneer Global High Yield Fund | Annual Report | 10/31/12
-------------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-------------------------------------------------------------------------------------------------------------
Insurance Brokers -- (continued)
4,841,000 CCC/Caa2 USI Holdings Corp., 9.75%,
5/15/15 (144A) $ 4,913,615
4,532,000 4.31 CCC/Caa1 USI Holdings Corp., Floating Rate
Note, 11/15/14 (144A) 4,396,040
---------------
$ 42,596,339
-------------------------------------------------------------------------------------------------------------
Multi-line Insurance -- 0.5%
2,870,000 7.00 BB/Baa3 Liberty Mutual Group, Inc., Floating
Rate Note, 3/15/37 (144A) $ 2,841,300
5,170,000 10.75 BB/Baa3 Liberty Mutual Group, Inc., Floating
Rate Note, 6/15/58 (144A) 7,703,300
---------------
$ 10,544,600
-------------------------------------------------------------------------------------------------------------
Property & Casualty Insurance -- 0.4%
8,535,000 7.51 BB+/Ba2 Sirius International Group, Ltd.,
Floating Rate Note (Perpetual) (144A) $ 8,867,012
-------------------------------------------------------------------------------------------------------------
Reinsurance -- 1.5%
450,000 8.26 NR/NR Atlas Reinsurance VII, Ltd., Floating
Rate Note, 1/7/16 (144A) $ 450,000
250,000 6.30 BB+/NR Blue Danube, Ltd., Floating Rate
Note, 4/10/15 (Cat Bond) (144A) 260,700
250,000 14.00 B-/NR Blue Fin, Ltd., Floating Rate Note,
5/28/13 (Cat Bond) (144A) 226,000
1,250,000 17.75 NR/NR Combine Re, Ltd., Floating Rate Note,
1/7/15 (Cat Bond) (144A) 1,312,250
750,000 10.00 NR/B1 Combine Re, Ltd., Floating Rate Note,
1/7/15 (Cat Bond) (144A) 793,725
1,950,000 5.00 BB+/NR Foundation Re III, Ltd., Floating Rate
Note, 2/25/15 (Cat Bond) 1,983,345
2,000,000 5.75 BB/NR Foundation Re III, Ltd., Floating Rate
Note, 2/3/14 (Cat Bond) (144A) 2,033,800
2,600,000 9.61 NR/B3 GlobeCat, Ltd., Series USW, Floating
Rate Note, 1/2/13 (Cat Bond)
(144A) 2,631,460
275,000 10.16 B/NR Montana Re, Ltd., Series A, Floating
Rate Note, 12/7/12 (Cat Bond)
(144A) 277,172
1,700,000 13.66 CCC+/NR Montana Re, Ltd., Series B, Floating
Rate Note, 12/7/12 (Cat Bond)
(144A) 1,713,600
2,500,000 12.00 B/NR Mystic Re, Ltd., Floating Rate Note,
3/12/15 (Cat Bond) (144A) 2,427,250
800,000 8.75 NR/NR Mythen Re, Ltd., Series 2012-2
Class A, Floating Rate Note, 1/5/17
(Cat Bond) (144A) 800,000
The accompanying notes are an integral part of these financial statements.
Pioneer Global High Yield Fund | Annual Report | 10/31/12 39
Schedule of Investments | 10/31/12 (Consolidated) (continued)
-------------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-------------------------------------------------------------------------------------------------------------
Reinsurance -- (continued)
650,000 12.00 NR/NR Mythen Re, Ltd., Series 2012-2
Class A, Floating Rate Note,
11/10/16 (Cat Bond) (144A) $ 650,000
2,800,000 11.41 NR/B2 Mythen, Ltd., Floating Rate Note,
5/7/15 (Cat Bond) (144A) 2,979,480
750,000 13.75 NR/NR Pelican Re, Ltd., Floating Rate Note,
4/13/15 (Cat Bond) (144A) 798,525
300,000 10.35 B/NR Queen Street VI Re, Ltd., Floating
Rate Note, 4/9/15 (Cat Bond)
(144A) 307,530
750,000 8.60 NR/NR Queen Street VII Re, Ltd., Floating
Rate Note, 4/8/16 (Cat Bond)
(144A) 750,000
1,125,000 14.92 B-/NR Successor X, Ltd., Class III-S3,
Floating Rate Note, 1/7/14
(Cat Bond) (144A) 1,155,375
4,000,000 13.00 NR/NR Successor X, Ltd., Class IV-AL3,
Floating Rate Note, 2/25/14
(Cat Bond) (144A) 4,121,200
875,000 16.50 NR/NR Successor X, Ltd., Floating Rate
Note, 1/27/15 (Cat Bond) (144A) 891,012
2,600,000 16.42 NR/NR Successor X, Ltd., Floating Rate
Note, 1/7/14 (Cat Bond) (144A) 2,663,180
375,000 11.25 B-/NR Successor X, Ltd., Floating Rate
Note, 11/10/15 (Cat Bond) (144A) 370,312
2,100,000 9.75 B-/NR Successor X, Ltd., Floating Rate
Note, 4/4/13 (Cat Bond) (144A) 2,098,950
250,000 11.75 NR/NR Successor X, Ltd., Floating Rate
Note, 4/4/13 (Cat Bond) (144A) 249,225
---------------
$ 31,944,091
---------------
Total Insurance $ 93,952,042
-------------------------------------------------------------------------------------------------------------
REAL ESTATE -- 1.3%
Diversified Real Estate Activities -- 0.7%
8,000,000 BB/Ba1 BR Malls International Finance, Ltd.,
8.5% (Perpetual) (144A) $ 8,720,000
5,590,000 BB/NR BR Malls International Finance, Ltd.,
9.75% (Perpetual) (144A) 5,631,925
---------------
$ 14,351,925
-------------------------------------------------------------------------------------------------------------
Real Estate Operating Companies -- 0.6%
6,750,000 B/NR Alto Palermo SA, 7.875%, 5/11/17
(144A) $ 5,535,000
8,405,000 B/NR IRSA Inversiones y Representaciones
SA, 8.5%, 2/2/17 (144A) 6,976,150
---------------
$ 12,511,150
---------------
Total Real Estate $ 26,863,075
-------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
40 Pioneer Global High Yield Fund | Annual Report | 10/31/12
-------------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-------------------------------------------------------------------------------------------------------------
SOFTWARE & SERVICES -- 1.4%
Data Processing & Outsourced Services -- 0.2%
3,597,000 B-/Caa1 First Data Corp., 12.625%, 1/15/21 $ 3,713,902
-------------------------------------------------------------------------------------------------------------
Application Software -- 0.6%
8,684,000 CC/Caa2 Allen Systems Group, Inc., 10.5%,
11/15/16 (144A) $ 6,252,480
6,365,000 BB-/NR Nuance Communications, Inc.,
2.75%, 11/1/31 6,933,872
---------------
$ 13,186,352
-------------------------------------------------------------------------------------------------------------
Systems Software -- 0.6%
14,669,480 NR/NR Pegasus Solutions, Inc., 13.0%,
4/15/14 (144A) (PIK) $ 12,909,142
---------------
Total Software & Services $ 29,809,396
-------------------------------------------------------------------------------------------------------------
TECHNOLOGY HARDWARE & EQUIPMENT -- 0.3%
Electronic Equipment Manufacturers -- 0.3%
5,500,000 BB-/B2 Viasystems, Inc., 7.875%, 5/1/19
(144A) $ 5,376,250
---------------
Total Technology Hardware
& Equipment $ 5,376,250
-------------------------------------------------------------------------------------------------------------
SEMICONDUCTORS & SEMICONDUCTOR
EQUIPMENT -- 0.2%
Semiconductor Equipment -- 0.1%
3,200,000 B+/Caa1 MEMC Electronic Materials, Inc.,
7.75%, 4/1/19 $ 2,388,000
-------------------------------------------------------------------------------------------------------------
Semiconductors -- 0.1%
CNY 14,000,000 BB-/NR LDK Solar Co., Ltd., 10.0%, 2/28/14 $ 1,075,034
---------------
Total Semiconductors &
Semiconductor Equipment $ 3,463,034
-------------------------------------------------------------------------------------------------------------
TELECOMMUNICATION SERVICES -- 5.3%
Alternative Carriers -- 0.5%
9,765,000 BB-/WR PAETEC Holding Corp., 8.875%,
6/30/17 $ 10,521,788
-------------------------------------------------------------------------------------------------------------
Integrated Telecommunication Services -- 3.4%
6,477,000 B/B1 Cincinnati Bell, Inc., 8.25%,
10/15/17 $ 6,930,390
7,160,000 B/B1 Cincinnati Bell, Inc., 8.375%,
10/15/20 7,697,000
8,478,000 CCC+/B3 Cincinnati Bell, Inc., 8.75%,
3/15/18 8,562,780
5,200,000 BB/Ba2 Frontier Communications Corp.,
7.125%, 1/15/23 5,538,000
2,940,000 BB/Ba2 Frontier Communications Corp.,
8.5%, 4/15/20 3,395,700
The accompanying notes are an integral part of these financial statements.
Pioneer Global High Yield Fund | Annual Report | 10/31/12 41
Schedule of Investments | 10/31/12 (Consolidated) (continued)
-------------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-------------------------------------------------------------------------------------------------------------
Integrated Telecommunication
Services -- (continued)
10,345,000 BB/Ba2 Frontier Communications Corp.,
8.75%, 4/15/22 $ 11,922,612
EURO 1,600,000 B+/Ba3 Telenet Finance V Luxembourg SCA,
6.25%, 8/15/22 (144A) 2,136,385
6,285,000 B/Ba3 Windstream Corp., 7.5%, 6/1/22 6,662,100
2,300,000 B/Ba3 Windstream Corp., 7.75%, 10/1/21 2,486,875
6,765,000 B/Ba3 Windstream Corp., 7.75%, 10/15/20 7,289,288
7,345,000 B/Ba3 Windstream Corp., 8.125%, 9/1/18 7,950,962
---------------
$ 70,572,092
-------------------------------------------------------------------------------------------------------------
Wireless Telecommunication Services -- 1.4%
1,000,000 NR/Caa1 Digicel Group, Ltd., 10.5%, 4/15/18
(144A) $ 1,105,000
6,400,000 NR/Caa1 Digicel Group, Ltd., 8.25%, 9/30/20
(144A) 6,896,000
3,925,000 B-/B2 NII Capital Corp., 7.625%, 4/1/21 3,100,750
2,300,000 NR/NR Richland Towers Funding LLC, 7.87%,
3/15/16 (144A) 2,357,109
7,800,000 BB/Ba3 Vimpel Communications Via VIP
Finance Ireland, Ltd., OJSC, 7.748%,
2/2/21 (144A) 8,580,000
5,375,000 BB/Ba3 VimpelCom Holdings BV, 7.504%,
3/1/22 (144A) 5,805,000
---------------
$ 27,843,859
---------------
Total Telecommunication Services $ 108,937,739
-------------------------------------------------------------------------------------------------------------
UTILITIES -- 1.9%
Electric Utilities -- 0.7%
12,081,000 CCC+/NR Cia de Transporte de Energia
Electrica en Alta Tension Transener
SA, 9.75%, 8/15/21 (144A) $ 5,194,830
5,256,000 B-/Caa1 Empresa Distribuidora Y
Comercializadora Norte SA de CV,
9.75%, 10/25/22 (144A) 2,430,900
722,501 B/Ba2 FPL Energy National Wind Portfolio
LLC, 6.125%, 3/25/19 (144A) 585,305
598,995 B/Ba2 FPL Energy Wind Funding LLC,
6.876%, 6/27/17 (144A) 521,126
1,950,000 BB+/Baa3 Israel Electric Corp., Ltd., 6.7%,
2/10/17 (144A) 2,135,250
2,695,000 CCC/Caa1 Texas Competitive Electric Holdings
Co., LLC, 11.5%, 10/1/20 (144A) 1,926,925
4,000,000 NR/Caa3 Texas Competitive Electric Holdings
Co., LLC, 15.0%, 4/1/21 1,160,000
---------------
$ 13,954,336
-------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
42 Pioneer Global High Yield Fund | Annual Report | 10/31/12
-------------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-------------------------------------------------------------------------------------------------------------
Gas Utilities -- 0.4%
2,437,000 B-/B2 Star Gas Partners LP, 8.875%,
12/1/17 $ 2,534,480
7,966,000 B/B3 Transportadora de Gas del Sur SA,
7.875%, 5/14/17 (144A) 6,213,480
---------------
$ 8,747,960
-------------------------------------------------------------------------------------------------------------
Multi-Utilities -- 0.3%
6,789,883 NR/NR Ormat Funding Corp., 8.25%,
12/30/20 $ 6,441,901
-------------------------------------------------------------------------------------------------------------
Independent Power Producers
& Energy Traders -- 0.5%
940,000 NR/Baa3 Instituto Costarricense de
Electricidad, 6.95%, 11/10/21
(144A) $ 1,045,750
311,125 NR/NR Juniper Generation LLC, 6.79%,
12/31/14 (144A) 284,412
3,025,000 BB-/B1 NRG Energy, Inc., 7.625%, 1/15/18 3,304,812
2,840,000 BB-/B1 NRG Energy, Inc., 7.625%, 5/15/19 3,024,600
2,200,000 BB-/B1 NRG Energy, Inc., 8.5%, 6/15/19 2,381,500
357,000 BB+/Ba2 NSG Holdings LLC, 7.75%,
12/15/25 (144A) 367,710
---------------
$ 10,408,784
---------------
Total Utilities $ 39,552,981
-------------------------------------------------------------------------------------------------------------
Government -- 0.1%
TRY 4,200,000 AAA/NR European Bank for Reconstruction
& Development, 0.5%, 2/26/15 $ 2,077,041
---------------
Total Government $ 2,077,041
-------------------------------------------------------------------------------------------------------------
TOTAL CORPORATE BONDS
(Cost $1,572,842,607) $ 1,520,485,743
-------------------------------------------------------------------------------------------------------------
FOREIGN GOVERNMENT BONDS -- 4.6%
BRL 5,700,000 BBB/Baa2 Brazilian Government International
Bond, 10.25%, 1/10/28 $ 3,636,207
13,000,000 B/Caa1 City of Buenos Aires Argentina,
12.5%, 4/6/15 (144A) 12,350,000
COP 6,986,000,000 BBB-/Baa3 Colombia Government International
Bond, 12.0%, 10/22/15 4,713,005
IDR 53,000,000,000 NR/Baa3 Indonesia Treasury Bond, 7.0%,
5/15/22 6,041,001
IDR 101,459,000,000 NR/Baa3 Indonesia Treasury Bond, 8.25%,
6/15/32 12,591,352
EURO 2,950,000 BBB+/Ba1 Ireland Government Bond, 4.5%,
4/18/20 3,784,460
EURO 3,150,000 BBB+/Ba1 Ireland Government Bond, 5.0%,
10/18/20 4,141,162
MXN 144,510,000 A-/Baa1 Mexican Bonos, 7.75%, 11/13/42 12,600,194
The accompanying notes are an integral part of these financial statements.
Pioneer Global High Yield Fund | Annual Report | 10/31/12 43
Schedule of Investments | 10/31/12 (Consolidated) (continued)
-------------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-------------------------------------------------------------------------------------------------------------
FOREIGN GOVERNMENT
BONDS -- (continued)
PHP 442,965,000 NR/Ba1 Philippine Government Bond,
5.875%, 3/1/32 $ 11,069,136
PHP 8,000,000 NR/NR Philippine Government Bond,
6.125%, 10/24/37 197,808
4,600,000 B/NR Province of Salta Argentina, 9.5%,
3/16/22 (144A) 3,775,404
7,425,000 B/Caa1 Provincia de Buenos Aires Argentina,
10.875%, 1/26/21 (144A) 4,900,500
2,125,000 B/Caa1 Provincia de Buenos Aires Argentina,
11.75%, 10/5/15 (144A) 1,668,125
2,600,000 B/NR Provincia de Neuquen Argentina,
7.875%, 4/26/21 (144A) 2,080,000
575,000 B+/B2 Ukraine Government International
Bond, 6.75%, 11/14/17 (144A) 568,905
9,000,000 B+/B2 Ukraine Government International
Bond, 9.25%, 7/24/17 (144A) 9,815,130
---------------
$ 93,932,389
---------------
TOTAL FOREIGN GOVERNMENT BONDS
(Cost $93,683,718) $ 93,932,389
-------------------------------------------------------------------------------------------------------------
MUNICIPAL BONDS -- 0.3%
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 -- 0.3%
8,875,000 0.00 NR/NR Non-Profit Preferred Funding Trust I,
Floating Rate Note, 9/15/37 (144A) $ 5,605,894
---------------
TOTAL MUNICIPAL BONDS
(Cost $8,873,508) $ 5,620,950
-------------------------------------------------------------------------------------------------------------
SENIOR FLOATING RATE LOAN
INTERESTS -- 7.0%**
ENERGY -- 0.6%
Oil & Gas Equipment & Services -- 0.3%
6,868,897 8.50 B/B3 FTS International Services LLC, Term
Loan, 5/6/16 $ 6,204,902
-------------------------------------------------------------------------------------------------------------
Coal & Consumable Fuels -- 0.3%
6,000,000 0.00 NR/NR Bumi Resources Tbk PT, Loan,
8/17/13 $ 5,250,000
---------------
Total Energy $ 11,454,902
-------------------------------------------------------------------------------------------------------------
MATERIALS -- 0.2%
Commodity Chemicals -- 0.1%
1,725,000 5.75 B/B1 CPG International I, Inc., Term Loan,
9/21/19 $ 1,731,469
-------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
44 Pioneer Global High Yield Fund | Annual Report | 10/31/12
-------------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-------------------------------------------------------------------------------------------------------------
Metal & Glass Containers -- 0.0%+
290,000 0.00 B/Ba3 BWAY Holding Co., Initial Term Loan,
8/31/17 $ 291,812
257,497 5.25 B/Ba3 BWAY Holding Co., Replacement B
Term Loan, 2/9/18 258,087
28,861 5.25 B/Ba3 ICL Industrial Containers ULC,
Replacement C Term Loan, 2/23/18 28,927
---------------
$ 578,826
-------------------------------------------------------------------------------------------------------------
Paper Packaging -- 0.1%
2,363,565 6.50 B/B2 Exopack Holding Corp., Term Loan B,
5/6/17 $ 2,356,671
---------------
Total Materials $ 4,666,966
-------------------------------------------------------------------------------------------------------------
CAPITAL GOODS -- 0.7%
Aerospace & Defense -- 0.6%
2,774,713 7.25 B/B2 Dubai Aerospace Enterprise (DAE),
Tranche B-1 Loan, 7/31/14 $ 2,774,713
2,631,427 7.25 B/B2 Dubai Aerospace Enterprise (DAE),
Tranche B-2 Loan, 7/31/14 2,631,427
1,081,815 0.00 B/B2 Dubai Aerospace Enterprise (DAE),
Tranche B-1 Loan, 10/18/18 1,080,917
3,133,617 6.52 BB/B1 Hunter Defense Technologies, Inc.,
Series 1 New Term Loan, 8/22/14 2,726,247
1,628,992 3.52 BB-/B1 Hunter Defense Technologies, Inc.,
Term Loan, 8/22/14 1,447,088
3,437,841 9.25 CCC/WR IAP Worldwide Services, Inc., Term
Loan (First-Lien), 12/30/12 2,793,246
---------------
$ 13,453,638
-------------------------------------------------------------------------------------------------------------
Industrial Conglomerates -- 0.1%
1,467,116 5.00 B+/B2 Pro Mach, Inc., Term Loan, 7/6/17 $ 1,471,239
---------------
Total Capital Goods $ 14,924,877
-------------------------------------------------------------------------------------------------------------
COMMERCIAL SERVICES & SUPPLIES -- 0.1%
Environmental & Facilities Services -- 0.1%
2,133,649 8.75 NR/WR Aquilex Holdings LLC, Term Loan,
4/1/16 $ 2,141,650
---------------
Total Commercial Services
& Supplies $ 2,141,650
-------------------------------------------------------------------------------------------------------------
TRANSPORTATION -- 0.1%
Air Freight & Logistics -- 0.1%
508,620 5.32 NR/NR CEVA Group Plc, Dollar Tranche B Pre
Funded L/C, 8/31/16 $ 488,275
The accompanying notes are an integral part of these financial statements.
Pioneer Global High Yield Fund | Annual Report | 10/31/12 45
Schedule of Investments | 10/31/12 (Consolidated) (continued)
-------------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-------------------------------------------------------------------------------------------------------------
Air Freight & Logistics -- (continued)
794,899 5.32 NR/NR CEVA Group Plc, EGL Tranche B Term
Loan, 8/31/16 $ 763,103
779,050 5.32 B-/Ba3 CEVA Group Plc, US Tranche B Term
Loan, 8/31/16 747,888
---------------
$ 1,999,266
---------------
Total Transportation $ 1,999,266
-------------------------------------------------------------------------------------------------------------
AUTOMOBILES & COMPONENTS -- 0.6%
Auto Parts & Equipment -- 0.2%
6,093 2.72 BB-/Ba3 Allison Transmission, Inc., Term B-1
Loan, 8/7/14 $ 6,109
3,159,125 6.75 NR/NR TI Group Automotive Systems LLC,
Term Loan, 3/1/19 3,210,461
---------------
$ 3,216,570
-------------------------------------------------------------------------------------------------------------
Automobile Manufacturers -- 0.4%
8,048,697 6.00 BB/Ba2 Chrysler Group LLC, Tranche B Term
Loan, 4/28/17 $ 8,245,423
---------------
Total Automobiles & Components $ 11,461,993
-------------------------------------------------------------------------------------------------------------
CONSUMER SERVICES -- 0.1%
Specialized Consumer Services -- 0.1%
2,303,400 5.50 B/Ba3 Monitronics International, Inc.,
Term Loan, 3/6/18 $ 2,325,474
---------------
Total Consumer Services $ 2,325,474
-------------------------------------------------------------------------------------------------------------
MEDIA -- 0.2%
Advertising -- 0.1%
2,227,196 5.00 B+/Ba3 Affinion Group, Inc., Tranche B Term
Loan, 10/9/16 $ 2,103,308
-------------------------------------------------------------------------------------------------------------
Cable & Satellite -- 0.1%
1,698,743 6.25 B/B1 WideOpenWest Finance LLC, Term
Loan, 7/17/18 $ 1,717,080
-------------------------------------------------------------------------------------------------------------
Publishing -- 0.0%+
769,744 2.47 B/B2 Cengage Learning Acquisitions, Inc.,
Original Term Loan, 7/4/14 $ 736,067
---------------
Total Media $ 4,556,455
-------------------------------------------------------------------------------------------------------------
FOOD & STAPLES RETAILING -- 0.1%
Food Distributors -- 0.1%
1,390,000 5.75 B/B1 AdvancePierre Foods, Term Loan
(First Lien), 7/20/17 $ 1,403,320
---------------
Total Food & Staples Retailing $ 1,403,320
-------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
46 Pioneer Global High Yield Fund | Annual Report | 10/31/12
-------------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-------------------------------------------------------------------------------------------------------------
HEALTH CARE EQUIPMENT & SERVICES -- 1.7%
Health Care Services -- 1.0%
1,457,840 7.25 BB-/Ba3 Alliance HealthCare Services, Inc.,
Initial Term Loan, 6/1/16 $ 1,435,973
2,066,459 6.50 B+/Ba3 InVentiv Health, Inc., Consolidated
Term Loan, 8/4/16 2,020,825
5,023,500 6.50 NR/NR National Mentor Holdings, Inc.,
Tranche B-1 Term, 2/9/17 5,038,154
4,075,088 8.25 B/B2 National Specialty Hospitals, Inc.,
Initial Term Loan, 1/4/17 4,013,962
2,816,667 8.75 BB-/Ba1 Sun Healthcare Group, Inc., Term
Loan, 10/18/16 2,813,146
4,512,038 6.50 B/B2 Surgery Center Holdings, Inc., Term
Loan, 9/20/16 4,500,757
1,449,188 7.75 B+/B1 Virtual Radiologic Corp., Term Loan A,
12/22/16 1,297,023
---------------
$ 21,119,840
-------------------------------------------------------------------------------------------------------------
Health Care Facilities -- 0.2%
4,101,800 6.50 B/B1 Ardent Medical Services, Inc., Term
Loan, 9/15/15 $ 4,112,055
-------------------------------------------------------------------------------------------------------------
Managed Health Care -- 0.3%
2,218,563 8.50 NR/B1 Aveta, Inc., MMM Term Loan,
4/4/17 $ 2,219,949
2,218,563 8.50 B+/B1 Aveta, Inc., NAMM Term Loan,
4/4/17 2,236,244
2,200,000 0.00 B+/B2 MMM Holdings, Inc., MMM Term Loan,
10/9/17 2,200,000
---------------
$ 6,656,193
-------------------------------------------------------------------------------------------------------------
Health Care Technology -- 0.2%
354,592 7.75 B/NR Physician Oncology Services LP,
Delayed Draw Term Loan, 1/31/17 $ 343,954
2,918,726 7.75 B/B2 Physician Oncology Services LP,
Effective Date Term Loan, 2/10/17 2,831,164
---------------
$ 3,175,118
---------------
Total Health Care Equipment
& Services $ 35,063,206
-------------------------------------------------------------------------------------------------------------
PHARMACEUTICALS, BIOTECHNOLOGY
& LIFE SCIENCES -- 0.2%
Biotechnology -- 0.1%
3,089,289 5.50 BB/B2 Axcan Intermediate Holdings, Inc.,
Term B-1 Loan, 1/25/17 $ 3,104,736
-------------------------------------------------------------------------------------------------------------
Pharmaceuticals -- 0.1%
1,051,304 0.00 NR/B1 Generic Drug Holdings, Inc.,
10/4/19, Term Loan $ 1,057,437
---------------
Total Pharmaceuticals,
Biotechnology & Life Sciences $ 4,162,173
-------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Global High Yield Fund | Annual Report | 10/31/12 47
Schedule of Investments | 10/31/12 (Consolidated) (continued)
-------------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-------------------------------------------------------------------------------------------------------------
DIVERSIFIED FINANCIALS -- 0.4%
Other Diversified Financial Services -- 0.4%
993,485 0.00 NR/NR Long Haul Holdings, Ltd., Facility A
Loan, 1/14/13 $ 447,068
792,928 0.00 NR/NR Long Haul Holdings, Ltd., Facility B,
1/14/13 356,818
7,885,413 7.50 B+/B2 Preferred Sands Holding Co., LLC,
Term B Loan, 12/15/16 7,481,285
---------------
$ 8,285,171
---------------
Total Diversified Financials $ 8,285,171
-------------------------------------------------------------------------------------------------------------
INSURANCE -- 0.8%
Insurance Brokers -- 0.8%
1,663,439 3.36 B/B2 Alliant Holdings I, Inc., Term Loan,
8/21/14 $ 1,661,360
3,290,905 6.75 B/B2 Alliant Holdings I, Inc., Tranche D
Incremental Loan, 8/21/14 3,323,814
5,481,316 6.75 B+/B1 HUB International Holdings, Inc.,
2017 Additional Initial Term Loan
(Extended), 12/13/12 5,549,833
3,998,745 4.71 B+/B1 HUB International Holdings, Inc.,
2017 Initial Term Loan (Extended),
6/13/17 4,026,236
2,803,300 7.00 B/B1 USI Holdings Corp., Series C New
Term Loan, 5/5/14 2,817,316
---------------
$ 17,378,559
---------------
Total Insurance $ 17,378,559
-------------------------------------------------------------------------------------------------------------
REAL ESTATE -- 0.1%
Real Estate Development -- 0.1%
1,007,500 8.25 B-/B1 Ozburn-Hessey Logistics LLC, Term
Loan (First Lien), 4/7/16 $ 992,388
---------------
Total Real Estate $ 992,388
-------------------------------------------------------------------------------------------------------------
SOFTWARE & SERVICES -- 0.8%
Application Software -- 0.8%
13,561,838 8.00 B/Ba3 Expert Global Solutions, Inc., Term
B Advance (First Lien), 3/13/18 $ 13,697,456
3,500,000 9.75 CCC+/Caa1 Vertafore, Inc., Term Loan (Second
Lien), 10/18/17 3,508,750
---------------
$ 17,206,206
---------------
Total Software & Services $ 17,206,206
-------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
48 Pioneer Global High Yield Fund | Annual Report | 10/31/12
-------------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-------------------------------------------------------------------------------------------------------------
TECHNOLOGY HARDWARE & EQUIPMENT -- 0.2%
Electronic Components -- 0.2%
3,897,409 5.00 B/B2 Scitor Corp., Term Loan, 1/21/17 $ 3,882,794
---------------
Total Technology Hardware
& Equipment $ 3,882,794
-------------------------------------------------------------------------------------------------------------
UTILITIES -- 0.1%
Electric Utilities -- 0.1%
4,398,230 4.75 CCC/Caa1 Texas Competitive Electric Holdings
Co., LLC, 2017 Term Loan
(Extending), 10/10/17 $ 2,858,849
---------------
Total Utilities $ 2,858,849
-------------------------------------------------------------------------------------------------------------
TOTAL SENIOR FLOATING RATE LOAN INTERESTS
(Cost $147,350,211) $ 144,764,249
-------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------
Shares
-------------------------------------------------------------------------------------------------------------
RIGHTS/WARRANTS -- 0.0%+
ENERGY -- 0.0%+
Oil & Gas Equipment & Services -- 0.0%+
2,275 Green Field Energy Services, Inc.
(144A) $ 70,525
-------------------------------------------------------------------------------------------------------------
Oil & Gas Exploration & Production -- 0.0%+
592,529 Norse Energy Corp., ASA, 6/16/15 $ 8,315
---------------
Total Energy $ 78,840
-------------------------------------------------------------------------------------------------------------
TOTAL RIGHTS/WARRANTS
(Cost $90,991) $ 78,840
-------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------
Principal
Amount ($)
-------------------------------------------------------------------------------------------------------------
TEMPORARY CASH INVESTMENTS -- 1.0%
Repurchase Agreements -- 1.0%
4,330,000 Deutsche Bank AG, 0.30%, dated
10/31/12, repurchase price of
$4,330,000 plus accrued interest on
11/1/12 collateralized by the following:
$908,831 U.S. Treasury Bond,
6.125-9.0%, 11/15/18-8/15/29
$299,030 U.S. Treasury Notes,
2.75-3.125%, 2/15/19-5/15/19
$3,208,739 U.S. Treasury Strip,
0.0-1.375%, 5/15/13-11/15/37 $ 4,330,000
4,330,000 JPMorgan, Inc., 0.30%, dated
10/31/12, repurchase price of
$4,330,000 plus accrued interest on
11/1/12 collateralized by $4,542,722
Federal National Mortgage Association,
2.5-4.0%, 5/1/22-7/1/30 4,330,000
The accompanying notes are an integral part of these financial statements.
Pioneer Global High Yield Fund | Annual Report | 10/31/12 49
Schedule of Investments | 10/31/12 (Consolidated) (continued)
-------------------------------------------------------------------------------------------------------------
Principal
Amount ($) Value
-------------------------------------------------------------------------------------------------------------
Repurchase Agreements -- (continued)
4,330,000 RBC Capital Markets Corp., 0.26%,
dated 10/31/12, repurchase price of
$4,330,000 plus accrued interest on
11/1/12 collateralized by $4,416,601
Government National Mortgage
Association II, 3.5-4.5%,
7/20/41-6/20/42 $ 4,330,000
4,330,000 Bank of Nova Scotia, Inc., 0.35%,
dated 10/31/12, repurchase price of
$4,330,000 plus accrued interest on
11/1/12 collateralized by $4,416,664
U.S. Treasury Notes, 1.875%, 6/30/15 4,330,000
4,330,000 TD Securities, Inc., 0.27%, dated
10/31/12, repurchase price of
$4,330,000 plus accrued interest on
11/1/12 collateralized by $4,416,653
U.S. Treasury Notes, 4.25%, 11/15/14 4,330,000
---------------
$ 21,650,000
-------------------------------------------------------------------------------------------------------------
TOTAL TEMPORARY CASH INVESTMENTS
(Cost $21,650,000) $ 21,650,000
-------------------------------------------------------------------------------------------------------------
TOTAL INVESTMENT IN
SECURITIES -- 97.5%
(Cost $2,102,226,446) (a)(g) $ 2,015,137,110
-------------------------------------------------------------------------------------------------------------
OTHER ASSETS & LIABILITIES -- 2.5% $ 51,331,191
-------------------------------------------------------------------------------------------------------------
TOTAL NET ASSETS -- 100.0% $ 2,066,468,301
=============================================================================================================
-------------------------------------------------------------------------------------------------------------
Notional Unrealized
Principal Swap Counterparty/Referenced Obligation Gain
-------------------------------------------------------------------------------------------------------------
4,100,000 JPMorgan Chase & Co., Goodyear Tire & Rubber Co.,
5.0%, 9/20/17 $ 25,202
---------------
TOTAL CREDIT DEFAULT SWAP AGREEMENTS
(Cost $(152,465)) $ 25,202
---------------
+ Amount rounds to less than 0.1%.
(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.
(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 Real Estate Investment Trust.
PIK Represents a pay in kind security.
The accompanying notes are an integral part of these financial statements.
50 Pioneer Global High Yield Fund | Annual Report | 10/31/12
(144A) Security is exempt from registration under Rule 144A of the
Securities Act of 1933. Such securities may be resold normally to
qualified institutional buyers in a transaction exempt from
registration. At October 31, 2012, the value of these securities
amounted to $1,099,621,721 or 53.2% of total net assets.
(Cat Bond) Catastrophe Bond is a high-yield debt instrument that is usually
insurance linked and meant to raise money in case of a
catastrophe.
** 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 rate for the certificate of deposit or
(iv) other base lending rates used by commercial lenders. The rate
shown is the coupon rate at period end.
(a) At October 31, 2012, the net unrealized loss on investments based
on cost for federal income tax purposes of $2,109,748,168 was as
follows:
Aggregate gross unrealized gain for all investments in which
there is an excess of value over tax cost $ 109,164,796
Aggregate gross unrealized loss for all investments in which
there is an excess of tax cost over value (203,775,854)
---------------
Net unrealized loss $ (94,611,058)
===============
(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) Security is issued with a zero coupon. Income is recognized
through accretion of discount.
(f) Security represents the interest only portion of payments on a
pool of underlying mortgages or mortgage-backed securities.
(g) Distributions of investments by country of issue (excluding
temporary cash investments) as a percentage of total investment in
securities, is as follows:
US United States 50.9%
KY Cayman Islands 8.4%
MX Mexico 5.0%
LU Luxembourg 4.1%
NL Netherlands 3.6%
AR Argentina 3.4%
IE Ireland 3.3%
CA Canada 2.3%
GB United Kingdom 2.3%
BR Brazil 2.1%
BM Bermuda 1.7%
ID Indonesia 1.4%
PE Peru 1.2%
SG Singapore 1.1%
NO Norway 1.0%
Other (Individually less than 1%) 8.2%
------
100.0%
======
The accompanying notes are an integral part of these financial statements.
Pioneer Global High Yield Fund | Annual Report | 10/31/12 51
Schedule of Investments | 10/31/12 (Consolidated) (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
year ended October 31, 2012 aggregated $763,483,127 and $1,132,367,851,
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.
52 Pioneer Global High Yield Fund | Annual Report | 10/31/12
The following is a summary of the inputs used as of October 31, 2012, in valuing
the Fund's investments:
-------------------------------------------------------------------------------------------
Level 1 Level 2 Level 3 Total
-------------------------------------------------------------------------------------------
Asset Backed Securities $ -- $ 36,947,879 $ -- $ 36,947,879
Collateralized Mortgage
Obligations -- 26,442,217 -- 26,442,217
Corporate Bonds -- 1,520,485,743 -- 1,520,485,743
Convertible Corporate Bonds -- 128,004,873 -- 128,004,873
Preferred Stocks 9,295,384 3,924,331 -- 13,219,715
Municipal Bonds -- 5,620,950 -- 5,620,950
Foreign Government Bonds -- 93,932,389 -- 93,932,389
Senior Floating Rate
Loan Interests -- 144,764,249 -- 144,764,249
Common Stocks 19,604,653 330,068 3,499,284 23,434,005
Convertible Preferred Stocks 556,250 -- -- 556,250
Rights/Warrants -- 78,840 -- 78,840
Repurchase Agreements -- 21,650,000 -- 21,650,000
-------------------------------------------------------------------------------------------
Total $ 29,456,287 $1,982,181,539 $3,499,284 $2,015,137,110
===========================================================================================
Other Financial Instruments
Unrealized Gain on Credit
Default Swaps $ -- $ 25,202 $ -- $ 25,202
Unrealized loss on forward
Foreign Currency portfolio
Hedge Contracts -- (114,124) -- (114,124)
-------------------------------------------------------------------------------------------
Total Other Financial
Instruments $ -- $ (88,922) $ -- $ (88,922)
===========================================================================================
The following is a reconciliation of assets valued using significant observable
inputs (Level 3):
---------------------------------------------------------------------------------------------
Common Corporate
Stocks Bonds Total
---------------------------------------------------------------------------------------------
Balance as of 10/31/11 $ 7,223,788 $ 460,680 $ 7,684,468
Realized gain (loss) 1,202,521 (7,833,486) (6,630,965)
Change in unrealized appreciation (depreciation)(1) (2,735,938) 8,204,945 5,469,007
Purchases* -- 2,433,217 2,433,217
Sales (2,191,087) (4,299,647) (6,490,734)
Transfers in to Level 3** -- 2,068,582 2,068,582
Transfers out of Level 3** -- (1,034,291) (1,034,291)
---------------------------------------------------------------------------------------------
Balance as of 10/31/12 $ 3,499,284 $ -- $ 3,499,284
=============================================================================================
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.
* A portion of the total of the purchases includes payment in kind
transactions.
** Transfers are calculated at the beginning of the period values.
Net change in unrealized appreciation (depreciation) of investments
still held as of 10/31/12 $ (1,503,798)
--------------
The accompanying notes are an integral part of these financial statements.
Pioneer Global High Yield Fund | Annual Report | 10/31/12 53
Statement of Assets and Liabilities | 10/31/12 (Consolidated)
ASSETS:
Investment in securities (cost $2,102,226,446) $2,015,137,110
Cash 9,871,464
Foreign currencies, at value (cost $18,787,463) 19,117,492
Receivables --
Investment securities sold 953,886
Fund shares sold 6,245,106
Dividends 155,306
Interest 40,900,287
Unrealized appreciation on bridge loan and delayed draw loans 68,403
Unrealized appreciation on credit default swaps 25,202
Other 654,531
-------------------------------------------------------------------------------------------------
Total assets $2,093,128,787
=================================================================================================
LIABILITIES:
Payables --
Investment securities purchased $ 13,695,021
Fund shares repurchased 9,497,489
Dividends 2,109,680
Credit default swaps, premiums received 153,750
Due to affiliates 752,603
Accrued expenses 337,819
Unrealized depreciation on forward foreign currency portfolio hedge contracts 114,124
-------------------------------------------------------------------------------------------------
Total liabilities $ 26,660,486
=================================================================================================
NET ASSETS:
Paid-in capital $2,404,977,026
Distributions in excess of net investment income (9,186,541)
Accumulated net realized loss on investments and foreign
currency transactions (242,465,718)
Net unrealized loss on investments (87,089,336)
Net unrealized gain on bridge loan and delayed draw loan 68,403
Net unrealized gain on credit default swaps 25,202
Net unrealized gain on forward foreign currency contracts and
other assets and liabilities denominated in foreign currencies 139,265
-------------------------------------------------------------------------------------------------
Total net assets $2,066,468,301
=================================================================================================
NET ASSET VALUE PER SHARE:
No par value (unlimited number of shares authorized)
Class A (based on $602,568,295/59,475,641 shares) $ 10.13
Class B (based on $38,964,725/3,843,803 shares) $ 10.14
Class C (based on $468,920,299/46,421,460 shares) $ 10.10
Class Y (based on $945,946,420/94,975,131 shares) $ 9.96
Class Z (based on $10,068,562/965,751 shares) $ 10.43
MAXIMUM OFFERING PRICE:
Class A ($10.13 (divided by) 95.5%) $ 10.61
=================================================================================================
The accompanying notes are an integral part of these financial statements.
54 Pioneer Global High Yield Fund | Annual Report | 10/31/12
Statement of Operations (Consolidated)
For the Year Ended 10/31/12
INVESTMENT INCOME:
Interest (net of foreign taxes withheld of $140,400) $208,200,910
Dividends (net of foreign taxes withheld of $23,948) 1,321,316
Income from securities loaned, net 79,184
-----------------------------------------------------------------------------------------------
Total investment income $209,601,410
===============================================================================================
EXPENSES:
Management fees $ 14,181,546
Transfer agent fees
Class A 668,330
Class B 63,675
Class C 243,177
Class Y 77,825
Class Z 6,798
Distribution fees
Class A 1,598,950
Class B 434,807
Class C 4,556,296
Shareholder communication expense 2,355,411
Administrative reimbursements 676,680
Custodian fees 116,965
Registration fees 284,356
Professional fees 156,903
Printing expense 109,439
Fees and expenses of nonaffiliated Trustees 92,254
Miscellaneous 238,387
-----------------------------------------------------------------------------------------------
Total expenses $ 25,861,799
-----------------------------------------------------------------------------------------------
Net investment income $183,739,611
-----------------------------------------------------------------------------------------------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS, CLASS ACTION,
CREDIT DEFAULT SWAPS AND FOREIGN CURRENCY TRANSACTIONS:
Net realized gain (loss) on:
Investments $ (8,443,398)
Class action 28,496
Credit default swaps (348,106)
Forward foreign currency contracts and other assets and
liabilities denominated in foreign currencies (331,470) $ (9,094,478)
-----------------------------------------------------------------------------------------------
Change in net unrealized gain (loss) on:
Investments $ 76,329,399
Credit default swaps 211,052
Unfunded corporate loans 101,987
Forward foreign currency contracts and other assets and
liabilities denominated in foreign currencies 150,540 $ 76,792,978
-----------------------------------------------------------------------------------------------
Net gain on investments $ 67,698,500
-----------------------------------------------------------------------------------------------
Net increase in net assets resulting from operations $251,438,111
===============================================================================================
The accompanying notes are an integral part of these financial statements.
Pioneer Global High Yield Fund | Annual Report | 10/31/12 55
Statements of Changes in Net Assets (Consolidated)
----------------------------------------------------------------------------------------------
Year Ended Year Ended
10/31/12 10/31/11
----------------------------------------------------------------------------------------------
FROM OPERATIONS:
Net investment income $ 183,739,611 $ 205,492,800
Net realized gain (loss) on investments, class action and
foreign currency transactions (9,094,478) 64,438,836
Change in net unrealized gain on investments and
foreign currency transactions 76,792,978 (239,192,629)
----------------------------------------------------------------------------------------------
Net increase in net assets resulting from operations $ 251,438,111 $ 30,739,007
----------------------------------------------------------------------------------------------
DISTRIBUTIONS TO SHAREOWNERS:
Net investment income:
Class A ($0.81 and $0.32 per share, respectively) $ (52,710,619) $ (71,500,008)
Class B ($0.73 and $0.22 per share, respectively) (3,259,655) (4,324,584)
Class C ($0.74 and $0.32 per share, respectively) (34,509,782) (34,373,840)
Class Y ($0.83 and $0.00 per share, respectively) (106,055,951) (93,119,401)
Class Z ($0.86 and $0.00 per share, respectively) (742,618) (1,004,924)
----------------------------------------------------------------------------------------------
Total distributions to shareowners $ (197,278,625) $ (204,322,757)
----------------------------------------------------------------------------------------------
FROM FUND SHARE TRANSACTIONS:
Net proceeds from sale of shares $ 943,301,630 $ 1,848,261,452
Reinvestment of distributions 170,311,348 166,943,218
Cost of shares repurchased (1,633,158,248) (1,997,556,834)
----------------------------------------------------------------------------------------------
Net increase (decrease) in net assets resulting
from Fund share transactions $ (519,545,270) $ 17,647,836
----------------------------------------------------------------------------------------------
Net decrease in net assets $ (465,385,784) $ (155,935,914)
NET ASSETS:
Beginning of year 2,531,854,085 2,687,789,999
----------------------------------------------------------------------------------------------
End of year $ 2,066,468,301 $ 2,531,854,085
----------------------------------------------------------------------------------------------
Undistributed (distributions in excess of) net
investment income $ (9,186,541) $ 6,436,457
----------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
56 Pioneer Global High Yield Fund | Annual Report | 10/31/12
--------------------------------------------------------------------------------------------------
'12 Shares '12 Amount '11 Shares '11 Amount
--------------------------------------------------------------------------------------------------
Class A
Shares sold 23,366,717 $ 250,593,230 45,322,070 $ 478,856,191
Reinvestment of
distributions 4,597,616 45,052,236 5,325,281 55,922,586
Less shares repurchased (34,506,225) (336,282,546) (90,708,421) (956,573,557)
--------------------------------------------------------------------------------------------------
Net decrease (6,541,892) $ (40,637,080) (40,061,070) $ (421,794,780)
==================================================================================================
Class B
Shares sold or
exchanged 143,609 $ 2,916,301 182,501 $ 1,919,382
Reinvestment of
distributions 269,832 2,642,789 315,412 3,301,623
Less shares repurchased (1,706,616) (16,757,590) (2,965,546) (31,230,042)
--------------------------------------------------------------------------------------------------
Net decrease (1,293,175) $ (11,198,500) (2,467,633) $ (26,009,037)
==================================================================================================
Class C
Shares sold 7,882,302 $ 91,982,625 8,590,010 $ 90,033,530
Reinvestment of
distributions 2,402,034 23,480,616 2,193,451 22,827,373
Less shares repurchased (10,848,907) (105,965,981) (13,781,313) (142,849,741)
--------------------------------------------------------------------------------------------------
Net increase (decrease) (564,571) $ 9,497,260 (2,997,852) $ (29,988,838)
==================================================================================================
Class Y
Shares sold 56,936,699 $ 590,959,930 123,093,815 $1,257,879,328
Reinvestment of
distributions 10,250,504 98,636,819 8,210,266 84,133,526
Less shares repurchased (113,454,287) (1,089,953,263) (82,635,654) (847,547,383)
--------------------------------------------------------------------------------------------------
Net increase (decrease) (46,267,084) $ (400,356,514) 48,668,427 $ 494,465,471
==================================================================================================
Class Z
Shares sold 677,620 $ 6,849,544 1,776,624 $ 19,573,021
Reinvestment of
distributions 49,395 498,888 69,254 758,110
Less shares repurchased (510,913) (84,198,868) (1,778,794) (19,356,111)
--------------------------------------------------------------------------------------------------
Net increase (decrease) 216,102 $ (76,850,436) 67,084 $ 975,020
==================================================================================================
The accompanying notes are an integral part of these financial statements.
Pioneer Global High Yield Fund | Annual Report | 10/31/12 57
Financial Highlights
-----------------------------------------------------------------------------------------------------------------------------------
Year Year
Ended Ended Year Year Year
10/31/12 10/31/11 Ended Ended Ended
(Consolidated) (Consolidated) 10/31/10 10/31/09 10/31/08
-----------------------------------------------------------------------------------------------------------------------------------
Class A
Net asset value, beginning of period $ 9.83 $ 10.53 $ 9.39 $ 7.56 $ 12.30
-----------------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income $ 0.76 $ 0.77 $ 0.80 $ 0.90 $ 1.03
Net realized and unrealized gain (loss) on investments and
foreign currency transactions 0.35 (0.70) 1.11 1.98 (4.59)
-----------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 1.11 $ 0.07 $ 1.91 $ 2.88 $ (3.56)
-----------------------------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income $ (0.81) $ (0.77) $ (0.77) $ (1.05) $ (1.07)
Net realized gain -- -- -- -- (0.11)
-----------------------------------------------------------------------------------------------------------------------------------
Total distributions $ (0.81) $ (0.77) $ (0.77) $ (1.05) $ (1.18)
-----------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ 0.30 $ (0.70) $ 1.14 $ 1.83 $ (4.74)
-----------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 10.13 $ 9.83 $ 10.53 $ 9.39 $ 7.56
===================================================================================================================================
Total return* 11.89% 0.49% 21.16% 43.56% (31.45)%
Ratio of net expenses to average net assets+ 1.10% 1.09% 1.10% 1.10% 1.10%
Ratio of net investment income to average net assets+ 7.74% 7.37% 8.08% 11.68% 9.25%
Portfolio turnover rate 33% 52% 49% 33% 25%
Net assets, end of period (in thousands) $602,568 $648,746 $1,117,231 $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:
Total expenses 1.10% 1.09% 1.15% 1.32% 1.18%
Net investment income 7.74% 7.37% 8.02% 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% 1.09% 1.10% 1.10% 1.10%
Net investment income 7.74% 7.37% 8.07% 11.68% 9.25%
===================================================================================================================================
* Assumes initial investment at net asset value at the beginning of each
period, reinvestment of all distributions, the complete redemption of the
investment at net asset value at the end of each period, and no sales
charges. Total return would be reduced if sales charges were taken into
account.
+ Ratios with no reduction for fees paid indirectly.
The accompanying notes are an integral part of these financial statements.
58 Pioneer Global High Yield Fund | Annual Report | 10/31/12
---------------------------------------------------------------------------------------------------------------------------------
Year Year
Ended Ended Year Year Year
10/31/12 10/31/11 Ended Ended Ended
(Consolidated) (Consolidated) 10/31/10 10/31/09 10/31/08
---------------------------------------------------------------------------------------------------------------------------------
Class B
Net asset value, beginning of period $ 9.83 $ 10.53 $ 9.37 $ 7.54 $ 12.27
---------------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income $ 0.68 $ 0.68 $ 0.70 $ 0.81 $ 0.93
Net realized and unrealized gain (loss) on investments and
foreign currency transactions 0.36 (0.69) 1.15 2.01 (4.57)
---------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 1.04 $ (0.01) $ 1.85 $ 2.82 $ (3.64)
---------------------------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income $ (0.73) $ (0.69) $ (0.69) $ (0.99) $ (0.98)
Net realized gain -- -- -- -- (0.11)
---------------------------------------------------------------------------------------------------------------------------------
Total distributions $ (0.73) $ (0.69) $ (0.69) $ (0.99) $ (1.09)
---------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ 0.31 $ (0.70) $ 1.16 $ 1.83 $ (4.73)
---------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 10.14 $ 9.83 $ 10.53 $ 9.37 $ 7.54
=================================================================================================================================
Total return* 11.10% (0.32)% 20.40% 42.42% (32.02)%
Ratio of net expenses to average net assets+ 1.91% 1.90% 1.92% 2.00% 1.92%
Ratio of net investment income to average net assets+ 6.94% 6.59% 7.27% 10.88% 8.47%
Portfolio turnover rate 33% 52% 49% 33% 25%
Net assets, end of period (in thousands) $38,965 $50,509 $80,100 $96,411 $83,412
Ratios with no waiver of fees and assumption of expenses by the
Adviser and no reduction for fees paid indirectly:
Total expenses 1.91% 1.90% 1.92% 2.08% 1.92%
Net investment income 6.94% 6.56% 7.27% 10.80% 8.47%
Ratios with waiver of fees and assumption of expenses by the
Adviser and reduction for fees paid indirectly:
Net expenses 1.91% 1.90% 1.92% 2.00% 1.92%
Net investment income 6.94% 6.59% 7.27% 10.88% 8.47%
=================================================================================================================================
* Assumes initial investment at net asset value at the beginning of each
period, reinvestment of all distributions, the complete redemption of the
investment at net asset value at the end of each period, and no sales
charges. Total return would be reduced if sales charges were taken into
account.
+ Ratios with no reduction for fees paid indirectly.
The accompanying notes are an integral part of these financial statements.
Pioneer Global High Yield Fund | Annual Report | 10/31/12 59
Financial Highlights (continued)
--------------------------------------------------------------------------------------------------------------------------------
Year Year
Ended Ended Year Year Year
10/31/12 10/31/11 Ended Ended Ended
(Consolidated) (Consolidated) 10/31/10 10/31/09 10/31/08
--------------------------------------------------------------------------------------------------------------------------------
Class C
Net asset value, beginning of period $ 9.80 $ 10.49 $ 9.34 $ 7.51 $ 12.24
--------------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income $ 0.69 $ 0.70 $ 0.73 $ 0.82 $ 0.93
Net realized and unrealized gain (loss) on investments and
foreign currency transactions 0.35 (0.69) 1.11 1.99 (4.57)
--------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 1.04 $ 0.01 $ 1.84 $ 2.81 $ (3.64)
--------------------------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income $ (0.74) $ (0.70) $ (0.69) $ (0.98) $ (0.98)
Net realized gain -- -- -- -- (0.11)
--------------------------------------------------------------------------------------------------------------------------------
Total distributions $ (0.74) $ (0.70) $ (0.69) $ (0.98) $ (1.09)
--------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ 0.30 $ (0.69) $ 1.15 $ 1.83 $ (4.73)
--------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 10.10 $ 9.80 $ 10.49 $ 9.34 $ 7.51
================================================================================================================================
Total return* 11.17% (0.13)% 20.43% 42.56% (32.08)%
Ratio of net expenses to average net assets+ 1.78% 1.78% 1.82% 1.98% 1.85%
Ratio of net investment income to average net assets+ 7.08% 6.72% 7.37% 10.78% 8.55%
Portfolio turnover rate 33% 52% 49% 33% 25%
Net assets, end of period (in thousands) $468,920 $460,476 $524,448 $461,644 $347,459
Ratios with no waiver of fees and assumption of expenses by the
Adviser and no reduction for fees paid indirectly:
Total expenses 1.78% 1.78% 1.82% 1.98% 1.85%
Net investment income 7.08% 6.72% 7.37% 10.78% 8.55%
Ratios with waiver of fees and assumption of expenses by the
Adviser and reduction for fees paid indirectly:
Net expenses 1.78% 1.78% 1.82% 1.98% 1.85%
Net investment income 7.08% 6.72% 7.37% 10.78% 8.55%
================================================================================================================================
* Assumes initial investment at net asset value at the beginning of each
period, reinvestment of all distributions, the complete redemption of the
investment at net asset value at the end of each period, and no sales
charges. Total return would be reduced if sales charges were taken into
account.
+ Ratios with no reduction for fees paid indirectly.
The accompanying notes are an integral part of these financial statements.
60 Pioneer Global High Yield Fund | Annual Report | 10/31/12
---------------------------------------------------------------------------------------------------------------------------------
Year Year
Ended Ended Year Year Year
10/31/12 10/31/11 Ended Ended Ended
(Consolidated) (Consolidated) 10/31/10 10/31/09 10/31/08
---------------------------------------------------------------------------------------------------------------------------------
Class Y
Net asset value, beginning of period $ 9.66 $ 10.35 $ 9.25 $ 7.46 $ 12.10
---------------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income $ 0.76 $ 0.81 $ 0.86 $ 0.94 $ 1.05
Net realized and unrealized gain (loss) on investments and
foreign currency transactions 0.37 (0.70) 1.03 1.91 (4.48)
---------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 1.13 $ 0.11 $ 1.89 $ 2.85 $ (3.43)
---------------------------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income $ (0.83) (0.80) (0.79) (1.06) (1.10)
Net realized gain -- -- -- -- (0.11)
---------------------------------------------------------------------------------------------------------------------------------
Total distributions $ (0.83) $ (0.80) $ (0.79) $ (1.06) $ (1.21)
---------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ 0.30 $ (0.69) $ 1.10 $ 1.79 $ (4.64)
---------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 9.96 $ 9.66 $ 10.35 $ 9.25 $ 7.46
=================================================================================================================================
Total return* 12.35% 0.85% 21.35% 43.78% (30.96)%
Ratio of net expenses to average net assets+ 0.80% 0.74% 0.73% 0.78% 0.74%
Ratio of net investment income to average net assets+ 8.03% 7.72% 8.42% 11.43% 9.82%
Portfolio turnover rate 33% 52% 49% 33% 25%
Net assets, end of period (in thousands) $945,946 $1,364,543 $958,596 $215,614 $50,477
Ratios with no waiver of fees and assumption of expenses by the
Adviser and no reduction for fees paid indirectly:
Total expenses 0.80% 0.74% 0.73% 0.79% 0.74%
Net investment income 8.03% 7.72% 8.42% 11.43% 9.82%
Ratios with waiver of fees and assumption of expenses by the
Adviser and reduction for fees paid indirectly:
Net expenses 0.80% 0.74% 0.73% 0.78% 0.74%
Net investment income 8.03% 7.72% 8.42% 11.43% 9.82%
=================================================================================================================================
* Assumes initial investment at net asset value at the beginning of each
period, reinvestment of all distributions and the complete redemption of the
investment at net asset value at the end of each period.
+ Ratios with no reduction for fees paid indirectly.
The accompanying notes are an integral part of these financial statements.
Pioneer Global High Yield Fund | Annual Report | 10/31/12 61
Financial Highlights (continued)
-----------------------------------------------------------------------------------------------------------------------------------
Year Year
Ended Ended Year Year Year
10/31/12 10/31/11 Ended Ended Ended
(Consolidated) (Consolidated) 10/31/10 10/31/09 10/31/08
-----------------------------------------------------------------------------------------------------------------------------------
Class Z
Net asset value, beginning of period $ 10.11 $ 10.86 $ 9.67 $ 7.79 $ 12.31
-----------------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income $ 0.82 $ 0.85 $ 0.87 $ 1.00 $ 1.07
Net realized and unrealized gain (loss) on investments and
foreign currency transactions 0.36 (0.77) 1.13 1.98 (4.37)
-----------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 1.18 $ 0.08 $ 2.00 $ 2.98 $ (3.30)
-----------------------------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income $ (0.86) (0.83) (0.81) (1.10) (1.11)
Net realized gain -- -- -- -- (0.11)
-----------------------------------------------------------------------------------------------------------------------------------
Total distributions $ (0.86) $ (0.83) $(0.81) $(1.10) $ (1.22)
-----------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ (0.32) $ (0.75) $ 1.19 $ 1.88 $ (4.52)
-----------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 10.43 $ 10.11 $10.86 $ 9.67 $ 7.79
===================================================================================================================================
Total return* 12.30% 0.53% 21.58% 43.69% (29.21)%
Ratio of net expenses to average net assets+ 0.88% 0.76% 0.90% 0.90% 0.90%
Ratio of net investment income to average net assets+ 7.99% 7.67% 8.26% 11.46% 9.85%
Portfolio turnover rate 33% 52% 49% 33% 25%
Net assets, end of period (in thousands) $10,069 $ 7,580 $7,416 $4,283 $ 2,366
Ratios with no waiver of fees and assumption of expenses by the
Adviser and no reduction for fees paid indirectly:
Total expenses 0.88% 0.76% 0.91% 1.23% 1.11%
Net investment income 7.99% 7.67% 8.25% 11.13% 9.64%
Ratios with waiver of fees and assumption of expenses by the
Adviser and reduction for fees paid indirectly:
Net expenses 0.88% 0.76% 0.90% 0.90% 0.90%
Net investment income 7.99% 7.67% 8.26% 11.46% 9.85%
===================================================================================================================================
(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.
62 Pioneer Global High Yield Fund | Annual Report | 10/31/12
Notes to Financial Statements | 10/31/12 (Consolidated)
1. Organization and Significant Accounting Policies
Pioneer Global High Yield Fund (the Fund) is a series of Pioneer Series Trust
VII, a Delaware statutory trust. The Fund is registered under the Investment
Company Act of 1940 as a diversified, open-end management investment company.
The investment objective of the Fund is to maximize total return through a
combination of income and capital appreciation.
The Fund offers five classes of shares designated as Class A, Class B, Class C,
Class Y and Class Z shares. Class Y shares were first publicly offered on
December 28, 2005. Class Z shares were first publicly offered on July 6, 2007.
Effective as of the close of business on December 31, 2009, Class B shares are
no longer offered to new or existing shareholders, except that dividends and/or
capital gain distributions may continue to be reinvested in Class B shares, and
shareholders may exchange their Class B shares for Class B shares of other
Pioneer funds, as permitted by existing exchange privileges. Each class of
shares represents an interest in the same portfolio of investments of the Fund
and has identical rights (based on relative net asset values) to assets and
liquidation proceeds. Share classes can bear different rates of class-specific
fees and expenses such as transfer agent and distribution fees. Differences in
class-specific fees and expenses will result in differences in net investment
income and, therefore, the payment of different dividends from net investment
income earned by each class. The Amended and Restated Declaration of Trust of
the Fund gives the Board the flexibility to specify either per share voting or
dollar-weighted voting when submitting matters for shareholder approval. Under
per share voting, each share of a class of the Fund is entitled to one vote.
Under dollar-weighted voting, a shareholder's voting power is determined not by
the number of shares owned, but by the dollar value of the shares on the record
date. Each share class has exclusive voting rights with respect to matters
affecting only that class, including with respect to the distribution plan for
that class. There is no distribution plan for Class Y shares or Class Z shares.
Class B shares convert to Class A shares approximately eight years after the
date of purchase.
The Fund's financial statements have been prepared in conformity with U.S.
generally accepted accounting principles that require the management of the Fund
to, among other things, make estimates and assumptions that affect the reported
amounts of assets and liabilities, the disclosure of contingent assets and
liabilities at the date of the financial statements, and the reported amounts of
income, expenses and gain or loss on investments during the reporting year.
Actual results could differ from those estimates.
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:
Pioneer Global High Yield Fund | Annual Report | 10/31/12 63
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.
At October 31, 2012, two 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.
64 Pioneer Global High Yield Fund | Annual Report | 10/31/12
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, net of
unrecoverable foreign taxes withheld at the applicable country rates.
Gains and losses on sales of investments are calculated on the identified
cost method for both financial reporting and federal income tax purposes.
B. Foreign Currency Translation
The books and records of the Fund are maintained in U.S. dollars. Amounts
denominated in foreign currencies are translated into U.S. dollars using
current exchange rates.
Net realized gains and losses on foreign currency transactions, if any,
represent, among other things, the net realized gains and losses on foreign
currency contracts, disposition of foreign currencies and the difference
between the amount of income accrued and the U.S. dollars actually received.
Further, the effects of changes in foreign currency exchange rates on
investments are not segregated in the statement of operations from the
effects of changes in market price of those securities but are included with
the net realized and unrealized gain or loss on investments.
C. Forward Foreign Currency Contracts
The Fund may enter into forward foreign currency contracts (contracts) for
the purchase or sale of a specific foreign currency at a fixed price on a
future date. All contracts are marked to market daily at the applicable
exchange rates, and any resulting unrealized gains or losses are recorded in
the Fund's financial statements. The Fund records realized gains and losses
at the time a portfolio hedge is offset by entry into a closing transaction
or extinguished by delivery of the currency. Risks may arise upon entering
into these contracts from the potential inability of counterparties to meet
the terms of the contract and from unanticipated movements in the value of
foreign currencies relative to the U.S. dollar (See Note 8).
Pioneer Global High Yield Fund | Annual Report | 10/31/12 65
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. As of
October 31, 2012, the Fund did not have any interest and penalties related
to unrecognized tax positions, which, if applicable, would be recorded as an
income tax expense in the Statement of Operations. Tax years for the prior
three fiscal years remain subject to examination by federal and state tax
authorities.
The amounts and characterizations of distributions to shareowners for
financial reporting purposes are determined in accordance with federal
income tax rules. Therefore, the sources of the Fund's distributions may be
shown in the accompanying financial statements as from or in excess of net
investment income or as from net realized gain on investment transactions,
or as from paid-in capital, depending on the type of book/tax differences
that may exist.
At October 31, 2012, the Fund reclassified $2,083,984 to increase
distributions in excess of net investment income, $2,689,147 to decrease
accumulated net realized loss on investments and foreign currency
transactions and $605,163 to decrease paid-in capital to reflect permanent
book/tax differences. The reclassification has no impact on the net asset
value of the Fund and is designed to present the Fund's capital accounts
on a tax basis.
At October 31, 2012, the Fund was permitted to carry forward indefinitely
$6,237,181 of short term losses under the Regulated Investment Company
Modernization Act of 2010 without limitation. Additionally, at October 31,
2012, the Fund had a net capital loss carryforward of $235,848,362, of which
the following amounts will expire between 2016 and 2018 if not utilized:
$4,718,467 in 2016, $204,858,985 in 2017 and $26,270,910 in 2018
The tax character of distributions paid during the years ended October 31,
2012 and October 31, 2011 were as follows:
--------------------------------------------------------------------------------
2012 2011
--------------------------------------------------------------------------------
Distributions paid from:
Ordinary income $ 197,278,625 $ 204,322,757
--------------------------------------------------------------------------------
Total $ 197,278,625 $ 204,322,757
================================================================================
66 Pioneer Global High Yield Fund | Annual Report | 10/31/12
The following shows the components of distributable earnings on a federal
income tax basis at October 31, 2012:
--------------------------------------------------------------------------------
2012
--------------------------------------------------------------------------------
Distributable earnings:
Capital loss carryforward $(242,085,543)
Current year dividend payable (2,109,680)
Unrealized depreciation (94,313,502)
--------------------------------------------------------------------------------
Total $(338,508,725)
================================================================================
The difference between book basis and tax basis unrealized depreciation is
attributable to the tax deferral of losses on wash sales, the mark-to-market
of foreign currency contracts, adjustments relating to catastrophe bonds,
credit default swaps, partnerships, 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 $206,236 in underwriting commissions on the sale of Class A shares
during the year ended October 31, 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 year ended October 31, 2012, the Fund recognized
gains of $28,496 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).
Pioneer Global High Yield Fund | Annual Report | 10/31/12 67
The Fund declares as daily dividends substantially all of its net investment
income. All dividends are paid on a monthly basis. Short-term capital gain
distributions, if any, may be declared with the daily dividends.
Distributions to shareowners are recorded as of the ex-dividend date.
Distributions paid by the Fund with respect to each class of shares are
calculated in the same manner and at the same time, except that net
investment income dividends to Class A, Class B, Class C, Class Y and Class
Z shares can reflect different transfer agent and distribution expense
rates.
G. Risks
At times, the Fund's investments may represent industries or industry
sectors that are interrelated or have common risks, making the Fund more
susceptible to any economic, political, or regulatory developments or other
risks affecting those industries and sectors. The Fund's investments in
foreign markets and countries with limited developing markets may subject
the Fund to a greater degree of risk than in a developed market. These risks
include disruptive political or economic conditions and the imposition of
adverse governmental laws or currency exchange restrictions. The Fund's
prospectus contains unaudited information regarding the Fund's principal
risks. Please refer to that document when considering the Fund's principal
risks.
The Fund invests in below investment grade (high yield) debt securities and
preferred stocks. Some of these high yield securities may be convertible
into equity securities of the issuer. Debt securities rated below investment
grade are commonly referred to as "junk bonds" and are considered
speculative. These securities involve greater risk of loss, are subject to
greater price volatility, and are less liquid, especially during periods of
economic uncertainty or change, than higher rated debt securities.
H. Repurchase Agreements
With respect to repurchase agreements entered into by the Fund, the value of
the underlying securities (collateral), including accrued interest, is
required to be equal to or in excess of the repurchase price. The collateral
for all repurchase agreements is held in safekeeping in the customer-only
account of the Fund's custodian or a subcustodian of the Fund. The Fund's
investment adviser, Pioneer Investment Management, Inc. (PIM), is
responsible for determining that the value of the collateral remains at
least equal to the repurchase price.
68 Pioneer Global High Yield Fund | Annual Report | 10/31/12
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. As of October 31, 2012, the Fund had
no securities on loan.
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.
Pioneer Global High Yield Fund | Annual Report | 10/31/12 69
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 year ended October 31, 2012, the Fund opened one credit default
swap, with a notional principal of $4,100,000, which was still open at year
end. Credit default swap contracts outstanding at year end are listed at the
end of the Fund's schedule of investments.
2. Management Agreement
PIM, a wholly owned indirect subsidiary of UniCredit, the Fund's investment
adviser, manages the Fund's portfolio. Management fees are calculated daily at
the annual rate of 0.70% of the Fund's average daily net assets up to $500
million; 0.65% of the next $500 million; 0.60% of the next $500 million; 0.55%
of the next $500 million; and 0.45% on assets over $2 billion. For the year
ended October 31, 2012, the effective management fee (excluding waivers and/or
assumption of expenses) was equivalent to 0.60% of the Fund's average daily net
assets.
PIM has contractually agreed to limit ordinary operating expenses to the extent
required to reduce Fund expenses to 1.10%, 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. Class Y shares do not have an expense limitation. These expense
limitations were in effect through March 1, 2012.
70 Pioneer Global High Yield Fund | Annual Report | 10/31/12
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
$139,874 in management fees, administrative costs and certain other
reimbursements payable to PIM at October 31, 2012.
Effective March 5, 2012, PIM has retained Brown Brothers Harriman & Co. to
provide certain sub-administration and accounting services to the Fund.
3. Transfer Agent
PIMSS, a wholly owned indirect subsidiary of UniCredit, provides substantially
all transfer agent and shareowner services to the Fund at negotiated rates.
In addition, the Fund reimburses PIMSS for out-of-pocket expenses incurred by
PIMSS related to shareholder communications activities such as proxy and
statement mailings, outgoing phone calls and omnibus relationship contracts. For
the year ended October 31, 2012, such out-of-pocket expenses by class of shares
were as follows:
--------------------------------------------------------------------------------
Shareholder Communications:
--------------------------------------------------------------------------------
Class A $ 513,329
Class B 40,107
Class C 249,677
Class Y 1,540,430
Class Z 11,868
--------------------------------------------------------------------------------
Total $2,355,411
================================================================================
Included in "Due to affiliates" reflected on the Statement of Assets and
Liabilities is $576,858 in transfer agent fees and out-of-pocket reimbursements
payable to PIMSS at October 31, 2012.
4. Basis for Consolidation of the Financial Statements
The consolidated financial statements of the Fund include the accounts of the
Subsidiary. All intercompany accounts and transactions have been eliminated in
consolidation. The Subsidiary, a Delaware corporation, was incorporated on
February 10, 2011 and is wholly-owned and controlled by the Fund. It is intended
that the Fund will remain the sole shareholder of, and will continue to control,
the Subsidiary. The Subsidiary acts as an investment vehicle for the Fund's
interest in Blaze Recycling and Metals LLC, Class A Units. As of October 31,
2012, the Subsidiary represented approximately $2,977,188 or approximately 0.1%
of the net assets of the Fund.
Pioneer Global High Yield Fund | Annual Report | 10/31/12 71
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 $35,871 in distribution fees payable to PFD at October 31, 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 year ended October
31, 2012, CDSCs in the amount of $65,289 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 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
72 Pioneer Global High Yield Fund | Annual Report | 10/31/12
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 year ended October 31, 2012, the average daily amount of borrowings
outstanding during the period was $17,900,000. The related weighted average
annualized interest rate for the period was 1.25%, and the total interest
expense on such borrowings was $8,256, which is included in interest expense,
located on the Statement of Operations. As of October 31, 2012, there were no
borrowings outstanding.
7. Expense Offset Arrangements
The Fund has entered into certain expense offset arrangements with PIMSS which
may result in a reduction in the Fund's total expenses due to interest earned on
cash held by PIMSS. For the year ended October 31, 2012, the Fund's expenses
were not reduced under such arrangements.
8. Forward Foreign Currency Contracts
At October 31, 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 portfolio hedge
contracts open during the year ended October 31, 2012 was $35,514,043.
Open portfolio hedges at October 31, 2012 were as follows:
----------------------------------------------------------------------------------------------
Net Contracts In Exchange Settlement Unrealized
Currency to deliver For USD Date Value Gain (Loss)
----------------------------------------------------------------------------------------------
EUR (Euro) (5,500,000) $ (7,212,040) 11/14/12 $ (7,130,699) $ 81,341
EUR (Euro) (12,230,000) (15,837,153) 11/14/12 (15,856,079) (18,926)
GBP (Pound Sterling) (3,846,000) (6,075,465) 12/14/12 (6,202,566) (127,101)
INR (Indian Rupee) 271,000,000 4,968,830 3/15/13 4,919,392 (49,438)
----------------------------------------------------------------------------------------------
Total $(114,124)
----------------------------------------------------------------------------------------------
9. Bridge Loan and Delayed Draw Loan Commitments
As of October 31, 2012, the Fund had bridge loan and delayed draw loan
commitments of $20,930,936 (excluding unrealized appreciation on those
commitments of $68,403 as of October 31, 2012) which could be extended at the
option of the borrower, pursuant to the following loan agreements:
---------------------------------------------------------------------------------------------
Unrealized
Loan Shares Cost Value Gain
---------------------------------------------------------------------------------------------
Cequel Communications, Bridge Loan 5,850,000 5,850,000 5,879,250 $ 29,250
DuPont Performance Bridge Loan 8,000,000 10,356,400 10,370,800 14,400
Hamilton Sundstrand Bridge Loan 4,500,000 4,500,000 4,522,500 22,500
Harvard Drug, Delayed Draw Term Loan 157,696 156,132 158,386 2,253
---------------------------------------------------------------------------------------------
Total $ 68,403
---------------------------------------------------------------------------------------------
Pioneer Global High Yield Fund | Annual Report | 10/31/12 73
10. Additional Disclosures about Derivative Instruments and Hedging Activities:
Values of derivative instruments as of October 31, 2012 were as follows:
-----------------------------------------------------------------------------------------------------
Derivatives Not
Accounted for as Asset Derivatives 2012 Liabilities Derivatives 2012
Hedging Instruments ------------------------------- ----------------------------------
Under Accounting Statement of Assets Statement of Assets
Standards Codification and Liabilities and Liabilities
(ASC) 815 Location Value Location Value
-----------------------------------------------------------------------------------------------------
Unrealized appreciation/
depreciation on Forward
Foreign Currency Portfolio
Hedge Contracts Receivables $ -- Payables $ 114,124
Unrealized gain on credit Net Assets Net Assets
Default Swaps Unrealized Unrealized
Appreciation $ 25,202 Depreciation $ --
-----------------------------------------------------------------------------------------------------
Total $ 25,202 $ 114,124
=====================================================================================================
The effect of derivative instruments on the Statement of Operations for the
year ended October 31, 2012 was as follows:
----------------------------------------------------------------------------------------------------------
Derivatives not Change in
Accounted for as Realized Gain Unrealized
Hedging Instruments or (Loss) Gain or (Loss)
Under Accounting on Derivatives on Derivatives
Standards Codification Location of Gain or (Loss) On Recognized Recognized
(ASC) 815 Derivatives Recognized in Income in Income in Income
----------------------------------------------------------------------------------------------------------
Forward Foreign Net realized loss on forward foreign
Currency portfolio currency contracts and other assets and
hedge Contracts liabilities denominated in foreign currencies $1,035,660
Forward Foreign Change in unrealized loss on forward
Currency portfolio foreign currency contracts and other
hedge Contracts assets and liabilities denominated in
foreign currencies $150,541
Forward Foreign Net realized gain on forward foreign
Currency settlement currency settlement hedge contracts and
hedge Contracts other assets and liabilities denominated in
foreign currencies $10,800
Credit Default Swaps Net realized loss on credit default swaps $(348,106)
Credit Default Swaps Change in unrealized loss on credit
default swaps $211,052
74 Pioneer Global High Yield Fund | Annual Report | 10/31/12
Report of Independent Registered Public Accounting Firm
To the Board of Trustees of the Series VII Trust and the Shareowners of
Pioneer Global High Yield Fund:
--------------------------------------------------------------------------------
We have audited the accompanying consolidated statement of assets and
liabilities, including the consolidated schedule of investments, of Pioneer
Global High Yield Fund (the "Fund") (one of the portfolios constituting the
Series VII Trust) as of October 31, 2012, and the related consolidated statement
of operations for the year then ended, the consolidated statements of changes in
net assets for each of the two years in the period then ended, and the financial
highlights for each of the periods indicated therein. These financial statements
and financial highlights are the responsibility of the Trust's management. Our
responsibility is to express an opinion on these financial statements and
financial highlights based on our audits.
We conducted our audits in accordance with the standards of the Public Company
Accounting Oversight Board (United States). Those standards require that we plan
and perform the audit to obtain reasonable assurance about whether the financial
statements and financial highlights are free of material misstatement. We were
not engaged to perform an audit of the Trust's internal control over financial
reporting. Our audits included consideration of internal control over financial
reporting as a basis for designing audit procedures that are appropriate in the
circumstances, but not for the purpose of expressing an opinion on the
effectiveness of the Trust's internal control over financial reporting.
Accordingly, we express no such opinion. An audit also includes examining, on a
test basis, evidence supporting the amounts and disclosures in the financial
statements and financial highlights, assessing the accounting principles used
and significant estimates made by management, and evaluating the overall
financial statement presentation. Our procedures included confirmation of
securities owned as of October 31, 2012, by correspondence with the custodian,
brokers and agent banks. We believe that our audits provide a reasonable basis
for our opinion.
In our opinion, the consolidated financial statements and financial highlights
referred to above present fairly, in all material respects, the financial
position of Pioneer Global High Yield Fund at October 31, 2012, the consolidated
results of its operations for the year then ended, the changes in its net assets
for the two years in the period then ended, and the financial highlights for
each of the periods indicated therein, in conformity with U.S. generally
accepted accounting principles.
/s/ Ernst & Young LLP
Boston, Massachusetts
December 28, 2012
Pioneer Global High Yield Fund | Annual Report | 10/31/12 75
Trustees, Officers and Service Providers
Investment Adviser
Pioneer Investment Management, Inc.
Custodian and Sub-Administrator
Brown Brothers Harriman & Co.
Independent Registered Public Accounting Firm
Ernst & Young LLP
Principal Underwriter
Pioneer Funds Distributor, Inc.
Legal Counsel
Bingham McCutchen LLP
Shareowner Services and Transfer Agent
Pioneer Investment Management Shareholder Services, Inc.
Proxy voting policies and procedures of the Fund are available without charge,
upon request, by calling our toll free number (1-800-225-6292). Information
regarding how the Fund voted proxies relating to portfolio securities during the
most recent 12-month period ended June 30 is publicly available to shareowners
at us.pioneerinvestments.com. This information is also available on the
Securities and Exchange Commission's web site at www.sec.gov.
Trustees and Officers
The Fund's Trustees and Officers are listed on the following pages, together
with their principal occupations during at least the past five years. Trustees
who are interested persons of the Fund within the meaning of the 1940 Act are
referred to as Interested Trustees. Trustees who are not interested persons of
the Fund are referred to as Independent Trustees. Each of the Trustees serves as
a trustee of each of the 56 U.S. registered investment portfolios for which
Pioneer serves as investment adviser (the "Pioneer Funds"). The address for all
Trustees and all officers of the Fund is 60 State Street, Boston, Massachusetts
02109.
The Statement of Additional Information of the Fund includes additional
information about the Trustees and is available, without charge, upon request,
by calling 1-800-225-6292.
76 Pioneer Global High Yield Fund | Annual Report | 10/31/12
-----------------------------------------------------------------------------------------------------------------------------------
Name, Age and Term of Office and Other Directorships
Position Held with the Fund Length of Service Principal Occupation Held by Trustee
-----------------------------------------------------------------------------------------------------------------------------------
Thomas J. Perna (61) Trustee since 2006. Chairman and Chief Executive Officer, Director, Broadridge
Chairman of the Board and Serves until a successor Quadriserv, Inc. (technology products for Financial Solutions, Inc.
Trustee trustee is elected or securities lending industry) (2008 - (investor communications
earlier retirement or present); private investor (2004 - 2008); and securities processing
removal. and Senior Executive Vice President, The provider for financial
Bank of New York (financial and securities services industry) (2009 -
services) (1986 - 2004) present); Director,
Quadriserv, Inc. (2005 -
present); and Commissioner,
New Jersey State Civil
Service Commission (2011 -
present)
-----------------------------------------------------------------------------------------------------------------------------------
David R. Bock (68) Trustee since 2005. Managing Partner, Federal City Capital Director of Enterprise
Trustee Serves until a successor Advisors (corporate advisory services Community Investment, Inc.
trustee is elected or company) (1997 - 2004 and 2008 - (privately-held affordable
earlier retirement or present); Interim Chief Executive housing finance company)
removal. Officer, Oxford Analytica, Inc. (1985 - 2010); Director of
(privately held research and consulting Oxford Analytica, Inc.
company) (2010); Executive Vice President (2008 - present); Director
and Chief Financial Officer, I-trax, Inc. of The Swiss Helvetia Fund,
(publicly traded health care services Inc. (closed-end fund)
company) (2004 - 2007); and Executive (2010 - present); and
Vice President and Chief Financial Director of New York
Officer, Pedestal Inc. (internet-based Mortgage Trust (publicly
mortgage trading company) (2000 - 2002) traded mortgage REIT) (2004
- 2009, 2012 - present)
-----------------------------------------------------------------------------------------------------------------------------------
Benjamin M. Friedman (67) Trustee since 2008. William Joseph Maier Professor of Trustee, Mellon
Trustee Serves until a successor Political Economy, Harvard University Institutional Funds
trustee is elected or (1972 - present) Investment Trust and Mellon
earlier retirement or Institutional Funds Master
removal. Portfolio (oversaw 17
portfolios in fund complex)
(1989-2008)
-----------------------------------------------------------------------------------------------------------------------------------
Margaret B.W. Graham (65) Trustee since 2001. Founding Director, Vice President and None
Trustee Serves until a successor Corporate Secretary, The Winthrop Group,
trustee is elected or Inc. (consulting firm) (1982-present);
earlier retirement or Desautels Faculty of Management, McGill
removal. University (1999 - present); and Manager
of Research Operations and Organizational
Learning, Xerox PARC, Xerox's advance
research center (1990-1994)
-----------------------------------------------------------------------------------------------------------------------------------
Pioneer Global High Yield Fund | Annual Report | 10/31/12 77
Independent Trustees (continued)
-----------------------------------------------------------------------------------------------------------------------------------
Name, Age and Term of Office and Other Directorships
Position Held with the Fund Length of Service Principal Occupation Held by Trustee
-----------------------------------------------------------------------------------------------------------------------------------
Marguerite A. Piret (64) Trustee since 2001. President and Chief Executive Officer, Director of New America
Trustee Serves until a successor Newbury, Piret & Company, Inc. High Income Fund, Inc.
trustee is elected or (investment banking firm) (1981 - present) (closed-end investment
earlier retirement or company) (2004 - present);
removal. and member, Board of
Governors, Investment
Company Institute (2000 -
2006)
-----------------------------------------------------------------------------------------------------------------------------------
Stephen K. West (83) Trustee since 2001. Senior Counsel, Sullivan & Cromwell LLP Director, The Swiss
Trustee Serves until a successor (law firm) (1998 - present); and Partner, Helvetia Fund, Inc.
trustee is elected or Sullivan & Cromwell LLP (prior to 1998) (closed-end investment
earlier retirement or company); and Director,
removal. Invesco, Ltd. (formerly
AMVESCAP, PLC) (investment
manager) (1997-2005)
-----------------------------------------------------------------------------------------------------------------------------------
78 Pioneer Global High Yield Fund | Annual Report | 10/31/12
Interested Trustees
-----------------------------------------------------------------------------------------------------------------------------------
Name, Age and Term of Office and Other Directorships
Position Held with the Fund Length of Service Principal Occupation Held by Trustee
-----------------------------------------------------------------------------------------------------------------------------------
John F. Cogan, Jr. (86)* Trustee since 2001. Non-Executive Chairman and a director of None
Trustee, President and Chief Serves until a successor Pioneer Investment Management USA Inc.
Executive Officer of the Fund trustee is elected or ("PIM-USA"); Chairman and a director of
earlier retirement or Pioneer; Chairman and Director of
removal. Pioneer Institutional Asset Management,
Inc. (since 2006); Director of Pioneer
Alternative Investment Management
Limited (Dublin) (until October 2011);
President and a director of Pioneer
Alternative Investment Management
(Bermuda) Limited and affiliated funds;
Deputy Chairman and a director of
Pioneer Global Asset Management S.p.A.
("PGAM") (until April 2010); Director of
Nano-C, Inc. (since 2003); Director of
Cole Management Inc. (2004 - 2011);
Director of Fiduciary Counseling, Inc.
(until December 2011); President of all
of the Pioneer Funds; and Retired
Partner, Wilmer Cutler Pickering Hale
and Dorr LLP
-----------------------------------------------------------------------------------------------------------------------------------
Daniel K. Kingsbury (53)* Trustee since 2007. Director, CEO and President of PIM-USA None
Trustee and Executive Vice Serves until a successor (since February 2007); Director and
President trustee is elected or President of Pioneer and Pioneer
earlier retirement or Institutional Asset Management, Inc.
removal. (since February 2007); Executive Vice
President of all of the Pioneer Funds
(since March 2007); Director of PGAM
(2007 - 2010); Head of New Europe
Division, PGAM (2000 - 2005); Head of
New Markets Division, PGAM (2005 - 2007)
-----------------------------------------------------------------------------------------------------------------------------------
* Mr. Cogan and Mr. Kingsbury are Interested Trustees because they are officers
or directors of the Fund's investment adviser and certain of its affiliates.
Pioneer Global High Yield Fund | Annual Report | 10/31/12 79
Fund Officers
-----------------------------------------------------------------------------------------------------------------------------------
Name, Age and Term of Office and Other Directorships
Position Held with the Fund Length of Service Principal Occupation Held by Officer
-----------------------------------------------------------------------------------------------------------------------------------
Christopher J. Kelley (47) Since 2003. Serves at the Vice President and Associate General None
Secretary discretion of the Board. Counsel of Pioneer since January 2008
and Secretary of all of the Pioneer
Funds since June 2010; Assistant
Secretary of all of the Pioneer Funds
from September 2003 to May 2010; and
Vice President and Senior Counsel of
Pioneer from July 2002 to December 2007
-----------------------------------------------------------------------------------------------------------------------------------
Carol B. Hannigan (51) Since 2010. Serves at the Fund Governance Director of Pioneer None
Assistant Secretary discretion of the Board. since December 2006 and Assistant
Secretary of all the Pioneer Funds since
June 2010; Manager - Fund Governance of
Pioneer from December 2003 to November
2006; and Senior Paralegal of Pioneer
from January 2000 to November 2003
-----------------------------------------------------------------------------------------------------------------------------------
Thomas Reyes (49) Since 2010. Serves at the Counsel of Pioneer since June 2007 and None
Assistant Secretary discretion of the Board. Assistant Secretary of all the Pioneer
Funds since June 2010; and Vice
President and Counsel at State Street
Bank from October 2004 to June 2007
-----------------------------------------------------------------------------------------------------------------------------------
Mark E. Bradley (52) Since 2008. Serves at the Vice President - Fund Treasury of None
Treasurer and Chief Financial discretion of the Board. Pioneer; Treasurer of all of the Pioneer
and Accounting Officer of the Funds since March 2008; Deputy Treasurer
Fund of Pioneer from March 2004 to February
2008; and Assistant Treasurer of all of
the Pioneer Funds from March 2004 to
February 2008
-----------------------------------------------------------------------------------------------------------------------------------
Luis I. Presutti (47) Since 2001. Serves at the Assistant Vice President - Fund Treasury None
Assistant Treasurer discretion of the Board. of Pioneer; and Assistant Treasurer of
all of the Pioneer Funds
-----------------------------------------------------------------------------------------------------------------------------------
Gary Sullivan (54) Since 2002. Serves at the Fund Accounting Manager - Fund Treasury None
Assistant Treasurer discretion of the Board. of Pioneer; and Assistant Treasurer of
all of the Pioneer Funds
-----------------------------------------------------------------------------------------------------------------------------------
David F. Johnson (32) Since 2009. Serves at the Fund Administration Manager - Fund None
Assistant Treasurer discretion of the Board. Treasury of Pioneer since November 2008;
Assistant Treasurer of all of the
Pioneer Funds since January 2009; and
Client Service Manager - Institutional
Investor Services at State Street Bank
from March 2003 to March 2007
-----------------------------------------------------------------------------------------------------------------------------------
80 Pioneer Global High Yield Fund | Annual Report | 10/31/12
-----------------------------------------------------------------------------------------------------------------------------------
Name, Age and Term of Office and Other Directorships
Position Held with the Fund Length of Service Principal Occupation Held by Officer
-----------------------------------------------------------------------------------------------------------------------------------
Jean M. Bradley (59) Since 2010. Serves at the Chief Compliance Officer of Pioneer and None
Chief Compliance Officer discretion of the Board. of all the Pioneer Funds since March
2010; Director of Adviser and Portfolio
Compliance at Pioneer since October
2005; and Senior Compliance Officer for
Columbia Management Advisers, Inc. from
October 2003 to October 2005
-----------------------------------------------------------------------------------------------------------------------------------
Kelley O'Donnell (41) Since 2006. Serves at the Director--Transfer Agency Compliance of None
Anti-Money Laundering discretion of the Board. Pioneer and Anti-Money Laundering
Officer Officer of all the Pioneer Funds since
2006
-----------------------------------------------------------------------------------------------------------------------------------
Pioneer Global High Yield Fund | Annual Report | 10/31/12 81
This page for your notes.
82 Pioneer Global High Yield Fund | Annual Report | 10/31/12
This page for your notes.
Pioneer Global High Yield Fund | Annual Report | 10/31/12 83
This page for your notes.
84 Pioneer Global High Yield Fund | Annual Report | 10/31/12
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.
[LOGO] PIONEER
Invesments(R)
Pioneer Investment Management, Inc.
60 State Street
Boston, MA 02109
us.pioneerinvestments.com
Securities offered through Pioneer Funds Distributor, Inc.
60 State Street, Boston, MA 02109
Underwriter of Pioneer Mutual Funds, Member SIPC
(c) 2012 Pioneer Investments 19440-06-1212
Pioneer Global Aggregate
Bond Fund
--------------------------------------------------------------------------------
Annual Report | October 31, 2012
--------------------------------------------------------------------------------
Ticker Symbols:
Class A PGABX
Class C PGCBX
Class Y PGYBX
[LOGO] Pioneer
Investment(R)
visit us: us.pioneerinvestments.com
Table of Contents
Letter to Shareowners 2
Portfolio Management Discussion 4
Portfolio Summary 9
Prices and Distributions 10
Performance Update 11
Comparing Ongoing Fund Expenses 14
Schedule of Investments 16
Financial Statements 44
Notes to Financial Statements 51
Report of Independent Registered Public Accounting Firm 62
Trustees, Officers and Service Providers 63
Pioneer Global Aggregate Bond Fund | Annual Report | 10/31/12 1
President's Letter
Dear Shareowner,
The U.S. stock market rallied sharply through the third quarter of 2012 amid a
sluggish, but nonetheless growing, U.S. economy. We have been cautiously
optimistic about the U.S. from the start of the year, and the economic data
continue to be encouraging. The housing and auto sectors are benefitting from
record-low interest rates. The climate for consumer and business credit has
improved, and inflation appears to be subdued. While corporate profits slowed in
the third quarter, many U.S. companies continue to have strong balance sheets
and to pay attractive dividends* compared to fixed-income securities.
All of these factors contributed to gains for investors who owned riskier
assets, including equities and higher-yielding corporate bonds. Year to date
through the end of the third quarter, the Standard & Poor's 500 Index returned
16.35%. In fixed income, the Bank of America Merrill Lynch High Yield Master II
Index was up by 12.02% during the same period, while the Barclays Capital
Aggregate Bond Index gained 3.99%. Treasury bonds, by contrast, generated a
comparatively sluggish return of 1.70%, as measured by the Barclays Capital
Intermediate Treasuries Index.
Despite this generally positive picture during the first three quarters of 2012,
investors face powerful macroeconomic challenges in the months ahead. These
include the threat of a so-called "fiscal cliff " in the U.S. budget process
after the November elections, the European sovereign-debt crisis, and slowing
growth in both Europe and China. Investors can continue to count on market
volatility tied to these factors, although we remain optimistic that the
underlying economic trends are moving in the right direction.
At Pioneer, we have long advocated the benefits of staying diversified** and
investing for the long term. And while diversification alone does not assure a
profit or protect against loss in a declining market, we believe in actively
seeking out opportunities in undervalued securities and sectors around the
globe. 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.
* Dividends are not guaranteed.
** Diversification does not assure a profit or protect against loss in a
declining market.
2 Pioneer Global Aggregate Bond Fund | Annual Report | 10/31/12
Pioneer's investment professionals focus on finding good opportunities 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 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 | Annual Report | 10/31/12 3
Portfolio Management Discussion | 10/31/12
Despite re-occurring concerns about the strength and durability of the global
economic recovery, credit-sensitive fixed-income investments produced positive
returns during the 12 months ended October 31, 2012, outperforming low-yielding
government bonds. In the following interview, Charles Melchreit discusses the
performance of Pioneer Global Aggregate Bond Fund during the 12-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 12 months ended October 31, 2012?
A Pioneer Global Aggregate Bond Fund's Class A shares returned 5.98% at net
asset value during the 12 months ended October 31, 2012, while the Fund's
benchmark, the Barclays Capital Global Aggregate Bond Index (the Barclays
Index) returned 3.54%. During the same period, the average return of the 191
mutual funds in Lipper's Global Income Funds category was 6.64%.
Q How would you describe the investment environment for fixed-income
securities during the 12 months ended October 31, 2012?
A Credit-sensitive sectors in the world's fixed-income markets tended to
produce the best performance during the 12-month period, despite bursts of
market volatility that resulted in temporary retreats from the dominant
market trends. To be sure, markets in the United States, in developed
European nations, and in the emerging markets--the three major market groups
that make up the Fund's investable universe--behaved differently from each
other during the period, as investors in each area reacted to certain
developments. By the end of the 12-month period, however, the overall trend
was that lower-rated, more credit-sensitive securities produced the best
relative results, with emerging market debt and high-yielding and
investment-grade corporate bonds substantially outperforming the
higher-quality, sovereign-government debt of major industrialized nations.
In the United States, the domestic economy continued to grow, albeit slowly,
and the credit sectors outperformed. Corporate bonds and other credit-linked
securities performed very well early in the period, but then faded in the
late spring and early summer of 2012 as investors worried about the
sustainability of the economic rebound, especially in the face of
intensifying sovereign-debt problems in Europe and evidence of economic
4 Pioneer Global Aggregate Bond Fund | Annual Report | 10/31/12
weakening in China and other Asian nations. The resulting fears that the
U.S. economy might fall back into recession were somewhat alleviated,
however, when the Federal Reserve Board (the Fed) in late summer announced
its third round of quantitative easing ("QE3") to encourage lower interest
rates by buying mortgage-backed securities on the open market. After the
Fed's announcement, the credit sectors again rallied and the comeback
continued through the end of the period on October 31, 2012, although market
anxieties did increase in the run-up to the November elections as investors
grew concerned about whether the nation's political leaders would be able to
resolve deep disagreements about tax and spending policies (the approaching
"fiscal cliff ") at the end of 2012.
In Europe, the trend favoring credit-sensitive investments was not as
strong, as the markets worried about the deepening sovereign-debt problems
in Spain and other smaller markets. The European Central Bank (ECB) did,
however, announce a series of steps to aid debtor nations and ease
borrowing. While the ECB's actions helped to avoid the worst-case scenario
of potential defaults, they were not sufficient to keep most European
economies from slipping back into recession. As a result, the fixed-income
markets in Europe produced lackluster results, at best, during most of the
12 months ended October 31, 2012, although they did recover somewhat towards
the end of the period as the ECB became more aggressive in easing monetary
policy.
The economic problems in Europe had a spillover effect on China, which ships
a major portion of its exports to European markets. Early in the period, in
particular, the effects of weakening growth in China also became a drag on
other Asian countries as well as emerging market economies in
general--countries that were dependent on demand from China. Investors also
worried about the change in Chinese political leadership scheduled to take
place in early 2013. Emerging market securities, however, staged a comeback
late in the Fund's fiscal year due to renewed confidence that China would
not fall into recession and that the global economy would continue to
recover, despite the ongoing problems in Europe.
The developments in the United States, Europe and China affected different
markets in varying ways during the 12-month period. Non-U.S. dollar
currencies make up more than 50% of the value in the benchmark Barclays
Index, and, thus, currency positioning was important during the period.
During the 12 months ended October 31, 2012, the U.S. dollar (USD) performed
well in international currency markets. Non-USD currencies that also fared
well included the Canadian, Australian and New Zealand dollars as well as
the British pound and the currencies of some emerging market nations, such
as Korea, Mexico, Malaysia, the Philippines and
Pioneer Global Aggregate Bond Fund | Annual Report | 10/31/12 5
Turkey. In contrast, the euro weakened and performed poorly during the
period, as did the correlated currencies of Switzerland, Denmark, Norway and
Sweden. In addition, the Japanese yen and the currencies of the emerging
market nations of Indonesia and South Africa also weakened.
Q What were the Fund's main investment strategies during the 12 months ended
October 31, 2012, and how did the strategies affect the Fund's performance
relative to the Barclays Index?
A The Fund's sector allocations gave substantial support to benchmark-
relative performance during the 12-month period, particularly our decision
to overweight the portfolio to the debt of U.S. financial institutions, and
to underweight U.S. Treasuries. Among the Fund's U.S. financial holdings,
investments in collateralized mortgage obligations (CMOs) were particularly
successful during the period, as yield-seeking investors sought out a sector
that had been largely avoided since the market setbacks of 2008 and 2009.
Most of the Fund's CMO holdings were in non-agency securities.
Despite the portfolio's success in U.S. financials, our decision to
underweight European and British financials hurt benchmark-relative results
during the period. The ECB's actions in support of the governments of
Greece, Spain, and other nations struggling with sovereign-debt issues
helped to lift the values of the debt of banks and other institutions that
were holding the troubled sovereign debt. As a result, the Fund's
underweight position in those securities detracted from relative results.
The portfolio's currency strategy was successful during the period and also
contributed to results, as an overweight position in the USD was a major
factor in the Fund's benchmark-relative outperformance. At the end of the
Fund's fiscal year on October 31, 2012, approximately 57% of the Fund's
investments were denominated in the USD, representing a large overweight
relative to the 41% allocation in the Barclays Index. Also aiding the Fund's
performance during the period were overweight exposures to the Australian
and New Zealand dollars and the Philippine peso. At the same time, the
Fund's underweights to the euro and the Japanese yen supported results,
given the struggles of both currencies during the period. Despite the
overall success of the Fund's currency strategy, the portfolio's exposures
to the currencies of Indonesia, Sweden and Canada detracted from
benchmark-relative results during the period.
While the Fund's sector and currency positioning aided results during the
period, the portfolio's somewhat shorter-duration positioning was a slight
detractor from relative returns during the period, as longer-term sovereigns
rallied when market interest rates declined. The negative effects of the
6 Pioneer Global Aggregate Bond Fund | Annual Report | 10/31/12
Fund's overall duration strategy were offset somewhat by the positive
effects of a longer-duration stance in U.S. and Mexican sovereigns.
(Duration is a measure of a portfolio's price sensitivity to changes in
interest rates.)
As of October 31, 2012, U.S. corporate debt and foreign investment-grade
debt represented the Fund's largest sector allocations.
Q What individual holdings contributed to or detracted from the Fund's
performance during the 12 months ended October 31, 2012?
A Among individual holdings, U.S. commercial mortgages issued by Deutsche Bank
and the corporate bonds of building materials company Masco performed
particularly well for the Fund during the 12-month period.
Disappointing portfolio holdings during the period included the convertible
debt of U.S. truck manufacturer Navistar and bonds issued by Credit Foncier,
a French institution that also guaranteed the mortgages securing the bonds.
Q What is your investment outlook?
A The riskier segments of the global fixed-income markets have been
outperforming high-quality government debt, and we continue to favor
investing the Fund in credit-linked debt rather than Treasuries and other
government securities. Corporate bonds and mortgage-backed securities appear
more attractive to us on a relative basis, especially in light of the risks
associated with low-yielding sovereign securities at a time when many
governments find themselves in weak fiscal positions.
We have opportunistically increased the Fund's exposure to investments of
stronger emerging market nations, including the Philippines, Indonesia,
Malaysia and India, although the positions still remain just a small part of
the overall portfolio.
We believe that we may also see a developing opportunity in non-financial
European bonds, which may be undervalued in light of the overall strengths
of their issuing corporations--many of which are global companies that
derive a major portion of their revenues from operations outside Europe.
In recent years, the Fund has benefited from investments in commodity-
driven economies, such as Australia and Canada. We continue to see some
opportunities in that area, although we expect to be very selective.
Pioneer Global Aggregate Bond Fund | Annual Report | 10/31/12 7
Please refer to the Schedule of Investments on pages 16-43 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.
8 Pioneer Global Aggregate Bond Fund | Annual Report | 10/31/12
Portfolio Summary | 10/31/12
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 32.2%
U.S. Corporate Bonds 23.4%
Collateralized Mortgage Obligations 16.4%
U.S. Government Securities 9.6%
International Corporate Bonds 6.7%
Asset Backed Securities 3.5%
Municipal Bonds 3.4%
Convertible Corporate Bonds 1.8%
U.S. Preferred Stocks 1.3%
Temporary Cash Investment 1.1%
Convertible Preferred Stock 0.6%
10 Largest Holdings
--------------------------------------------------------------------------------
(As a percentage of total long-term holdings)*
1. Fannie Mae, 5.0%, 7/1/40 2.86%
--------------------------------------------------------------------------------
2. Japan Government Ten Year Bond, 1.0%, 12/20/21 2.15
--------------------------------------------------------------------------------
3. Indonesia Treasury Bond, 7.375%, 9/15/16 1.99
--------------------------------------------------------------------------------
4. Finland Government Bond, 4.375%, 7/4/19 1.68
--------------------------------------------------------------------------------
5. Poland Government Bond, 5.25%, 10/25/17 1.65
--------------------------------------------------------------------------------
6. Japan Government Two Year Bond, 0.2%, 8/15/13 1.57
--------------------------------------------------------------------------------
7. Japan Government Ten Year Bond, 1.7%, 9/20/16 1.43
--------------------------------------------------------------------------------
8. Japan Government Twenty Year Bond, 1.5%, 3/20/19 1.30
--------------------------------------------------------------------------------
9. France Government Bond OAT, 3.25%, 10/25/21 1.02
--------------------------------------------------------------------------------
* This list excludes temporary cash investments and derivative instruments.
The portfolio is actively managed, and current holdings may be different.
The holdings listed should not be considered recommendations to buy or sell
any security listed.
Pioneer Global Aggregate Bond Fund | Annual Report | 10/31/12 9
Prices and Distributions | 10/31/12
Net Asset Value per Share
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Class 10/31/12 10/31/11
--------------------------------------------------------------------------------
A $11.49 $11.22
--------------------------------------------------------------------------------
C $11.51 $11.23
--------------------------------------------------------------------------------
Y $11.59 $11.30
--------------------------------------------------------------------------------
Distributions per Share: 11/1/11-10/31/12
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Net Investment Short-Term Long-Term
Class Income Capital Gains Capital Gains
--------------------------------------------------------------------------------
A $0.3620 $0.0051 $0.0183
--------------------------------------------------------------------------------
C $0.2579 $0.0051 $0.0183
--------------------------------------------------------------------------------
Y $0.3753 $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 11-13.
10 Pioneer Global Aggregate Bond Fund | Annual Report | 10/31/12
Performance Update | 10/31/12 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 October 31, 2012)
--------------------------------------------------------------------------------
Net Asset Public Offering
Period Value (NAV) Price (POP)
--------------------------------------------------------------------------------
Life-of-Class
(12/27/07) 6.42% 5.42%
1 Year 5.98 1.20
--------------------------------------------------------------------------------
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 Aggregate Barclays Capital Global
Bond Fund Aggregate Bond Index
12/31/2007 $ 9,550 $ 10,000
10/31/2008 $ 9,100 $ 9,589
10/31/2009 $ 11,064 $ 11,354
10/31/2010 $ 11,861 $ 12,136
10/31/2011 $ 12,243 $ 12,631
10/31/2012 $ 12,975 $ 13,078
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 March 1, 2014, for Class A shares. There can be no assurance that
Pioneer will extend the expense limitations beyond such time. Please see the
prospectus and financial statements for more information.
The performance table and graph do not reflect the deduction of fees and taxes
that a shareowner would pay on Fund distributions or the redemption of Fund
shares.
Pioneer Global Aggregate Bond Fund | Annual Report | 10/31/12 11
Performance Update | 10/31/12 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 October 31, 2012)
--------------------------------------------------------------------------------
If If
Period Held Redeemed
--------------------------------------------------------------------------------
Life-of-Class
(12/27/07) 5.54% 5.54%
1 Year 5.09 5.09
--------------------------------------------------------------------------------
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 Aggregate Barclays Capital Global
Bond Fund Aggregate Bond Index
12/31/2007 $ 10,000 $ 10,000
10/31/2008 $ 9,452 $ 9,589
10/31/2009 $ 11,395 $ 11,354
10/31/2010 $ 12,130 $ 12,136
10/31/2011 $ 12,420 $ 12,631
10/31/2012 $ 13,053 $ 13,078
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 March 1, 2014, for Class C shares. There can be no assurance that
Pioneer will extend the expense limitations beyond such time. Please see the
prospectus and financial statements for more information.
The performance table and graph do not reflect the deduction of fees and taxes
that a shareowner would pay on Fund distributions or the redemption of Fund
shares.
12 Pioneer Global Aggregate Bond Fund | Annual Report | 10/31/12
Performance Update | 10/31/12 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 October 31, 2012)
--------------------------------------------------------------------------------
If If
Period Held Redeemed
--------------------------------------------------------------------------------
Life-of-Class
(12/27/07) 6.66% 6.66%
1 Year 6.24 6.24
--------------------------------------------------------------------------------
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 $10,000 Investment
Pioneer Global Aggregate Barclays Capital Global
Bond Fund Aggregate Bond Index
12/31/2007 $ 5,000,000 $ 5,000,000
10/31/2008 $ 4,767,893 $ 4,794,284
10/31/2009 $ 5,801,982 $ 5,677,007
10/31/2010 $ 6,235,980 $ 6,068,024
10/31/2011 $ 6,464,208 $ 6,315,276
10/31/2012 $ 6,867,704 $ 6,538,894
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 March 1, 2014, 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.
Pioneer Global Aggregate Bond Fund | Annual Report | 10/31/12 13
Comparing Ongoing Fund Expenses
As a shareowner in the Fund, you incur two types of costs:
(1) ongoing costs, including management fees, distribution and/or service
(12b-1) fees, and other Fund expenses; and
(2) transaction costs, including sales charges (loads) on purchase payments.
This example is intended to help you understand your ongoing expenses (in
dollars) of investing in the Fund and to compare these costs with the ongoing
costs of investing in other mutual funds. The example is based on an investment
of $1,000 at the beginning of the Fund's latest six-month period and held
throughout the six months.
Using the Tables
--------------------------------------------------------------------------------
Actual Expenses
The first table below provides information about actual account values and
actual expenses. You may use the information in this table, together with the
amount you invested, to estimate the expenses that you paid over the period as
follows:
(1) Divide your account value by $1,000
Example: an $8,600 account value (divided by) $1,000 = 8.6
(2) Multiply the result in (1) above by the corresponding share class's number
in the third row under the heading entitled "Expenses Paid During Period" to
estimate the expenses you paid on your account during this period.
Expenses Paid on a $1,000 Investment in Pioneer Global Aggregate Bond Fund
Based on actual returns from May 1, 2012, through October 31, 2012.
--------------------------------------------------------------------------------
Share Class A C Y
--------------------------------------------------------------------------------
Beginning Account Value on 5/1/12 $1,000.00 $ 1,000.00 $ 1,000.00
--------------------------------------------------------------------------------
Ending Account Value (after expenses)
on 10/31/12 $1,037.19 $ 1,032.62 $ 1,038.92
--------------------------------------------------------------------------------
Expenses Paid During Period* $ 5.12 $ 9.71 $ 4.05
--------------------------------------------------------------------------------
* Expenses are equal to the Fund's annualized expense ratio of 1.00%, 1.90%,
and 0.79% for Class A, Class C, and Class Y shares, respectively, multiplied
by the average account value over the period, multiplied by 184/366.
14 Pioneer Global Aggregate Bond Fund | Annual Report | 10/31/12
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 Aggregate Bond Fund
Based on a hypothetical 5% return per year before expenses, reflecting the
period from May 1, 2012, through October 31, 2012.
--------------------------------------------------------------------------------
Share Class A C Y
--------------------------------------------------------------------------------
Beginning Account Value on 5/1/12 $ 1,000.00 $ 1,000.00 $ 1,000.00
--------------------------------------------------------------------------------
Ending Account Value (after expenses)
on 10/31/12 $ 1,020.11 $ 1,015.58 $ 1,021.17
--------------------------------------------------------------------------------
Expenses Paid During Period* $ 5.08 $ 9.63 $ 4.01
--------------------------------------------------------------------------------
* Expenses are equal to the Fund's annualized expense ratio of 1.00%, 1.90%,
and 0.79% for Class A, Class C, and Class Y shares, respectively, multiplied
by the average account value over the period, multiplied by 184/366.
Pioneer Global Aggregate Bond Fund | Annual Report | 10/31/12 15
Schedule of Investments | 10/31/12
---------------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate(b) Ratings
Amount ($) (unaudited) (unaudited) Value
---------------------------------------------------------------------------------------------------------------
CONVERTIBLE CORPORATE
BONDS -- 1.7%
ENERGY -- 0.1%
Coal & Consumable Fuels -- 0.1%
20,000 B+/NR Alpha Appalachia Holdings, Inc.,
3.25%, 8/1/15 $ 18,912
--------------
Total Energy $ 18,912
---------------------------------------------------------------------------------------------------------------
CAPITAL GOODS -- 0.4%
Electrical Components & Equipment -- 0.2%
56,000 B/B2 General Cable Corp., 4.5%,
11/15/29 (Step) $ 58,485
---------------------------------------------------------------------------------------------------------------
Construction & Farm Machinery
& Heavy Trucks -- 0.2%
75,000 CCC+/NR Navistar International Corp.,
3.0%, 10/15/14 $ 65,344
--------------
Total Capital Goods $ 123,829
---------------------------------------------------------------------------------------------------------------
HEALTH CARE EQUIPMENT &
SERVICES -- 0.6%
Health Care Equipment -- 0.3%
75,000 B+/NR Hologic, Inc., 2.0%, 12/15/37 (Step) $ 84,234
---------------------------------------------------------------------------------------------------------------
Managed Health Care -- 0.3%
100,000 A-/NR WellPoint, Inc., 2.75%, 10/15/42 (144A) $ 104,250
--------------
Total Health Care Equipment & Services $ 188,484
---------------------------------------------------------------------------------------------------------------
SEMICONDUCTORS & SEMICONDUCTOR
EQUIPMENT -- 0.6%
Semiconductor Equipment -- 0.3%
75,000 BBB-/Baa1 Lam Research Corp., 1.25%, 5/15/18 $ 73,172
---------------------------------------------------------------------------------------------------------------
Semiconductors -- 0.3%
85,000 A-/NR Intel Corp., 2.95%, 12/15/35 $ 92,225
--------------
Total Semiconductors &
Semiconductor Equipment $ 165,397
---------------------------------------------------------------------------------------------------------------
TOTAL CONVERTIBLE CORPORATE BONDS
(Cost $490,656) $ 496,622
---------------------------------------------------------------------------------------------------------------
Shares
---------------------------------------------------------------------------------------------------------------
PREFERRED STOCKS -- 1.3%
BANKS -- 0.6%
Diversified Banks -- 0.4%
4,000 6.00 A-/A3 US Bancorp, Floating Rate Note
(Perpetual) $ 114,800
---------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
16 Pioneer Global Aggregate Bond Fund | Annual Report | 10/31/12
---------------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Rate(b) Ratings
Shares (unaudited) (unaudited) Value
---------------------------------------------------------------------------------------------------------------
Regional Banks -- 0.2%
500 6.25 A-/NR CoBank ACB, Floating Rate Note
(Perpetual) (144A) $ 52,906
--------------
Total Banks $ 167,706
---------------------------------------------------------------------------------------------------------------
DIVERSIFIED FINANCIALS -- 0.7%
Other Diversified Financial
Services -- 0.7%
6,527 7.88 BB/Ba2 Citigroup Capital XIII, Floating
Rate Note, 10/30/40 $ 181,516
850 8.12 CCC+/B3 GMAC Capital Trust, Inc., Floating
Rate Note, 2/15/40 22,219
--------------
$ 203,735
--------------
Total Diversified Financials $ 203,735
---------------------------------------------------------------------------------------------------------------
TOTAL PREFERRED STOCKS
(Cost $335,928) $ 371,441
---------------------------------------------------------------------------------------------------------------
CONVERTIBLE PREFERRED
STOCK -- 0.6%
BANKS -- 0.6%
Diversified Banks -- 0.6%
130 BBB+/Ba1 Wells Fargo & Co., 7.5%
(Perpetual) $ 162,500
---------------------------------------------------------------------------------------------------------------
TOTAL CONVERTIBLE PREFERRED STOCK
(Cost $136,282) $ 162,500
---------------------------------------------------------------------------------------------------------------
Principal
Amount ($)
---------------------------------------------------------------------------------------------------------------
ASSET BACKED SECURITIES -- 3.4%
MATERIALS -- 0.4%
Steel -- 0.4%
50,000 0.61 AAA/Aa2 First NLC Trust 2005-2, Floating Rate
Note, 9/25/35 $ 47,950
9,559 0.56 AAA/Aaa New Century Home Equity Loan
Trust Series 2005-1, Floating Rate
Note, 3/25/35 9,242
66,618 AA-/Aa3 Terwin Mortgage Trust Series TMTS
2005-16HE, 4.523%, 9/25/36 (Step) 68,536
--------------
$ 125,728
--------------
Total Materials $ 125,728
---------------------------------------------------------------------------------------------------------------
AUTOMOBILES & COMPONENTS -- 0.6%
Auto Parts & Equipment -- 0.5%
CAD 131,505 AAA/NR Ford Auto Securitization Trust,
2.431%, 11/15/14 (144A) $ 133,585
---------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Global Aggregate Bond Fund | Annual Report | 10/31/12 17
Schedule of Investments | 10/31/12 (continued)
---------------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate(b) Ratings
Amount ($) (unaudited) (unaudited) Value
---------------------------------------------------------------------------------------------------------------
Automobile Manufacturers -- 0.1%
30,000 A/A1 Santander Drive Auto Receivables
Trust 2012-1, 3.78%, 11/15/17 $ 31,450
--------------
Total Automobiles & Components $ 165,035
---------------------------------------------------------------------------------------------------------------
RETAILING -- 0.2%
Automotive Retail -- 0.2%
EURO 32,627 1.36 AAA/Aaa E-CARAT SA, Floating Rate Note,
10/18/18 $ 42,452
--------------
Total Retailing $ 42,452
---------------------------------------------------------------------------------------------------------------
BANKS -- 1.4%
Diversified Banks -- 0.0%
9,086 0.30 NR/Aa1 Wells Fargo Home Equity Trust, Floating
Rate Note, 4/25/37 $ 8,891
---------------------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- 1.4%
20,425 NR/A1 Bombardier Capital Mortgage
Securitization Corp., 6.65%, 4/15/28 $ 21,388
59,364 AAA/B1 Citicorp Residential Mortgage
Securities, Inc., 5.703%,
11/25/36 (Step) 59,216
75,019 A/B2 Citicorp Residential Mortgage
Securities, Inc., 5.836%, 7/25/36 (Step) 74,740
1,005 0.31 BBB/A3 Citigroup Mortgage Loan Trust, Inc.,
Floating Rate Note, 1/25/37 1,003
CAD 34,726 NR/Aaa CNH Capital Canada Receivables
Trust, 1.694%, 7/15/14 (144A) 34,727
13,491 0.58 AAA/A2 Countrywide Asset-Backed Certificates,
Floating Rate Note, 1/25/36 12,973
25,282 4.46 BBB/Ba1 Countrywide Asset-Backed Certificates,
Floating Rate Note, 10/25/35 25,395
24,280 5.07 BB+/B2 Countrywide Asset-Backed Certificates,
Floating Rate Note, 2/25/36 24,593
6,428 0.56 BBB/Baa3 Countrywide Home Equity Loan Trust,
Floating Rate Note, 11/15/28 6,404
5,049 0.86 A/A2 GSAMP Trust 2005-HE2, Floating Rate
Note, 3/25/35 4,942
3,289 0.59 AAA/Aa1 GSAMP Trust 2005-WMC1, Floating Rate
Note, 9/25/35 3,255
2,841 0.27 CCC/Ca Morgan Stanley ABS Capital, Inc., Floating
Rate Note, 12/25/36 1,253
224 0.26 CCC/Caa2 Morgan Stanley IXIS Real Estate Capital
Trust, Floating Rate Note, 11/25/36 91
28,909 0.47 AA+/Aa3 Option One Mortgage Loan Trust, Floating
Rate Note, 11/25/35 28,409
16,711 5.91 AA/A3 Origen Manufactured Housing Contract
Trust 2004-A, Floating Rate Note,
1/15/35 18,019
The accompanying notes are an integral part of these financial statements.
18 Pioneer Global Aggregate Bond Fund | Annual Report | 10/31/12
---------------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate(b) Ratings
Amount ($) (unaudited) (unaudited) Value
---------------------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- (continued)
15,461 0.65 AA+/A1 RASC Trust, Floating Rate Note,
8/25/35 $ 14,880
50,000 A/NR SNAAC Auto Receivables Trust, 3.11%,
6/15/17 (144A) 50,236
18,207 AA+/Baa2 Structured Asset Securities Corp.,
4.77%, 10/25/34 (Step) 18,175
--------------
$ 399,699
--------------
Total Banks $ 408,590
---------------------------------------------------------------------------------------------------------------
DIVERSIFIED FINANCIALS -- 0.8%
Other Diversified Financial Services -- 0.0%
2,728 NR/NR DT Auto Owner Trust 2009-1, 5.92%,
10/15/15 (144A) $ 2,732
---------------------------------------------------------------------------------------------------------------
Specialized Finance -- 0.5%
98,875 BBB+/Baa1 Dominos Pizza Master Issuer LLC,
5.216%, 1/25/42 (144A) $ 110,213
21,866 NR/Baa1 Irwin Home Equity Corp., 5.32%,
6/25/35 (Step) 21,256
--------------
$ 131,469
---------------------------------------------------------------------------------------------------------------
Consumer Finance -- 0.3%
GBP 50,000 0.89 AAA/Aaa Chester Asset Receivables Dealings
Plc/United Kingdom, Floating Rate
Note, 4/15/16 $ 80,432
20,000 NR/Aaa Santander Drive Auto Receivables
Trust 2011-2, 2.66%, 1/15/16 20,491
--------------
$ 100,923
--------------
Total Diversified Financials $ 235,124
---------------------------------------------------------------------------------------------------------------
TOTAL ASSET BACKED SECURITIES
(Cost $954,038) $ 976,929
---------------------------------------------------------------------------------------------------------------
COLLATERALIZED MORTGAGE
OBLIGATIONS -- 16.2%
BANKS -- 9.8%
Thrifts & Mortgage Finance -- 9.8%
20,525 NR/Ba3 Banc of America Alternative Loan
Trust, 5.0%, 7/25/19 $ 20,987
31,457 NR/B1 Banc of America Alternative Loan
Trust, 5.5%, 11/25/19 31,881
68,121 NR/Baa2 Banc of America Alternative Loan
Trust, 5.5%, 9/25/33 69,337
27,798 A+/Baa2 Banc of America Alternative Loan
Trust, 5.75%, 4/25/33 29,685
The accompanying notes are an integral part of these financial statements.
Pioneer Global Aggregate Bond Fund | Annual Report | 10/31/12 19
Schedule of Investments | 10/31/12 (continued)
---------------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate(b) Ratings
Amount ($) (unaudited) (unaudited) Value
---------------------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- (continued)
18,984 NR/Ba2 Banc of America Alternative Loan
Trust, 6.0%, 3/25/34 $ 19,585
21,059 0.66 NR/A1 Banc of America Alternative Loan
Trust, Floating Rate Note, 12/25/33 20,175
37,331 CCC/NR Banc of America Funding Corp.,
5.5%, 1/25/36 38,981
98,273 NR/Caa2 Bayview Commercial Asset Trust,
3.89%, 9/25/37 (Step) (144A) (c) 9,267
152,019 4.70 NR/Caa2 Bayview Commercial Asset Trust,
Floating Rate Note, 7/25/37 (144A) (c) 9,486
50,000 0.38 BBB+/Aaa Citigroup Commercial Mortgage Trust,
Floating Rate Note, 4/15/22 (144A) 48,210
100,000 5.03 NR/Aa1 Citigroup Commercial Mortgage Trust,
Floating Rate Note, 9/20/51 (144A) 99,374
31,968 NR/Baa1 Citigroup Mortgage Loan Trust, Inc.,
6.75%, 8/25/34 34,048
100,000 NR/Aaa COMM 2012-LC4 Mortgage Trust,
4.063%, 12/10/44 108,871
37,932 AA/Ba2 Countrywide Alternative Loan Trust,
4.25%, 4/25/34 38,217
105,000 AAA/Ba3 Countrywide Alternative Loan Trust,
5.0%, 7/25/19 109,947
10,182 B-/B2 Countrywide Alternative Loan Trust,
5.5%, 1/25/35 10,379
18,570 BB-/NR Countrywide Alternative Loan Trust,
5.5%, 8/25/34 18,372
15,030 0.66 CCC/NR Countrywide Alternative Loan Trust,
Floating Rate Note, 8/25/18 14,071
19,306 4.81 AAA/Ba1 Countrywide Home Loan Mortgage
Pass Through Trust, Floating Rate
Note, 12/25/33 19,357
1,400,000 1.17 BBB/A2 Extended Stay America Trust 2010-ESH,
Floating Rate Note, 1/5/16 (144A) (c) 1,352
7,984 CCC/NR First Horizon Mortgage Pass-Through
Trust 2006-1, 6.0%, 5/25/36 8,067
50,000 NR/Aaa GS Mortgage Securities Corp., II,
3.377%, 5/10/45 54,113
50,000 NR/Aaa GS Mortgage Securities Corp., II,
5.56%, 11/10/39 57,931
101,136 2.78 AAA/NR GSR Mortgage Loan Trust, Floating Rate
Note, 8/25/33 102,018
35,000 NR/Aaa JP Morgan Chase Commercial Mortgage
Securities Corp., 4.171%, 8/15/46 40,026
48,620 0.57 NR/Ba1 JP Morgan Chase Commercial Mortgage
Securities Corp., Floating Rate Note,
11/15/18 (144A) 40,927
The accompanying notes are an integral part of these financial statements.
20 Pioneer Global Aggregate Bond Fund | Annual Report | 10/31/12
---------------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate(b) Ratings
Amount ($) (unaudited) (unaudited) Value
---------------------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- (continued)
15,000 5.15 AA+/Aaa JP Morgan Chase Commercial Mortgage
Securities Corp., Floating Rate Note,
7/12/35 $ 14,982
100,000 4.65 AA-/A1 JP Morgan Chase Commercial Mortgage
Securities Corp., Floating Rate Note,
7/15/28 (144A) 101,110
20,121 B-/Ba2 JP Morgan Mortgage Trust, 6.0%,
9/25/34 20,664
18,041 4.89 AAA/Baa1 JP Morgan Mortgage Trust, Floating
Rate Note, 2/25/34 18,427
3,258 4.43 AAA/A3 JP Morgan Mortgage Trust, Floating
Rate Note, 2/25/35 3,262
169,007 3.06 AAA/NR JP Morgan Mortgage Trust, Floating
Rate Note, 5/25/34 171,149
34,000 5.62 BBB+/NR LB-UBS Commercial Mortgage Trust,
Floating Rate Note, 10/15/35 (144A) 33,910
5,670 5.41 AAA/Aaa Lehman Brothers Small Balance
Commercial Mortgage Trust 2006-3,
Floating Rate Note, 12/25/36 (144A) 5,610
6,295 A-/NR MASTR Alternative Loans Trust, 4.5%,
1/25/15 6,312
8,603 B+/NR MASTR Alternative Loans Trust, 5.5%,
10/25/19 8,853
19,874 A+/NR MASTR Alternative Loans Trust, 5.5%,
2/25/35 19,839
53,012 B/NR MASTR Alternative Loans Trust, 6.0%,
7/25/34 53,869
70,463 6.73 A-/NR MASTR Seasoned Securities Trust, Floating
Rate Note, 9/25/32 74,118
19,300 0.67 AAA/A3 Merrill Lynch Mortgage Investors Trust
Series MLCC 2004-A, Floating Rate
Note, 4/25/29 18,739
29,656 0.67 AA+/Baa2 Merrill Lynch Mortgage Investors Trust
Series MLCC 2005-A, Floating Rate
Note, 3/25/30 29,066
2,074 AAA/Aaa Merrill Lynch Mortgage Trust, 4.556%,
6/12/43 2,083
100,000 NR/NR Morgan Stanley Re-REMIC Trust 2010-R9,
5.0%, 11/26/36 (144A) 97,875
GBP 108,246 1.10 AA+/NR Paragon Secured Finance Plc, Floating
Rate Note, 11/15/35 169,103
6,686 B+/B2 RAAC Series, 6.0%, 1/25/32 6,820
EURO 93,044 0.62 AAA/A1 Rams Mortgage Securities Pty, Ltd.,
Floating Rate Note, 7/21/35 100,066
AUD 64,297 3.88 AAA/A1 Rams Mortgage Securities Pty, Ltd.,
Floating Rate Note, 7/21/35 65,939
The accompanying notes are an integral part of these financial statements.
Pioneer Global Aggregate Bond Fund | Annual Report | 10/31/12 21
Schedule of Investments | 10/31/12 (continued)
---------------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate(b) Ratings
Amount ($) (unaudited) (unaudited) Value
---------------------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- (continued)
17,711 B-/NR Residential Asset Securitization Trust,
5.5%, 2/25/35 $ 18,032
21,022 CCC/NR Residential Asset Securitization Trust,
5.5%, 7/25/35 20,696
31,869 B+/NR Residential Asset Securitization Trust,
5.75%, 12/25/34 32,653
73,619 BB/NR RFMSI Trust, 5.25%, 8/25/35 76,534
25,882 0.43 AA+/Ba3 Sequoia Mortgage Trust 2005-2, Floating
Rate Note, 3/20/35 25,226
57,132 2.90 AAA/Baa3 Structured Asset Securities Corp., Floating
Rate Note, 10/25/33 57,391
50,000 AAA/Aa1 Timberstar Trust, 5.668%, 10/15/36
(144A) 56,434
5,375,935 0.01 AAA/Aaa Wachovia Bank Commercial Mortgage
Trust, Floating Rate Note, 6/15/45 (c) 1,441
87,391 2.45 BBB+/NR WaMu Mortgage Pass Through Certificates,
Floating Rate Note, 1/25/35 87,855
62,051 2.58 A+/Ba3 WaMu Mortgage Pass Through Certificates,
Floating Rate Note, 6/25/34 63,170
454 2.50 BBB/NR WaMu Mortgage Pass Through Certificates,
Floating Rate Note, 9/25/35 454
87,573 NR/Aaa Wells Fargo Commercial Mortgage Trust,
3.349%, 11/15/43 (144A) 94,758
11,019 AAA/Baa3 Wells Fargo Mortgage Backed Securities
Trust, 4.75%, 12/25/18 11,400
16,327 AA+/A1 Wells Fargo Mortgage Backed Securities
Trust, 5.0%, 11/25/36 16,967
18,396 BB-/B1 Wells Fargo Mortgage Backed Securities
Trust, 5.5%, 10/25/35 19,099
44,451 NR/Caa1 Wells Fargo Mortgage Backed Securities
Trust, 5.75%, 3/25/36 44,422
20,984 2.66 BBB-/Ba2 Wells Fargo Mortgage Backed Securities
Trust, Floating Rate Note, 3/25/35 20,842
50,000 AA-/NR WFDB Commercial Mortgage Trust,
5.914%, 7/5/24 (144A) 52,050
--------------
$ 2,775,884
--------------
Total Banks $ 2,775,884
---------------------------------------------------------------------------------------------------------------
DIVERSIFIED FINANCIALS -- 4.1%
Other Diversified Financial Services -- 2.3%
13,134 3.00 AAA/NR Banc of America Mortgage 2004-E Trust,
Floating Rate Note, 6/25/34 $ 13,212
8,995 5.09 AA-/NR Banc of America Mortgage 2005-H Trust,
Floating Rate Note, 9/25/35 9,046
The accompanying notes are an integral part of these financial statements.
22 Pioneer Global Aggregate Bond Fund | Annual Report | 10/31/12
---------------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate(b) Ratings
Amount ($) (unaudited) (unaudited) Value
---------------------------------------------------------------------------------------------------------------
Other Diversified Financial
Services -- (continued)
26,035 A+/NR Banc of America Mortgage Trust
2004-11, 5.75%, 1/25/35 $ 26,699
17,586 A+/NR Banc of America Mortgage Trust
2004-9, 5.5%, 11/25/34 18,386
5,101 NR/B1 Citicorp Mortgage Securities, Inc.,
5.0%, 2/25/36 5,404
100,000 5.42 NR/Aa2 DBUBS Mortgage Trust, Floating Rate
Note, 8/10/44 (144A) 116,749
GBP 47,713 0.77 AA+/Aaa Epic Plc, Floating Rate Note, 10/28/16 76,266
152,151 AAA/NR RALI Trust, 4.0%, 3/25/34 155,629
96,541 BBB+/Ba1 RALI Trust, 4.25%, 1/25/34 97,923
40,157 NR/B1 RALI Trust, 5.0%, 9/25/19 41,351
13,307 NR/B3 RALI Trust, 5.5%, 12/25/34 13,163
48,895 AAA/NR RALI Trust, 6.0%, 10/25/34 49,871
16,697 0.76 BBB+/Ba1 RALI Trust, Floating Rate Note, 1/25/34 15,970
28,053 0.76 NR/Baa3 RALI Trust, Floating Rate Note, 10/25/17 26,438
--------------
$ 666,107
---------------------------------------------------------------------------------------------------------------
Specialized Finance -- 1.6%
1,329 AAA/NR COBALT CMBS Commercial Mortgage
Trust 2006-C1, 5.174%, 8/15/48 $ 1,336
CAD 250,000 4.74 NR/Aaa Merrill Lynch Financial Assets, Inc.,
Floating Rate Note, 1/12/40 270,127
CAD 61,197 4.71 AAA/Aaa Merrill Lynch Financial Assets, Inc.,
Floating Rate Note, 3/12/49 64,945
EURO 100,000 1.46 AAA/Aaa Permanent Master Issuer Plc, Floating
Rate Note, 7/15/42 132,595
--------------
$ 469,003
---------------------------------------------------------------------------------------------------------------
Investment Banking & Brokerage -- 0.2%
50,000 5.75 BB+/Baa3 Bear Stearns Commercial Mortgage
Securities, Floating Rate Note, 9/11/38 $ 45,766
--------------
Total Diversified Financials $ 1,180,876
---------------------------------------------------------------------------------------------------------------
REAL ESTATE -- 1.0%
Mortgage REITs -- 1.0%
11,457 1.56 AA+/Aa2 Credit Suisse First Boston Mortgage
Securities Corp., Floating Rate Note,
12/25/33 $ 10,952
50,000 6.45 D/Caa2 Credit Suisse First Boston Mortgage
Securities Corp., Floating Rate Note,
9/15/34 (144A) 24,309
25,000 4.29 A-/NR FREMF Mortgage Trust Class B, Floating
Rate Note, 7/25/48 (144A) 26,604
The accompanying notes are an integral part of these financial statements.
Pioneer Global Aggregate Bond Fund | Annual Report | 10/31/12 23
Schedule of Investments | 10/31/12 (continued)
---------------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate(b) Ratings
Amount ($) (unaudited) (unaudited) Value
---------------------------------------------------------------------------------------------------------------
Mortgage REITs -- (continued)
25,000 4.35 NR/A3 FREMF Mortgage Trust, Floating Rate
Note, 1/25/46 (144A) $ 26,411
25,000 4.77 NR/A3 FREMF Mortgage Trust, Floating Rate
Note, 4/25/44 (144A) 27,382
50,000 4.89 NR/A3 FREMF Mortgage Trust, Floating Rate
Note, 7/25/44 (144A) 55,063
75,000 4.16 NR/Baa2 FREMF Mortgage Trust, Floating Rate
Note, 9/25/44 (144A) 74,780
45,000 5.16 NR/NR FREMF Mortgage Trust, Floating Rate
Note, 9/25/45 (144A) 50,206
--------------
$ 295,707
--------------
Total Real Estate $ 295,707
---------------------------------------------------------------------------------------------------------------
GOVERNMENT -- 1.3%
20,000 NR/NR Fannie Mae REMICS, 4.5%, 6/25/29 $ 22,288
93,176 NR/NR Fannie Mae REMICS, 6.0%, 3/25/35 98,363
40,000 NR/NR Freddie Mac REMICS, 5.0%, 6/15/34 41,578
23,468 NR/NR Freddie Mac REMICS, 5.5%, 2/15/33 23,767
50,000 NR/NR Government National Mortgage
Association, 4.5%, 9/20/39 57,073
14,556 NR/NR Government National Mortgage
Association, 5.25%, 8/16/35 (c) 17,286
932,483 0.68 NR/NR Government National Mortgage
Association, Floating Rate Note,
11/16/51 (c) 38,802
248,397 1.03 NR/NR Government National Mortgage
Association, Floating Rate Note,
2/16/53 (c) 21,752
297,327 1.10 NR/NR Government National Mortgage
Association, Floating Rate Note,
8/16/52 (c) 23,335
348,279 1.07 NR/NR Government National Mortgage
Association, Floating Rate Note,
9/16/52 (c) 30,459
--------------
$ 374,703
--------------
Total Government $ 374,703
---------------------------------------------------------------------------------------------------------------
TOTAL COLLATERALIZED
MORTGAGE OBLIGATIONS
(Cost $4,519,357) $ 4,627,170
---------------------------------------------------------------------------------------------------------------
CORPORATE BONDS -- 29.9%
ENERGY -- 3.8%
Oil & Gas Drilling -- 0.1%
25,000 BBB+/Baa1 Pride International, Inc., 6.875%,
8/15/20 $ 32,143
---------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
24 Pioneer Global Aggregate Bond Fund | Annual Report | 10/31/12
---------------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate(b) Ratings
Amount ($) (unaudited) (unaudited) Value
---------------------------------------------------------------------------------------------------------------
Oil & Gas Equipment & Services -- 0.2%
25,000 BBB/Baa2 Weatherford International, Ltd.,
Bermuda, 5.95%, 4/15/42 $ 27,454
25,000 BBB/Baa2 Weatherford International, Ltd.,
Bermuda, 9.625%, 3/1/19 33,120
--------------
$ 60,574
---------------------------------------------------------------------------------------------------------------
Oil & Gas Exploration & Production -- 1.3%
10,000 BBB+/Baa1 Canadian Natural Resources, Ltd.,
5.9%, 2/1/18 $ 12,060
50,000 B/B3 Carrizo Oil & Gas, Inc., 8.625%,
10/15/18 53,875
50,000 B/B2 EP Energy LLC, 9.375%, 5/1/20
(144A) 55,250
90,000 B/B2 Linn Energy LLC, 6.25%, 11/1/19
(144A) 90,000
51,000 B/B2 Linn Energy LLC, 8.625%, 4/15/20 55,781
23,000 BBB/Baa2 Marathon Oil Corp., 5.9%, 3/15/18 27,962
70,000 BB-/B1 Plains Exploration & Production Co.,
6.75%, 2/1/22 70,350
--------------
$ 365,278
---------------------------------------------------------------------------------------------------------------
Oil & Gas Refining & Marketing -- 0.4%
40,000 A/A2 Motiva Enterprises LLC, 5.75%,
1/15/20 (144A) $ 48,786
25,000 BBB/Baa2 Spectra Energy Capital LLC, 6.2%,
4/15/18 30,441
21,000 BBB/Baa2 Valero Energy Corp., 9.375%, 3/15/19 28,866
--------------
$ 108,093
---------------------------------------------------------------------------------------------------------------
Oil & Gas Storage & Transportation -- 1.3%
25,000 BBB/Baa3 Buckeye Partners LP, 6.05%, 1/15/18 $ 27,858
25,000 BBB/Baa2 DCP Midstream LLC, 9.75%, 3/15/19
(144A) 32,696
65,000 7.00 BB+/Baa3 Enterprise Products Operating LLC,
Floating Rate Note, 6/1/67 70,525
70,000 BBB/Baa2 Kinder Morgan Energy Partners LP,
4.15%, 3/1/22 77,305
10,000 BBB/Baa2 Kinder Morgan Energy Partners LP,
5.95%, 2/15/18 12,184
25,000 BBB/Baa2 Plains All American Pipeline LP, 6.125%,
1/15/17 29,610
10,000 A/A3 Questar Pipeline Co., 5.83%, 2/1/18 11,779
The accompanying notes are an integral part of these financial statements.
Pioneer Global Aggregate Bond Fund | Annual Report | 10/31/12 25
Schedule of Investments | 10/31/12 (continued)
---------------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate(b) Ratings
Amount ($) (unaudited) (unaudited) Value
---------------------------------------------------------------------------------------------------------------
Oil & Gas Storage &
Transportation -- (continued)
30,000 BB/Ba1 Rockies Express Pipeline LLC, 5.625%,
4/15/20 (144A) $ 28,575
10,000 BBB/Baa2 Spectra Energy Capital LLC, 6.75%,
7/15/18 11,854
60,000 BBB-/Baa3 Sunoco Logistics Partners Operations
LP, 6.1%, 2/15/42 71,296
13,000 BBB-/Baa3 The Williams Companies, Inc., 7.75%,
6/15/31 16,951
--------------
$ 390,633
---------------------------------------------------------------------------------------------------------------
Coal & Consumable Fuels -- 0.5%
45,000 B+/B2 Alpha Natural Resources, Inc.,
6.0%, 6/1/19 $ 39,488
25,000 BB-/B1 Berau Coal Energy Tbk PT, 7.25%,
3/13/17 (144A) 23,438
75,000 B/B2 Penn Virginia Resource Partners LP,
8.375%, 6/1/20 (144A) 78,750
--------------
$ 141,676
--------------
Total Energy $ 1,098,397
---------------------------------------------------------------------------------------------------------------
MATERIALS -- 1.3%
Diversified Chemicals -- 0.1%
20,000 BBB/Baa2 Eastman Chemical Co., 4.8%, 9/1/42 $ 21,710
---------------------------------------------------------------------------------------------------------------
Specialty Chemicals -- 0.1%
25,000 BBB/Baa2 Cytec Industries, Inc., 8.95%, 7/1/17 $ 30,968
---------------------------------------------------------------------------------------------------------------
Construction Materials -- 0.1%
30,000 BBB/Baa2 Holcim US Finance Sarl & Cie SCS,
6.0%, 12/30/19 (144A) $ 33,627
---------------------------------------------------------------------------------------------------------------
Aluminum -- 0.1%
25,000 BBB-/Baa3 Alcoa, Inc., 6.15%, 8/15/20 $ 27,361
---------------------------------------------------------------------------------------------------------------
Diversified Metals & Mining -- 0.3%
50,000 BBB-/Baa2 AngloGold Ashanti Holdings Plc,
5.125%, 8/1/22 $ 50,991
35,000 BBB-/Baa2 AngloGold Ashanti Holdings Plc,
5.375%, 4/15/20 36,837
--------------
$ 87,828
---------------------------------------------------------------------------------------------------------------
Steel -- 0.6%
30,000 BB+/Baa3 ArcelorMittal SA, 6.125%, 6/1/18 $ 29,901
25,000 BB+/Ba2 Commercial Metals Co., 7.35%,
8/15/18 26,875
100,000 NR/B2 Metinvest BV, 10.25%, 5/20/15 (144A) 102,090
--------------
$ 158,866
--------------
Total Materials $ 360,360
---------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
26 Pioneer Global Aggregate Bond Fund | Annual Report | 10/31/12
---------------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate(b) Ratings
Amount ($) (unaudited) (unaudited) Value
---------------------------------------------------------------------------------------------------------------
CAPITAL GOODS -- 1.2%
Aerospace & Defense -- 0.1%
30,000 BB/Ba2 Esterline Technologies Corp., 6.625%,
3/1/17 $ 31,050
---------------------------------------------------------------------------------------------------------------
Building Products -- 0.4%
25,000 BBB-/Ba2 Masco Corp., 5.95%, 3/15/22 $ 27,974
85,000 BBB-/Ba2 Masco Corp., 7.125%, 3/15/20 98,578
--------------
$ 126,552
---------------------------------------------------------------------------------------------------------------
Electrical Components & Equipment -- 0.1%
25,000 B/B3 WireCo WorldGroup, Inc., 9.5%,
5/15/17 $ 26,500
---------------------------------------------------------------------------------------------------------------
Construction & Farm Machinery
& Heavy Trucks -- 0.1%
10,000 A/Baa1 Cummins, Inc., 6.75%, 2/15/27 $ 12,490
---------------------------------------------------------------------------------------------------------------
Industrial Machinery -- 0.1%
15,000 BBB+/Baa1 Ingersoll-Rand Global Holding Co.,
Ltd., 9.5%, 4/15/14 $ 16,797
20,000 BBB-/Baa3 Valmont Industries, Inc., 6.625%,
4/20/20 23,702
--------------
$ 40,499
---------------------------------------------------------------------------------------------------------------
Trading Companies & Distributors -- 0.4%
55,000 BB+/NR Aviation Capital Group Corp., 6.75%,
4/6/21 (144A) $ 57,140
40,000 BBB/Baa2 GATX Corp., 6.0%, 2/15/18 44,748
--------------
$ 101,888
--------------
Total Capital Goods $ 338,979
---------------------------------------------------------------------------------------------------------------
TRANSPORTATION -- 0.4%
Air Freight & Logistics -- 0.3%
75,000 B-/Ba3 CEVA Group Plc, 8.375%, 12/1/17
(144A) $ 72,188
---------------------------------------------------------------------------------------------------------------
Airlines -- 0.0%
13,743 A-/Baa2 Delta Air Lines 2010-2 Class A Pass
Through Trust, 4.95%, 5/23/19 $ 14,843
---------------------------------------------------------------------------------------------------------------
Railroads -- 0.1%
25,000 BBB+/A3 Burlington Northern Santa Fe LLC,
5.75%, 3/15/18 $ 30,431
--------------
Total Transportation $ 117,462
---------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Global Aggregate Bond Fund | Annual Report | 10/31/12 27
Schedule of Investments | 10/31/12 (continued)
---------------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate(b) Ratings
Amount ($) (unaudited) (unaudited) Value
---------------------------------------------------------------------------------------------------------------
AUTOMOBILES & COMPONENTS -- 0.9%
Auto Parts & Equipment -- 0.5%
100,000 B+/B2 Pittsburgh Glass Works LLC, 8.5%,
4/15/16 (144A) $ 92,250
50,000 B+/B1 Tower Automotive Holdings USA LLC,
10.625%, 9/1/17 (144A) 54,312
--------------
$ 146,562
---------------------------------------------------------------------------------------------------------------
Automobile Manufacturers -- 0.4%
AUD 100,000 A/A2 BMW Australia Finance, Ltd., 6.5%,
2/28/14 $ 107,503
10,000 BBB+/A3 Nissan Motor Acceptance Corp.,
4.5%, 1/30/15 (144A) 10,717
--------------
$ 118,220
--------------
Total Automobiles & Components $ 264,782
---------------------------------------------------------------------------------------------------------------
CONSUMER DURABLES & APPAREL -- 0.3%
Homebuilding -- 0.2%
50,000 NR/Ba3 Desarrolladora Homex SAB de CV,
9.5%, 12/11/19 (144A) $ 49,940
---------------------------------------------------------------------------------------------------------------
Household Appliances -- 0.1%
25,000 BBB-/Baa3 Whirlpool Corp., 5.5%, 3/1/13 $ 25,378
--------------
Total Consumer Durables & Apparel $ 75,318
---------------------------------------------------------------------------------------------------------------
CONSUMER SERVICES -- 0.9%
Casinos & Gaming -- 0.1%
25,000 BBB/Baa2 International Game Technology, Inc.,
7.5%, 6/15/19 $ 29,868
---------------------------------------------------------------------------------------------------------------
Education Services -- 0.8%
25,000 NR/Aa2 Bowdoin College, 4.693%, 7/1/12 $ 24,909
25,000 AAA/Aaa Massachusetts Institute of Technology,
5.6%, 7/1/11 36,736
30,000 AAA/Aaa The Board of Trustees of The Leland
Stanford Junior University, 4.75%,
5/1/19 35,721
75,000 AA-/Aa2 Tufts University, 5.017%, 4/15/12 86,534
50,000 AAA/Aaa Yale University, 2.9%, 10/15/14 52,368
--------------
$ 236,268
--------------
Total Consumer Services $ 266,136
---------------------------------------------------------------------------------------------------------------
MEDIA -- 0.4%
Broadcasting -- 0.2%
50,000 B-/B3 Telesat Canada, 12.5%, 11/1/17 $ 55,500
---------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
28 Pioneer Global Aggregate Bond Fund | Annual Report | 10/31/12
---------------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate(b) Ratings
Amount ($) (unaudited) (unaudited) Value
---------------------------------------------------------------------------------------------------------------
Cable & Satellite -- 0.2%
25,000 BBB+/Baa1 British Sky Broadcasting Group Plc,
6.1%, 2/15/18 (144A) $ 29,743
10,000 BBB/Baa2 Time Warner Cable, Inc., 8.25%,
4/1/19 13,520
5,000 BBB/Baa2 Time Warner Cable, Inc., 8.75%,
2/14/19 6,872
--------------
$ 50,135
--------------
Total Media $ 105,635
---------------------------------------------------------------------------------------------------------------
RETAILING -- 0.2%
Internet Retail -- 0.2%
50,000 BBB-/Ba1 Expedia, Inc., 5.95%, 8/15/20 $ 55,207
--------------
Total Retailing $ 55,207
---------------------------------------------------------------------------------------------------------------
FOOD & STAPLES RETAILING -- 0.1%
Drug Retail -- 0.1%
14,376 BBB+/Baa2 CVS Pass-Through Trust, 5.773%,
1/10/33 (144A) $ 17,146
--------------
Total Food & Staples Retailing $ 17,146
---------------------------------------------------------------------------------------------------------------
FOOD, BEVERAGE & TOBACCO -- 1.3%
Brewers -- 0.1%
20,000 A/A3 Anheuser-Busch InBev Worldwide, Inc.,
7.75%, 1/15/19 $ 27,133
---------------------------------------------------------------------------------------------------------------
Agricultural Products -- 0.2%
50,000 BBB-/Ba1 Viterra, Inc., 5.95%, 8/1/20 (144A) $ 53,977
---------------------------------------------------------------------------------------------------------------
Packaged Foods & Meats -- 1.0%
70,000 BBB/Baa2 Kraft Foods Group, Inc., 3.5%,
6/6/22 (144A) $ 75,896
45,000 BBB-/Baa2 Mondelez International, Inc., 6.5%,
2/9/40 63,434
150,000 B+/B1 Post Holdings, Inc., 7.375%,
2/15/22 (144A) 159,188
--------------
$ 298,518
--------------
Total Food, Beverage & Tobacco $ 379,628
---------------------------------------------------------------------------------------------------------------
HEALTH CARE EQUIPMENT &
SERVICES -- 1.3%
Health Care Equipment -- 0.4%
100,000 BB/B2 Hologic, Inc., 6.25%, 8/1/20 (144A) $ 106,000
---------------------------------------------------------------------------------------------------------------
Health Care Services -- 0.2%
50,000 AA-/Aa3 Catholic Health Initiatives, 4.35%,
11/1/42 $ 51,763
---------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Global Aggregate Bond Fund | Annual Report | 10/31/12 29
Schedule of Investments | 10/31/12 (continued)
---------------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate(b) Ratings
Amount ($) (unaudited) (unaudited) Value
---------------------------------------------------------------------------------------------------------------
Health Care Facilities -- 0.0%
10,000 BB/Ba3 HCA, Inc., 8.5%, 4/15/19 $ 11,238
---------------------------------------------------------------------------------------------------------------
Managed Health Care -- 0.4%
100,000 BB+/Ba2 AMERIGROUP Corp., 7.5%, 11/15/19 $ 116,750
---------------------------------------------------------------------------------------------------------------
Health Care Technology -- 0.3%
75,000 B-/B3 MedAssets, Inc., 8.0%, 11/15/18 $ 81,375
--------------
Total Health Care Equipment
& Services $ 367,126
---------------------------------------------------------------------------------------------------------------
PHARMACEUTICALS, BIOTECHNOLOGY
& LIFE SCIENCES -- 0.1%
Biotechnology -- 0.1%
25,000 BBB+/Baa2 Biogen Idec, Inc., 6.0%, 3/1/13 $ 25,430
--------------
Total Pharmaceuticals, Biotechnology
& Life Sciences $ 25,430
---------------------------------------------------------------------------------------------------------------
BANKS -- 5.8%
Diversified Banks -- 3.7%
NOK 250,000 AAA/Aaa Asian Development Bank, Ltd.,
3.375%, 5/20/14 $ 45,065
EURO 50,000 NR/Aaa AXA Bank Europe SCF, 3.5%, 11/5/20 71,354
AUD 100,000 AA/Aa2 Cooperatieve Centrale
Raiffeisen-Boerenleenbank BA Australia,
6.0%, 10/29/15 108,966
75,000 AA/Aa2 Cooperatieve Centrale
Raiffeisen-Boerenleenbank BA
Netherlands, 3.875%, 2/8/22 81,113
TRY 40,000 AA/Aa2 Cooperatieve Centrale
Raiffeisen-Boerenleenbank BA
Netherlands, 3/3/15 (d) 19,226
EURO 50,000 NR/Aaa Cooperatieve Centrale
Raiffeisen-Boerenleenbank
BA Netherlands, 6.875%, 3/19/20 69,806
AUD 50,000 AAA/Aaa Inter-American Development Bank,
Inc., 6.5%, 8/20/19 60,679
NOK 1,500,000 AAA/Aaa International Bank for Reconstruction
& Development, Ltd., 3.25%, 4/14/14 269,382
AUD 185,000 AAA/Aaa International Bank for Reconstruction
& Development, Ltd., 5.75%, 10/21/19 216,346
100,000 BBB+/Baa2 Intesa Sanpaolo S.p.A., 6.5%,
2/24/21 (144A) 102,656
--------------
$ 1,044,593
---------------------------------------------------------------------------------------------------------------
Regional Banks -- 1.4%
70,000 BB+/Baa3 Capital One Capital VI, 8.875%,
5/15/40 $ 71,808
The accompanying notes are an integral part of these financial statements.
30 Pioneer Global Aggregate Bond Fund | Annual Report | 10/31/12
---------------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate(b) Ratings
Amount ($) (unaudited) (unaudited) Value
---------------------------------------------------------------------------------------------------------------
Regional Banks -- (continued)
25,000 A/A1 Mellon Funding Corp., 5.5%,
11/15/18 $ 29,471
65,000 8.25 BBB/Baa3 PNC Financial Services Group, Inc.,
Floating Rate Note (Perpetual) 67,321
115,000 6.75 BBB/Baa3 PNC Financial Services Group, Inc.,
Floating Rate Note (Perpetual) 132,617
75,000 BBB/Baa1 SunTrust Banks, Inc., 3.5%, 1/20/17 80,665
20,000 A+/A1 Wachovia Bank NA, 6.0%, 11/15/17 23,877
--------------
$ 405,759
---------------------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- 0.7%
50,000 BBB-/Baa2 Astoria Financial Corp., 5.0%, 6/19/17 $ 52,596
GBP 100,000 AAA/Aaa Cie de Financement Foncier SA,
4.625%, 12/28/12 162,093
--------------
$ 214,689
--------------
Total Banks $ 1,665,041
---------------------------------------------------------------------------------------------------------------
DIVERSIFIED FINANCIALS -- 4.1%
Other Diversified Financial
Services -- 1.1%
20,000 BBB+/Baa2 Alterra Finance LLC, 6.25%, 9/30/20 $ 22,184
TRY 65,000 AAA/Aaa European Investment Bank, 3/2/15 (d) 31,550
100,000 7.12 AA-/Baa1 General Electric Capital Corp., Floating
Rate Note (Perpetual) 114,409
25,000 A/A2 JPMorgan Chase & Co., 6.0%, 1/15/18 29,753
100,000 7.90 BBB/Ba1 JPMorgan Chase & Co., Floating Rate
Note (Perpetual) 115,173
--------------
$ 313,069
---------------------------------------------------------------------------------------------------------------
Specialized Finance -- 0.4%
91,000 BBB/Ba1 Cantor Fitzgerald LP, 7.875%,
10/15/19 (144A) $ 93,506
10,000 A+/A1 National Rural Utilities Cooperative
Finance Corp., 5.45%, 2/1/18 12,109
--------------
$ 105,615
---------------------------------------------------------------------------------------------------------------
Consumer Finance -- 0.3%
35,000 A+/A1 American Honda Finance Corp.,
6.7%, 10/1/13 (144A) $ 36,933
25,000 A/A2 Caterpillar Financial Services Corp.,
7.05%, 10/1/18 32,542
30,000 CCC/Caa1 Springleaf Finance Corp., 6.9%,
12/15/17 26,400
--------------
$ 95,875
---------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Global Aggregate Bond Fund | Annual Report | 10/31/12 31
Schedule of Investments | 10/31/12 (continued)
---------------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate(b) Ratings
Amount ($) (unaudited) (unaudited) Value
---------------------------------------------------------------------------------------------------------------
Asset Management & Custody
Banks -- 0.1%
25,000 A-/A3 Eaton Vance Corp., 6.5%, 10/2/17 $ 30,228
---------------------------------------------------------------------------------------------------------------
Investment Banking & Brokerage -- 2.2%
110,000 4.00 BB+/Ba2 Goldman Sachs Capital II, Floating
Rate Note, 6/1/43 $ 86,944
35,000 BBB/Baa3 Jefferies Group, Inc., 5.125%, 4/13/18 35,962
50,000 BBB/Baa3 Jefferies Group, Inc., 6.875%, 4/15/21 54,625
25,000 BBB/Baa3 Jefferies Group, Inc., 8.5%, 7/15/19 29,250
10,000 BBB/A3 Macquarie Group, Ltd., 6.0%,
1/14/20 (144A) 10,909
50,000 A-/Baa2 Merrill Lynch & Co., Inc., 5.45%, 2/5/13 50,608
100,000 BBB+/Baa3 Merrill Lynch & Co., Inc., 7.75%,
5/14/38 131,772
50,000 BBB+/Baa2 Morgan Stanley, Inc., 4.875%, 11/1/22 50,547
10,000 A-/Baa1 Morgan Stanley, Inc., 5.5%, 1/26/20 11,041
45,000 A-/Baa1 Morgan Stanley, Inc., 6.625%, 4/1/18 52,339
25,000 BBB/Baa2 Raymond James Financial, Inc.,
4.25%, 4/15/16 26,592
90,000 NR/Baa3 Scottrade Financial Services, Inc.,
6.125%, 7/11/21 (144A) 92,483
--------------
$ 633,072
--------------
Total Diversified Financials $ 1,177,859
---------------------------------------------------------------------------------------------------------------
INSURANCE -- 2.8%
Life & Health Insurance -- 1.1%
35,000 BBB/Baa2 Delphi Financial Group, Inc., 7.875%,
1/31/20 $ 43,109
15,000 A-/Baa2 Lincoln National Corp., 8.75%, 7/1/19 19,863
25,000 6.05 BBB/Ba1 Lincoln National Corp., Floating Rate
Note, 4/20/67 25,000
35,000 BBB/Baa2 MetLife, Inc., 10.75%, 8/1/39 52,675
45,000 A-/Baa2 Protective Life Corp., 7.375%, 10/15/19 54,474
25,000 A/Baa2 Prudential Financial, Inc., 2.75%,
1/14/13 25,107
100,000 5.88 BBB+/Baa3 Prudential Financial, Inc., Floating Rate
Note, 9/15/42 105,250
--------------
$ 325,478
---------------------------------------------------------------------------------------------------------------
Multi-line Insurance -- 0.2%
40,000 BBB-/Baa3 Genworth Financial, Inc., 7.2%,
2/15/21 $ 41,400
25,000 7.00 BB/Baa3 Liberty Mutual Group, Inc., Floating
Rate Note, 3/15/37 (144A) 24,750
--------------
$ 66,150
---------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
32 Pioneer Global Aggregate Bond Fund | Annual Report | 10/31/12
---------------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate(b) Ratings
Amount ($) (unaudited) (unaudited) Value
---------------------------------------------------------------------------------------------------------------
Property & Casualty Insurance -- 1.0%
95,000 7.51 BB+/Ba2 Sirius International Group, Ltd., Floating
Rate Note (Perpetual) (144A) $ 98,696
110,000 6.50 BBB/Baa1 The Allstate Corp., Floating Rate Note,
5/15/57 118,250
50,000 BBB-/Baa3 The Hanover Insurance Group, Inc.,
7.5%, 3/1/20 58,631
--------------
$ 275,577
---------------------------------------------------------------------------------------------------------------
Reinsurance -- 0.5%
50,000 BBB/NR Montpelier Re Holdings, Ltd., 4.7%,
10/15/22 $ 51,252
40,000 BBB/NR Platinum Underwriters Finance, Inc.,
7.5%, 6/1/17 43,741
35,000 6.75 BBB-/Baa3 Reinsurance Group of America, Inc.,
Floating Rate Note, 12/15/65 35,411
--------------
$ 130,404
--------------
Total Insurance $ 797,609
---------------------------------------------------------------------------------------------------------------
REAL ESTATE -- 1.2%
Diversified REITs -- 0.1%
20,000 BBB/Baa2 Digital Realty Trust LP, 4.5%, 7/15/15 $ 21,479
10,000 BBB/Baa2 Digital Realty Trust LP, 5.875%,
2/1/20 11,634
--------------
$ 33,113
---------------------------------------------------------------------------------------------------------------
Office REITs -- 0.2%
40,000 BBB-/Baa2 Alexandria Real Estate Equities, Inc.,
4.6%, 4/1/22 $ 43,304
25,000 BBB/Baa2 Mack-Cali Realty LP, 5.125%, 2/15/14 26,114
--------------
$ 69,418
---------------------------------------------------------------------------------------------------------------
Retail REITs -- 0.1%
35,000 BBB-/Baa3 DDR Corp., 7.5%, 4/1/17 $ 42,232
---------------------------------------------------------------------------------------------------------------
Specialized REITs -- 0.6%
10,000 BBB-/Baa2 Health Care Real Estate Investment
Trust, Inc., 6.2%, 6/1/16 $ 11,473
25,000 BBB-/Baa3 Healthcare Realty Trust, Inc., 6.5%,
1/17/17 28,624
40,000 BBB-/Baa2 Hospitality Properties Trust, 5.0%,
8/15/22 42,734
25,000 BBB-/Baa2 Hospitality Properties Trust, 7.875%,
8/15/14 26,964
45,000 BBB-/Baa3 Senior Housing Properties Trust,
6.75%, 4/15/20 51,386
--------------
$ 161,181
---------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Global Aggregate Bond Fund | Annual Report | 10/31/12 33
Schedule of Investments | 10/31/12 (continued)
---------------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate(b) Ratings
Amount ($) (unaudited) (unaudited) Value
---------------------------------------------------------------------------------------------------------------
Diversified Real Estate Activities -- 0.2%
35,000 A-/A2 WEA Finance LLC, 7.125%, 4/15/18
(144A) $ 43,061
--------------
Total Real Estate $ 349,005
---------------------------------------------------------------------------------------------------------------
SEMICONDUCTORS & SEMICONDUCTOR
EQUIPMENT -- 0.1%
Semiconductor Equipment -- 0.1%
25,000 BBB/Baa1 KLA-Tencor Corp., 6.9%, 5/1/18 $ 30,132
--------------
Total Semiconductors &
Semiconductor Equipment $ 30,132
---------------------------------------------------------------------------------------------------------------
TELECOMMUNICATION SERVICES -- 2.3%
Integrated Telecommunication
Services -- 1.8%
CHF 40,000 BBB+/Baa1 Deutsche Telekom AG, 3.75%, 4/22/14 $ 45,070
30,000 BB/Ba2 Frontier Communications Corp., 8.5%,
4/15/20 34,650
45,000 NR/A2 GTP Acquisition Partners I LLC, 4.347%,
6/15/16 (144A) 47,368
45,000 NR/A2 GTP Towers Issuer LLC, 4.436%,
2/15/15 (144A) 46,683
20,000 A/A2 Qtel International Finance, Ltd., 6.5%,
6/10/14 (144A) 21,650
EURO 50,000 BBB/Baa2 Telefonica Emisiones SAU, 5.496%,
4/1/16 69,756
75,000 BBB/Baa2 Telefonica Emisiones SAU, 6.221%,
7/3/17 81,000
150,000 BB-/Ba3 UPCB Finance V, Ltd., 7.25%,
11/15/21 (144A) 165,000
--------------
$ 511,177
---------------------------------------------------------------------------------------------------------------
Wireless Telecommunication Services -- 0.5%
35,000 B+/Ba2 Cricket Communications, Inc., 7.75%,
5/15/16 $ 37,012
30,000 NR/A2 Crown Castle Towers LLC, 4.883%,
8/15/20 (144A) 34,282
75,000 B/B2 MetroPCS Wireless, Inc., 6.625%,
11/15/20 80,625
--------------
$ 151,919
--------------
Total Telecommunication Services $ 663,096
---------------------------------------------------------------------------------------------------------------
UTILITIES -- 1.0%
Electric Utilities -- 0.7%
10,000 A-/A3 Commonwealth Edison Co., 6.15%,
9/15/17 $ 12,296
The accompanying notes are an integral part of these financial statements.
34 Pioneer Global Aggregate Bond Fund | Annual Report | 10/31/12
---------------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate(b) Ratings
Amount ($) (unaudited) (unaudited) Value
---------------------------------------------------------------------------------------------------------------
Electric Utilities -- (continued)
25,000 BBB/Baa2 Commonwealth Edison Co., 6.95%,
7/15/18 $ 30,847
10,000 6.70 BB+/Ba1 PPL Capital Funding, Inc., Floating
Rate Note, 3/30/67 10,538
70,000 BBB-/Baa3 Public Service Co. of New Mexico,
7.95%, 5/15/18 84,885
50,000 6.25 BBB-/Baa2 Southern California Edison Co., Floating
Rate Note (Perpetual) 54,963
10,000 BBB+/A3 West Penn Power Co., 5.95%,
12/15/17 (144A) 11,929
--------------
$ 205,458
---------------------------------------------------------------------------------------------------------------
Multi-Utilities -- 0.1%
25,000 BBB+/Baa1 New York State Electric & Gas Corp.,
6.15%, 12/15/17 (144A) $ 28,243
---------------------------------------------------------------------------------------------------------------
Independent Power Producers
& Energy Traders -- 0.2%
37,115 BBB-/Baa3 Panoche Energy Center LLC, 6.885%,
7/31/29 (144A) $ 40,159
--------------
Total Utilities $ 273,860
---------------------------------------------------------------------------------------------------------------
GOVERNMENT -- 0.4%
TRY 50,000 AAA/NR European Bank for Reconstruction &
Development, 0.5%, 2/26/15 $ 24,727
GBP 50,000 AAA/NR European Bank for Reconstruction &
Development, 1.875%, 12/10/13 81,789
--------------
$ 106,516
--------------
Total Government $ 106,516
---------------------------------------------------------------------------------------------------------------
TOTAL CORPORATE BONDS
(Cost $7,731,611) $ 8,534,724
---------------------------------------------------------------------------------------------------------------
U.S. GOVERNMENT AND
AGENCY OBLIGATIONS -- 9.4%
237,364 AAA/Aaa Fannie Mae, 4.0%, 11/1/41-12/1/41 $ 254,583
205,962 AAA/Aaa Fannie Mae, 4.5%, 4/1/41-12/1/41 223,155
787,061 AAA/Aaa Fannie Mae, 5.0%, 6/1/40-7/1/40 862,952
353,483 AAA/Aaa Federal Home Loan Mortgage Corp.,
5.0%, 9/1/38-10/1/38 382,707
95,066 AAA/Aaa Federal Home Loan Mortgage Corp.,
6.0%, 8/1/37 106,183
217,209 AAA/Aaa Federal Home Loan Mortgage Corp.,
6.5%, 1/1/38-4/1/38 247,145
The accompanying notes are an integral part of these financial statements.
Pioneer Global Aggregate Bond Fund | Annual Report | 10/31/12 35
Schedule of Investments | 10/31/12 (continued)
---------------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate(b) Ratings
Amount ($) (unaudited) (unaudited) Value
---------------------------------------------------------------------------------------------------------------
U.S. Government and
Agency Obligations -- (continued)
122,553 AAA/Aaa Government National Mortgage
Association I, 4.5%, 8/15/41 $ 133,721
126,811 AAA/Aaa Government National Mortgage
Association II, 4.5%, 9/20/41 140,118
30,000 AA+/Aaa U.S. Treasury Bonds, 4.25%, 5/15/39 38,747
60,000 AA+/Aaa U.S. Treasury Bonds, 4.5%, 2/15/36 79,828
10,000 AA+/Aaa U.S. Treasury Bonds, 4.5%, 5/15/38 13,372
60,000 AA+/Aaa U.S. Treasury Bonds, 4.5%, 8/15/39 80,466
100,000 AA+/Aaa U.S. Treasury Bonds, 4.75%, 2/15/41 139,625
--------------
$ 2,702,602
---------------------------------------------------------------------------------------------------------------
TOTAL U.S. GOVERNMENT AND
AGENCY OBLIGATIONS
(Cost $2,548,280) $ 2,702,602
---------------------------------------------------------------------------------------------------------------
FOREIGN GOVERNMENT BONDS -- 31.8%
AUD 100,000 NR/Aaa Australia Government Bond, 5.75%,
5/15/21 $ 125,308
AUD 200,000 NR/Aaa Australia Government Bond, 6.5%,
5/15/13 211,595
EURO 50,000 AA+/Aaa Austria Government Bond, 4.15%,
3/15/37 (144A) 79,350
EURO 50,000 AA+/Aaa Austria Government Bond, 4.35%,
3/15/19 (144A) 76,965
EURO 25,000 NR/Aa3 Belgium Government Bond, 5.5%,
3/28/28 42,395
EURO 100,000 NR/Aaa Bundesrepublik Deutschland, 3.25%,
1/4/20 149,981
EURO 125,000 NR/Aaa Bundesrepublik Deutschland, 6.5%,
7/4/27 256,681
CAD 10,000 AAA/Aaa Canada Housing Trust No. 1, 3.35%,
12/15/20 (144A) 10,931
CAD 100,000 AAA/Aaa Canada Housing Trust No. 1, 3.8%,
6/15/21 (144A) 112,863
CAD 60,000 AAA/Aaa Canadian Government Bond, 1.5%,
3/1/17 60,454
CZK 500,000 AA/A1 Czech Republic Government Bond,
3.7%, 6/16/13 26,369
DKK 250,000 AAA/Aaa Denmark Government Bond, 4.5%,
11/15/39 64,670
EURO 300,000 AAA/Aaa Finland Government Bond, 4.375%,
7/4/19 468,374
EURO 200,000 NR/Aaa France Government Bond OAT, 3.25%,
10/25/21 284,922
The accompanying notes are an integral part of these financial statements.
36 Pioneer Global Aggregate Bond Fund | Annual Report | 10/31/12
---------------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate(b) Ratings
Amount ($) (unaudited) (unaudited) Value
---------------------------------------------------------------------------------------------------------------
Foreign Government Bonds -- (continued)
EURO 117,000 NR/Aaa France Government Bond OAT,
3.75%, 4/25/21 $ 173,163
EURO 25,000 NR/Aaa France Government Bond OAT,
4.0%, 10/25/38 37,387
HUF 5,000,000 BB+/Ba1 Hungary Government Bond, 6.75%,
2/12/13 22,824
IDR 200,000,000 BB+/NR Indonesia Recapitalization Bond,
14.25%, 6/15/13 22,012
IDR 100,000,000 BB+/NR Indonesia Recapitalization Bond,
14.275%, 12/15/13 11,456
IDR 400,000,000 BB+/Baa3 Indonesia Treasury Bond, 11.0%,
12/15/12 41,927
IDR 50,000,000 BB+/Baa3 Indonesia Treasury Bond, 12.5%,
3/15/13 5,351
IDR 222,000,000 NR/Baa3 Indonesia Treasury Bond, 6.125%,
5/15/28 23,006
IDR 200,000,000 NR/Baa3 Indonesia Treasury Bond, 7.0%,
5/15/27 22,353
IDR 5,000,000,000 NR/Baa3 Indonesia Treasury Bond, 7.375%,
9/15/16 556,668
IDR 1,210,000,000 NR/Baa3 Indonesia Treasury Bond, 8.25%,
6/15/32 150,164
IDR 25,000,000 NR/Baa3 Indonesia Treasury Bond, 9.0%, 9/15/13 2,693
EURO 90,000 BBB+/Ba1 Ireland Government Bond, 4.5%,
4/18/20 115,458
EURO 45,000 BBB+/Ba1 Ireland Government Bond, 5.0%,
10/18/20 59,159
EURO 50,000 BBB+/Ba1 Ireland Government Bond, 5.9%,
10/18/19 69,941
EURO 75,000 NR/Baa2 Italy Buoni Poliennali Del Tesoro,
2.25%, 11/1/13 97,694
EURO 50,000 NR/Baa2 Italy Buoni Poliennali Del Tesoro,
3.75%, 8/1/16 65,980
EURO 110,000 NR/Baa2 Italy Buoni Poliennali Del Tesoro,
4.75%, 2/1/13 143,825
EURO 25,000 NR/Baa2 Italy Buoni Poliennali Del Tesoro,
6.5%, 11/1/27 36,131
JPY 46,500,000 NR/Aa3 Japan Government Ten Year Bond,
1.0%, 12/20/21 599,336
JPY 30,000,000 NR/Aa3 Japan Government Ten Year Bond,
1.7%, 9/20/16 398,700
JPY 5,000,000 NR/Aa3 Japan Government Thirty Year Bond,
2.3%, 12/20/36 68,404
The accompanying notes are an integral part of these financial statements.
Pioneer Global Aggregate Bond Fund | Annual Report | 10/31/12 37
Schedule of Investments | 10/31/12 (continued)
---------------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate(b) Ratings
Amount ($) (unaudited) (unaudited) Value
---------------------------------------------------------------------------------------------------------------
Foreign Government Bonds -- (continued)
JPY 27,000,000 NR/Aa3 Japan Government Twenty Year Bond,
1.5%, 3/20/19 $ 363,206
JPY 35,000,000 NR/Aa3 Japan Government Two Year Bond,
0.2%, 8/15/13 439,089
MYR 435,000 NR/NR Malaysia Government Bond, 3.418%,
8/15/22 142,183
MXN 1,290,000 A-/Baa1 Mexican Bonos, 6.5%, 6/9/22 105,565
MXN 1,690,000 A-/Baa1 Mexican Bonos, 7.75%, 11/13/42 147,355
MXN 250,000 A-/Baa1 Mexican Bonos, 9.5%, 12/18/14 20,838
EURO 150,000 NR/Aaa Netherlands Government Bond, 4.0%,
7/15/16 (144A) 219,537
EURO 91,000 NR/Aaa Netherlands Government Bond, 5.5%,
1/15/28 (144A) 167,373
NOK 150,000 AAA/Aaa Norway Government Bond, 4.25%,
5/19/17 29,402
NOK 240,000 AAA/Aaa Norway Government Bond, 4.5%,
5/22/19 49,279
NOK 275,000 AAA/Aaa Norway Government Bond, 5.0%,
5/15/15 52,428
PHP 6,480,000 NR/Ba1 Philippine Government Bond, 5.875%,
3/1/32 161,927
PHP 150,000 NR/NR Philippine Government Bond, 6.125%,
10/24/37 3,709
PHP 3,570,000 NR/Ba1 Philippine Government Bond, 7.625%,
9/29/36 105,714
PHP 800,000 NR/Ba1 Philippine Government Bond, 8.0%,
7/19/31 24,878
PLN 250,000 A/A2 Poland Government Bond, 5.0%,
4/25/16 80,831
PLN 1,400,000 A/A2 Poland Government Bond, 5.25%,
10/25/17 460,592
NZD 250,000 AA-/Aa2 Province of Ontario Canada, 6.25%,
6/16/15 220,852
AUD 120,000 AA+/Aa1 Queensland Treasury Corp., 6.0%,
7/21/22 143,233
200,000 BBB/Baa1 Russian Federation, 4.5%, 4/4/22
(144A) 223,760
ZAR 1,500,000 NR/Baa1 South Africa Government Bond, 6.75%,
3/31/21 174,017
ZAR 250,000 A-/Baa1 South Africa Government Bond, 7.5%,
1/15/14 29,638
ZAR 300,000 A-/Baa1 South Africa Government Bond, 8.0%,
12/21/18 37,853
The accompanying notes are an integral part of these financial statements.
38 Pioneer Global Aggregate Bond Fund | Annual Report | 10/31/12
---------------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate(b) Ratings
Amount ($) (unaudited) (unaudited) Value
---------------------------------------------------------------------------------------------------------------
Foreign Government Bonds -- (continued)
EURO 100,000 BBB-/Baa3 Spain Government Bond, 4.1%,
7/30/18 $ 126,124
SEK 500,000 AAA/Aaa Sweden Government Bond, 3.5%,
3/30/39 95,572
SEK 55,000 AAA/Aaa Sweden Government Bond, 3.75%,
8/12/17 9,339
SEK 1,000,000 AAA/Aaa Sweden Government Bond, 4.25%,
3/12/19 178,885
SEK 55,000 AAA/Aaa Sweden Government Bond, 6.75%,
5/5/14 9,029
TRY 80,000 BBB-/NR Turkey Government Bond, 10.5%,
1/15/20 51,255
GBP 50,000 NR/Aaa United Kingdom Gilt, 4.0%, 9/7/16 91,356
GBP 60,000 NR/Aaa United Kingdom Gilt, 4.25%, 12/7/27 119,723
GBP 70,000 NR/Aaa United Kingdom Gilt, 4.25%, 9/7/39 137,562
GBP 75,000 NR/Aaa United Kingdom Gilt, 8.75%, 8/25/17 166,731
--------------
9,083,325
---------------------------------------------------------------------------------------------------------------
TOTAL FOREIGN GOVERNMENT BONDS
(Cost $8,709,436) $ 9,083,325
---------------------------------------------------------------------------------------------------------------
MUNICIPAL BONDS -- 3.4%
Municipal Airport -- 0.1%
20,000 BBB/Baa1 Indianapolis Airport Authority, 5.1%,
1/15/17 $ 22,590
---------------------------------------------------------------------------------------------------------------
Municipal Development -- 0.2%
50,000 AA-/Aa3 California Statewide Communities
Development Authority, 6.0%,
8/15/42 $ 59,570
---------------------------------------------------------------------------------------------------------------
Municipal Higher Education -- 2.0%
25,000 A+/NR Baylor University, 4.313%, 3/1/42 $ 26,012
50,000 AA-/Aa2 California State University, 5.0%,
11/1/39 54,612
50,000 AAA/Aaa Connecticut State Health & Educational
Facility Authority, 5.0%, 7/1/40 58,142
25,000 AAA/Aaa Connecticut State Health & Educational
Facility Authority, 5.0%, 7/1/42 27,887
50,000 AAA/Aaa Houston Higher Education Finance Corp.,
4.5%, 11/15/37 54,140
25,000 AA/Aa1 Illinois Finance Authority, 5.0%, 10/1/51 27,891
70,000 AAA/Aaa Massachusetts Health & Educational
Facilities Authority, 5.5%, 11/15/36 84,769
The accompanying notes are an integral part of these financial statements.
Pioneer Global Aggregate Bond Fund | Annual Report | 10/31/12 39
Schedule of Investments | 10/31/12 (continued)
---------------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate(b) Ratings
Amount ($) (unaudited) (unaudited) Value
---------------------------------------------------------------------------------------------------------------
Municipal Higher Education -- (continued)
25,000 AAA/Aaa Massachusetts Health & Educational
Facilities Authority, 5.5%, 7/1/32 $ 36,203
10,000 AAA/Aaa Massachusetts Health & Educational
Facilities Authority, 5.5%, 7/1/36 12,014
20,000 AAA/Aaa Massachusetts Health & Educational
Facilities Authority, 6.0%, 7/1/36 24,627
30,000 AAA/Aaa Missouri State Health & Educational
Facilities Authority, 5.0%, 11/15/39 35,878
50,000 AA/Aa1 New York State Dormitory Authority
Series A, 5.0%, 7/1/40 57,132
50,000 AAA/Aaa New York State Dormitory Authority,
5.0%, 7/1/38 57,710
20,000 AAA/Aaa Permanent University Fund, 5.0%, 7/1/30 25,424
--------------
$ 582,441
---------------------------------------------------------------------------------------------------------------
Municipal Medical -- 0.1%
25,000 AA-/A1 Massachusetts Development Finance
Agency, 5.25%, 4/1/37 $ 28,321
---------------------------------------------------------------------------------------------------------------
Municipal Transportation -- 0.2%
50,000 AA/Aa2 Harris County Metropolitan Transit
Authority, 5.0%, 11/1/41 $ 57,454
---------------------------------------------------------------------------------------------------------------
Municipal Utilities -- 0.1%
25,000 AA-/Aa3 South Carolina State Public Service
Authority, 5.0%, 12/1/43 $ 28,291
---------------------------------------------------------------------------------------------------------------
Municipal Water -- 0.5%
45,000 AAA/Aa1 City of Charleston South Carolina
Waterworks & Sewer System Revenue,
5.0%, 1/1/41 $ 51,968
20,000 AAA/Aa2 Hampton Roads Sanitation District,
5.0%, 4/1/38 22,586
45,000 AAA/NR Tarrant Regional Water District,
5.0%, 3/1/52 51,023
--------------
$ 125,577
---------------------------------------------------------------------------------------------------------------
Municipal Obligation -- 0.2%
50,000 AA+/Aa1 State of Washington, 5.0%, 8/1/39 $ 57,602
---------------------------------------------------------------------------------------------------------------
TOTAL MUNICIPAL BONDS
(Cost $860,425) $ 961,846
---------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
40 Pioneer Global Aggregate Bond Fund | Annual Report | 10/31/12
---------------------------------------------------------------------------------------------------------------
Principal
Amount ($) Value
---------------------------------------------------------------------------------------------------------------
TEMPORARY CASH
INVESTMENT -- 1.1%
Repurchase Agreement -- 1.1%
305,000 JPMorgan, Inc., 0.30%, dated
10/31/12, repurchase price of
$305,000 plus accrued interest
on 11/1/12 collateralized by
$319,984 Federal National
Mortgage Association, 2.5-4.0%,
5/1/22-7/1/30 $ 305,000
---------------------------------------------------------------------------------------------------------------
TOTAL TEMPORARY CASH INVESTMENT
(Cost $305,000) $ 305,000
---------------------------------------------------------------------------------------------------------------
TOTAL INVESTMENT IN SECURITIES -- 98.8%
(Cost $26,591,011) (a) $ 28,222,159
---------------------------------------------------------------------------------------------------------------
OTHER ASSETS & LIABILITIES -- 1.2% $ 347,332
---------------------------------------------------------------------------------------------------------------
TOTAL NET ASSETS -- 100.0% $ 28,569,491
===============================================================================================================
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.
REITs 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 October 31, 2012, the value of these securities
amounted to $4,601,312 or 16.1% of total net assets.
(a) At October 31, 2012, the net unrealized gain on investments based
on cost for federal income tax purposes of $26,591,618 was as
follows:
Aggregate gross unrealized gain for all investments in which
there is an excess of value over tax cost $ 2,023,923
Aggregate gross unrealized loss for all investments in which
there is an excess of tax cost over value (393,382)
------------
Net unrealized gain $ 1,630,541
============
The accompanying notes are an integral part of these financial statements.
Pioneer Global Aggregate Bond Fund | Annual Report | 10/31/12 41
Schedule of Investments | 10/31/12 (continued)
(b) Debt obligation with a variable interest rate. Rate shown is rate at end
of period.
(c) Security represents the interest only portion of payments on a pool of
underlying mortgages or mortgage-backed securities.
(d) Security issued with a zero coupon. Income is accrued through accretion
of discount. Principal amounts are denominated in U.S. Dollars unless
otherwise noted:
AUD Australian Dollar
CAD Canadian Dollar
CHF Swiss Franc
CZK Czech Krona
DKK Danish Kroner
EURO Euro
GBP British Pound Sterling
HUF Hungarian Forint
IDR Indonesian Rupiah
JPY Japanese Yen
MXN Mexican Peso
MYR Malaysian Ringgit
NOK Norwegian Krone
NZD New Zealand Dollar
PHP Philippine Peso
PLN New Polish Zloty
SEK Swedish Krone
TRY Turkish Lira
ZAR South African Rand
Purchases and sales of securities (excluding temporary cash investments) for the
year ended October 31, 2012 aggregated $10,013,174 and $8,456,585, 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.
42 Pioneer Global Aggregate Bond Fund | Annual Report | 10/31/12
The following is a summary of the inputs used as of October 31, 2012, in valuing
the Fund's investments:
-------------------------------------------------------------------------------------------------------
Level 1 Level 2 Level 3 Total
-------------------------------------------------------------------------------------------------------
Convertible Corporate Bonds $ -- $ 496,622 $ -- $ 496,622
Preferred Stocks 318,535 52,906 -- 371,441
Convertible Preferred Stocks 162,500 -- -- 162,500
Asset Backed Securities -- 976,929 -- 976,929
Collateralized Mortgage Obligations -- 4,627,170 -- 4,627,170
Corporate Bonds -- 8,534,724 -- 8,534,724
U.S. Government Agency Obligations -- 2,702,602 -- 2,702,602
Foreign Government Bonds -- 9,083,325 -- 9,083,325
Municipal Bonds -- 961,846 -- 961,846
Temporary Cash Investments -- 305,000 -- 305,000
-------------------------------------------------------------------------------------------------------
Total $ 481,035 $ 27,741,124 $ -- $ 28,222,159
=======================================================================================================
Other Financial Instruments
Forward Foreign Currency Portfolio
Hedge Contracts $ -- $ 1,546 $ -- $ 1,546
Futures Contracts* (2,547) -- -- (2,547)
-------------------------------------------------------------------------------------------------------
Total Other Financial Instruments $ (2,547) $ 1,546 $ -- $ (1,001)
=======================================================================================================
* Reflects unrealized appreciation/depreciation on futures contracts (See
Note 1). The current day's variation margin is separately disclosed on the
Statement of Assets and Liabilities.
The accompanying notes are an integral part of these financial statements.
Pioneer Global Aggregate Bond Fund | Annual Report | 10/31/12 43
Statement of Assets and Liabilities | 10/31/12
ASSETS:
Investment in securities, at value (cost $26,591,011) $ 28,222,159
Futures collateral 9,400
Foreign currencies, at value (cost $236,524) 235,531
Receivables --
Investment securities sold 16,852
Fund shares sold 14,115
Interest 302,840
Variation margin 2,844
Due from Pioneer Investment Management, Inc. 25,404
Unrealized appreciation on forward foreign currency portfolio
hedge contracts 1,546
Other 3,183
----------------------------------------------------------------------------------------
Total assets $ 28,833,874
========================================================================================
LIABILITIES:
Payables --
Investment securities purchased $ 50,031
Fund shares repurchased 2,349
Dividends 58,473
Due to custodian 48,220
Due to affiliates 22,974
Accrued expenses 82,336
----------------------------------------------------------------------------------------
Total liabilities $ 264,383
========================================================================================
NET ASSETS:
Paid-in capital $ 26,729,837
Distributions in excess of net investment income (19,345)
Accumulated net realized gain on investments and foreign currency
transactions 231,297
Net unrealized gain on investments 1,631,148
Net unrealized loss on futures contracts (2,547)
Net unrealized loss on forward foreign currency contracts and
other assets and liabilities denominated in foreign currencies (899)
----------------------------------------------------------------------------------------
Total net assets $ 28,569,491
========================================================================================
NET ASSET VALUE PER SHARE:
(No par value, unlimited number of shares authorized)
Class A (based on $9,128,409/794,430 shares) $ 11.49
Class C (based on $4,143,655/359,936 shares) $ 11.51
Class Y (based on $15,297,427/1,320,374 shares) $ 11.59
MAXIMUM OFFERING PRICE:
Class A ($11.49 (divided by) 95.5%) $ 12.03
========================================================================================
The accompanying notes are an integral part of these financial statements.
44 Pioneer Global Aggregate Bond Fund | Annual Report | 10/31/12
Statement of Operations
For the Year Ended 10/31/12
INVESTMENT INCOME:
Interest (net of foreign taxes withheld of $5,919) $ 1,232,269
Dividends (net of foreign taxes withheld of $966) 22,037
Income from securities loaned, net 87
----------------------------------------------------------------------------------------
Total investment income $ 1,254,393
----------------------------------------------------------------------------------------
EXPENSES:
Management fees $ 148,265
Transfer agent fees and expenses
Class A 19,265
Class C 5,479
Class Y 632
Distribution fees
Class A 29,965
Class C 37,713
Shareholder communications expense 14,400
Administrative reimbursements 9,949
Custodian fees 18,558
Registration fees 47,998
Professional fees 61,866
Printing expense 46,369
Fees and expenses of nonaffiliated trustees 7,062
Miscellaneous 3,838
----------------------------------------------------------------------------------------
Total expenses $ 451,359
Less fees waived and expenses reimbursed
by Pioneer Investment Management, Inc. (149,840)
----------------------------------------------------------------------------------------
Net expenses $ 301,519
----------------------------------------------------------------------------------------
Net investment income $ 952,874
----------------------------------------------------------------------------------------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS,
FUTURES CONTRACTS AND FOREIGN CURRENCY TRANSACTIONS:
Net realized gain (loss) on:
Investments $ 221,629
Forward foreign currency contracts and other assets
and liabilities denominated in foreign currencies (5,644) $ 215,985
----------------------------------------------------------------------------------------
Change in net unrealized gain (loss) on:
Investments $ 616,678
Futures contracts (2,547)
Forward foreign currency contracts and other assets
and liabilities denominated in foreign currencies (50,784) $ 563,347
----------------------------------------------------------------------------------------
Net gain on investments, futures contracts and foreign
currency transactions $ 779,332
----------------------------------------------------------------------------------------
Net increase in net assets resulting from operations $ 1,732,206
----------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Global Aggregate Bond Fund | Annual Report | 10/31/12 45
Statements of Changes in Net Assets
----------------------------------------------------------------------------------------
Year Ended Year Ended
10/31/12 10/31/11
----------------------------------------------------------------------------------------
FROM OPERATIONS:
Net investment income $ 952,874 $ 531,809
Net realized gain on investments, futures contracts and
foreign currency transactions 215,985 20,479
Change in net unrealized gain (loss) on investments,
futures contracts and foreign currency transactions 563,347 54,872
----------------------------------------------------------------------------------------
Net increase in net assets resulting from operations $ 1,732,206 $ 607,160
----------------------------------------------------------------------------------------
DISTRIBUTIONS TO SHAREOWNERS:
Net investment income:
Class A ($0.36 and $0.32 per share, respectively) $ (386,138) $ (273,085)
Class C ($0.26 and $0.22 per share, respectively) (86,797) (67,255)
Class Y ($0.38 and $0.32 per share, respectively) (463,695) (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) (23,478) --
----------------------------------------------------------------------------------------
Total distributions to shareowners $ (994,786) $ (493,109)
----------------------------------------------------------------------------------------
FROM FUND SHARE TRANSACTIONS:
Net proceeds from sale of shares $ 7,636,227 $ 22,128,644
Reinvestment of distributions 347,577 230,156
Cost of shares repurchased (9,696,973) (6,631,172)
----------------------------------------------------------------------------------------
Net increase (decrease) in net assets resulting
from Fund share transactions $ (1,713,169) $ 15,727,628
----------------------------------------------------------------------------------------
Net increase (decrease) in net assets $ (975,749) $ 15,841,679
NET ASSETS:
Beginning of year 29,545,240 13,703,561
----------------------------------------------------------------------------------------
End of year $ 28,569,491 $ 29,545,240
----------------------------------------------------------------------------------------
Distributions in excess of net investment income $ (19,345) $ (20,001)
----------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
46 Pioneer Global Aggregate Bond Fund | Annual Report | 10/31/12
Statements of Changes in Net Assets (continued)
----------------------------------------------------------------------------------------
'12 Shares '12 Amount '11 Shares '11 Amount
----------------------------------------------------------------------------------------
Class A
Shares sold 250,541 $ 2,789,945 1,010,747 $11,248,729
Reinvestment of distributions 26,618 297,724 17,937 199,884
Less shares repurchased (803,862) (9,004,913) (264,524) (2,920,267)
----------------------------------------------------------------------------------------
Net increase (decrease) (526,703) $ (5,917,244) 764,160 $ 8,528,346
========================================================================================
Class C
Shares sold 83,899 $ 940,484 80,347 $ 891,114
Reinvestment of distributions 4,423 49,724 2,718 30,177
Less shares repurchased (44,926) (507,374) (58,160) (641,829)
----------------------------------------------------------------------------------------
Net increase 43,396 $ 482,834 24,905 $ 279,462
========================================================================================
Class Y
Shares sold 349,184 $ 3,905,798 886,941 $ 9,988,801
Reinvestment of distributions 11 129 8 95
Less shares repurchased (16,526) (184,686) (273,937) (3,069,076)
----------------------------------------------------------------------------------------
Net increase 332,669 $ 3,721,241 613,012 $ 6,919,820
========================================================================================
The accompanying notes are an integral part of these financial statements.
Pioneer Global Aggregate Bond Fund | Annual Report | 10/31/12 47
Financial Highlights
-----------------------------------------------------------------------------------------------------------------------------
12/28/07 (a)
Year Year Year Year (Commencement
Ended Ended Ended Ended of Operations)
10/31/12 10/31/11 10/31/10 10/31/09 to 10/31/08
-----------------------------------------------------------------------------------------------------------------------------
Class A
Net asset value, beginning of period $ 11.22 $ 11.19 $ 10.84 $ 9.25 $ 10.00
-----------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income $ 0.36 $ 0.34 $ 0.35 $ 0.39 $ 0.25
Net realized and unrealized gain (loss) on investments 0.29 0.01 0.41 1.57 (0.75)
-----------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets from investment operations $ 0.65 $ 0.35 $ 0.76 $ 1.96 $ (0.50)
-----------------------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income (0.36) (0.32) (0.40) (0.37) (0.18)
Net realized gain (0.02) -- (0.01) -- (0.02)
Tax return of capital -- -- -- -- (0.05)
-----------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ 0.27 $ 0.03 $ 0.35 $ 1.59 $ (0.75)
-----------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 11.49 $ 11.22 $ 11.19 $ 10.84 $ 9.25
=============================================================================================================================
Total return* 5.98% 3.22% 7.21% 21.58% (5.18)%***
Ratio of net expenses to average net assets 1.00% 1.00% 1.00% 1.00% 1.00%**
Ratio of net investment income to average net assets 3.26% 2.94% 3.26% 3.83% 3.23%**
Portfolio turnover rate 29% 34% 27% 28% 46%***
Net assets, end of period (in thousands) $ 9,128 $14,830 $ 6,235 $ 5,434 $ 3,628
Ratios with no waiver of fees and assumption of expenses by the
Adviser:
Total expenses 1.65% 2.07% 2.35% 2.90% 3.16%**
Net investment income 2.60% 1.86% 1.91% 1.93% 1.07%**
=============================================================================================================================
(a) Class A shares were first publicly offered on December 28, 2007.
* Assumes initial investment at net asset value at the beginning of 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.
*** Not annualized.
The accompanying notes are an integral part of these financial statements.
48 Pioneer Global Aggregate Bond Fund | Annual Report | 10/31/12
-----------------------------------------------------------------------------------------------------------------------------
12/28/07 (a)
Year Year Year Year (Commencement
Ended Ended Ended Ended of Operations)
10/31/12 10/31/11 10/31/10 10/31/09 to 10/31/08
-----------------------------------------------------------------------------------------------------------------------------
Class C
Net asset value, beginning of period $ 11.23 $ 11.19 $ 10.82 $ 9.23 $ 10.00
-----------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income $ 0.26 $ 0.24 $ 0.25 $ 0.29 $ 0.18
Net realized and unrealized gain (loss) on investments 0.30 0.02 0.43 1.58 (0.76)
-----------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets from investment operations $ 0.56 $ 0.26 $ 0.68 $ 1.87 $ (0.58)
-----------------------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income (0.26) (0.22) (0.30) (0.28) (0.12)
Net realized gain (0.02) -- (0.01) -- (0.02)
Tax return of capital -- -- -- -- (0.05)
-----------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ 0.28 $ 0.04 $ 0.37 $ 1.59 $ (0.77)
-----------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 11.51 $ 11.23 $ 11.19 $ 10.82 $ 9.23
=============================================================================================================================
Total return* 5.09% 2.39% 6.45% 20.55% (5.95)%***
Ratio of net expenses to average net assets 1.90% 1.90% 1.90% 1.89% 1.90%**
Ratio of net investment income to average net assets 2.33% 2.15% 2.37% 2.94% 2.29%**
Portfolio turnover rate 29% 34% 27% 28% 46%***
Net assets, end of period (in thousands) $ 4,414 $ 3,555 $ 3,264 $ 3,281 $ 2,471
Ratios with no waiver of fees and assumption
of expenses by the Adviser:
Total expenses 2.39% 2.94% 3.00% 3.57% 3.84%**
Net investment income 1.84% 1.11% 1.27% 1.26% 0.35%**
=============================================================================================================================
(a) Class C shares were first publicly offered on December 28, 2007.
* Assumes initial investment at net asset value at the beginning of 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.
*** Not annualized.
The accompanying notes are an integral part of these financial statements.
Pioneer Global Aggregate Bond Fund | Annual Report | 10/31/12 49
Financial Highlights (continued)
-----------------------------------------------------------------------------------------------------------------------------
12/28/07 (a)
Year Year Year Year (Commencement
Ended Ended Ended Ended of Operations)
10/31/12 10/31/11 10/31/10 10/31/09 to 10/31/08
-----------------------------------------------------------------------------------------------------------------------------
Class Y
Net asset value, beginning of period $ 11.30 $ 11.22 $ 10.85 $ 9.25 $ 10.00
-----------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income $ 0.39 $ 0.35 $ 0.34 $ 0.38 $ 0.27
Net realized and unrealized gain (loss) on investments 0.30 0.05 0.45 1.59 (0.77)
-----------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets from investment operations $ 0.69 $ 0.40 $ 0.79 $ 1.97 $ (0.50)
-----------------------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income (0.38) (0.32) (0.41) (0.37) (0.18)
Net realized gain (0.02) -- (0.01) -- (0.02)
Tax return of capital -- -- -- -- (0.05)
-----------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ 0.29 $ 0.08 $ 0.37 $ 1.60 $ (0.75)
-----------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 11.59 $ 11.30 $ 11.22 $ 10.85 $ 9.25
=============================================================================================================================
Total return* 6.24% 3.66% 7.48% 21.69% (5.12)%***
Ratio of net expenses to average net assets 0.79% 0.82% 0.94% 1.00% 0.89%**
Ratio of net investment income to average net assets 3.42% 3.01% 3.31% 3.83% 3.22%**
Portfolio turnover rate 29% 34% 27% 28% 46%***
Net assets, end of period (in thousands) $15,297 $11,160 $ 4,205 $ 1,809 $ 1,542
Ratios with no waiver of fees and assumption
of expenses by the Adviser:
Total expenses 1.18% 1.55% 1.86% 2.48% 2.82%**
Net investment income 3.04% 2.28% 2.38% 2.35% 1.29%**
=============================================================================================================================
(a) Class Y shares were first publicly offered on December 28, 2007.
* Assumes initial investment at net asset value at the beginning of each
period, reinvestment of all distributions and the complete redemption of the
investment at net asset value at the end of each period.
** Annualized.
*** Not annualized.
The accompanying notes are an integral part of these financial statements.
50 Pioneer Global Aggregate Bond Fund | Annual Report | 10/31/12
Notes to Financial Statements | 10/31/12
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:
Pioneer Global Aggregate Bond Fund | Annual Report | 10/31/12 51
A. Security Valuation
Security transactions are recorded as of trade date. The net asset value of
the Fund is computed once daily, on each day the New York Stock Exchange
(NYSE) is open, as of the close of regular trading on the NYSE. Fixed income
securities with remaining maturity of more than sixty days are valued at
prices supplied by independent pricing services, which consider such factors
as market prices, market events, quotations from one or more brokers,
Treasury spreads, yields, maturities and ratings. Valuations may be
supplemented by dealers and other sources, as required. Equity securities
that have traded on an exchange are valued at the last sale price on the
principal exchange where they are traded. Equity securities that have not
traded on the date of valuation, or securities for which sale prices are not
available, generally are valued using the mean between the last bid and
asked prices. Short-term fixed income securities with remaining maturities
of sixty days or less generally are valued at amortized cost.
Securities for which independent pricing services are unable to supply
prices or for which market prices and/or quotations are not readily
available or are considered to be unreliable are valued using fair value
methods pursuant to procedures adopted by the Board of Trustees. The Fund
may use fair value methods if it is determined that a significant event has
occurred after the close of the exchange or market on which the security
trades and prior to the determination of the Fund's net asset value.
Examples of a significant event might include political or economic news,
corporate restructurings, natural disasters, terrorist activity or trading
halts. Thus, the valuation of the Fund's securities may differ from exchange
prices.
At October 31, 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.
52 Pioneer Global Aggregate Bond Fund | Annual Report | 10/31/12
Dividend income is recorded on the ex-dividend date, except that certain
dividends from foreign securities where the ex-dividend date may have passed
are recorded as soon as the Fund becomes aware of the ex-dividend data in
the exercise of reasonable diligence. Interest income, including interest on
income bearing cash accounts, is recorded on the accrual basis. Dividend and
interest income are reported net of unrecoverable foreign taxes withheld at
the applicable country rates.
Gains and losses on sales of investments are calculated on the identified
cost method for both financial reporting and federal income tax purposes.
B. Foreign Currency Translation
The books and records of the Fund are maintained in U.S. dollars. Amounts
denominated in foreign currencies are translated into U.S. dollars using
current exchange rates.
Net realized gains and losses on foreign currency transactions, if any,
represent, among other things, the net realized gains and losses on foreign
currency contracts, disposition of foreign currencies and the difference
between the amount of income accrued and the U.S. dollars actually received.
Further, the effects of changes in foreign currency exchange rates on
investments are not segregated in the statement of operations from the
effects of changes in market price of those securities but are included with
the net realized and unrealized gain or loss on investments.
C. Forward Foreign Currency Contracts
The Fund may enter into forward foreign currency contracts (contracts) for
the purchase or sale of a specific foreign currency at a fixed price on a
future date. All contracts are marked to market daily at the applicable
exchange rates, and any resulting unrealized gains or losses are recorded in
the Fund's financial statements. The Fund records realized gains and losses
at the time a portfolio hedge is offset by entry into a closing transaction
or extinguished by delivery of the currency. Risks may arise upon entering
into these contracts from the potential inability of counterparties to meet
the terms of the contract and from unanticipated movements in the value of
foreign currencies relative to the U.S. dollar (see Note 6).
Pioneer Global Aggregate Bond Fund | Annual Report | 10/31/12 53
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. As of
October 31, 2012, the Fund did not have any interest and penalties related
to unrecognized tax positions, which, if applicable, would be recorded as an
income tax expense in the Statement of Operations. 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.
At October 31, 2012, the Fund reclassified $15,588 to increase distributions
in excess of net investment income and $15,588 to increase accumulated net
realized gain on investments and foreign currency transactions to reflect
permanent book/tax differences. The reclassification has no impact on the
net asset value of the Fund and is designed to present the Fund's capital
accounts on a tax basis.
The tax character of distributions paid during the years ended October 31,
2012 and October 31, 2011 were as follows:
--------------------------------------------------------------------------------
2012 2011
--------------------------------------------------------------------------------
Distributions paid from:
Ordinary income $949,306 $493,109
Long-term capital gain 45,480 --
--------------------------------------------------------------------------------
Total $994,786 $493,109
================================================================================
The following shows the components of distributable earnings on a federal
income tax basis at October 31, 2012:
--------------------------------------------------------------------------------
2012
--------------------------------------------------------------------------------
Distributable earnings:
Undistributed ordinary income $ 136,491
Undistributed long-term gain 131,789
Current year dividend payable (58,473)
Unrealized appreciation 1,629,847
--------------------------------------------------------------------------------
Total $1,839,654
================================================================================
54 Pioneer Global Aggregate Bond Fund | Annual Report | 10/31/12
The difference between book-basis and tax-basis net unrealized appreciation
is attributable to the mark to market on forward foreign currency and
futures contracts 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 $2,114 in underwriting commissions on the sale of Class A shares
during the year ended October 31, 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 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 investments 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.
Pioneer Global Aggregate Bond Fund | Annual Report | 10/31/12 55
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 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 October 31, 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
56 Pioneer Global Aggregate Bond Fund | Annual Report | 10/31/12
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. During the year ended October 31, 2012, the
Fund had 7 outstanding futures contracts.
At October 31, 2012, open futures contracts were as follows
--------------------------------------------------------------------------------
Number of
Contracts Settlement Unrealized
Type Long/(Short) Month Value Loss
--------------------------------------------------------------------------------
US 10 Yr Note (CBT) 6 12/12 $798,188 $(2,391)
US Long Bond (CBT) 1 12/12 $149,312 $ (156)
--------------------------------------------------------------------------------
Total 7 $947,500 $(2,547)
================================================================================
J. Repurchase Agreements
With respect to repurchase agreements entered into by the Fund, the value of
the underlying securities (collateral), including accrued interest, is
required to be equal to or in excess of the repurchase price. The collateral
for all repurchase agreements is held in safekeeping in the customer-only
account of the Fund's custodian or a subcustodian of the Fund. The Fund's
investment adviser, Pioneer Investment Management, Inc. (PIM), is
responsible for determining that the value of the collateral remains at
least equal to the repurchase price.
2. Management Agreement
PIM, a wholly-owned indirect subsidiary of UniCredit, manages the Fund's
portfolio. Management fees are calculated daily at the annual rate of 0.50% of
the Fund's average daily net assets.
PIM has contractually agreed to limit ordinary operating expenses of the Fund to
the extent required to reduce Fund expenses to 1.00%, 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 year ended October
31, 2012 are reflected on the Statement of Operations. These expense limitations
are in effect through March 1, 2014. There can be no assurance that PIM will
extend the expense limitation agreement for a class of shares beyond the date
referred to above.
Pioneer Global Aggregate Bond Fund | Annual Report | 10/31/12 57
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
$14,623 in management fees, administrative costs and certain other
reimbursements payable to PIM at October 31, 2012.
Effective March 5, 2012, PIM has retained Brown Brothers Harriman & Co. to
provide certain sub-administration and accounting services to the fund.
3. Transfer Agent
PIMSS, a wholly owned indirect subsidiary of UniCredit, provides substantially
all transfer agent and shareowner services to the Fund at negotiated rates.
In addition, the Fund reimburses PIMSS for out-of-pocket expenses incurred by
PIMSS related to shareholder communications activities such as proxy and
statement mailings, outgoing phone calls and omnibus relationship contracts. For
the year ended October 31, 2012, such out-of-pocket expenses by class of shares
were as follows:
--------------------------------------------------------------------------------
Shareholder Communications:
--------------------------------------------------------------------------------
Class A $10,224
Class C 2,934
Class Y 1,242
--------------------------------------------------------------------------------
Total $14,400
================================================================================
Included in "Due to affiliates" reflected on the Statement of Assets and
Liabilities is $8,001 in transfer agent fees and out-of-pocket reimbursements
payable to PIMSS at October 31, 2012.
4. Distribution Plan
The Fund has adopted a Distribution Plan pursuant to Rule 12b-1 of the Invest-
ment Company Act of 1940 with respect to its Class A and Class C shares.
Pursuant to the Plan, the Fund pays PFD 0.25% of the average daily net assets
attributable to Class A shares as compensation for personal services and/or
account maintenance services or distribution services with regard to Class A
shares. Pursuant to the Plan, the Fund also pays PFD 1.00% of the average daily
net assets attributable to Class C shares. The fee for Class C shares consists
of a 0.25% service fee and a 0.75% distribution fee paid as compensation for
personal services and/or account maintenance services or distribution services
with regard to Class C shares. Included in "Due to affiliates" reflected on the
Statement of Assets and Liabilities is $350 in distribution fees payable to PFD
at October 31, 2012.
Pioneer Global Aggregate Bond Fund | Annual Report | 10/31/12 58
In addition, redemptions of each class of shares (except Class Y shares) may be
subject to a contingent deferred sales charge (CDSC). A CDSC of 1.00% may be
imposed on redemptions of certain net asset value purchases of Class A shares
within 12 months of purchase. Redemptions of Class C shares within one year of
purchase are subject to a CDSC of 1.00%, based on the lower of cost or market
value of shares being redeemed. Shares purchases as part of an exchange remain
subject to any CDSC that applied to the original purchase of those shares. There
is no CDSC for Class Y shares. Proceeds from the CDSCs are paid to PFD. For the
year ended October 31, 2012, CDSCs in the amount of $705 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 year ended October 31, 2012, the Fund's expenses
were not reduced under such arrangements.
6. Forward Foreign Currency Contracts
At October 31, 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 year ended October 31, 2012 was $773,608.
Open portfolio hedges at October 31, 2012 were as follows:
--------------------------------------------------------------------------------------------------
Net
Contracts to In Exchange Settlement Unrealized
Currency deliver For USD Date Value Gain (Loss)
--------------------------------------------------------------------------------------------------
AUD (Australian Dollar) (130,000) $ (135,294) 11/19/12 $(134,720) $ 574
NOK (Norwegian Krone) 800,000 139,727 12/14/12 140,120 393
INR (Indian Rupee) 3,900,000 70,295 3/15/13 70,796 501
RUB (Russian Ruble) 2,200,000 70,153 3/15/13 68,637 (1,516)
MYR (Malaysian Ringgit) 440,000 143,043 11/16/12 144,293 1,250
RUB (Russian Ruble) 6,600,000 205,569 3/15/13 205,913 344
--------------------------------------------------------------------------------------------------
Total $ 1,546
--------------------------------------------------------------------------------------------------
Pioneer Global Aggregate Bond Fund | Annual Report | 10/31/12 59
7. Additional Disclosures about Derivative Instruments and Hedging Activities
Values of derivative instruments as of October 31, 2012 were as follows:
-----------------------------------------------------------------------------------------------
Derivatives not
accounted for as
hedging instruments Asset Derivatives 2012 Liabilities Derivatives 2012
under Accounting -------------------------- ----------------------------
Standards Codification Statement of Assets Statement of Assets
(ASC) 815 and Liabilities and Liabilities
Location Value Location Value
-----------------------------------------------------------------------------------------------
Unrealized gain/loss
on Forward Foreign
Currency Portfolio
Hedge Contracts Receivables $ 1,546 Payables $ --
Interest Rate Net Assets - Net Assets -
Futures* Unrealized Unrealized
Appreciation $ -- Depreciation $ (2,547)
-----------------------------------------------------------------------------------------------
Total $ 1,546 $ (2,547)
===============================================================================================
* Reflects unrealized appreciation/depreciation on futures contracts (See Note
1I). The current day's variation margin is separately disclosed on the
Statement of Assets and Liabilities.
The effect of derivative instruments on the Statement of Operations for the year
ended October 31, 2012 was as follows:
-----------------------------------------------------------------------------------------------
Change in
Derivatives not Realized Unrealized
accounted for as Gain or Gain or
hedging instruments (Loss) on (Loss) on
under Accounting Location of Gain or (Loss) Derivatives Derivatives
Standards Codification On Derivatives Recognized Recognized Recognized
(ASC) 185 in Income in Income in Income
-----------------------------------------------------------------------------------------------
Forward Foreign Net realized gain (loss) on forward $30,122
Currency Portfolio foreign currency contracts and other
Hedge Contracts assets and liabilities denominated
in foreign currencies
Forward Foreign Change in unrealized gain (loss) on $ 1,546
Currency Portfolio forward foreign currency contracts
Hedge Contracts and other assets and liabilities
denominated in foreign currencies
Forward Foreign Change in unrealized gain (loss) on
Currency Settlement forward foreign currency contracts and
Hedge Contracts other assets and liabilities
denominated in foreign currencies $ (3,583)
Forward Foreign Net realized loss on forward foreign
Currency Settlement currency contracts and other assets
Hedge Contracts and liabilities denominated in
foreign currencies $(2,481)
Futures Contracts Change in net unrealized gain (loss)
on futures contracts $ (2,547)
60 Pioneer Global Aggregate Bond Fund | Annual Report | 10/31/12
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 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 year ended October 31, 2012, the Fund had no borrowings under
a credit facility.
Pioneer Global Aggregate Bond Fund | Annual Report | 10/31/12 61
Report of Independent Registered Public Accounting Firm
To the Board of Trustees of Pioneer Series Trust VII and the Shareowners of
Pioneer Global Aggregate Bond Fund
--------------------------------------------------------------------------------
We have audited the accompanying statement of assets and liabilities, including
the schedule of investments, of Pioneer Global Aggregate Bond Fund (the "Fund")
(one of the portfolios constituting the Pioneer Series Trust VII), as of October
31, 2012, and the related statement of operations for the year then ended, the
statements of changes in net assets for each of the two years in the period then
ended and the financial highlights for each of the periods indicated therein.
These financial statements and financial highlights are the responsibility of
the Fund's management. Our responsibility is to express an opinion on these
financial statements and financial highlights based on our audits.
We conducted our audits in accordance with the standards of the Public Company
Accounting Oversight Board (United States). Those standards require that we plan
and perform the audit to obtain reasonable assurance about whether the financial
statements and financial highlights are free of material misstatement. We were
not engaged to perform an audit of the Fund's internal control over financial
reporting. Our audits included consideration of internal control over financial
reporting as a basis for designing audit procedures that are appropriate in the
circumstances, but not for the purpose of expressing an opinion on the
effectiveness of the Fund's internal control over financial reporting.
Accordingly, we express no such opinion. An audit also includes examining, on a
test basis, evidence supporting the amounts and disclosures in the financial
statements and financial highlights, assessing the accounting principles used
and significant estimates made by management, and evaluating the overall
financial statement presentation. Our procedures included confirmation of
securities owned as of October 31, 2012, by correspondence with the custodian
and brokers. We believe that our audits provide a reasonable basis for our
opinion.
In our opinion, the financial statements and financial highlights referred to
above present fairly, in all material respects, the financial position of
Pioneer Global Aggregate Bond Fund at October 31, 2012, the results of its
operations for the year then ended, the changes in its net assets for each of
the two years in the period then ended and the financial highlights for each of
the periods indi- cated therein, in conformity with U.S. generally accepted
accounting principles.
/S/ Ernst & Young LLP
Boston, Massachusetts
December 28, 2012
62 Pioneer Global Aggregate Bond Fund | Annual Report | 10/31/12
Trustees, Officers and Service Providers
Investment Adviser
Pioneer Investment Management, Inc.
Custodian and Sub-Administrator
Brown Brothers Harriman & Co.
Independent Registered Public Accounting Firm
Ernst & Young LLP
Principal Underwriter
Pioneer Funds Distributor, Inc.
Legal Counsel
Bingham McCutchen LLP
Shareowner Services and Transfer Agent
Pioneer Investment Management Shareholder Services, Inc.
Proxy voting policies and procedures of the Fund are available without charge,
upon request, by calling our toll free number (1-800-225-6292). Information
regarding how the Fund voted proxies relating to portfolio securities during the
most recent 12-month period ended June 30 is publicly available to shareowners
at us.pioneerinvestments.com. This information is also available on the
Securities and Exchange Commission's web site at www.sec.gov.
Trustees and Officers
The Fund's Trustees and Officers are listed on the following pages, together
with their principal occupations during at least the past five years. Trustees
who are interested persons of the Fund within the meaning of the 1940 Act are
referred to as Interested Trustees. Trustees who are not interested persons of
the Fund are referred to as Independent Trustees. Each of the Trustees serves as
a trustee of each of the 56 U.S. registered investment portfolios for which
Pioneer serves as investment adviser (the "Pioneer Funds"). The address for all
Trustees and all officers of the Fund is 60 State Street, Boston, Massachusetts
02109.
The Statement of Additional Information of the Fund includes additional
information about the Trustees and is available, without charge, upon request,
by calling 1-800-225-6292.
Pioneer Global Aggregate Bond Fund | Annual Report | 10/31/12 63
Independent Trustees
--------------------------------------------------------------------------------------------------------------------------
Name, Age and Position Term of Office and Other Directorships
Held with the Fund Length of Service Principal Occupation Held by Trustee
--------------------------------------------------------------------------------------------------------------------------
Thomas J. Perna (61) Trustee since Chairman and Chief Executive Officer, Director, Broadridge Financial
Chairman of the Board 2007. Serves Quadriserv, Inc. (technology products for Solutions, Inc. (investor
and Trustee until a successor securities lending industry) (2008 - communications and securities
trustee is present); private investor (2004 - 2008); processing provider for
elected or and Senior Executive Vice President, The financial services industry)
earlier Bank of New York (financial and securities (2009 - present); Director,
retirement or services) (1986 - 2004) Quadriserv, Inc. (2005 -
removal. present); and Commissioner,
New Jersey State Civil Service
Commission (2011 - present)
--------------------------------------------------------------------------------------------------------------------------
David R. Bock (68) Trustee since Managing Partner, Federal City Capital Director of Enterprise
Trustee 2007. Serves Advisors (corporate advisory services Community Investment, Inc.
until a successor company) (1997 - 2004 and 2008 - present); (privately-held affordable
trustee is Interim Chief Executive Officer, Oxford housing finance company) (1985
elected or Analytica, Inc. (privately held research - 2010); Director of Oxford
earlier and consulting company) (2010); Executive Analytica, Inc. (2008 -
retirement or Vice President and Chief Financial Officer, present); Director of The
removal. I-trax, Inc. (publicly traded health care Swiss Helvetia Fund, Inc.
services company) (2004 - 2007); and (closed-end fund) (2010 -
Executive Vice President and Chief present); and Director of New
Financial Officer, Pedestal Inc. York Mortgage Trust (publicly
(internet-based mortgage trading company) traded mortgage REIT) (2004 -
(2000 - 2002) 2009, 2012 - present)
--------------------------------------------------------------------------------------------------------------------------
64 Pioneer Global Aggregate Bond Fund | Annual Report | 10/31/12
--------------------------------------------------------------------------------------------------------------------------
Name, Age and Position Term of Office and Other Directorships
Held with the Fund Length of Service Principal Occupation Held by Trustee
--------------------------------------------------------------------------------------------------------------------------
Benjamin M. Friedman Trustee since William Joseph Maier Professor of Trustee, Mellon Institutional
(67) Trustee 2008. Serves Political Economy, Harvard University Funds Investment Trust and
until a successor (1972 - present) Mellon Institutional Funds
trustee is Master Portfolio (oversaw 17
elected or portfolios in fund complex)
earlier (1989-2008)
retirement or
removal.
--------------------------------------------------------------------------------------------------------------------------
Margaret B.W. Graham Trustee since Founding Director, Vice President and None
(65) Trustee 2007. Serves Corporate Secretary, The Winthrop Group,
until a successor Inc. (consulting firm) (1982-present);
trustee is Desautels Faculty of Management, McGill
elected or University (1999 - present); and Manager
earlier of Research Operations and Organizational
retirement or Learning, Xerox PARC, Xerox's advance
removal. research center (1990-1994)
--------------------------------------------------------------------------------------------------------------------------
Marguerite A. Piret Trustee since President and Chief Executive Officer, Director of New America High
(64) Trustee 2007. Serves Newbury, Piret & Company, Inc. (investment Income Fund, Inc. (closed-end
until a successor banking firm) (1981 - present) investment company) (2004 -
trustee is present); and member, Board of
elected or Governors, Investment Company
earlier Institute (2000 - 2006)
retirement or
removal.
--------------------------------------------------------------------------------------------------------------------------
Stephen K. West (83) Trustee since Senior Counsel, Sullivan & Cromwell LLP Director, The Swiss Helvetia
Trustee 2007. Serves (law firm) (1998 - present); and Partner, Fund, Inc. (closed-end
until a successor Sullivan & Cromwell LLP (prior to 1998) investment company); and
trustee is Director, Invesco, Ltd.
elected or (formerly AMVESCAP, PLC)
earlier (investment manager)
retirement or (1997-2005)
removal.
--------------------------------------------------------------------------------------------------------------------------
Pioneer Global Aggregate Bond Fund | Annual Report | 10/31/12 65
Interested Trustees
--------------------------------------------------------------------------------------------------------------------------
Name, Age and Position Term of Office and Other Directorships
Held with the Fund Length of Service Principal Occupation Held by Trustee
--------------------------------------------------------------------------------------------------------------------------
John F. Cogan, Jr. Trustee since Non-Executive Chairman and a director of None
(86)* 2007. Serves Pioneer Investment Management USA Inc.
Trustee, President and until a successor ("PIM-USA"); Chairman and a director of
Chief Executive Officer trustee is Pioneer; Chairman and Director of Pioneer
of the Fund elected or Institutional Asset Management, Inc.
earlier (since 2006); Director of Pioneer
retirement or Alternative Investment Management Limited
removal. (Dublin) (until October 2011); President
and a director of Pioneer Alternative
Investment Management (Bermuda) Limited
and affiliated funds; Deputy Chairman and a
director of Pioneer Global Asset
Management S.p.A. ("PGAM") (until April
2010); Director of Nano-C, Inc. (since
2003); Director of Cole Management Inc.
(2004 - 2011); Director of Fiduciary
Counseling, Inc. (until December 2011);
President of all of the Pioneer Funds; and
Retired Partner, Wilmer Cutler Pickering
Hale and Dorr LLP
--------------------------------------------------------------------------------------------------------------------------
Daniel K. Kingsbury Trustee since Director, CEO and President of PIM-USA None
(53)* Trustee and 2007. Serves (since February 2007); Director and
Executive Vice until a successor President of Pioneer and Pioneer
President trustee is Institutional Asset Management, Inc.
elected or (since February 2007); Executive Vice
earlier President of all of the Pioneer Funds
retirement or (since March 2007); Director of PGAM (2007
removal. - 2010); Head of New Europe Division, PGAM
(2000 - 2005); Head of New Markets
Division, PGAM (2005 - 2007)
--------------------------------------------------------------------------------------------------------------------------
* Mr. Cogan and Mr. Kingsbury are Interested Trustees because they are
officers or directors of the Fund's investment adviser and certain of its
affiliates.
66 Pioneer Global Aggregate Bond Fund | Annual Report | 10/31/12
Fund Officers
--------------------------------------------------------------------------------------------------------------------------
Name, Age and Position Term of Office and Other Directorships
Held with the Fund Length of Service Principal Occupation Held by Officer
--------------------------------------------------------------------------------------------------------------------------
Christopher J. Kelley Since 2007. Serves Vice President and Associate General None
(47) Secretary at the discretion Counsel of Pioneer since January 2008 and
of the Board. Secretary of all of the Pioneer Funds since
June 2010; Assistant Secretary of all of
the Pioneer Funds from September 2003 to
May 2010; and Vice President and Senior
Counsel of Pioneer from July 2002 to
December 2007
--------------------------------------------------------------------------------------------------------------------------
Carol B. Hannigan (51) Since 2010. Serves Fund Governance Director of Pioneer since None
Assistant Secretary at the discretion December 2006 and Assistant Secretary of
of the Board. all the Pioneer Funds since June 2010;
Manager - Fund Governance of Pioneer from
December 2003 to November 2006; and Senior
Paralegal of Pioneer from January 2000 to
November 2003
--------------------------------------------------------------------------------------------------------------------------
Thomas Reyes (49) Since 2010. Serves Counsel of Pioneer since June 2007 and None
Assistant Secretary at the discretion Assistant Secretary of all the Pioneer
of the Board. Funds since June 2010; and Vice President
and Counsel at State Street Bank from
October 2004 to June 2007
--------------------------------------------------------------------------------------------------------------------------
Mark E. Bradley (52) Since 2008. Serves Vice President - Fund Treasury of Pioneer; None
Treasurer and Chief at the discretion Treasurer of all of the Pioneer Funds since
Financial and of the Board. March 2008; Deputy Treasurer of Pioneer
Accounting Officer of from March 2004 to February 2008; and
the Fund Assistant Treasurer of all of the Pioneer
Funds from March 2004 to February 2008
--------------------------------------------------------------------------------------------------------------------------
Luis I. Presutti (47) Since 2007. Serves Assistant Vice President - Fund Treasury of None
Assistant Treasurer at the discretion Pioneer; and Assistant Treasurer of all of
of the Board. the Pioneer Funds
--------------------------------------------------------------------------------------------------------------------------
Gary Sullivan (54) Since 2007. Serves Fund Accounting Manager - Fund Treasury of None
Assistant Treasurer at the discretion Pioneer; and Assistant Treasurer of all of
of the Board. the Pioneer Funds
--------------------------------------------------------------------------------------------------------------------------
Pioneer Global Aggregate Bond Fund | Annual Report | 10/31/12 67
Fund Officers (continued)
--------------------------------------------------------------------------------------------------------------------------
Name, Age and Position Term of Office and Other Directorships
Held with the Fund Length of Service Principal Occupation Held by Officer
--------------------------------------------------------------------------------------------------------------------------
David F. Johnson (32) Since 2009. Fund Administration Manager - Fund Treasury None
Assistant Treasurer Serves at the of Pioneer since November 2008; Assistant
discretion of the Treasurer of all of the Pioneer Funds since
Board. January 2009; and Client Service Manager -
Institutional Investor Services at State
Street Bank from March 2003 to March 2007
--------------------------------------------------------------------------------------------------------------------------
Jean M. Bradley (59) Since 2010. Chief Compliance Officer of Pioneer and of None
Chief Compliance Officer Serves at the all the Pioneer Funds since March 2010;
discretion of the Director of Adviser and Portfolio
Board. Compliance at Pioneer since October 2005;
and Senior Compliance Officer for Columbia
Management Advisers, Inc. from October 2003
to October 2005
--------------------------------------------------------------------------------------------------------------------------
Kelley O'Donnell (41) Since 2007. Director--Transfer Agency Compliance of None
Anti-Money Laundering Serves at the Pioneer and Anti-Money Laundering Officer of
Officer discretion of the all the Pioneer Funds since 2006
Board.
--------------------------------------------------------------------------------------------------------------------------
68 Pioneer Global Aggregate Bond Fund | Annual Report | 10/31/12
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.
[LOGO] PIONEER
Invesments(R)
Pioneer Investment Management, Inc.
60 State Street
Boston, MA 02109
us.pioneerinvestments.com
Securities offered through Pioneer Funds Distributor, Inc.
60 State Street, Boston, MA 02109
Underwriter of Pioneer Mutual Funds, Member SIPC
(c) 2012 Pioneer Investments 22520-04-1212
ITEM 2. CODE OF ETHICS.
(a) Disclose whether, as of the end of the period covered by the report, the
registrant has adopted a code of ethics that applies to the registrant's
principal executive officer, principal financial officer, principal accounting
officer or controller, or persons performing similar functions, regardless of
whether these individuals are employed by the registrant or a third party. If
the registrant has not adopted such a code of ethics, explain why it has not
done so.
The registrant has adopted, as of the end of the period covered by this report,
a code of ethics that applies to the registrant's principal executive officer,
principal financial officer, principal accounting officer and controller.
(b) For purposes of this Item, the term "code of ethics" means written standards
that are reasonably designed to deter wrongdoing and to promote:
(1) Honest and ethical conduct, including the ethical handling of actual
or apparent conflicts of interest between personal and professional
relationships;
(2) Full, fair, accurate, timely, and understandable disclosure in
reports and documents that a registrant files with, or submits to, the
Commission and in other public communications made by the registrant;
(3) Compliance with applicable governmental laws, rules, and
regulations;
(4) The prompt internal reporting of violations of the code to an
appropriate person or persons identified in the code; and
(5) Accountability for adherence to the code.
(c) The registrant must briefly describe the nature of any amendment, during the
period covered by the report, to a provision of its code of ethics that applies
to the registrant's principal executive officer, principal financial officer,
principal accounting officer or controller, or persons performing similar
functions, regardless of whether these individuals are employed by the
registrant or a third party, and that relates to any element of the code of
ethics definition enumerated in paragraph (b) of this Item. The registrant must
file a copy of any such amendment as an exhibit pursuant to Item 10(a), unless
the registrant has elected to satisfy paragraph (f) of this Item by posting its
code of ethics on its website pursuant to paragraph (f)(2) of this Item, or by
undertaking to provide its code of ethics to any person without charge, upon
request, pursuant to paragraph (f)(3) of this Item.
The registrant has made no amendments to the code of ethics during the period
covered by this report.
(d) If the registrant has, during the period covered by the report, granted a
waiver, including an implicit waiver, from a provision of the code of ethics to
the registrant's principal executive officer, principal financial officer,
principal accounting officer or controller, or persons performing similar
functions, regardless of whether these individuals are employed by the
registrant or a third party, that relates to one or more of the items set forth
in paragraph (b) of this Item, the registrant must briefly describe the nature
of the waiver, the name of the person to whom the waiver was granted, and the
date of the waiver.
Not applicable.
(e) If the registrant intends to satisfy the disclosure requirement under
paragraph (c) or (d) of this Item regarding an amendment to, or a waiver from,
a provision of its code of ethics that applies to the registrant's principal
executive officer, principal financial officer, principal accounting officer or
controller, or persons performing similar functions and that relates to any
element of the code of ethics definition enumerated in paragraph (b) of this
Item by posting such information on its Internet website, disclose the
registrant's Internet address and such intention.
Not applicable.
(f) The registrant must:
(1) File with the Commission, pursuant to Item 10(a), a copy of its code
of ethics that applies to the registrant's principal executive officer,
principal financial officer, principal accounting officer or controller,
or persons performing similar functions, as an exhibit to its annual
report on this Form N-CSR (see attachment);
(2) Post the text of such code of ethics on its Internet website and
disclose, in its most recent report on this Form N-CSR, its Internet
address and the fact that it has posted such code of ethics on its
Internet website; or
(3) Undertake in its most recent report on this Form N-CSR to provide to
any person without charge, upon request, a copy of such code of ethics
and explain the manner in which such request may be made.
See Item 10(2)
ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.
(a) (1) Disclose that the registrant's board of trustees has determined that
the registrant either:
(i) Has at least one audit committee financial expert serving on its audit
committee; or
(ii) Does not have an audit committee financial expert serving on its audit
committee.
The registrant's Board of Trustees has determined that the registrant has at
least one audit committee financial expert.
(2) If the registrant provides the disclosure required by paragraph
(a)(1)(i) of this Item, it must disclose the name of the audit committee
financial expert and whether that person is "independent." In order to be
considered "independent" for purposes of this Item, a member of an audit
committee may not, other than in his or her capacity as a member of the audit
committee, the board of trustees, or any other board committee:
(i) Accept directly or indirectly any consulting, advisory, or other
compensatory fee from the issuer; or
(ii) Be an "interested person" of the investment company as defined in
Section 2(a)(19) of the Act (15 U.S.C. 80a-2(a)(19)).
Ms. Marguerite A. Piret, an independent trustee, is such an audit committee
financial expert.
(3) If the registrant provides the disclosure required by paragraph (a)(1)
(ii) of this Item, it must explain why it does not have an audit committee
financial expert.
Not applicable.
ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.
(a) Disclose, under the caption AUDIT FEES, the aggregate fees billed for each
of the last two fiscal years for professional services rendered by the principal
accountant for the audit of the registrant's annual financial statements or
services that are normally provided by the accountant in connection with
statutory and regulatory filings or engagements for those fiscal years.
Audit Fees
Fees for audit services provided to the Trust, including
fees associated with the annual filing of its Form N-1A,
totaled approximately $85,352 in 2012 and $85,372 in
2011.
(b) Disclose, under the caption AUDIT-RELATED FEES, the aggregate fees billed in
each of the last two fiscal years for assurance and related services by the
principal accountant that are reasonably related to the performance of the audit
of the registrant's financial statements and are not reported under
paragraph (a) of this Item. Registrants shall describe the nature of the
services comprising the fees disclosed under this category.
Audit-Related Fees
There were no fees for audit-related services
provided to the Fund during the fiscal years ended October
31, 2012 and 2011.
(c) Disclose, under the caption TAX FEES, the aggregate fees billed in each of
the last two fiscal years for professional services rendered by the principal
accountant for tax compliance, tax advice, and tax planning. Registrants shall
describe the nature of the services comprising the fees disclosed under this
category.
Tax Fees
Fees for tax compliance services, primarily for tax returns,
totaled approximately $16,580 for 2012 and $16,580 for
2011.
(d) Disclose, under the caption ALL OTHER FEES, the aggregate fees billed in
each of the last two fiscal years for products and services provided by the
principal accountant, other than the services reported in paragraphs (a) through
(c) of this Item. Registrants shall describe the nature of the services
comprising the fees disclosed under this category.
Other Fees
There were no fees for other services
provided to the Fund during the fiscal years ended October
31, 2012 and 2011.
(e) (1) Disclose the audit committee's pre-approval policies and procedures
described in paragraph (c)(7) of Rule 2-01 of Regulation S-X.
PIONEER FUNDS
APPROVAL OF AUDIT, AUDIT-RELATED, TAX AND OTHER SERVICES
PROVIDED BY THE INDEPENDENT AUDITOR
SECTION I - POLICY PURPOSE AND APPLICABILITY
The Pioneer Funds recognize the importance of maintaining the independence of
their outside auditors. Maintaining independence is a shared responsibility
involving Pioneer Investment Management, Inc ("PIM"), the audit committee and
the independent auditors.
The Funds recognize that a Fund's independent auditors: 1) possess knowledge of
the Funds, 2) are able to incorporate certain services into the scope of the
audit, thereby avoiding redundant work, cost and disruption of Fund personnel
and processes, and 3) have expertise that has value to the Funds. As a result,
there are situations where it is desirable to use the Fund's independent
auditors for services in addition to the annual audit and where the potential
for conflicts of interests are minimal. Consequently, this policy, which is
intended to comply with Rule 210.2-01(C)(7), sets forth guidelines and
procedures to be followed by the Funds when retaining the independent audit firm
to perform audit, audit-related tax and other services under those
circumstances, while also maintaining independence.
Approval of a service in accordance with this policy for a Fund shall also
constitute approval for any other Fund whose pre-approval is required pursuant
to Rule 210.2-01(c)(7)(ii).
In addition to the procedures set forth in this policy, any non-audit services
that may be provided consistently with Rule 210.2-01 may be approved by the
Audit Committee itself and any pre-approval that may be waived in accordance
with Rule 210.2-01(c)(7)(i)(C) is hereby waived.
Selection of a Fund's independent auditors and their compensation shall be
determined by the Audit Committee and shall not be subject to this policy.
SECTION II - POLICY
---------------- -------------------------------- -------------------------------------------------
SERVICE SERVICE CATEGORY DESCRIPTION SPECIFIC PRE-APPROVED SERVICE SUBCATEGORIES
CATEGORY
---------------- -------------------------------- -------------------------------------------------
I. AUDIT Services that are directly o Accounting research assistance
SERVICES related to performing the o SEC consultation, registration
independent audit of the Funds statements, and reporting
o Tax accrual related matters
o Implementation of new accounting
standards
o Compliance letters (e.g. rating agency
letters)
o Regulatory reviews and assistance
regarding financial matters
o Semi-annual reviews (if requested)
o Comfort letters for closed end
offerings
---------------- -------------------------------- -------------------------------------------------
II. Services which are not o AICPA attest and agreed-upon procedures
AUDIT-RELATED prohibited under Rule o Technology control assessments
SERVICES 210.2-01(C)(4) (the "Rule") o Financial reporting control assessments
and are related extensions of o Enterprise security architecture
the audit services support the assessment
audit, or use the
knowledge/expertise gained
from the audit procedures as a
foundation to complete the
project. In most cases, if
the Audit-Related Services are
not performed by the Audit
firm, the scope of the Audit
Services would likely
increase. The Services are
typically well-defined and
governed by accounting
professional standards (AICPA,
SEC, etc.)
---------------- -------------------------------- -------------------------------------------------
------------------------------------- ------------------------------------
AUDIT COMMITTEE APPROVAL POLICY AUDIT COMMITTEE
REPORTING POLICY
------------------------------------- ------------------------------------
o "One-time" pre-approval o A summary of all such
for the audit period for all services and related fees
pre-approved specific service reported at each regularly
subcategories. Approval of the scheduled Audit Committee
independent auditors as meeting.
auditors for a Fund shall
constitute pre approval for
these services.
------------------------------------- ------------------------------------
o "One-time" pre-approval o A summary of all such
for the fund fiscal year within services and related fees
a specified dollar limit (including comparison to
for all pre-approved specified dollar limits)
specific service subcategories reported quarterly.
o Specific approval is
needed to exceed the
pre-approved dollar limit for
these services (see general
Audit Committee approval policy
below for details on obtaining
specific approvals)
o Specific approval is
needed to use the Fund's
auditors for Audit-Related
Services not denoted as
"pre-approved", or
to add a specific service
subcategory as "pre-approved"
------------------------------------- ------------------------------------
SECTION III - POLICY DETAIL, CONTINUED
----------------------- --------------------------- -----------------------------------------------
SERVICE CATEGORY SERVICE CATEGORY SPECIFIC PRE-APPROVED SERVICE SUBCATEGORIES
DESCRIPTION
----------------------- --------------------------- -----------------------------------------------
III. TAX SERVICES Services which are not o Tax planning and support
prohibited by the Rule, o Tax controversy assistance
if an officer of the Fund o Tax compliance, tax returns, excise
determines that using the tax returns and support
Fund's auditor to provide o Tax opinions
these services creates
significant synergy in
the form of efficiency,
minimized disruption, or
the ability to maintain a
desired level of
confidentiality.
----------------------- --------------------------- -----------------------------------------------
------------------------------------- -------------------------
AUDIT COMMITTEE APPROVAL POLICY AUDIT COMMITTEE
REPORTING POLICY
------------------------------------- -------------------------
------------------------------------- -------------------------
o "One-time" pre-approval o A summary of
for the fund fiscal year all such services and
within a specified dollar limit related fees
(including comparison
to specified dollar
limits) reported
quarterly.
o Specific approval is
needed to exceed the
pre-approved dollar limits for
these services (see general
Audit Committee approval policy
below for details on obtaining
specific approvals)
o Specific approval is
needed to use the Fund's
auditors for tax services not
denoted as pre-approved, or to add a specific
service subcategory as
"pre-approved"
------------------------------------- -------------------------
SECTION III - POLICY DETAIL, CONTINUED
----------------------- --------------------------- -----------------------------------------------
SERVICE CATEGORY SERVICE CATEGORY SPECIFIC PRE-APPROVED SERVICE SUBCATEGORIES
DESCRIPTION
----------------------- --------------------------- -----------------------------------------------
IV. OTHER SERVICES Services which are not o Business Risk Management support
prohibited by the Rule, o Other control and regulatory
A. SYNERGISTIC, if an officer of the Fund compliance projects
UNIQUE QUALIFICATIONS determines that using the
Fund's auditor to provide
these services creates
significant synergy in
the form of efficiency,
minimized disruption,
the ability to maintain a
desired level of
confidentiality, or where
the Fund's auditors
posses unique or superior
qualifications to provide
these services, resulting
in superior value and
results for the Fund.
----------------------- --------------------------- -----------------------------------------------
--------------------------------------- ------------------------
AUDIT COMMITTEE APPROVAL POLICY AUDIT COMMITTEE
REPORTING POLICY
------------------------------------- --------------------------
o "One-time" pre-approval o A summary of
for the fund fiscal year within all such services and
a specified dollar limit related fees
(including comparison
to specified dollar
limits) reported
quarterly.
o Specific approval is
needed to exceed the
pre-approved dollar limits for
these services (see general
Audit Committee approval policy
below for details on obtaining
specific approvals)
o Specific approval is
needed to use the Fund's
auditors for "Synergistic" or
"Unique Qualifications" Other
Services not denoted as
pre-approved to the left, or to
add a specific service
subcategory as "pre-approved"
------------------------------------- --------------------------
SECTION III - POLICY DETAIL, CONTINUED
----------------------- ------------------------- -----------------------------------------------
SERVICE CATEGORY SERVICE CATEGORY SPECIFIC PROHIBITED SERVICE SUBCATEGORIES
DESCRIPTION
----------------------- ------------------------- -----------------------------------------------
PROHIBITED SERVICES Services which result 1. Bookkeeping or other services
in the auditors losing related to the accounting records or
independence status financial statements of the audit
under the Rule. client*
2. Financial information systems design
and implementation*
3. Appraisal or valuation services,
fairness* opinions, or
contribution-in-kind reports
4. Actuarial services (i.e., setting
actuarial reserves versus actuarial
audit work)*
5. Internal audit outsourcing services*
6. Management functions or human
resources
7. Broker or dealer, investment
advisor, or investment banking services
8. Legal services and expert services
unrelated to the audit
9. Any other service that the Public
Company Accounting Oversight Board
determines, by regulation, is
impermissible
----------------------- ------------------------- -----------------------------------------------
------------------------------------------- ------------------------------
AUDIT COMMITTEE APPROVAL POLICY AUDIT COMMITTEE
REPORTING POLICY
------------------------------------------- ------------------------------
o These services are not to be o A summary of all
performed with the exception of the(*) services and related
services that may be permitted fees reported at each
if they would not be subject to audit regularly scheduled
procedures at the audit client (as Audit Committee meeting
defined in rule 2-01(f)(4)) level will serve as continual
the firm providing the service. confirmation that has
not provided any
restricted services.
------------------------------------------- ------------------------------
--------------------------------------------------------------------------------
GENERAL AUDIT COMMITTEE APPROVAL POLICY:
o For all projects, the officers of the Funds and the Fund's auditors will each
make an assessment to determine that any proposed projects will not impair
independence.
o Potential services will be classified into the four non-restricted service
categories and the "Approval of Audit, Audit-Related, Tax and Other
Services" Policy above will be applied. Any services outside the specific
pre-approved service subcategories set forth above must be specifically
approved by the Audit Committee.
o At least quarterly, the Audit Committee shall review a report summarizing the
services by service category, including fees, provided by the Audit firm as
set forth in the above policy.
--------------------------------------------------------------------------------
(2) Disclose the percentage of services described in each of paragraphs (b)
through (d) of this Item that were approved by the audit committee pursuant
to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.
Non-Audit Services
Beginning with non-audit service contracts entered into on
or after May 6, 2003, the effective date of the new SEC
pre-approval rules, the Fund's audit committee is required
to pre-approve services to affiliates defined by SEC rules
to the extent that the services are determined to have a
direct impact on the operations or financial reporting of the
Fund. For the years ended October 31, 2012 and 2011,
there were no services provided to an affiliate that required
the Fund's audit committee pre-approval.
(f) If greater than 50 percent, disclose the percentage of hours expended on the
principal accountant's engagement to audit the registrant's financial statements
for the most recent fiscal year that were attributed to work performed by
persons other than the principal accountant's full-time, permanent employees.
N/A
(g) Disclose the aggregate non-audit fees billed by the registrant's accountant
for services rendered to the registrant, and rendered to the registrant's
investment adviser (not including any sub-adviser whose role is primarily
portfolio management and is subcontracted with or overseen by another investment
adviser), and any entity controlling, controlled by, or under common control
with the adviser that provides ongoing services to the registrant for each of
the last two fiscal years of the registrant.
The aggregate non-audit fees for the Fund and affiliates, as
previously defined, totaled approximately $16,580 in 2012
and $16,580 in 2011.
(h) Disclose whether the registrant's audit committee of the board of trustees
has considered whether the provision of non-audit services that were rendered to
the registrant's investment adviser (not including any subadviser whose role is
primarily portfolio management and is subcontracted with or overseen by another
investment adviser), and any entity controlling, controlled by, or under common
control with the investment adviser that provides ongoing services to the
registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of
Rule 2-01 of Regulation S-X is compatible with maintaining the principal
accountant's independence.
The Fund's audit committee of the Board of Trustees has
considered whether the provision of non-audit services that
were rendered to the Affiliates (as defined) that were not pre-
approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of
Regulation S-X is compatible with maintaining the principal
accountant's independence.
Item 5. Audit Committee of Listed Registrants
(a) If the registrant is a listed issuer as defined in Rule 10A-3
under the Exchange Act (17 CFR 240.10A-3), state whether
or not the registrant has a separately-designated standing
audit committee established in accordance with Section
3(a)(58)(A) of the Exchange Act (15 U.S.C. 78c(a)(58)(A)).
If the registrant has such a committee, however designated,
identify each committee member. If the entire board of directors
is acting as the registrants audit committee as specified in
Section 3(a)(58)(B) of the Exchange Act (15 U.S.C. 78c(a)(58)(B)),
so state.
N/A
(b) If applicable, provide the disclosure required by Rule 10A-3(d)
under the Exchange Act (17 CFR 240.10A-3(d)) regarding an exemption
from the listing standards for audit committees.
N/A
Item 6. Schedule of Investments.
File Schedule I Investments in securities of unaffiliated issuers
as of the close of the reporting period as set forth in 210.12-
12 of Regulation S-X [17 CFR 210.12-12], unless the schedule is
included as part of the report to shareholders filed under Item
1 of this Form.
Included in Item 1
ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR
CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
A closed-end management investment company that is filing an annual report on
this Form N-CSR must, unless it invests exclusively in non-voting securities,
describe the policies and procedures that it uses to determine how to vote
proxies relating to portfolio securities, including the procedures that the
company uses when a vote presents a conflict between the interests of its
shareholders, on the one hand, and those of the company's investment adviser;
principal underwriter; or any affiliated person (as defined in Section 2(a)(3)
of the Investment Company Act of 1940 (15 U.S.C. 80a-2(a)(3)) and the rules
thereunder) of the company, its investment adviser, or its principal
underwriter, on the other. Include any policies and procedures of the company's
investment adviser, or any other third party, that the company uses, or that are
used on the company's behalf, to determine how to vote proxies relating to
portfolio securities.
Not applicable to open-end management investment companies.
Item 8. Portfolio Managers of Closed-End Management Investment
Companies.
(a) If the registrant is a closed-end management investment company that
is filing an annual report on this Form N-CSR,provide the following
information:
(1) State the name, title, and length of service of the person or persons
employed by or associated with the registrant or an investment adviser
of the registrant who are primarily responsible for the day-to-day management
of the registrants portfolio (Portfolio Manager). Also state each Portfolio
Managers business experience during the past 5 years.
Not applicable to open-end management investment companies.
Item 9. Purchases of Equity Securities by Closed-End Management
Investment Company and Affiliated Purchasers.
(a) If the registrant is a closed-end management investment company,
in the following tabular format, provide the information specified in
paragraph (b) of this Item with respect to any purchase made by or on
behalf of the registrant or any affiliated purchaser, as defined in
Rule 10b-18(a)(3) under the Exchange Act (17 CFR 240.10b-18(a)(3)), of
shares or other units of any class of the registrants equity securities
that is registered by the registrant pursuant to Section 12 of the
Exchange Act (15 U.S.C. 781). Instruction to paragraph (a). Disclose
all purchases covered by this Item, including purchases that do not
satisfy the conditions of the safe harbor of Rule 10b-18 under the
Exchange Act (17 CFR 240.10b-18), made in the period covered by the
report. Provide disclosures covering repurchases made on a monthly basis.
For example, if the reporting period began on January 16 and ended on
July 15, the chart would show repurchases for the months from January 16
through February 15, February 16 through March 15, March 16 through
April 15, April 16 through May 15, May 16 through June 15, and June 16
through July 15.
Not applicable to open-end management investment companies.
Item 10. Submission of Matters to a Vote of Security Holders.
Describe any material changes to the procedures by which shareholders
may recommend nominees to the registrants board of directors, where
those changes were implemented after the registrant last provided
disclosure in response to the requirements of Item 7(d)(2)(ii)(G)
of Schedule 14A (17 CFR 240.14a-101), or this Item.
There have been no material changes to the procedures by which the
shareholders may recommend nominees to the registrants board of
directors since the registrant last provided disclosure in response
to the requirements of Item 7(d)(2)(ii)(G) of Schedule 14(A) in
its definitive proxy statement, or this Item.
ITEM 11. CONTROLS AND PROCEDURES.
(a) Disclose the conclusions of the registrant's principal executive officer or
officers and principal financial officer or officers, or persons performing
similar functions, about the effectiveness of the registrant's disclosure
controls and procedures (as defined in Rule 30a-2(c) under the Act (17 CFR
270.30a-2(c))) based on their evaluation of these controls and procedures as of
a date within 90 days of the filing date of the report that includes the
disclosure required by this paragraph.
The registrant's principal executive officer
and principal financial officer have
concluded that the registrant's disclosure
controls and procedures are effective based
on their evaluation of these controls and
procedures as of a date within 90 days of the
filing date of this report.
(b) Disclose whether or not there were significant changes in the registrant's
internal controls or in other factors that could significantly affect these
controls subsequent to the date of their evaluation, including any corrective
actions with regard to significant deficiencies and material weaknesses.
There were no significant changes in the
registrant's internal control over financial
reporting that occurred during the second
fiscal quarter of the period covered by this
report that have materially affected, or are
reasonably likely to materially affect, the
registrant's internal control over financial
reporting.
The registrant's principal executive officer and principal financial
officer, however, voluntarily are reporting the following information:
In August of 2006 the registrant's investment adviser
enhanced its internal procedures for reporting performance
information required to be included in prospectuses.
Those enhancements involved additional internal controls
over the appropriateness of performance data
generated for this purpose. Such enhancements were made
following an internal review which identified
prospectuses relating to certain classes of shares of
a limited number of registrants where, inadvertently,
performance information not reflecting the deduction of
applicable sales charges was included. Those prospectuses
were revised, and the revised prospectuses were distributed to
shareholders.
ITEM 12. EXHIBITS.
File the exhibits listed below as part of this Form. Letter or number the
exhibits in the sequence indicated.
(a) Any code of ethics, or amendment thereto, that is the subject of the
disclosure required by Item 2, to the extent that the registrant intends to
satisfy the Item 2 requirements through filing of an exhibit.
(b) A separate certification for each principal executive officer and principal
financial officer of the registrant as required by Rule 30a-2 under the Act
(17 CFR 270.30a-2).
Filed herewith.
SIGNATURES
[See General Instruction F]
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, the registrant has duly caused this report to be
signed on its behalf by the undersigned, thereunto duly authorized.
(Registrant) Pioneer Series Trust VII
By (Signature and Title)* /s/ John F. Cogan, Jr.
John F. Cogan, Jr, President
Date December 28, 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 December 28, 2012
By (Signature and Title)* /s/ Mark Bradley
Mark Bradley, Treasurer & Chief Accounting & Financial Officer
Date December 28, 2012
* Print the name and title of each signing officer under his or her signature.