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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, 2012 through April 30, 2013
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
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Semiannual Report | April 30, 2013
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Ticker Symbols:
Class A PGHYX
Class B PGHBX
Class C PGYCX
Class Y GHYYX
Class Z PGHZX
[LOGO] PIONEER
Investments(R)
visit us: us.pioneerinvestments.com
Table of Contents
Letter to Shareowners 2
Portfolio Management Discussion 4
Portfolio Summary 9
Prices and Distributions 10
Performance Update 11
Comparing Ongoing Fund Expenses 16
Schedule of Investments 18
Financial Statements 56
Notes to Financial Statements 65
Approval of Investment Advisory Agreement 77
Trustees, Officers and Service Providers 81
Pioneer Global High Yield Fund | Semiannual Report | 4/30/13 1
President's Letter
Dear Shareowner,
Pioneer continues to see only modest economic growth in the U.S. Employment
continues to rise, albeit slowly, and we believe it will continue to do so in
2013, barring a negative shock to the system. The housing and auto sectors
continue to recover, benefiting from record-low interest rates. Banks'
willingness to lend to consumers and businesses also continues to rise, broad
measures of inflation remain subdued, and, if the weather cooperates in 2013,
food prices should come back down. And, while corporate profit growth has
slowed, profits remain high and many U.S. companies continue to both pay and
increase dividends*. Offsetting some of these positives are the continued
contraction of fiscal policy in Washington and a recessionary Europe.
The Federal Reserve's aggressive monetary policy has driven Treasury yields to
generational lows and supported investments in all financial assets, including
equities and high-yield corporate bonds. For example, the Standard & Poor's 500
Index (the S&P 500), a broad measure of the U.S. stock market, returned 15.99%
for the full calendar year ended December 31, 2012, and the Bank of America
Merrill Lynch High Yield Master II Index (the High Yield Index), which measures
the performance of high-yield corporate bonds, returned 15.59% for the same
12-month period. On the other hand, the Barclays Aggregate Bond Index (the
Aggregate Index), which tracks the performance of a higher-quality bond
universe, gained 4.22% for the 12 months ended December 31, 2012; the
safer-still Barclays Government Credit Index (the Government/Credit Index)
returned 4.82%; and 3-month Treasury bills, generally regarded as essentially
"risk free" by the markets, returned just 0.09% in 2012. "Risky" assets
outperformed again in the first quarter of 2013, as the S&P 500 returned 10.60%
and the High Yield Index returned 2.89%. In contrast, the Aggregate Index
returned -0.12% in the first quarter, the Government Credit Index returned
-0.16%, and Treasury bills returned 0.02%.
Despite generally improving economic conditions and a rising stock market,
global economies and investors still face daunting challenges as 2013 moves
forward, although we remain cautiously optimistic. U.S. fiscal policy remains
unsettled, and we feel the U.S. government could be at risk of credit rating
downgrades from one or more of the major ratings agencies if the uncertainties
persist. The Federal Reserve continues to provide extraordinary support to the
U.S. economy and the bond market, but will not do so indefinitely. Europe has
made progress, but has not yet resolved its sovereign-debt/banking problem, nor
has the region been able to exit recession. Japan recently has unveiled
aggressive and unconventional monetary and fiscal policies, but the country
* Dividends are not guaranteed.
2 Pioneer Global High Yield Fund | Semiannual Report | 4/30/13
continues to face issues such as high levels of debt as well as an aging
population. China and other emerging economies, while generally in better
shape than most "developed" markets, also face a range of challenges.
While most of the risks outlined here are widely recognized and may already be
"priced in" to the market, we believe investors should continue to expect market
volatility.
At Pioneer, we have long advocated the benefits of staying diversified and
investing for the long term. And while diversification does not assure a profit
or protect against loss in a declining market, we believe there are still
opportunities for prudent investors to earn attractive returns. 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, keeping in mind that there is no single best strategy that
works for every investor.
Pioneer's investment teams have, since 1928, sought out attractive opportunities
in global equity and bond markets, using in-depth research to identify
undervalued individual securities, and using thoughtful risk management to
construct portfolios which balance potential risks and reward in an
ever-changing world.
We encourage you to learn more about Pioneer and our time-tested approach to
investing by consulting with your financial advisor or visiting us online at
us.pioneerinvestments.com. We greatly appreciate your trust in us, and we thank
you for investing with Pioneer.
Sincerely,
/s/ Daniel K. Kingsbury
Daniel K. Kingsbury
President and CEO
Pioneer Investment Management USA, Inc.
Any information in this shareowner report regarding market or economic trends or
the factors influencing the Fund's historical or future performance are
statements of opinion as of the date of this report. These statements should not
be relied upon for any other purposes. Past performance is no guarantee of
future results, and there is no guarantee that market forecasts discussed will
be realized.
Pioneer Global High Yield Fund | Semiannual Report | 4/30/13 3
Portfolio Management Discussion | 4/30/13
High-yielding bonds, including emerging market and corporate debt, performed
well in markets throughout the world during the six months ended April 30, 2013,
as confidence grew among investors in the strength of the global economic
recovery. In the following interview, Andrew Feltus discusses the market
environment and the performance of Pioneer Global High Yield Fund during the
six-month period. Mr. Feltus, a senior vice president and portfolio manager at
Pioneer, is lead manager on the Fund, and Tracy Wright, a senior vice president
and portfolio manager at Pioneer, is the assistant portfolio manager on the
Fund. Together, they are responsible for the day-to-day management of the Fund.
Q How did the Fund perform during the six months ended April 30, 2013?
A Pioneer Global High Yield Fund's Class A shares returned 6.66% at net asset
value during the six months ended April 30, 2013, while the Fund's
benchmarks, the Bank of America Merrill Lynch (BofA ML) Global High Yield
and Emerging Markets Plus Index and the BofA ML High Yield Master II Index,
returned 6.50% and 7.26%, respectively. During the same period, the average
return of the 556 mutual funds in Lipper's High Current Yield Funds category
was 6.88%.
Q How would you describe the investment environment in the high-yield
fixed-income market during the six months April 30, 2013?
A The six-month period saw a good environment for investing in lower-rated,
higher-yielding debt in general, led by U.S. high-yield corporate bonds and
emerging market debt. The six-month period began in November 2012 in the
midst of a rally triggered by growing investor confidence that a series of
actions taken by central banks in the United States, Europe and China would
help stimulate greater growth in the global economy. Higher-yielding,
credit-sensitive fixed-income securities generated solid returns,
outperforming U.S. Treasuries and other higher-quality, but low-yielding,
investments.
The rally had begun in August 2012 when the new leader of the European
Central Bank (ECB) declared that the bank would do "whatever it takes" to
protect the European Union and the euro currency from the effects of the
sovereign-debt problems plaguing several European nations. Subsequent to the
ECB's announcement, the U.S. Federal Reserve Board (the Fed) announced its
third round of quantitative easing aimed at encouraging lower interest rates
through the purchases of mortgage-backed and other government securities in
the open market. In addition, Chinese officials
4 Pioneer Global High Yield Fund | Semiannual Report | 4/30/13
announced that they would lower short-term interest rates to stimulate
growth. Strong growth trends in select emerging markets added to the growing
market confidence.
During the first quarter of 2013, global economic data was somewhat mixed,
but the markets still took encouragement when a new national government in
Japan took office. The new Japanese government favors more-stimulative
economic policies, including an increasingly accommodative monetary stance
by the Bank of Japan, to which a new governor was appointed.
In the United States, meanwhile, improvements in the manufacturing and
housing sectors as well as the nation's unemployment rate strengthened
confidence. While investors did worry about the effects of relentless
partisan fighting in Washington over fiscal matters, including disputes over
the nation's debt ceiling, tax rates and spending policies, a series of
temporary measures agreed to by Congress and the President in the first
weeks of the new year calmed fears enough to allow the rally in credit-
sensitive securities to continue through the end of the period. Investors
also appeared to take comfort from signs of increased fiscal consolidation
by the U.S. government at a time when the private sector appeared to be
strengthening.
Q How did you manage the Fund in that environment and how did your investment
strategies affect the Fund's performance during the six months ended April
30, 2013?
A The Fund's emphasis on the credit sectors - notably high-yield corporates
and emerging market corporates - helped drive solid absolute returns during
the six-month period. A portfolio underweight to higher-quality securities,
including U.S. Treasuries and emerging market sovereign debt, supported
results. However, our decision to underweight the portfolio to the euro
currency, given our concerns about underlying fundamentals, held back
benchmark-relative results as the euro appreciated against other currencies
during the six-month period. The euro's strength during the period derived
mainly from the higher yields related to the sovereign-debt problems in the
region, which attracted some investors.
The Fund's out-of-benchmark positioning in floating-rate bank loans
contributed to results on an absolute basis, even though the performance of
the asset class trailed that of fixed-rate, high-yielding bonds. We invested
the Fund in bank loans because they offer more protection than fixed-rate
securities against the potential risk of rising market interest rates. We
also like bank loans' senior position in the corporate debt structure, which
means that bank-loan holders would be the first to be paid in any corporate
restructuring. To further protect the Fund against the potential of rising
Pioneer Global High Yield Fund | Semiannual Report | 4/30/13 5
market interest rates, we kept the portfolio's duration well below that of
the BofA ML Global High Yield and Emerging Markets Plus (GHY and EMP) Index.
On April 30, 2013, the Fund's effective duration was 3.25 years, compared
with about 4.7 years for the BofA ML GHY and EMP Index. Duration is intended
to reflect a portfolio's price sensitivity to changes in interest rates, and
lower durations are less sensitive to interest-rate changes than higher
durations. The Fund's shorter duration did not help benchmark-relative
results during the six-month period, however, as market interest rates
generally declined. Despite the performance setback, we continue to think
that a shorter-duration stance is a prudent way to reduce the Fund's overall
interest-rate risk in the current low-rate environment, which will come to
an end at some point.
In the emerging markets, the Fund's performance was helped by portfolio
exposures to the currency of Mexico and to corporate bonds in the
Philippines during the six-month period. We have taken profits and reduced
the Fund's position in the Philippines, while we have added to the
portfolio's exposure to Mexico. We also have added portfolio exposures to
the higher-yielding currencies of Nigeria, Russia and Romania.
Q Which individual investments had the biggest effect on the Fund's
performance during the six months ended April 30, 2013?
A Emerging market bonds performed quite well for the Fund during the period,
with exposure to local government bonds in the Philippines faring
particularly well; smaller Fund positions in local government bonds from
Nigeria and sovereign bonds from Ukraine also contributed to returns. Among
emerging corporate bonds, the Fund enjoyed healthy gains from holdings of
bonds of two Brazilian beef companies: Minerva and Marfrig. Both companies
grew earnings as the price of beef rose and exports increased. Other Latin
American corporate bonds in the portfolio that performed strongly during the
period included the debt of Banco Galicia, a financial institution in
Argentina, and of two Mexico-based materials companies, mining company
Vedanta Resources and global building materials company CEMEX.
In Europe, the Fund's investment in the corporate bonds of Ono Cable, a
Spanish telecommunication services provider, gained in value during the
period as the company demonstrated the ability to execute its business plan
in a weak local economy.
Among the Fund's domestic corporate holdings, the convertible bond of
Chesapeake Energy appreciated in value during the six-month period as the
company strengthened its balance sheet and changed chief executive officers.
6 Pioneer Global High Yield Fund | Semiannual Report | 4/30/13
Underperforming holdings in the portfolio included the bonds of Mexican
home-builders Urbi, Homex and Grupo Geo. The bonds experienced price losses
during the period as each of the companies dealt with problems in the
Mexican home-building industry brought about by new government housing
policies. Together, the bonds represented only a small position in the
Fund's overall portfolio. We have sold the Grupo Geo bonds, but have
retained the other two positions. A holding of the debt of Codere, a Spanish
firm with extensive gambling operations in Europe and Latin America, also
hurt the Fund's relative performance as the debt declined in value due to
problems with the company's operations in Argentina. Another detractor was
the Fund's investment in the securities issued by Suntech, a Chinese solar
energy equipment company that defaulted on its debt in March 2013. We have
reduced the Fund's position in the Suntech bonds.
Q Did the use of derivatives affect the Fund's performance during the six
months ended April 30, 2013?
A The Fund invested in currency forward contracts during the period to reduce
the risks posed by changes in the relative values of different currencies.
The use of the derivatives had a minimal impact on Fund performance.
Q What is your investment outlook?
A We believe global economies will continue to grow, although at modest pace,
allowing the world's major central banks, including the Fed, to maintain
their accommodative, low-interest-rate policies. That should create a good
environment for credit-sensitive securities, in particular. Our outlook is
not so optimistic for very high-quality, lower-yielding government
securities, including U.S. Treasuries. Their prices appear high, and they
are realizing negative yields when inflation is taken into consideration
("real yields"). At some point, market interest rates will start rising, and
when that happens, Treasury values will suffer and potentially affect other
sectors of the bond market.
To help mitigate the risks of rising interest rates, we intend to keep the
Fund's duration below that of the BofA ML GHY and EMP Index benchmark. To
further reduce the potential effects of rising market interest rates, we
also have maintained out-of-benchmark portfolio allocations to bank loans
and event-linked (catastrophe) bonds issued by insurance companies. Both
bank loans and catastrophe bonds offer floating interest rates, which would
rise along with market interest rates. In addition, we have increased the
Fund's exposure to higher-yielding emerging market currencies, where we see
good potential as the economic prospects in the emerging markets continue to
improve.
Pioneer Global High Yield Fund | Semiannual Report | 4/30/13 7
Going forward, we think individual security selection is likely to become
even more important to generating solid performance in the fixed-income
market. We believe that should play to Pioneer's strengths, as we place
great emphasis on the analysis of the business fundamentals and credit-
worthiness of individual companies.
We intend to focus on fundamental research and to continue to maintain a
well-diversified* portfolio of higher-yielding investments.
* Diversification does not assure a profit nor protect against loss in a
declining market.
Please refer to the Schedule of Investments on pages 18-55 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.
At times, the Fund's investments may represent industries or industry sectors
that are interrelated or have common risks, making it more susceptible to any
economic, political, or regulatory developments or other risks affecting those
industries and sectors.
These risks may increase share price volatility.
Past performance is no guarantee of future results, and there is no guarantee
that market forecasts discussed will be realized.
Any information in this shareholder report regarding market or economic trends
or the factors influencing the Fund's historical or future performance are
statements of opinion as of the date of this report. These statements should not
be relied upon for any other purposes.
8 Pioneer Global High Yield Fund | Semiannual Report | 4/30/13
Portfolio Summary | 4/30/13
Portfolio Quality
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(As a percentage of long-term securities, based on S&P ratings)
[THE FOLLOWING DATA WAS REPRESENTED AS A PIE CHART IN THE PRINTED MATERIAL]
AAA 0.8%
AA 0.2%
A 1.4%
BBB 9.4%
BB 20.4%
B 43.8%
CCC 13.0%
Not Rated 8.3%
Cash Equivalents 2.7%
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 50.5%
Luxembourg 5.4%
Cayman Islands 4.7%
Netherlands 4.0%
Mexico 3.9%
Argentina 3.8%
Ireland 3.6%
United Kingdom 2.5%
Brazil 1.8%
Canada 1.5%
China 1.4%
Bermuda 1.3%
Peru 1.2%
Singapore 1.2%
Australia 1.1%
Indonesia 1.1%
Other (individually less than 1%) 11.0%
10 Largest Holdings
--------------------------------------------------------------------------------
(As a percentage of total long-term holdings)*
1. COMM 2000-C1 Mortgage Trust, Floating Rate Note, 8/15/33 (144A) 2.40%
--------------------------------------------------------------------------------
2. Minerva Luxembourg SA, 7.75%, 1/31/23 (144A) 1.26
--------------------------------------------------------------------------------
3. Ford Motor Co., 4.25%, 11/15/16 0.97
--------------------------------------------------------------------------------
4. Mexican Udibonos, 2.0%, 6/9/22 0.95
--------------------------------------------------------------------------------
5. Marfrig Overseas, Ltd., 9.5%, 5/4/20 (144A) 0.90
--------------------------------------------------------------------------------
6. Goldman Sachs Capital II, Floating Rate Note, 6/1/43 0.86
--------------------------------------------------------------------------------
7. EP Energy LLC, 9.375%, 5/1/20 0.78
--------------------------------------------------------------------------------
8. Alliance One International, Inc., 10.0%, 7/15/16 0.77
--------------------------------------------------------------------------------
9. Basell Finance Co., BV, 8.1%, 3/15/27 (144A) 0.76
--------------------------------------------------------------------------------
10. Nara Cable Funding, Ltd., 8.875%, 12/1/18 (144A) 0.76
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* The list excludes temporary cash investments and derivative instruments. The
portfolio is actively managed, and current holdings may be different. The
holdings listed should not be considered recommendations to buy or sell any
security listed.
Pioneer Global High Yield Fund | Semiannual Report | 4/30/13 9
Prices and Distributions | 4/30/13
Net Asset Value per Share
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--------------------------------------------------------------------------------
Class 4/30/13 10/31/12
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A $10.44 $10.13
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B $10.45 $10.14
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C $10.41 $10.10
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Y $10.26 $ 9.96
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Z $10.74 $10.43
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Distributions per Share: 11/1/12-4/30/13
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--------------------------------------------------------------------------------
Net Investment Short-Term Long-Term
Class Income Capital Gains Capital Gains
--------------------------------------------------------------------------------
A $0.3560 $-- $--
--------------------------------------------------------------------------------
B $0.3148 $-- $--
--------------------------------------------------------------------------------
C $0.3204 $-- $--
--------------------------------------------------------------------------------
Y $0.3650 $-- $--
--------------------------------------------------------------------------------
Z $0.3795 $-- $--
--------------------------------------------------------------------------------
Index Definition
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The Bank of America (BofA) Merrill Lynch (ML) Global High Yield and Emerging
Markets Plus Index is an unmanaged index that 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 an unmanaged, commonly accepted measure of the
performance of high-yield securities. Index returns are calculated monthly,
assume reinvestment of dividends and, unlike Fund returns, do not reflect any
fees, expenses or sales charges. It is not possible to invest directly in an
index.
The indices defined here pertain to the "Value of $10,000 Investment" and "Value
of $5 Million Investment" charts appearing on pages 11-15.
10 Pioneer Global High Yield Fund | Semiannual Report | 4/30/13
Performance Update | 4/30/13 Class A Shares
Investment Returns
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The mountain chart on the right shows the change in value of a $10,000
investment made in Pioneer Global High Yield Fund at public offering price,
compared to that of the Bank of America (BofA) Merrill Lynch (ML) High Yield
Master II Index and the Bank of America (BofA) Merrill Lynch (ML) Global High
Yield and Emerging Markets Plus Index.
Average Annual Total Returns
(As of April 30, 2013)
--------------------------------------------------------------------------------
Net Asset Public Offering
Period Value (NAV) Price (POP)
--------------------------------------------------------------------------------
10 Years 9.21% 8.71%
5 Years 8.02 7.04
1 Year 12.93 7.83
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated March 1, 2013)
--------------------------------------------------------------------------------
Gross
--------------------------------------------------------------------------------
1.10%
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[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $10,000 Investment
BofA ML Global High Yield
Pioneer Global BofA ML High Yield and Emerging Markets
High Yield Fund Master II Index Plus Index
4/30/2003 $ 9,550 $ 10,000 $ 10,000
4/30/2004 $ 11,235 $ 11,474 $ 11,493
4/30/2005 $ 12,742 $ 12,216 $ 12,684
4/30/2006 $ 14,220 $ 13,324 $ 13,958
4/30/2007 $ 16,158 $ 14,978 $ 15,773
4/30/2008 $ 15,671 $ 14,854 $ 16,046
4/30/2009 $ 11,102 $ 12,672 $ 13,763
4/30/2010 $ 17,957 $ 18,273 $ 19,304
4/30/2011 $ 20,699 $ 20,712 $ 21,893
4/30/2012 $ 20,409 $ 21,778 $ 22,966
4/30/2013 $ 23,047 $ 24,836 $ 26,399
Call 1-800-225-6292 or visit us.pioneerinvestments.com for the most recent
month-end performance results. Current performance may be lower or higher than
the performance data quoted.
The performance data quoted represents past performance, which is no guarantee
of future results. Investment return and principal value will fluctuate, and
shares, when redeemed, may be worth more or less than their original cost.
NAV results represent the percent change in net asset value per share. Returns
would have been lower had charges been reflected. POP returns reflect deduction
of maximum 4.50% sales charge. All results are historical and assume the
reinvestment of dividends and capital gains. Other share classes are available
for which performance and expenses will differ.
Performance results reflect any applicable expense waivers in effect during the
periods shown. Without such waivers Fund performance would be lower. Waivers may
not be in effect for all funds. Certain fee waivers are contractual through a
specified period. Otherwise, fee waivers can be rescinded at any time. See the
prospectus and financial statements for more information.
The performance table and graph do not reflect the deduction of fees and taxes
that a shareowner would pay on Fund distributions or the redemption of Fund
shares.
Pioneer Global High Yield Fund | Semiannual Report | 4/30/13 11
Performance Update | 4/30/13 Class B Shares
Investment Returns
--------------------------------------------------------------------------------
The mountain chart on the right shows the change in value of a $10,000
investment made in Pioneer Global High Yield Fund, compared to that of the Bank
of America (BofA) Merrill Lynch (ML) High Yield Master II Index and the Bank of
America (BofA) Merrill Lynch (ML) Global High Yield and Emerging Markets Plus
Index.
Average Annual Total Returns
(As of April 30, 2013)
--------------------------------------------------------------------------------
If If
Period Held Redeemed
--------------------------------------------------------------------------------
Life-of-class
(11/21/03) 7.49% 7.49%
5 Years 7.21 7.21
1 Year 12.02 8.02
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated March 1, 2013)
--------------------------------------------------------------------------------
Gross
--------------------------------------------------------------------------------
1.91%
--------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $10,000 Investment
BofA ML Global High Yield
Pioneer Global BofA ML High Yield and Emerging Markets
High Yield Fund Master II Index Plus Index
4/30/2003 $ 10,000 $ 10,000 $ 10,000
4/30/2004 $ 10,277 $ 11,474 $ 11,493
4/30/2005 $ 11,563 $ 12,216 $ 12,684
4/30/2006 $ 12,811 $ 13,324 $ 13,958
4/30/2007 $ 14,430 $ 14,978 $ 15,773
4/30/2008 $ 13,879 $ 14,854 $ 16,046
4/30/2009 $ 9,745 $ 12,672 $ 13,763
4/30/2010 $ 15,660 $ 18,273 $ 19,304
4/30/2011 $ 17,923 $ 20,712 $ 21,893
4/30/2012 $ 17,545 $ 21,778 $ 22,966
4/30/2013 $ 19,654 $ 24,836 $ 26,399
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 | Semiannual Report | 4/30/13
Performance Update | 4/30/13 Class C Shares
Investment Returns
--------------------------------------------------------------------------------
The mountain chart on the right shows the change in value of a $10,000
investment made in Pioneer Global High Yield Fund, compared to that of the Bank
of America (BofA) Merrill Lynch (ML) High Yield Master II Index and the Bank of
America (BofA) Merrill Lynch (ML) Global High Yield and Emerging Markets Plus
Index.
Average Annual Total Returns
(As of April 30, 2013)
--------------------------------------------------------------------------------
If If
Period Held Redeemed
--------------------------------------------------------------------------------
Life-of-class
(11/21/03) 7.47% 7.47%
5 Years 7.29 7.29
1 Year 12.09 12.09
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated March 1, 2013)
--------------------------------------------------------------------------------
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 Yield
Pioneer Global BofA ML High Yield and Emerging Markets
High Yield Fund Master II Index Plus Index
11/30/2003 $ 10,000 $ 10,000 $ 10,000
4/30/2004 $ 10,211 $ 11,474 $ 11,493
4/30/2005 $ 11,487 $ 12,216 $ 12,684
4/30/2006 $ 12,724 $ 13,324 $ 13,958
4/30/2007 $ 14,343 $ 14,978 $ 15,773
4/30/2008 $ 13,810 $ 14,854 $ 16,046
4/30/2009 $ 9,699 $ 12,672 $ 13,763
4/30/2010 $ 15,592 $ 18,273 $ 19,304
4/30/2011 $ 17,853 $ 20,712 $ 21,893
4/30/2012 $ 17,512 $ 21,778 $ 22,966
4/30/2013 $ 19,629 $ 24,836 $ 26,399
Call 1-800-225-6292 or visit us.pioneerinvestments.com for the most recent
month-end performance results. Current performance may be lower or higher than
the performance data quoted.
The performance data quoted represents past performance, which is no guarantee
of future results. Investment return and principal value will fluctuate, and
shares, when redeemed, may be worth more or less than their original cost.
Class C shares held for less than one year are also subject to a 1% contingent
deferred sales charge (CDSC). The performance of Class C shares does not reflect
the 1% front-end sales charge in effect prior to February 1, 2004. If you paid a
1% sales charge, your returns would be lower than those shown above. "If Held"
results represent the percent change in net asset value per share. Returns would
have been lower had sales charges been reflected. All results are historical and
assume the reinvestment of dividends and capital gains. Other share classes are
available for which performance and expenses will differ.
Performance results reflect any applicable expense waivers in effect during the
periods shown. Without such waivers Fund performance would be lower. Waivers may
not be in effect for all funds. Certain fee waivers are contractual through a
specified period. Otherwise, fee waivers can be rescinded at any time. See the
prospectus and financial statements for more information.
The performance table and graph do not reflect the deduction of fees and taxes
that a shareowner would pay on Fund distributions or the redemption of Fund
shares.
Pioneer Global High Yield Fund | Semiannual Report | 4/30/13 13
Performance Update | 4/30/13 Class Y Shares
Investment Returns
--------------------------------------------------------------------------------
The mountain chart on the right shows the change in value of a $5 million
investment made in Pioneer Global High Yield Fund, compared to that of the Bank
of America (BofA) Merrill Lynch (ML) High Yield Master II Index and the Bank of
America (BofA) Merrill Lynch Global High Yield and Emerging Markets Plus Index.
Average Annual Total Returns
(As of April 30, 2013)
--------------------------------------------------------------------------------
If If
Period Held Redeemed
--------------------------------------------------------------------------------
10 Years 9.28% 9.28%
5 Years 8.34 8.34
1 Year 13.27 13.27
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated March 1, 2013)
--------------------------------------------------------------------------------
Gross
--------------------------------------------------------------------------------
0.80%
--------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $5 Million Investment
BofA ML Global High Yield
Pioneer Global BofA ML High Yield and Emerging Markets
High Yield Fund Master II Index Plus Index
4/30/2003 $ 5,000,000 $ 5,000,000 $ 5,000,000
4/30/2004 $ 5,882,265 $ 5,736,945 $ 5,746,369
4/30/2005 $ 6,671,633 $ 6,108,106 $ 6,341,810
4/30/2006 $ 7,317,040 $ 6,661,867 $ 6,978,938
4/30/2007 $ 8,341,535 $ 7,488,774 $ 7,886,569
4/30/2008 $ 8,138,611 $ 7,426,792 $ 8,023,011
4/30/2009 $ 5,794,185 $ 6,335,837 $ 6,881,655
4/30/2010 $ 9,386,624 $ 9,136,528 $ 9,651,793
4/30/2011 $ 10,833,958 $ 10,355,795 $ 10,946,641
4/30/2012 $ 10,723,319 $ 10,888,995 $ 11,482,837
4/30/2013 $ 12,145,833 $ 12,417,772 $ 13,199,476
Call 1-800-225-6292 or visit us.pioneerinvestments.com for the most recent
month-end performance results. Current performance may be lower or higher than
the performance data quoted.
The performance data quoted represents past performance, which is no guarantee
of future results. Investment return and principal value will fluctuate, and
shares, when redeemed, may be worth more or less than their original cost.
Performance shown for Class Y shares for periods prior to the inception of Class
Y shares on December 28, 2005, reflects the NAV performance of the Fund's Class
A shares. The performance does not reflect differences in expenses, including
the Rule 12b-1 fees applicable to Class A shares. Since fees for Class A shares
are generally higher than those of Class Y shares, the performance for Class Y
shares prior to their inception on December 28, 2005, would have been higher
than the performance shown. Class Y shares are not subject to sales charges and
are available for limited groups of eligible investors, including institutional
investors. All results are historical and assume the reinvestment of dividends
and capital gains. Other share classes are available for which performance and
expenses will differ.
Performance results reflect any applicable expense waivers in effect during the
periods shown. Without such waivers Fund performance would be lower. Waivers may
not be in effect for all funds. Certain fee waivers are contractual through a
specified period. Otherwise, fee waivers can be rescinded at any time. See the
prospectus and financial statements for more information.
The performance table and graph do not reflect the deduction of fees and taxes
that a shareowner would pay on Fund distributions or the redemption of Fund
shares.
14 Pioneer Global High Yield Fund | Semiannual Report | 4/30/13
Performance Update | 4/30/13 Class Z Shares
Investment Returns
--------------------------------------------------------------------------------
The mountain chart on the right shows the change in value of a $10,000
investment made in Pioneer Global High Yield Fund, compared to that of the Bank
of America (BofA) Merrill Lynch (ML) High Yield Master II Index and the Bank of
America (BofA) Merrill Lynch Global High Yield and Emerging Markets Plus Index.
Average Annual Total Returns
(As of April 30, 2013)
--------------------------------------------------------------------------------
If If
Period Held Redeemed
--------------------------------------------------------------------------------
10 Years 9.67% 9.67%
5 Years 8.70 8.70
1 Year 13.17 13.17
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated March 1, 2013)
--------------------------------------------------------------------------------
Gross
--------------------------------------------------------------------------------
0.88%
--------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $10,000 Investment
BofA ML Global High Yield
Pioneer Global BofA ML High Yield and Emerging Markets
High Yield Fund Master II Index Plus Index
4/30/2003 $ 10,000 $ 10,000 $ 10,000
4/30/2004 $ 11,765 $ 11,474 $ 11,493
4/30/2005 $ 13,343 $ 12,216 $ 12,684
4/30/2006 $ 14,891 $ 13,324 $ 13,958
4/30/2007 $ 16,921 $ 14,978 $ 15,773
4/30/2008 $ 16,594 $ 14,854 $ 16,046
4/30/2009 $ 12,043 $ 12,672 $ 13,763
4/30/2010 $ 19,490 $ 18,273 $ 19,304
4/30/2011 $ 22,556 $ 20,712 $ 21,893
4/30/2012 $ 22,247 $ 21,778 $ 22,966
4/30/2013 $ 25,176 $ 24,836 $ 26,399
Call 1-800-225-6292 or visit us.pioneerinvestments.com for the most recent
month-end performance results. Current performance may be lower or higher than
the performance data quoted.
The performance data quoted represents past performance, which is no guarantee
of future results. Investment return and principal value will fluctuate, and
shares, when redeemed, may be worth more or less than their original cost.
Performance shown for Class Z shares for periods prior to the inception of Class
Z shares on July 6, 2007, reflects the NAV performance of the Fund's Class A
shares. The performance does not reflect differences in expenses, including the
Rule 12b-1 fees applicable to Class A shares. Since fees for Class A shares are
generally higher than those of Class Z shares, the performance for Class Z
shares prior to their inception on July 6, 2007, would have been higher than the
performance shown. Class Z shares are not subject to sales charges and are
available for limited groups of eligible investors, including institutional
investors. All results are historical and assume the reinvestment of dividends
and capital gains. Other share classes are available for which performance and
expenses will differ.
Performance results reflect any applicable expense waivers in effect during the
periods shown. Without such waivers Fund performance would be lower. Waivers may
not be in effect for all funds. Certain fee waivers are contractual through a
specified period. Otherwise, fee waivers can be rescinded at any time. See the
prospectus and financial statements for more information.
The performance table and graph do not reflect the deduction of fees and taxes
that a shareowner would pay on Fund distributions or the redemption of Fund
shares.
Pioneer Global High Yield Fund | Semiannual Report | 4/30/13 15
Comparing Ongoing Fund Expenses
As a shareowner in the Fund, you incur two types of costs:
(1) ongoing costs, including management fees, distribution and/or service
(12b-1) fees, and other Fund expenses; and
(2) transaction costs, including sales charges (loads) on purchase payments.
This example is intended to help you understand your ongoing expenses (in
dollars) of investing in the Fund and to compare these costs with the ongoing
costs of investing in other mutual funds. The example is based on an investment
of $1,000 at the beginning of the Fund's latest six-month period and held
throughout the six months.
Using the Tables
--------------------------------------------------------------------------------
Actual Expenses
The first table below provides information about actual account values and
actual expenses. You may use the information in this table, together with the
amount you invested, to estimate the expenses that you paid over the period as
follows:
(1) Divide your account value by $1,000
Example: an $8,600 account value (divided by) $1,000 = 8.6
(2) Multiply the result in (1) above by the corresponding share class's number
in the third row under the heading entitled "Expenses Paid During Period" to
estimate the expenses you paid on your account during this period.
Expenses Paid on a $1,000 Investment in Pioneer Global High Yield Fund
Based on actual returns from November 1, 2012, through April 30, 2013.
--------------------------------------------------------------------------------------------------------
Share Class A B C Y Z
--------------------------------------------------------------------------------------------------------
Beginning Account $1,000.00 $1,000.00 $1,000.00 $1,000.00 $1,000.00
Value on 11/1/12
--------------------------------------------------------------------------------------------------------
Ending Account $1,066.60 $1,062.30 $1,063.20 $1,067.70 $1,067.00
Value (after expenses)
on 4/30/13
--------------------------------------------------------------------------------------------------------
Expenses Paid $ 5.64 $ 9.97 $ 9.26 $ 4.15 $ 4.46
During Period*
--------------------------------------------------------------------------------------------------------
* Expenses are equal to the Fund's annualized net expense ratio of 1.10%,
1.95%, 1.81%, 0.81%, and 0.87% 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 181/365 (to reflect the partial year period).
16 Pioneer Global High Yield Fund | Semiannual Report | 4/30/13
Hypothetical Example for Comparison Purposes
The table below provides information about hypothetical account values and
hypothetical expenses based on the Fund's actual expense ratio and an assumed
rate of return of 5% per year before expenses, which is not the Fund's actual
return. The hypothetical account values and expenses may not be used to estimate
the actual ending account balance or expenses you paid for the period.
You may use this information to compare the ongoing costs of investing in the
Fund and other funds. To do so, compare this 5% hypothetical example with the 5%
hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the tables are meant to highlight your
ongoing costs only and do not reflect any transaction costs, such as sales
charges (loads) that are charged at the time of the transaction. Therefore, the
table below is useful in comparing ongoing costs only and will not help you
determine the relative total costs of owning different funds. In addition, if
these transaction costs were included, your costs would have been higher.
Expenses Paid on a $1,000 Investment in Pioneer Global High Yield Fund
Based on a hypothetical 5% return per year before expenses, reflecting the
period from November 1, 2012, through April 30, 2013.
-------------------------------------------------------------------------------------------------------
Share Class A B C Y Z
-------------------------------------------------------------------------------------------------------
Beginning Account $1,000.00 $1,000.00 $1,000.00 $1,000.00 $1,000.00
Value on 11/1/12
-------------------------------------------------------------------------------------------------------
Ending Account $1,019.34 $1,015.12 $1,015.82 $1,020.78 $1,020.48
Value (after expenses)
on 4/30/13
-------------------------------------------------------------------------------------------------------
Expenses Paid $ 5.51 $ 9.74 $ 9.05 $ 4.06 $ 4.36
During Period*
-------------------------------------------------------------------------------------------------------
* Expenses are equal to the Fund's annualized net expense ratio of 1.10%,
1.95%,1.81%, 0.81%, and 0.87% 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 181/365 (to reflect the partial year period).
Pioneer Global High Yield Fund | Semiannual Report | 4/30/13 17
Schedule of Investments | 4/30/13 (unaudited)
---------------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate (b) Ratings Value
---------------------------------------------------------------------------------------------------------
CONVERTIBLE CORPORATE BONDS -- 5.8%
ENERGY -- 1.5%
Oil & Gas Drilling -- 0.1%
2,475,000 NR/NR Vantage Drilling Co., 7.875%,
9/1/42 $ 2,802,938
---------------------------------------------------------------------------------------------------------
Oil & Gas Exploration &
Production -- 0.7%
4,130,000 BB-/Ba3 Chesapeake Energy Corp., 2.5%,
5/15/37 $ 3,944,150
9,000,000 NR/NR Cobalt International Energy, Inc.,
2.625%, 12/1/19 10,063,125
--------------
$ 14,007,275
---------------------------------------------------------------------------------------------------------
Coal & Consumable Fuels -- 0.7%
14,830,000 B+/NR Alpha Appalachia Holdings, Inc.,
3.25%, 8/1/15 $ 14,088,500
1,305,000 CC/B2 James River Coal Co., 3.125%,
3/15/18 238,162
--------------
$ 14,326,662
--------------
Total Energy $ 31,136,875
---------------------------------------------------------------------------------------------------------
MATERIALS -- 0.6%
Construction Materials -- 0.6%
10,300,000 NR/NR Cemex SAB de CV, 3.75%, 3/15/18 $ 13,570,250
---------------------------------------------------------------------------------------------------------
Forest Products -- 0.0%+
12,150,000 NR/WR Sino-Forest Corp., 5.0%, 8/1/13 $ 60,750
--------------
Total Materials $ 13,631,000
---------------------------------------------------------------------------------------------------------
CAPITAL GOODS -- 0.1%
Electrical Components &
Equipment -- 0.1%
1,250,000 B/B2 General Cable Corp., 4.5%,
11/15/29 (Step) $ 1,521,094
--------------
Total Capital Goods $ 1,521,094
---------------------------------------------------------------------------------------------------------
AUTOMOBILES & COMPONENTS -- 0.9%
Automobile Manufacturers -- 0.9%
12,029,000 BB+/Baa3 Ford Motor Co., 4.25%, 11/15/16 $ 19,802,741
--------------
Total Automobiles & Components $ 19,802,741
---------------------------------------------------------------------------------------------------------
CONSUMER DURABLES & APPAREL -- 0.3%
Homebuilding -- 0.3%
4,640,000 B/B2 KB Home, 1.375%, 2/1/19 $ 5,379,500
--------------
Total Consumer Durables & Apparel $ 5,379,500
---------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
18 Pioneer Global High Yield Fund | Semiannual Report | 4/30/13
---------------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate (b) Ratings Value
---------------------------------------------------------------------------------------------------------
FOOD, BEVERAGE & TOBACCO -- 0.1%
Tobacco -- 0.1%
1,635,000 CCC+/Caa2 Alliance One International, Inc.,
5.5%, 7/15/14 $ 1,649,306
--------------
Total Food, Beverage & Tobacco $ 1,649,306
---------------------------------------------------------------------------------------------------------
REAL ESTATE -- 0.1%
Real Estate Operating
Companies -- 0.1%
2,805,000 B/B3 Forest City Enterprises, Inc., 4.25%,
8/15/18 $ 3,167,897
--------------
Total Real Estate $ 3,167,897
---------------------------------------------------------------------------------------------------------
SOFTWARE & SERVICES -- 0.5%
Internet Software &
Services -- 0.1%
3,485,000 NR/NR WebMD Health Corp., 2.5%, 1/31/18 $ 3,193,131
---------------------------------------------------------------------------------------------------------
Application Software -- 0.4%
1,025,000 NR/NR Mentor Graphics Corp., 4.0%, 4/1/31 $ 1,208,859
6,365,000 BB-/NR Nuance Communications, Inc.,
2.75%, 11/1/31 6,647,447
--------------
$ 7,856,306
--------------
Total Software & Services $ 11,049,437
---------------------------------------------------------------------------------------------------------
TECHNOLOGY HARDWARE & EQUIPMENT -- 0.5%
Computer Storage &
Peripherals -- 0.4%
6,435,000 BB/NR SanDisk Corp., 1.5%, 8/15/17 $ 8,092,012
---------------------------------------------------------------------------------------------------------
Electronic Components -- 0.1%
1,605,000 BB+/NR Vishay Intertechnology, Inc., 2.25%,
5/15/41 (144A) $ 1,510,706
--------------
Total Technology Hardware
& Equipment $ 9,602,718
---------------------------------------------------------------------------------------------------------
SEMICONDUCTORS & SEMICONDUCTOR
EQUIPMENT -- 1.2%
Semiconductor Equipment -- 0.6%
3,400,000 BBB-/Baa1 Lam Research Corp., 1.25%, 5/15/18 $ 3,876,000
5,515,000 BBB-/NR Novellus Systems, Inc., 2.625%,
5/15/41 8,155,306
--------------
$ 12,031,306
---------------------------------------------------------------------------------------------------------
Semiconductors -- 0.6%
4,650,000 NR/NR JA Solar Holdings Co., Ltd., 4.5%,
5/15/13 $ 4,394,250
10,750,000 NR/NR ReneSola, Ltd., 4.125%, 3/15/18
(144A) 5,529,531
The accompanying notes are an integral part of these financial statements.
Pioneer Global High Yield Fund | Semiannual Report | 4/30/13 19
Schedule of Investments | 4/30/13 (unaudited) (continued)
---------------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate (b) Ratings Value
---------------------------------------------------------------------------------------------------------
Semiconductors -- (continued)
2,182,000 NR/NR SunPower Corp., 4.75%, 4/15/14 $ 2,216,094
5,230,000 NR/NR Suntech Power Holdings Co., Ltd.,
3.0%, 3/15/13 (c) 1,451,325
--------------
$ 13,591,200
--------------
Total Semiconductors &
Semiconductor Equipment $ 25,622,506
---------------------------------------------------------------------------------------------------------
TOTAL CONVERTIBLE
CORPORATE BONDS
(Cost $114,366,901) $ 122,563,074
---------------------------------------------------------------------------------------------------------
Shares
---------------------------------------------------------------------------------------------------------
PREFERRED STOCKS -- 1.3%
ENERGY -- 0.2%
Oil & Gas Storage &
Transportation -- 0.2%
131,100 7.62 B+/Ba2 NuStar Logistics LP, Floating Rate
Note, 1/15/43 $ 3,605,250
--------------
Total Energy $ 3,605,250
---------------------------------------------------------------------------------------------------------
CONSUMER SERVICES -- 0.1%
Hotels, Resorts & Cruise
Lines -- 0.1%
17,350 NR/NR Perseus Holding Corp., 14.0%,
4/15/14 (144A) $ 1,431,375
--------------
Total Consumer Services $ 1,431,375
---------------------------------------------------------------------------------------------------------
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 $ 9,739,884
---------------------------------------------------------------------------------------------------------
Consumer Finance -- 0.1%
3,100 CCC+/B3 Ally Financial, Inc., 7.0% (Perpetual)
(144A) $ 3,059,410
--------------
Total Diversified Financials $ 12,799,294
---------------------------------------------------------------------------------------------------------
INSURANCE -- 0.2%
Reinsurance -- 0.2%
4,500,000 0.00 NR/NR Altair RE, Floating Rate Note,
4/30/16 $ 4,521,600
--------------
Total Insurance $ 4,521,600
---------------------------------------------------------------------------------------------------------
UTILITIES -- 0.2%
Electric Utilities -- 0.2%
212,000 BB+/Ba1 PPL Capital Funding, Inc., 5.9%,
4/30/73 $ 5,562,880
--------------
Total Utilities $ 5,562,880
---------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
20 Pioneer Global High Yield Fund | Semiannual Report | 4/30/13
---------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Shares Rate (b) Ratings Value
---------------------------------------------------------------------------------------------------------
TOTAL PREFERRED STOCKS
(Cost $24,757,855) $ 27,920,399
---------------------------------------------------------------------------------------------------------
CONVERTIBLE PREFERRED STOCK -- 0.0%+
BANKS -- 0.0%+
Diversified Banks -- 0.0%+
445 BBB+/Ba1 Wells Fargo & Co., 7.5% (Perpetual) $ 587,289
---------------------------------------------------------------------------------------------------------
TOTAL CONVERTIBLE PREFERRED STOCK
(Cost $467,249) $ 587,289
---------------------------------------------------------------------------------------------------------
COMMON STOCKS -- 0.9%
ENERGY -- 0.1%
Oil & Gas Drilling -- 0.1%
46,147 Rowan Companies Plc* $ 1,501,162
---------------------------------------------------------------------------------------------------------
Oil & Gas Exploration &
Production -- 0.0%+
1 Norse Energy Corp ASA* $ 0
--------------
Total Energy $ 1,501,162
---------------------------------------------------------------------------------------------------------
MATERIALS -- 0.3%
Diversified Metals & Mining -- 0.2%
6,615,974 Blaze Recycling & Metals LLC
(Class A) Units (d)* $ 727,757
95,846 Freeport-McMoRan Copper & Gold, Inc. 2,916,594
--------------
$ 3,644,351
---------------------------------------------------------------------------------------------------------
Steel -- 0.1%
134,106 Vale SA (A.D.R.) $ 2,180,564
---------------------------------------------------------------------------------------------------------
Forest Products -- 0.0%+
244,090 Ainsworth Lumber Co., Ltd.* $ 944,724
14,559,000 Sino-Forest Corp.* 72,795
--------------
$ 1,017,519
--------------
Total Materials $ 6,842,434
---------------------------------------------------------------------------------------------------------
CAPITAL GOODS -- 0.0%+
Building Products -- 0.0%+
894 Panolam Holdings Co.* $ 715,200
--------------
Total Capital Goods $ 715,200
---------------------------------------------------------------------------------------------------------
TRANSPORTATION -- 0.2%
Marine -- 0.2%
2,370,345 Horizon Lines, Inc.* $ 3,318,483
--------------
Total Transportation $ 3,318,483
---------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Global High Yield Fund | Semiannual Report | 4/30/13 21
Schedule of Investments | 4/30/13 (unaudited) (continued)
---------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Shares Rate (b) Ratings Value
---------------------------------------------------------------------------------------------------------
AUTOMOBILES & COMPONENTS -- 0.0%+
Auto Parts & Equipment -- 0.0%+
7,541 Lear Corp. $ 435,719
--------------
Total Automobiles & Components $ 435,719
---------------------------------------------------------------------------------------------------------
CONSUMER DURABLES & APPAREL -- 0.1%
Leisure Products -- 0.1%
4,074,747 Emerald Plantation Holdings, Ltd.* $ 1,426,161
--------------
Total Consumer Durables & Apparel $ 1,426,161
---------------------------------------------------------------------------------------------------------
DIVERSIFIED FINANCIALS -- 0.2%
Other Diversified Financial
Services -- 0.2%
24,638 BTA Bank JSC (G.D.R.) (144A)* $ 17,914
33,500 Lorenz Re* 3,350,000
--------------
$ 3,367,914
--------------
Total Diversified Financials $ 3,367,914
---------------------------------------------------------------------------------------------------------
REAL ESTATE -- 0.0%+
Real Estate Development -- 0.0%+
161,215 Newhall Land Development LLC* $ 411,098
--------------
Total Real Estate $ 411,098
---------------------------------------------------------------------------------------------------------
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 $27,195,514) $ 18,100,786
---------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------
Principal
Amount ($)
---------------------------------------------------------------------------------------------------------
ASSET BACKED SECURITIES -- 1.4%
MATERIALS -- 0.1%
Aluminum -- 0.1%
1,500,000 6.55 B-/B3 Security National Mortgage Loan
Trust 2007-1, Floating Rate Note,
4/25/37 (144A) $ 1,470,306
---------------------------------------------------------------------------------------------------------
Steel -- 0.0%+
448,469 0.29 CCC/Ca ACE Securities Corp Home Equity
Loan Trust Series 2007-HE1,
Floating Rate Note, 1/25/37 $ 151,012
The accompanying notes are an integral part of these financial statements.
22 Pioneer Global High Yield Fund | Semiannual Report | 4/30/13
---------------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate (b) Ratings Value
---------------------------------------------------------------------------------------------------------
Steel -- (continued)
1,350,000 1.25 AA+/A3 Bear Stearns Asset Backed
Securities I Trust 2004-BO1,
Floating Rate Note, 10/25/34 $ 1,278,837
--------------
$ 1,429,849
--------------
Total Materials $ 2,900,155
---------------------------------------------------------------------------------------------------------
BANKS -- 0.7%
Thrifts & Mortgage Finance -- 0.7%
921,817 1.48 CCC/Caa3 Amortizing Residential Collateral
Trust 2002-BC1, Floating Rate Note,
1/25/32 $ 542,492
675,000 BB/NR CarNow Auto Receivables Trust
2012-1, 6.9%, 11/15/16 (144A) 676,930
8,090,000 0.40 CCC/Caa2 Carrington Mortgage Loan Trust
Series 2007-FRE1, Floating Rate
Note, 2/25/37 7,144,417
1,700,000 1.18 CCC/Caa1 Countrywide Asset-Backed
Certificates, Floating Rate Note,
11/25/34 1,417,477
740,554 0.33 B-/B3 GSAMP Trust 2006-HE8, Floating
Rate Note, 1/25/37 702,698
4,000,000 BBB/NR Leaf Receivables Funding 4 LLC,
5.5%, 2/20/22 (144A) 3,780,800
927,495 0.36 BB+/Ba1 RAMP Series 2006-RZ3 Trust,
Floating Rate Note, 8/25/36 871,846
--------------
$ 15,136,660
--------------
Total Banks $ 15,136,660
---------------------------------------------------------------------------------------------------------
DIVERSIFIED FINANCIALS -- 0.6%
Other Diversified Financial
Services -- 0.2%
7,969,931 0.68 CCC/Caa1 Aircraft Finance Trust, Floating Rate
Note, 5/15/24 (144A) $ 3,666,168
426,040 BB/NR Sierra Timeshare 2011-3
Receivables Funding LLC, 9.31%,
7/20/28 (144A) 441,725
--------------
$ 4,107,893
---------------------------------------------------------------------------------------------------------
Specialized Finance -- 0.4%
9,970,451 0.59 CCC+/Caa2 Lease Investment Flight Trust,
Floating Rate Note, 7/15/31 $ 7,328,282
868,435 0.63 CCC+/Caa2 Lease Investment Flight Trust,
Floating Rate Note, 7/15/31 638,300
--------------
$ 7,966,582
--------------
Total Diversified Financials $ 12,074,475
---------------------------------------------------------------------------------------------------------
TOTAL ASSET BACKED SECURITIES
(Cost $26,788,446) $ 30,111,290
---------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Global High Yield Fund | Semiannual Report | 4/30/13 23
Schedule of Investments | 4/30/13 (unaudited) (continued)
---------------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate (b) Ratings Value
---------------------------------------------------------------------------------------------------------
COLLATERALIZED MORTGAGE
OBLIGATIONS -- 1.2%
BANKS -- 0.5%
Thrifts & Mortgage Finance -- 0.5%
186,361 6.85 B/NR COMM 2000-C1 Mortgage Trust,
Floating Rate Note, 8/15/33 (144A) $ 185,932
1,700,000 NR/NR Extended Stay America Trust
2013-ESH MZ, 7.625%, 12/5/19
(144A) 1,831,988
373,485 5.67 NR/NR First Horizon Mortgage Pass-Through
Trust 2004-6, Floating Rate Note,
11/25/34 352,777
752,300 5.73 B/NR GSR Mortgage Loan Trust 2004-3F,
Floating Rate Note, 2/25/34 733,578
2,829,942 4.62 BB/Caa3 JP Morgan Mortgage Trust 2005-A1,
Floating Rate Note, 2/25/35 2,360,520
4,315,000 BB/B1 Timberstar Trust, 7.53%, 10/15/36
(144A) 4,466,901
--------------
$ 9,931,696
--------------
Total Banks $ 9,931,696
---------------------------------------------------------------------------------------------------------
DIVERSIFIED FINANCIALS -- 0.2%
Other Diversified Financial
Services -- 0.0%+
784,214 NR/Caa1 CSMC Mortgage-Backed Trust 2007-3,
5.0%, 4/25/37 $ 785,516
---------------------------------------------------------------------------------------------------------
Investment Banking & Brokerage -- 0.2%
3,450,000 6.94 BBB-/NR Bear Stearns Commercial Mortgage
Sec Inc Series 2001-top2, Floating
Rate Note, 2/15/35 (144A) $ 3,453,202
--------------
Total Diversified Financials $ 4,238,718
---------------------------------------------------------------------------------------------------------
REAL ESTATE -- 0.4%
Mortgage REIT -- 0.4%
1,012,766 2.43 BBB-/B2 American Home Mortgage Investment
Trust 2005-1, Floating Rate Note,
6/25/45 $ 974,336
1,502,000 5.14 CCC/B3 Credit Suisse First Boston Mortgage
Securities Corp., Floating Rate Note,
10/15/39 (144A) 1,412,185
9,000,000 7.08 D/NR Credit Suisse First Boston Mortgage
Securities Corp., Floating Rate Note,
12/15/35 (144A) 7,091,100
--------------
$ 9,477,621
--------------
Total Real Estate $ 9,477,621
---------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
24 Pioneer Global High Yield Fund | Semiannual Report | 4/30/13
---------------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate (b) Ratings Value
---------------------------------------------------------------------------------------------------------
GOVERNMENT -- 0.1%
19,261,114 1.28 NR/Aaa Government National Mortgage
Association, Floating Rate Note,
10/16/52 (f) $ 1,095,726
--------------
Total Government $ 1,095,726
---------------------------------------------------------------------------------------------------------
TOTAL COLLATERALIZED
MORTGAGE OBLIGATIONS
(Cost $26,543,332) $ 24,743,761
---------------------------------------------------------------------------------------------------------
CORPORATE BONDS -- 72.2%
ENERGY -- 8.6%
Oil & Gas Drilling -- 1.2%
1,250,000 B/B3 Hercules Offshore, Inc., 10.5%,
10/15/17 (144A) $ 1,359,375
8,900,000 CCC+/Caa3 Ocean Rig UDW, Inc., 9.5%,
4/27/16 (144A) 9,389,500
6,395,000 B+/B2 Pioneer Energy Services Corp.,
9.875%, 3/15/18 7,026,506
2,835,000 B/B1 Shelf Drilling Holdings, Ltd., 8.625%,
11/1/18 (144A) 3,033,450
3,765,000 BB-/B2 Unit Corp., 6.625%, 5/15/21 4,028,550
--------------
$ 24,837,381
---------------------------------------------------------------------------------------------------------
Oil & Gas Equipment & Services -- 0.2%
1,297,000 B/B3 Expro Finance Luxembourg SCA,
8.5%, 12/15/16 (144A) $ 1,384,548
54,000 NR/NR Green Field Energy Services, Inc.,
13.25%, 11/15/16 (144A) 55,620
2,275,000 CCC/Caa2 Green Field Energy Services, Inc.,
13.25%, 11/15/16 (144A) 2,343,250
--------------
$ 3,783,418
---------------------------------------------------------------------------------------------------------
Oil & Gas Exploration &
Production -- 4.9%
2,000,000 B-/B3 Carrizo Oil & Gas, Inc., 7.5%,
9/15/20 $ 2,170,000
2,870,000 B-/B3 Carrizo Oil & Gas, Inc., 8.625%,
10/15/18 3,178,525
4,740,000 B-/B3 Comstock Resources, Inc., 7.75%,
4/1/19 5,071,800
13,700,000 B/B2 EP Energy LLC, 9.375%, 5/1/20 15,960,500
2,080,000 B/B3 EPE Holdings LLC, 8.125%,
12/15/17 (144A) (PIK) 2,215,200
4,980,000 B-/Caa1 EPL Oil & Gas, Inc., 8.25%,
2/15/18 (144A) 5,353,500
3,260,000 B/NR GeoPark Latin America, Ltd., Agencia
en Chile, 7.5%, 2/11/20 (144A) 3,365,950
The accompanying notes are an integral part of these financial statements.
Pioneer Global High Yield Fund | Semiannual Report | 4/30/13 25
Schedule of Investments | 4/30/13 (unaudited) (continued)
---------------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate (b) Ratings Value
---------------------------------------------------------------------------------------------------------
Oil & Gas Exploration &
Production -- (continued)
5,035,000 CCC/Caa1 Goodrich Petroleum Corp., 8.875%,
3/15/19 $ 5,286,750
4,990,000 CCC+/B3 Gulfport Energy Corp., 7.75%,
11/1/20 (144A) 5,376,725
6,250,000 CCC+/Caa1 Halcon Resources Corp., 8.875%,
5/15/21 (144A) 6,703,125
1,000,000 BBB-/Baa3 KazMunayGas National Co., JSC,
4.4%, 4/30/23 (144A) 1,010,000
5,215,000 B-/B3 Kodiak Oil & Gas Corp., 8.125%,
12/1/19 5,932,062
5,800,000 B/B2 Linn Energy LLC, 6.25%,
11/1/19 (144A) 6,061,000
12,850,000 B+/NR MIE Holdings Corp., 9.75%,
5/12/16 (144A) 13,942,250
NOK 12,000,000 NR/NR Norwegian Energy Co., AS, 10.25%,
4/27/16 2,087,098
NOK 10,500,000 NR/NR Norwegian Energy Co., AS, 12.9%,
11/20/14 1,884,760
2,840,000 B/B3 Oasis Petroleum, Inc., 6.5%, 11/1/21 3,124,000
1,920,000 B-/B3 Samson Investment Co., 9.75%,
2/15/20 (144A) 2,040,000
3,800,000 B-/B3 Stone Energy Corp., 7.5%, 11/15/22 4,161,000
2,919,000 B-/B3 Stone Energy Corp., 8.625%, 2/1/17 3,145,222
3,020,000 CCC+/Caa1 Talos Production LLC, 9.75%,
2/15/18 (144A) 2,974,700
CAD 2,775,000 B/NR Trilogy Energy Corp., 7.25%,
12/13/19 (144A) 2,864,090
--------------
$ 103,908,257
---------------------------------------------------------------------------------------------------------
Oil & Gas Storage &
Transportation -- 0.5%
2,030,000 7.00 BBB-/Baa2 Enterprise Products Operating LLC,
Floating Rate Note, 6/1/67 $ 2,192,400
NOK 12,000,000 7.04 NR/NR Golar LNG Partners LP, Floating Rate
Note, 10/12/17 2,120,950
6,220,000 BB+/Ba3 Sabine Pass Liquefaction LLC,
5.625%, 2/1/21 (144A) 6,437,700
950,000 3.32 BB/Ba1 Southern Union Co., Floating Rate
Note, 11/1/66 827,688
--------------
$ 11,578,738
---------------------------------------------------------------------------------------------------------
Coal & Consumable Fuels -- 1.8%
815,000 B+/B2 Alpha Natural Resources, Inc., 6.0%,
6/1/19 $ 762,025
11,063,000 BB-/B1 Berau Capital Resources Pte, Ltd.,
12.5%, 7/8/15 (144A) 11,782,095
3,750,000 BB-/B1 Berau Coal Energy Tbk PT, 7.25%,
3/13/17 (144A) 3,721,875
The accompanying notes are an integral part of these financial statements.
26 Pioneer Global High Yield Fund | Semiannual Report | 4/30/13
---------------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate (b) Ratings Value
---------------------------------------------------------------------------------------------------------
Coal & Consumable
Fuels -- (continued)
12,200,000 B/B2 Bumi Capital Pte, Ltd., 12.0%,
11/10/16 (144A) $ 10,461,500
1,900,000 NR/B1 Indo Energy Finance II BV, 6.375%,
1/24/23 (144A) 1,930,780
4,435,000 CCC+/B3 James River Coal Co., 7.875%, 4/1/19 1,840,525
2,706,000 B/B3 Murray Energy Corp., 10.25%,
10/15/15 (144A) 2,760,120
EURO 1,650,000 B-/B3 New World Resources NV, 7.875%,
1/15/21 (144A) 1,742,262
2,070,000 B-/B2 Penn Virginia Resource Partners LP,
8.25%, 4/15/18 2,209,725
--------------
$ 37,210,907
--------------
Total Energy $ 181,318,701
---------------------------------------------------------------------------------------------------------
MATERIALS -- 10.7%
Commodity Chemicals -- 1.8%
11,343,000 BBB-/WR Basell Finance Co., BV, 8.1%,
3/15/27 (144A) $ 15,624,982
5,715,000 B-/NR Hexion US Finance Corp., 6.625%,
4/15/20 (144A) 5,957,888
EURO 2,500,000 CCC/B3 KP Germany Erste GmbH, 11.625%,
7/15/17 (144A) 3,717,793
11,320,000 BB-/B1 Rain CII Carbon LLC, 8.0%, 12/1/18
(144A) 12,084,100
615,000 B-/Caa1 US Coatings Acquisition, Inc.,
7.375%, 5/1/21 (144A) 656,512
--------------
$ 38,041,275
---------------------------------------------------------------------------------------------------------
Diversified Chemicals -- 0.7%
EURO 10,935,000 B-/Caa1 INEOS Group Holdings SA, 7.875%,
2/15/16 (144A) $ 14,622,082
800,000 B-/Caa1 INEOS Group Holdings SA, 8.5%,
2/15/16 (144A) 813,000
--------------
$ 15,435,082
---------------------------------------------------------------------------------------------------------
Fertilizers & Agricultural
Chemicals -- 0.1%
1,100,000 BB/NR EuroChem Mineral & Chemical Co
OJSC via EuroChem GI, Ltd., 5.125%,
12/12/17 (144A) $ 1,126,400
---------------------------------------------------------------------------------------------------------
Construction Materials -- 1.2%
12,050,000 C/Caa3 AGY Holding Corp., 11.0%,
11/15/14 $ 6,205,750
4,275,000 B/NR Cemex Espana Luxembourg, 9.875%,
4/30/19 (144A) 4,894,875
9,006,000 B/NR Cemex Finance LLC, 9.5%, 12/14/16
(144A) 9,681,450
The accompanying notes are an integral part of these financial statements.
Pioneer Global High Yield Fund | Semiannual Report | 4/30/13 27
Schedule of Investments | 4/30/13 (unaudited) (continued)
---------------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate (b) Ratings Value
---------------------------------------------------------------------------------------------------------
Construction Materials -- (continued)
3,750,000 B/NR Cemex SAB de CV, 9.0%, 1/11/18
(144A) $ 4,087,500
--------------
$ 24,869,575
---------------------------------------------------------------------------------------------------------
Metal & Glass Containers -- 1.3%
4,105,000 B-/B3 AEP Industries, Inc., 8.25%,
4/15/19 $ 4,474,450
10,095,892 CCC+/Caa1 ARD Finance SA, 11.125%, 6/1/18
(144A) (PIK) 11,370,498
3,200,000 CCC+/B3 Ardagh Packaging Finance Plc, 7.0%,
11/15/20 (144A) 3,384,000
5,000,000 CCC+/B3 Ardagh Packaging Finance Plc,
9.125%, 10/15/20 (144A) 5,650,000
EURO 2,100,000 CCC+/B3 Ardagh Packaging Finance Plc,
9.25%, 10/15/20 (144A) 3,067,130
--------------
$ 27,946,078
---------------------------------------------------------------------------------------------------------
Diversified Metals & Mining -- 1.9%
10,175,000 CCC/Caa2 Midwest Vanadium Pty, Ltd., 11.5%,
2/15/18 (144A) $ 6,613,750
11,725,000 B-/Caa1 Mirabela Nickel, Ltd., 8.75%,
4/15/18 (144A) 9,966,250
5,300,000 CCC+/B3 Molycorp, Inc., 10.0%, 6/1/20 5,194,000
1,700,000 B+/B2 Mongolian Mining Corp., 8.875%,
3/29/17 (144A) 1,740,460
1,560,000 B/Caa1 Prince Mineral Holding Corp., 11.5%,
12/15/19 (144A) 1,739,400
12,660,000 BB/Ba3 Vedanta Resources Plc, 8.25%,
6/7/21 (144A) 13,799,400
1,080,000 BB/Ba3 Vedanta Resources Plc, 9.5%,
7/18/18 (144A) 1,236,600
--------------
$ 40,289,860
---------------------------------------------------------------------------------------------------------
Steel -- 2.7%
9,410,000 CCC/Caa2 Essar Steel Algoma, Inc., 9.875%,
6/15/15 (144A) $ 7,433,900
11,475,000 B/Caa1 Ferrexpo Finance Plc, 7.875%,
4/7/16 (144A) 11,388,938
4,340,000 B/B3 JMC Steel Group, Inc., 8.25%,
3/15/18 (144A) 4,540,725
1,800,000 BB-/Ba2 Metalloinvest Finance, Ltd., 5.625%,
4/17/20 (144A) 1,797,390
10,460,000 NR/Ba2 Metalloinvest Finance, Ltd., 6.5%,
7/21/16 (144A) 11,061,450
7,620,000 NR/B3 Metinvest BV, 10.25%,
5/20/15 (144A) 8,134,350
11,550,000 NR/B3 Metinvest BV, 8.75%, 2/14/18 (144A) 11,781,000
--------------
$ 56,137,753
---------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
28 Pioneer Global High Yield Fund | Semiannual Report | 4/30/13
---------------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate (b) Ratings Value
---------------------------------------------------------------------------------------------------------
Forest Products -- 0.1%
4,405,131 NR/NR Emerald Plantation Holdings, Ltd.,
6.0%, 1/15/20 $ 2,753,207
---------------------------------------------------------------------------------------------------------
Paper Products -- 0.9%
13,490,000 B+/B1 Grupo Papelero Scribe SA de CV,
8.875%, 4/7/20 (144A) $ 13,355,100
5,685,000 BB-/Ba3 Resolute Forest Products, Inc.,
5.875%, 5/15/23 (144A) 5,613,938
--------------
$ 18,969,038
--------------
Total Materials $ 225,568,268
---------------------------------------------------------------------------------------------------------
CAPITAL GOODS -- 5.5%
Aerospace & Defense -- 0.7%
3,180,000 BB/Ba2 Bombardier, Inc., 6.125%, 1/15/23
(144A) $ 3,438,375
3,070,000 BB/B1 DigitalGlobe, Inc., 5.25%, 2/1/21
(144A) 3,100,700
5,408,000 B-/B2 DynCorp International, Inc.,
10.375%, 7/1/17 5,340,400
1,995,000 CCC+/Caa1 Silver II Borrower, 7.75%, 12/15/20
(144A) 2,139,638
--------------
$ 14,019,113
---------------------------------------------------------------------------------------------------------
Building Products -- 0.2%
4,050,000 NR/Ba2 China Liansu Group Holdings, Ltd.,
7.875%, 5/13/16 (144A) $ 4,313,250
---------------------------------------------------------------------------------------------------------
Construction & Engineering -- 1.3%
6,900,000 B/B2 Abengoa Finance SAU, 8.875%,
11/1/17 (144A) $ 6,624,000
2,230,000 BB-/Ba3 Dycom Investments, Inc., 7.125%,
1/15/21 2,408,400
7,900,000 B+/B1 Empresas ICA SAB de CV, 8.9%,
2/4/21 (144A) 7,663,000
9,175,000 CC/Caa3 New Enterprise Stone & Lime Co.,
Inc., 11.0%, 9/1/18 6,078,438
4,400,000 BB-/NR OAS Investments GmbH, 8.25%,
10/19/19 (144A) 4,606,800
--------------
$ 27,380,638
---------------------------------------------------------------------------------------------------------
Electrical Components & Equipment -- 0.4%
EURO 2,000,000 B+/Ba2 Belden, Inc., 5.5%, 4/15/23 (144A) $ 2,698,837
4,120,000 B/B3 Coleman Cable, Inc., 9.0%, 2/15/18 4,459,900
1,540,000 B/B3 WireCo WorldGroup, Inc., 9.5%,
5/15/17 1,593,900
--------------
$ 8,752,637
---------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Global High Yield Fund | Semiannual Report | 4/30/13 29
Schedule of Investments | 4/30/13 (unaudited) (continued)
---------------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate (b) Ratings Value
---------------------------------------------------------------------------------------------------------
Industrial Conglomerates -- 0.7%
2,980,000 B+/B2 JB Poindexter & Co., Inc., 9.0%,
4/1/22 (144A) $ 3,132,725
EURO 1,600,000 BB-/Ba3 Mark IV Europe Lux SCA, 8.875%,
12/15/17 (144A) 2,286,860
1,200,000 CCC+/B3 Park-Ohio Industries, Inc., 8.125%,
4/1/21 1,323,000
7,300,000 BBB/Baa3 Votorantim Cimentos SA, 7.25%,
4/5/41 (144A) 8,303,750
--------------
$ 15,046,335
---------------------------------------------------------------------------------------------------------
Construction & Farm Machinery
& Heavy Trucks -- 0.6%
8,405,000 CCC+/B3 Navistar International Corp., 8.25%,
11/1/21 $ 8,751,706
4,400,000 NR/NR OSX 3 Leasing BV, 9.25%, 3/20/15
(144A) 4,070,000
--------------
$ 12,821,706
---------------------------------------------------------------------------------------------------------
Industrial Machinery -- 1.1%
5,075,000 B/B2 Constellation Enterprises LLC,
10.625%, 2/1/16 (144A) $ 5,385,844
5,322,000 NR/WR Indalex Holding Corp., 11.5%,
2/1/14 (c) 39,915
5,080,000 B/Caa2 Liberty Tire Recycling, 11.0%,
10/1/16 (144A) 5,207,000
14,600,000 B/NR WPE International Cooperatief UA,
10.375%, 9/30/20 (144A) 13,359,000
--------------
$ 23,991,759
---------------------------------------------------------------------------------------------------------
Trading Companies & Distributors -- 0.5%
9,497,000 B-/B3 INTCOMEX, Inc., 13.25%, 12/15/14 $ 9,591,970
--------------
Total Capital Goods $ 115,917,408
---------------------------------------------------------------------------------------------------------
COMMERCIAL SERVICES & SUPPLIES -- 0.3%
Environmental & Facilities
Services -- 0.0%+
6,510,000 NR/WR Old AII, Inc., 10.0%, 12/15/16 (e) $ 13,020
---------------------------------------------------------------------------------------------------------
Diversified Support Services -- 0.3%
6,365,000 B-/Caa1 ADS Tactical, Inc., 11.0%, 4/1/18
(144A) $ 6,333,175
--------------
Total Commercial Services
& Supplies $ 6,346,195
---------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
30 Pioneer Global High Yield Fund | Semiannual Report | 4/30/13
---------------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate (b) Ratings Value
---------------------------------------------------------------------------------------------------------
TRANSPORTATION -- 2.8%
Air Freight & Logistics -- 0.3%
7,061,000 D/C CEVA Group Plc, 11.5%, 4/1/18
(144A) (c) $ 4,589,650
2,445,000 C/Caa2 CEVA Group Plc, 11.625%, 10/1/16
(144A) 2,527,519
--------------
$ 7,117,169
---------------------------------------------------------------------------------------------------------
Airlines -- 0.7%
1,213,302 BB+/Ba2 Continental Airlines 1998-1 Class B
Pass Through Trust, 6.748%,
3/15/17 $ 1,277,001
2,125,000 BBB-/Ba2 Continental Airlines 2012-1 Class B
Pass Through Trust, 6.25%,
4/11/20 2,231,250
7,363,000 B-/NR Gol Finance, 9.25%, 7/20/20
(144A) 6,571,478
4,250,000 BB-/NR TAM Capital 3, Inc., 8.375%, 6/3/21
(144A) 4,717,500
--------------
$ 14,797,229
---------------------------------------------------------------------------------------------------------
Marine -- 0.4%
2,100,000 NR/NR Far Eastern Shipping Co., 8.0%,
5/2/18 (144A) $ 2,112,882
1,345,000 B+/B3 Navios South American Logistics, Inc.,
9.25%, 4/15/19 1,469,412
3,540,000 NR/NR Navios South American Logistics, Inc.,
9.25%, 4/15/19 (144A) 3,867,450
--------------
$ 7,449,744
---------------------------------------------------------------------------------------------------------
Railroads -- 0.1%
2,606,147 CCC/Caa3 Florida East Coast Holdings Corp.,
10.5%, 8/1/17 (PIK) $ 2,710,393
---------------------------------------------------------------------------------------------------------
Trucking -- 0.9%
6,600,000 BB-/Ba3 Aeropuertos Dominicanos Siglo XXI
SA, 9.25%, 11/13/19 $ 7,161,000
6,918,241 NR/Ba2 Inversiones Alsacia SA, 8.0%,
8/18/18 (144A) 5,776,731
6,125,000 B/B3 Syncreon Global Ireland, Ltd., 9.5%,
5/1/18 (144A) 6,523,125
--------------
$ 19,460,856
---------------------------------------------------------------------------------------------------------
Airport Services -- 0.4%
4,345,250 B-/B3 Aeropuertos Argentina 2000 SA,
10.75%, 12/1/20 (144A) $ 4,073,672
3,900,000 B/B2 Aguila 3 SA, 7.875%, 1/31/18
(144A) 4,202,250
--------------
$ 8,275,922
--------------
Total Transportation $ 59,811,313
---------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Global High Yield Fund | Semiannual Report | 4/30/13 31
Schedule of Investments | 4/30/13 (unaudited) (continued)
---------------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate (b) Ratings Value
---------------------------------------------------------------------------------------------------------
AUTOMOBILES & COMPONENTS -- 1.6%
Auto Parts & Equipment -- 1.2%
1,200,000 BB/Ba2 Lear Corp., 4.75%, 1/15/23 (144A) $ 1,203,000
4,800,000 B+/B2 Pittsburgh Glass Works LLC, 8.5%,
4/15/16 (144A) 4,944,000
4,365,000 CCC/Caa1 Stanadyne Corp., 10.0%, 8/15/14 4,337,719
16,550,000 CCC-/Caa3 Stanadyne Holdings, Inc., 12.0%,
2/15/15 (Step) 11,564,312
2,814,000 B+/B1 Tower Automotive Holdings USA LLC,
10.625%, 9/1/17 (144A) 2,993,421
--------------
$ 25,042,452
---------------------------------------------------------------------------------------------------------
Tires & Rubber -- 0.1%
2,810,000 B+/B1 The Goodyear Tire & Rubber Co.,
7.0%, 5/15/22 $ 3,038,312
---------------------------------------------------------------------------------------------------------
Automobile Manufacturers -- 0.3%
1,605,000 B/B1 Chrysler Group LLC, 8.0%, 6/15/19 $ 1,797,600
5,000,000 B/B3 Hyva Global BV, 8.625%, 3/24/16
(144A) 4,919,000
--------------
$ 6,716,600
--------------
Total Automobiles & Components $ 34,797,364
---------------------------------------------------------------------------------------------------------
CONSUMER DURABLES & APPAREL -- 3.8%
Home Furnishings -- 0.2%
4,705,000 B+/B3 Tempur-Pedic International, Inc.,
6.875%, 12/15/20 (144A) $ 5,134,331
---------------------------------------------------------------------------------------------------------
Homebuilding -- 1.2%
8,750,000 CCC/Caa2 Beazer Homes USA, Inc., 9.125%,
6/15/18 $ 9,603,125
2,100,000 BB-/B2 Brookfield Residential Properties,
Inc., 6.5%, 12/15/20 (144A) 2,260,125
9,802,000 NR/B2 Desarrolladora Homex SAB de CV,
9.5%, 12/11/19 (144A) 5,930,210
4,450,000 BB-/Ba3 Lennar Corp., 4.75%, 11/15/22
(144A) 4,483,375
7,500,000 NR/Caa2 Urbi Desarrollos Urbanos SAB de
CV, 9.75%, 2/3/22 (144A) 2,287,500
--------------
$ 24,564,335
---------------------------------------------------------------------------------------------------------
Housewares & Specialties -- 1.9%
2,400,000 CCC+/Caa2 Reynolds Group Issuer, Inc., 8.25%,
2/15/21 $ 2,547,000
7,490,000 CCC+/Caa2 Reynolds Group Issuer, Inc., 8.5%,
5/15/18 7,976,850
2,735,000 CCC+/Caa2 Reynolds Group Issuer, Inc., 9.0%,
4/15/19 2,953,800
The accompanying notes are an integral part of these financial statements.
32 Pioneer Global High Yield Fund | Semiannual Report | 4/30/13
---------------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate (b) Ratings Value
---------------------------------------------------------------------------------------------------------
Housewares & Specialties -- (continued)
7,675,000 CCC+/Caa2 Reynolds Group Issuer, Inc., 9.875%,
8/15/19 $ 8,615,188
11,165,000 CCC+/B3 Yankee Candle Co., Inc., 9.75%,
2/15/17 11,569,843
5,775,000 CCC+/Caa1 YCC Holdings LLC, 10.25%,
2/15/16 (PIK) 5,962,745
--------------
$ 39,625,426
---------------------------------------------------------------------------------------------------------
Leisure Products -- 0.5%
EURO 4,700,000 CCC/Caa2 Heckler & Koch GmbH, 9.5%,
5/15/18 (144A) $ 5,805,474
5,000,000 CCC+/B3 Icon Health & Fitness, Inc., 11.875%,
10/15/16 (144A) 4,187,500
--------------
$ 9,992,974
--------------
Total Consumer Durables & Apparel $ 79,317,066
---------------------------------------------------------------------------------------------------------
CONSUMER SERVICES -- 2.0%
Casinos & Gaming -- 0.9%
10,750,000 NR/WR Buffalo Thunder Development Authority,
9.375%, 12/15/14 (144A) (c) $ 2,902,500
4,395,000 CCC/Caa3 Codere Finance Luxembourg SA,
9.25%, 2/15/19 (144A) 3,208,350
2,052,000 B-/NR Little Traverse Bay Bands of Odawa
Indians, 9.0%, 8/31/20 (144A) 1,990,440
EURO 1,000,000 8.25 BB/Ba2 Lottomatica Group S.p.A., Floating
Rate Note, 3/31/66 (144A) 1,424,196
5,965,000 NR/WR Mashantucket Western Pequot Tribe,
8.5%, 11/15/15 (144A) (c) 417,550
EURO 6,335,000 CCC+/Caa1 Peermont Global Pty, Ltd., 7.75%,
4/30/14 (144A) 8,148,042
1,725,000 CCC/Caa2 Shingle Springs Tribal Gaming
Authority, 9.375%, 6/15/15 (144A) 1,725,000
--------------
$ 19,816,078
---------------------------------------------------------------------------------------------------------
Hotels, Resorts & Cruise Lines -- 0.3%
3,800,000 B-/B3 Good Sam Enterprises LLC, 11.5%,
12/1/16 $ 4,061,250
2,860,000 B+/B3 Viking Cruises, Ltd., 8.5%, 10/15/22
(144A) 3,196,050
--------------
$ 7,257,300
---------------------------------------------------------------------------------------------------------
Leisure Facilities -- 0.5%
EURO 6,950,000 B+/B3 Cirsa Funding Luxembourg SA, 8.75%,
5/15/18 (144A) $ 9,556,326
---------------------------------------------------------------------------------------------------------
Restaurants -- 0.1%
BRL 4,250,000 NR/Ba2 Arcos Dorados Holdings, Inc., 10.25%,
7/13/16 (144A) $ 2,234,104
---------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Global High Yield Fund | Semiannual Report | 4/30/13 33
Schedule of Investments | 4/30/13 (unaudited) (continued)
---------------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate (b) Ratings Value
---------------------------------------------------------------------------------------------------------
Education Services -- 0.2%
4,225,000 CCC-/Caa1 Cambium Learning Group, Inc.,
9.75%, 2/15/17 $ 3,475,062
--------------
Total Consumer Services $ 42,338,870
---------------------------------------------------------------------------------------------------------
MEDIA -- 1.5%
Broadcasting -- 1.3%
4,000,000 CCC+/Caa2 Intelsat Luxembourg SA, 7.75%,
6/1/21 (144A) $ 4,220,000
4,300,000 B+/B1 Nara Cable Funding, Ltd., 8.875%,
12/1/18 (144A) 4,601,000
EURO 10,950,000 B+/B1 Nara Cable Funding, Ltd., 8.875%,
12/1/18 (144A) 15,488,611
EURO 1,925,000 B-/Caa1 Ono Finance II Plc, 11.125%,
7/15/19 (144A) 2,729,216
1,755,000 B-/B3 Telesat Canada, 12.5%, 11/1/17 1,866,881
--------------
$ 28,905,708
---------------------------------------------------------------------------------------------------------
Movies & Entertainment -- 0.1%
1,560,000 B-/B3 Regal Entertainment Group, 5.75%,
2/1/25 $ 1,571,700
---------------------------------------------------------------------------------------------------------
Publishing -- 0.1%
1,675,000 B-/B3 MPL 2 Acquisition Canco, Inc.,
9.875%, 8/15/18 (144A) $ 1,704,312
--------------
Total Media $ 32,181,720
---------------------------------------------------------------------------------------------------------
RETAILING -- 0.6%
Department Stores -- 0.6%
10,855,000 B/NR Grupo Famsa SAB de CV, 11.0%,
7/20/15 (144A) $ 11,614,850
--------------
Total Retailing $ 11,614,850
---------------------------------------------------------------------------------------------------------
FOOD, BEVERAGE & TOBACCO -- 7.7%
Distillers & Vintners -- 0.7%
3,975,000 BB+/Ba1 Constellation Brands, Inc., 3.75%,
5/1/21 $ 3,975,000
4,925,000 BB+/Ba1 Constellation Brands, Inc., 4.25%,
5/1/23 4,925,000
EURO 4,012,332 NR/NR Belvedere SA, 7.692%, 11/10/19 (c) 427,634
EURO 320,792 7.69 NR/NR Belvedere SA, Floating Rate Note,
11/10/19 3,377
7,512,000 D/Ca CEDC Finance Corp International,
Inc., 9.125%, 12/1/16 (144A) (c) 5,821,800
--------------
$ 15,152,811
---------------------------------------------------------------------------------------------------------
Agricultural Products -- 0.3%
1,500,000 BB-/NR Comfeed Finance BV, 6.0%, 5/2/18
(144A) $ 1,502,390
The accompanying notes are an integral part of these financial statements.
34 Pioneer Global High Yield Fund | Semiannual Report | 4/30/13
---------------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate (b) Ratings Value
---------------------------------------------------------------------------------------------------------
Agricultural Products -- (continued)
4,400,000 B/NR Tonon Bioenergia SA, 9.25%,
1/24/20 (144A) $ 4,565,000
--------------
$ 6,067,390
---------------------------------------------------------------------------------------------------------
Packaged Foods & Meats -- 6.0%
1,960,000 B/B2 Agrokor DD, 8.875%, 2/1/20
(144A) $ 2,189,320
EURO 3,200,000 B/B2 Agrokor DD, 9.875%, 5/1/19
(144A) 4,778,986
6,000,000 BB/Ba3 Bertin SA, 10.25%, 10/5/16
(144A) 6,825,000
4,450,000 B+/B1 CFG Investment SAC, 9.75%,
7/30/19 (144A) 4,071,750
2,770,000 B/B1 Chiquita Brands International, Inc.,
7.875%, 2/1/21 (144A) 2,970,825
9,720,000 B+/B2 Corp Pesquera Inca SAC, 9.0%,
2/10/17 (144A) 10,429,560
9,600,000 B/B3 FAGE Dairy Industry SA, 9.875%,
2/1/20 (144A) 10,608,000
2,969,595 NR/NR Independencia International, Ltd.,
12.0%, 12/30/16 (144A) (c) 7,424
8,690,000 BB/Ba3 JBS Finance II, Ltd., 8.25%,
1/29/18 (144A) 9,385,200
3,000,000 B+/B2 Marfrig Holding Europe BV, 9.875%,
7/24/17 (144A) 2,805,000
20,248,000 B+/B2 Marfrig Overseas, Ltd., 9.5%,
5/4/20 (144A) 18,425,680
3,783,000 B+/B2 Marfrig Overseas, Ltd., 9.625%,
11/16/16 (144A) 3,574,935
6,300,000 B/NR MHP SA, 8.25%, 4/2/20 (144A) 6,220,393
4,755,000 BB-/B1 Minerva Luxembourg SA, 12.25%,
2/10/22 (144A) 5,872,425
24,000,000 BB-/B1 Minerva Luxembourg SA, 7.75%,
1/31/23 (144A) 25,624,804
6,500,000 B+/B2 Pesquera Exalmar S.A.A., 7.375%,
1/31/20 (144A) 6,457,750
3,995,000 B/Caa1 Pilgrim's Pride Corp., 7.875%,
12/15/18 4,334,575
1,430,000 B+/B2 Wells Enterprises, Inc., 6.75%,
2/1/20 (144A) 1,551,550
--------------
$ 126,133,177
---------------------------------------------------------------------------------------------------------
Tobacco -- 0.7%
14,855,000 B-/B3 Alliance One International, Inc.,
10.0%, 7/15/16 $ 15,774,524
--------------
Total Food, Beverage & Tobacco $ 163,127,902
---------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Global High Yield Fund | Semiannual Report | 4/30/13 35
Schedule of Investments | 4/30/13 (unaudited) (continued)
---------------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate (b) Ratings Value
---------------------------------------------------------------------------------------------------------
HOUSEHOLD & PERSONAL PRODUCTS -- 0.2%
Personal Products -- 0.2%
4,450,000 B/B1 Revlon Consumer Products Corp.,
5.75%, 2/15/21 (144A) $ 4,583,500
--------------
Total Household &
Personal Products $ 4,583,500
---------------------------------------------------------------------------------------------------------
HEALTH CARE EQUIPMENT & SERVICES -- 1.3%
Health Care Equipment -- 0.4%
8,850,000 CCC+/Caa2 Accellent, Inc., 10.0%, 11/1/17 $ 8,429,625
---------------------------------------------------------------------------------------------------------
Health Care Supplies -- 0.5%
5,750,000 B/Caa1 ConvaTec Healthcare E SA, 10.5%,
12/15/18 (144A) $ 6,468,750
3,200,000 B-/Caa2 Immucor, Inc., 11.125%, 8/15/19 3,672,000
--------------
$ 10,140,750
---------------------------------------------------------------------------------------------------------
Health Care Services -- 0.3%
4,253,000 CCC+/Caa2 Gentiva Health Services, Inc., 11.5%,
9/1/18 $ 4,423,120
2,975,000 CCC+/Caa1 Surgical Care Affiliates, Inc., 10.0%,
7/15/17 (144A) 3,101,438
--------------
$ 7,524,558
---------------------------------------------------------------------------------------------------------
Health Care Facilities -- 0.1%
1,550,000 B-/B3 Kindred Healthcare, Inc., 8.25%,
6/1/19 $ 1,594,562
--------------
Total Health Care Equipment
& Services $ 27,689,495
---------------------------------------------------------------------------------------------------------
PHARMACEUTICALS, BIOTECHNOLOGY &
LIFE SCIENCES -- 0.9%
Biotechnology -- 0.5%
9,652,000 B/Caa2 Lantheus Medical Imaging, Inc.,
9.75%, 5/15/17 $ 9,555,480
---------------------------------------------------------------------------------------------------------
Pharmaceuticals -- 0.4%
7,820,000 BB-/B1 Valeant Pharmaceuticals International,
6.375%, 10/15/20 (144A) $ 8,660,650
--------------
Total Pharmaceuticals,
Biotechnology & Life Sciences $ 18,216,130
---------------------------------------------------------------------------------------------------------
BANKS -- 4.6%
Diversified Banks -- 2.9%
TRY 4,500,000 NR/Baa2 Akbank TAS, 7.5%, 2/5/18 (144A) $ 2,548,704
3,150,000 NR/Baa3 Banco de Bogota SA, 5.375%,
2/19/23 (144A) 3,298,050
The accompanying notes are an integral part of these financial statements.
36 Pioneer Global High Yield Fund | Semiannual Report | 4/30/13
---------------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate (b) Ratings Value
---------------------------------------------------------------------------------------------------------
Diversified Banks -- (continued)
6,875,000 9.75 BB+/NR Banco de Credito del Peru Panama,
Floating Rate Note, 11/6/69
(144A) $ 8,421,875
6,600,000 B-/Caa1 Banco de Galicia y Buenos Aires,
8.75%, 5/4/18 (144A) 5,742,000
2,900,000 6.25 BB/NR Banco do Brasil SA, Floating Rate
Note, 12/29/49 (Perpetual) (144A) 2,895,650
1,750,000 NR/Ba1 Banco do Estado do Rio Grande do
Sul SA, 7.375%, 2/2/22 (144A) 1,925,000
5,000,000 NR/B1 Banco GNB Sudameris SA, 7.5%,
7/30/22 (144A) 5,561,316
2,870,000 9.75 NR/Caa3 Banco Macro SA, Floating Rate Note,
12/18/36 2,080,750
3,880,000 NR/B2 Bank CenterCredit, 8.625%,
1/30/14 (144A) 3,983,712
1,250,000 NR/Baa2 BBVA Bancomer SA Texas, 6.75%,
9/30/22 (144A) 1,437,500
EURO 2,600,000 NR/Aaa Cooperatieve Centrale
Raiffeisen-Boerenleenbank BA
Netherlands, 6.875%, 3/19/20 3,870,234
5,250,000 NR/Ba3 CorpGroup Banking SA, 6.75%,
3/15/23 (144A) 5,558,438
IDR 11,650,000,000 NR/Aaa Inter-American Development Bank,
4.5%, 2/4/16 1,212,953
BRL 11,200,000 AAA/Aaa International Finance Corp., 5.0%,
12/21/15 5,455,470
1,500,000 NR/Ba2 Turkiye Is Bankasi, 6.0%, 10/24/22
(144A) 1,638,750
5,000,000 BBB-/Baa2 VTB Bank OJSC Via VTB Capital SA,
6.95%, 10/17/22 (144A) 5,300,000
--------------
$ 60,930,402
---------------------------------------------------------------------------------------------------------
Regional Banks -- 1.5%
3,165,000 8.50 NR/B1 Banco Internacional del Peru SAA,
Floating Rate Note, 4/23/70 (144A) $ 3,529,703
13,430,000 6.75 BBB/Baa3 The PNC Financial Services Group,
Inc., Floating Rate Note, 7/29/49
(Perpetual) 15,424,261
10,650,000 BBB-/NR UBS AG, 7.625%, 8/17/22 12,349,144
--------------
$ 31,303,108
---------------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- 0.2%
4,000,000 BB-/Ba2 Alfa Bank OJSC Via Alfa Bond
Issuance Plc, 7.5%, 9/26/19 (144A) $ 4,310,800
--------------
Total Banks $ 96,544,310
---------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Global High Yield Fund | Semiannual Report | 4/30/13 37
Schedule of Investments | 4/30/13 (unaudited) (continued)
---------------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate (b) Ratings Value
---------------------------------------------------------------------------------------------------------
DIVERSIFIED FINANCIALS -- 6.1%
Other Diversified
Financial Services -- 3.4%
EURO 800,000 10.50 B-/NR ATLAS VI Capital, Ltd., Floating Rate
Note, 4/7/14 (Cat Bond) (144A) $ 1,080,745
2,000,000 6.50 BB+/NR Caelus Re II, Ltd., Floating Rate Note,
5/24/13 (Cat Bond) (144A) 2,004,400
675,000 0.00 BB-/NR Caelus Re, Ltd., Floating Rate Note,
3/7/16 (Cat Bond) (144A) 677,160
7,245,000 5.35 NR/B1 Citigroup, Inc., Floating Rate Note,
4/29/49 (Perpetual) 7,264,967
1,500,000 10.25 BB-/NR Compass Re, Ltd., Floating Rate
Note, 1/8/15 (Cat Bond) (144A) 1,560,300
1,000,000 11.25 B+/NR Compass Re, Ltd., Floating Rate
Note, 1/8/15 (Cat Bond) (144A) 1,026,000
5,525,000 NR/B3 DTEK Finance Plc, 7.875%, 4/4/18
(144A) 5,461,462
400,000 9.00 BB/NR East Lane Re V, Ltd., Floating Rate
Note, 3/16/16 (Cat Bond) (144A) 433,480
500,000 7.35 BB-/NR Embarcadero Reinsurance, Ltd.,
Floating Rate Note, 2/13/15
(Cat Bond) (144A) 518,300
TRY 12,410,000 AAA/Aaa European Investment Bank,
3/2/15 (e) 6,381,791
1,250,000 8.35 BB-/NR Ibis Re II, Ltd., Floating Rate Note,
2/5/15 (Cat Bond) (144A) 1,281,750
1,925,000 13.50 B-/NR Ibis Re II, Ltd., Floating Rate Note,
2/5/15 (Cat Bond) (144A) 1,937,512
TRY 800,000 A/A2 JPMorgan Chase & Co., 10/4/17
(144A) (e) 334,418
500,000 6.00 BB/NR Lodestone Re, Ltd., Floating Rate
Note, 1/8/14 (Cat Bond) (144A) 502,400
4,250,000 7.25 BB/NR Lodestone Re, Ltd., Floating Rate
Note, 1/8/14 (Cat Bond) (144A) 4,278,050
350,000 6.25 BB/NR Lodestone Re, Ltd., Floating Rate
Note, 5/17/13 (Cat Bond) (144A) 350,350
4,000,000 8.25 BB-/NR Lodestone Re, Ltd., Floating Rate
Note, 5/17/13 (Cat Bond) (144A) 4,007,200
4,100,000 BB/NR Magnesita Finance, Ltd., 8.625%,
4/29/49 (Perpetual) (144A) 4,396,313
4,565,000 B+/B2 National Money Mart Co., 10.375%,
12/15/16 4,913,081
2,500,000 7.50 BB-/NR Queen Street II Capital, Ltd., Floating
Rate Note, 4/9/14 (Cat Bond)
(144A) 2,520,500
2,000,000 7.50 BB-/NR Queen Street IV Capital, Ltd., Floating
Rate Note, 4/9/15 (Cat Bond)
(144A) 2,023,200
900,000 8.50 B+/NR Queen Street V Re, Ltd., Floating Rate
Note, 4/9/15 (Cat Bond) (144A) 924,930
The accompanying notes are an integral part of these financial statements.
38 Pioneer Global High Yield Fund | Semiannual Report | 4/30/13
---------------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate (b) Ratings Value
---------------------------------------------------------------------------------------------------------
Other Diversified
Financial Services -- (continued)
250,000 13.00 B-/NR Residential Reinsurance 2010, Ltd.,
Floating Rate Note, 6/6/13
(Cat Bond) (144A) $ 251,900
1,750,000 7.25 NR/NR Residential Reinsurance 2010, Ltd.,
Floating Rate Note, 6/6/13
(Cat Bond) (144A) 1,757,000
1,500,000 6.60 BB/NR Residential Reinsurance 2010, Ltd.,
Floating Rate Note, 6/6/13
(Cat Bond) (144A) 1,506,150
750,000 9.00 BB-/NR Residential Reinsurance 2011, Ltd.,
Floating Rate Note, 6/6/15
(Cat Bond) (144A) 789,450
3,450,000 12.00 B-/NR Residential Reinsurance 2011, Ltd.,
Floating Rate Note, 6/6/15
(Cat Bond) (144A) 3,561,435
2,300,000 NR/NR Sector Re V, Ltd., 12/1/17 (Cat Bond) 2,456,400
3,250,000 NR/NR Sector Re V, Ltd., 3/1/18 (Cat Bond)
(144A) 3,294,850
900,000 0.00 B+/NR Tar Heel Re, Ltd., Floating Rate Note,
5/9/16 (Cat Bond) (144A) 927,900
2,750,000 NR/NR Unison Ground Lease Funding LLC,
5.78%, 3/15/20 (144A) 2,752,442
--------------
$ 71,175,836
---------------------------------------------------------------------------------------------------------
Specialized Finance -- 0.8%
6,210,000 BB/Ba3 Ausdrill Finance Pty, Ltd., 6.875%,
11/1/19 (144A) $ 6,272,100
7,675,000 BBB-/WR Cantor Fitzgerald LP, 7.875%,
10/15/19 (144A) 8,007,074
1,000,000 5.25 BB+/NR Kibou, Ltd., Floating Rate Note,
2/16/15 (Cat Bond) (144A) 1,043,800
1,700,000 B/B1 Oxford Finance LLC, 7.25%,
1/15/18 (144A) 1,802,000
850,000 0.00 NR/NR Sanders Re, Ltd., Floating Rate Note,
5/5/17 (Cat Bond) (144A) 850,000
--------------
$ 17,974,974
---------------------------------------------------------------------------------------------------------
Consumer Finance -- 0.5%
10,395,000 NR/NR Tarjeta Naranja SA, 9.0%, 1/28/17
(144A) $ 9,771,300
---------------------------------------------------------------------------------------------------------
Investment Banking & Brokerage -- 1.4%
20,515,000 4.00 BB+/Ba2 Goldman Sachs Capital II, Floating
Rate Note, 6/1/43 $ 17,499,295
10,600,000 BBB/Baa3 Jefferies Group LLC, 6.875%, 4/15/21 12,649,266
--------------
$ 30,148,561
--------------
Total Diversified Financials $ 129,070,671
---------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Global High Yield Fund | Semiannual Report | 4/30/13 39
Schedule of Investments | 4/30/13 (unaudited) (continued)
---------------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate (b) Ratings Value
---------------------------------------------------------------------------------------------------------
INSURANCE -- 3.7%
Insurance Brokers -- 1.4%
14,000,000 CCC+/Caa2 Hub International, Ltd., 8.125%,
10/15/18 (144A) $ 15,067,500
4,900,000 CCC/Caa2 Onex USI Acquisition Corp., 7.75%,
1/15/21 (144A) 5,047,000
GBP 1,200,000 NR/NR Towergate Finance Plc Floating Rate
Note, 2/15/18 (144A) 1,863,540
GBP 4,840,000 B-/Caa2 Towergate Finance Plc, 10.5%,
2/15/19 (144A) 7,967,254
--------------
$ 29,945,294
---------------------------------------------------------------------------------------------------------
Life & Health Insurance -- 0.1%
1,375,000 5.20 BBB+/Baa3 Prudential Financial, Inc., Floating
Rate Note, 3/15/44 $ 1,399,062
---------------------------------------------------------------------------------------------------------
Multi-line Insurance -- 0.2%
5,100,000 6.46 BBB-/Baa1 AXA SA, Floating Rate Note,
12/29/49 (Perpetual) (144A) $ 5,138,250
---------------------------------------------------------------------------------------------------------
Property & Casualty Insurance -- 0.4%
8,535,000 7.51 BB+/Ba2 Sirius International Group, Ltd.,
Floating Rate Note, 5/29/49
(Perpetual) (144A) $ 9,034,007
---------------------------------------------------------------------------------------------------------
Reinsurance -- 1.6%
450,000 8.15 BB-/NR Atlas Reinsurance VII, Ltd., Floating
Rate Note, 1/7/16 (Cat Bond) (144A) $ 461,340
250,000 6.12 BB+/NR Blue Danube, Ltd., Floating Rate
Note, 4/10/15 (Cat Bond) (144A) 260,875
250,000 14.00 B-/NR Blue Fin, Ltd., Floating Rate Note,
5/28/13 (Cat Bond) (144A) 251,750
1,250,000 17.75 NR/NR Combine Re, Ltd., Floating Rate
Note, 1/7/15 (Cat Bond) (144A) 1,411,375
750,000 10.00 NR/Ba2 Combine Re, Ltd., Floating Rate
Note, 1/7/15 (Cat Bond) (144A) 809,475
1,950,000 5.00 BB+/NR Foundation Re III, Ltd., Floating Rate
Note, 2/25/15 (Cat Bond) 2,014,545
2,000,000 5.75 BB/NR Foundation Re III, Ltd., Floating Rate
Note, 2/3/14 (Cat Bond) (144A) 2,013,800
2,500,000 12.00 B/NR Mystic Re, Ltd., Floating Rate Note,
3/12/15 (Cat Bond) (144A) 2,668,500
800,000 8.71 B+/NR Mythen Re, Ltd. Series 2012-2
Class A, Floating Rate Note, 1/5/17
(Cat Bond) (144A) 825,680
650,000 11.94 B-/NR Mythen Re, Ltd. Series 2012-2
Class A, Floating Rate Note,
11/10/16 (Cat Bond) (144A) 638,105
2,800,000 11.22 NR/B2 Mythen, Ltd., Floating Rate Note,
5/7/15 (Cat Bond) (144A) 3,041,640
The accompanying notes are an integral part of these financial statements.
40 Pioneer Global High Yield Fund | Semiannual Report | 4/30/13
---------------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate (b) Ratings Value
---------------------------------------------------------------------------------------------------------
Reinsurance -- (coninued)
750,000 13.75 NR/NR Pelican Re, Ltd., Floating Rate Note,
4/13/15 (Cat Bond) (144A) $ 801,150
300,000 10.35 B/NR Queen Street VI Re, Ltd., Floating
Rate Note, 4/9/15 (Cat Bond)
(144A) 312,120
750,000 8.60 B/NR Queen Street VII Re, Ltd., Floating
Rate Note, 4/8/16 (Cat Bond)
(144A) 753,075
1,800,000 12.75 NR/NR Residential Reinsurance 2012, Ltd.,
Floating Rate Note, 12/6/16
(Cat Bond) (144A) 1,866,240
450,000 5.75 BB/NR Residential Reinsurance 2012, Ltd.,
Floating Rate Note, 12/6/16
(Cat Bond) (144A) 461,880
950,000 19.00 NR/NR Residential Reinsurance 2012, Ltd.,
Floating Rate Note, 12/6/16
(Cat Bond) (144A) 989,425
1,100,000 10.00 BB-/NR Residential Reinsurance 2012, Ltd.,
Floating Rate Note, 6/6/16
(Cat Bond) (144A) 1,210,990
1,000,000 8.00 BB/NR Residential Reinsurance 2012, Ltd.,
Floating Rate Note, 6/6/16
(Cat Bond) (144A) 1,079,300
1,850,000 22.00 NR/NR Residential Reinsurance 2012, Ltd.,
Floating Rate Note, 6/6/16
(Cat Bond) (144A) 1,938,985
1,125,000 14.68 B-/NR Successor X, Ltd. Class III-S3,
Floating Rate Note, 1/7/14
(Cat Bond) (144A) 1,123,988
4,000,000 13.00 NR/NR Successor X, Ltd. Class IV-AL3,
Floating Rate Note, 2/25/14
(Cat Bond) (144A) 4,040,400
875,000 16.50 NR/NR Successor X, Ltd., Floating Rate Note,
1/27/15 (Cat Bond) (144A) 906,150
2,600,000 16.18 NR/NR Successor X, Ltd., Floating Rate Note,
1/7/14 (Cat Bond) (144A) 2,570,360
375,000 11.25 B-/NR Successor X, Ltd., Floating Rate Note,
11/10/15 (Cat Bond) (144A) 378,112
--------------
$ 32,829,260
--------------
Total Insurance $ 78,345,873
---------------------------------------------------------------------------------------------------------
REAL ESTATE -- 1.1%
Diversified Real
Estate Activities -- 0.4%
8,000,000 BB/Ba1 BR Malls International Finance, Ltd.,
8.5%, 1/29/49 (Perpetual) (144A) $ 8,719,002
---------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Global High Yield Fund | Semiannual Report | 4/30/13 41
Schedule of Investments | 4/30/13 (unaudited) (continued)
---------------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate (b) Ratings Value
---------------------------------------------------------------------------------------------------------
Real Estate Operating Companies -- 0.7%
6,750,000 B-/NR Alto Palermo SA, 7.875%, 5/11/17
(144A) $ 6,007,500
8,405,000 B-/NR IRSA Inversiones y Representaciones
SA, 8.5%, 2/2/17 (144A) 7,774,625
--------------
$ 13,782,125
--------------
Total Real Estate $ 22,501,127
---------------------------------------------------------------------------------------------------------
SOFTWARE & SERVICES -- 1.2%
Data Processing &
Outsourced Services -- 0.3%
3,597,000 B-/Caa1 First Data Corp., 12.625%,
1/15/21 $ 3,902,745
2,395,000 BB-/Ba3 NeuStar, Inc., 4.5%, 1/15/23
(144A) 2,323,150
--------------
$ 6,225,895
---------------------------------------------------------------------------------------------------------
Application Software -- 0.2%
7,044,000 CCC-/Caa2 Allen Systems Group, Inc., 10.5%,
11/15/16 (144A) $ 4,472,940
---------------------------------------------------------------------------------------------------------
Systems Software -- 0.7%
15,622,996 NR/NR Pegasus Solutions, Inc., 13.0%,
4/15/14 (144A) (PIK) $ 14,998,076
--------------
Total Software & Services $ 25,696,911
---------------------------------------------------------------------------------------------------------
TECHNOLOGY HARDWARE & EQUIPMENT -- 0.5%
Electronic Equipment
Manufacturers -- 0.3%
6,150,000 BB-/B1 Viasystems, Inc., 7.875%, 5/1/19
(144A) $ 6,565,125
---------------------------------------------------------------------------------------------------------
Electronic Manufacturing Services -- 0.2%
1,395,000 BB+/Ba1 Flextronics International, Ltd.,
4.625%, 2/15/20 (144A) $ 1,426,388
2,320,000 BB+/Ba1 Flextronics International, Ltd., 5.0%,
2/15/23 (144A) 2,366,400
--------------
$ 3,792,788
--------------
Total Technology Hardware
& Equipment $ 10,357,913
---------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
42 Pioneer Global High Yield Fund | Semiannual Report | 4/30/13
---------------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate (b) Ratings Value
---------------------------------------------------------------------------------------------------------
SEMICONDUCTORS & SEMICONDUCTOR
EQUIPMENT -- 0.2%
Semiconductor Equipment -- 0.2%
3,200,000 B+/Caa1 MEMC Electronic Materials, Inc.,
7.75%, 4/1/19 $ 2,976,000
---------------------------------------------------------------------------------------------------------
Semiconductors -- 0.0%+
CNY 14,000,000 BB-/NR LDK Solar Co., Ltd., 10.0%, 2/28/14 $ 825,033
--------------
Total Semiconductors &
Semiconductor Equipment $ 3,801,033
---------------------------------------------------------------------------------------------------------
TELECOMMUNICATION SERVICES -- 4.8%
Integrated Telecommunication
Services -- 3.5%
6,477,000 B/B1 Cincinnati Bell, Inc., 8.25%,
10/15/17 $ 6,930,390
5,790,000 B/B1 Cincinnati Bell, Inc., 8.375%,
10/15/20 6,209,775
8,378,000 CCC+/B3 Cincinnati Bell, Inc., 8.75%, 3/15/18 8,545,560
5,200,000 BB-/Ba2 Frontier Communications Corp.,
7.125%, 1/15/23 5,382,000
2,940,000 BB-/Ba2 Frontier Communications Corp.,
8.5%, 4/15/20 3,381,000
10,345,000 BB-/Ba2 Frontier Communications Corp.,
8.75%, 4/15/22 11,638,125
EURO 1,600,000 B+/B1 Telenet Finance V Luxembourg SCA,
6.25%, 8/15/22 (144A) 2,189,491
5,260,000 NR/B1 Windstream Corp., 6.375%, 8/1/23 5,444,100
6,285,000 B/B1 Windstream Corp., 7.5%, 6/1/22 6,929,212
2,300,000 B/B1 Windstream Corp., 7.75%, 10/1/21 2,541,500
6,765,000 B/B1 Windstream Corp., 7.75%,
10/15/20 7,424,588
7,345,000 B/B1 Windstream Corp., 8.125%, 9/1/18 8,079,500
--------------
$ 74,695,241
---------------------------------------------------------------------------------------------------------
Wireless Telecommunication
Services -- 1.3%
1,000,000 NR/Caa1 Digicel Group, Ltd., 10.5%, 4/15/18
(144A) $ 1,107,500
3,600,000 NR/Caa1 Digicel Group, Ltd., 8.25%, 9/30/20
(144A) 3,852,000
2,300,000 NR/NR Richland Towers Funding LLC, 7.87%,
3/15/16 (144A) 2,486,854
7,800,000 BB/Ba3 Vimpel Communications Via VIP
Finance Ireland, Ltd., OJSC, 7.748%,
2/2/21 (144A) 8,921,250
5,375,000 BB/Ba3 VimpelCom Holdings BV, 7.504%,
3/1/22 (144A) 6,073,750
The accompanying notes are an integral part of these financial statements.
Pioneer Global High Yield Fund | Semiannual Report | 4/30/13 43
Schedule of Investments | 4/30/13 (unaudited) (continued)
---------------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate (b) Ratings Value
---------------------------------------------------------------------------------------------------------
Wireless Telecommunication
Services -- (continued)
RUB 130,000,000 BB/Ba3 VimpelCom Holdings BV, 9.0%,
2/13/18 (144A) $ 4,374,447
--------------
$ 26,815,801
--------------
Total Telecommunication Services $ 101,511,042
---------------------------------------------------------------------------------------------------------
UTILITIES -- 2.1%
Electric Utilities -- 0.9%
12,081,000 CCC/NR Cia de Transporte de Energia Electrica
en Alta Tension Transener SA, 9.75%,
8/15/21 (144A) $ 5,255,235
7,150,000 5.25 BBB+/A3 Electricite de France SA, Floating Rate
Note, 1/29/49 (Perpetual) (144A) 7,191,970
5,256,000 B-/Caa1 Empresa Distribuidora Y
Comercializadora Norte, 9.75%,
10/25/22 (144A) 2,444,040
627,013 B/Ba2 FPL Energy National Wind Portfolio
LLC, 6.125%, 3/25/19 (144A) 553,587
598,995 B/Ba2 FPL Energy Wind Funding LLC,
6.876%, 6/27/17 (144A) 515,136
2,695,000 CCC/Caa3 Texas Competitive Electric Holdings
Co., LLC, 11.5%, 10/1/20 (144A) 2,122,312
--------------
$ 18,082,280
---------------------------------------------------------------------------------------------------------
Gas Utilities -- 0.4%
2,437,000 B-/B2 Star Gas Partners LP, 8.875%,
12/1/17 $ 2,522,295
7,966,000 B-/B3 Transportadora de Gas del Sur SA,
7.875%, 5/14/17 (144A) 6,890,590
--------------
$ 9,412,885
---------------------------------------------------------------------------------------------------------
Multi-Utilities -- 0.3%
6,474,795 NR/NR Ormat Funding Corp., 8.25%,
12/30/20 $ 6,021,559
---------------------------------------------------------------------------------------------------------
Independent Power Producers
& Energy Traders -- 0.5%
1,500,000 6.65 BB/NR East Lane Re, Ltd., Floating Rate Note,
3/13/15 (Cat Bond) (144A) $ 1,561,050
940,000 NR/Baa3 Instituto Costarricense de Electricidad,
6.95%, 11/10/21 (144A) 1,073,950
2,800,000 B/B1 InterGen NV, 9.0%, 6/30/17 (144A) 2,835,000
244,150 NR/NR Juniper Generation LLC, 6.79%,
12/31/14 (144A) 231,336
2,170,000 BB-/B1 NRG Energy, Inc., 7.625%, 1/15/18 2,514,488
2,200,000 BB-/B1 NRG Energy, Inc., 8.5%, 6/15/19 2,431,000
357,000 BB+/Ba1 NSG Holdings LLC, 7.75%,
12/15/25 (144A) 383,775
--------------
$ 11,030,599
--------------
Total Utilities $ 44,547,323
---------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
44 Pioneer Global High Yield Fund | Semiannual Report | 4/30/13
---------------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate (b) Ratings Value
---------------------------------------------------------------------------------------------------------
GOVERNMENT -- 0.4%
5,250,000 BBB/NR Brazil Minas SPE via State of Minas
Gerais, 5.333%, 2/15/28 (144A) $ 5,943,000
TRY 4,200,000 AAA/NR European Bank for Reconstruction &
Development, 0.5%, 2/26/15 2,166,001
--------------
$ 8,109,001
--------------
Total Government $ 8,109,001
---------------------------------------------------------------------------------------------------------
TOTAL CORPORATE BONDS
(Cost $1,534,131,514) $1,523,313,986
---------------------------------------------------------------------------------------------------------
FOREIGN GOVERNMENT BONDS -- 6.6%
BRL 2,950,000 BBB/Baa2 Brazilian Government International
Bond, 10.25%, 1/10/28 $ 1,838,913
13,000,000 B-/Caa1 City of Buenos Aires Argentina,
12.5%, 4/6/15 (144A) 12,740,000
COP 6,986,000,000 BBB/Baa3 Colombia Government International
Bond, 12.0%, 10/22/15 4,575,080
COP 1,626,000,000 NR/Ba1 Empresa de Telecomunicaciones de
Bogota, 7.0%, 1/17/23 (144A) 944,608
GHS 3,660,000 NR/NR Ghana Government Bond, 21.0%,
10/26/15 1,946,686
IDR 53,000,000,000 NR/Baa3 Indonesia Treasury Bond, 7.0%,
5/15/22 6,048,847
IDR 101,459,000,000 NR/Baa3 Indonesia Treasury Bond, 8.25%,
6/15/32 12,513,607
EURO 4,040,000 NR/Baa2 Italy Buoni Poliennali Del Tesoro,
4.5%, 5/1/23 5,577,371
MXN 4,800,000 A-/Baa1 Mexican Bonos, 7.5%, 6/3/27 504,844
MXN 218,733,240 A-/Baa1 Mexican Udibonos, 2.0%, 6/9/22 19,489,575
MXN 10,190,981 A-/Baa1 Mexican Udibonos, 3.5%, 12/14/17 940,574
NGN 760,000,000 NR/NR Nigeria Government Bond, 16.0%,
6/29/19 5,612,937
NGN 634,000,000 NR/NR Nigeria Treasury Bill, 2/6/14 3,693,491
NGN 585,000,000 NR/NR Nigeria Treasury Bill, 3/6/14 3,380,115
NGN 531,000,000 NR/NR Nigeria Treasury Bill, 4/10/14 3,043,941
NGN 520,000,000 NR/NR Nigeria Treasury Bill, 4/24/14 2,936,508
PHP 261,965,000 NR/Ba1 Philippine Government Bond,
5.875%, 3/1/32 8,110,812
4,600,000 B-/NR Province of Salta Argentina, 9.5%,
3/16/22 (144A) 4,095,334
7,425,000 B-/Caa1 Provincia de Buenos Aires Argentina,
10.875%, 1/26/21 (144A) 5,271,750
2,125,000 B-/Caa1 Provincia de Buenos Aires Argentina,
11.75%, 10/5/15 (144A) 1,806,250
2,522,000 B-/NR Provincia de Neuquen Argentina,
7.875%, 4/26/21 (144A) 2,219,360
The accompanying notes are an integral part of these financial statements.
Pioneer Global High Yield Fund | Semiannual Report | 4/30/13 45
Schedule of Investments | 4/30/13 (unaudited) (continued)
---------------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate (b) Ratings Value
---------------------------------------------------------------------------------------------------------
Foreign Government
Bonds -- (continued)
RON 24,770,000 NR/NR Romania Government Bond, 5.85%,
4/26/23 $ 7,855,296
RON 8,880,000 NR/NR Romania Government Bond, 5.9%,
7/26/17 2,797,189
RUB 143,000,000 BBB+/Baa1 Russian Federal Bond -- OFZ, 7.5%,
3/15/18 4,898,127
2,000,000 B/NR Rwanda International Government
Bond, 6.625%, 5/2/23 (144A) 1,957,201
TRY 2,500,000 NR/NR Turkey Government Bond, 10.5%,
1/15/20 1,733,343
575,000 B/B3 Ukraine Government International
Bond, 6.75%, 11/14/17 (144A) 566,375
3,500,000 B/B3 Ukraine Government International
Bond, 7.8%, 11/28/22 (144A) 3,486,525
9,000,000 B/B3 Ukraine Government International
Bond, 9.25%, 7/24/17 (144A) 9,607,500
--------------
$ 140,192,159
---------------------------------------------------------------------------------------------------------
TOTAL FOREIGN
GOVERNMENT BONDS
(Cost $139,031,799) $ 140,192,159
---------------------------------------------------------------------------------------------------------
MUNICIPAL BONDS -- 0.3%
Municipal Development -- 0.0%+
15,000 7.00 B/B2 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) $ 5,225,156
---------------------------------------------------------------------------------------------------------
TOTAL MUNICIPAL BONDS
(Cost $8,873,639) $ 5,240,212
---------------------------------------------------------------------------------------------------------
SENIOR FLOATING RATE
LOAN INTERESTS -- 6.6%**
ENERGY -- 0.6%
Oil & Gas Equipment
& Services -- 0.3%
6,215,076 8.50 CCC+/B3 FTS International Services LLC, Term
Loan, 5/6/16 $ 6,142,049
---------------------------------------------------------------------------------------------------------
Coal & Consumable Fuels -- 0.3%
6,000,000 0.00 NR/NR Bumi Resources Tbk PT, Term Loan,
8/15/13 $ 5,868,000
--------------
Total Energy $ 12,010,049
---------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
46 Pioneer Global High Yield Fund | Semiannual Report | 4/30/13
---------------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate (b) Ratings Value
---------------------------------------------------------------------------------------------------------
MATERIALS -- 0.5%
Metal & Glass Containers -- 0.0%+
289,275 4.50 B/B1 BWAY Holding Co., Initial Term Loan,
8/31/17 $ 293,614
---------------------------------------------------------------------------------------------------------
Paper Packaging -- 0.1%
2,351,598 6.50 B/B2 Exopack Holding Corp., Term Loan B,
5/6/17 $ 2,386,872
---------------------------------------------------------------------------------------------------------
Diversified Metals & Mining -- 0.4%
7,845,688 9.00 B+/B2 Preferred Sands Holding Co., LLC,
Term B Loan, 12/15/16 $ 7,453,403
--------------
Total Materials $ 10,133,889
---------------------------------------------------------------------------------------------------------
CAPITAL GOODS -- 0.6%
Aerospace & Defense -- 0.5%
3,837,245 6.25 B-/B2 DAE Aviation Holdings, Inc., Tranche
B-1 Loan, 10/18/18 $ 3,878,016
1,739,556 6.25 B/B2 DAE Aviation Holdings, Inc., Tranche
B-2 Loan, 10/18/18 1,758,038
3,091,611 6.54 BB/B1 Hunter Defense Technologies, Inc.,
Series 1 New Term Loan, 8/22/14 2,967,946
1,607,155 3.54 B+/B2 Hunter Defense Technologies, Inc.,
Term Loan, 8/22/14 1,538,851
--------------
$ 10,142,851
---------------------------------------------------------------------------------------------------------
Building Products -- 0.1%
1,716,375 5.75 B/B1 CPG International I, Inc., Term Loan,
9/21/19 $ 1,734,254
---------------------------------------------------------------------------------------------------------
Industrial Conglomerates -- 0.0%+
1,467,116 5.00 B+/B2 Pro Mach, Inc., Term Loan, 7/16/17 $ 1,483,621
--------------
Total Capital Goods $ 13,360,726
---------------------------------------------------------------------------------------------------------
COMMERCIAL SERVICES & SUPPLIES -- 0.1%
Diversified Support Services -- 0.1%
3,253,176 10.00 NR/NR IAP Worldwide Services, Inc., Term
Loan (First Lien), 12/31/15 $ 2,537,477
--------------
Total Commercial Services
& Supplies $ 2,537,477
---------------------------------------------------------------------------------------------------------
TRANSPORTATION -- 0.2%
Air Freight & Logistics -- 0.2%
508,620 5.28 NR/NR CEVA Group Plc, Dollar Tranche B Pre
Funded Term Loan, 8/31/16 $ 474,924
794,899 0.00 NR/NR CEVA Group Plc, EGL Tranche B Term
Loan, 8/31/16 754,494
779,050 0.00 CC/B3 CEVA Group Plc, US Tranche B Term
Loan, 8/31/16 748,537
The accompanying notes are an integral part of these financial statements.
Pioneer Global High Yield Fund | Semiannual Report | 4/30/13 47
Schedule of Investments | 4/30/13 (unaudited) (continued)
---------------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate (b) Ratings Value
---------------------------------------------------------------------------------------------------------
Air Freight & Logistics -- (continued)
1,007,500 8.25 B-/Ba3 Ozburn-Hessey Logistics LLC, Term
Loan (First Lien), 4/7/16 $ 1,011,278
--------------
$ 2,989,233
--------------
Total Transportation $ 2,989,233
---------------------------------------------------------------------------------------------------------
AUTOMOBILES & COMPONENTS -- 0.5%
Auto Parts & Equipment -- 0.1%
5,141 3.21 BB-/Ba3 Allison Transmission, Inc., New Term
B-2 Loan, 8/7/17 $ 5,165
3,151,188 5.50 NR/NR TI Group Automotive Systems LLC,
Additional Term Loan, 3/27/19 3,206,333
--------------
$ 3,211,498
---------------------------------------------------------------------------------------------------------
Automobile Manufacturers -- 0.4%
8,007,944 6.00 BB/Ba1 Chrysler Group LLC, Tranche B Term
Loan, 4/28/17 $ 8,143,590
--------------
Total Automobiles & Components $ 11,355,088
---------------------------------------------------------------------------------------------------------
MEDIA -- 0.1%
Advertising -- 0.1%
2,215,794 6.50 B/Ba3 Affinion Group, Inc., Tranche B Term
Loan, 10/9/16 $ 2,183,348
---------------------------------------------------------------------------------------------------------
Publishing -- 0.0%+
765,692 2.70 CCC/Caa2 Cengage Learning Acquisitions, Inc.,
Original Term Loan, 7/4/14 $ 599,633
--------------
Total Media $ 2,782,981
---------------------------------------------------------------------------------------------------------
FOOD & STAPLES RETAILING -- 0.1%
Food Distributors -- 0.1%
1,386,525 5.75 B/B1 AdvancePierre Foods, Term Loan
(First Lien), 6/17/17 $ 1,408,189
--------------
Total Food & Staples Retailing $ 1,408,189
---------------------------------------------------------------------------------------------------------
FOOD, BEVERAGE & TOBACCO -- 0.4%
Distillers & Vintners -- 0.4%
7,500,000 0.00 NR/NR Constellation Brands, Inc., Bridge
Facility Loan, 6/28/20 $ 7,500,000
--------------
Total Food, Beverage & Tobacco $ 7,500,000
---------------------------------------------------------------------------------------------------------
HOUSEHOLD & PERSONAL PRODUCTS -- 0.1%
Personal Products -- 0.1%
2,291,837 4.25 B/NR Monotronics International, Inc., Term
B Loan, 3/23/18 $ 2,329,080
--------------
Total Household &
Personal Products $ 2,329,080
---------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
48 Pioneer Global High Yield Fund | Semiannual Report | 4/30/13
---------------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate (b) Ratings Value
---------------------------------------------------------------------------------------------------------
HEALTH CARE EQUIPMENT
& SERVICES -- 1.0%
Health Care Services -- 0.7%
1,117,567 7.25 BB-/Ba3 Alliance HealthCare Services, Inc.,
Initial Term Loan, 6/1/16 $ 1,128,743
1,406,475 6.75 B+/B1 Ardent Medical Services, Inc., 1st
Lien Term Loan, 5/2/18 1,431,088
1,115,878 7.50 B/Ba3 inVentiv Health, Inc., Consolidated
Term Loan, 8/4/16 1,108,439
4,998,012 6.50 NR/NR National Mentor Holdings, Inc.,
Tranche B-1 Term Loan, 2/9/17 5,072,982
4,075,088 8.25 B/B2 National Surgical Hospitals, Inc.,
Initial Term Loan, 1/4/17 4,075,088
1,920,000 6.00 B/B2 Surgery Center Holdings, Inc., Term
Loan (First Lien), 4/11/19 1,934,400
1,441,813 7.75 B+/B1 Virtual Radiologic Corp., Term Loan
A, 11/3/16 1,027,291
--------------
$ 15,778,031
---------------------------------------------------------------------------------------------------------
Managed Health Care -- 0.1%
2,200,000 9.75 B+/B2 MMM Holdings, Inc., Term Loan,
10/9/17 $ 2,216,500
---------------------------------------------------------------------------------------------------------
Health Care Technology -- 0.2%
354,592 8.00 B/NR Physician Oncology Services LP,
Delayed Draw Term Loan, 1/31/17 $ 354,592
2,918,726 8.00 B/B2 Physician Oncology Services LP,
Effective Date Term Loan, 2/10/17 2,918,726
--------------
$ 3,273,318
--------------
Total Health Care Equipment
& Services $ 21,267,849
---------------------------------------------------------------------------------------------------------
PHARMACEUTICALS, BIOTECHNOLOGY
& LIFE SCIENCES -- 0.2%
Biotechnology -- 0.1%
3,073,568 5.50 BB/B2 Axcan Intermediate Holdings, Inc.,
Term B-1 Loan, 1/25/17 $ 3,103,344
---------------------------------------------------------------------------------------------------------
Pharmaceuticals -- 0.1%
1,046,048 5.00 B+/B1 Generic Drug Holdings, Inc., Closing
Date Term Loan, 10/4/19 $ 1,057,162
--------------
Total Pharmaceuticals,
Biotechnology & Life Sciences $ 4,160,506
---------------------------------------------------------------------------------------------------------
DIVERSIFIED FINANCIALS -- 0.1%
Other Diversified Financial
Services -- 0.1%
993,485 0.00 NR/NR Long Haul Holdings, Ltd., Facility A
Loan, 1/12/14 (c) $ 556,351
The accompanying notes are an integral part of these financial statements.
Pioneer Global High Yield Fund | Semiannual Report | 4/30/13 49
Schedule of Investments | 4/30/13 (unaudited) (continued)
---------------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate (b) Ratings Value
---------------------------------------------------------------------------------------------------------
Other Diversified Financial
Services -- (continued)
792,928 0.00 NR/NR Long Haul Holdings, Ltd., Facility B
Loan, 1/12/14 (c) $ 444,040
1,690,228 4.75 B/B1 WideOpenWest Finance LLC, Term B
Loan, 3/27/19 1,715,731
--------------
$ 2,716,122
--------------
Total Diversified Financials $ 2,716,122
---------------------------------------------------------------------------------------------------------
INSURANCE -- 0.6%
Insurance Brokers -- 0.5%
9,432,427 3.71 B+/B1 HUB International Holdings, Inc., 2017
Initial Term Loan (Extended), 6/13/17 $ 9,544,437
---------------------------------------------------------------------------------------------------------
Multi-line Insurance -- 0.1%
1,900,238 5.00 B-/B1 Alliant Insurance Services, Inc.,
Initial Term Loan, 12/7/19 $ 1,926,961
--------------
Total Insurance $ 11,471,398
---------------------------------------------------------------------------------------------------------
SOFTWARE & SERVICES -- 0.8%
Application Software -- 0.8%
13,436,402 8.50 B-/Ba3 Expert Global Solutions, Inc., Term B
Advance (First Lien), 3/13/18 $ 13,643,551
3,500,000 9.75 CCC+/Caa1 Vertafore, Inc., Term Loan
(Second Lien), 10/18/17 3,605,000
--------------
$ 17,248,551
--------------
Total Software & Services $ 17,248,551
---------------------------------------------------------------------------------------------------------
TECHNOLOGY HARDWARE & EQUIPMENT -- 0.2%
Electronic Components -- 0.2%
3,897,409 5.00 B/B2 Scitor Corp., Term Loan, 1/21/17 $ 3,897,409
--------------
Total Technology Hardware
& Equipment $ 3,897,409
---------------------------------------------------------------------------------------------------------
TELECOMMUNICATION SERVICES -- 0.4%
Integrated Telecommunication
Services -- 0.4%
GBP 5,600,000 0.00 NR/NR Virgin Media Investment Plc, New
Term Loan B, 2/6/20 $ 8,803,922
--------------
Total Telecommunication Services $ 8,803,922
---------------------------------------------------------------------------------------------------------
UTILITIES -- 0.1%
Electric Utilities -- 0.1%
3,202,730 4.73 CCC/Caa3 Texas Competitive Electric Holdings
Co., LLC, 2017 Term Loan
(Extending), 10/10/17 $ 2,360,412
--------------
Total Utilities $ 2,360,412
---------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
50 Pioneer Global High Yield Fund | Semiannual Report | 4/30/13
---------------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate (b) Ratings Value
---------------------------------------------------------------------------------------------------------
TOTAL SENIOR FLOATING RATE
LOAN INTERESTS
(Cost $138,714,703) $ 138,332,881
---------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------
Shares
---------------------------------------------------------------------------------------------------------
RIGHTS / WARRANTS -- 0.0%+
ENERGY -- 0.0%+
Oil & Gas Equipment
& Services -- 0.0%+
2,275 Green Field Energy Services, Inc.
(144A) $ 125,125
---------------------------------------------------------------------------------------------------------
Oil & Gas Exploration
& Production -- 0.0%+
592,529 Norse Energy Corp., ASA, 6/16/15 $ 10,267
--------------
Total Energy $ 135,392
---------------------------------------------------------------------------------------------------------
AUTOMOBILES & COMPONENTS -- 0.0%+
Auto Parts & Equipment -- 0.0%+
990 Lear Corp., 11/9/14 $ 113,504
--------------
Total Automobiles & Components $ 113,504
---------------------------------------------------------------------------------------------------------
TOTAL RIGHTS / WARRANTS
(Cost $144,461) $ 248,896
---------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------
Principal
Amount ($)
---------------------------------------------------------------------------------------------------------
TEMPORARY CASH INVESTMENTS -- 1.2%
Repurchase Agreements -- 1.2%
12,885,000 RBC Capital Markets Corp., 0.18%,
dated 4/30/13, repurchase price of
$12,885,000 plus accrued interest
on 5/1/13 collateralized by
$13,142,701
Federal National Mortgage
Association, 2.5-5.0%,
10/1/27-9/1/41 $ 12,885,000
The accompanying notes are an integral part of these financial statements.
Pioneer Global High Yield Fund | Semiannual Report | 4/30/13 51
Schedule of Investments | 4/30/13 (unaudited) (continued)
---------------------------------------------------------------------------------------------------------
Principal
Amount ($) Value
---------------------------------------------------------------------------------------------------------
Repurchase Agreements -- (continued)
12,885,000 Bank of Nova Scotia, Inc., 0.19%,
dated 4/30/13, repurchase price
of $12,885,000 plus accrued
interest on 5/1/13 collateralized
by $13,142,781
U.S. Treasury Notes,
0.625%, 8/31/17 $ 12,885,000
--------------
TOTAL TEMPORARY CASH INVESTMENTS
(Cost $12,885,000) $ 25,770,000
---------------------------------------------------------------------------------------------------------
TOTAL INVESTMENT IN SECURITIES -- 97.5%
(Cost $2,066,785,413) (a) (g) $2,057,124,733
---------------------------------------------------------------------------------------------------------
OTHER ASSETS & LIABILITIES -- 2.5% $ 52,896,845
---------------------------------------------------------------------------------------------------------
TOTAL NET ASSETS -- 100.0% $2,110,021,578
---------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------
Notional Unrealized
Principal Swap Counterparty/Referenced Obligation Appreciation
---------------------------------------------------------------------------------------------------------
4,100,000 JPMorgan Chase & Co., Index : Markit
CDX.NA.HY.17, 5.0%, 9/20/17 $ 310,026
--------------
TOTAL CREDIT DEFAULT SWAP AGREEMENT
(Cost $(153,750)) $ 310,026
--------------
(A.D.R.) American Depositary Receipt.
(G.D.R.) Global Depositary Receipt.
* Non-income producing security.
+ Amount rounds to less than 0.1%.
WR Security rating withdrawn by either S&P or Moody's.
NR Not rated by either S&P or Moody's.
(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.
(144A) Security is exempt from registration under Rule 144A of the
Securities Act of 1933. Such securities may be resold normally to
qualified institutional buyers in a transaction exempt from
registration. At April 30, 2013, the value of these securities
amounted to $1,136,405,767 or 53.9% 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.
The accompanying notes are an integral part of these financial statements.
52 Pioneer Global High Yield Fund | Semiannual Report | 4/30/13
** Senior floating rate loan interests in which the Fund invests
generally pay interest at rates that are periodically redetermined
by reference to a base lending rate plus a premium. These base
lending rates are generally (i) the lending rate offered by one or
more major European banks, such as LIBOR (London InterBank Offered
Rate), (ii) the prime rate offered by one or more major United
States banks, (iii) the certificate of deposit or (iv) other base
lending rates used by commercial lenders. The rate shown is the
coupon rate at period end.
(a) At April 30, 2013, the net unrealized loss on investments based on
cost for federal income tax purposes of $2,074,307,135 was as
follows:
Aggregate gross unrealized gain for all investments in which
there is an excess of value over tax cost $ 123,628,663
Aggregate gross unrealized loss for all investments in which
there is an excess of tax cost over value (140,811,065)
-------------
Net unrealized loss $ (17,182,402)
=============
(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 issued with a zero coupon. Income is earned 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:
United States 50.5%
Luxembourg 5.4
Cayman Islands 4.7
Netherlands 4.0
Mexico 3.9
Argentina 3.8
Ireland 3.6
United Kingdom 2.5
Brazil 1.8
Canada 1.5
China 1.4
Bermuda 1.3
Peru 1.2
Singapore 1.2
Australia 1.1
Indonesia 1.1
Other (individually less than 1%) 11.0%
-------
100.0%
=======
The accompanying notes are an integral part of these financial statements.
Pioneer Global High Yield Fund | Semiannual Report | 4/30/13 53
Schedule of Investments | 4/30/13 (unaudited) (continued)
NOTE: Principal amounts are denominated in U.S. Dollars unless otherwise
noted:
NOK Norwegian Krone
EURO Euro
BRL Brazilian Real
CAD Canadian Dollar
TRY Turkish Lira
CNY New Chinese Yuan
GBP British Pound Sterling
IDR Indonesian Rupiah
PHP Philippine Peso
RUB Russian Ruble
GHS Ghana Cedi
NGN Nigerian Naira
RON Romanian New Leu
MXN Mexican Peso
COP Columbian Peso
Purchases and sales of securities (excluding temporary cash investments) for the
six months ended April 30, 2013 aggregated $417,170,973 and $282,783,733,
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.) See Notes to Financial Statements -- Note 1A.
Level 3 -- significant unobservable inputs (including the Fund's own
assumptions in determining fair value of investments) See Notes
to Financial Statements -- Note 1A.
Generally, equity securities are categorized as Level 1, fixed income securities
and senior loans as Level 2 and securities valued using fair value methods
(other than prices supplied by independent pricing services) are categorized as
Level 3. See Notes to Financial Statements -- Note 1A.
The accompanying notes are an integral part of these financial statements.
54 Pioneer Global High Yield Fund | Semiannual Report | 4/30/13
The following is a summary of the inputs used as of April 30, 2013, in valuing
the Fund's assets:
--------------------------------------------------------------------------------
Level 1 Level 2 Level 3 Total
--------------------------------------------------------------------------------
Asset Backed
Securities $ -- $ 30,111,290 $ -- $ 30,111,290
Collateralized
Mortgage
Obligations -- 24,743,761 -- 24,743,761
Corporate Bonds -- 1,517,562,736 5,751,250 1,523,313,986
Convertible Corporate -- 122,563,074 -- 122,563,074
Bond
Preferred Stocks 18,908,014 4,490,785 4,521,600 27,920,399
Municipal Bonds -- 5,240,212 -- 5,240,212
Foreign Government
Bonds -- 140,192,159 -- 140,192,159
Senior Floating Rate
Loan Interests -- 138,332,881 -- 138,332,881
Common Stocks 12,814,116 493,713 4,792,957 18,100,786
Convertible Preferred 587,289 -- -- 587,289
Stocks
Repurchase Agreements -- 25,770,000 -- 25,770,000
Rights/Warrants 123,771 125,125 -- 248,896
--------------------------------------------------------------------------------
Total $32,433,190 $2,009,625,736 $15,065,807 $2,059,124,733
================================================================================
Other Financial
Instruments
Unrealized
appreciation on
credit default swaps $ -- $ 310,026 $ -- $ 310,026
Unrealized
appreciation on
forward foreign
currency portfolio
hedge contracts -- 582,759 -- 582,759
--------------------------------------------------------------------------------
Total Other Financial
Instruments $ -- $ 892,785 $ -- $ 892,785
================================================================================
The following is a reconciliation of assets valued using significant observable
inputs (Level 3):
--------------------------------------------------------------------------------
Common Preferred Corporate
Stocks Stocks Bonds Total
--------------------------------------------------------------------------------
Balance as of 10/31/12 $ 3,499,284 $ -- $ -- $ 3,499,284
Realized gain (loss) -- -- -- --
Change in unrealized
appreciation
(depreciation)(1) (2,056,327) 21,600 201,250 (1,833,477)
Net purchases (sales) 3,350,000 4,500,000 5,550,000 13,400,000
Transfers in and out
of Level 3 -- -- -- --
--------------------------------------------------------------------------------
Balance as of 4/30/13 $ 4,792,957 $4,521,600 $5,751,250 $15,065,807
================================================================================
1 Realized gain (loss) on these securities is included in the net realized
gain (loss) from investments in the Statement of Operations.
2 Unrealized appreciation (depreciation) on these securities is included in
the change in unrealized gain (loss) on investments in the Statement of
Operations.
* Transfers are calculated on the beginning of period values.
Net change in unrealized appreciation (depreciation) of
investments still held as of 4/30/13 $(1,833,477)
------------
The accompanying notes are an integral part of these financial statements.
Pioneer Global High Yield Fund | Semiannual Report | 4/30/13 55
Statement of Assets and Liabilities | 4/30/13 (Consolidated) (unaudited)
ASSETS:
Investment in securities (cost $2,066,785,413) $2,057,124,733
Cash 8,851,112
Foreign currencies, at value (cost $42,009,496) 42,248,157
Receivables --
Investment securities sold 7,993,390
Fund shares sold 6,113,290
Dividends 135,287
Interest 37,478,956
Unrealized appreciation on forward foreign currency portfolio
hedge contracts 582,759
Unrealized appreciation on credit default swaps 310,026
Other 683,037
----------------------------------------------------------------------------------------
Total assets $2,161,520,747
========================================================================================
LIABILITIES:
Payables --
Investment securities purchased $ 39,974,859
Fund shares repurchased 8,680,618
Dividends 1,703,674
Credit default swaps, premiums received 153,750
Due to affiliates 723,714
Accrued expenses 262,554
----------------------------------------------------------------------------------------
Total liabilities $ 51,499,169
========================================================================================
NET ASSETS:
Paid-in capital $2,385,652,692
Distributions in excess of net investment income (9,041,443)
Accumulated net realized loss on investments and foreign currency
transactions (257,928,691)
Net unrealized depreciation on investments (9,660,680)
Net unrealized appreciation on credit default swaps 310,026
Net unrealized appreciation on forward foreign currency contracts and
other assets and liabilities denominated in foreign currencies 689,674
----------------------------------------------------------------------------------------
Total net assets $2,110,021,578
========================================================================================
NET ASSET VALUE PER SHARE:
No par value (unlimited number of shares authorized)
Class A (based on $601,873,606/57,637,374 shares) $ 10.44
Class B (based on $32,445,623/3,105,625 shares) $ 10.45
Class C (based on $479,745,130/46,083,645 shares) $ 10.41
Class Y (based on $986,140,843/96,080,136 shares) $ 10.26
Class Z (based on $9,816,376/913,872 shares) $ 10.74
MAXIMUM OFFERING PRICE:
Class A ($10.44 (divided by) 95.5%) $ 10.93
========================================================================================
The accompanying notes are an integral part of these financial statements.
56 Pioneer Global High Yield Fund | Semiannual Report | 4/30/13
Statement of Operations (Consolidated) (unaudited)
For the Six Months Ended 4/30/13
INVESTMENT INCOME:
Interest (net of foreign taxes withheld of $187,844) $ 83,890,678
Dividends (net of foreign taxes withheld of $7,181) 676,467
-------------------------------------------------------------------------------------------------
Total investment income $ 84,567,145
-------------------------------------------------------------------------------------------------
EXPENSES:
Management fees $ 6,441,627
Transfer agent fees
Class A 208,399
Class B 18,707
Class C 88,051
Class Y 29,383
Class Z 2,142
Distribution fees
Class A 754,425
Class B 175,826
Class C 2,365,765
Shareholder communication expense 1,194,333
Administrative reimbursements 306,549
Custodian fees 64,400
Registration fees 63,823
Professional fees 51,621
Printing expense 27,191
Fees and expenses of nonaffiliated Trustees 36,537
Miscellaneous 95,180
-------------------------------------------------------------------------------------------------
Total expenses $ 11,923,959
-------------------------------------------------------------------------------------------------
Net investment income $ 72,643,186
-------------------------------------------------------------------------------------------------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS,
CLASS ACTION, CREDIT DEFAULT SWAPS AND FOREIGN
CURRENCY TRANSACTIONS:
Net realized gain (loss) on:
Investments $ (15,849,893)
Class action 1,566,055
Credit default swaps 79,153
Forward foreign currency contracts and other assets
and liabilities denominated in foreign currencies (1,258,288) $ (15,462,973)
-------------------------------------------------------------------------------------------------
Change in net unrealized appreciation (depreciation) on:
Investments $ 77,428,656
Credit default swaps 284,824
Unfunded corporate loans (68,403)
Forward foreign currency contracts and other assets
and liabilities denominated in foregin currencies 550,409 $ 78,195,486
-------------------------------------------------------------------------------------------------
Net gain on investments $ 62,732,513
-------------------------------------------------------------------------------------------------
Net increase in net assets resulting from operations $ 135,375,699
=================================================================================================
The accompanying notes are an integral part of these financial statements.
Pioneer Global High Yield Fund | Semiannual Report | 4/30/13 57
Statements of Changes in Net Assets
--------------------------------------------------------------------------------------------------
Six Months
Ended 4/30/13 Year Ended
(Consolidated) 10/31/12
(unaudited) (Consolidated)
--------------------------------------------------------------------------------------------------
FROM OPERATIONS:
Net investment income $ 72,643,186 $ 183,739,611
Net realized loss on investments, class actions, credit
default swaps and foreign currency transactions (15,462,973) (9,094,478)
Change in net unrealized appreciation (depreciation) on
investments, credit default swaps, unfunded corporate
loans and foreign currency transactions 78,195,486 76,792,978
--------------------------------------------------------------------------------------------------
Net increase in net assets resulting from operations $ 135,375,699 $ 251,438,111
--------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO SHAREOWNERS:
Net investment income:
Class A ($0.36 and $0.81 per share, respectively) $ (21,001,261) $ (52,710,619)
Class B ($0.31 and $0.73 per share, respectively) (1,085,251) (3,259,655)
Class C ($0.32 and $0.74 per share, respectively) (14,864,444) (34,509,782)
Class Y ($0.37 and $0.83 per share, respectively) (35,180,989) (106,055,951)
Class Z ($0.38 and $0.86 per share, respectively) (366,143) (742,618)
--------------------------------------------------------------------------------------------------
Total distributions to shareowners $ (72,498,088) $ (197,278,625)
--------------------------------------------------------------------------------------------------
FROM FUND SHARE TRANSACTIONS:
Net proceeds from sale or exchange of shares $ 416,895,516 $ 943,301,630
Reinvestment of distributions 62,010,823 170,311,348
Cost of shares repurchased (498,230,672) (1,633,158,248)
--------------------------------------------------------------------------------------------------
Net decrease in net assets resulting from
Fund share transactions $ (19,324,334) $ (519,545,270)
--------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets $ 43,553,277 $ (465,385,784)
NET ASSETS:
Beginning of period 2,066,468,301 2,531,854,085
--------------------------------------------------------------------------------------------------
End of period $2,110,021,578 $ 2,066,468,301
--------------------------------------------------------------------------------------------------
Distributions in excess of net investment income $ (9,041,443) $ (9,186,541)
==================================================================================================
The accompanying notes are an integral part of these financial statements.
58 Pioneer Global High Yield Fund | Semiannual Report | 4/30/13
------------------------------------------------------------------------------------------------
'13 Shares '13 Amount
(unaudited) (unaudited) '12 Shares '12 Amount
------------------------------------------------------------------------------------------------
Class A
Shares sold 7,795,269 $ 101,333,255 23,366,717 $ 250,593,230
Reinvestment of
distributions 1,774,072 18,324,714 4,597,616 45,052,236
Less shares repurchased (11,407,608) (117,680,282) (34,506,225) (336,282,546)
------------------------------------------------------------------------------------------------
Net increase
(decrease) (1,838,267) $ 1,977,687 (6,541,892) $ (40,637,080)
================================================================================================
Class B
Shares sold or exchanged 24,908 $ 1,762,731 143,609 $ 2,916,301
Reinvestment of
distributions 86,920 897,545 269,832 2,642,789
Less shares repurchased (850,006) (8,755,454) (1,706,616) (16,757,590)
------------------------------------------------------------------------------------------------
Net decrease (738,178) $ (6,095,178) (1,293,175) $ (11,198,500)
================================================================================================
Class C
Shares sold 4,094,319 $ 56,633,315 7,882,302 $ 91,982,625
Reinvestment of
distributions 1,063,893 10,952,816 2,402,034 23,480,616
Less shares repurchased (5,496,027) (56,487,031) (10,848,907) (105,965,981)
------------------------------------------------------------------------------------------------
Net increase
(decrease) (337,815) $ 11,099,100 (564,571) $ 9,497,260
================================================================================================
Class Y
Shares sold 20,954,372 $ 254,885,812 53,936,699 $ 590,959,930
Reinvestment of
distributions 3,101,665 31,488,596 10,250,504 98,636,819
Less shares repurchased (22,951,032) (233,158,735) (113,454,287) (1,089,953,263)
------------------------------------------------------------------------------------------------
Net increase
(decrease) 1,105,005 $ 53,215,673 (49,267,084) $ (400,356,514)
================================================================================================
Class Z
Shares sold 216,117 $ 2,280,403 677,620 $ 6,849,544
Reinvestment of
distributions 32,667 347,152 49,395 498,888
Less shares repurchased (300,663) (82,149,170) (510,913) (84,198,868)
------------------------------------------------------------------------------------------------
Net increase
(decrease) (51,879) $ (79,521,615) 216,102 $ (76,850,436)
================================================================================================
The accompanying notes are an integral part of these financial statements.
Pioneer Global High Yield Fund | Semiannual Report | 4/30/13 59
Financial Highlights
------------------------------------------------------------------------------------------------------------------------------------
Six Months
Ended 4/30/13 Year Ended Year Ended Year Year Year
(Consolidated) 10/31/12 10/31/11 Ended Ended Ended
(unaudited) (Consolidated) (Consolidated) 10/31/10 10/31/09 10/31/08
------------------------------------------------------------------------------------------------------------------------------------
Class A
Net asset value, beginning of period $ 10.13 $ 9.83 $ 10.53 $ 9.39 $ 7.56 $ 12.30
------------------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income $ 0.36 $ 0.76 $ 0.77 $ 0.80 $ 0.90 $ 1.03
Net realized and unrealized gain (loss) on
investments and foreign currency transactions 0.31 0.35 (0.70) 1.11 1.98 (4.59)
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 0.67 $ 1.11 $ 0.07 $ 1.91 $ 2.88 $ (3.56)
------------------------------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income $ (0.36) $ (0.81) $ (0.77) $ (0.77) $ (1.05) $ (1.07)
Net realized gain -- -- -- -- -- (0.11)
------------------------------------------------------------------------------------------------------------------------------------
Total distributions $ (0.36) $ (0.81) $ (0.77) $ (0.77) $ (1.05) $ (1.18)
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ 0.31 $ 0.30 $ (0.70) $ 1.14 $ 1.83 $ (4.74)
------------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 10.44 $ 10.13 $ 9.83 $ 10.53 $ 9.39 $ 7.56
====================================================================================================================================
Total return* 6.66% 11.89% 0.49% 21.16% 43.56% (31.45)%
Ratio of net expenses to average net assets+ 1.10%** 1.10% 1.09% 1.10% 1.10% 1.10%
Ratio of net investment income to average net
assets+ 7.01%** 7.74% 7.37% 8.08% 11.68% 9.25%
Portfolio turnover rate 28% 33% 52% 49% 33% 25%
Net assets, end of period (in thousands) $601,874 $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%** 1.10% 1.09% 1.15% 1.32% 1.18%
Net investment income 7.01%** 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%** 1.10% 1.09% 1.10% 1.10% 1.10%
Net investment income 7.01%** 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.
** Annualized.
The accompanying notes are an integral part of these financial statements.
60 Pioneer Global High Yield Fund | Semiannual Report | 4/30/13
------------------------------------------------------------------------------------------------------------------------------------
Six Months
Ended 4/30/13 Year Ended Year Ended Year Year Year
(Consolidated) 10/31/12 10/31/11 Ended Ended Ended
(unaudited) (Consolidated) (Consolidated) 10/31/10 10/31/09 10/31/08
------------------------------------------------------------------------------------------------------------------------------------
Class B
Net asset value, beginning of period $ 10.14 $ 9.83 $ 10.53 $ 9.37 $ 7.54 $ 12.27
------------------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income $ 0.30 $ 0.68 $ 0.68 $ 0.70 $ 0.81 $ 0.93
Net realized and unrealized gain (loss) on investments
and foreign currency transactions 0.32 0.36 (0.69) 1.15 2.01 (4.57)
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 0.62 $ 1.04 $ (0.01) $ 1.85 $ 2.82 $ (3.64)
------------------------------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income $ (0.31) $ (0.73) $ (0.69) $ (0.69) $ (0.99) $ (0.98)
Net realized gain -- -- -- -- -- (0.11)
------------------------------------------------------------------------------------------------------------------------------------
Total distributions $ (0.31) $ (0.73) $ (0.69) $ (0.69) $ (0.99) $ (1.09)
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ 0.31 $ 0.31 $ (0.70) $ 1.16 $ 1.83 $ (4.73)
------------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 10.45 $ 10.14 $ 9.83 $ 10.53 $ 9.37 $ 7.54
====================================================================================================================================
Total return* 6.23% 11.10% (0.32)% 20.40% 42.42% (32.02)%
Ratio of net expenses to average net assets+ 1.95%** 1.91% 1.90% 1.92% 2.00% 1.92%
Ratio of net investment income to average net assets+ 6.16%** 6.94% 6.59% 7.27% 10.88% 8.47%
Portfolio turnover rate 28% 33% 52% 49% 33% 25%
Net assets, end of period (in thousands) $32,446 $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 1.95%** 1.91% 1.90% 1.92% 2.08% 1.92%
Net investment income 6.16%** 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 1.95%** 1.91% 1.90% 1.92% 2.00% 1.92%
Net investment income 6.16%** 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.
** Annualized.
Pioneer Global High Yield Fund | Semiannual Report | 4/30/13 61
The accompanying notes are an integral part of these financial statements.
Financial Highlights (continued)
------------------------------------------------------------------------------------------------------------------------------------
Six Months
Ended 4/30/13 Year Ended Year Ended Year Year Year
(Consolidated) 10/31/12 10/31/11 Ended Ended Ended
(unaudited) (Consolidated) (Consolidated) 10/31/10 10/31/09 10/31/08
------------------------------------------------------------------------------------------------------------------------------------
Class C
Net asset value, beginning of period $ 10.10 $ 9.80 $ 10.49 $ 9.34 $ 7.51 $ 12.24
------------------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income $ 0.32 $ 0.69 $ 0.70 $ 0.73 $ 0.82 $ 0.93
Net realized and unrealized gain (loss) on
investments and foreign currency transactions 0.31 0.35 (0.69) 1.11 1.99 (4.57)
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 0.63 $ 1.04 $ 0.01 $ 1.84 $ 2.81 $ (3.64)
------------------------------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income $ (0.32) $ (0.74) $ (0.70) $ (0.69) $ (0.98) $ (0.98)
Net realized gain -- -- -- -- -- (0.11)
------------------------------------------------------------------------------------------------------------------------------------
Total distributions $ (0.32) $ (0.74) $ (0.70) $ (0.69) $ (0.98) $ (1.09)
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ 0.31 $ 0.30 $ (0.69) $ 1.15 $ 1.83 $ (4.73)
------------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 10.41 $ 10.10 $ 9.80 $ 10.49 $ 9.34 $ 7.51
====================================================================================================================================
Total return* 6.32% 11.17% (0.13)% 20.43% 42.56% (32.08)%
Ratio of net expenses to average net assets+ 1.81%** 1.78% 1.78% 1.82% 1.98% 1.85%
Ratio of net investment income to average net assets+ 6.29%** 7.08% 6.72% 7.37% 10.78% 8.55%
Portfolio turnover rate 28% 33% 52% 49% 33% 25%
Net assets, end of period (in thousands) $479,745 $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 1.81%** 1.78% 1.78% 1.82% 1.98% 1.85%
Net investment income 6.29%** 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 1.81%** 1.78% 1.78% 1.82% 1.98% 1.85%
Net investment income 6.29%** 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.
** Annualized.
The accompanying notes are an integral part of these financial statements.
62 Pioneer Global High Yield Fund | Semiannual Report | 4/30/13
------------------------------------------------------------------------------------------------------------------------------------
Six Months
Ended 4/30/13 Year Ended Year Ended Year Year Year
(Consolidated) 10/31/12 10/31/11 Ended Ended Ended
(unaudited) (Consolidated) (Consolidated) 10/31/10 10/31/09 10/31/08
------------------------------------------------------------------------------------------------------------------------------------
Class Y
Net asset value, beginning of period $ 9.96 $ 9.66 $ 10.35 $ 9.25 $ 7.46 $ 12.10
------------------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income $ 0.37 $ 0.76 $ 0.81 $ 0.86 $ 0.94 $ 1.05
Net realized and unrealized gain (loss) on
investments and foreign currency transactions 0.30 0.37 (0.70) 1.03 1.91 (4.48)
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 0.67 $ 1.13 $ 0.11 $ 1.89 $ 2.85 $ (3.43)
------------------------------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income $ (0.37) $ (0.83) (0.80) (0.79) (1.06) (1.10)
Net realized gain -- -- -- -- -- (0.11)
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ 0.30 $ 0.30 $ (0.69) $ 1.10 $ 1.79 $ (4.64)
------------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 10.26 $ 9.96 $ 9.66 $ 10.35 $ 9.25 $ 7.46
====================================================================================================================================
Total return* 6.77% 12.35% 0.85% 21.35% 43.78% (30.96)%
Ratio of net expenses to average net assets+ 0.81%** 0.80% 0.74% 0.73% 0.78% 0.74%
Ratio of net investment income to average net assets+ 7.30%** 8.03% 7.72% 8.42% 11.43% 9.82%
Portfolio turnover rate 28% 33% 52% 49% 33% 25%
Net assets, end of period (in thousands) $986,141 $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 0.81%** 0.80% 0.74% 0.73% 0.79% 0.74%
Net investment income 7.30%** 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 0.81%** 0.80% 0.74% 0.73% 0.78% 0.74%
Net investment income 7.30%** 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.
** Annualized.
Pioneer Global High Yield Fund | Semiannual Report | 4/30/13 63
The accompanying notes are an integral part of these financial statements.
Financial Highlights (continued)
------------------------------------------------------------------------------------------------------------------------------------
Six Months
Ended 4/30/13 Year Ended Year Ended Year Year Year
(Consolidated) 10/31/12 10/31/11 Ended Ended Ended
(unaudited) (Consolidated) (Consolidated) 10/31/10 10/31/09 10/31/08
------------------------------------------------------------------------------------------------------------------------------------
Class Z
Net asset value, beginning of period $ 10.43 $ 10.11 $ 10.86 $ 9.67 $ 7.79 $ 12.31
------------------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income $ 0.38 $ 0.82 $ 0.85 $ 0.87 $ 1.00 $ 1.07
Net realized and unrealized gain (loss) on investments
and foreign currency transactions 0.31 0.36 (0.77) 1.13 1.98 (4.37)
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 0.69 $ 1.18 $ 0.08 $ 2.00 $ 2.98 $ (3.30)
------------------------------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income $ (0.38) $ (0.86) (0.83) (0.81) (1.10) (1.11)
Net realized gain -- -- -- -- -- (0.11)
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ (0.38) $ (0.86) $ (0.75) $ 1.19 $ 1.88 $ (4.52)
------------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 10.74 $ 10.43 $ 10.11 $10.86 $ 9.67 $ 7.79
====================================================================================================================================
Total return* 6.70% 12.30% 0.53% 21.58% 43.69% (29.21)%
Ratio of net expenses to average net assets+ 0.87%** 0.88% 0.76% 0.90% 0.90% 0.90%
Ratio of net investment income to average net assets+ 7.22%** 7.99% 7.67% 8.26% 11.46% 9.85%
Portfolio turnover rate 28% 33% 52% 49% 33% 25%
Net assets, end of period (in thousands) $ 9,817 $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 0.87%** 0.88% 0.76% 0.91% 1.23% 1.11%
Net investment income 7.22%** 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 0.87%** 0.88% 0.76% 0.90% 0.90% 0.90%
Net investment income 7.22%** 7.99% 7.67% 8.26% 11.46% 9.85%
====================================================================================================================================
* Assumes initial investment at net asset value at the beginning of each
period, reinvestment of all distributions and the complete redemption of the
investment at net asset value at the end of each period.
** Annualized.
+ Ratios with no reduction for fees paid indirectly.
The accompanying notes are an integral part of these financial statements.
64 Pioneer Global High Yield Fund | Semiannual Report | 4/30/13
Notes to Financial Statements | 4/30/13 (Consolidated) (unaudited)
1. Organization and Significant Accounting Policies
Pioneer Global High Yield Fund (the Fund) is a series of Pioneer Series Trust
VII, a Delaware statutory trust. The Fund is registered under the Investment
Company Act of 1940 as a diversified, open-end management investment company.
The investment objective of the Fund is to maximize total return through a
combination of income and capital appreciation.
The Fund offers five classes of shares designated as Class A, Class B, Class C,
Class Y and Class Z shares. Class Y shares were first publicly offered on
December 28, 2005. Class Z shares were first publicly offered on July 6, 2007.
Effective as of the close of business on December 31, 2009, Class B shares are
no longer offered to new or existing shareholders, except that dividends and/or
capital gain distributions may continue to be reinvested in Class B shares, and
shareholders may exchange their Class B shares for Class B shares of other
Pioneer funds, as permitted by existing exchange privileges. Each class of
shares represents an interest in the same portfolio of investments of the Fund
and has identical rights (based on relative net asset values) to assets and
liquidation proceeds. Share classes can bear different rates of class-specific
fees and expenses such as transfer agent and distribution fees. Differences in
class-specific fees and expenses will result in differences in net investment
income and, therefore, the payment of different dividends from net investment
income earned by each class. The Amended and Restated Declaration of Trust of
the Fund gives the Board the flexibility to specify either per share voting or
dollar-weighted voting when submitting matters for shareholder approval. Under
per share voting, each share of a class of the Fund is entitled to one vote.
Under dollar-weighted voting, a shareholder's voting power is determined not by
the number of shares owned, but by the dollar value of the shares on the record
date. Each share class has exclusive voting rights with respect to matters
affecting only that class, including with respect to the distribution plan for
that class. There is no distribution plan for Class Y shares or Class Z shares.
Class B shares convert to Class A shares approximately eight years after the
date of purchase.
The Fund's financial statements have been prepared in conformity with U.S.
generally accepted accounting principles that require the management of the Fund
to, among other things, make estimates and assumptions that affect the reported
amounts of assets and liabilities, the disclosure of contingent assets and
liabilities at the date of the financial statements, and the reported amounts of
income, expenses and gain or loss on investments during the reporting year.
Actual results could differ from those estimates.
Pioneer Global High Yield Fund | Semiannual Report | 4/30/13 65
The following is a summary of significant accounting policies followed by the
Fund in the preparation of its financial statements, which are consistent with
those policies generally accepted in the investment company industry:
A. Security Valuation
Security transactions are recorded as of trade date. The net asset value of
the Fund is computed once daily, on each day the New York Stock Exchange
(NYSE) is open, as of the close of regular trading on the NYSE. Senior
floating rate loan interests (senior loans) are valued in accordance with
guidelines established by the Board of Trustees at the mean between the last
available bid and asked prices from one or more brokers or dealers as
obtained from Loan Pricing Corporation, an independent pricing service.
Senior loans for which no reliable price quotes are available will be valued
by Loan Pricing Corporation through the use of pricing matrices to determine
valuations. Fixed income securities with remaining maturity of more than
sixty days are valued at prices supplied by independent pricing services,
which consider such factors as market prices, market events, quotations from
one or more brokers, Treasury spreads, yields, maturities and ratings.
Valuations may be supplemented by dealers and other sources, as required.
Credit default swaps are valued by an independent pricing service based upon
valuation models incorporating default probabilities, estimated recovery
rates, actual reported transactions, and other available market data. Equity
securities that have traded on an exchange are valued at the last sale price
on the principal exchange where they are traded. Equity securities that have
not traded on the date of valuation, or securities for which sale prices are
not available, generally are valued using the mean between the last bid and
asked prices. Short-term fixed income securities with remaining maturities
of sixty days or less generally are valued at amortized cost. Shares of
money market mutual funds are valued at such funds' 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.
66 Pioneer Global High Yield Fund | Semiannual Report | 4/30/13
Securities or senior loans for which market prices and/or quotations are not
readily available or are considered to be unreliable are valued by or at the
direction or with the approval of the Valuation Committee using fair value
methods pursuant to procedures adopted by the Board of Trustees. The
Valuation Committee is comprised of certain members of the Board of
Trustees. The Trust 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 Trust'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 Trust's securities may
differ significantly from exchange prices and such differences could be
material. Pioneer Investment Management, Inc. (PIM) is responsible for
monitoring developments that may impact fair valued securities and for
discussing and assessing fair values on an ongoing basis, and at least
quarterly, with the Valuation Committee.
At April 31, 2012, 6 securities were valued using fair value methods (in
addition to securities valued using prices supplied by independent pricing
services) representing 0.7% of net assets. Inputs used when applying fair
value methods to value a security may include credit ratings, the financial
condition of the company, current market conditions and comparable
securities.
Principal amounts of mortgage-backed securities are adjusted for monthly
paydowns. Premiums and discounts related to certain mortgage-backed
securities are amortized or accreted in proportion to the monthly paydowns.
All discounts/premiums on debt securities are accreted/amortized for
financial reporting purposes over the life of the respective securities, and
such accretion/amortization is included in interest income.
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.
Pioneer Global High Yield Fund | Semiannual Report | 4/30/13 67
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).
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 provision for federal income taxes is required.
As of April 30, 2013, the Fund did not have any interest and penalties
related to uncertain 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.
The tax character of current year distributions payable will be determined
at the end of the current taxable year. The tax character of distributions
paid during the year ended October 31, 2012 was as follows:
68 Pioneer Global High Yield Fund | Semiannual Report | 4/30/13
----------------------------------------------------------------------------
2012
----------------------------------------------------------------------------
Distributions paid from:
Ordinary income $197,278,625
----------------------------------------------------------------------------
Total $197,278,625
============================================================================
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 $105,636 in underwriting commissions on the sale of Class A shares
during the six months ended April 30, 2013.
F. Class Allocations
Income, common expenses and realized and unrealized gains and losses are
calculated at the Fund level and allocated daily to each class of shares
based on its respective percentage of adjusted net assets at the beginning
of the day.
Distribution fees are calculated based on the average daily net asset value
attributable to Class A, Class B and Class C shares of the Fund,
respectively (see Note 5). Class Y and Class Z shares do not pay
distribution fees. All expenses and fees paid to the transfer agent, Pioneer
Investment Management Shareholder Services, Inc. (PIMSS), for its services
are allocated among the classes of shares based on the number of accounts in
each class and the ratable allocation of related out-of-pocket expenses (see
Note 3).
Pioneer Global High Yield Fund | Semiannual Report | 4/30/13 69
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.
70 Pioneer Global High Yield Fund | Semiannual Report | 4/30/13
I. Credit Default Swap Agreements
A credit default swap is a contract between a buyer of protection and a
seller of protection against a pre-defined credit event. The Fund may buy or
sell credit default swap contracts to increase the Fund's income, to add
leverage to the portfolio or to hedge the risk of default on portfolio
securities. As a seller of protection, the Fund would be required to pay the
notional (or other agreed-upon) value of the referenced debt obligation to
the counterparty in the event of a default by a U.S. or foreign corporate
issuer of a debt obligation, which would likely result in a loss to the
Fund. In return, the Fund would receive from the counterparty a periodic
stream of payments during the term of the contract provided that no event of
default occurred. The maximum exposure of loss to the seller would be the
notional value of the credit default swaps outstanding. If no default
occurs, the Fund would keep the stream of payments and would have no payment
obligation. The Fund may also buy credit default swap contracts in order to
hedge against the risk of default of debt securities, in which case the Fund
would function as the counterparty referenced above.
When the Fund enters into a credit default swap contract, one party, the
protection buyer, makes an upfront or periodic payment to the protection
seller in exchange for the right to receive a contingent payment. An upfront
payment received by the Fund, as the protection seller, is recorded as a
liability in the Fund's records. An upfront payment made by the Fund, as the
protection buyer, is recorded as an asset in the Fund's records. Periodic
payments received or paid by the Fund are recorded as realized gains or
losses.
The credit default swap contracts are marked-to-market daily using
valuations supplied by independent sources and the change in value, if any,
is recorded as unrealized gain or loss. Payments received or made as a
result of a credit event or upon termination of the contract are recognized,
net of the appropriate amount of the upfront payment, as realized gains or
losses.
Credit default swap contracts involving the sale of protection may involve
greater risks than if the Fund had invested in the referenced debt
instrument directly. Credit default swap contracts are subject to general
market risk, liquidity risk, counterparty risk and credit risk. If the Fund
is a protection buyer and no credit event occurs, it will lose its
investment. If the Fund is a protection seller and a credit event occurs,
the value of the referenced debt instrument received by the Fund, together
with the periodic payments received, may be less than the amount the Fund
pays to the protection buyer, resulting in a loss to the Fund.
Pioneer Global High Yield Fund | Semiannual Report | 4/30/13 71
During the six months ended April 30, 2013, the Fund opened one credit
default swap, with a notional principal of $4,100,000, which was still open
at period 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 six
months ended April 30, 2013, 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 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, 2013.
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
$174,904 in management fees, administrative costs and certain other
reimbursements payable to PIM at April 30, 2013.
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 six months ended April 30, 2013, such out-of-pocket expenses by class of
shares were as follows:
72 Pioneer Global High Yield Fund | Semiannual Report | 4/30/13
--------------------------------------------------------------------------------
Shareholder Communications:
--------------------------------------------------------------------------------
Class A $ 301,802
Class B 29,271
Class C 230,795
Class Y 624,760
Class Z 7,705
--------------------------------------------------------------------------------
Total $1,194,333
================================================================================
Included in "Due to affiliates" reflected on the Statement of Assets and
Liabilities is $476,499 in transfer agent fees and out-of-pocket reimbursements
payable to PIMSS at April 30, 2013.
4. Basis for Consolidation of the Financial Statements
The consolidated financial statements of the Fund include the accounts of the
Subsidiary. All intercompany accounts and transactions have been eliminated in
consolidation. The Subsidiary, a Delaware corporation, was incorporated on
February 10, 2011 and is wholly-owned and controlled by the Fund. It is intended
that the Fund will remain the sole shareholder of, and will continue to control,
the Subsidiary. The Subsidiary acts as an investment vehicle for the Fund's
interest in Blaze Recycling and Metals LLC, Class A Units. As of April 30, 2013,
the Subsidiary represented approximately $727,757 or approximately 0.03% of the
net assets of the Fund.
5. Distribution Plan
The Fund has adopted a Distribution Plan pursuant to Rule 12b-1 of the
Investment Company Act of 1940 with respect to its Class A, Class B and Class C
shares. Pursuant to the Plan, the Fund pays PFD 0.25% of the average daily net
assets attributable to Class A shares as compensation for personal services
and/or account maintenance services or distribution services with regard to
Class A shares. Pursuant to the Plan, the Fund also pays PFD 1.00% of the
average daily net assets attributable to Class B and Class C shares. The fee for
Class B and Class C shares consists of a 0.25% service fee and a 0.75%
distribution fee paid as compensation for personal services and/or account
maintenance services or distribution services with regard to Class B and Class C
shares. Included in "Due to affiliates" reflected on the Statement of Assets and
Liabilities is $72,311 in distribution fees payable to PFD at April 30, 2013.
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
Pioneer Global High Yield Fund | Semiannual Report | 4/30/13 73
redeemed. Redemptions of Class C shares within one year of purchase are subject
to a CDSC of 1.00% based on the lower of cost or market value of shares being
redeemed. Shares purchased as part of an exchange remain subject to any CDSC
that applied to the original purchase of those shares. There is no CDSC for
Class Y or Class Z shares. Proceeds from the CDSCs are paid to PFD. For the six
months ended April 30, 2013, CDSCs in the amount of $23,109 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 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 the London Interbank Offered Rate (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 eurodollar rate on the borrowing date. The Funds pay an annual
commitment fee to participate in the credit facility. The commitment fee is
allocated among participating Funds based on an allocation schedule set forth in
the credit agreement. For the six months ended April 30, 2013, the Fund had no
borrowings under the credit facility.
7. Expense Offset Arrangements
The Fund has entered into certain expense offset arrangements with PIMSS which
may result in a reduction in the Fund's total expenses due to interest earned on
cash held by PIMSS. For the six months ended April 30, 2013, the Fund's expenses
were not reduced under such arrangements.
8. Forward Foreign Currency Contracts
At April 30, 2013, 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 six months ended April 30, 2013 was $74,984,460.
74 Pioneer Global High Yield Fund | Semiannual Report | 4/30/13
Open portfolio hedges at April 30, 2013 were as follows:
-------------------------------------------------------------------------------------------------
Net Unrealized
Net Contracts In Exchange Settlement Appreciation
Currency to Deliver For Date Value (Depreciation)
-------------------------------------------------------------------------------------------------
GBP (British Pounds) (800,000) $ (1,242,050) 8/15/13 $ (1,241,600) $ 451
GBP (British Pounds) (3,846,000) (6,211,790) 5/15/13 (5,972,096) 239,694
EURO (European Euro) (6,168,265) (8,012,481) 5/22/13 (8,117,239) (104,757)
EURO (European Euro) (6,167,462) (8,012,481) 5/22/13 (8,116,181) (103,700)
EURO (European Euro) (15,000,000) (20,367,600) 5/6/13 (19,737,439) 630,161
INR (Indian Rupee) 271,000,000 4,822,922 9/16/13 4,917,284 94,362
KES (Kenyan Shilling) (47,785,714) (557,268) 5/14/13 (568,710) (11,442)
KES (Kenyan Shilling) 47,785,714 535,714 5/14/13 568,710 32,996
NGN (Nigerian Naira) 342,000,000 2,117,533 6/19/13 2,136,632 19,099
RUB (Russian Ruble) 78,000,000 2,480,324 7/8/13 2,479,112 (1,212)
KRW (South Korean Won) 15,050,000,000 13,206,968 5/15/13 13,655,420 448,452
JPY (Japanese Yen) 757,500,000 8,012,481 5/22/13 7,769,943 (242,539)
JPY (Japanese Yen) 757,500,000 8,012,481 5/22/13 7,769,943 (242,539)
JPY (Japanese Yen) (1,515,500,000) (15,368,749) 5/22/13 (15,545,014) (176,266)
-------------------------------------------------------------------------------------------------
Total $ 582,759
=================================================================================================
9. Additional Disclosures about Derivative Instruments and Hedging Activities:
Values of derivative instruments as of April 30, 2013 were as follows:
--------------------------------------------------------------------------------------
Derivatives Not
Accounted for as Asset Derivatives 2013 Liabilities Derivatives 2013
Hedging Instruments --------------------------- -----------------------------
Under Accounting Statement of Assets Statement of Assets
Standards Codification and Liabilities and Liabilities
(ASC) 815 Location Value Location Value
--------------------------------------------------------------------------------------
Forward Foreign Unrealized Unrealized
Currency Portfolio appreciation depreciation
Hedge Contracts on forward on forward
foreign currency foreign currency
portfolio hedge portfolio hedge
contracts $582,759 contracts $ --
Credit Default Swaps Unrealized Unrealized
appreciation on depreciation on
credit default credit default
swaps $310,026 swaps $ --
--------------------------------------------------------------------------------------
Total $892,785 $ --
======================================================================================
Pioneer Global High Yield Fund | Semiannual Report | 4/30/13 75
The effect of derivative instruments on the Statement of Operations for the six
months ended April 30, 2013 was as follows:
------------------------------------------------------------------------------------------------
Change in
Unrealized
Derivatives Not Appreciation
Accounted for as Realized Gain or
Hedging Instruments or (Loss) (Depreciation)
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 gain (loss) on forward $(1,602,859)
Currency Portfolio foreign currency contracts and
Hedge Contracts other assets and liabilities
denominated in foreign currencies
Forward Foreign Change in unrealized appreciation $696,883
Currency Portfolio (depreciation) on forward foreign
Hedge Contracts currency contracts and other assets
and liabilities denominated in
foreign currencies
Credit Default Swaps Net realized gain (loss) on credit
default swaps $ 79,153
Credit Default Swaps Change in unrealized appreciation
(depreciation) on credit
default swaps $284,824
76 Pioneer Global High Yield Fund | Semiannual Report | 4/30/13
Approval of Investment Advisory Agreement
Pioneer Investment Management, Inc. (PIM) serves as the investment adviser to
Pioneer Global High Yield Fund (the Fund) pursuant to an investment advisory
agreement between PIM and the Fund. In order for PIM to remain the investment
adviser of the Fund, the Trustees of the Fund must determine annually whether to
renew the investment advisory agreement for the Fund.
The contract review process began in March 2012 as the Trustees of the Fund
agreed on, among other things, an overall approach and timeline for the process.
In July 2012, the Trustees approved the format of the contract review materials
and submitted their formal request to PIM to furnish information necessary to
evaluate the terms of the investment advisory agreement. The contract review
materials were provided to the Trustees in July 2012 and September 2012. After
reviewing and discussing the materials, the Trustees submitted a request for
additional information to PIM, and materials were provided in response to this
request. Meetings of the Independent Trustees of the Fund were held in July,
September, October, and November, 2012 to review and discuss the contract review
materials. In addition, the Trustees took into account the information related
to the Fund provided to the Trustees at each regularly scheduled meeting.
At a meeting held on November 13, 2012, based on their evaluation of the
information provided by PIM and third parties, the Trustees of the Fund,
including the Independent Trustees voting separately, unanimously approved the
renewal of the investment advisory agreement for another year. In considering
the renewal of the investment advisory agreement, the Trustees considered
various factors that they determined were relevant, including the factors
described below. The Trustees did not identify any single factor as the
controlling factor in determining to approve the renewal of the agreement.
Nature, Extent and Quality of Services
The Trustees considered the nature, extent and quality of the services that had
been provided by PIM to the Fund, taking into account the investment objective
and strategy of the Fund. The Trustees reviewed the terms of the investment
advisory agreement. The Trustees also reviewed PIM's investment approach for the
Fund, its research process and its process for trade execution. The Trustees
considered the resources of PIM and the personnel of PIM who provide investment
management services to the Fund. The Trustees considered the non-investment
resources and personnel of PIM involved in PIM's services to the Fund, including
PIM's compliance and legal resources and personnel. The Trustees also considered
the substantial attention and high priority given by PIM's senior management to
the Pioneer fund complex. In addition, the Trustees considered PIM's plans to
increase resources in its investment management function and other enhancements
to PIM's advisory capabilities.
Pioneer Global High Yield Fund | Semiannual Report | 4/30/13 77
The Trustees considered that PIM supervises and monitors the performance of the
Fund's service providers and provides the Fund with personnel (including Fund
officers) and other resources that are necessary for the Fund's business
management and operations. The Trustees also considered that, as administrator,
PIM is responsible for the administration of the Fund's business and other
affairs. The Trustees considered the fees paid to PIM for the provision of
administration services.
Based on these considerations, the Trustees concluded that the nature, extent
and quality of services that had been provided by PIM to the Fund were
satisfactory and consistent with the terms of the investment advisory agreement.
Performance of the Fund
The Trustees considered the performance results of the Fund over various time
periods. They reviewed information comparing the Fund's performance with the
performance of its peer group of funds as classified by Morningstar, Inc.
(Morningstar), an independent provider of investment company data, and with the
performance of the Fund's benchmark index. The Trustees considered that the
Fund's annualized total return was in the fifth quintile of its Morningstar
category for the one and five year periods ended June 30, 2012, and in the first
quintile of its Morningstar category for the three year period ended June 30,
2012. (In all quintile rankings referred to throughout this disclosure, first
quintile is most favorable to the Fund's shareowners. Thus, highest relative
performance would be first quintile and lowest relative expenses would also be
first quintile.) The Trustees also considered that the Fund's twelve month
average gross portfolio yield (using month end 30 day effective yields) exceeded
the twelve month average yield of the Fund's benchmark index. The Trustees
discussed the Fund's performance record. They indicated that they were satisfied
with the discussions with PIM with respect to the Fund's performance.
Management Fee and Expenses
The Trustees considered information showing the fees and expenses of the Fund in
comparison to the management fees and expense ratios of its peer group of funds
as classified by Morningstar and also to the expense ratios of a peer group of
funds selected on the basis of criteria determined by the Independent Trustees
for this purpose using data provided by Strategic Insight Mutual Trust Research
and Consulting, LLC (Strategic Insight), an independent third party.
The Trustees considered that the Fund's management fee for the twelve months
ended June 30, 2012 was in the second quintile relative to the management fees
paid by other funds in its Morningstar peer group for the comparable period. The
Trustees noted that the assets of the Fund were currently in excess of the last
breakpoint in the Fund's management fee schedule. The Trustees
78 Pioneer Global High Yield Fund | Semiannual Report | 4/30/13
considered information that showed that the current fee schedule for the Fund
would remain competitive at higher asset levels. The Trustees considered that
the expense ratio of Class A shares of the Fund for the twelve months ended
June 30, 2012 was in the fifth quintile relative to its Strategic Insight peer
group for the comparable period, and that the expense ratio of Class Y shares of
the Fund for the twelve months ended June 30, 2012 was in in the fourth quintile
relative to its Strategic Insight peer group for the comparable period. The
Trustees noted that the expense ratio of Class A shares of the Fund was
approximately ten basis points higher than the median expense ratio of its
Strategic Insight peer group and that the expense ratio of Class Y shares of the
Fund was approximately four basis points higher than the median expense ratio of
its Strategic Insight peer group. The Trustees considered that the expense ratio
of each of Class A and Class Y shares of the Fund for the twelve months ended
June 30, 2012 was in the third quintile relative to the Fund's Morningstar
category.
The Trustees reviewed management fees charged by PIM and PIM's affiliate,
Pioneer Institutional Asset Management, Inc. (together with PIM, "Pioneer") to
institutional and other clients, including publicly offered European funds
sponsored by affiliates of Pioneer, unaffiliated U.S. registered investment
companies (in a sub-advisory capacity), and unaffiliated foreign and domestic
separate accounts. The Trustees also considered PIM's costs in providing
services to the Fund and Pioneer's costs in providing services to the other
clients and considered the differences in management fees and profit margins for
Fund and non-Fund services. In evaluating the fees associated with Pioneer's
client accounts, the Trustees took into account the respective demands,
resources and complexity associated with the Fund and client accounts. The
Trustees noted that in some instances the fee rates for those clients were lower
than the management fee for the Fund and considered that, under the investment
advisory agreement with the Fund, PIM performs additional services for the Fund
that it does not provide to those other clients or services that are broader in
scope, including oversight of the Fund's other service providers and activities
related to compliance and the extensive regulatory and tax regimes to which the
Fund is subject. The Trustees also considered the different entrepreneurial
risks associated with PIM's management of the Fund and Pioneer's management of
the other client accounts. The Trustees concluded that the management fee
payable by the Fund to PIM was reasonable in relation to the nature and quality
of the services provided by PIM.
Profitability
The Trustees considered information provided by PIM regarding the profitability
of PIM with respect to the advisory services provided by PIM to the Fund,
including the methodology used by PIM in allocating certain of its costs to the
management of the Fund. The Trustees also considered PIM's
Pioneer Global High Yield Fund | Semiannual Report | 4/30/13 79
profit margin in connection with the overall operation of the Fund. They
further reviewed the financial results realized by PIM and its affiliates from
non-fund businesses. The Trustees considered PIM's profit margins with
respect to the Fund in comparison to the limited industry data available and
noted that the profitability of any adviser was affected by numerous factors,
including its organizational structure and method for allocating expenses. The
Trustees concluded that PIM's profitability with respect to the management of
the Fund was not unreasonable.
Economies of Scale
The Trustees considered PIM's views relating to economies of scale in connection
with the Pioneer Funds as fund assets grow and the extent to which any such
economies of scale are shared with funds and fund shareholders. The Trustees
noted the breakpoints in the management fee schedule. The Trustees recognize
that economies of scale are difficult to identify and quantify, rarely
identifiable on a Fund-by-Fund basis, and that, among other factors that may be
relevant, are the following: fee levels, expense subsidization, investment by
PIM in research and analytical capabilities and PIM's commitment and resource
allocation to the Funds. The Trustees noted that profitability also may be an
indicator of the availability of any economies of scale, although profitability
may vary for other reasons particularly, for example during the recent difficult
periods for financial markets, as the level of services was maintained
notwithstanding a significant decline in PIM's fee revenues from the Funds.
Accordingly, the Trustees concluded that economies of scale, if any, were being
appropriately shared with the Fund.
Other Benefits
The Trustees considered the other benefits to PIM from its relationship with the
Fund. The Trustees considered the character and amount of fees paid by the Fund,
other than under the investment advisory agreement, for services provided by PIM
and its affiliates. The Trustees further considered the revenues and
profitability of PIM's businesses other than the fund business. The Trustees
considered the intangible benefits to PIM by virtue of its relationship with the
Fund and the other Pioneer funds. The Trustees concluded that the receipt of
these benefits was reasonable in the context of the overall relationship between
PIM and the Fund.
Conclusion
After consideration of the factors described above as well as other factors, the
Trustees, including all of the Independent Trustees, concluded that the
investment advisory agreement between PIM and the Fund, including the fees
payable thereunder, was fair and reasonable and voted to approve the proposed
renewal of the investment advisory agreement for the Fund.
80 Pioneer Global High Yield Fund | Semiannual Report | 4/30/13
Trustees, Officers and Service Providers
Trustees Officers
Thomas J. Perna, Chairman John F. Cogan, Jr., President*
David R. Bock Daniel K. Kingsbury, Executive
John F. Cogan, Jr. Vice President
Benjamin M. Friedman Mark E. Bradley, Treasurer**
Margaret B.W. Graham Christopher J. Kelley, Secretary
Daniel K. Kingsbury
Marguerite A. Piret
Stephen K. West
Investment Adviser and Administrator
Pioneer Investment Management, Inc.
Custodian and Sub-Administrator
Brown Brothers Harriman & Co.
Principal Underwriter
Pioneer Funds Distributor, Inc.
Legal Counsel
Bingham McCutchen LLP
Shareowner Services and Transfer Agent
Pioneer Investment Management Shareholder Services, Inc.
Proxy Voting Policies and Procedures of the Fund are available without charge,
upon request, by calling our toll free number (1-800-225-6292). Information
regarding how the Fund voted proxies relating to portfolio securities during the
most recent 12-month period ended June 30 is publicly available to shareowners
at us.pioneerinvestments.com. This information is also available on the
Securities and Exchange Commission's web site at www.sec.gov.
* Chief Executive Officer of the Fund.
** Chief Financial and Accounting Officer of the Fund.
Pioneer Global High Yield Fund | Semiannual Report | 4/30/13 81
This page for your notes.
82 Pioneer Global High Yield Fund | Semiannual Report | 4/30/13
This page for your notes.
Pioneer Global High Yield Fund | Semiannual Report | 4/30/13 83
This page for your notes.
84 Pioneer Global High Yield Fund | Semiannual Report | 4/30/13
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
Investments(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) 2013 Pioneer Investments 19382-07-0613
Pioneer Global Aggregate
Bond Fund
--------------------------------------------------------------------------------
Semiannual Report | April 30, 2013
--------------------------------------------------------------------------------
Ticker Symbols:
Class A PGABX
Class C PGCBX
Class Y PGYBX
[LOGO] PIONEER
Investments(R)
visit us: us.pioneerinvestments.com
Table of Contents
Letter to Shareowners 2
Portfolio Management Discussion 4
Portfolio Summary 8
Prices and Distributions 9
Performance Update 10
Comparing Ongoing Fund Expenses 13
Schedule of Investments 15
Financial Statements 43
Notes to Financial Statements 50
Approval of Investment Advisory Agreement 61
Trustees, Officers and Service Providers 65
Pioneer Global Aggregate Bond Fund | Semiannual Report | 4/30/13 1
President's Letter
Dear Shareowner,
Pioneer continues to see only modest economic growth in the U.S. Employment
continues to rise, albeit slowly, and we believe it will continue to do so in
2013, barring a negative shock to the system. The housing and auto sectors
continue to recover, benefiting from record-low interest rates. Banks'
willingness to lend to consumers and businesses also continues to rise, broad
measures of inflation remain subdued, and, if the weather cooperates in 2013,
food prices should come back down. And, while corporate profit growth has
slowed, profits remain high and many U.S. companies continue to both pay and
increase dividends*. Offsetting some of these positives are the continued
contraction of fiscal policy in Washington and a recessionary Europe.
The Federal Reserve's aggressive monetary policy has driven Treasury yields to
generational lows and supported investments in all financial assets, including
equities and high-yield corporate bonds. For example, the Standard & Poor's 500
Index (the S&P 500), a broad measure of the U.S. stock market, returned 15.99%
for the full calendar year ended December 31, 2012, and the Bank of America
Merrill Lynch High Yield Master II Index (the High Yield Index), which measures
the performance of high-yield corporate bonds, returned 15.59% for the same
12-month period. On the other hand, the Barclays Aggregate Bond Index (the
Aggregate Index), which tracks the performance of a higher-quality bond
universe, gained 4.22% for the 12 months ended December 31, 2012; the
safer-still Barclays Government Credit Index (the Government/Credit Index)
returned 4.82%; and 3-month Treasury bills, generally regarded as essentially
"risk free" by the markets, returned just 0.09% in 2012. "Risky" assets
outperformed again in the first quarter of 2013, as the S&P 500 returned 10.60%
and the High Yield Index returned 2.89%. In contrast, the Aggregate Index
returned -0.12% in the first quarter, the Government Credit Index returned
-0.16%, and Treasury bills returned 0.02%.
Despite generally improving economic conditions and a rising stock market,
global economies and investors still face daunting challenges as 2013 moves
forward, although we remain cautiously optimistic. U.S. fiscal policy remains
unsettled, and we feel the U.S. government could be at risk of credit rating
downgrades from one or more of the major ratings agencies if the uncertainties
persist. The Federal Reserve continues to provide extraordinary support to the
U.S. economy and the bond market, but will not do so indefinitely. Europe has
made progress, but has not yet resolved its sovereign-debt/banking problem, nor
has the region been able to exit recession. Japan recently has unveiled
aggressive and unconventional monetary and fiscal policies, but the country
* Dividends are not guaranteed.
2 Pioneer Global Aggregate Bond Fund | Semiannual Report | 4/30/13
continues to face issues such as high levels of debt as well as an aging
population. China and other emerging economies, while generally in better shape
than most "developed" markets, also face a range of challenges.
While most of the risks outlined here are widely recognized and may already be
"priced in" to the market, we believe investors should continue to expect market
volatility.
At Pioneer, we have long advocated the benefits of staying diversified and
investing for the long term. And while diversification does not assure a profit
or protect against loss in a declining market, we believe there are still
opportunities for prudent investors to earn attractive returns. 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, keeping in mind that there is no single best strategy that
works for every investor.
Pioneer's investment teams have, since 1928, sought out attractive opportunities
in global equity and bond markets, using in-depth research to identify
undervalued individual securities, and using thoughtful risk management to
construct portfolios which balance potential risks and reward in an
ever-changing world.
We encourage you to learn more about Pioneer and our time-tested approach to
investing by consulting with your financial advisor or visiting us online at
us.pioneerinvestments.com. We greatly appreciate your trust in us, and we thank
you for investing with Pioneer.
Sincerely,
/s/ Daniel K. Kingsbury
Daniel K. Kingsbury
President and CEO
Pioneer Investment Management USA, Inc.
Any information in this shareowner report regarding market or economic trends or
the factors influencing the Fund's historical or future performance are
statements of opinion as of the date of this report. These statements should not
be relied upon for any other purposes. Past performance is no guarantee of
future results, and there is no guarantee that market forecasts discussed will
be realized.
Pioneer Global Aggregate Bond Fund | Semiannual Report | 4/30/13 3
Portfolio Management Discussion | 4/30/13
Global fixed-income markets generally produced modest results over the six
months ended April 30, 2013, against a backdrop of sluggish economic growth and
continued worries about sovereign-debt problems and recession in Europe as well
as weakened growth in China. In the following interview, Charles Melchreit
discusses the market environment and the performance of Pioneer Global Aggregate
Bond Fund during the six-month period. Mr. Melchreit, a senior vice president
and portfolio manager at Pioneer, is responsible for the daily management of the
Fund, along with Mr. Tanguy Le Saout, Head of European Fixed-Income Portfolio
Management and European Fixed-Income Research at Pioneer.
Q How did the Fund perform during the six months ended April 30, 2013?
A Pioneer Global Aggregate Bond Fund's Class A shares returned 2.36% at net
asset value during the six months ended April 30, 2013, while the Fund's
benchmark, the Barclays Global Aggregate Bond Index (the Barclays Index),
returned -1.07%. During the same period, the average return of the 184
mutual funds in Lipper's Global Income Funds category was 1.95%.
Q How would you describe the investment environment for global fixed-income
securities during the six months ended April 30, 2013?
A Investment conditions varied by country and region during the six-month
period. The U.S. market, which accounts for almost half of the benchmark
Barclays Index, was buoyed somewhat by positive, but unimpressive, economic
growth trends, although political disagreements over fiscal policy late in
2012 unsettled investors and created volatility before the markets quieted
down again. More credit-sensitive bond investments, such as corporate bonds,
significantly outperformed low-yielding U.S. Treasuries and other government
securities during the period.
In Europe, however, the situation was more varied and more challenging.
Investors' attitudes about the debt problems of peripheral European
countries actually improved in light of the temporary solutions engineered
by the European Central Bank. Nevertheless, concerns still existed during
the period, most notably over the recession that had slowed down most
European markets. While industrial production gains in some northern
European regions offered some positive news for the markets, investors
remained concerned about the lack of a long-term solution to the region's
sovereign-debt problems, weak housing markets in several nations, and the
vulnerability of European exports to the strength of the euro. The euro had
4 Pioneer Global Aggregate Bond Fund | Semiannual Report | 4/30/13
surprised many observers by gaining on world currency markets, as the higher
yields related to the region's sovereign-debt problems had attracted the
attention of some investors. The downside, however, was that the
strengthened euro currency made European exports less cost-competitive.
Economic growth in China, when compared with other regions, remained
relatively robust, but it still weakened during the six-month period. In
response, Chinese authorities have adopted a more accommodative monetary
policy and eased controls on capital in order to encourage a pickup in
growth; The new Chinese government also assured the markets it was
committed to continued economic reform. China, however, still remained
vulnerable to the economic problems in Europe, which is the country's
largest export market.
The biggest surprises during the six-month period occurred in Japan, where a
new national government and a new governor of the nation's central bank (the
Bank of Japan) both came on the scene. Japanese authorities engineered a 30%
drop in the value of the yen on currency markets, which was widely seen as
having added value to Japanese assets, and the Japanese stock market shot up
on the prospects of economic improvement after a prolonged slump in the
national economy.
In the emerging economies, assets flowed into several markets, most notably
in many countries in Southeast Asia, which appeared attractive to investors
because of their growing economies, emerging middle classes, and moderating
political risks. The six-month period also saw two additional emerging
nations - Mexico and the Philippines - enjoy upgrades of their credit
ratings from high-yield to investment-grade.
Q What were your principal investment strategies, and how did they affect the
Fund's performance during the six months ended April 30, 2013?
A The biggest factor in the Fund's good benchmark-relative performance during
the period was currency positioning. We had a positive view of the prospects
for the U.S. dollar (USD) in the currency markets, and so we significantly
overweighted the portfolio to the USD relative to the Barclays Index. The
Fund's overweight to the USD helped relative performance, as did the
portfolio's exposures to some emerging market currencies, including those of
Mexico, Brazil and Poland.
We generally de-emphasized most non-U.S developed market currencies during
the period. While the Fund's underweight to the Japanese yen helped relative
performance, the de-emphasis of the euro in the portfolio detracted from
relative performance. Consistent with this theme, the Fund's underweighting
of European government bonds had a negative impact on relative performance.
Pioneer Global Aggregate Bond Fund | Semiannual Report | 4/30/13 5
Broken down by sector, we favored owning corporate bonds over sovereign debt
in the portfolio, and that allocation supported the Fund's results during
the period, as credit-linked securities generally outperformed government
debt. As of April 30, 2013, approximately 30% of the Fund's assets were
invested in corporate bonds, compared with a 17% weighting to corporates in
the Barclays Index. Among the Fund's corporate holdings, performance was
helped during the period by exposures to industrials and U.S. financial
institutions. At period end, about 41% of the Fund's assets were invested in
government bonds, compared with a 67% weighting in the Barclays Index. The
Fund's government-debt investments generally focused on opportunities
outside the major non-U.S. developed markets.
The portfolio did own some forward currency contracts - a type of derivative
security - during the period, but they did not have a noteworthy effect on
the Fund's results.
Q What is your investment outlook?
A We think the economy in the United States should continue to grow, but at a
lackluster pace. In China, economic expansion is likely to remain more
vigorous than in the rest of the world, but should also be slower than in
the recent past. We expect that the Chinese government will maintain its
reform efforts to transform the national economy into one that is driven
more by domestic demand, rather than export demand. The situation in Europe,
meanwhile, probably will remain unchanged until after the German elections
this coming September.
The most interesting questions center on Japan, where fiscal and monetary
policy makers appear intent on increasing inflation, freeing up savings,
raising consumption and devaluing the yen. Such policies may stimulate
greater growth, especially in the export industries; however, the domestic
economy remains highly regulated and inefficient, and it remains to be seen
whether further reforms are put in place to change the situation.
We are very positive about the relative strength of the USD, which is
receiving added support from an unexpected increase in domestic energy
production.
Outside the USD, we feel the best investment opportunities in currencies may
be in the growing emerging markets, and particularly in those nations that
are not dependent on exporting commodities. Emerging market countries, in
general, continue to offer investors both attractive yields and improving
risk profiles.
6 Pioneer Global Aggregate Bond Fund | Semiannual Report | 4/30/13
Note to Shareholders: The Board of Trustees of Pioneer Global Aggregate Bond
Fund has approved certain changes to the Fund's investment objective,
strategies and portfolio management. As part of the changes, the Fund will
be able to invest to a greater extent in below-investment-grade securities,
and a team of four Pioneer portfolio managers--Kenneth Taubes, Charles
Melchreit, Andrew Feltus and Paresh Upadhyaya--will be responsible for the
day-to-day management of the Fund. In addition, the Fund will be renamed
Pioneer Global Multisector Income Fund. The changes are effective as of
August 1, 2013. Please see the Fund's prospectus for more details.
Please refer to the Schedule of Investments on pages 15-42 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.
The securities issued by U.S. government sponsored entities (i.e., FNMA, Freddie
Mac) are neither guaranteed nor issued by the U.S. government.
These risks may increase share price volatility.
Past performance is no guarantee of future results, and there is no guarantee
that market forecasts discussed will be realized.
Any information in this shareholder report regarding market or economic trends
or the factors influencing the Fund's historical or future performance are
statements of opinion as of the date of this report. These statements should
not be relied upon for any other purposes.
Pioneer Global Aggregate Bond Fund | Semiannual Report | 4/30/13 7
Portfolio Summary | 4/30/13
Portfolio Diversification
--------------------------------------------------------------------------------
(As a percentage of total investment portfolio)
[THE FOLLOWING DATA WAS REPRESENTED AS A PIE CHART IN THE PRINTED MATERIAL]
Foreign Government Bonds 35.1%
U.S. Corporate Bonds 24.8%
Collateralized Mortgage Obligations 15.0%
International Corporate Bonds 8.5%
U.S. Government Securities 4.1%
Asset Backed Securities 3.9%
Municipal Bonds 3.4%
Convertible Corporate Bonds 1.8%
U.S. Preferred Stocks 1.4%
International Preferred Stocks 0.9%
Senior Secured Loans 0.6%
Convertible Preferred Stock 0.5%
10 Largest Holdings
--------------------------------------------------------------------------------
(As a percentage of total long-term holdings)*
1. Indonesia Treasury Bond, 9.0%, 9/15/13 2.12%
--------------------------------------------------------------------------------
2. Indonesia Treasury Bond, 7.375%, 9/15/16 1.89
--------------------------------------------------------------------------------
3. Japan Government Ten Year Bond, 1.0%, 12/20/21 1.68
--------------------------------------------------------------------------------
4. Poland Government Bond, 5.25%, 10/25/17 1.66
--------------------------------------------------------------------------------
5. Finland Government Bond, 4.375%, 7/4/19 1.63
--------------------------------------------------------------------------------
6. Russian Federal Bond - OFZ, 8.15%, 2/3/27 1.11
--------------------------------------------------------------------------------
7. Japan Government Ten Year Bond, 1.7%, 9/20/16 1.10
--------------------------------------------------------------------------------
8. Japan Government Twenty Year Bond, 1.5%, 3/20/19 1.00
--------------------------------------------------------------------------------
9. Malaysia Government Bond, 3.418%, 8/15/22 0.99
--------------------------------------------------------------------------------
10. Fannie Mae, 3.5%, 9/1/42 0.95
--------------------------------------------------------------------------------
* This list excludes temporary cash investments and derivative instruments.
The portfolio is actively managed, and current holdings may be different.
The holdings listed should not be considered recommendations to buy or sell
any security listed.
8 Pioneer Global Aggregate Bond Fund | Semiannual Report | 4/30/13
Prices and Distributions | 4/30/13
Net Asset Value per Share
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Class 4/30/13 10/31/12
--------------------------------------------------------------------------------
A $11.48 $11.49
--------------------------------------------------------------------------------
C $11.50 $11.51
--------------------------------------------------------------------------------
Y $11.57 $11.59
--------------------------------------------------------------------------------
Distributions per Share: 11/1/12-4/30/13
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Net Investment Short-Term Long-Term
Class Income Capital Gains Capital Gains
--------------------------------------------------------------------------------
A $0.1800 $0.0408 $0.0554
--------------------------------------------------------------------------------
C $0.1292 $0.0408 $0.0554
--------------------------------------------------------------------------------
Y $0.1956 $0.0408 $0.0554
--------------------------------------------------------------------------------
Index Definitions
--------------------------------------------------------------------------------
The Barclays Global Aggregate Bond Index is an unmanaged index that provides a
broad-based measure of the global investment-grade fixed-income markets. Index
returns are calculated monthly, assume reinvestment of dividends and, unlike
Fund returns, do not reflect any fees, expenses or sales charges. It is not
possible to invest directly in an index.
The index defined here pertains to the "Value of $10,000 Investment" and "Value
of $5 Million Investment" charts appearing on pages 10-12.
Pioneer Global Aggregate Bond Fund | Semiannual Report | 4/30/13 9
Performance Update | 4/30/13 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 Global Aggregate Bond Index.
Average Semiannual Total Returns
(As of April 30, 2013)
--------------------------------------------------------------------------------
Net Asset Public Offering
Period Value (NAV) Price (POP)
--------------------------------------------------------------------------------
Life-of-Class
(12/27/07) 6.27% 5.36%
5 Year 5.88 4.90
1 Year 6.17 1.40
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated March 1, 2013)
--------------------------------------------------------------------------------
Gross Net
--------------------------------------------------------------------------------
1.65% 1.00%
--------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $10,000 Investment
Pioneer Global Barclays Global
Aggregate Bond Fund Aggregate Bond Index
12/31/2007 $ 9,550 $ 10,000
4/30/2008 $ 9,982 $ 10,460
4/30/2009 $ 9,646 $ 10,229
4/30/2010 $ 11,020 $ 11,176
4/30/2011 $ 12,140 $ 12,345
4/30/2012 $ 12,509 $ 12,752
4/30/2013 $ 13,281 $ 12,937
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.
10 Pioneer Global Aggregate Bond Fund | Semiannual Report | 4/30/13
Performance Update | 4/30/13 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 Global Aggregate Bond Index.
Average Semiannual Total Returns
(As of April 30, 2013)
--------------------------------------------------------------------------------
If If
Period Held Redeemed
--------------------------------------------------------------------------------
Life-of-Class
(12/27/07) 5.39% 5.39%
5 Year 4.98 4.98
1 Year 5.22 5.22
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated March 1, 2013)
--------------------------------------------------------------------------------
Gross Net
--------------------------------------------------------------------------------
2.39% 1.90%
--------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $10,000 Investment
Pioneer Global Barclays Global
Aggregate Bond Fund Aggregate Bond Index
12/31/2007 $ 10,000 $ 10,000
4/30/2008 $ 10,429 $ 10,460
4/30/2009 $ 9,976 $ 10,229
4/30/2010 $ 11,309 $ 11,176
4/30/2011 $ 12,370 $ 12,345
4/30/2012 $ 12,640 $ 12,752
4/30/2013 $ 13,301 $ 12,937
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.
Pioneer Global Aggregate Bond Fund | Semiannual Report | 4/30/13 11
Performance Update | 4/30/13 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 Global Aggregate Bond Index.
Average Semiannual Total Returns
(As of April 30, 2013)
--------------------------------------------------------------------------------
If If
Period Held Redeemed
--------------------------------------------------------------------------------
Life-of-Class
(12/27/07) 6.49% 6.49%
5 Year 6.11 6.11
1 Year 6.38 6.38
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated March 1, 2013)
--------------------------------------------------------------------------------
Gross Net
--------------------------------------------------------------------------------
1.18% 0.75%
--------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $5 Million Investment
Pioneer Global Barclays Global
Aggregate Bond Fund Aggregate Bond Index
12/31/2007 $5,000,000 $5,000,000
4/30/2008 $5,227,750 $5,229,772
4/30/2009 $5,054,129 $5,114,537
4/30/2010 $5,790,645 $5,588,203
4/30/2011 $6,382,956 $6,172,351
4/30/2012 $6,610,228 $6,375,830
4/30/2013 $7,031,849 $6,468,690
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.
12 Pioneer Global Aggregate Bond Fund | Semiannual Report | 4/30/13
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 November 1, 2012, through April 30, 2013.
--------------------------------------------------------------------------------
Share Class A C Y
--------------------------------------------------------------------------------
Beginning Account Value on 11/1/12 $1,000.00 $1,000.00 $1,000.00
--------------------------------------------------------------------------------
Ending Account Value (after expenses)
on 4/30/13 $1,023.60 $1,019.00 $1,023.90
--------------------------------------------------------------------------------
Expenses Paid During Period* $5.02 $9.46 $3.76
--------------------------------------------------------------------------------
* Expenses are equal to the Fund's annualized net expense ratio of 1.00%,
1.89% and 0.75% for Class A, Class C, and Class Y shares, respectively,
multiplied by the average account value over the period, multiplied by
181/365.
Pioneer Global Aggregate Bond Fund | Semiannual Report | 4/30/13 13
Hypothetical Example for Comparison Purposes
The table below provides information about hypothetical account values and
hypothetical expenses based on the Fund's actual expense ratio and an assumed
rate of return of 5% per year before expenses, which is not the Fund's actual
return. The hypothetical account values and expenses may not be used to estimate
the actual ending account balance or expenses you paid for the period.
You may use this information to compare the ongoing costs of investing in the
Fund and other funds. To do so, compare this 5% hypothetical example with the 5%
hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the tables are meant to highlight your
ongoing costs only and do not reflect any transaction costs, such as sales
charges (loads) that are charged at the time of the transaction. Therefore, the
table below is useful in comparing ongoing costs only and will not help you
determine the relative total costs of owning different funds. In addition, if
these transaction costs were included, your costs would have been higher.
Expenses Paid on a $1,000 Investment in Pioneer Global Aggregate Bond Fund
Based on a hypothetical 5% return per year before expenses, reflecting the
period from November 1, 2012, through April 30, 2013.
--------------------------------------------------------------------------------
Share Class A C Y
--------------------------------------------------------------------------------
Beginning Account Value on 11/1/12 $1,000.00 $1,000.00 $1,000.00
--------------------------------------------------------------------------------
Ending Account Value (after expenses)
on 4/30/13 $1,019.84 $1,015.42 $1,021.08
--------------------------------------------------------------------------------
Expenses Paid During Period* $5.01 $9.44 $3.76
--------------------------------------------------------------------------------
* Expenses are equal to the Fund's annualized net expense ratio of 1.00%,
1.89% and 0.75% for Class A, Class C, and Class Y shares, respectively,
multiplied by the average account value over the period, multiplied by
181/365.
14 Pioneer Global Aggregate Bond Fund | Semiannual Report | 4/30/13
Schedule of Investments | 4/30/13 (unaudited)
-----------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate (b) Ratings Value
-----------------------------------------------------------------------------------------------------
CONVERTIBLE CORPORATE
BONDS -- 1.8%
CAPITAL GOODS -- 0.2%
Electrical Components &
Equipment -- 0.2%
56,000 B/B2 General Cable Corp., 4.5%,
11/15/29 (Step) $ 68,145
-------------
Total Capital Goods $ 68,145
-----------------------------------------------------------------------------------------------------
CONSUMER DURABLES &
APPAREL -- 0.2%
Homebuilding -- 0.2%
50,000 B/B2 KB Home, Inc., 1.375%, 2/1/19 $ 57,969
-------------
Total Consumer Durables & Apparel $ 57,969
-----------------------------------------------------------------------------------------------------
HEALTH CARE EQUIPMENT &
SERVICES -- 0.8%
Health Care Equipment -- 0.3%
75,000 B+/NR Hologic, Inc., 2.0%, 12/15/37 (Step) $ 85,688
-----------------------------------------------------------------------------------------------------
Managed Health Care -- 0.5%
125,000 A-/NR WellPoint, Inc., 2.75%, 10/15/42 (144A) $ 149,062
-------------
Total Health Care Equipment
& Services $ 234,750
-----------------------------------------------------------------------------------------------------
SEMICONDUCTORS &
SEMICONDUCTOR EQUIPMENT -- 0.6%
Semiconductor Equipment -- 0.3%
75,000 BBB-/Baa1 Lam Research Corp., 1.25%, 5/15/18 $ 85,500
-----------------------------------------------------------------------------------------------------
Semiconductors -- 0.3%
85,000 A-/NR Intel Corp., 2.95%, 12/15/35 $ 94,828
-------------
Total Semiconductors &
Semiconductor Equipment $ 180,328
-----------------------------------------------------------------------------------------------------
TOTAL CONVERTIBLE CORPORATE BONDS
(Cost $469,843) $ 541,192
-----------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------
Shares
-----------------------------------------------------------------------------------------------------
PREFERRED STOCKS -- 1.6%
BANKS -- 0.5%
Diversified Banks -- 0.3%
4,000 6.00 A-/Baa1 US Bancorp, Floating Rate Note (Perpetual) $ 112,240
-----------------------------------------------------------------------------------------------------
Regional Banks -- 0.2%
500 6.25 A-/NR CoBank ACB, Floating Rate Note
(Perpetual) (144A) $ 53,750
-------------
Total Banks $ 165,990
-----------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Global Aggregate Bond Fund | Semiannual Report | 4/30/13 15
Schedule of Investments | 4/30/13 (unaudited) (continued)
-----------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Shares Rate (b) Ratings Value
-----------------------------------------------------------------------------------------------------
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 $ 184,322
850 8.12 CCC+/B3 GMAC Capital Trust I, Floating Rate
Note, 2/15/40 23,282
-------------
$ 207,604
-------------
Total Diversified Financials $ 207,604
-----------------------------------------------------------------------------------------------------
INSURANCE -- 0.4%
Property & Casualty
Insurance -- 0.2%
2,225 5.10 BBB/Baa1 The Allstate Corp., Floating Rate
Note, 1/15/53 $ 59,185
-----------------------------------------------------------------------------------------------------
Reinsurance -- 0.2%
50,000 0.00 NR/NR Altair RE, Floating Rate Note,
4/30/16 $ 50,240
-------------
Total Insurance $ 109,425
-----------------------------------------------------------------------------------------------------
TOTAL PREFERRED STOCKS
(Cost $441,575) $ 483,019
-----------------------------------------------------------------------------------------------------
CONVERTIBLE PREFERRED
STOCK -- 0.6%
BANKS -- 0.6%
Diversified Banks -- 0.6%
130 BBB+/Ba1 Wells Fargo & Co., 7.5% (Perpetual) $ 171,568
-----------------------------------------------------------------------------------------------------
TOTAL CONVERTIBLE PREFERRED STOCK
(Cost $136,282) $ 171,568
-----------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------
Principal
Amount ($)
-----------------------------------------------------------------------------------------------------
ASSET BACKED SECURITIES -- 3.9%
MATERIALS -- 0.9%
Diversified Metals & Mining -- 0.0%
16,291 NR/A1 BCMSC Trust 1998-A, 6.65%,
4/15/28 $ 16,909
-----------------------------------------------------------------------------------------------------
Steel -- 0.6%
42,209 0.60 AA+/Aa2 First NLC Trust 2005-2, Floating Rate
Note, 9/25/35 $ 41,109
18,215 NR/Baa1 Irwin Home Equity Loan Trust
2005-1, 5.32%, 6/25/35 (Step) 17,777
The accompanying notes are an integral part of these financial statements.
16 Pioneer Global Aggregate Bond Fund | Semiannual Report | 4/30/13
-----------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate (b) Ratings Value
-----------------------------------------------------------------------------------------------------
Steel -- (continued)
2,762 0.26 CCC/Ca Morgan Stanley ABS Capital I, Inc.,
Trust 2007-HE3, Floating Rate
Note, 12/25/36 $ 1,520
9,559 0.55 AAA/Aaa New Century Home Equity Loan Trust
Series 2005-1, Floating Rate
Note, 3/25/35 9,302
24,976 0.46 AA+/Aa3 Option One Mortgage Loan Trust
2005-4 Asset-Backed Certificates
Series 2005-4, Floating Rate
Note, 11/25/35 24,540
11,806 0.64 AA+/A1 RASC Series 2005-KS7 Trust, Floating
Rate Note, 8/25/35 11,519
64,907 AA-/A2 Terwin Mortgage Trust Series TMTS
2005-16HE, 4.308%, 9/25/36 (Step) 66,599
-------------
$ 172,366
-----------------------------------------------------------------------------------------------------
Paper Products -- 0.3%
GBP 50,000 0.70 AAA/Aaa Chester Asset Receivables Dealings
2004-1 Plc, Floating Rate Note,
4/15/16 $ 77,527
-------------
Total Materials $ 266,802
-----------------------------------------------------------------------------------------------------
AUTOMOBILES & COMPONENTS -- 0.5%
Auto Parts & Equipment -- 0.4%
CAD 56,912 AAA/NR Ford Auto Securitization Trust Series
2011-R1 Asset-Backed Notes,
2.431%, 11/15/14 (144A) $ 57,279
CAD 74,653 NR/Aaa Ford Auto Securitization Trust, 1.485%,
12/15/14 (144A) 74,054
-------------
$ 131,333
-----------------------------------------------------------------------------------------------------
Automobile Manufacturers -- 0.1%
30,000 A/A1 Santander Drive Auto Receivables
Trust 2012-1, 3.78%, 11/15/17 $ 31,380
-------------
Total Automobiles & Components $ 162,713
-----------------------------------------------------------------------------------------------------
RETAILING -- 0.1%
Automotive Retail -- 0.1%
EURO 12,861 1.37 AAA/Aaa E-CARAT SA, Floating Rate Note,
10/18/18 $ 16,941
-------------
Total Retailing $ 16,941
-----------------------------------------------------------------------------------------------------
FOOD & STAPLES RETAILING -- 0.2%
Food Retail -- 0.2%
50,000 BBB-/NR CKE Restaurant Holdings, Inc., 4.474%,
3/20/43 (144A) $ 52,989
-------------
Total Food & Staples Retailing $ 52,989
-----------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Global Aggregate Bond Fund | Semiannual Report | 4/30/13 17
Schedule of Investments | 4/30/13 (unaudited) (continued)
-----------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate (b) Ratings Value
-----------------------------------------------------------------------------------------------------
BANKS -- 1.3%
Diversified Banks -- 0.0%
5,478 0.29 NR/Aa1 Wells Fargo Home Equity Asset-Backed
Securities 2007-2 Trust, Floating Rate
Note, 4/25/37 $ 5,436
-----------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- 1.3%
92,087 NR/Ba3 Bear Stearns Asset Backed Securities
Trust, 8.41%, 10/25/29 (Step) $ 90,958
68,909 BB/B2 Citicorp Residential Mortgage Trust
Series 2006-1, 5.836%, 7/25/36 (Step) 68,661
52,785 B-/B1 Citicorp Residential Mortgage Trust
Series 2006-3, 5.703%, 11/25/36 (Step) 52,662
10,214 0.57 AA+/A2 Countrywide Asset-Backed Certificates,
Floating Rate Note, 1/25/36 10,177
23,689 4.46 BB+/Ba1 Countrywide Asset-Backed Certificates,
Floating Rate Note, 10/25/35 23,776
24,280 5.07 BB+/B2 Countrywide Asset-Backed Certificates,
Floating Rate Note, 2/25/36 24,593
7,299 0.31 BBB-/Ba3 Countrywide Asset-Backed Certificates,
Floating Rate Note, 5/25/37 7,278
25,000 A/NR First Investors Auto Owner Trust 2013-1,
2.02%, 1/15/19 (144A) 25,058
4,492 0.85 A/A2 GSAMP Trust 2005-HE2, Floating Rate
Note, 3/25/35 4,401
1,056 0.58 AA+/Aa1 GSAMP Trust 2005-WMC1, Floating
Rate Note, 9/25/35 1,055
15,633 5.91 AA/A3 Origen Manufactured Housing Contract
Trust 2004-A, Floating Rate Note, 1/15/35 16,792
50,000 A/NR SNAAC Auto Receivables Trust, 3.11%,
6/15/17 (144A) 50,788
14,166 A+/Baa2 Structured Asset Securities Corp.,
4.77%, 10/25/34 (Step) 14,474
-------------
$ 390,673
-------------
Total Banks $ 396,109
-----------------------------------------------------------------------------------------------------
DIVERSIFIED FINANCIALS -- 0.9%
Other Diversified Financial Services -- 0.5%
50,000 A/A1 Capital Auto Receivables Asset
Trust 2013-1, 1.74%, 10/22/18 $ 50,246
100,000 A/NR Springleaf Funding Trust 2013-A,
2.58%, 9/15/21 (144A) 100,000
-------------
$ 150,246
-----------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
18 Pioneer Global Aggregate Bond Fund | Semiannual Report | 4/30/13
-----------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate (b) Ratings Value
-----------------------------------------------------------------------------------------------------
Specialized Finance -- 0.4%
98,125 BBB+/Baa1 Domino's Pizza Master Issuer LLC,
5.216%, 1/25/42 (144A) $ 110,281
-------------
Total Diversified Financials $ 260,527
-----------------------------------------------------------------------------------------------------
TOTAL ASSET BACKED SECURITIES
(Cost $1,133,458) $ 1,156,081
-----------------------------------------------------------------------------------------------------
COLLATERALIZED MORTGAGE
OBLIGATIONS -- 15.0%
BANKS -- 9.4%
Thrifts & Mortgage Finance -- 9.4%
12,162 0.65 CCC/NR Alternative Loan Trust 2003-14T1,
Floating Rate Note, 8/25/18 $ 11,416
105,000 BBB+/Ba3 Alternative Loan Trust 2004-12CB,
5.0%, 7/25/19 109,387
17,478 B-/NR Alternative Loan Trust 2004-14T2,
5.5%, 8/25/34 17,294
8,518 CCC/B2 Alternative Loan Trust 2004-28CB,
5.5%, 1/25/35 8,666
28,755 BB+/Ba2 Alternative Loan Trust 2004-4CB,
4.25%, 4/25/34 28,926
17,064 0.65 NR/A1 Banc of America Alternative Loan
Trust 2003-10, Floating Rate
Note, 12/25/33 16,384
24,882 A+/Baa2 Banc of America Alternative Loan
Trust 2003-2, 5.75%, 4/25/33 26,995
61,061 NR/Baa2 Banc of America Alternative Loan
Trust 2003-7, 5.5%, 9/25/33 62,147
26,422 NR/B1 Banc of America Alternative Loan
Trust 2004-10, 5.5%, 11/25/19 26,759
17,202 NR/Ba2 Banc of America Alternative Loan
Trust 2004-2, 6.0%, 3/25/34 17,742
18,281 NR/Ba3 Banc of America Alternative Loan
Trust 2004-6, 5.0%, 7/25/19 18,654
36,099 CCC/NR Banc of America Funding 2005-8
Trust, 5.5%, 1/25/36 36,326
92,587 NR/Caa2 Bayview Commercial Asset Trust,
3.89%, 9/25/37 (Step) (144A) 8,527
143,193 4.70 NR/Caa2 Bayview Commercial Asset Trust,
Floating Rate Note, 7/25/37 (144A) 7,374
17,351 4.79 A+/Ba1 CHL Mortgage Pass-Through Trust
2003-56, Floating Rate Note, 12/25/33 17,352
100,000 5.03 NR/Aaa Citigroup Commercial Mortgage
Trust 2005-EMG, Floating Rate Note,
9/20/51 (144A) 101,173
50,000 0.37 AA/Aaa Citigroup Commercial Mortgage
Trust 2007-FL3A, Floating Rate Note,
4/15/22 (144A) 49,263
The accompanying notes are an integral part of these financial statements.
Pioneer Global Aggregate Bond Fund | Semiannual Report | 4/30/13 19
Schedule of Investments | 4/30/13 (unaudited) (continued)
-----------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate (b) Ratings Value
-----------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- (continued)
29,863 NR/Baa1 Citigroup Mortgage Loan Trust, Inc.,
6.75%, 8/25/34 $ 31,817
100,000 4.65 AA-/A1 City Center Trust 2011-CCHP, Floating
Rate Note, 7/15/28 (144A) 100,392
100,000 NR/Aaa COMM 2012-LC4 Mortgage Trust,
4.063%, 12/10/44 110,046
50,000 AAA/Aaa COMM 2013-LC6 Mortgage Trust,
2.941%, 1/10/46 51,525
3,125 CCC/NR First Horizon Mortgage Pass-Through
Trust 2006-1, 6.0%, 5/25/36 3,126
25,000 AA-/NR GS Mortgage Securities Corp., II,
3.682%, 2/10/46 (144A) 25,915
100,000 1.95 NR/A3 GS Mortgage Securities Corp., II,
Floating Rate Note, 11/8/29 (144A) 100,404
50,000 NR/Aaa GS Mortgage Securities Corp., II,
3.377%, 5/10/45 53,744
50,000 NR/Aaa GS Mortgage Securities Corp., II,
5.56%, 11/10/39 56,890
93,566 2.50 A+/NR GSR Mortgage Loan Trust 2003-9,
Floating Rate Note, 8/25/33 94,380
100,000 2.57 A/A2 JP Morgan Chase Commercial Mortgage
Securities Corp., Floating Rate Note,
10/15/25 (144A) 101,318
48,158 0.56 NR/Ba1 JP Morgan Chase Commercial Mortgage
Securities Trust 2006-FL2, Floating Rate
Note, 11/15/18 (144A) 45,388
35,000 NR/Aaa JP Morgan Chase Commercial Mortgage
Securities Trust 2011-C5, 4.171%,
8/15/46 39,600
13,744 4.86 AA+/Baa1 JP Morgan Mortgage Trust 2004-A1,
Floating Rate Note, 2/25/34 13,995
150,132 2.80 A+/NR JP Morgan Mortgage Trust 2004-A2,
Floating Rate Note, 5/25/34 151,530
32,671 5.62 BBB+/NR LB-UBS Commercial Mortgage Trust
2002-C4, Floating Rate Note,
10/15/35 (144A) 32,626
1,223 5.41 AAA/Aaa Lehman Brothers Small Balance
Commercial Mortgage Trust 2006-3,
Floating Rate Note, 12/25/36 (144A) 1,232
25,000 1.30 A+/B1 MASTR Adjustable Rate Mortgages
Trust 2004-11, Floating Rate
Note, 11/25/34 22,177
7,997 BB+/NR MASTR Alternative Loan Trust 2004-10,
5.5%, 10/25/19 8,220
3,687 AAA/NR MASTR Alternative Loan Trust 2004-13,
4.5%, 1/25/15 3,694
The accompanying notes are an integral part of these financial statements.
20 Pioneer Global Aggregate Bond Fund | Semiannual Report | 4/30/13
-----------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate (b) Ratings Value
-----------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- (continued)
48,700 B-/NR MASTR Alternative Loan Trust 2004-6,
6.0%, 7/25/34 $ 49,687
18,870 A+/NR MASTR Alternative Loan Trust 2005-1,
5.5%, 2/25/35 18,839
60,770 6.60 A-/NR MASTR Seasoned Securitization Trust
2005-1, Floating Rate Note, 9/25/32 63,696
18,352 0.66 A+/A3 Merrill Lynch Mortgage Investors Trust
Series MLCC 2004-A, Floating Rate
Note, 4/25/29 17,920
27,955 0.66 AA+/Ba3 Merrill Lynch Mortgage Investors Trust
Series MLCC 2005-A, Floating Rate
Note, 3/25/30 26,564
100,000 NR/NR Morgan Stanley Re-REMIC Trust 2010-R9,
5.0%, 11/26/36 (144A) 106,185
GBP 95,807 0.91 AA+/NR Paragon Secured Finance Plc, Floating
Rate Note, 11/15/35 144,668
6,153 BB+/B2 RAAC Series 2004-SP2 Trust, 6.0%,
1/25/32 6,277
EURO 59,581 0.63 AAA/A1 Rams Mortgage Securities Pty, Ltd.,
Floating Rate Note, 7/21/35 76,106
AUD 47,665 3.75 AAA/A1 Rams Mortgage Securities Pty, Ltd.,
Floating Rate Note, 7/21/35 49,091
31,761 1.60 B-/Ba1 RESI Finance LP, Floating Rate Note,
9/10/35 (144A) 27,659
13,119 B-/NR Residential Asset Securitization
Trust 2004-A10, 5.5%, 2/25/35 13,395
28,343 B/NR Residential Asset Securitization
Trust 2004-A9, 5.75%, 12/25/34 28,995
18,934 CCC/NR Residential Asset Securitization
Trust 2005-A9, 5.5%, 7/25/35 19,079
71,383 CCC/NR RFMSI Series 2005-S6 Trust, 5.25%,
8/25/35 73,384
25,503 0.42 BBB+/Ba3 Sequoia Mortgage Trust 2005-2,
Floating Rate Note, 3/20/35 23,738
56,790 2.69 A+/Baa3 Structured Asset Securities Corp.,
Mortgage Certificates Series 2003-31A,
Floating Rate Note, 10/25/33 57,784
50,000 AAA/Aa1 Timberstar Trust, 5.668%, 10/15/36 (144A) 57,111
5,178,003 0.14 AAA/Aaa Wachovia Bank Commercial Mortgage Trust
Series 2006-C26, Floating Rate
Note, 6/15/45 601
81,083 2.44 BBB+/NR WaMu Mortgage Pass-Through Certificates,
Floating Rate Note, 1/25/35 81,295
84,059 NR/Aaa Wells Fargo Commercial Mortgage Trust,
3.349%, 11/15/43 (144A) 90,407
The accompanying notes are an integral part of these financial statements.
Pioneer Global Aggregate Bond Fund | Semiannual Report | 4/30/13 21
Schedule of Investments | 4/30/13 (unaudited) (continued)
-----------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate (b) Ratings Value
-----------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- (continued)
17,826 BB+/Ba2 Wells Fargo Mortgage Backed Securities
2005-9 Trust, 5.5%, 10/25/35 $ 18,179
11,883 AA+/A1 Wells Fargo Mortgage Backed Securities
2006-16 Trust, 5.0%, 11/25/36 12,298
39,718 NR/Caa1 Wells Fargo Mortgage Backed Securities
2006-2 Trust, 5.75%, 3/25/36 40,112
50,000 AA-/NR WFDB Commercial Mortgage Trust,
5.914%, 7/5/24 (144A) 51,427
-------------
$ 2,766,901
-------------
Total Banks $ 2,766,901
-----------------------------------------------------------------------------------------------------
DIVERSIFIED FINANCIALS -- 3.5%
Other Diversified Financial
Services -- 1.9%
12,192 3.00 AA+/NR Banc of America Mortgage 2004-E Trust,
Floating Rate Note, 6/25/34 $ 12,183
8,330 5.07 BBB+/NR Banc of America Mortgage 2005-H Trust,
Floating Rate Note, 9/25/35 8,335
22,052 A+/NR Banc of America Mortgage Trust 2004-11,
5.75%, 1/25/35 22,601
15,054 A+/NR Banc of America Mortgage Trust 2004-9,
5.5%, 11/25/34 15,702
4,673 NR/B1 Citicorp Mortgage Securities Trust Series
2006-1, 5.0%, 2/25/36 4,948
100,000 5.58 NR/Aa2 DBUBS 2011-LC3 Mortgage Trust, Floating
Rate Note, 8/10/44 (144A) 118,581
GBP 47,006 0.74 A+/Aaa Epic Ayton Plc, Floating Rate Note,
10/28/16 72,852
27,187 B+/Baa3 JP Morgan Mortgage Trust 2004-S1,
5.0%, 9/25/34 28,045
19,290 B-/Ba2 JP Morgan Mortgage Trust 2004-S1,
6.0%, 9/25/34 19,804
23,327 0.75 NR/Baa3 RALI Series 2002-QS16 Trust, Floating
Rate Note, 10/25/17 22,086
67,898 BBB+/Ba1 RALI Series 2004-QS1 Trust, 4.25%,
1/25/34 68,593
12,031 0.75 BBB+/Ba1 RALI Series 2004-QS1 Trust, Floating
Rate Note, 1/25/34 11,620
35,285 NR/B1 RALI Series 2004-QS13 Trust, 5.0%,
9/25/19 36,275
11,557 NR/B3 RALI Series 2004-QS16 Trust, 5.5%,
12/25/34 11,885
119,523 BBB+/NR RALI Series 2004-QS4 Trust, 4.0%,
3/25/34 121,791
-------------
$ 575,301
-----------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
22 Pioneer Global Aggregate Bond Fund | Semiannual Report | 4/30/13
-----------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate (b) Ratings Value
-----------------------------------------------------------------------------------------------------
Specialized Finance -- 1.6%
600 AAA/NR COBALT CMBS Commercial Mortgage
Trust 2006-C1, 5.174%, 8/15/48 $ 601
CAD 250,000 4.74 NR/Aaa Merrill Lynch Financial Assets, Inc.,
Floating Rate Note, 1/12/40 269,920
CAD 57,640 4.71 AAA/Aaa Merrill Lynch Financial Assets, Inc.,
Floating Rate Note, 3/12/49 60,793
EURO 100,000 1.46 AAA/Aaa Permanent Master Issuer Plc, Floating
Rate Note, 7/15/42 133,934
-------------
$ 465,248
-------------
Total Diversified Financials $ 1,040,549
-----------------------------------------------------------------------------------------------------
REAL ESTATE -- 1.1%
Mortgage REIT -- 1.1%
6,929 1.55 AA+/A3 Credit Suisse First Boston Mortgage
Securities Corp., Floating Rate Note,
12/25/33 $ 6,820
50,000 6.45 D/Caa2 Credit Suisse First Boston Mortgage
Securities Corp., Floating Rate Note,
9/15/34 (144A) 23,854
25,000 4.29 A-/NR FREMF Mortgage Trust Class B, Floating
Rate Note, 7/25/48 (144A) 27,073
25,000 4.35 NR/A3 FREMF Mortgage Trust, Floating Rate
Note, 1/25/46 (144A) 27,132
25,000 4.77 NR/A3 FREMF Mortgage Trust, Floating Rate
Note, 4/25/44 (144A) 27,664
50,000 4.89 NR/A3 FREMF Mortgage Trust, Floating Rate
Note, 7/25/44 (144A) 56,074
100,000 4.16 NR/Baa2 FREMF Mortgage Trust, Floating Rate
Note, 9/25/44 (144A) 104,043
45,000 5.16 NR/NR FREMF Mortgage Trust, Floating Rate
Note, 9/25/45 (144A) 51,376
-------------
$ 324,036
-------------
Total Real Estate $ 324,036
-----------------------------------------------------------------------------------------------------
GOVERNMENT -- 1.0%
20,000 NR/NR Fannie Mae REMICS, 4.5%, 6/25/29 $ 22,249
66,252 NR/NR Fannie Mae REMICS, 6.0%, 3/25/35 69,741
27,548 NR/NR Freddie Mac REMICS, 5.0%, 6/15/34 28,405
1,849 NR/NR Freddie Mac REMICS, 5.5%, 2/15/33 1,849
50,000 NR/NR Government National Mortgage
Association, 4.5%, 9/20/39 56,821
14,942 NR/NR Government National Mortgage
Association, 5.25%, 8/16/35 17,674
647,366 0.56 NR/NR Government National Mortgage
Association, Floating Rate Note, 11/16/51 24,817
The accompanying notes are an integral part of these financial statements.
Pioneer Global Aggregate Bond Fund | Semiannual Report | 4/30/13 23
Schedule of Investments | 4/30/13 (unaudited) (continued)
-----------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate (b) Ratings Value
-----------------------------------------------------------------------------------------------------
Government -- (continued)
246,562 1.03 NR/NR Government National Mortgage
Association, Floating Rate Note, 2/16/53 $ 21,529
295,211 1.10 NR/NR Government National Mortgage
Association, Floating Rate Note, 8/16/52 23,002
344,776 1.07 NR/NR Government National Mortgage
Association, Floating Rate Note, 9/16/52 31,699
-------------
$ 297,786
-------------
Total Government $ 297,786
-----------------------------------------------------------------------------------------------------
TOTAL COLLATERALIZED
MORTGAGE OBLIGATIONS
(Cost $4,306,810) $ 4,429,272
-----------------------------------------------------------------------------------------------------
CORPORATE BONDS -- 33.2%
ENERGY -- 4.0%
Oil & Gas Drilling -- 0.1%
25,000 BBB+/Baa1 Pride International, Inc., 6.875%, 8/15/20 $ 31,773
-----------------------------------------------------------------------------------------------------
Oil & Gas Equipment & Services -- 0.2%
25,000 BBB-/Baa2 Weatherford International, Ltd.,
Bermuda, 5.95%, 4/15/42 $ 27,365
25,000 BBB-/Baa2 Weatherford International, Ltd.,
Bermuda, 9.625%, 3/1/19 33,057
-------------
$ 60,422
-----------------------------------------------------------------------------------------------------
Oil & Gas Exploration &
Production -- 1.6%
50,000 B-/B3 Carrizo Oil & Gas, Inc., 8.625%, 10/15/18 $ 55,375
50,000 B/B2 EP Energy LLC, 9.375%, 5/1/20 58,250
90,000 B/B2 Linn Energy LLC, 6.25%, 11/1/19 (144A) 94,050
51,000 B/B2 Linn Energy LLC, 8.625%, 4/15/20 56,992
23,000 BBB/Baa2 Marathon Oil Corp., 5.9%, 3/15/18 27,484
70,000 B/B1 Plains Exploration & Production Co.,
6.75%, 2/1/22 79,100
100,000 BB/Ba3 Range Resources Corp., 5.0%,
3/15/23 (144A) 106,500
-------------
$ 477,751
-----------------------------------------------------------------------------------------------------
Oil & Gas Refining & Marketing -- 0.4%
40,000 A/A2 Motiva Enterprises LLC, 5.75%,
1/15/20 (144A) $ 48,508
25,000 BBB/Baa2 Spectra Energy Capital LLC, 6.2%,
4/15/18 30,255
21,000 BBB/Baa2 Valero Energy Corp., 9.375%, 3/15/19 28,862
-------------
$ 107,625
-----------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
24 Pioneer Global Aggregate Bond Fund | Semiannual Report | 4/30/13
-----------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate (b) Ratings Value
-----------------------------------------------------------------------------------------------------
Oil & Gas Storage & Transportation -- 1.2%
25,000 BBB-/Baa3 Buckeye Partners LP, 6.05%, 1/15/18 $ 28,462
25,000 BBB/Baa2 DCP Midstream LLC, 9.75%,
3/15/19 (144A) 33,020
65,000 7.00 BBB-/Baa2 Enterprise Products Operating LLC,
Floating Rate Note, 6/1/67 70,200
70,000 BBB/Baa2 Kinder Morgan Energy Partners LP,
4.15%, 3/1/22 76,285
10,000 BBB/Baa2 Kinder Morgan Energy Partners LP,
5.95%, 2/15/18 12,006
25,000 BBB/Baa2 Plains All American Pipeline LP,
6.125%, 1/15/17 29,345
10,000 A/A3 Questar Pipeline Co., 5.83%, 2/1/18 11,687
10,000 BBB/Baa2 Spectra Energy Capital LLC, 6.75%,
7/15/18 11,778
60,000 BBB-/Baa3 Sunoco Logistics Partners Operations
LP 6.1%, 2/15/42 69,988
13,000 BBB-/Baa3 The Williams Companies, Inc.,
7.75%, 6/15/31 16,586
-------------
$ 359,357
-----------------------------------------------------------------------------------------------------
Coal & Consumable Fuels -- 0.5%
45,000 B+/B2 Alpha Natural Resources, Inc.,
6.0%, 6/1/19 $ 42,075
25,000 BB-/B1 Berau Coal Energy Tbk PT, 7.25%,
3/13/17 (144A) 24,812
75,000 B-/B2 Penn Virginia Resource Partners LP,
8.375%, 6/1/20 81,094
-------------
$ 147,981
-------------
Total Energy $ 1,184,909
-----------------------------------------------------------------------------------------------------
MATERIALS -- 1.9%
Diversified Chemicals -- 0.1%
20,000 BBB/Baa2 Eastman Chemical Co., 4.8%, 9/1/42 $ 21,740
-----------------------------------------------------------------------------------------------------
Construction Materials -- 0.6%
150,000 B/NR Cemex SAB de CV, 5.875%,
3/25/19 (144A) $ 152,625
30,000 BBB/Baa2 Holcim US Finance Sarl & Cie SCS,
6.0%, 12/30/19 (144A) 35,240
-------------
$ 187,865
-----------------------------------------------------------------------------------------------------
Aluminum -- 0.1%
25,000 BBB-/Baa3 Alcoa, Inc., 6.15%, 8/15/20 $ 27,252
-----------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Global Aggregate Bond Fund | Semiannual Report | 4/30/13 25
Schedule of Investments | 4/30/13 (unaudited) (continued)
-----------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate (b) Ratings Value
-----------------------------------------------------------------------------------------------------
Diversified Metals & Mining -- 0.4%
50,000 BBB-/Baa2 AngloGold Ashanti Holdings Plc,
5.125%, 8/1/22 $ 50,362
35,000 BBB-/Baa2 AngloGold Ashanti Holdings Plc,
5.375%, 4/15/20 36,692
45,000 BBB/Baa3 Freeport-McMoRan Copper & Gold,
Inc., 3.875%, 3/15/23 (144A) 45,359
-------------
$ 132,413
-----------------------------------------------------------------------------------------------------
Gold -- 0.1%
35,000 BBB+/Baa2 Goldcorp, Inc., 3.7%, 3/15/23 $ 35,302
-----------------------------------------------------------------------------------------------------
Steel -- 0.6%
30,000 BB+/Ba1 ArcelorMittal SA, 6.125%, 6/1/18 $ 32,862
25,000 BB+/Ba2 Commercial Metals Co., 7.35%, 8/15/18 27,625
100,000 NR/B3 Metinvest BV, 10.25%, 5/20/15 (144A) 106,750
-------------
$ 167,237
-------------
Total Materials $ 571,809
-----------------------------------------------------------------------------------------------------
CAPITAL GOODS -- 1.5%
Aerospace & Defense -- 0.2%
50,000 BB/Ba2 Bombardier, Inc., 4.25%, 1/15/16 (144A) $ 52,188
-----------------------------------------------------------------------------------------------------
Building Products -- 0.4%
25,000 BBB-/Ba3 Masco Corp., 5.95%, 3/15/22 $ 28,295
85,000 BBB-/Ba3 Masco Corp., 7.125%, 3/15/20 99,003
-------------
$ 127,298
-----------------------------------------------------------------------------------------------------
Electrical Components &
Equipment -- 0.1%
25,000 B/B3 WireCo WorldGroup, Inc., 9.5%, 5/15/17 $ 25,875
-----------------------------------------------------------------------------------------------------
Construction & Farm Machinery &
Heavy Trucks -- 0.3%
60,000 A/A3 Cummins, Inc., 5.65%, 3/1/98 $ 63,650
10,000 A/A3 Cummins, Inc., 6.75%, 2/15/27 12,738
-------------
$ 76,388
-----------------------------------------------------------------------------------------------------
Industrial Machinery -- 0.1%
15,000 BBB+/Baa1 Ingersoll-Rand Global Holding Co.,
Ltd., 9.5%, 4/15/14 $ 16,201
20,000 BBB-/Baa3 Valmont Industries, Inc., 6.625%,
4/20/20 23,867
-------------
$ 40,068
-----------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
26 Pioneer Global Aggregate Bond Fund | Semiannual Report | 4/30/13
-----------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate (b) Ratings Value
-----------------------------------------------------------------------------------------------------
Trading Companies & Distributors -- 0.4%
55,000 BB+/NR Aviation Capital Group Corp., 6.75%,
4/6/21 (144A) $ 61,407
40,000 BBB/Baa2 GATX Corp., 6.0%, 2/15/18 46,414
-------------
$ 107,821
-------------
Total Capital Goods $ 429,638
-----------------------------------------------------------------------------------------------------
TRANSPORTATION -- 1.1%
Air Freight & Logistics -- 0.3%
75,000 CC/B3 CEVA Group Plc, 8.375%, 12/1/17 (144A) $ 74,812
-----------------------------------------------------------------------------------------------------
Airlines -- 0.7%
100,000 NR/Baa3 Air Canada 2013-1 Class A Pass Through
Trust, 4.125%, 5/15/25 (144A) $ 102,000
13,040 A-/Baa2 Delta Air Lines 2010-2 Class A Pass
Through Trust, 4.95%, 5/23/19 14,311
100,000 BBB/Ba1 US Airways 2013-1 Class A Pass Through
Trust, 3.95%, 11/15/25 100,500
-------------
$ 216,811
-----------------------------------------------------------------------------------------------------
Railroads -- 0.1%
25,000 BBB+/A3 Burlington Northern Santa Fe LLC,
5.75%, 3/15/18 $ 30,062
-------------
Total Transportation $ 321,685
-----------------------------------------------------------------------------------------------------
AUTOMOBILES & COMPONENTS -- 0.7%
Auto Parts & Equipment -- 0.4%
100,000 B+/B2 Pittsburgh Glass Works LLC, 8.5%,
4/15/16 (144A) $ 103,000
12,000 B+/B1 Tower Automotive Holdings USA LLC,
10.625%, 9/1/17 (144A) 12,765
-------------
$ 115,765
-----------------------------------------------------------------------------------------------------
Automobile Manufacturers -- 0.3%
AUD 100,000 A/A2 BMW Australia Finance, Ltd.,
6.5%, 2/28/14 $ 106,040
-------------
Total Automobiles & Components $ 221,805
-----------------------------------------------------------------------------------------------------
Consumer Durables & Apparel -- 0.1%
Home Furnishings -- 0.1%
25,000 BBB-/Ba1 Mohawk Industries, Inc., 3.85%, 2/1/23 $ 26,102
-------------
Total Consumer Durables & Apparel $ 26,102
-----------------------------------------------------------------------------------------------------
CONSUMER SERVICES -- 0.7%
Casinos & Gaming -- 0.1%
25,000 BBB/Baa2 International Game Technology Co.,
7.5%, 6/15/19 $ 29,993
-----------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Global Aggregate Bond Fund | Semiannual Report | 4/30/13 27
Schedule of Investments | 4/30/13 (unaudited) (continued)
-----------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate (b) Ratings Value
-----------------------------------------------------------------------------------------------------
Education Services -- 0.6%
25,000 NR/Aa2 Bowdoin College, 4.693%, 7/1/12 $ 23,941
25,000 AAA/Aaa Massachusetts Institute of Technology,
5.6%, 7/1/11 35,106
75,000 AA-/Aa2 Tufts University, 5.017%, 4/15/12 84,394
37,000 AAA/Aaa Yale University, 2.9%, 10/15/14 38,396
-------------
$ 181,837
-------------
Total Consumer Services $ 211,830
-----------------------------------------------------------------------------------------------------
MEDIA -- 0.3%
Broadcasting -- 0.2%
50,000 B-/B3 Telesat Canada, Inc. 12.5%, 11/1/17 $ 53,188
-----------------------------------------------------------------------------------------------------
Cable & Satellite -- 0.1%
25,000 BBB+/Baa1 British Sky Broadcasting Group Plc,
6.1%, 2/15/18 (144A) $ 29,834
10,000 BBB/Baa2 Time Warner Cable, Inc., 8.25%, 4/1/19 13,123
5,000 BBB/Baa2 Time Warner Cable, Inc., 8.75%, 2/14/19 6,685
-------------
$ 49,642
-------------
Total Media $ 102,830
-----------------------------------------------------------------------------------------------------
RETAILING -- 0.2%
Internet Retail -- 0.2%
50,000 BBB-/Ba1 Expedia, Inc., 5.95%, 8/15/20 $ 56,020
-------------
Total Retailing $ 56,020
-----------------------------------------------------------------------------------------------------
FOOD & STAPLES RETAILING -- 0.1%
Drug Retail -- 0.1%
14,186 BBB+/Baa2 CVS Pass-Through Trust, 5.773%,
1/10/33 (144A) $ 16,882
-------------
Total Food & Staples Retailing $ 16,882
-----------------------------------------------------------------------------------------------------
FOOD, BEVERAGE & TOBACCO -- 1.3%
Brewers -- 0.1%
20,000 A/A3 Anheuser-Busch InBev Worldwide,
Inc., 7.75%, 1/15/19 $ 26,383
-----------------------------------------------------------------------------------------------------
Agricultural Products -- 0.2%
50,000 BBB/Baa2 Viterra, Inc., 5.95%, 8/1/20 (144A) $ 54,549
-----------------------------------------------------------------------------------------------------
Packaged Foods & Meats -- 1.0%
70,000 BBB/Baa2 Kraft Foods Group, Inc., 3.5%, 6/6/22 $ 74,632
45,000 BBB-/Baa2 Mondelez International, Inc., 6.5%, 2/9/40 60,806
150,000 B+/B1 Post Holdings, Inc., 7.375%, 2/15/22 166,500
-------------
$ 301,938
-------------
Total Food, Beverage & Tobacco $ 382,870
-----------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
28 Pioneer Global Aggregate Bond Fund | Semiannual Report | 4/30/13
-----------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate (b) Ratings Value
-----------------------------------------------------------------------------------------------------
HEALTH CARE EQUIPMENT &
SERVICES -- 0.8%
Health Care Equipment -- 0.3%
100,000 BB/B2 Hologic, Inc., 6.25%, 8/1/20 $ 108,000
-----------------------------------------------------------------------------------------------------
Health Care Services -- 0.2%
50,000 AA-/Aa3 Catholic Health Initiatives, 4.35%,
11/1/42 $ 51,074
-----------------------------------------------------------------------------------------------------
Health Care Technology -- 0.3%
75,000 B-/B3 MedAssets, Inc., 8.0%, 11/15/18 $ 82,688
-------------
Total Health Care Equipment
& Services $ 241,762
-----------------------------------------------------------------------------------------------------
BANKS -- 6.3%
Diversified Banks -- 5.0%
NOK 250,000 AAA/Aaa Asian Development Bank, Ltd.,
3.375%, 5/20/14 $ 44,078
EURO 50,000 NR/Aaa AXA Bank Europe SCF, 3.5%, 11/5/20 75,261
AUD 100,000 AA-/Aa2 Cooperatieve Centrale
Raiffeisen-Boerenleenbank BA Australia,
6.0%, 10/29/15 108,796
75,000 AA-/Aa2 Cooperatieve Centrale
Raiffeisen-Boerenleenbank BA
Netherlands, 3.875%, 2/8/22 81,457
TRY 40,000 AA-/Aa2 Cooperatieve Centrale
Raiffeisen-Boerenleenbank BA
Netherlands, 3/3/15 20,275
EURO 50,000 NR/Aaa Cooperatieve Centrale
Raiffeisen-Boerenleenbank BA
Netherlands, 6.875%, 3/19/20 74,428
IDR 850,000,000 NR/Aaa Inter-American Development Bank,
Ltd., 4.5%, 2/4/16 88,499
AUD 50,000 AAA/Aaa Inter-American Development Bank,
Ltd., 6.5%, 8/20/19 59,801
NOK 1,500,000 AAA/Aaa International Bank for Reconstruction
& Development, Ltd., 3.25%, 4/14/14 263,575
AUD 185,000 AAA/Aaa International Bank for Reconstruction
& Development, Ltd., 5.75%, 10/21/19 213,649
BRL 400,000 AAA/Aaa International Finance Corp., 5.0%,
12/21/15 194,838
BRL 200,000 NR/NR International Finance Corp., 7.45%,
8/14/14 100,170
100,000 BBB+/Baa2 Intesa Sanpaolo S.p.A., 6.5%,
2/24/21 (144A) 108,836
50,000 4.50 NR/Baa3 Scotiabank Peru SA, Floating Rate
Note, 12/13/27 (144A) 49,500
-------------
$ 1,483,163
-----------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Global Aggregate Bond Fund | Semiannual Report | 4/30/13 29
Schedule of Investments | 4/30/13 (unaudited) (continued)
-----------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate (b) Ratings Value
-----------------------------------------------------------------------------------------------------
Regional Banks -- 1.1%
25,000 A/A1 Mellon Funding Corp., 5.5%, 11/15/18 $ 29,550
75,000 BBB/Baa1 SunTrust Banks, Inc., 3.5%, 1/20/17 80,516
65,000 8.25 BBB/Baa3 The PNC Financial Services Group, Inc.,
Floating Rate Note, 5/29/49 (Perpetual) 65,131
115,000 6.75 BBB/Baa3 The PNC Financial Services Group, Inc.,
Floating Rate Note, 7/29/49 (Perpetual) 132,077
20,000 A+/A1 Wachovia Bank NA, 6.0%, 11/15/17 23,961
-------------
$ 331,235
-----------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- 0.2%
50,000 BBB-/Baa2 Astoria Financial Corp., 5.0%, 6/19/17 $ 53,687
-------------
Total Banks $ 1,868,085
-----------------------------------------------------------------------------------------------------
DIVERSIFIED FINANCIALS -- 4.8%
Other Diversified Financial
Services -- 1.8%
25,000 A-/NR Carlyle Holdings Finance LLC,
3.875%, 2/1/23 (144A) $ 26,072
TRY 65,000 AAA/Aaa European Investment Bank, Ltd.,
0.0%, 3/2/15 (c) 33,426
100,000 7.12 AA-/Baa1 General Electric Capital Corp., Floating
Rate Note, 12/29/49 (Perpetual) 117,064
NZD 100,000 A/A2 JPMorgan Chase & Co., 4.25%, 11/2/18 85,202
25,000 A/A2 JPMorgan Chase & Co., 6.0%, 1/15/18 29,801
100,000 7.90 BBB/Ba1 JPMorgan Chase & Co., Floating Rate
Note (Perpetual) 116,466
100,000 A-/NR KKR Group Finance Co., II LLC, 5.5%,
2/1/43 (144A) 99,526
25,000 NR/NR Unison Ground Lease Funding LLC,
2.981%, 3/15/20 (144A) 25,037
-------------
$ 532,594
-----------------------------------------------------------------------------------------------------
Specialized Finance -- 0.3%
91,000 BBB-/WR Cantor Fitzgerald LP, 7.875%,
10/15/19 (144A) $ 94,937
10,000 A+/A1 National Rural Utilities Cooperative
Finance Corp., 5.45%, 2/1/18 11,920
-------------
$ 106,857
-----------------------------------------------------------------------------------------------------
Consumer Finance -- 0.3%
35,000 A+/A1 American Honda Finance Corp., 6.7%,
10/1/13 (144A) $ 35,885
25,000 A/A2 Caterpillar Financial Services Corp.,
7.05%, 10/1/18 32,098
30,000 CCC+/Caa1 Springleaf Finance Corp., 6.9%, 12/15/17 31,219
-------------
$ 99,202
-----------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
30 Pioneer Global Aggregate Bond Fund | Semiannual Report | 4/30/13
-----------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate (b) Ratings Value
-----------------------------------------------------------------------------------------------------
Asset Management & Custody
Banks -- 0.3%
25,000 A-/A3 Eaton Vance Corp., 6.5%, 10/2/17 $ 30,131
50,000 BBB/NR Prospect Capital Corp., 5.875%, 3/15/23 50,182
-------------
$ 80,313
-----------------------------------------------------------------------------------------------------
Investment Banking & Brokerage -- 2.1%
110,000 4.00 BB+/Ba2 Goldman Sachs Capital II, Floating
Rate Note, 6/1/43 $ 93,830
35,000 BBB/Baa3 Jefferies Group LLC, 5.125%, 4/13/18 38,773
50,000 BBB/Baa3 Jefferies Group LLC, 6.875%, 4/15/21 59,666
25,000 BBB/Baa3 Jefferies Group LLC, 8.5%, 7/15/19 31,739
10,000 BBB/A3 Macquarie Group, Ltd., 6.0%,
1/14/20 (144A) 11,169
100,000 BBB+/Baa3 Merrill Lynch & Co., Inc., 7.75%, 5/14/38 135,434
50,000 BBB+/Baa2 Morgan Stanley Co., 4.875%, 11/1/22 53,899
10,000 A-/Baa1 Morgan Stanley Co., 5.5%, 1/26/20 11,635
45,000 A-/Baa1 Morgan Stanley Co., 6.625%, 4/1/18 53,947
25,000 BBB/Baa2 Raymond James Financial, Inc.,
4.25%, 4/15/16 26,643
90,000 NR/Baa3 Scottrade Financial Services, Inc.,
6.125%, 7/11/21 (144A) 93,510
-------------
$ 610,245
-------------
Total Diversified Financials $ 1,429,211
-----------------------------------------------------------------------------------------------------
INSURANCE -- 3.3%
Life & Health Insurance -- 1.1%
35,000 BBB/WR Delphi Financial Group, Inc., 7.875%,
1/31/20 $ 43,705
15,000 A-/Baa2 Lincoln National Corp., 8.75%, 7/1/19 20,437
25,000 6.05 BBB/Ba1 Lincoln National Corp., Floating Rate
Note, 4/20/67 25,312
35,000 BBB/Baa2 MetLife, Inc., 10.75%, 8/1/39 55,650
45,000 A-/Baa2 Protective Life Corp., 7.375%, 10/15/19 56,533
100,000 5.88 BBB+/Baa3 Prudential Financial, Inc., Floating
Rate Note, 9/15/42 108,062
25,000 5.88 NR/NR Wilton Re Finance LLC, Floating Rate
Note, 3/30/33 (144A) 25,659
-------------
$ 335,358
-----------------------------------------------------------------------------------------------------
Multi-line Insurance -- 0.4%
60,000 BBB/A3 AXA SA, 8.6%, 12/15/30 $ 77,343
40,000 BBB-/Baa3 Genworth Holdings, Inc., 7.2%, 2/15/21 48,295
-------------
$ 125,638
-----------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Global Aggregate Bond Fund | Semiannual Report | 4/30/13 31
Schedule of Investments | 4/30/13 (unaudited) (continued)
-----------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate (b) Ratings Value
-----------------------------------------------------------------------------------------------------
Property & Casualty Insurance -- 1.3%
20,000 BBB-/Baa2 OneBeacon US Holdings, Inc., 4.6%,
11/9/22 $ 21,161
95,000 7.51 BB+/Ba2 Sirius International Group, Ltd., Floating
Rate Note, 5/29/49 (Perpetual) (144A) 100,554
110,000 6.50 BBB/Baa1 The Allstate Corp., Floating Rate Note,
5/15/57 122,870
50,000 BBB-/Baa3 The Hanover Insurance Group, Inc.,
7.5%, 3/1/20 59,360
50,000 BBB-/Baa3 The Hanover Insurance Group, Inc.,
7.625%, 10/15/25 62,452
-------------
$ 366,397
-----------------------------------------------------------------------------------------------------
Reinsurance -- 0.5%
50,000 BBB/NR Montpelier Re Holdings, Ltd., 4.7%,
10/15/22 $ 52,230
40,000 BBB/NR Platinum Underwriters Finance, Inc.,
7.5%, 6/1/17 46,313
35,000 6.75 BBB-/Baa3 Reinsurance Group of America, Inc.,
Floating Rate Note, 12/15/65 35,612
-------------
$ 134,155
-------------
Total Insurance $ 961,548
-----------------------------------------------------------------------------------------------------
REAL ESTATE -- 1.3%
Diversified REIT -- 0.1%
20,000 BBB/Baa2 Digital Realty Trust LP, 4.5%, 7/15/15 $ 21,333
10,000 BBB/Baa2 Digital Realty Trust LP, 5.875%, 2/1/20 11,693
-------------
$ 33,026
-----------------------------------------------------------------------------------------------------
Office REIT -- 0.4%
40,000 BBB-/Baa2 Alexandria Real Estate Equities, Inc.,
4.6%, 4/1/22 $ 44,128
35,000 BBB-/Baa3 Highwoods Realty LP, 3.625%, 1/15/23 35,110
25,000 BBB/Baa2 Mack-Cali Realty LP, 5.125%, 2/15/14 25,751
-------------
$ 104,989
-----------------------------------------------------------------------------------------------------
Retail REIT -- 0.1%
35,000 BBB-/Baa3 DDR Corp., 7.5%, 4/1/17 $ 42,019
-----------------------------------------------------------------------------------------------------
Specialized REIT -- 0.6%
10,000 BBB/Baa2 Health Care Real Estate Investment
Trust, Inc., 6.2%, 6/1/16 $ 11,471
25,000 BBB-/Baa3 Healthcare Realty Trust, Inc., 6.5%,
1/17/17 28,845
40,000 BBB-/Baa2 Hospitality Properties Trust, 5.0%, 8/15/22 43,445
25,000 BBB-/Baa2 Hospitality Properties Trust,
7.875%, 8/15/14 26,264
The accompanying notes are an integral part of these financial statements.
32 Pioneer Global Aggregate Bond Fund | Semiannual Report | 4/30/13
-----------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate (b) Ratings Value
-----------------------------------------------------------------------------------------------------
Specialized REIT -- (continued)
45,000 BBB-/Baa3 Senior Housing Properties Trust,
6.75%, 4/15/20 $ 52,320
-------------
$ 162,345
-----------------------------------------------------------------------------------------------------
Diversified Real Estate Activities -- 0.1%
35,000 A-/A2 WEA Finance LLC, 7.125%,
4/15/18 (144A) $ 43,510
-------------
Total Real Estate $ 385,889
-----------------------------------------------------------------------------------------------------
SEMICONDUCTORS &
SEMICONDUCTOR EQUIPMENT -- 0.1%
Semiconductor Equipment -- 0.1%
25,000 BBB/Baa1 KLA-Tencor Corp., 6.9%, 5/1/18 $ 30,098
-------------
Total Semiconductors &
Semiconductor Equipment $ 30,098
-----------------------------------------------------------------------------------------------------
TELECOMMUNICATION SERVICES -- 2.3%
Integrated Telecommunication
Services -- 1.2%
CHF 40,000 BBB+/Baa1 Deutsche Telekom AG, 3.75%, 4/22/14 $ 44,481
30,000 BB-/Ba2 Frontier Communications Corp.,
8.5%, 4/15/20 34,500
45,000 NR/A2 GTP Acquisition Partners I LLC, 4.347%,
6/15/16 (144A) 47,840
45,000 NR/A2 GTP Towers Issuer LLC, 4.436%,
2/15/15 (144A) 47,003
20,000 A/A2 Qtel International Finance, Ltd., 6.5%,
6/10/14 (144A) 21,150
EURO 50,000 BBB/Baa2 Telefonica Emisiones SAU, 5.496%, 4/1/16 73,090
75,000 BBB/Baa2 Telefonica Emisiones SAU, 6.221%, 7/3/17 85,566
-------------
$ 353,630
-----------------------------------------------------------------------------------------------------
Wireless Telecommunication Services -- 1.1%
35,000 B+/Ba2 Cricket Communications, Inc.,
7.75%, 5/15/16 $ 36,400
30,000 NR/A2 Crown Castle Towers LLC, 4.883%,
8/15/20 (144A) 34,624
75,000 B/Ba3 MetroPCS Wireless, Inc., 6.625%, 11/15/20 81,188
RUB 5,000,000 BB/Ba3 VimpelCom Holdings BV, 9.0%,
2/13/18 (144A) 168,248
-------------
$ 320,460
-------------
Total Telecommunication Services $ 674,090
-----------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Global Aggregate Bond Fund | Semiannual Report | 4/30/13 33
Schedule of Investments | 4/30/13 (unaudited) (continued)
-----------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate (b) Ratings Value
-----------------------------------------------------------------------------------------------------
UTILITIES -- 1.3%
Electric Utilities -- 1.1%
10,000 A-/A3 Commonwealth Edison Co.,
6.15%, 9/15/17 $ 12,096
25,000 BBB/Baa2 Commonwealth Edison Co., 6.95%,
7/15/18 30,765
100,000 5.25 BBB+/A3 Electricite de France SA, Floating Rate
Note, 1/29/49 (Perpetual) (144A) 100,587
10,000 6.70 BB+/Ba1 PPL Capital Funding, Inc., Floating
Rate Note, 3/30/67 10,625
70,000 BBB/Baa3 Public Service Co. of New Mexico,
7.95%, 5/15/18 87,493
50,000 6.25 BBB-/Baa2 Southern California Edison Co., Floating
Rate Note, 8/1/49 (Perpetual) 55,804
10,000 BBB+/A3 West Penn Power Co., 5.95%,
12/15/17 (144A) 11,768
-------------
$ 309,138
-----------------------------------------------------------------------------------------------------
Multi-Utilities -- 0.1%
25,000 BBB+/Baa1 New York State Electric & Gas Corp.,
6.15%, 12/15/17 (144A) $ 28,166
-----------------------------------------------------------------------------------------------------
Independent Power Producers &
Energy Traders -- 0.1%
36,457 BBB-/Baa3 Panoche Energy Center LLC, 6.885%,
7/31/29 (144A) $ 37,587
-------------
Total Utilities $ 374,891
-----------------------------------------------------------------------------------------------------
GOVERNMENT -- 1.1%
200,000 BBB/NR Brazil Minas SPE via State of Minas
Gerais, 5.333%, 2/15/28 (144A) $ 226,400
TRY 50,000 AAA/NR European Bank for Reconstruction &
Development, 0.5%, 2/26/15 25,786
GBP 50,000 AAA/NR European Bank for Reconstruction &
Development, 1.875%, 12/10/13 78,309
-------------
$ 330,495
-------------
Total Government $ 330,495
-----------------------------------------------------------------------------------------------------
TOTAL CORPORATE BONDS
(Cost $8,907,238) $ 9,822,449
-----------------------------------------------------------------------------------------------------
U.S. GOVERNMENT AND
AGENCY OBLIGATIONS -- 4.1%
260,911 AAA/Aaa Fannie Mae, 3.5%, 9/1/42 $ 279,399
46,180 AAA/Aaa Fannie Mae, 4.5%, 4/1/41 49,863
48,665 AAA/Aaa Fannie Mae, 5.0%, 6/1/40 53,425
250,150 AAA/Aaa Federal Home Loan Mortgage Corp.,
5.0%, 9/1/38-10/1/38 268,545
The accompanying notes are an integral part of these financial statements.
34 Pioneer Global Aggregate Bond Fund | Semiannual Report | 4/30/13
-----------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate (b) Ratings Value
-----------------------------------------------------------------------------------------------------
U.S. GOVERNMENT AND AGENCY
OBLIGATIONS -- (continued)
78,619 AAA/Aaa Federal Home Loan Mortgage Corp.,
6.0%, 8/1/37 $ 87,412
187,431 AAA/Aaa Federal Home Loan Mortgage Corp.,
6.5%, 1/1/38-4/1/38 213,647
106,774 AAA/Aaa Government National Mortgage
Association II, 4.5%, 9/20/41 118,221
60,000 AA+/Aaa U.S. Treasury Bonds, 4.5%, 2/15/36 78,975
60,000 AA+/Aaa U.S. Treasury Bonds, 4.5%, 8/15/39 79,650
-------------
$ 1,229,137
-----------------------------------------------------------------------------------------------------
TOTAL U.S. GOVERNMENT AND
AGENCY OBLIGATIONS
(Cost $1,152,686) $ 1,229,137
-----------------------------------------------------------------------------------------------------
FOREIGN GOVERNMENT
BONDS -- 34.9%
AUD 100,000 NR/Aaa Australia Government Bond,
5.75%, 5/15/21 $ 123,745
AUD 200,000 NR/Aaa Australia Government Bond, 6.5%,
5/15/13 207,506
EURO 50,000 AA+/Aaa Austria Government Bond, 4.15%,
3/15/37 (144A) 87,238
EURO 50,000 AA+/Aaa Austria Government Bond, 4.35%,
3/15/19 (144A) 79,266
EURO 25,000 NR/Aa3 Belgium Government Bond, 5.5%, 3/28/28 45,551
EURO 100,000 NR/Aaa Bundesrepublik Deutschland, 3.25%,
1/4/20 154,503
EURO 125,000 NR/Aaa Bundesrepublik Deutschland, 6.5%,
7/4/27 265,385
CAD 10,000 AAA/Aaa Canada Housing Trust No. 1, 3.35%,
12/15/20 (144A) 10,958
CAD 100,000 AAA/Aaa Canada Housing Trust No. 1, 3.8%,
6/15/21 (144A) 113,000
200,000 BB+/Ba1 Croatia Government International Bond,
5.5%, 4/4/23 (144A) 212,430
CZK 500,000 AA/A1 Czech Republic Government Bond,
3.7%, 6/16/13 25,606
DKK 250,000 AAA/Aaa Denmark Government Bond, 4.5%,
11/15/39 67,096
COP 124,000,000 NR/Ba1 Empresa de Telecomunicaciones
de Bogota, 7.0%, 1/17/23 (144A) 72,037
EURO 300,000 AAA/Aaa Finland Government Bond, 4.375%, 7/4/19 480,665
GHS 10,000 NR/NR Ghana Government Bond, 16.9%, 3/7/16 4,908
GHS 380,000 NR/NR Ghana Government Bond, 21.0%, 10/26/15 202,115
IDR 200,000,000 BB+/NR Indonesia Recapitalization Bond,
14.25%, 6/15/13 20,834
The accompanying notes are an integral part of these financial statements.
Pioneer Global Aggregate Bond Fund | Semiannual Report | 4/30/13 35
Schedule of Investments | 4/30/13 (unaudited) (continued)
--------------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate (b) Ratings Value
--------------------------------------------------------------------------------------------------------
Foreign Government Bonds -- (continued)
IDR 100,000,000 BB+/NR Indonesia Recapitalization Bond,
14.275%, 12/15/13 $ 10,922
IDR 222,000,000 NR/Baa3 Indonesia Treasury Bond, 6.125%,
5/15/28 22,840
IDR 200,000,000 NR/Baa3 Indonesia Treasury Bond, 7.0%, 5/15/27 22,232
IDR 5,000,000,000 NR/Baa3 Indonesia Treasury Bond, 7.375%,
9/15/16 557,517
IDR 1,210,000,000 NR/Baa3 Indonesia Treasury Bond, 8.25%, 6/15/32 149,237
IDR 25,000,000 NR/Baa3 Indonesia Treasury Bond, 9.0%, 9/15/13 2,617
EURO 90,000 BBB+/Ba1 Ireland Government Bond, 4.5%, 4/18/20 128,400
EURO 35,000 BBB+/Ba1 Ireland Government Bond, 5.0%,
10/18/20 51,418
EURO 75,000 NR/Baa2 Italy Buoni Poliennali Del Tesoro,
2.25%, 11/1/13 99,534
EURO 50,000 NR/Baa2 Italy Buoni Poliennali Del Tesoro,
3.75%, 8/1/16 69,303
EURO 100,000 NR/Baa2 Italy Buoni Poliennali Del Tesoro,
4.75%, 8/1/23 141,356
EURO 25,000 NR/Baa2 Italy Buoni Poliennali Del Tesoro,
6.5%, 11/1/27 40,531
JPY 46,500,000 NR/Aa3 Japan Government Ten Year Bond,
1.0%, 12/20/21 495,698
JPY 30,000,000 NR/Aa3 Japan Government Ten Year Bond,
1.7%, 9/20/16 323,320
JPY 5,000,000 NR/Aa3 Japan Government Thirty Year Bond,
2.3%, 12/20/36 58,966
JPY 27,000,000 NR/Aa3 Japan Government Twenty Year Bond,
1.5%, 3/20/19 296,126
MYR 885,000 NR/NR Malaysia Government Bond, 3.418%,
8/15/22 291,224
MXN 1,290,000 A-/Baa1 Mexican Bonos, 6.5%, 6/9/22 122,192
MXN 100,000 A-/Baa1 Mexican Bonos, 7.5%, 6/3/27 10,518
MXN 250,000 A-/Baa1 Mexican Bonos, 9.5%, 12/18/14 22,388
MXN 2,386,181 A-/Baa1 Mexican Udibonos, 2.0%, 6/9/22 212,614
MXN 1,988,484 A-/Baa1 Mexican Udibonos, 3.5%, 12/14/17 183,527
EURO 150,000 NR/Aaa Netherlands Government Bond, 4.0%,
7/15/16 (144A) 220,877
EURO 91,000 NR/Aaa Netherlands Government Bond, 5.5%,
1/15/28 (144A) 173,394
NGN 19,000,000 NR/NR Nigeria Government Bond, 16.0%,
6/29/19 140,323
NGN 7,000,000 NR/NR Nigeria Treasury Bill, 2/6/14 40,780
NGN 15,000,000 NR/NR Nigeria Treasury Bill, 3/6/14 86,670
NGN 25,000,000 NR/NR Nigeria Treasury Bill, 4/10/14 143,312
NGN 15,000,000 NR/NR Nigeria Treasury Bill, 4/24/14 84,707
The accompanying notes are an integral part of these financial statements.
36 Pioneer Global Aggregate Bond Fund | Semiannual Report | 4/30/13
--------------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate (b) Ratings Value
--------------------------------------------------------------------------------------------------------
Foreign Government Bonds -- (continued)
NOK 365,000 AAA/Aaa Norway Government Bond, 4.25%,
5/19/17 $ 70,611
NOK 240,000 AAA/Aaa Norway Government Bond, 4.5%,
5/22/19 48,734
NOK 875,000 AAA/Aaa Norway Government Bond, 5.0%,
5/15/15 163,133
PHP 6,480,000 NR/Ba1 Philippine Government Bond, 5.875%,
3/1/32 200,630
PHP 3,570,000 NR/Ba1 Philippine Government Bond, 7.625%,
9/29/36 137,062
PHP 800,000 NR/Ba1 Philippine Government Bond, 8.0%,
7/19/31 30,195
PLN 1,400,000 A/A2 Poland Government Bond, 5.25%,
10/25/17 489,615
NZD 250,000 AA-/Aa2 Province of Ontario Canada, 6.25%,
6/16/15 227,245
AUD 100,000 AA+/Aa1 Queensland Treasury Corp., 5.75%,
7/22/24 116,257
AUD 120,000 AA+/Aa1 Queensland Treasury Corp., 6.0%,
7/21/22 141,805
RON 770,000 NR/NR Romania Government Bond, 5.85%,
4/26/23 244,190
RON 200,000 NR/NR Romania Government Bond, 5.9%,
7/26/17 63,000
RUB 4,200,000 BBB+/Baa1 Russian Federal Bond -- OFZ, 7.5%,
3/15/18 143,861
RUB 9,000,000 BBB+/Baa1 Russian Federal Bond -- OFZ, 8.15%,
2/3/27 327,523
200,000 BBB/Baa1 Russian Foreign Bond -- Eurobond,
4.5%, 4/4/22 (144A) 224,300
200,000 B/NR Rwanda International Government
Bond, 6.625%, 5/2/23 (144A) 195,720
ZAR 500,000 NR/Baa1 South Africa Government Bond,
6.75%, 3/31/21 58,158
ZAR 250,000 A-/Baa1 South Africa Government Bond,
7.5%, 1/15/14 28,308
ZAR 300,000 A-/Baa1 South Africa Government Bond,
8.0%, 12/21/18 36,947
EURO 100,000 BBB-/Baa3 Spain Government Bond, 4.1%,
7/30/18 138,593
TRY 230,000 NR/NR Turkey Government Bond, 10.5%,
1/15/20 159,468
200,000 B/B3 Ukraine Government International
Bond, 7.5%, 4/17/23 (144A) 193,000
The accompanying notes are an integral part of these financial statements.
Pioneer Global Aggregate Bond Fund | Semiannual Report | 4/30/13 37
Schedule of Investments | 4/30/13 (unaudited) (continued)
--------------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate (b) Ratings Value
--------------------------------------------------------------------------------------------------------
Foreign Government Bonds -- (continued)
GBP 50,000 NR/Aa1 United Kingdom Gilt, 4.0%, 9/7/16 $ 87,046
GBP 60,000 NR/Aa1 United Kingdom Gilt, 4.25%, 12/7/27 115,945
GBP 70,000 NR/Aa1 United Kingdom Gilt, 4.25%, 9/7/39 134,376
GBP 75,000 NR/Aa1 United Kingdom Gilt, 8.75%, 8/25/17 157,332
--------------
$ 10,308,440
--------------------------------------------------------------------------------------------------------
TOTAL FOREIGN GOVERNMENT BONDS
(Cost $9,938,938) $ 10,308,440
--------------------------------------------------------------------------------------------------------
MUNICIPAL BONDS -- 3.5%
Municipal Airport -- 0.1%
20,000 BBB/Baa1 Indianapolis Airport Authority, 5.1%,
1/15/17 $ 22,652
--------------------------------------------------------------------------------------------------------
Municipal Development -- 0.2%
50,000 AA-/Aa3 California Statewide Communities
Development Authority, 6.0%, 8/15/42 $ 60,989
--------------------------------------------------------------------------------------------------------
Municipal General -- 0.3%
70,000 AA/A2 JobsOhio Beverage System,
3.985%, 1/1/29 $ 73,048
20,000 AA/A2 JobsOhio Beverage System,
4.532%, 1/1/35 21,349
--------------
$ 94,397
--------------------------------------------------------------------------------------------------------
Higher Municipal Education -- 1.9%
25,000 A+/NR Baylor University, 4.313%, 3/1/42 $ 26,265
50,000 AAA/Aaa Connecticut State Health & Educational
Facility Authority, 5.0%, 7/1/40 57,384
25,000 AAA/Aaa Connecticut State Health & Educational
Facility Authority, 5.0%, 7/1/42 27,735
50,000 AAA/Aaa Houston Higher Education Finance
Corp., 4.5%, 11/15/37 54,022
25,000 AA/Aa1 Illinois Finance Authority, 5.0%,
10/1/51 27,771
70,000 AAA/Aaa Massachusetts Health & Educational
Facilities Authority, 5.5%, 11/15/36 83,531
25,000 AAA/Aaa Massachusetts Health & Educational
Facilities Authority, 5.5%, 7/1/32 35,560
10,000 AAA/Aaa Massachusetts Health & Educational
Facilities Authority, 5.5%, 7/1/36 11,802
30,000 AAA/Aaa Missouri State Health & Educational
Facilities Authority, 5.0%, 11/15/39 35,513
50,000 AA/Aa1 New York State Dormitory Authority
Series A, 5.0%, 7/1/40 57,554
The accompanying notes are an integral part of these financial statements.
38 Pioneer Global Aggregate Bond Fund | Semiannual Report | 4/30/13
--------------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate (b) Ratings Value
--------------------------------------------------------------------------------------------------------
Higher Municipal Education -- (continued)
50,000 AAA/Aaa New York State Dormitory Authority,
5.0%, 7/1/38 $ 57,650
20,000 AAA/Aaa Permanent University Fund, 5.0%, 7/1/30 24,743
50,000 AA/Aa1 University of California, 3.38%, 5/15/28 52,162
--------------
$ 551,692
--------------------------------------------------------------------------------------------------------
Municipal Medical -- 0.1%
25,000 AA-/A1 Massachusetts Development Finance
Agency, 5.25%, 4/1/37 $ 28,335
--------------------------------------------------------------------------------------------------------
Municipal Transportation -- 0.2%
50,000 AA/Aa2 Harris County Metropolitan Transit
Authority, 5.0%, 11/1/41 $ 56,813
--------------------------------------------------------------------------------------------------------
Municipal Utilities -- 0.1%
25,000 AA-/Aa3 South Carolina State Public Service
Authority, 5.0%, 12/1/43 $ 28,270
--------------------------------------------------------------------------------------------------------
Municipal Water -- 0.4%
45,000 AAA/Aa1 City of Charleston South Carolina
Waterworks & Sewer System Revenue,
5.0%, 1/1/41 $ 51,488
20,000 AAA/Aa2 Hampton Roads Sanitation District,
5.0%, 4/1/38 22,583
45,000 AAA/NR Tarrant Regional Water District,
5.0%, 3/1/52 50,199
--------------
$ 124,270
--------------------------------------------------------------------------------------------------------
Municipal Obligation -- 0.2%
50,000 AA+/Aa1 State of Washington, 5.0%, 8/1/39 $ 57,378
--------------------------------------------------------------------------------------------------------
TOTAL MUNICIPAL BONDS
(Cost $928,020) $ 1,024,796
--------------------------------------------------------------------------------------------------------
SENIOR FLOATING RATE
LOAN INTERESTS -- 0.7%
FOOD, BEVERAGE & TOBACCO -- 0.5%
Distillers & Vintners -- 0.5%
150,000 0.00 NR/NR Constellation Brands, Inc., Bridge
Facility Loan, 6/28/20 $ 150,000
--------------
Total Food, Beverage & Tobacco $ 150,000
--------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Global Aggregate Bond Fund | Semiannual Report | 4/30/13 39
Schedule of Investments | 4/30/13 (unaudited) (continued)
--------------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate (b) Ratings Value
--------------------------------------------------------------------------------------------------------
TELECOMMUNICATION
SERVICES -- 0.2%
Integrated Telecommunication
Services -- 0.2%
49,553 0.00 B+/Ba3 West Corp., Term B-8 Loan, 6/30/18 $ 50,414
--------------
Total Telecommunication Services $ 50,414
--------------------------------------------------------------------------------------------------------
TOTAL SENIOR FLOATING RATE LOAN INTERESTS
(Cost $200,448) $ 200,414
--------------------------------------------------------------------------------------------------------
TOTAL INVESTMENT IN SECURITIES -- 99.3%
(Cost $27,615,297) (a) $ 29,366,368
--------------------------------------------------------------------------------------------------------
OTHER ASSETS & LIABILITIES -- 0.7% $ 200,729
--------------------------------------------------------------------------------------------------------
TOTAL NET ASSETS -- 100.0% $ 29,567,097
========================================================================================================
* Non-income producing security.
NR Not rated by either S&P or Moody's.
WR Rating withdrawn by either S&P or Moody's.
PIK Represents a pay in kind security.
(Step) Bond issued with an initial coupon rate which converts to a higher
rate at a later date.
REIT Real Estate Investment Trust.
(Perpetual) Security with no stated maturity date.
(144A) Security is exempt from registration under Rule 144A of the
Securities Act of 1933. Such securities may be resold normally to
qualified institutional buyers in a transaction exempt from
registration. At April 30, 2013, the value of these securities
amounted to $6,189,549 or 20.9% of total net assets.
(a) At April 30, 2013, the net unrealized gain on investments based on
cost for federal income tax purposes of $27,615,904 was as
follows:
Aggregate gross unrealized gain for all investments in which
there is an excess of value over tax cost $ 2,098,994
Aggregate gross unrealized loss for all investments in which
there is an excess of tax cost over value (348,530)
------------
Net unrealized gain $ 1,750,464
============
(b) Debt obligation with a variable interest rate. Rate shown is rate
at end of period.
(c) Security issued with a zero coupon. Income is earned through
accretion of discount.
The accompanying notes are an integral part of these financial statements.
40 Pioneer Global Aggregate Bond Fund | Semiannual Report | 4/30/13
Principal amounts are denominated in U.S. Dollars unless otherwise noted:
AUD Australian Dollar
BRL Brazilian Real
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
six months ended April 30, 2013 aggregated $6,991,257 and $5,537,946,
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.) See Notes to Financial Statements -- Note 1A.
Level 3 - significant unobservable inputs (including the Fund's own
assumptions in determining fair value of investments) See Notes to
Financial Statements -- Note 1A.
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.
Pioneer Global Aggregate Bond Fund | Semiannual Report | 4/30/13 41
The following is a summary of the inputs used as of April 30, 2013, in valuing
the Fund's assets:
------------------------------------------------------------------------------------------------
Level 1 Level 2 Level 3 Total
------------------------------------------------------------------------------------------------
Convertible Corporate Bonds $ - $ 541,192 $ - $ 541,192
Preferred Stocks 379,029 53,750 50,240 483,019
Convertible Preferred Stocks 171,568 - - 171,568
Asset Backed Securities - 1,156,081 - 1,156,081
Collateralized Mortgage Obligations - 4,429,272 - 4,429,272
Corporate Bonds - 9,822,449 - 9,822,449
U.S. Government Agency Obligations - 1,229,137 - 1,229,137
Foreign Government Bonds - 10,308,440 - 10,308,440
Municipal Bonds - 1,024,796 - 1,024,796
Senior Floating Rate Loan Interests - 200,414 - 200,414
------------------------------------------------------------------------------------------------
Total $550,597 $28,765,531 $50,240 $29,366,368
================================================================================================
Other Financial Instruments
Unrealized appreciation on
futures contracts $ 15,133 $ - $ - $ 15,133
Unrealized depreciation on
forward foreign currency
settlement hedge contracts - (13,254) - (13,254)
Unrealized depreciation on
forward foreign currency
portfolio hedge contracts - (1,766) - (1,766)
------------------------------------------------------------------------------------------------
Total Other Financial Instruments $ 15,133 $ (15,020) $ - $ 113
================================================================================================
The following is a reconciliation of assets valued using significant observable
inputs (Level 3):
------------------------------------------------------------------------------------------------
Preferred
Stocks
------------------------------------------------------------------------------------------------
Balance as of 10/31/12 $ -
Realized gain (loss) -
Change in unrealized appreciation (depreciation)1 240
Net purchases 50,000
Transfers in and out of Level 3 -
------------------------------------------------------------------------------------------------
Balance as of 4/30/13 $50,240
================================================================================================
1 Realized gain (loss) on these securities is included in the net realized
gain (loss) from investments in the Statement of Operations.
2 Unrealized appreciation (depreciation) on these securities is included in
the change in unrealized gain (loss) on investments in the Statement of
Operations.
* Transfers are calculated on the beginning of period values.
Net change in unrealized appreciation (depreciation) of investments
still held as of 4/30/13 $ 240
--------
During the six months ended April 30, 2013, there were no transfers between
levels 1 and 2.
The accompanying notes are an integral part of these financial statements.
42 Pioneer Global Aggregate Bond Fund | Semiannual Report | 4/30/13
Statement of Assets and Liabilities | 4/30/13 (unaudited)
ASSETS:
Investment in securities, at value (cost $27,615,297) $29,366,368
Futures collateral 9,100
Foreign currencies, at value (cost $114,602) 114,803
Receivables --
Investment securities sold 470,033
Fund shares sold 8,295
Interest 334,607
Due from Pioneer Investment Management, Inc. 50,431
Prepaid expenses 24,557
-----------------------------------------------------------------------------------------
Total assets $30,378,194
=========================================================================================
LIABILITIES:
Payables --
Investment securities purchased $ 550,269
Fund shares repurchased 21,008
Dividends 54,499
Due to custodian 94,460
Variation margin 781
Unrealized depreciation on forward foreign currency portfolio
hedge contracts 13,254
Unrealized depreciation on forward foreign currency settlement
hedge contracts 1,766
Due to affiliates 17,700
Accrued expenses 57,360
-----------------------------------------------------------------------------------------
Total liabilities $ 811,097
=========================================================================================
NET ASSETS:
Paid-in capital $27,743,528
Undistributed net investment income 14,723
Accumulated net realized gain on investments and foreign currency
transactions 54,832
Net unrealized appreciation on investments 1,751,071
Net unrealized appreciation on futures contracts 15,133
Net unrealized depreciation on forward foreign currency contracts and
other assets and liabilities denominated in foreign currencies (12,190)
-----------------------------------------------------------------------------------------
Total net assets $29,567,097
=========================================================================================
NET ASSET VALUE PER SHARE:
(No par value, unlimited number of shares authorized)
Class A (based on $8,122,700/707,811 shares) $ 11.48
Class C (based on $4,363,672/379,420 shares) $ 11.50
Class Y (based on $17,080,725/1,475,895 shares) $ 11.57
MAXIMUM OFFERING PRICE:
Class A ($11.48 (divided by) 95.5%) $ 12.02
=========================================================================================
The accompanying notes are an integral part of these financial statements.
Pioneer Global Aggregate Bond Fund | Semiannual Report | 4/30/13 43
Statement of Operations (unaudited)
For the Six Months Ended 4/30/13 (unaudited)
INVESTMENT INCOME:
Interest (net of foreign taxes withheld of $7,840) $ 608,055
Dividends 17,448
----------------------------------------------------------------------------------------
Total investment income $ 625,503
----------------------------------------------------------------------------------------
EXPENSES:
Management fees $ 70,809
Transfer agent fees and expenses
Class A 6,500
Class C 2,511
Class Y 275
Distribution fees
Class A 9,941
Class C 21,219
Shareholder communications expense 969
Administrative reimbursements 18,865
Custodian fees 19,284
Registration fees 18,716
Professional fees 23,813
Printing expense 10,218
Fees and expenses of nonaffiliated trustees 2,340
Miscellaneous 55,184
----------------------------------------------------------------------------------------
Total expenses $ 260,644
Less fees waived and expenses reimbursed
by Pioneer Investment Management, Inc. (120,614)
----------------------------------------------------------------------------------------
Net expenses $ 140,030
----------------------------------------------------------------------------------------
Net investment income $ 485,473
----------------------------------------------------------------------------------------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS,
FUTURES CONTRACTS AND FOREIGN CURRENCY TRANSACTIONS:
Net realized gain on:
Investments $ 69,658
Futures contracts (4,288)
Forward foreign currency contracts and other assets
and liabilities denominated in foreign currencies (12,747) $ 52,623
----------------------------------------------------------------------------------------
Change in net unrealized appreciation (depreciation) on:
Investments $ 119,923
Futures contracts 17,680
Forward foreign currency contracts and other assets
and liabilities denominated in foreign currencies (11,291) $ 126,312
----------------------------------------------------------------------------------------
Net gain on investments, futures contracts and foreign
currency transactions $ 178,935
----------------------------------------------------------------------------------------
Net increase in net assets resulting from operations $ 664,408
========================================================================================
The accompanying notes are an integral part of these financial statements.
44 Pioneer Global Aggregate Bond Fund | Semiannual Report | 4/30/13
Statements of Changes in Net Assets
--------------------------------------------------------------------------------------------------
Six Months
Ended
4/30/13 Year Ended
(unaudited) 10/31/12
--------------------------------------------------------------------------------------------------
FROM OPERATIONS:
Net investment income $ 485,473 $ 952,874
Net realized gain on investments, futures contracts and
foreign currency transactions 52,623 215,985
Change in net unrealized appreciation (depreciation) on
investments, futures contracts and foreign currency
transactions 126,312 563,347
--------------------------------------------------------------------------------------------------
Net increase in net assets resulting from operations $ 664,408 $ 1,732,206
--------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO SHAREOWNERS:
Net investment income:
Class A ($0.18 and $0.36 per share, respectively) $ (126,608) $ (386,138)
Class C ($0.13 and $0.26 per share, respectively) (48,448) (86,797)
Class Y ($0.20 and $0.38 per share, respectively) (276,349) (463,695)
Net realized gain:
Class A ($0.10 and $0.02 per share, respectively) $ (66,829) $ (27,154)
Class C ($0.10 and $0.02 per share, respectively) (34,802) (7,524)
Class Y ($0.10 and $0.02 per share, respectively) (127,457) (23,478)
--------------------------------------------------------------------------------------------------
Total distributions to shareowners $ (680,493) $ (994,786)
--------------------------------------------------------------------------------------------------
FROM FUND SHARE TRANSACTIONS:
Net proceeds from sale of shares $ 3,749,391 $ 7,636,227
Reinvestment of distributions 196,243 347,577
Cost of shares repurchased (2,931,943) (9,696,973)
--------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets resulting from
Fund share transactions $ 1,013,691 $ (1,713,169)
--------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets $ 997,606 $ (975,749)
NET ASSETS:
Beginning of period 28,569,491 29,545,240
--------------------------------------------------------------------------------------------------
End of period $29,567,097 $ 28,569,491
--------------------------------------------------------------------------------------------------
Undistributed (distributions in excess of) net investment income $ 14,723 $ (19,345)
--------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Global Aggregate Bond Fund | Semiannual Report | 4/30/13 45
Statements of Changes in Net Assets (continued)
------------------------------------------------------------------------------------------------
'13 Shares '13 Amount
(unaudited) (unaudited) '12 Shares '12 Amount
------------------------------------------------------------------------------------------------
Class A
Shares sold 117,146 $ 1,334,718 250,541 $ 2,789,945
Reinvestment of distributions 12,965 147,671 26,618 297,724
Less shares repurchased (216,730) (2,478,450) (803,862) (9,004,913)
------------------------------------------------------------------------------------------------
Net decrease (86,619) $ (996,061) (526,703) $ (5,917,244)
================================================================================================
Class C
Shares sold 44,841 $ 511,377 83,899 $ 940,484
Reinvestment of distributions 4,213 48,098 4,423 49,724
Less shares repurchased (29,570) (336,952) (44,926) (507,374)
------------------------------------------------------------------------------------------------
Net increase 19,484 $ 222,523 43,396 $ 482,834
================================================================================================
CLASS Y
Shares sold 165,628 $ 1,903,296 349,184 $ 3,905,798
Reinvestment of distributions 41 474 11 129
Less shares repurchased (10,148) (116,541) (16,526) (184,686)
------------------------------------------------------------------------------------------------
Net increase 155,521 $ 1,787,229 332,669 $ 3,721,241
================================================================================================
The accompanying notes are an integral part of these financial statements.
46 Pioneer Global Aggregate Bond Fund | Semiannual Report | 4/30/13
Financial Highlights
---------------------------------------------------------------------------------------------------------------------------------
Six Months 12/28/07 (a)
Ended Year Year Year Year (Commencement
4/30/13 Ended Ended Ended Ended of Operations)
(unaudited) 10/31/12 10/31/11 10/31/10 10/31/09 to 10/31/08
---------------------------------------------------------------------------------------------------------------------------------
Class A
Net asset value, beginning of period $ 11.49 $11.22 $ 11.19 $10.84 $ 9.25 $ 10.00
---------------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income $ 0.19 $ 0.36 $ 0.34 $ 0.35 $ 0.39 $ 0.25
Net realized and unrealized gain (loss) on investments 0.08 0.29 0.01 0.41 1.57 (0.75)
---------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets from investment operations $ 0.27 $ 0.65 $ 0.35 $ 0.76 $ 1.96 $ (0.50)
---------------------------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income (0.18) (0.36) (0.32) (0.40) (0.37) (0.18)
Net realized gain (0.10) (0.02) -- (0.01) -- (0.02)
Tax return of capital -- -- -- -- -- (0.05)
---------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ (0.01) $ 0.27 $ 0.03 $ 0.35 $ 1.59 $ (0.75)
---------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 11.48 $11.49 $ 11.22 $11.19 $10.84 $ 9.25
=================================================================================================================================
Total return* 2.36% 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% 1.00%**
Ratio of net investment income to average net assets 3.42%** 3.26% 2.94% 3.26% 3.83% 3.23%**
Portfolio turnover rate 40% 29% 34% 27% 28% 46%***
Net assets, end of period (in thousands) $ 8,123 $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 1.97%** 1.65% 2.07% 2.35% 2.90% 3.16%**
Net investment income 2.45%** 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 the
period, reinvestment of all distributions, the complete redemption of the
investment at net asset value at the end of the period and no sales charges.
Total return would be reduced if sales charges were taken into account.
** Annualized.
*** Not annualized.
The accompanying notes are an integral part of these financial statements.
Pioneer Global Aggregate Bond Fund | Semiannual Report | 4/30/13 47
Financial Highlights (continued)
---------------------------------------------------------------------------------------------------------------------------------
Six Months 12/28/07 (a)
Ended Year Year Year Year (Commencement
4/30/13 Ended Ended Ended Ended of Operations)
(unaudited) 10/31/12 10/31/11 10/31/10 10/31/09 to 10/31/08
---------------------------------------------------------------------------------------------------------------------------------
Class C
Net asset value, beginning of period $ 11.51 $11.23 $11.19 $10.82 $ 9.23 $ 10.00
---------------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income $ 0.14 $ 0.26 $ 0.24 $ 0.25 $ 0.29 $ 0.18
Net realized and unrealized gain (loss) on investments 0.08 0.30 0.02 0.43 1.58 (0.76)
---------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets from investment operations $ 0.22 $ 0.56 $ 0.26 $ 0.68 $ 1.87 $ (0.58)
---------------------------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income (0.13) (0.26) (0.22) (0.30) (0.28) (0.12)
Net realized gain (0.10) (0.02) -- (0.01) -- (0.02)
Tax return of capital -- -- -- -- -- (0.05)
---------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ (0.01) $ 0.28 $ 0.04 $ 0.37 $ 1.59 $ (0.77)
---------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 11.50 $11.51 $11.23 $11.19 $10.82 $ 9.23
=================================================================================================================================
Total return* 1.90% 5.09% 2.39% 6.45% 20.55% (5.95)%***
Ratio of net expenses to average net assets 1.89%** 1.90% 1.90% 1.90% 1.89% 1.90%**
Ratio of net investment income to average net assets 2.53%** 2.33% 2.15% 2.37% 2.94% 2.29%**
Portfolio turnover rate 40% 29% 34% 27% 28% 46%***
Net assets, end of period (in thousands) $ 4,364 $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 2.69% 2.39% 2.94% 3.00% 3.57% 3.84%**
Net investment income 1.73% 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 the
period, reinvestment of all distributions, the complete redemption of the
investment at net asset value at the end of the period and no sales charges.
Total return would be reduced if sales charges were taken into account.
** Annualized.
*** Not annualized.
The accompanying notes are an integral part of these financial statements.
48 Pioneer Global Aggregate Bond Fund | Semiannual Report | 4/30/13
---------------------------------------------------------------------------------------------------------------------------------
Six Months 12/28/07 (a)
Ended Year Year Year Year (Commencement
4/30/13 Ended Ended Ended Ended of Operations)
(unaudited) 10/31/12 10/31/11 10/31/10 10/31/09 to 10/31/08
---------------------------------------------------------------------------------------------------------------------------------
Class Y
Net asset value, beginning of period $ 11.59 $ 11.30 $ 11.22 $10.85 $ 9.25 $ 10.00
---------------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income $ 0.21 $ 0.39 $ 0.35 $ 0.34 $ 0.38 $ 0.27
Net realized and unrealized gain (loss) on investments 0.07 0.30 0.05 0.45 1.59 (0.77)
---------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets from investment operations $ 0.28 $ 0.69 $ 0.40 $ 0.79 $ 1.97 $ (0.50)
---------------------------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income (0.20) (0.38) (0.32) (0.41) (0.37) (0.18)
Net realized gain (0.10) (0.02) -- (0.01) -- (0.02)
Tax return of capital -- -- -- -- -- (0.05)
---------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ (0.02) $ 0.29 $ 0.08 $ 0.37 $ 1.60 $ (0.75)
---------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 11.57 $ 11.59 $ 11.30 $11.22 $10.85 $ 9.25
=================================================================================================================================
Total return* 2.39% 6.24% 3.66% 7.48% 21.69% (5.12)%***
Ratio of net expenses to average net assets 0.75%** 0.79% 0.82% 0.94% 1.00% 0.89%**
Ratio of net investment income to average net assets 3.67%** 3.42% 3.01% 3.31% 3.83% 3.22%**
Portfolio turnover rate 40% 29% 34% 27% 28% 46%***
Net assets, end of period (in thousands) $17,081 $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 1.56%** 1.18% 1.55% 1.86% 2.48% 2.82%**
Net investment income 2.86%** 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 the
period, reinvestment of all distributions and the complete redemption of the
investment at net asset value at the end of the period.
** Annualized.
*** Not annualized.
The accompanying notes are an integral part of these financial statements.
Pioneer Global Aggregate Bond Fund | Semiannual Report | 4/30/13 49
Notes to Financial Statements | 4/30/13 (unaudited)
1. Organization and Significant Accounting Policies
Pioneer Global Aggregate Bond Fund (the Fund) is a series of Pioneer Series
Trust VII, a Delaware statutory trust. The Fund is registered under the
Investment Company Act of 1940 as a diversified, open-end management investment
company. The investment objective of the Fund is to provide current income from
an investment grade portfolio with due regard to preservation of capital and
prudent investment risk.
The Fund offers three classes of shares designated as Class A, Class C, and
Class Y shares. Class A, Class C, and Class Y shares were first publicly offered
on December 28, 2007. Each class of shares represents an interest in the same
portfolio of investments of the Fund and has identical rights (based on relative
net asset values) to assets and liquidation proceeds. Share classes can bear
different rates of class-specific fees and expenses such as transfer agent and
distribution fees. Differences in class-specific fees and expenses will result
in differences in net investment income and, therefore, the payment of different
dividends from net investment income earned by each class. The Amended and
Restated Declaration of Trust of the Fund gives the Board the flexibility to
specify either per-share voting or dollar-weighted voting when submitting
matters for shareholder approval. Under per-share voting, each share of a class
of the Fund is entitled to one vote. Under dollar-weighted voting, a
shareholder's voting power is determined not by the number of shares owned, but
by the dollar value of the shares on the record date. Each share class has
exclusive voting rights with respect to matters affecting only that class,
including with respect to the distribution plan for that class. There is no
distribution plan for Class Y shares.
The Fund's financial statements have been prepared in conformity with U.S.
generally accepted accounting principles that require the management of the Fund
to, among other things, make estimates and assumptions that affect the reported
amounts of assets and liabilities, the disclosure of contingent assets and
liabilities at the date of the financial statements, and the reported amounts of
income, expenses and gain or loss on investments during the reporting period.
Actual results could differ from those estimates.
The following is a summary of significant accounting policies followed by the
Fund in the preparation of its financial statements, which are consistent with
those policies generally accepted in the investment company industry:
50 Pioneer Global Aggregate Bond Fund | Semiannual Report | 4/30/13
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 or senior loans for which market prices and/or quotations are not
readily available or are considered to be unreliable are valued by or at the
direction or with the approval of the Valuation Committee using fair value
methods pursuant to procedures adopted by the Board of Trustees. The
Valuation Committee is comprised of certain members of the Board of
Trustees. The Trust 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 Trust'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 Trust's securities may
differ significantly from exchange prices and such differences could be
material. Pioneer Investment Management, Inc. (PIM) is responsible for
monitoring developments that may impact fair valued securities and for
discussing and assessing fair values on an ongoing basis, and at least
quarterly, with the Valuation Committee.
At April 30, 2013, 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.
Pioneer Global Aggregate Bond Fund | Semiannual Report | 4/30/13 51
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).
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 provision for federal income taxes is required.
As of April 30, 2013, the Fund did not have any interest and penalties
related to
52 Pioneer Global Aggregate Bond Fund | Semiannual Report | 4/30/13
uncertain 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 amount and character of income and capital gain distributions to
shareowners are determined in accordance with federal income tax rules,
which may differ from U.S. generally accepted accounting principles.
Distributions in excess of net investment income or net realized gains are
temporary overdistributions for financial statement purposes resulting from
differences in the recognition or classification of income or distributions
for financial statement and tax purposes. Capital accounts within the
financial statements are adjusted for permanent book/tax differences to
reflect tax character, but are not adjusted for temporary differences.
The tax character of current year distributions payable will be determined
at the end of the current taxable year. The tax character of distributions
paid during the year ended October 31, 2012 was as follows:
----------------------------------------------------------------------------
2012
----------------------------------------------------------------------------
Distributions paid from:
Ordinary income $949,306
Long-term capital gain 45,480
----------------------------------------------------------------------------
Total $994,786
============================================================================
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
============================================================================
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 $2,091 in underwriting commissions on the sale of Class A shares
during the six months ended April 30, 2013.
Pioneer Global Aggregate Bond Fund | Semiannual Report | 4/30/13 53
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.
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.
54 Pioneer Global Aggregate Bond Fund | Semiannual Report | 4/30/13
H. Futures Contracts
The Fund may enter into futures transactions to hedge against changes in
interest rates, securities prices and currency exchange rates or to seek to
increase total return. Futures contracts are types of derivatives. All
futures contracts entered into by the Fund are traded on a futures exchange.
Upon entering into a futures contract, the Fund is required to deposit with
a broker an amount of cash or securities equal to the minimum "initial
margin" requirements of the associated futures exchange. The amount of cash
deposited with the broker as collateral at April 30, 2013 was $9,100.
Subsequent payments for futures contracts ("variation margin") are paid or
received by the Fund, depending on the daily fluctuation in the value of the
contracts, and are recorded by the Fund as unrealized gains or losses. When
the contract is closed, the Fund realizes a gain or loss equal to the
difference between the opening and closing value of the contract as well as
any fluctuation in foreign currency exchange rates where applicable. Futures
contracts are subject to market risk, interest rate risk and currency
exchange rate risk. Changes in value of the contracts may not directly
correlate to the changes in value of the underlying securities. These risks
may decrease the effectiveness of the Fund's hedging strategies and
potentially result in a loss. With futures, there is minimal counterparty
credit risk to the Fund since futures are exchange-traded and the exchange's
clearinghouse, as counterparty to all exchange-traded futures, guarantees
the futures against default. During the six months ended April 30, 2013, the
Fund had 7 outstanding futures contracts.
At April 30, 2013, open futures contracts were as follows
----------------------------------------------------------------------------
Number of
Contracts Settlement Unrealized
Type Long/(Short) Month Value Appreciation
----------------------------------------------------------------------------
US 10 Yr Note (CBT) 6 6/13 $800,156 $10,875
US Long Bond (CBT) 1 6/13 $148,375 $ 4,258
----------------------------------------------------------------------------
Total 7 $948,531 $15,133
============================================================================
I. Repurchase Agreements
With respect to repurchase agreements entered into by the Fund, the value of
the underlying securities (collateral), including accrued interest, is
required to be equal to or in excess of the repurchase price. The collateral
for all repurchase agreements is held in safekeeping in the customer-only
account of the Fund's custodian or a subcustodian of the Fund. The Fund's
investment adviser, Pioneer Investment Management, Inc. (PIM), is
responsible for determining that the value of the collateral remains at
least equal to the repurchase price.
Pioneer Global Aggregate Bond Fund | Semiannual Report | 4/30/13 55
2. Management Agreement
PIM, a wholly-owned indirect subsidiary of UniCredit, manages the Fund's
portfolio. Management fees are calculated daily at the annual rate of 0.50% of
the Fund's average daily net assets.
PIM has contractually agreed to limit ordinary operating expenses of the Fund to
the extent required to reduce Fund expenses to 1.00%, 1.90% and 0.75% of the
average daily net assets attributable to Class A, Class C and Class Y shares,
respectively. Fees waived and expenses reimbursed during the six months ended
April 30, 2013 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.
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
$14,459 in management fees, administrative costs and certain other
reimbursements payable to PIM at April 30, 2013.
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 six months ended April 30, 2013, such out-of-pocket expenses by class of
shares were as follows:
--------------------------------------------------------------------------------
Shareholder Communications:
--------------------------------------------------------------------------------
Class A $468
Class C 474
Class Y 27
--------------------------------------------------------------------------------
Total: $969
--------------------------------------------------------------------------------
Included in "Due to affiliates" reflected on the Statement of Assets and
Liabilities is $2,541 in transfer agent fees and out-of-pocket reimbursements
payable to PIMSS at April 30, 2013.
56 Pioneer Global Aggregate Bond Fund | Semiannual Report | 4/30/13
4. Distribution Plan
The Fund has adopted a Distribution Plan pursuant to Rule 12b-1 of the
Investment Company Act of 1940 with respect to its Class A and Class C shares.
Pursuant to the Plan, the Fund pays PFD 0.25% of the average daily net assets
attributable to Class A shares as compensation for personal services and/or
account maintenance services or distribution services with regard to Class A
shares. Pursuant to the Plan, the Fund also pays PFD 1.00% of the average daily
net assets attributable to Class C shares. The fee for Class C shares consists
of a 0.25% service fee and a 0.75% distribution fee paid as compensation for
personal services and/or account maintenance services or distribution services
with regard to Class C shares. Included in "Due to affiliates" reflected on the
Statement of Assets and Liabilities is $700 in distribution fees payable to PFD
at April 30, 2013.
In addition, redemptions of each class of shares (except Class Y shares) may be
subject to a contingent deferred sales charge (CDSC). A CDSC of 1.00% may be
imposed on redemptions of certain net asset value purchases of Class A shares
within 12 months of purchase. Redemptions of Class C shares within one year of
purchase are subject to a CDSC of 1.00%, based on the lower of cost or market
value of shares being redeemed. Shares purchases as part of an exchange remain
subject to any CDSC that applied to the original purchase of those shares. There
is no CDSC for Class Y shares. Proceeds from the CDSCs are paid to PFD. For the
six months ended April 30, 2013, CDSCs in the amount of $66 were paid to PFD.
5. Expense Offset Arrangements
The Fund has entered into certain expense offset arrangements with PIMSS which
may result in a reduction in the Fund's total expenses due to interest earned on
cash held by PIMSS. For the six months ended April 30, 2013, the Fund's expenses
were not reduced under such arrangements.
6. Forward Foreign Currency Contracts
At April 30, 2013, 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. At April 30, 2013, the Fund's gross
forward currency settlement contracts receivable and payable were $325,968 and
$324,202, respectively, resulting in a net payable of $1,766. The average value
of settlement contracts open during the six months ended April 30, 2013 was
$86,970. The average value of portfolio contracts open during the six months
ended April 30, 2013 was $1,839,642.
Open portfolio hedges at April 30, 2013 were as follows:
Pioneer Global Aggregate Bond Fund | Semiannual Report | 4/30/13 57
-------------------------------------------------------------------------------------
Net Net Unrealized
Contracts to In Exchange Settlement Appreciation
Currency deliver For USD Date Value (Depreciation)
-------------------------------------------------------------------------------------
AUD (Australian (416,513) $(431,057) 5/31/13 $(430,524)
Dollar)
$ 533
AUD (Australian (125,000) (131,643) 5/15/13 (129,373)
Dollar)
2,270
EURO (European (400,000) (520,791) 5/24/13 (526,395)
Euro)
(5,604)
EURO (European (114,001) (148,085) 5/22/13 (150,022)
Euro)
(1,936)
EURO (European (113,986) (148,085) 5/22/13 (150,002)
Euro)
(1,917)
EURO (European (90,000) (118,463) 6/17/13 (118,458)
Euro)
5
INR (Indian 3,900,000 69,407 9/16/13 70,765
Rupee)
1,358
KES (Kenyan (1,269,308) (14,802) 5/14/13 (15,106)
Shilling)
(304)
KES (Kenyan 1,269,308 14,230 5/14/13 15,106
Shilling)
876
MYR (Malaysian 440,000 140,607 5/9/13 144,542
Ringgit)
3,935
NGN (Nigerian 10,000,000 61,916 6/19/13 62,475
Naira)
558
NZD (New (95,000) (80,416) 5/23/13 (81,244)
Zealand Dollar)
(829)
NOK (Norwegian 1,034,343 175,882 5/2/13 179,231
Krone)
3,349
RUB (Russian 4,400,000 139,916 7/8/13 139,847
Ruble)
(68)
KRW (South 460,000,000 403,668 5/15/13 417,375
Korea Won)
13,707
SEK (Swedish (1,162,000) (175,882) 5/2/13 (179,169)
Krona)
(3,287)
SEK (Swedish (447,000) (70,476) 5/15/13 (68,903)
Krona)
1,573
JPY (Japanese 41,000,000 431,057 5/31/13 420,573
Yen)
(10,484)
JPY (Japanese (69,000,000) (699,732) 5/22/13 (707,757)
Yen)
(8,025)
JPY (Japanese 14,000,000 148,085 5/22/13 143,603
Yen)
(4,483)
JPY (Japanese 14,000,000 148,085 5/22/13 143,603
Yen)
(4,483)
-------------------------------------------------------------------------------------
Total $ (13,254)
-------------------------------------------------------------------------------------
58 Pioneer Global Aggregate Bond Fund | Semiannual Report | 4/30/13
7. Additional Disclosures about Derivative Instruments and Hedging Activities
Values of derivative instruments as of April 30, 2013 were as follows:
-----------------------------------------------------------------------------------------------------
Derivatives not
accounted for as Asset Derivatives 2013 Liabilities Derivatives 2013
hedging instruments ----------------------------------------------------------------------
under Accounting Statement of Assets Statement of Assets
Standards Codification and Liabilities and Liabilities
(ASC) 815 Location Value Location Value
-----------------------------------------------------------------------------------------------------
Forward Foreign
Currency Portfolio
Hedge Contracts Unrealized Unrealized
appreciation on depreciation on
forward foreign forward foreign
currency portfolio currency portfolio
hedge contracts $ -- hedge contracts $13,254
Forward Foreign
Currency Settlement
Hedge Contracts Unrealized Net unrealized
appreciation on depreciation on
forward foreign forward foreign
currency currency
settlement hedge settlement hedge
contracts $ -- contracts $ 1,766
Interest Rate
Futures* Net unrealized Net unrealized
appreciation on depreciation on
futures contracts $15,133 futures contracts $ --
-----------------------------------------------------------------------------------------------------
Total $15,133 $15,020
=====================================================================================================
* 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 six
months ended April 30, 2013 was as follows:
-----------------------------------------------------------------------------------------------------
Change in
Derivatives not Realized Unrealized
accounted for as Gain Appreciation
hedging instruments (Loss) on (Depreciation)
under Accounting Location of Gain or (Loss) Derivatives on Derivatives
Standards Codification On Derivatives Recognized Recognized Recognized
(ASC) 185 in Income in Income in Income
-----------------------------------------------------------------------------------------------------
Interest Rate Futures Net realized gain (loss) on
futures contracts $ (4,288)
Interest Rate Futures Change in net unrealized appreciation
(depreciation) on futures contracts $ 17,680
Forward Foreign Net realized gain (loss) on forward
Currency Portfolio foreign currency contracts and
Hedge Contracts other assets and liabilities
denominated in foreign currencies $ 13,338
Pioneer Global Aggregate Bond Fund | Semiannual Report | 4/30/13 59
-----------------------------------------------------------------------------------------------------
Change in
Derivatives not Realized Unrealized
accounted for as Gain Appreciation
hedging instruments (Loss) on (Depreciation)
under Accounting Location of Gain or (Loss) Derivatives on Derivatives
Standards Codification On Derivatives Recognized Recognized Recognized
(ASC) 185 in Income in Income in Income
-----------------------------------------------------------------------------------------------------
Forward Foreign Change in unrealized appreciation
Currency Portfolio (depreciation) on forward foreign
Hedge Contracts currency contracts and other assets
and liabilities denominated in foreign
currencies $(14,800)
Forward Foreign Change in unrealized appreciation
Currency Settlement (depreciation) loss on forward foreign
Hedge Contracts currency contracts and other assets
and liabilities denominated in foreign
currencies $ (1,766)
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 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 the London Interbank Offered Rate (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 eurodollar rate on the borrowing date. The Funds pay an annual
commitment fee to participate in the credit facility. The commitment fee is
allocated among participating Funds based on an allocation schedule set forth in
the credit agreement. For the six months ended April 30, 2013, the Fund had no
borrowings under the credit facility.
60 Pioneer Global Aggregate Bond Fund | Semiannual Report | 4/30/13
Approval of Investment Advisory Agreement
Pioneer Investment Management, Inc. (PIM) serves as the investment adviser to
Pioneer Global Aggregate Bond Fund (the Fund) pursuant to an investment advisory
agreement between PIM and the Fund. In order for PIM to remain the investment
adviser of the Fund, the Trustees of the Fund must determine annually whether to
renew the investment advisory agreement for the Fund.
The contract review process began in March 2012 as the Trustees of the Fund
agreed on, among other things, an overall approach and timeline for the process.
In July 2012, the Trustees approved the format of the contract review materials
and submitted their formal request to PIM to furnish information necessary to
evaluate the terms of the investment advisory agreement. The contract review
materials were provided to the Trustees in July 2012 and September 2012. After
reviewing and discussing the materials, the Trustees submitted a request for
additional information to PIM, and materials were provided in response to this
request. Meetings of the Independent Trustees of the Fund were held in July,
September, October, and November, 2012 to review and discuss the contract review
materials. In addition, the Trustees took into account the information related
to the Fund provided to the Trustees at each regularly scheduled meeting.
At a meeting held on November 13, 2012, based on their evaluation of the
information provided by PIM and third parties, the Trustees of the Fund,
including the Independent Trustees voting separately, unanimously approved the
renewal of the investment advisory agreement for another year. In considering
the renewal of the investment advisory agreement, the Trustees considered
various factors that they determined were relevant, including the factors
described below. The Trustees did not identify any single factor as the
controlling factor in determining to approve the renewal of the agreement.
Nature, Extent and Quality of Services
The Trustees considered the nature, extent and quality of the services that had
been provided by PIM to the Fund, taking into account the investment objective
and strategy of the Fund. The Trustees reviewed the terms of the investment
advisory agreement. The Trustees also reviewed PIM's investment approach for the
Fund, its research process and its process for trade execution. The Trustees
considered the resources of PIM and the personnel of PIM who provide investment
management services to the Fund. The Trustees considered the non-investment
resources and personnel of PIM involved in PIM's services to the Fund, including
PIM's compliance and legal resources and personnel. The Trustees also considered
the substantial attention and high priority given by PIM's senior management to
the Pioneer fund complex. In addition, the Trustees considered PIM's plans to
increase resources in its investment management function and other enhancements
to PIM's advisory capabilities.
Pioneer Global Aggregate Bond Fund | Semiannual Report | 4/30/13 61
The Trustees considered that PIM supervises and monitors the performance of the
Fund's service providers and provides the Fund with personnel (including Fund
officers) and other resources that are necessary for the Fund's business
management and operations. The Trustees also considered that, as administrator,
PIM is responsible for the administration of the Fund's business and other
affairs. The Trustees considered the fees paid to PIM for the provision of
administration services.
Based on these considerations, the Trustees concluded that the nature, extent
and quality of services that had been provided by PIM to the Fund were
satisfactory and consistent with the terms of the investment advisory agreement.
Performance of the Fund
The Trustees considered the performance results of the Fund over various time
periods. They reviewed information comparing the Fund's performance with the
performance of its peer group of funds as classified by Morningstar, Inc.
(Morningstar), an independent provider of investment company data, and with the
performance of the Fund's benchmark index. The Trustees considered that the
Fund's annualized total return was in the second quintile of its Morningstar
category for the one year period ended June 30, 2012 and in the third quintile
of its Morningstar category for the three year period ended June 30, 2012. (In
all quintile rankings referred to throughout this disclosure, first quintile is
most favorable to the Fund's shareowners. Thus, highest relative performance
would be first quintile and lowest relative expenses would also be first
quintile.) The Trustees considered that the Fund's twelve month average gross
portfolio yield (using month end 30 day effective yields) exceeded the twelve
month average yield of the Fund's benchmark index. The Trustees concluded that
the investment performance of the Fund was satisfactory.
Management Fee and Expenses
The Trustees considered information showing the fees and expenses of the Fund in
comparison to the management fees and expense ratios of its peer group of funds
as classified by Morningstar and also to the expense ratios of a peer group of
funds selected on the basis of criteria determined by the Independent Trustees
for this purpose using data provided by Strategic Insight Mutual Trust Research
and Consulting, LLC (Strategic Insight), an independent third party.
The Trustees considered that the Fund's management fee for the twelve months
ended June 30, 2012 was in the first quintile relative to the management fees
paid by other funds in its Morningstar peer group for the comparable period. The
Trustees considered that the expense ratio of Class Y shares of the Fund for the
twelve months ended June 30, 2012 was in the fourth quintile relative both to
the Fund's Morningstar category and its Strategic Insight peer group for the
comparable period. The Trustees noted that the expense ratio of
62 Pioneer Global Aggregate Bond Fund | Semiannual Report | 4/30/13
Class A shares of the Fund for the period ended June 30, 2012 was in the second
quintile relative both to its Morningstar category and its Strategic Insight
peer group for the comparable period. The Trustees considered the small asset
size of the Fund compared to the median asset size of its Strategic Insight peer
group. The Trustees considered that non-management fee operating expenses and
transfer agency expenses generally are spread over a smaller asset base than the
other funds in the peer group, which results in these fees being significantly
higher as a percentage of assets. The Trustees also noted that the expense ratio
of Class Y shares was only 3.5 basis points higher than the median expense ratio
of its Strategic Insight peer group. The Trustees noted that PIM was waiving
fees and/or reimbursing expenses in order to limit the ordinary operating
expenses of the Fund.
The Trustees reviewed management fees charged by PIM and PIM's affiliate,
Pioneer Institutional Asset Management, Inc. (together with PIM, "Pioneer") to
institutional and other clients, including publicly offered European funds
sponsored by affiliates of Pioneer, unaffiliated U.S. registered investment
companies (in a sub-advisory capacity), and unaffiliated foreign and domestic
separate accounts. The Trustees also considered PIM's costs in providing
services to the Fund and Pioneer's costs in providing services to the other
clients and considered the differences in management fees and profit margins for
Fund and non-Fund services. In evaluating the fees associated with Pioneer's
client accounts, the Trustees took into account the respective demands,
resources and complexity associated with the Fund and client accounts. The
Trustees noted that in some instances the fee rates for those clients were lower
than the management fee for the Fund and considered that, under the investment
advisory agreement with the Fund, PIM performs additional services for the Fund
that it does not provide to those other clients or services that are broader in
scope, including oversight of the Fund's other service providers and activities
related to compliance and the extensive regulatory and tax regimes to which the
Fund is subject. The Trustees also considered the different entrepreneurial
risks associated with PIM's management of the Fund and Pioneer's management of
the other client accounts. The Trustees concluded that the management fee
payable by the Fund to PIM was reasonable in relation to the nature and quality
of the services provided by PIM.
Profitability
The Trustees considered information provided by PIM regarding the profitability
of PIM with respect to the advisory services provided by PIM to the Fund,
including the methodology used by PIM in allocating certain of its costs to the
management of the Fund. The Trustees also considered PIM's profit margin in
connection with the overall operation of the Fund. They further reviewed the
financial results realized by PIM and its affiliates from non-fund businesses.
The Trustees considered PIM's profit margins with
Pioneer Global Aggregate Bond Fund | Semiannual Report | 4/30/13 63
respect to the Fund in comparison to the limited industry data available and
noted that the profitability of any adviser was affected by numerous factors,
including its organizational structure and method for allocating expenses. The
Trustees concluded that PIM's profitability with respect to the management of
the Fund was not unreasonable.
Economies of Scale
The Trustees considered PIM's views relating to economies of scale in connection
with the Pioneer Funds as fund assets grow and the extent to which any such
economies of scale are shared with funds and fund shareholders. The Trustees
recognize that economies of scale are difficult to identify and quantify, rarely
identifiable on a Fund-by-Fund basis, and that, among other factors that may be
relevant, are the following: fee levels, expense subsidization, investment by
PIM in research and analytical capabilities and PIM's commitment and resource
allocation to the Funds. The Trustees noted that profitability also may be an
indicator of the availability of any economies of scale, although profitability
may vary for other reasons particularly, for example during the recent difficult
periods for financial markets, as the level of services was maintained
notwithstanding a significant decline in PIM's fee revenues from the Funds.
Accordingly, the Trustees concluded that economies of scale, if any, were being
appropriately shared with the Fund.
Other Benefits
The Trustees considered the other benefits to PIM from its relationship with the
Fund. The Trustees considered the character and amount of fees paid by the Fund,
other than under the investment advisory agreement, for services provided by PIM
and its affiliates. The Trustees further considered the revenues and
profitability of PIM's businesses other than the fund business. The Trustees
considered the intangible benefits to PIM by virtue of its relationship with the
Fund and the other Pioneer funds. The Trustees concluded that the receipt of
these benefits was reasonable in the context of the overall relationship between
PIM and the Fund.
Conclusion
After consideration of the factors described above as well as other factors, the
Trustees, including all of the Independent Trustees, concluded that the
investment advisory agreement between PIM and the Fund, including the fees
payable thereunder, was fair and reasonable and voted to approve the proposed
renewal of the investment advisory agreement for the Fund.
64 Pioneer Global Aggregate Bond Fund | Semiannual Report | 4/30/13
Trustees, Officers and Service Providers
Trustees Officers
Thomas J. Perna, Chairman John F. Cogan, Jr., President*
David R. Bock Daniel K. Kingsbury, Executive
John F. Cogan, Jr. Vice President
Benjamin M. Friedman Mark E. Bradley, Treasurer**
Margaret B.W. Graham Christopher J. Kelley, Secretary
Daniel K. Kingsbury
Marguerite A. Piret
Stephen K. West
Investment Adviser and Administrator
Pioneer Investment Management, Inc.
Custodian and Sub-Administrator
Brown Brothers Harriman & Co.
Principal Underwriter
Pioneer Funds Distributor, Inc.
Legal Counsel
Bingham McCutchen LLP
Shareowner Services and Transfer Agent
Pioneer Investment Management Shareholder Services, Inc.
Proxy Voting Policies and Procedures of the Fund are available without charge,
upon request, by calling our toll free number (1-800-225-6292). Information
regarding how the Fund voted proxies relating to portfolio securities during the
most recent 12-month period ended June 30 is publicly available to shareowners
at us.pioneerinvestments.com. This information is also available on the
Securities and Exchange Commission's web site at www.sec.gov.
* Chief Executive Officer of the Fund.
** Chief Financial and Accounting Officer of the Fund.
Pioneer Global Aggregate Bond Fund | Semiannual Report | 4/30/13 65
This page for your notes.
66 Pioneer Global Aggregate Bond Fund | Semiannual Report | 4/30/13
This page for your notes.
Pioneer Global Aggregate Bond Fund | Semiannual Report | 4/30/13 67
This page for your notes.
68 Pioneer Global Aggregate Bond Fund | Semiannual Report | 4/30/13
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
Investments(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) 2013 Pioneer Investments 21910-05-0613
Pioneer Emerging
Markets Local
Currency Debt Fund
--------------------------------------------------------------------------------
Semiannual Report | April 30, 2013
--------------------------------------------------------------------------------
Ticker Symbols:
Class A LCEMX*
Class C LCECX*
Class Y LCYEX*
* Class A, C, and Y shares were first publicly offered
on February 5, 2013.
[LOGO] PIONEER
Investments(R)
visit us: us.pioneerinvestments.com
Table of Contents
Letter to Shareowners 2
Portfolio Management Discussion 4
Portfolio Summary 9
Prices and Distributions 10
Performance Update 11
Comparing Ongoing Fund Expenses 14
Schedule of Investments 16
Financial Statements 21
Notes to Financial Statements 28
Approval of Investment Advisory Agreement 34
Trustees, Officers and Service Providers 36
Pioneer Emerging Markets Local Currency Debt Fund |
Semiannual Report | 4/30/13 1
President's Letter
Dear Shareowner,
Pioneer continues to see only modest economic growth in the U.S. Employment
continues to rise, albeit slowly, and we believe it will continue to do so in
2013, barring a negative shock to the system. The housing and auto sectors
continue to recover, benefiting from record-low interest rates. Banks'
willingness to lend to consumers and businesses also continues to rise, broad
measures of inflation remain subdued, and, if the weather cooperates in 2013,
food prices should come back down. And, while corporate profit growth has
slowed, profits remain high and many U.S. companies continue to both pay and
increase dividends*. Offsetting some of these positives are the continued
contraction of fiscal policy in Washington and a recessionary Europe.
The Federal Reserve's aggressive monetary policy has driven Treasury yields to
generational lows and supported investments in all financial assets, including
equities and high-yield corporate bonds. For example, the Standard & Poor's 500
Index (the S&P 500), a broad measure of the U.S. stock market, returned 15.99%
for the full calendar year ended December 31, 2012, and the Bank of America
Merrill Lynch High Yield Master II Index (the High Yield Index), which measures
the performance of high-yield corporate bonds, returned 15.59% for the same
12-month period. On the other hand, the Barclays Aggregate Bond Index (the
Aggregate Index), which tracks the performance of a higher-quality bond
universe, gained 4.22% for the 12 months ended December 31, 2012; the
safer-still Barclays Government Credit Index (the Government/Credit Index)
returned 4.82%; and 3-month Treasury bills, generally regarded as essentially
"risk free" by the markets, returned just 0.09% in 2012. "Risky" assets
outperformed again in the first quarter of 2013, as the S&P 500 returned 10.60%
and the High Yield Index returned 2.89%. In contrast, the Aggregate Index
returned -0.12% in the first quarter, the Government Credit Index returned
-0.16%, and Treasury bills returned 0.02%.
Despite generally improving economic conditions and a rising stock market,
global economies and investors still face daunting challenges as 2013 moves
forward, although we remain cautiously optimistic. U.S. fiscal policy remains
unsettled, and we feel the U.S. government could be at risk of credit rating
downgrades from one or more of the major ratings agencies if the uncertainties
persist. The Federal Reserve continues to provide extraordinary support to the
U.S. economy and the bond market, but will not do so indefinitely. Europe has
made progress, but has not yet resolved its sovereign-debt/banking problem, nor
has the region been able to exit recession. Japan recently has unveiled
aggressive and unconventional monetary and fiscal policies, but the country
* Dividends are not guaranteed.
2 Pioneer Emerging Markets Local Currency Debt Fund |
Semiannual Report | 4/30/13
continues to face issues such as high levels of debt as well as an aging
population. China and other emerging economies, while generally in better shape
than most "developed" markets, also face a range of challenges.
While most of the risks outlined here are widely recognized and may already be
"priced in" to the market, we believe investors should continue to expect market
volatility.
At Pioneer, we have long advocated the benefits of staying diversified and
investing for the long term. And while diversification does not assure a profit
or protect against loss in a declining market, we believe there are still
opportunities for prudent investors to earn attractive returns. 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, keeping in mind that there is no single best strategy that
works for every investor.
Pioneer's investment teams have, since 1928, sought out attractive opportunities
in global equity and bond markets, using in-depth research to identify
undervalued individual securities, and using thoughtful risk management to
construct portfolios which balance potential risks and reward in an
ever-changing world.
We encourage 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 Emerging Markets Local Currency Debt Fund |
Semiannual Report | 4/30/13 3
Portfolio Management Discussion | 4/30/13
In the following discussion, Greg Saichin and Hakan Aksoy review recent market
events and describe the factors that affected the Fund's performance during the
abbreviated semiannual reporting period between February 4, 2013, and April 30,
2013. Mr. Saichin, Head of High-Yield and Global Emerging Markets, Fixed Income,
and a portfolio manager at Pioneer, and Mr. Aksoy, a portfolio manager at
Pioneer, are responsible for the day-to-day management of the Fund.
Q Pioneer Emerging Market Local Currency Debt Fund commenced operations in
early February of 2013. Could you discuss the Fund's investment strategy?
A In managing the Fund, we use a multifaceted approach to gain portfolio
exposure to the local currency emerging debt markets via bonds issued by
government, quasi-government, and corporate entities. We combine a top-down
strategy that analyzes countries and sectors with a bottom-up approach
highlighted by rigorous individual security analysis. We have the
flexibility to invest the Fund across the full range of the local currency
emerging bond markets, which gives us the ability to adjust the portfolio's
allocations as market conditions and economic cycles change.
We focus on investments in local currency debt for four reasons:
o Yields of local currency debt instruments tend to be higher than
those of U.S. dollar-denominated debt, which increases the total
return potential of the asset class over time.
o We believe emerging market currencies have the latitude for
longer-term appreciation against developed market currencies, due to
superior growth rates in the emerging markets.
o While local currency debt has tended to be more volatile than U.S.
dollar-denominated bonds in the past, local currency markets have been
exhibiting greater stability today, thanks to higher trading volumes
and increased participation by domestic investors.
o We believe that a mutual fund denominated entirely in foreign
currencies provides an important source of diversification* for
investors who have the majority of their assets in U.S. dollars.
* Diversification does not assure a profit nor protect against loss in a
declining market.
4 Pioneer Emerging Markets Local Currency Debt Fund |
Semiannual Report | 4/30/13
Q How did the Fund perform during the period between February 4, 2013, and
April 30, 2013?
A From its inception on February 4, 2013, through the end of the reporting
period on April 30, 2013, the Fund's Class A shares returned 0.90% at net
asset value, while the Fund's benchmark, the JP Morgan Government Bond
Index-Emerging Markets Global Diversified Index (the JP Morgan Index),
returned 2.90%. In addition, during the three-month period between February
1, 2013, and April 30, 2013, the average return of the 88 mutual funds in
Lipper's Emerging Markets Local Currency Debt Fund category was 2.04%.
Q Since the Fund's inception, where have you been finding the best investment
opportunities?
A As of April 30, 2013, the Fund had 42% of its assets in corporate bonds,
which represented a significant overweight relative to the JP Morgan Index.
Government debt and cash represented the remainder of the Fund's
investments as of period end.
The portfolio's large weighting in emerging market corporates reflects our
belief that the asset class offers a compelling combination of risk and
return potential. Emerging market corporates are one of the
highest-yielding areas within the global fixed-income market, yet in many
cases the risks do not appear exceptionally high. Emerging companies have
been strengthening their profit margins and improving the quality of their
balance sheets; that, in turn, should lead to fewer defaults. Further, many
emerging market corporate balance sheets are cash-rich, as several
companies have tapped into the capital markets simply to establish a
history of borrowing. Many corporations also have been benefiting from
favorable locations, for as the sovereign debt (government debt) of certain
countries receives upgrades from the major rating agencies due to favorable
economic and budgetary conditions, the corporate bonds of companies located
in those countries also experience in-kind price appreciation. Finally,
emerging market corporate debt issuance has increased dramatically over the
last decade, creating improved liquidity conditions for investors.
With regard to specific regions, we have been finding the best
opportunities in Latin America and have tilted the portfolio away from
emerging Europe and Africa. We are not finding compelling values among the
major European issuers right now, as we believe the euro zone's
sovereign-debt
Pioneer Emerging Markets Local Currency Debt Fund |
Semiannual Report | 4/30/13 5
crisis could continue to pressure the broader regional economy. However,
the Fund does hold an overweight in Russia, based in part on our view that
an improvement in China's economy in the second half of the year would
benefit commodity-exporting countries around the world. We have a more
positive outlook on Latin America, which helps to underpin the Fund's
above-benchmark weightings in Brazil and Mexico as well as slight
overweights in Peru and Chile.
Another notable aspect of the Fund's positioning is that we have been
maintaining a duration - or interest-rate sensitivity of the portfolio -
below that of the JP Morgan Index. Our analysis of the economic cycles in
emerging countries reveals that many have reached the point where further
interest-rate cuts are unlikely, while some are even likely to enact rate
increases before the end of the year. We have therefore reduced the Fund's
interest-rate risk to protect against that possibility. This is especially
true in Asia, where the Fund holds underweights in Indonesia, Malaysia,
Thailand, and the Philippines.
Q What factors contributed to the Fund's underperformance of the JP Morgan
Index during the abbreviated reporting period between February 4, 2013, and
April 30, 2013?
A The primary factor in the Fund's short-term underperformance of the
benchmark during the period was our decision to maintain less interest-
rate sensitivity in the portfolio as compared with the overall market.
Yields on longer-term U.S. Treasuries fell sharply during March 2013, on
concerns that economic growth was not improving as much as previously
thought. In turn, this contributed to falling interest rates on longer-term
bonds around the world, including those in the emerging markets.
Nevertheless, it's important to keep in mind that we manage the Fund with
the goal of outperforming the benchmark over a full market cycle and not in
short-term intervals. And, ultimately, we believe our decision to maintain
a portfolio duration below that of the benchmark eventually will pay off,
given that the cycle of interest-rate cuts by central banks in the emerging
markets appears to be drawing close to its conclusion.
Q What is your outlook for emerging market debt?
A The asset class is always vulnerable to short-term volatility related to
shifts in investors' levels of risk-aversion. From a longer-term
standpoint, however, emerging market bonds - and local currency debt in
particular - continue to offer investors the potential for diversification
as well as higher yields than those currently available in the developed
markets. As long as central banks in the developed countries continue to
pursue policies designed to depress interest rates, the emerging debt
markets can continue to benefit from the tailwind of elevated investor
demand.
6 Pioneer Emerging Markets Local Currency Debt Fund |
Semiannual Report | 4/30/13
While the stimulus provided by central banks will end at some point in the
future, we believe emerging market bonds will continue to be supported by
the same fundamental trends that have driven the performance of the asset
class in the past decade: improving government finances, stronger economic
growth compared with the developed markets, and financial markets that are
becoming increasingly deep and liquid.
We believe our active, flexible approach in managing the portfolio, which
is highlighted by our ability to invest anywhere in the emerging markets or
to move between government and corporate bonds, can enable the Fund to
navigate through changing market conditions in the years ahead.
Please refer to the Schedule of Investments on pages 16-20 for a full listing of
Fund securities.
Pioneer Emerging Markets Local Currency Debt Fund |
Semiannual Report | 4/30/13 7
Investing in foreign and/or emerging markets securities involves risks relating
to interest rates, currency exchange rates, economic, and political conditions.
The Fund may invest in inverse floating-rate obligations (a type of derivative
instrument), which may have price volatility and involve leverage risk.
The portfolio may invest a substantial amount of its assets in issuers located
within a specific region, and is, therefore, more susceptible to adverse
developments affecting those regions.
Investments in high-yield or lower-rated securities are subject to greater-than-
average price volatility, illiquidity and possibility of default.
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.
Prepayment risk is the chance that an issuer may exercise its right to prepay
its security, if falling interest rates prompt the issuer to do so. 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.
At times, the Fund's investments may represent industries or industry sectors
that are interrelated or have common risks, making it more susceptible to any
economic, political, or regulatory developments or other risks affecting those
industries and sectors.
The portfolio may invest in derivative securities, which may include futures and
options. These types of instruments can increase price fluctuation.
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 Emerging Markets Local Currency Debt Fund |
Semiannual Report | 4/30/13
Portfolio Summary | 4/30/13
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 57.5%
U.S. Corporate Bonds 41.8%
Temporary Cash Investments 0.7%
10 Largest Holdings
--------------------------------------------------------------------------------
(As a percentage of total debt holdings)*
1. Thailand Government Bond, 2.8%, 10/10/17 3.17%
--------------------------------------------------------------------------------
2. America Movil SAB de CV, 6.45%, 12/5/22 3.08
--------------------------------------------------------------------------------
3. Export-Import Bank of Korea, 7.55%, 8/27/15 2.86
--------------------------------------------------------------------------------
4. Eskom Holdings SOC, Ltd., 10.0%, 1/25/23 2.84
--------------------------------------------------------------------------------
5. Russian Railways via RZD Capital Plc, 8.3%, 4/2/19 2.79
--------------------------------------------------------------------------------
6. Federal Grid Co. OJS via Federal Grid Finance, Ltd., 8.446%, 3/13/19 2.71
--------------------------------------------------------------------------------
7. Gazprombank OJSC Via GPB Eurobond Finance Plc, 8.617%, 12/15/15 2.71
--------------------------------------------------------------------------------
8. Emgesa SA ESP, 8.75%, 1/25/21 2.56
--------------------------------------------------------------------------------
9. Itau Unibanco Holding SA, 10.5%, 11/23/15 2.52
--------------------------------------------------------------------------------
10. Banco Safra SA, 10.25%, 8/8/16 2.52
--------------------------------------------------------------------------------
* 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 Emerging Markets Local Currency Debt Fund |
Semiannual Report | 4/30/13 9
Prices and Distributions | 4/30/13
Net Asset Value per Share
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Class 4/30/13 2/5/13
--------------------------------------------------------------------------------
A $10.09 $9.98
--------------------------------------------------------------------------------
C $10.08 $9.97
--------------------------------------------------------------------------------
Y $10.10 $9.98
--------------------------------------------------------------------------------
Distributions per Share: 2/5/13-4/30/13
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Net
Investment Short-Term Long-Term
Class Income Capital Gains Capital Gains
--------------------------------------------------------------------------------
A $ -- $ -- $ --
--------------------------------------------------------------------------------
C $ -- $ -- $ --
--------------------------------------------------------------------------------
Y $ -- $ -- $ --
--------------------------------------------------------------------------------
JP Morgan Government Bond Index--Emerging Markets Global Diversified Index is an
unmanaged, comprehensive, global, local emerging markets index, and consists of
regularly traded, liquid-fixed-rate, domestic currency government bonds to which
international investors can gain exposure. 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 on pages 11-13.
10 Pioneer Emerging Markets Local Currency Debt Fund |
Semiannual Report | 4/30/13
Performance Update | 4/30/13 Class A Shares
Investment Returns
--------------------------------------------------------------------------------
The mountain chart on the right shows the change in value of a $10,000
investment made in Pioneer Emerging Markets Local Currency Debt Fund at public
offering price, compared to that of the JP Morgan Government Bond Index-Emerging
Markets Global Diversified Index.
Average Annual Total Returns
(As of April 30, 2013)
--------------------------------------------------------------------------------
Net Asset Public Offering
Period Value (NAV) Price (POP)
--------------------------------------------------------------------------------
Life-of-Class
(2/4/2013) 0.90% -3.63%
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated December 12, 2012)
--------------------------------------------------------------------------------
Gross Net
--------------------------------------------------------------------------------
1.61% 1.20%
--------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $10,000 Investment
Pioneer Emerging
Markets Local JPM GBI EM Global
Currency Debt Fund Diversified Index
2/28/2013 $ 9,550 $ 10,000
4/30/2013 $ 9,777 $ 10,290
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.
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 Emerging Markets Local Currency Debt Fund |
Semiannual Report | 4/30/13 11
Performance Update | 4/30/13 Class C Shares
Investment Returns
--------------------------------------------------------------------------------
The mountain chart on the right shows the change in value of a $10,000
investment made in Pioneer Emerging Markets Local Currency Debt Fund, compared
to that of the JP Morgan Government Bond Index-Emerging Markets Global
Diversified Index.
Average Annual Total Returns
(As of April 30, 2013)
--------------------------------------------------------------------------------
If If
Period Held Redeemed
--------------------------------------------------------------------------------
Life-of-Class
(2/4/2013) 0.80% -0.20%
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated December 12, 2012)
--------------------------------------------------------------------------------
Gross Net
--------------------------------------------------------------------------------
2.36% 2.10%
--------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $10,000 Investment
Pioneer Emerging
Markets Local JPM GBI EM Global
Currency Debt Fund Diversified Index
2/28/2013 $ 10,000 $ 10,000
4/30/2013 $ 10,133 $ 10,290
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.
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 Emerging Markets Local Currency Debt Fund |
Semiannual Report | 4/30/13
Performance Update | 4/30/13 Class Y Shares
Investment Returns
--------------------------------------------------------------------------------
The mountain chart on the right shows the change in value of a $5 million
investment made in Pioneer Emerging Markets Local Currency Debt Fund, compared
to that of the JP Morgan Government Bond Index-Emerging Markets Global
Diversified Index.
Average Annual Total Returns
(As of April 30, 2013)
--------------------------------------------------------------------------------
If If
Period Held Redeemed
--------------------------------------------------------------------------------
Life-of-Class
(2/4/2013) 1.00% 1.00%
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated December 12, 2012)
--------------------------------------------------------------------------------
Gross Net
--------------------------------------------------------------------------------
1.35% 0.85%
--------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $5 Million Investment
Pioneer Emerging
Markets Local JPM GBI EM Global
Currency Debt Fund Diversified Index
2/28/2013 $ 5,000,000 $ 5,000,000
4/30/2013 $ 5,121,704 $ 5,144,969
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.
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 Emerging Markets Local Currency Debt Fund |
Semiannual Report | 4/30/13 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 Emerging Markets Local Currency
Debt Fund
Based on actual returns from February 5, 2013, through April 30, 2013.
--------------------------------------------------------------------------------
Share Class A C Y
--------------------------------------------------------------------------------
Beginning Account Value on 2/5/13 $1,000.00 $1,000.00 $1,000.00
--------------------------------------------------------------------------------
Ending Account Value (after expenses) $1,009.00 $1,008.00 $1,010.00
on 4/30/13
--------------------------------------------------------------------------------
Expenses Paid During Period* $ 2.57 $ 4.33 $ 1.99
--------------------------------------------------------------------------------
* Expenses are equal to the Fund's annualized net expense ratio of 1.10%,
1.85% and 0.85% for Class A, Class C and Class Y shares, respectively,
multiplied by the average account value over the period, multiplied by
85/365 (to reflect the partial year period).
14 Pioneer Emerging Markets Local Currency Debt Fund |
Semiannual Report | 4/30/13
Hypothetical Example for Comparison Purposes
The table below provides information about hypothetical account values and
hypothetical expenses based on the Fund's actual expense ratio and an assumed
rate of return of 5% per year before expenses, which is not the Fund's actual
return. The hypothetical account values and expenses may not be used to estimate
the actual ending account balance or expenses you paid for the period.
You may use this information to compare the ongoing costs of investing in the
Fund and other funds. To do so, compare this 5% hypothetical example with the 5%
hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the tables are meant to highlight your
ongoing costs only and do not reflect any transaction costs, such as sales
charges (loads) that are charged at the time of the transaction. Therefore, the
table below is useful in comparing ongoing costs only and will not help you
determine the relative total costs of owning different funds. In addition, if
these transaction costs were included, your costs would have been higher.
Expenses Paid on a $1,000 Investment in Pioneer Emerging Markets Local Currency
Debt Fund
Based on a hypothetical 5% return per year before expenses, reflecting the
period from February 5, 2013, through April 30, 2013.
--------------------------------------------------------------------------------
Share Class A C Y
--------------------------------------------------------------------------------
Beginning Account Value on 2/5/13 $1,000.00 $1,000.00 $1,000.00
--------------------------------------------------------------------------------
Ending Account Value (after expenses) $1,009.08 $1,007.34 $1,009.66
on 4/30/13
--------------------------------------------------------------------------------
Expenses Paid During Period* $ 2.57 $ 4.32 $ 1.99
--------------------------------------------------------------------------------
* Expenses are equal to the Fund's annualized net expense ratio of 1.10%,
1.85% and 0.85% for Class A, Class C and Class Y shares, respectively,
multiplied by the average account value over the period, multiplied by
85/365 (to reflect the partial year period).
Pioneer Emerging Markets Local Currency Debt Fund |
Semiannual Report | 4/30/13 15
Schedule of Investments | 4/30/13 (unaudited)
------------------------------------------------------------------------------------------------
Principal S&P/Moody's
Amount ($) Ratings Value
------------------------------------------------------------------------------------------------
CORPORATE BONDS - 40.3%
TRANSPORTATION -- 2.7%
Railroads -- 2.7%
RUB 12,000,000 BBB/Baa1 Russian Railways via RZD
Capital Plc, 8.3%, 4/2/19 $ 404,760
---------------
Total Transportation $ 404,760
------------------------------------------------------------------------------------------------
FOOD, BEVERAGE & TOBACCO -- 1.7%
Agricultural Products -- 1.7%
BRL 500,000 NR/Ba2 Cosan Luxembourg SA, 9.5%,
3/14/18 $ 259,838
---------------
Total Food, Beverage & Tobacco $ 259,838
------------------------------------------------------------------------------------------------
BANKS -- 17.3%
Diversified Banks -- 17.3%
TRY 520,000 NR/Baa2 Akbank TAS, 7.5%, 2/5/18 $ 294,517
BRL 700,000 NR/Baa3 Banco ABC Brasil SA, 8.5%,
3/28/16 345,969
BRL 300,000 BBB/Baa1 Banco Santander Brasil SA
Cayman Islands, 8.0%, 3/18/16 152,185
CLP 50,000,000 A/Aa3 Banco Santander Chile, 6.5%,
9/22/20 104,973
RUB 13,000,000 NR/Aa3 Export-Import Bank of Korea, 7.55%,
8/27/15 416,017
RUB 12,000,000 NR/Baa3 Gazprombank OJSC Via GPB
Eurobond Finance Plc, 8.617%,
12/15/15 393,606
BRL 680,000 NR/Baa1 Itau Unibanco Holding SA, 10.5%,
11/23/15 365,696
TRY 520,000 NR/NR Turkiye Is Bankasi, 0.0%,
10/9/13 (b) 282,887
TRY 500,000 NR/NR Turkiye Is Bankasi, 0.0%,
8/12/13 (b) 274,232
---------------
$ 2,630,082
---------------
Total Banks $ 2,630,082
------------------------------------------------------------------------------------------------
DIVERSIFIED FINANCIALS -- 8.5%
Other Diversified Financial
Services -- 8.5%
BRL 700,000 NR/Baa2 Banco Safra SA, 10.25%,
8/8/16 $ 365,522
ZAR 6,600,000 A-/NR Development Bank of
Southern Africa, Ltd., 0.0%,
12/31/27 (b) 220,548
PLN 870,000 AAA/Aaa European Investment Bank, 4.25%,
10/25/22 306,019
RUB 12,000,000 BBB/Baa3 Federal Grid Co. OJS via Federal Grid
Finance, Ltd., 8.446%, 3/13/19 394,436
---------------
$ 1,286,525
---------------
Total Diversified Financials $ 1,286,525
------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
16 Pioneer Emerging Markets Local Currency Debt Fund |
Semiannual Report | 4/30/13
------------------------------------------------------------------------------------------------
Principal S&P/Moody's
Amount ($) Ratings Value
------------------------------------------------------------------------------------------------
TELECOMMUNICATION
SERVICES -- 4.0%
Integrated Telecommunication
Services -- 1.0%
BRL 300,000 BBB-/Baa3 Oi SA, 9.75%, 9/15/16 $ 156,277
------------------------------------------------------------------------------------------------
Wireless Telecommunication
Services -- 3.0%
MXN 5,000,000 A-/A2 America Movil SAB de CV, 6.45%,
12/5/22 $ 447,892
---------------
Total Telecommunication Services $ 604,169
------------------------------------------------------------------------------------------------
UTILITIES -- 6.1%
Electric Utilities -- 3.7%
ZAR 3,000,000 NR/NR Eskom Holdings SOC, Ltd.,
10.0%, 1/25/23 $ 412,967
ZAR 2,000,000 BBB/Baa3 Eskom Holdings SOC, Ltd.,
12/31/18 144,032
---------------
$ 556,999
------------------------------------------------------------------------------------------------
Independent Power Producers &
Energy Traders -- 2.4%
COP 560,000,000 BBB-/NR Emgesa SA ESP, 8.75%, 1/25/21 $ 371,495
---------------
Total Utilities $ 928,494
------------------------------------------------------------------------------------------------
TOTAL CORPORATE BONDS
(Cost $6,137,313) $ 6,113,868
------------------------------------------------------------------------------------------------
FOREIGN GOVERNMENT
BONDS -- 55.5%
COP 250,000,000 BBB/Baa3 Colombia Government
International Bond, 12.0%,
10/22/15 $ 163,723
HUF 62,000,000 BB/Ba1 Hungary Government Bond,
6.75%, 2/24/17 290,016
HUF 61,000,000 BB/NR Hungary Government Bond,
7.75%, 8/24/15 287,777
IDR 2,400,000,000 BB+/Baa3 Indonesia Treasury Bond,
10.0%, 7/15/17 294,743
IDR 2,200,000,000 NR/Baa3 Indonesia Treasury Bond,
10.0%, 9/15/24 303,471
IDR 2,000,000,000 NR/Baa3 Indonesia Treasury Bond,
11.0%, 9/15/25 293,583
IDR 1,900,000,000 BB+/Baa3 Indonesia Treasury Bond,
12.8%, 6/15/21 289,351
MYR 920,000 A/A3 Malaysia Government Bond,
3.58%, 9/28/18 307,259
MYR 920,000 NR/A3 Malaysia Government Bond,
3.741%, 2/27/15 306,683
MYR 900,000 NR/A3 Malaysia Government Bond,
4.012%, 9/15/17 305,701
The accompanying notes are an integral part of these financial statements.
Pioneer Emerging Markets Local Currency Debt Fund |
Semiannual Report | 4/30/13 17
Schedule of Investments | 4/30/13 (unaudited) (continued)
------------------------------------------------------------------------------------------------
Principal S&P/Moody's
Amount ($) Ratings Value
------------------------------------------------------------------------------------------------
Foreign Government
Bonds -- (continued)
MYR 670,000 NR/A3 Malaysia Government Bond,
4.16%, 7/15/21 $ 232,517
MYR 670,000 NR/A3 Malaysia Government Bond,
4.378%, 11/29/19 233,816
MXN 1,300,000 A-/Baa1 Mexican Bonos, 10.0%, 11/20/36 175,011
MXN 2,000,000 A-/Baa1 Mexican Bonos, 10.0%, 12/5/24 245,554
MXN 3,700,000 A-/Baa1 Mexican Bonos, 6.0%, 6/18/15 317,412
MXN 3,200,000 A-/Baa1 Mexican Bonos, 8.5%, 12/13/18 320,242
MXN 1,750,000 A-/Baa1 Mexican Bonos, 9.5%, 12/18/14 156,719
PEN 330,000 BBB+/Baa2 Peru Government Bond, 7.84%,
8/12/20 156,222
PEN 300,000 BBB+/Baa2 Peru Government Bond, 8.2%,
8/12/26 157,798
PLN 892,010 A/A2 Poland Government Bond, 3.0%,
8/24/16 300,421
PLN 900,000 A/A2 Poland Government Bond, 4.75%,
10/25/16 302,913
PLN 860,000 A/A2 Poland Government Bond, 4.75%,
4/25/17 292,605
PLN 850,000 A/A2 Poland Government Bond, 5.25%,
10/25/17 297,266
ZAR 2,640,814 NR/Baa1 South Africa Government Bond --
CPI Linked, 2.75%, 1/31/22 351,359
ZAR 2,600,000 NR/Baa1 South Africa Government Bond,
6.75%, 3/31/21 302,423
THB 13,600,000 A-/Baa1 Thailand Government Bond, 2.8%,
10/10/17 460,820
THB 8,900,000 NR/Baa1 Thailand Government Bond, 3.45%,
3/8/19 309,219
THB 8,200,000 A-/Baa1 Thailand Government Bond, 5.125%,
3/13/18 306,356
TRY 382,449 NR/NR Turkey Government Bond, 4.5%,
2/11/15 230,621
TRY 464,835 NR/NR Turkey Government Bond, 7.0%,
10/1/14 283,152
TRY 250,000 NR/Ba1 Turkey Government Bond, 9.0%,
3/5/14 143,853
------------------------------------------------------------------------------------------------
TOTAL FOREIGN GOVERNMENT BONDS
(Cost $8,310,848) $ 8,418,606
------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
18 Pioneer Emerging Markets Local Currency Debt Fund |
Semiannual Report | 4/30/13
------------------------------------------------------------------------------------------------
Principal S&P/Moody's
Amount ($) Ratings Value
------------------------------------------------------------------------------------------------
TEMPORARY CASH
INVESTMENTS -- 0.7%
Commercial Paper -- 0.7%
MXN 1,300,000 BB/NR Consubanco SA Institucion de Banca
Multiple, 0.0%, 4/16/14 (b) $ 100,026
------------------------------------------------------------------------------------------------
TOTAL TEMPORARY
CASH INVESTMENTS
(Cost $99,564) $ 100,026
------------------------------------------------------------------------------------------------
TOTAL INVESTMENT IN
SECURITIES -- 96.5%
(Cost $14,547,726) (a) $ 14,632,500
------------------------------------------------------------------------------------------------
OTHER ASSETS &
LIABILITIES -- 3.5% $ 525,138
------------------------------------------------------------------------------------------------
TOTAL NET ASSETS -- 100.0% $ 15,157,638
================================================================================================
NR Not rated by either S&P or Moody's.
(a) At April 30, 2013, the net unrealized gain on investments based on cost
for federal income tax purposes of $14,547,726 was as follows:
Aggregate gross unrealized gain for all investments in which
there is an excess of value over tax cost $ 232,552
Aggregate gross unrealized loss for all investments in which
there is an excess of tax cost over value (147,778)
---------------
Net unrealized gain $ 84,774
===============
(b) Security issued with a zero coupon. Income is earned through accretion of
discount.
Principal amounts are denominated in U.S. Dollars unless otherwise noted:
BRL Brazilian Real
CLP Chilean Peso
COP Columbian Peso
HUF Hungarian Forint
IDR Indonesian Rupiah
MXN Mexican Peso
MYR Malaysian Ringgit
PEN Peruvian Nuevo Sol
PLN New Polish Zloty
RUB Russian Ruble
THB Thai Baht
TRY Turkish Lira
ZAR South African Rand
Purchases and sales of securities (excluding temporary cash investments) for the
six months ended April 30, 2013 aggregated $15,313,597 and $1,079,151,
respectively.
The accompanying notes are an integral part of these financial statements.
Pioneer Emerging Markets Local Currency Debt Fund |
Semiannual Report | 4/30/13 19
Schedule of Investments | 4/30/13 (unaudited) (continued)
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.) See Notes to Financial Statements -- Note 1A.
Level 3 - significant unobservable inputs (including the Fund's own
assumptions in determining fair value of investments) See
Notes to Financial Statements -- Note 1A.
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) as Level 3. See
Notes to Financial Statements -- Note 1A.
The following is a summary of the inputs used as of April 30, 2013, in valuing
the Fund's investments:
--------------------------------------------------------------------------------
Level 1 Level 2 Level 3 Total
--------------------------------------------------------------------------------
Corporate Bonds $ -- $ 6,113,868 $ -- $ 6,113,868
Foreign Government Bonds -- 8,418,606 -- 8,418,606
Commercial Paper -- 100,026 -- 100,026
--------------------------------------------------------------------------------
Total $ -- $14,632,500 $ -- $14,632,500
================================================================================
During the six months ended April 30, 2013, there were no transfers between
Levels 1, 2 and 3.
The accompanying notes are an integral part of these financial statements.
20 Pioneer Emerging Markets Local Currency Debt Fund |
Semiannual Report | 4/30/13
Statement of Assets and Liabilities | 4/30/13 (unaudited)
ASSETS:
Investment in securities (cost $14,547,726) $14,632,500
Cash 225,098
Foreign currencies, at value (cost $8,108) 8,255
Receivables --
Interest 229,308
Due from Pioneer Investment Management, Inc. 17,571
Due from affiliates 33
Other 55,800
-------------------------------------------------------------------------------
Total assets $15,168,565
===============================================================================
LIABILITIES:
Due to affiliates $ 10,927
-------------------------------------------------------------------------------
Total liabilities $ 10,927
===============================================================================
NET ASSETS:
Paid-in capital $15,024,300
Undistributed net investment income 118,740
Accumulated net realized loss on investments and foreign
currency transactions (70,495)
Net unrealized gain on investments 84,774
Net unrealized gain on other assets and liabilities denominated
in foreign currencies 319
-------------------------------------------------------------------------------
Total net assets $15,157,638
===============================================================================
NET ASSET VALUE PER SHARE: (a)
(No par value, unlimited number of shares authorized)
Class A (based on $5,070,864/502,435 shares) $ 10.09
Class C (based on $5,037,501/500,000 shares) $ 10.08
Class Y (based on $5,049,273/500,000 shares) $ 10.10
MAXIMUM OFFERING PRICE:
Class A ($10.09 (divided by) 95.5%) $ 10.57
===============================================================================
(a) The Fund commenced operations on February 5, 2013.
The accompanying notes are an integral part of these financial statements.
Pioneer Emerging Markets Local Currency Debt Fund |
Semiannual Report | 4/30/13 21
Statement of Operations (unaudited)
For the Period Ended 4/30/13
INVESTMENT INCOME:
Interest $ 162,599
-------------------------------------------------------------------------------------------
Total investment income $ 162,599
-------------------------------------------------------------------------------------------
EXPENSES:
Management fees $ 24,247
Distribution fees
Class A 2,888
Class C 11,536
Administrative reimbursement 901
Custodian fees 2,795
Registration fees 14,167
Professional fees 17,660
Printing expense 4,723
Fees and expenses of nonaffiliated Trustees 1,747
Miscellaneous 5,821
-------------------------------------------------------------------------------------------
Total expenses $ 86,485
Less fees waived and expenses reimbursed
by Pioneer Investment Management, Inc. (42,626)
-------------------------------------------------------------------------------------------
Net expenses $ 43,859
-------------------------------------------------------------------------------------------
Net investment income $ 118,740
-------------------------------------------------------------------------------------------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
AND FOREIGN CURRENCY TRANSACTIONS:
Net realized loss on:
Investments $ (47,861)
Other assets and liabilities denominated in foreign currencies (22,634) $ (70,495)
-------------------------------------------------------------------------------------------
Change in net unrealized gain on:
Investments $ 84,774
Other assets and liabilities denominated in foreign currencies 319 $ 85,093
-------------------------------------------------------------------------------------------
Net gain on investments and foreign currency transactions $ 14,598
-------------------------------------------------------------------------------------------
Net increase in net assets resulting from operations $ 133,338
===========================================================================================
The accompanying notes are an integral part of these financial statements.
22 Pioneer Emerging Markets Local Currency Debt Fund |
Semiannual Report | 4/30/13
Statements of Changes in Net Assets
--------------------------------------------------------------------------------------------
2/5/13 (a)
to 4/30/13
(unaudited)
--------------------------------------------------------------------------------------------
FROM OPERATIONS:
Net investment income $ 118,740
Net realized loss on investments and foreign currency transactions (70,495)
Change in net unrealized gain on investments and foreign currency transactions 85,093
--------------------------------------------------------------------------------------------
Net increase in net assets resulting from operations $ 133,338
--------------------------------------------------------------------------------------------
FROM FUND SHARE TRANSACTIONS:
Net proceeds from sale of shares $15,024,300
Reinvestment of distributions --
Cost of shares repurchased --
--------------------------------------------------------------------------------------------
Net increase in net assets resulting from Fund share transactions $15,024,300
--------------------------------------------------------------------------------------------
Net increase in net assets $15,157,638
NET ASSETS:
Beginning of year --
--------------------------------------------------------------------------------------------
End of year $15,157,638
--------------------------------------------------------------------------------------------
Undistributed net investment income $ 118,740
============================================================================================
(a) The Fund commenced operations on February 5, 2013.
The accompanying notes are an integral part of these financial statements.
Pioneer Emerging Markets Local Currency Debt Fund |
Semiannual Report | 4/30/13 23
Statements of Changes in Net Assets (continued)
-------------------------------------------------------------------------------
'13 Shares '13 Amount
(unaudited) (unaudited)
-------------------------------------------------------------------------------
Class A*
Shares sold 502,435 $5,024,300
Reinvestment of distributions -- --
Less shares repurchased -- --
-------------------------------------------------------------------------------
Net increase 502,435 $5,024,300
===============================================================================
Class C*
Shares sold 500,000 $5,000,000
Reinvestment of distributions -- --
Less shares repurchased -- --
-------------------------------------------------------------------------------
Net increase 500,000 $5,000,000
===============================================================================
Class Y*
Shares sold 500,000 $5,000,000
Reinvestment of distributions -- --
Less shares repurchased -- --
-------------------------------------------------------------------------------
Net increase 500,000 $5,000,000
===============================================================================
* The Fund commenced operations on February 5, 2013.
The accompanying notes are an integral part of these financial statements.
24 Pioneer Emerging Markets Local Currency Debt Fund |
Semiannual Report | 4/30/13
Financial Highlights
--------------------------------------------------------------------------------
2/5/13 (a)
to 4/30/13
(unaudited)
--------------------------------------------------------------------------------
Class A
Net asset value, beginning of period $ 9.98
--------------------------------------------------------------------------------
Increase from investment operations:
Net investment income $ 0.08
Net realized and unrealized gain on investments 0.03
--------------------------------------------------------------------------------
Net increase in net assets from investment operations $ 0.11
--------------------------------------------------------------------------------
Net asset value, end of period $10.09
================================================================================
Total return* 0.90%
Ratio of net expenses to average net assets+ 1.10%**
Ratio of net investment income to average net assets+ 3.59%**
Portfolio turnover rate 34%**
Net assets, end of period (in thousands) $5,071
Ratios with no waiver of fees and assumption of expenses
by the Adviser and no reduction for fees paid indirectly:
Total expenses 2.33%**
Net investment income 2.36%**
Ratios with waiver of fees and assumption of expenses by
the Adviser and reduction for fees paid indirectly:
Net expenses 1.10%**
Net investment income 3.59%**
================================================================================
* Assumes initial investment at net asset value at the beginning of the
period, reinvestment of all distributions, the complete redemption of the
investment at net asset value at the end of the period and no sales
charges. Total return would be reduced if sales charges were taken into
account.
** Annualized.
+ Ratios with no reduction for fees paid indirectly.
(a) Class A shares were first publicly offered on February 5, 2013.
The accompanying notes are an integral part of these financial statements.
Pioneer Emerging Markets Local Currency Debt Fund |
Semiannual Report | 4/30/13 25
Financial Highlights (continued)
--------------------------------------------------------------------------------
2/5/13 (a)
to 4/30/13
(unaudited)
--------------------------------------------------------------------------------
Class C
Net asset value, beginning of period $ 9.97
--------------------------------------------------------------------------------
Increase from investment operations:
Net investment income $ 0.07
Net realized and unrealized gain on investments 0.04
--------------------------------------------------------------------------------
Net increase in net assets from investment operations $ 0.11
--------------------------------------------------------------------------------
Net asset value, end of period $10.08
================================================================================
Total return* 0.80%
Ratio of net expenses to average net assets+ 1.85%**
Ratio of net investment income to average net assets+ 2.84%**
Portfolio turnover rate 34%**
Net assets, end of period (in thousands) $5,038
Ratios with no waiver of fees and assumption of expenses
by the Adviser and no reduction for fees paid indirectly:
Total expenses 3.08%**
Net investment income 1.61%**
Ratios with waiver of fees and assumption of expenses by
the Adviser and reduction for fees paid indirectly:
Net expenses 1.85%**
Net investment income 2.84%**
================================================================================
* Assumes initial investment at net asset value at the beginning of the
period, reinvestment of all distributions, the complete redemption of the
investment at net asset value at the end of the period and no sales
charges. Total return would be reduced if sales charges were taken into
account.
** Annualized.
+ Ratios with no reduction for fees paid indirectly.
(a) Class C shares were first publicly offered on February 5, 2013.
The accompanying notes are an integral part of these financial statements.
26 Pioneer Emerging Markets Local Currency Debt Fund |
Semiannual Report | 4/30/13
--------------------------------------------------------------------------------
2/5/13 (a)
to 4/30/13
(unaudited)
--------------------------------------------------------------------------------
Class Y
Net asset value, beginning of period $ 9.98
--------------------------------------------------------------------------------
Increase from investment operations:
Net investment income $ 0.09
Net realized and unrealized gain on investments 0.03
--------------------------------------------------------------------------------
Net increase in net assets from investment operations $ 0.12
--------------------------------------------------------------------------------
Net asset value, end of period $10.10
================================================================================
Total return* 1.00%
Ratio of net expenses to average net assets+ 0.85%**
Ratio of net investment income to average net assets+ 3.84%**
Portfolio turnover rate 34%**
Net assets, end of period (in thousands) $5,049
Ratios with no waiver of fees and assumption of expenses
by the Adviser and no reduction for fees paid indirectly:
Total expenses 2.08%**
Net investment income 2.61%**
Ratios with waiver of fees and assumption of expenses by
the Adviser and reduction for fees paid indirectly:
Net expenses 0.85%**
Net investment income 3.84%**
================================================================================
* Assumes initial investment at net asset value at the beginning of the
period, reinvestment of all distributions and the complete redemption of
the investment at net asset value at the end of the period.
** Annualized.
+ Ratios with no reduction for fees paid indirectly.
(a) Class Y shares were first publicly offered on February 5, 2013.
The accompanying notes are an integral part of these financial statements.
Pioneer Emerging Markets Local Currency Debt Fund |
Semiannual Report | 4/30/13 27
Notes to Financial Statements | 4/30/13 (unaudited)
1. Organization and Significant Accounting Policies
Pioneer Emerging Markets Local Currency Debt Fund (the Fund) is a series of
Pioneer Series Trust VII, a Delaware statutory trust. The Fund is registered
under the Investment Company Act of 1940 as a non-diversified, open-end
management investment company. The investment objective of the Fund is total
return through a combination of income and capital appreciation.
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 February 5, 2013. 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:
28 Pioneer Emerging Markets Local Currency Debt Fund |
Semiannual Report | 4/30/13
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.
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 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 by or at the
direction or with the approval of the Valuation Committee using fair value
methods pursuant to procedures adopted by the Board of Trustees. The
Valuation Committee is comprised of certain members of 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 significantly from exchange prices and such differences could be
material. Pioneer Investment Management, Inc. (PIM) is responsible for
monitoring developments that may impact fair valued securities and for
discussing and assessing fair values on an ongoing basis, and at least
quarterly, with the Valuation Committee.
At April 30, 2013, there were no securities that were valued using fair
value methods (other than securities that were 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.
Pioneer Emerging Markets Local Currency Debt Fund |
Semiannual Report | 4/30/13 29
Principal amounts of mortgage-backed securities are adjusted for monthly
paydowns. Premiums and discounts related to certain mortgage-backed
securities are amortized or accreted in proportion to the monthly paydowns.
All discounts/premiums on debt securities are accreted/amortized for
financial reporting purposes over the life of the respective securities,
and such accretion/amortization is included in interest income.
Dividend income is recorded on the ex-dividend date, except that certain
dividends from foreign securities where the ex-dividend date may have
passed are recorded as soon as the Fund becomes aware of the ex-dividend
data in the exercise of reasonable diligence. Interest income, including
interest on income bearing cash accounts, is recorded on the accrual basis.
Dividend and interest income are reported net of unrecoverable foreign
taxes withheld at the applicable country rates.
Gains and losses on sales of investments are calculated on the identified
cost method for both financial reporting and federal income tax purposes.
B. Foreign Currency Translation
The books and records of the Fund are maintained in U.S. dollars. Amounts
denominated in foreign currencies are translated into U.S. dollars using
current exchange rates.
Net realized gains and losses on foreign currency transactions, if any,
represent, among other things, the net realized gains and losses on foreign
currency contracts, disposition of foreign currencies and the difference
between the amount of income accrued and the U.S. dollars actually
received. Further, the effects of changes in foreign currency exchange
rates on investments are not segregated in the statement of operations from
the effects of changes in market price of those securities but are included
with the net realized and unrealized gain or loss on investments.
C. Forward Foreign Currency Contracts
The Fund may enter into forward foreign currency contracts (contracts) for
the purchase or sale of a specific foreign currency at a fixed price on a
future date. All contracts are marked to market daily at the applicable
exchange rates, and any resulting unrealized gains or losses are recorded
in the Fund's financial statements. The Fund records realized gains and
losses at the time a portfolio hedge is offset by entry into a closing
transaction or extinguished by delivery of the currency. Risks may arise
upon entering into these contracts from the potential inability of
counterparties to meet the terms of the contract and from unanticipated
movements in the value of foreign currencies relative to the U.S. dollar.
30 Pioneer Emerging Markets Local Currency Debt Fund |
Semiannual Report | 4/30/13
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
April 30, 2013, 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 amount and character of income and capital gain distributions to
shareowners are determined in accordance with federal income tax rules,
which may differ from U.S. generally accepted accounting principles.
Distributions in excess of net investment income or net realized gains are
temporary overdistributions for financial statement purposes resulting from
differences in the recognition or classification of income or distributions
for financial statement and tax purposes. Capital accounts within the
financial statements are adjusted for permanent book/tax differences to
reflect tax character, but are not adjusted for temporary differences.
The tax character of current year distributions payable will be determined
at the end of the Fund's taxable year.
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 no underwriting commissions on the sale of Class A
shares during the period ended April 30, 2013.
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).
Pioneer Emerging Markets Local Currency Debt Fund |
Semiannual Report | 4/30/13 31
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.
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 0.70% of
the Fund's average daily net assets up to $1 billion and 0.65% on assets over $1
billion. For the period ended April 30, 2013, the effective management fee was
equivalent to 0.70% 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 1.20%, 2.10% and 0.85% of the
average daily net assets attributable to Class A, Class C and Class Y shares,
respectively. Fees waived and expenses reimbursed during the period ended April
30, 2013 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.
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
$10,239 in management fees, administrative costs and certain other
reimbursements payable to PIM at April 30, 2013.
32 Pioneer Emerging Markets Local Currency Debt Fund |
Semiannual Report | 4/30/13
3. Transfer Agent
PIMSS, a wholly owned indirect subsidiary of UniCredit, provides substantially
all transfer agent and shareowner services to the Fund at negotiated rates. In
addition, the Fund reimburses PIMSS for out-of-pocket expenses incurred by PIMSS
related to shareholder communications activities such as proxy and statement
mailings, outgoing phone calls and omnibus relationship contracts. For the
period ended April 30, 2013, there were no out-of-pocket expenses.
Included in "Due from affiliates" reflected on the Statement of Assets and
Liabilities is $33 in transfer agent fees and out-of-pocket reimbursements
payable from PIMSS at April 30, 2013.
4. Distribution Plan
The Fund has adopted a Distribution Plan pursuant to Rule 12b-1 of the
Investment Company Act of 1940 with respect to its Class A and Class C shares.
Pursuant to the Plan, the Fund pays PFD 0.25% of the average daily net assets
attributable to Class A shares as compensation for personal services and/or
account maintenance services or distribution services with regard to Class A
shares. Pursuant to the Plan, the Fund also pays PFD 1.00% of the average daily
net assets attributable to Class C shares. The fee for Class C shares consists
of a 0.25% service fee and a 0.75% distribution fee paid as compensation for
personal services and/or account maintenance services or distribution services
with regard to Class C shares. Included in "Due to affiliates" reflected on the
Statement of Assets and Liabilities is $688 in distribution fees payable to PFD
at April 30, 2013.
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
period ended April 30, 2013, no CDSCs 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 period ended April 30, 2013, the Fund's expenses
were not reduced under such arrangements.
Pioneer Emerging Markets Local Currency Debt Fund |
Semiannual Report | 4/30/13 33
Approval of Investment Advisory Agreement
Pioneer Investment Management, Inc. (PIM) serves as the investment adviser to
Pioneer Emerging Markets Local Currency Debt Fund (the Fund) pursuant to an
investment advisory agreement between PIM and the Fund. Based on their
evaluation of the information provided by PIM, the Trustees, including the
Independent Trustees voting separately, unanimously approved an investment
advisory agreement for the Fund. In considering the investment advisory
agreement, the Trustees considered various factors that they determined were
relevant, including the factors described below. The Trustees did not identify
any single factor as the controlling factor in determining to approve the
agreement.
Nature, Extent and Quality of Services
The Trustees considered the nature, extent and quality of the services that
would be provided by PIM to the Fund under the investment advisory agreement.
The Trustees reviewed PIM's investment approach for the Fund and its research
process, and considered the resources of PIM and the personnel of PIM who would
provide investment management services to the Fund. The Trustees also considered
that, as administrator, PIM would be responsible for the administration of the
Fund's business and other affairs. The Trustees considered the quality of such
services provided by PIM to the other Pioneer Funds. The Trustees considered the
fees to be paid to PIM for the provision of administration services. Based on
these considerations, the Trustees concluded that the nature, extent and quality
of services that PIM would provide to the Fund were satisfactory and consistent
with the terms of the investment advisory agreement.
Performance of the Fund
In considering the investment advisory agreement, the Trustees noted that Fund
was newly-offered and did not have a performance history. The Trustees
considered the performance results provided at regular Board meetings for other
Pioneer Funds and the performance results of two Pioneer UCITS with similar
investment strategies to those of the Fund, and concluded that the investment
performance of such other Pioneer Funds and Pioneer UCITS supported the approval
of the investment advisory agreement.
Management Fee and Expenses
The Trustees considered information compiled by Strategic Insight Simfund, an
independent third party, to compare the Fund's proposed management fee and
anticipated expense ratio with a peer group of funds included in the
34 Pioneer Emerging Markets Local Currency Debt Fund |
Semiannual Report | 4/30/13
Morningstar Emerging Markets Bond category. The Trustees considered that the
Fund's proposed management fee would rank in the second quintile of the peer
group. (In all quintile rankings referred to throughout this disclosure, the
first quintile is most favorable to Fund shareowners.) The Trustees also
considered that, taking into account the contractual expense limitation agreed
to by PIM with respect to the Fund, the Fund's anticipated expense ratio would
rank in the third quintile of the peer group. The Trustees concluded that the
proposed management fee payable by the Fund to PIM was reasonable in relation to
the nature and quality of services to be provided by PIM.
Profitability
The Trustees did not consider PIM's profitability with respect to the management
of the Fund in approving the investment advisory agreement because the Fund was
newly-offered and profitability information was not available.
Economies of Scale
The Trustees considered PIM's views relating to economies of scale in connection
with the Pioneer Funds as fund assets grow and the extent to which any such
economies of scale are shared with funds and fund shareholders. The Trustees
concluded that economies of scale, if any, would be appropriately shared with
the Fund.
Other Benefits
The Trustees considered the other potential benefits to PIM from its
relationship with the Fund, including the character and amount of fees that
would be paid by the Fund, other than under the investment advisory agreement,
for services that would be provided by PIM and its affiliates, and the revenues
and profitability of PIM's businesses other than the fund business. The Trustees
concluded that the receipt of these benefits was reasonable in the context of
the overall relationship between PIM and the Fund.
Conclusion
After consideration of the factors described above as well as other factors, the
Trustees, including all of the independent Trustees, concluded that the
investment advisory agreement between PIM and the Fund, including the fees
payable thereunder, was fair and reasonable and voted to approve the investment
advisory agreement for the Fund.
Pioneer Emerging Markets Local Currency Debt Fund |
Semiannual Report | 4/30/13 35
Trustees, Officers and Service Providers
Trustees Officers
Thomas J. Perna, Chairman John F. Cogan, Jr., President*
David R. Bock Daniel K. Kingsbury, Executive
John F. Cogan, Jr. Vice President
Benjamin M. Friedman Mark E. Bradley, Treasurer**
Margaret B.W. Graham Christopher J. Kelley, Secretary
Daniel K. Kingsbury
Marguerite A. Piret
Stephen K. West
Investment Adviser and Administrator
Pioneer Investment Management, Inc.
Custodian and Sub-Administrator
Brown Brothers Harriman & Co.
Principal Underwriter
Pioneer Funds Distributor, Inc.
Legal Counsel
Bingham McCutchen LLP
Shareowner Services and Transfer Agent
Pioneer Investment Management Shareholder Services, Inc.
Proxy Voting Policies and Procedures of the Fund are available without charge,
upon request, by calling our toll free number (1-800-225-6292). Information
regarding how the Fund voted proxies relating to portfolio securities during the
most recent 12-month period ended June 30 is publicly available to shareowners
at us.pioneerinvestments.com. This information is also available on the
Securities and Exchange Commission's web site at www.sec.gov.
* Chief Executive Officer of the Fund.
** Chief Financial and Accounting Officer of the Fund.
36 Pioneer Emerging Markets Local Currency Debt Fund |
Semiannual Report | 4/30/13
This page for your notes.
Pioneer Emerging Markets Local Currency Debt Fund |
Semiannual Report | 4/30/13 37
This page for your notes.
38 Pioneer Emerging Markets Local Currency Debt Fund |
Semiannual Report | 4/30/13
This page for your notes.
Pioneer Emerging Markets Local Currency Debt Fund |
Semiannual Report | 4/30/13 39
This page for your notes.
40 Pioneer Emerging Markets Local Currency Debt Fund |
Semiannual Report | 4/30/13
This page for your notes.
Pioneer Emerging Markets Local Currency Debt Fund |
Semiannual Report | 4/30/13 41
This page for your notes.
42 Pioneer Emerging Markets Local Currency Debt Fund |
Semiannual Report | 4/30/13
This page for your notes.
Pioneer Emerging Markets Local Currency Debt Fund |
Semiannual Report | 4/30/13 43
This page for your notes.
44 Pioneer Emerging Markets Local Currency Debt Fund |
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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
Investments(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) 2013 Pioneer Investments 26827-00-0613
ITEM 2. CODE OF ETHICS.
(a) Disclose whether, as of the end of the period covered by the report, the
registrant has adopted a code of ethics that applies to the registrant's
principal executive officer, principal financial officer, principal accounting
officer or controller, or persons performing similar functions, regardless of
whether these individuals are employed by the registrant or a third party. If
the registrant has not adopted such a code of ethics, explain why it has not
done so.
The registrant has adopted, as of the end of the period covered by this report,
a code of ethics that applies to the registrant's principal executive officer,
principal financial officer, principal accounting officer and controller.
(b) For purposes of this Item, the term "code of ethics" means written standards
that are reasonably designed to deter wrongdoing and to promote:
(1) Honest and ethical conduct, including the ethical handling of actual
or apparent conflicts of interest between personal and professional
relationships;
(2) Full, fair, accurate, timely, and understandable disclosure in
reports and documents that a registrant files with, or submits to, the
Commission and in other public communications made by the registrant;
(3) Compliance with applicable governmental laws, rules, and
regulations;
(4) The prompt internal reporting of violations of the code to an
appropriate person or persons identified in the code; and
(5) Accountability for adherence to the code.
(c) The registrant must briefly describe the nature of any amendment, during the
period covered by the report, to a provision of its code of ethics that applies
to the registrant's principal executive officer, principal financial officer,
principal accounting officer or controller, or persons performing similar
functions, regardless of whether these individuals are employed by the
registrant or a third party, and that relates to any element of the code of
ethics definition enumerated in paragraph (b) of this Item. The registrant must
file a copy of any such amendment as an exhibit pursuant to Item 10(a), unless
the registrant has elected to satisfy paragraph (f) of this Item by posting its
code of ethics on its website pursuant to paragraph (f)(2) of this Item, or by
undertaking to provide its code of ethics to any person without charge, upon
request, pursuant to paragraph (f)(3) of this Item.
The registrant has made no amendments to the code of ethics during the period
covered by this report.
(d) If the registrant has, during the period covered by the report, granted a
waiver, including an implicit waiver, from a provision of the code of ethics to
the registrant's principal executive officer, principal financial officer,
principal accounting officer or controller, or persons performing similar
functions, regardless of whether these individuals are employed by the
registrant or a third party, that relates to one or more of the items set forth
in paragraph (b) of this Item, the registrant must briefly describe the nature
of the waiver, the name of the person to whom the waiver was granted, and the
date of the waiver.
Not applicable.
(e) If the registrant intends to satisfy the disclosure requirement under
paragraph (c) or (d) of this Item regarding an amendment to, or a waiver from,
a provision of its code of ethics that applies to the registrant's principal
executive officer, principal financial officer, principal accounting officer or
controller, or persons performing similar functions and that relates to any
element of the code of ethics definition enumerated in paragraph (b) of this
Item by posting such information on its Internet website, disclose the
registrant's Internet address and such intention.
Not applicable.
(f) The registrant must:
(1) File with the Commission, pursuant to Item 10(a), a copy of its code
of ethics that applies to the registrant's principal executive officer,
principal financial officer, principal accounting officer or controller,
or persons performing similar functions, as an exhibit to its annual
report on this Form N-CSR (see attachment);
(2) Post the text of such code of ethics on its Internet website and
disclose, in its most recent report on this Form N-CSR, its Internet
address and the fact that it has posted such code of ethics on its
Internet website; or
(3) Undertake in its most recent report on this Form N-CSR to provide to
any person without charge, upon request, a copy of such code of ethics
and explain the manner in which such request may be made.
See Item 10(2)
ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.
(a) (1) Disclose that the registrant's board of trustees has determined that
the registrant either:
(i) Has at least one audit committee financial expert serving on its audit
committee; or
(ii) Does not have an audit committee financial expert serving on its audit
committee.
The registrant's Board of Trustees has determined that the registrant has at
least one audit committee financial expert.
(2) If the registrant provides the disclosure required by paragraph
(a)(1)(i) of this Item, it must disclose the name of the audit committee
financial expert and whether that person is "independent." In order to be
considered "independent" for purposes of this Item, a member of an audit
committee may not, other than in his or her capacity as a member of the audit
committee, the board of trustees, or any other board committee:
(i) Accept directly or indirectly any consulting, advisory, or other
compensatory fee from the issuer; or
(ii) Be an "interested person" of the investment company as defined in
Section 2(a)(19) of the Act (15 U.S.C. 80a-2(a)(19)).
Ms. Marguerite A. Piret, an independent trustee, is such an audit committee
financial expert.
(3) If the registrant provides the disclosure required by paragraph (a)(1)
(ii) of this Item, it must explain why it does not have an audit committee
financial expert.
Not applicable.
ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.
(a) Disclose, under the caption AUDIT FEES, the aggregate fees billed for each
of the last two fiscal years for professional services rendered by the principal
accountant for the audit of the registrant's annual financial statements or
services that are normally provided by the accountant in connection with
statutory and regulatory filings or engagements for those fiscal years.
N/A
(b) Disclose, under the caption AUDIT-RELATED FEES, the aggregate fees billed in
each of the last two fiscal years for assurance and related services by the
principal accountant that are reasonably related to the performance of the audit
of the registrant's financial statements and are not reported under
paragraph (a) of this Item. Registrants shall describe the nature of the
services comprising the fees disclosed under this category.
N/A
(c) Disclose, under the caption TAX FEES, the aggregate fees billed in each of
the last two fiscal years for professional services rendered by the principal
accountant for tax compliance, tax advice, and tax planning. Registrants shall
describe the nature of the services comprising the fees disclosed under this
category.
N/A
(d) Disclose, under the caption ALL OTHER FEES, the aggregate fees billed in
each of the last two fiscal years for products and services provided by the
principal accountant, other than the services reported in paragraphs (a) through
(c) of this Item. Registrants shall describe the nature of the services
comprising the fees disclosed under this category.
N/A
(e) (1) Disclose the audit committee's pre-approval policies and procedures
described in paragraph (c)(7) of Rule 2-01 of Regulation S-X.
PIONEER FUNDS
APPROVAL OF AUDIT, AUDIT-RELATED, TAX AND OTHER SERVICES
PROVIDED BY THE INDEPENDENT AUDITOR
SECTION I - POLICY PURPOSE AND APPLICABILITY
The Pioneer Funds recognize the importance of maintaining the independence of
their outside auditors. Maintaining independence is a shared responsibility
involving Pioneer Investment Management, Inc ("PIM"), the audit committee and
the independent auditors.
The Funds recognize that a Fund's independent auditors: 1) possess knowledge of
the Funds, 2) are able to incorporate certain services into the scope of the
audit, thereby avoiding redundant work, cost and disruption of Fund personnel
and processes, and 3) have expertise that has value to the Funds. As a result,
there are situations where it is desirable to use the Fund's independent
auditors for services in addition to the annual audit and where the potential
for conflicts of interests are minimal. Consequently, this policy, which is
intended to comply with Rule 210.2-01(C)(7), sets forth guidelines and
procedures to be followed by the Funds when retaining the independent audit firm
to perform audit, audit-related tax and other services under those
circumstances, while also maintaining independence.
Approval of a service in accordance with this policy for a Fund shall also
constitute approval for any other Fund whose pre-approval is required pursuant
to Rule 210.2-01(c)(7)(ii).
In addition to the procedures set forth in this policy, any non-audit services
that may be provided consistently with Rule 210.2-01 may be approved by the
Audit Committee itself and any pre-approval that may be waived in accordance
with Rule 210.2-01(c)(7)(i)(C) is hereby waived.
Selection of a Fund's independent auditors and their compensation shall be
determined by the Audit Committee and shall not be subject to this policy.
SECTION II - POLICY
---------------- -------------------------------- -------------------------------------------------
SERVICE SERVICE CATEGORY DESCRIPTION SPECIFIC PRE-APPROVED SERVICE SUBCATEGORIES
CATEGORY
---------------- -------------------------------- -------------------------------------------------
I. AUDIT Services that are directly o Accounting research assistance
SERVICES related to performing the o SEC consultation, registration
independent audit of the Funds statements, and reporting
o Tax accrual related matters
o Implementation of new accounting
standards
o Compliance letters (e.g. rating agency
letters)
o Regulatory reviews and assistance
regarding financial matters
o Semi-annual reviews (if requested)
o Comfort letters for closed end
offerings
---------------- -------------------------------- -------------------------------------------------
II. Services which are not o AICPA attest and agreed-upon procedures
AUDIT-RELATED prohibited under Rule o Technology control assessments
SERVICES 210.2-01(C)(4) (the "Rule") o Financial reporting control assessments
and are related extensions of o Enterprise security architecture
the audit services support the assessment
audit, or use the
knowledge/expertise gained
from the audit procedures as a
foundation to complete the
project. In most cases, if
the Audit-Related Services are
not performed by the Audit
firm, the scope of the Audit
Services would likely
increase. The Services are
typically well-defined and
governed by accounting
professional standards (AICPA,
SEC, etc.)
---------------- -------------------------------- -------------------------------------------------
------------------------------------- ------------------------------------
AUDIT COMMITTEE APPROVAL POLICY AUDIT COMMITTEE
REPORTING POLICY
------------------------------------- ------------------------------------
o "One-time" pre-approval o A summary of all such
for the audit period for all services and related fees
pre-approved specific service reported at each regularly
subcategories. Approval of the scheduled Audit Committee
independent auditors as meeting.
auditors for a Fund shall
constitute pre approval for
these services.
------------------------------------- ------------------------------------
o "One-time" pre-approval o A summary of all such
for the fund fiscal year within services and related fees
a specified dollar limit (including comparison to
for all pre-approved specified dollar limits)
specific service subcategories reported quarterly.
o Specific approval is
needed to exceed the
pre-approved dollar limit for
these services (see general
Audit Committee approval policy
below for details on obtaining
specific approvals)
o Specific approval is
needed to use the Fund's
auditors for Audit-Related
Services not denoted as
"pre-approved", or
to add a specific service
subcategory as "pre-approved"
------------------------------------- ------------------------------------
SECTION III - POLICY DETAIL, CONTINUED
----------------------- --------------------------- -----------------------------------------------
SERVICE CATEGORY SERVICE CATEGORY SPECIFIC PRE-APPROVED SERVICE SUBCATEGORIES
DESCRIPTION
----------------------- --------------------------- -----------------------------------------------
III. TAX SERVICES Services which are not o Tax planning and support
prohibited by the Rule, o Tax controversy assistance
if an officer of the Fund o Tax compliance, tax returns, excise
determines that using the tax returns and support
Fund's auditor to provide o Tax opinions
these services creates
significant synergy in
the form of efficiency,
minimized disruption, or
the ability to maintain a
desired level of
confidentiality.
----------------------- --------------------------- -----------------------------------------------
------------------------------------- -------------------------
AUDIT COMMITTEE APPROVAL POLICY AUDIT COMMITTEE
REPORTING POLICY
------------------------------------- -------------------------
------------------------------------- -------------------------
o "One-time" pre-approval o A summary of
for the fund fiscal year all such services and
within a specified dollar limit related fees
(including comparison
to specified dollar
limits) reported
quarterly.
o Specific approval is
needed to exceed the
pre-approved dollar limits for
these services (see general
Audit Committee approval policy
below for details on obtaining
specific approvals)
o Specific approval is
needed to use the Fund's
auditors for tax services not
denoted as pre-approved, or to add a specific
service subcategory as
"pre-approved"
------------------------------------- -------------------------
SECTION III - POLICY DETAIL, CONTINUED
----------------------- --------------------------- -----------------------------------------------
SERVICE CATEGORY SERVICE CATEGORY SPECIFIC PRE-APPROVED SERVICE SUBCATEGORIES
DESCRIPTION
----------------------- --------------------------- -----------------------------------------------
IV. OTHER SERVICES Services which are not o Business Risk Management support
prohibited by the Rule, o Other control and regulatory
A. SYNERGISTIC, if an officer of the Fund compliance projects
UNIQUE QUALIFICATIONS determines that using the
Fund's auditor to provide
these services creates
significant synergy in
the form of efficiency,
minimized disruption,
the ability to maintain a
desired level of
confidentiality, or where
the Fund's auditors
posses unique or superior
qualifications to provide
these services, resulting
in superior value and
results for the Fund.
----------------------- --------------------------- -----------------------------------------------
--------------------------------------- ------------------------
AUDIT COMMITTEE APPROVAL POLICY AUDIT COMMITTEE
REPORTING POLICY
------------------------------------- --------------------------
o "One-time" pre-approval o A summary of
for the fund fiscal year within all such services and
a specified dollar limit related fees
(including comparison
to specified dollar
limits) reported
quarterly.
o Specific approval is
needed to exceed the
pre-approved dollar limits for
these services (see general
Audit Committee approval policy
below for details on obtaining
specific approvals)
o Specific approval is
needed to use the Fund's
auditors for "Synergistic" or
"Unique Qualifications" Other
Services not denoted as
pre-approved to the left, or to
add a specific service
subcategory as "pre-approved"
------------------------------------- --------------------------
SECTION III - POLICY DETAIL, CONTINUED
----------------------- ------------------------- -----------------------------------------------
SERVICE CATEGORY SERVICE CATEGORY SPECIFIC PROHIBITED SERVICE SUBCATEGORIES
DESCRIPTION
----------------------- ------------------------- -----------------------------------------------
PROHIBITED SERVICES Services which result 1. Bookkeeping or other services
in the auditors losing related to the accounting records or
independence status financial statements of the audit
under the Rule. client*
2. Financial information systems design
and implementation*
3. Appraisal or valuation services,
fairness* opinions, or
contribution-in-kind reports
4. Actuarial services (i.e., setting
actuarial reserves versus actuarial
audit work)*
5. Internal audit outsourcing services*
6. Management functions or human
resources
7. Broker or dealer, investment
advisor, or investment banking services
8. Legal services and expert services
unrelated to the audit
9. Any other service that the Public
Company Accounting Oversight Board
determines, by regulation, is
impermissible
----------------------- ------------------------- -----------------------------------------------
------------------------------------------- ------------------------------
AUDIT COMMITTEE APPROVAL POLICY AUDIT COMMITTEE
REPORTING POLICY
------------------------------------------- ------------------------------
o These services are not to be o A summary of all
performed with the exception of the(*) services and related
services that may be permitted fees reported at each
if they would not be subject to audit regularly scheduled
procedures at the audit client (as Audit Committee meeting
defined in rule 2-01(f)(4)) level will serve as continual
the firm providing the service. confirmation that has
not provided any
restricted services.
------------------------------------------- ------------------------------
--------------------------------------------------------------------------------
GENERAL AUDIT COMMITTEE APPROVAL POLICY:
o For all projects, the officers of the Funds and the Fund's auditors will each
make an assessment to determine that any proposed projects will not impair
independence.
o Potential services will be classified into the four non-restricted service
categories and the "Approval of Audit, Audit-Related, Tax and Other
Services" Policy above will be applied. Any services outside the specific
pre-approved service subcategories set forth above must be specifically
approved by the Audit Committee.
o At least quarterly, the Audit Committee shall review a report summarizing the
services by service category, including fees, provided by the Audit firm as
set forth in the above policy.
--------------------------------------------------------------------------------
(2) Disclose the percentage of services described in each of paragraphs (b)
through (d) of this Item that were approved by the audit committee pursuant
to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.
N/A
(f) If greater than 50 percent, disclose the percentage of hours expended on the
principal accountant's engagement to audit the registrant's financial statements
for the most recent fiscal year that were attributed to work performed by
persons other than the principal accountant's full-time, permanent employees.
N/A
(g) Disclose the aggregate non-audit fees billed by the registrant's accountant
for services rendered to the registrant, and rendered to the registrant's
investment adviser (not including any sub-adviser whose role is primarily
portfolio management and is subcontracted with or overseen by another investment
adviser), and any entity controlling, controlled by, or under common control
with the adviser that provides ongoing services to the registrant for each of
the last two fiscal years of the registrant.
N/A
(h) Disclose whether the registrant's audit committee of the board of trustees
has considered whether the provision of non-audit services that were rendered to
the registrant's investment adviser (not including any subadviser whose role is
primarily portfolio management and is subcontracted with or overseen by another
investment adviser), and any entity controlling, controlled by, or under common
control with the investment adviser that provides ongoing services to the
registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of
Rule 2-01 of Regulation S-X is compatible with maintaining the principal
accountant's independence.
The Fund's audit committee of the Board of Trustees has
considered whether the provision of non-audit services that
were rendered to the Affiliates (as defined) that were not pre-
approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of
Regulation S-X is compatible with maintaining the principal
accountant's independence.
Item 5. Audit Committee of Listed Registrants
(a) If the registrant is a listed issuer as defined in Rule 10A-3
under the Exchange Act (17 CFR 240.10A-3), state whether
or not the registrant has a separately-designated standing
audit committee established in accordance with Section
3(a)(58)(A) of the Exchange Act (15 U.S.C. 78c(a)(58)(A)).
If the registrant has such a committee, however designated,
identify each committee member. If the entire board of directors
is acting as the registrants audit committee as specified in
Section 3(a)(58)(B) of the Exchange Act (15 U.S.C. 78c(a)(58)(B)),
so state.
N/A
(b) If applicable, provide the disclosure required by Rule 10A-3(d)
under the Exchange Act (17 CFR 240.10A-3(d)) regarding an exemption
from the listing standards for audit committees.
N/A
Item 6. Schedule of Investments.
File Schedule I Investments in securities of unaffiliated issuers
as of the close of the reporting period as set forth in 210.12-
12 of Regulation S-X [17 CFR 210.12-12], unless the schedule is
included as part of the report to shareholders filed under Item
1 of this Form.
Included in Item 1
ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR
CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
A closed-end management investment company that is filing an annual report on
this Form N-CSR must, unless it invests exclusively in non-voting securities,
describe the policies and procedures that it uses to determine how to vote
proxies relating to portfolio securities, including the procedures that the
company uses when a vote presents a conflict between the interests of its
shareholders, on the one hand, and those of the company's investment adviser;
principal underwriter; or any affiliated person (as defined in Section 2(a)(3)
of the Investment Company Act of 1940 (15 U.S.C. 80a-2(a)(3)) and the rules
thereunder) of the company, its investment adviser, or its principal
underwriter, on the other. Include any policies and procedures of the company's
investment adviser, or any other third party, that the company uses, or that are
used on the company's behalf, to determine how to vote proxies relating to
portfolio securities.
Not applicable to open-end management investment companies.
Item 8. Portfolio Managers of Closed-End Management Investment
Companies.
(a) If the registrant is a closed-end management investment company that
is filing an annual report on this Form N-CSR,provide the following
information:
(1) State the name, title, and length of service of the person or persons
employed by or associated with the registrant or an investment adviser
of the registrant who are primarily responsible for the day-to-day management
of the registrants portfolio (Portfolio Manager). Also state each Portfolio
Managers business experience during the past 5 years.
Not applicable to open-end management investment companies.
Item 9. Purchases of Equity Securities by Closed-End Management
Investment Company and Affiliated Purchasers.
(a) If the registrant is a closed-end management investment company,
in the following tabular format, provide the information specified in
paragraph (b) of this Item with respect to any purchase made by or on
behalf of the registrant or any affiliated purchaser, as defined in
Rule 10b-18(a)(3) under the Exchange Act (17 CFR 240.10b-18(a)(3)), of
shares or other units of any class of the registrants equity securities
that is registered by the registrant pursuant to Section 12 of the
Exchange Act (15 U.S.C. 781). Instruction to paragraph (a). Disclose
all purchases covered by this Item, including purchases that do not
satisfy the conditions of the safe harbor of Rule 10b-18 under the
Exchange Act (17 CFR 240.10b-18), made in the period covered by the
report. Provide disclosures covering repurchases made on a monthly basis.
For example, if the reporting period began on January 16 and ended on
July 15, the chart would show repurchases for the months from January 16
through February 15, February 16 through March 15, March 16 through
April 15, April 16 through May 15, May 16 through June 15, and June 16
through July 15.
Not applicable to open-end management investment companies.
Item 10. Submission of Matters to a Vote of Security Holders.
Describe any material changes to the procedures by which shareholders
may recommend nominees to the registrants board of directors, where
those changes were implemented after the registrant last provided
disclosure in response to the requirements of Item 7(d)(2)(ii)(G)
of Schedule 14A (17 CFR 240.14a-101), or this Item.
There have been no material changes to the procedures by which the
shareholders may recommend nominees to the registrants board of
directors since the registrant last provided disclosure in response
to the requirements of Item 7(d)(2)(ii)(G) of Schedule 14(A) in
its definitive proxy statement, or this Item.
ITEM 11. CONTROLS AND PROCEDURES.
(a) Disclose the conclusions of the registrant's principal executive officer or
officers and principal financial officer or officers, or persons performing
similar functions, about the effectiveness of the registrant's disclosure
controls and procedures (as defined in Rule 30a-2(c) under the Act (17 CFR
270.30a-2(c))) based on their evaluation of these controls and procedures as of
a date within 90 days of the filing date of the report that includes the
disclosure required by this paragraph.
The registrant's principal executive officer
and principal financial officer have
concluded that the registrant's disclosure
controls and procedures are effective based
on their evaluation of these controls and
procedures as of a date within 90 days of the
filing date of this report.
(b) Disclose whether or not there were significant changes in the registrant's
internal controls or in other factors that could significantly affect these
controls subsequent to the date of their evaluation, including any corrective
actions with regard to significant deficiencies and material weaknesses.
There were no significant changes in the
registrant's internal control over financial
reporting that occurred during the second
fiscal quarter of the period covered by this
report that have materially affected, or are
reasonably likely to materially affect, the
registrant's internal control over financial
reporting.
The registrant's principal executive officer and principal financial
officer, however, voluntarily are reporting the following information:
In August of 2006 the registrant's investment adviser
enhanced its internal procedures for reporting performance
information required to be included in prospectuses.
Those enhancements involved additional internal controls
over the appropriateness of performance data
generated for this purpose. Such enhancements were made
following an internal review which identified
prospectuses relating to certain classes of shares of
a limited number of registrants where, inadvertently,
performance information not reflecting the deduction of
applicable sales charges was included. Those prospectuses
were revised, and the revised prospectuses were distributed to
shareholders.
ITEM 12. EXHIBITS.
File the exhibits listed below as part of this Form. Letter or number the
exhibits in the sequence indicated.
(a) Any code of ethics, or amendment thereto, that is the subject of the
disclosure required by Item 2, to the extent that the registrant intends to
satisfy the Item 2 requirements through filing of an exhibit.
(b) A separate certification for each principal executive officer and principal
financial officer of the registrant as required by Rule 30a-2 under the Act
(17 CFR 270.30a-2).
Filed herewith.
SIGNATURES
[See General Instruction F]
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, the registrant has duly caused this report to be
signed on its behalf by the undersigned, thereunto duly authorized.
(Registrant) Pioneer Series Trust VII
By (Signature and Title)* /s/ John F. Cogan, Jr.
John F. Cogan, Jr, President
Date June 28, 2013
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, this report has been signed below by the
following persons on behalf of the registrant and in the capacities and on the
dates indicated.
By (Signature and Title)* /s/ John F. Cogan, Jr.
John F. Cogan, Jr., President
Date June 28, 2013
By (Signature and Title)* /s/ Mark Bradley
Mark Bradley, Treasurer & Chief Accounting & Financial Officer
Date June 28, 2013
* Print the name and title of each signing officer under his or her signature.