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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 811-10455
Pioneer Global High Yield Fund
(Exact name of registrant as specified in charter)
60 State Street, Boston, MA 02109
(Address of principal executive offices) (ZIP code)
Dorothy E. Bourassa, 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, 2005 through October 31, 2006
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.
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PIONEER
-------
GLOBAL
HIGH YIELD
FUND
Annual
Report
10/31/06
[LOGO]PIONEER
Investments(R)
Table of Contents
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Letter to Shareowners 2
Portfolio Management Discussion 4
Portfolio Summary 9
Prices and Distributions 10
Performance Update 11
Comparing Ongoing Fund Expenses 15
Schedule of Investments 17
Financial Statements 33
Notes to Financial Statements 41
Report of Independent Registered Public Accounting Firm 50
Trustees, Officers and Service Providers 51
President's
Dear Shareowner,
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Mature and emerging market economies around the world showed moderate
improvement after a flat second quarter. The U.S. saw some resurgence of growth,
which we expect to continue through the fourth quarter of 2006 and into 2007,
although this growth may be slow with housing sector measures down in recent
months. While inflation pressures have risen slightly in recent months, we
believe the United States may now be at the end of the Fed's monetary tightening
cycle. Mature economies, led by Japan, remain firm, as do European economic
prospects, with strong GDP data reflecting the broad-based strength seen in
crucial indicators.
U.S. economic growth was back on track after lackluster market results prior to
Labor Day. Consumer spending rose with receding gas prices, just in time for the
back-to-school season, which retailers now consider the second most lucrative
period after the Christmas season. U.S. economic growth is in line with our
projections; we anticipate U.S. GDP finishing with a level of around 3.0% for
2006.
In our view, the pace of corporate earnings growth should slow amid pressure
from high raw materials costs and moderating economic growth. However, U.S.
dollar depreciation and improving growth overseas should offer some support to
U.S. earnings.
The European economy continues to improve and appears to be at its healthiest in
six years, with business confidence showing improvement across sectors and
consumers becoming more optimistic. While business sentiment indicators have had
a tendency to over-estimate growth in recent years, broad-based improvements
across countries since 2005 is a sign that European economic growth should
continue through 2006.
The positive long-term drivers of emerging markets remain in place: improving
domestic growth and inflation stability; structural reform; debt sustainability
and favorable demographics. Together, the emerging markets' current account
surplus is at record highs while external debt as a percentage of GDP is at its
lowest since 1991.
In summary, we think that despite the existence of some inflation pressures seen
by the Federal Reserve and its counterparts in developed economies, it seems as
if interest rates will remain mostly
2
Letter
unchanged. U.S. economic growth is expected to remain positive, as it should
among the developed nations for the remainder of 2006. Any further geopolitical
issues and rising energy prices could lead to deceleration, but not a derailment
from the current healthy pace of economic growth, as investment is expected to
remain robust, benefiting from sustained internal and international demand
worldwide.
Our cautiously optimistic outlook reinforces the importance of Pioneer's message
that investors should remain diversified, take a long-term view, and base
investment decisions on economic and market fundamentals rather than on emotion.
Our investment philosophy and approach continue to be based on the use of
fundamental research to identify a range of opportunities that offer an
attractive balance of risk and reward to help Fund shareowners work toward their
long-term goals.
Respectfully,
/s/Osbert M. Hood
Osbert M. Hood, President
Pioneer Investment Management, Inc.
Any information in this shareholder report regarding market or economic trends
or the factors influencing the Fund's historical or future performance are
statements of the opinion of Fund management as of the date of this report.
These statements should not be relied upon for any other purposes. Past
performance is no guarantee of future results, and there is no guarantee that
market forecasts discussed will be realized.
3
Pioneer Global High Yield Fund
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PORTFOLIO MANAGEMENT DISCUSSION 10/31/06
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Strong economic growth, both domestically and globally, provided a positive
backdrop for high-yield investing during the 12 months ended October 31, 2006.
Domestic corporate high yield bonds and emerging market debt performed
positively for almost the entire period, stumbling only temporarily in May and
June 2006 amid concerns that inflationary pressures might be building. Those
concerns abated as the summer progressed and the U.S. Federal Reserve paused in
its cycle of interest-rate hikes, encouraging the view that inflation was under
control and the economy could continue to grow. The improved outlook led
high-yielding bonds to stage a strong resurgence in the closing weeks of the
period. In the following discussion, Andrew D. Feltus, leader of the team
managing Pioneer Global High Yield Fund, provides an update on the Fund, its
investment strategies and the investment environment for the 12 months under
review.
Q: How did the Fund perform?
A: The Fund did well, outpacing market benchmarks as well as the average
return of competitive high yielding funds. Pioneer Global High Yield Fund
Class A shares had a total return of 12.12%, at net asset value, for the 12
months ended October 31, 2006. In comparison, the Merrill Lynch Global High
Yield and Emerging Markets Plus Index had a return of 11.60% over the 12
months. The average return of the 448 funds in Lipper's High Current Yield
competitive group was 9.18% for the same period. The Fund also offered a
good income stream. At the end of the period, on October 31, 2006, the
30-day SEC yield for Class A shares was 7.59%.
Call 1-800-225-6292 or visit www.pioneerinvestments.com for the most recent
month-end performance results. Current performance may be lower or higher
than the performance data quoted.
The performance data quoted represents past performance, which is no
guarantee of future results. Investment return and principal value will
fluctuate, and shares, when redeemed, may be worth more or less than their
original cost.
4
Pioneer Global High Yield Fund
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Q: What was the investment environment like during the period?
A: We had a good environment for investing in high yield bonds generally. In
the United States, the economy remained strong and default rates were
relatively low. The Federal Reserve Board's short-term interest rate hikes
- which continued through June 2006 - did put some pressure on Treasuries,
but the economy's solid fundamentals largely offset the effects during most
of the period. The one exception to this general pattern occurred during
May and June 2006, when the capital markets in general were affected by
worries that inflationary pressures were building. These concerns led to a
two-month slump in riskier asset classes, including stocks as well as
high-yield corporate bonds and emerging market debt. But when the Federal
Reserve in both August and September left short-term interest rates
unchanged, investors became more comfortable that inflationary pressures
were under control and the economy could sustain its expansion at a modest
pace. As a consequence, riskier assets - including high-yield bonds -
rallied through the end of the period.
The pattern was very similar for emerging market bonds, which performed
very well in the first eight months of the fiscal year, declined in May and
June, and then rallied again in the closing 10 weeks of the fiscal year.
Emerging markets returns were generally healthy despite some recognition
that political issues potentially could affect the credit markets. Many
emerging market nations held elections during the year, including Brazil,
Mexico, Peru, Colombia and Ecuador.
Over the course of the full 12 months, the value of the U.S. dollar
weakened on world currency markets, as demand for U.S. bonds slackened amid
concerns about a potential build-up of inflationary pressures in the U.S.
These concerns also waned in the final weeks of the period, and the dollar
recovered against other currencies.
Q: How did you position the Fund in this environment?
A: We tended to emphasize domestic high-yield bonds and de-emphasize both
emerging market debt and international high-yield bonds denominated in
foreign currencies. In general, we did not think the yield spreads - or
yield advantages - offered by foreign high-yield bonds justified the added
risks of foreign investing. We were not particularly attracted to
high-yield bonds
5
Pioneer Global High Yield Fund
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PORTFOLIO MANAGEMENT DISCUSSION 10/31/06 (continued)
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denominated in foreign currencies because we believed the downside risks of
investing in dollar-denominated bonds were relatively limited. Despite this
general emphasis on domestic bonds, we did find some selected opportunities
in bonds issued by foreign companies that had competitive global
businesses. The strong growth in the domestic economy - combined with the
low default rates of high-yield corporate debt - also encouraged us to
emphasize domestic bonds.
At the end of the fiscal year, on October 31, 2006, 53.7% of Fund assets
were invested in domestic high-yield bonds, with 29.8% invested in emerging
market debt and another 11.5% in international high yield bonds. The
average credit quality rating of portfolio holdings was B, and the Fund's
effective duration was 4.37 years.
Q: What types of investments had the greatest influence on Fund performance?
A: The Fund strongly benefited when several companies bought back their debt,
either as the result of being acquired, the issuance of new stocks or an
improvement in operations. Companies that were acquired included
Transmontaigne, an energy distribution company; Indo Coal, an Indonesian
corporation; Innova and Doane Pet Care, two pet food companies; and
Trustreet, a real estate investment trust specializing in restaurant
properties. Companies that issued new stock offerings and retired debt
included Warner Chilcott, a pharmaceutical corporation; Altra and Aventine,
two companies specializing in developing biofuels; and Rexel, a distributor
of electrical parts. Bond issuers that bought back debt as a result of
their improved financial performance included Nova, a Mexican satellite
transmission company; J. Ray McDermott, an oil field services corporation;
Hanger Orthopedic, a producer of orthopedic products; Dollar Financial,
which provides financial services to low- and middle-income customers; and
Eschelon, which provides telecommunications systems for large institutions.
Two investments that had been notable disappointments earlier bounced back
during the period. The first was Stratos Global, a Canadian-based company
that provides satellite communications services. Stratos reported improved
results as the period progressed. The second was Cell C, a South African
wireless
6
Pioneer Global High Yield Fund
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communications company. When a new management team arrived and a key
investor pledged to inject more capital into the company, we added to the
position. The bonds have started to rally since we increased our
investment.
Our underweight position in the automotive industry detracted from results.
Although we did invest in bonds of General Motors and Ford Motor Credit,
our positions were relatively small compared to high-yield benchmarks. GM
and Ford bonds performed very well during the period as their prices
recovered some of the value they lost after the securities were downgraded
from investment-grade to high-yield in 2005. However, we continue to
underweight these companies, preferring higher quality companies with solid
balance sheets in industries that we believe have better growth prospects.
Although we de-emphasized bonds of home-building companies, we did have
positions in two builders that performed poorly: William Lyons and WCI
Communities.
Q: What is your investment outlook?
A: We expect to continue to emphasize domestic high-yield bonds, which could
benefit from a steadily growing economy. Our focus remains on individual
security analysis and selection, rather than sector or industry weightings.
We have, however, gradually added to investments in bonds of companies less
affected by changes in the business cycle. While the yield advantages - or
spreads - of high-yield bonds over high-grade bonds have narrowed, we
believe corporate high yield bonds remain attractive as long as default
rates remain at their low levels. In contrast, we believe the spreads
currently offered by emerging market bonds do not appear to justify a
larger emphasis in that area.
As we approach 2007, we will continue to be mindful of the risks of adding
to the interest-rate sensitivity of the Fund by extending duration and
exposing the portfolio to the dangers of rising market interest rates.
7
Pioneer Global High Yield Fund
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PORTFOLIO MANAGEMENT DISCUSSION 10/31/06 (continued)
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Investments in high-yield or lower-rated securities are subject to
greater-than-average risk. When interest rates rise, the prices of fixed-income
securities in the Fund will generally fall. Conversely, when interest rates
fall, the prices of fixed-income securities in the Fund will generally rise.
Investing in foreign and/or emerging markets securities involves risks relating
to interest rates, currency exchange rates, economic, and political conditions.
Investments in the Fund are subject to possible loss due to the financial
failure of underlying securities and their inability to meet their debt
obligations. Prepayment risk is the chance that mortgage-backed bonds will be
paid off early if falling interest rates prompt homeowners to refinance their
mortgages. Forced to reinvest the unanticipated proceeds at lower interest
rates, the Fund would experience a decline in income and lose the opportunity
for additional price appreciation associated with falling interest rates. At
times, the Fund's investments may represent industries or industry sectors that
are interrelated or have common risks, making it more susceptible to any
economic, political, or regulatory developments or other risks affecting those
industries and sectors. These risks may increase share price volatility.
Any information in this shareholder report regarding market or economic trends
or the factors influencing the Fund's historical or future performance are
statements of the opinion of Fund management as of the date of this report.
These statements should not be relied upon for any other purposes. Past
performance is no guarantee of future results, and there is no guarantee that
market forecasts discussed will be realized.
8
Pioneer Global High Yield Fund
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PORTFOLIO SUMMARY 10/31/06
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Portfolio Diversification
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(As a percentage of total investment portfolio)
[THE FOLLOWING DATA IS A REPRESENTATION OF A PIE CHART IN THE PRINTED MATERIAL]
Corporate Bonds 88.7%
Temporary Cash Investments 4.4%
Asset Backed Securities 2.9%
Convertible Corporate Bonds 1.3%
Foreign Government Bonds 0.9%
Collateralized Mortgage Obligations 0.8%
Municipal Bonds 0.5%
U.S. Government Agency Obligations 0.4%
Warrants 0.1%
10 Largest Holdings
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(As a percentage of total debt holdings)
1. Cosan SA Industria, 8.25%, 2/15/49 (144A) 1.22%
2. Cricket Communications I, 9.375%, 11/1/14 (144A) 1.21
3. Kvaerner ASA, 0.0%, 10/30/11 1.13
4. Intelsat Intermediate, 0.0%, 2/1/15 1.10
5. Asia Aluminum Holdings, 8.0%, 12/23/11 (144A) 1.09
6. Corp Interamer De Entret, 8.875%, 6/14/15 (144A) 1.03
7. Gol Finance, 8.75%, 4/29/49 (144A) 1.02
8. DDI Holding AS, 9.3%, 1/19/12 (144A) 1.02
9. Impress Metal Pack Holding, 9.25%, 9/15/14 (144A) 1.01
10. Huges Network System, 9.5%, 4/15/14 (144A) 1.00
* This list excludes temporary cash 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.
9
Pioneer Global High Yield Fund
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PRICES AND DISTRIBUTIONS
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Net Asset Value Per Share
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Class 10/31/06 10/31/05
- ----- -------- --------
A $12.34 $11.88
B $12.31 $11.85
C $12.28 $11.82
Class 10/31/06 12/28/05
- ----- -------- --------
Y $12.19 $11.88
Distributions Per Share
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11/1/05 - 10/31/06
------------------
Short-Term Long-Term
Class Dividends Capital Gains Capital Gains
- ----- --------- ------------- -------------
A $0.8950 $ - $0.0336
B $0.7965 $ - $0.0336
C $0.7987 $ - $0.0336
12/28/05 - 10/31/06
-------------------
Short-Term Long-Term
Class Dividends Capital Gains Capital Gains
- ----- --------- ------------- -------------
Y $0.7557 $ - $ -
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INDEX DEFINITIONS
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The Merrill Lynch (ML) Global High Yield and Emerging Markets Plus Index tracks
the performance of the below and border-line investment-grade global debt
markets denominated in the major developed market currencies. The index includes
sovereign issuers rated BBB1 and lower along with corporate issuers rated BB1
and lower. There are no restrictions on issuer country of domicile. However, the
bonds must be publicly issued in a developed market (i.e., investment-grade
country). Index returns are calculated monthly, assume reinvestment of dividends
and, unlike Fund returns, do not reflect any fees, expenses or sales charges.
You cannot invest directly in an index.
The index defined here pertains to the "Value of $10,000 Investment" charts
appearing on pages 11-14.
10
Pioneer Global High Yield Fund
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PERFORMANCE UPDATE 10/31/06 CLASS A SHARES
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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 Merrill Lynch (ML) Global High Yield and Emerging
Markets Plus Index.
Average Annual Total Returns
(As of October 31, 2006)
Net Asset Public Offering
Period Value (NAV) Price (POP)
Life-of-Class
(8/27/01) 13.94% 12.94%
5 Years 15.33 14.27
1 Year 12.12 7.07
[THE FOLLOWING DATA IS A REPRESENTATION OF A MOUNTIAN CHART IN THE PRINTED
MATERIAL]
Value of $10,000 Investment
ML Global High
Pioneer Global Yield and Emerging
High Yield Fund Markets Plus Index
8/01 $ 9,550 $10,000
10/01 $ 9,245 $ 9,591
10/02 $ 9,273 $ 9,429
10/03 $13,501 $12,700
10/04 $15,502 $14,456
10/05 $16,822 $15,317
10/06 $18,860 $17,095
Call 1-800-225-6292 or visit pioneerinvestments.com for the most recent
month-end performance results. Current performance may be lower or higher than
the performance data quoted.
The performance data quoted represents past performance, which is no guarantee
of future results. Investment return and principal value will fluctuate, and
shares, when redeemed, may be worth more or less than their original cost.
NAV results represent the percent change in net asset value per share. Returns
would have been lower had charges been reflected. POP returns reflect deduction
of maximum 4.5% 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.
11
Pioneer Global High Yield Fund
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PERFORMANCE UPDATE 10/31/06 CLASS B SHARES
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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, compared to that of the
Merrill Lynch (ML) Global High Yield and Emerging Markets Plus Index.
Average Annual Total Returns
(As of October 31, 2006)
Period If Held If Redeemed
Life-of-Class
(11/21/03) 10.51% 9.67%
1 Year 11.25 7.25
[THE FOLLOWING DATA IS A REPRESENTATION OF A MOUNTIAN CHART IN THE PRINTED
MATERIAL]
Value of $10,000 Investment
ML Global High
Pioneer Global Yield and Emerging
High Yield Fund Markets Plus Index
11/03 $10,000 $10,000
10/04 $11,146 $11,192
10/05 $11,995 $11,858
10/06 $13,044 $13,234
Call 1-800-225-6292 or visit pioneerinvestments.com for the most recent
month-end performance results. Current performance may be lower or higher than
the performance data quoted.
The performance data quoted represents past performance, which is no guarantee
of future results. Investment return and principal value will fluctuate, and
shares, when redeemed, may be worth more or less than their original cost.
"If Held" results represent the percent change in net asset value per share.
Returns would have been lower had sales charges been reflected. "If redeemed"
returns reflect the deduction of applicable contingent deferred sales charge
(CDSC). Effective December 1, 2004, the period during which a CDSC is applied to
withdrawals was shortened to 5 years. The maximum CDSC for class B shares
continues to be 4%. For more complete information, please see the prospectus for
details. Note: Shares purchased prior to December 1, 2004 remain subject to the
CDSC in effect at the time you purchased those shares. For performance
information for shares purchased prior to December 1, 2004, please visit
pioneerinvestments.com/bshares.
All results are historical and assume the reinvestment of dividends and capital
gains. Other share classes are available for which performance and expenses will
differ.
Performance results reflect any applicable expense waivers in effect during the
periods shown. Without such waivers Fund performance would be lower. Waivers may
not be in effect for all funds. Certain fee waivers are contractual through a
specified period. Otherwise, fee waivers can be rescinded at any time. See the
prospectus and financial statements for more information.
The performance table and graph do not reflect the deduction of fees and taxes
that a shareowner would pay on Fund distributions or the redemption of Fund
shares.
12
Pioneer Global High Yield Fund
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PERFORMANCE UPDATE 10/31/06 CLASS C SHARES
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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, compared to that of the
Merrill Lynch (ML) Global High Yield and Emerging Markets Plus Index.
Average Annual Total Returns
(As of October 31, 2006)
Period If Held If Redeemed
Life-of-Class
(11/21/03) 10.30% 10.30%
1 Year 11.30 11.30
[THE FOLLOWING DATA IS A REPRESENTATION OF A MOUNTIAN CHART IN THE PRINTED
MATERIAL]
Value of $10,000 Investment
ML Global High
Pioneer Global Yield and Emerging
High Yield Fund Markets Plus Index
11/03 $10,000 $10,000
10/04 $11,079 $11,192
10/05 $11,921 $11,858
10/06 $13,267 $13,234
Call 1-800-225-6292 or visit pioneerinvestments.com for the most recent
month-end performance results. Current performance may be lower or higher than
the performance data quoted.
The performance data quoted represents past performance, which is no guarantee
of future results. Investment return and principal value will fluctuate, and
shares, when redeemed, may be worth more or less than their original cost.
Class C shares held for less than one year are also subject to a 1% contingent
deferred sales charge (CDSC). 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.
13
Pioneer Global High Yield Fund
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PERFORMANCE UPDATE 10/31/06 CLASS Y SHARES
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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, compared to that of the
Merrill Lynch (ML) Global High Yield and Emerging Markets Plus Index.
Average Annual Total Returns
(As of October 31, 2006)
Period If Held If Redeemed
Life-of-Class
(8/27/01) 13.71% 13.71%
5 Years 15.08 15.08
1 Year 10.93 10.93
[THE FOLLOWING DATA IS A REPRESENTATION OF A MOUNTIAN CHART IN THE PRINTED
MATERIAL]
Value of $10,000 Investment
ML Global High
Pioneer Global Yield and Emerging
High Yield Fund Markets Plus Index
8/01 $10,000 $10,000
10/01 $ 9,682 $ 9,591
10/02 $ 9,711 $ 9,429
10/03 $14,138 $12,700
10/04 $16,234 $14,456
10/05 $17,616 $15,317
10/06 $19,542 $17,095
Call 1-800-225-6292 or visit pioneerinvestments.com for the most recent
month-end performance results. Current performance may be lower or higher than
the performance data quoted.
The performance data quoted represents past performance, which is no guarantee
of future results. Investment return and principal value will fluctuate, and
shares, when redeemed, may be worth more or less than their original cost.
Performance for periods prior to the inception of the Fund's Class Y shares
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 shown for Class Y shares prior to their
inception would have been higher. 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.
During the period, the investment advisor waived or reimbursed certain expenses.
Without this waiver, returns would have been lower.
14
Pioneer Global High Yield Fund
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COMPARING ONGOING FUND EXPENSES
- --------------------------------------------------------------------------------
As a shareowner in the Fund, you incur two types of costs:
(1) ongoing costs, including management fees, distribution and/or service
(12b-1) fees, and other Fund expenses; and
(2) transaction costs, including sales charges (loads) on purchase payments.
This example is intended to help you understand your ongoing expenses (in
dollars) of investing in the Fund and to compare these costs with the ongoing
costs of investing in other mutual funds. The example is based on an investment
of $1,000 at the beginning of the Fund's latest six-month period and held
throughout the six months.
Using the Tables
Actual Expenses
The first table below provides information about actual account values and
actual expenses. You may use the information in this table, together with the
amount you invested, to estimate the expenses that you paid over the period as
follows:
1. Divide your account value by $1,000
Example: an $8,600 account value [divided by] $1,000 = 8.6
2. Multiply the result in (1) above by the corresponding share class's number
in the third row under the heading entitled "Expenses Paid During Period"
to estimate the expenses you paid on your account during this period.
Expenses Paid on a $1,000 Investment in Pioneer Global High Yield Fund
Based on actual returns from May, 1 2006 through October 31, 2006.
Share Class A B C Y
- --------------------------------------------------------------------------------
Beginning Account Value $1,000.00 $1,000.00 $1,000.00 $1,000.00
On 5/1/06
Ending Account Value $1,046.58 $1,041.67 $1,042.72 $1,031.82
On 10/31/06
Expenses Paid During Period* $ 5.67 $ 10.09 $ 9.73 $ 3.74
* Expenses are equal to the Fund's annualized expense ratio of 1.10%, 1.96%,
1.89% and 0.73% for Class A, Class B, Class C and Class Y shares,
respectively, multiplied by the average account value over the period,
multiplied by 184/365 (to reflect the one half year period).
15
Pioneer Global High Yield Fund
- --------------------------------------------------------------------------------
COMPARING ONGOING FUND EXPENSES (continued)
- --------------------------------------------------------------------------------
Hypothetical Example for Comparison Purposes
The table below provides information about hypothetical account values and
hypothetical expenses based on the Fund's actual expense ratio and an assumed
rate of return of 5% per year before expenses, which is not the Fund's actual
return. The hypothetical account values and expenses may not be used to estimate
the actual ending account balance or expenses you paid for the period.
You may use this information to compare the ongoing costs of investing in the
Fund and other funds. To do so, compare this 5% hypothetical example with the 5%
hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the tables are meant to highlight your
ongoing costs only and do not reflect any transaction costs, such as sales
charges (loads) that are charged at the time of the transaction. Therefore, the
table below is useful in comparing ongoing costs only and will not help you
determine the relative total costs of owning different funds. In addition, if
these transaction costs were included, your costs would have been higher.
Expenses Paid on a $1,000 Investment in Pioneer Global High Yield Fund
Based on a hypothetical 5% per year return before expenses, reflecting the
period from May 1, 2006 through October 31, 2006.
Share Class A B C Y**
- --------------------------------------------------------------------------------
Beginning Account Value $1,000.00 $1,000.00 $1,000.00 $1,000.00
On 5/1/06
Ending Account Value $1,019.66 $ 1,01532 $1,015.68 $1,021.53
On 10/31/06
Expenses Paid During Period* $ 5.60 $ 9.96 $ 9.60 $ 3.72
* Expenses are equal to the Fund's annualized expense ratio of 1.10%, 1.96%,
1.89% and 0.73% for Class A, Class B, Class C and Class Y shares,
respectively, multiplied by the average account value over the period,
multiplied by 184/365 (to reflect the one half year period).
16
Pioneer Global High Yield Fund
- --------------------------------------------------------------------------------
SCHEDULE OF INVESTMENTS 10/31/06
- --------------------------------------------------------------------------------
Principal Floating
Amount Rate (e) Value
CONVERTIBLE CORPORATE BONDS - 1.3%
Pharmaceuticals & Biotechnology - 0.6%
Pharmaceuticals - 0.5%
$7,220,000 Pharm Resources, 2.875%, 9/30/10 $ 6,759,725
-----------
Total Pharmaceuticals & Biotechnology $ 6,759,725
-----------
Software & Services - 0.8%
Application Software - 0.4%
6,025,000 Magma Design Automation, 0.0%, 5/15/08 $ 5,256,813
-----------
Systems Software - 0.3%
3,270,000 Macrovision Corp., 2.625%, 8/15/11 (144A) $ 3,850,425
-----------
Total Software & Services $ 9,107,238
-----------
TOTAL CONVERTIBLE CORPORATE BONDS
(Cost $14,781,977) $15,866,963
-----------
RIGHTS/WARRANTS - 0.1%
Energy - 0.1%
Oil & Gas Drilling - 0.1%
7,153,000 Norse Energy Corp., ASA* $ 1,422,807
-----------
Total Energy $ 1,422,807
-----------
Materials - 0.0%
Forest Products - 0.0%
3,250 Mandra Forestry-CW13, Warrants Expire,
5/15/13* $ -
-----------
Total Materials $ -
-----------
Capital Goods - 0.0%
Building Products - 0.0%
133,000 Thule Drilling ASA-CW07* $ -
-----------
Total Capital Goods $ -
-----------
Transportation - 0.0%
Railroads - 0.0%
5,250 Atlantic Express Transportation, Exp., 4/15/08 $ 10,500
-----------
Total Transportation $ 10,500
-----------
TOTAL RIGHTS/WARRANTS
(Cost $611,624) $ 1,433,307
-----------
ASSET BACKED SECURITIES - 2.8%
Transportation - 0.7%
Airlines - 0.7%
1,283,930 American Airlines, Inc., 7.377%, 5/23/19 $ 1,232,572
602,222 American Airlines, Inc., 9.71%, 1/30/07 605,233
5,016,059 American Airlines, Inc., 7.379%, 5/23/16 4,765,256
2,131,307 Continental Airlines, Inc., 8.499%, 5/1/11 2,109,994
The accompanying notes are an integral part of these financial statements. 17
Pioneer Global High Yield Fund
- --------------------------------------------------------------------------------
SCHEDULE OF INVESTMENTS 10/31/06 (continued)
- --------------------------------------------------------------------------------
Principal Floating
Amount Rate (e) Value
Airlines - (continued)
$ 130,436 Continental Airlines, Inc., 8.312%, 4/2/11 $ 132,066
-----------
$ 8,845,121
-----------
Total Transportation $ 8,845,121
-----------
Consumer Services - 0.1%
Restaurants - 0.1%
930,000 Dunkin Brands Master Finance LLC, 8.28%,
6/20/31 (144A) $ 951,202
-----------
Total Consumer Services $ 951,202
-----------
Retailing - 0.6%
Distributors - 0.6%
7,600,000 NTComex, Inc., 11.75%, 1/15/11 (144A) $ 7,524,000
-----------
Total Retailing $ 7,524,000
-----------
Banks - 0.3%
Thrifts & Mortgage Finance - 0.3%
4,185,000 8.64 Taganka Car Loan Finance Plc, Floating Rate
Note, 11/14/13 (144A) $ 4,184,582
-----------
Total Banks $ 4,184,582
-----------
Utilities - 1.1%
Electric Utilities - 1.0%
1,700,638 FPL Energy National Wind, 6.125%,
3/25/19 (144A) $ 1,654,584
1,952,280 FPL Energy Wind Funding, 6.876%,
6/27/17 (144A) 1,984,005
8,901,665 Ormat Funding Corp., 8.25%, 12/30/20 9,113,079
-----------
$12,751,668
-----------
Total Utilities $12,751,668
-----------
TOTAL ASSET BACKED SECURITIES
(Cost $33,133,611) $34,256,573
-----------
COLLATERALIZED MORTGAGE OBLIGATIONS - 0.8%
Banks - 0.8%
Thrifts & Mortgage Finance - 0.8%
4,890,000 SBA CMBS Trust, 7.825%, 11/15/36 $ 4,889,897
5,065,000 T SRA R 2006-1 F, 7.5296%,
10/15/36 (144A) 5,142,558
-----------
TOTAL COLLATERALIZED MORTGAGE
OBLIGATIONS $10,032,455
-----------
(Cost $9,962,953) $10,032,455
-----------
18 The accompanying notes are an integral part of these financial statements.
Pioneer Global High Yield Fund
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Principal Floating
Amount Rate (e) Value
CORPORATE BONDS - 86.9%
Energy - 11.7%
Coal & Consumable Fuels - 0.9%
$ 5,800,000 Adaro Finance B.V., 8.5%, 12/8/10 (144A) $ 5,981,250
5,300,000 Massey Energy Co., 6.875%, 12/15/13 4,968,750
-----------
$10,950,000
-----------
Oil & Gas Drilling - 1.4%
11,000,000 DDI Holding AS, 9.3%, 1/19/12 $11,467,500
7,153,000 Norse Energy ASA, 6.5%, 7/14/11 (144A) 5,543,575
-----------
$17,011,075
-----------
Oil & Gas Equipment & Services - 2.7%
69,000,000 Petromena AS, 9.75%, 5/24/12 (144A) $10,927,076
3,765,000 11.67 Pipe Acquisition Finance, Floating Rate Note,
12/15/10 (144A) 3,802,650
4,000,000 Semgroup LP, 8.75%, 11/15/15 (144A) 4,030,000
6,400,000 Sevan Marine ASA, 9.75%, 1/31/11 6,400,000
NOK 33,000,000 Sevan Marine, 9.0%, 3/31/08 5,193,794
NOK 9,500,000 Thule Drilling, 10.0%, 5/10/07 1,598,935
NOK 8,500,000 Thule Drilling, 10.0%, 5/10/07 1,339,586
-----------
$33,292,041
-----------
Oil & Gas Exploration & Production - 5.7%
60,000 Baytex Energy, Ltd., 9.625%, 7/15/10 (144A) $ 62,400
4,485,000 Baytex Energy, Ltd., 9.625%, 7/15/10 4,664,400
1,505,000 Berry Petroleum Co., 8.25% 11/1/16 1,508,763
7,750,000 Chesapeake Energy Corp., 7.625%, 7/15/13 8,030,938
6,395,000 Clayton Williams Energy, 7.75%, 8/1/13 5,899,388
2,020,000 Gazprom International SA, 7.201%,
2/1/20 (144A) 2,122,010
4,270,000 Harvest Operations Corp., 7.875%, 10/15/11 4,056,500
2,000,000 Hilcorp Energy, 7.75%, 11/1/15 (144A) 1,940,000
4,390,000 Hilcorp Energy, 9.0%, 6/1/16 (144A) 4,543,650
3,970,000 Pan American Energy, LLC, 7.75%,
2/9/12 (144A) 3,989,850
5,950,000 Petroquest Energy, Inc., 10.375%, 5/15/12 6,188,000
4,950,000 Pogo Producing Co., 7.875%, 5/1/13 (144A) 5,036,625
5,065,000 Quicksilver Resources, Inc., 7.125%, 4/1/16 4,786,425
5,860,000 Range Resources Corp., 7.5%, 5/15/16 5,918,600
2,405,000 Stone Energy Corp., 6.75%, 12/15/14 2,296,775
6,980,000 Verasun Energy Corp., 9.875%, 12/15/12 7,329,000
------------
$68,373,324
-----------
The accompanying notes are an integral part of these financial statements. 19
Pioneer Global High Yield Fund
- --------------------------------------------------------------------------------
SCHEDULE OF INVESTMENTS 10/31/06 (continued)
- --------------------------------------------------------------------------------
Principal Floating
Amount Rate (e) Value
Oil & Gas Storage & Transportation - 0.9%
$ 2,015,000 Copano Energy LLC, 8.125%, 3/1/16 $ 2,050,263
5,540,000 0.00 Enterprise Products, Floating Rate
Note, 8/1/66 5,953,916
960,000 Inergy LP, 8.25%, 3/1/16 996,000
1,865,000 Targa Resources, Inc., 8.5%, 11/1/13 (144A) 1,860,338
------------
$ 10,860,517
------------
Total Energy $140,486,957
------------
Materials - 20.2%
Aluminum - 1.5%
12,510,000 Asia Aluminum Holdings, 8.0%,
12/23/11 (144A) $ 12,259,800
5,710,000 Indalex Holding, 11.5%, 2/1/14 (144A) 5,995,500
------------
$ 18,255,300
------------
Commodity Chemicals - 2.1%
515,000 Arco Chemical Co., 9.8%, 2/1/20 $ 581,950
6,770,000 Georgia Gulf Corp., 10.75%, 10/15/16 (144A) 6,617,675
3,086,000 Georgia Gulf Corp., 9.5%, 10/15/14 (144A) 3,039,710
9,465,000 Invista, 9.25%, 5/1/12 (144A) 10,080,225
4,900,000 Tronox Worldwide Finance, 9.5%, 12/1/12 5,059,250
------------
$ 25,378,810
------------
Construction Materials - 1.7%
8,615,000 Advanced Glass Yarn Corp., 11.0%,
11/15/14 (144A) $ 8,658,075
1,500,000 Panolan Industries International, 10.75%,
10/1/13 (144A) 1,530,000
3,750,000 RMCC Acquisition Co., 9.5%, 11/1/12 (144A) 3,881,250
6,900,000 U.S. Concrete, Inc., 8.375%, 4/1/14 6,624,000
------------
$ 20,693,325
------------
Diversified Chemical - 5.3%
5,525,000 Basell Finance Co., 8.1%, 3/15/27 (144A) $ 5,193,500
9,070,000 Braskem SA, 11.75%, 1/22/14 11,201,450
4,155,000 Braskem SA, 11.75%, 1/22/14 (144A) 5,131,425
12,455,000 Crystal US Holdings, Inc., Floating Rate
Note, 10/1/14 (c) 10,462,200
5,400,000 Hexion Specialty Chemicals, 9.75%,
11/15/14 (144A) 5,386,500
EURO 640,000 Huntsman International LLC, 10.125%, 7/1/09 837,482
5,635,000 Ineos Group Holdings Plc, 7.875%,
2/15/16 (144A) 6,897,174
EURO 5,515,000 Nell AF Sarl, 8.375%, 8/15/15 (144A) 7,401,562
20 The accompanying notes are an integral part of these financial statements.
Pioneer Global High Yield Fund
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Principal Floating
Amount Rate (e) Value
Diversified Chemical - (continued)
$ 1,000,000 Nell AF Sarl, 8.375%, 8/15/15 (144A) $ 1,015,000
7,875,000 Phibro Animal Health Corp., 10.0%,
8/1/13 (144A) 8,111,250
EURO 1,001,000 Rhodia SA, 9.25%, 6/1/11 1,367,382
-----------
$63,004,925
-----------
Diversified Metals & Mining - 2.1%
11,170,000 FMG Finance Pty, Ltd., 10.625%,
9/1/16 (144A) $11,002,450
5,500,000 PNA Group, Inc., 10.75%, 9/1/16 (144A) 5,665,000
2,550,000 Vale Overseas, Ltd., 8.25%, 1/17/34 2,946,525
5,795,000 Vedenta Resources Plc, 6.625%,
2/22/10 (144A) 5,715,319
-----------
$25,329,294
-----------
Forest Products - 0.9%
4,170,000 Ainsworth Lumber, 6.75%, 3/15/14 $ 2,960,700
450,000 Ainsworth Lumber, 6.75%, 3/15/14 317,250
4,175,000 Mandra Foresty, 12.0%, 5/15/13 (144A) 2,797,250
4,225,000 Sino Forest Corp., 9.125%, 8/17/11 (144A) 4,467,938
-----------
$10,543,138
-----------
Metal & Glass Containers - 1.2%
9,100,000 Impress Metal Pack Holding, 9.25%,
9/15/14 (144A) $11,443,253
2,885,000 Vitro Envases Norteamerica, 10.75%,
7/23/11 (144A) 3,091,278
-----------
$14,534,531
-----------
Paper Packaging - 2.2%
8,158,000 AEP Industries, Inc., 7.875%, 3/15/13 $ 8,239,580
8,605,000 Graham Packaging Co., 9.875%, 10/15/14 (c) 8,626,513
9,730,000 Graphic Packaging Co., 9.5%, 8/15/13 (c) 9,997,575
EURO 10,000 MDP Acquisitions Plc, 10.125%,
10/1/12 (144A) 13,947
-----------
$26,877,615
-----------
Paper Products - 1.0%
9,870,000 Exopac Holding Corp., 11.25%, 2/1/14 (144A) $10,338,825
1,720,000 P.H. Glatfelter, 7.125%, 5/1/16 (144A) 1,714,957
-----------
$12,053,782
-----------
Precious Metals & Minerals - 0.3%
2,625,000 Alrosa Finance SA, 8.875%, 11/17/14 (144A) $ 3,012,188
-----------
The accompanying notes are an integral part of these financial statements. 21
Pioneer Global High Yield Fund
- --------------------------------------------------------------------------------
SCHEDULE OF INVESTMENTS 10/31/06 (continued)
- --------------------------------------------------------------------------------
Principal Floating
Amount Rate (e) Value
Specialty Chemicals - 0.8%
$ 950,000 Kronos International, Inc., 6.5%, 4/15/13 $ 1,167,337
7,500,000 LPG International, Inc., 7.25%, 12/20/15 7,453,125
920,000 Polyone Corp., 8.875%, 5/1/12 (c) 933,800
------------
$ 9,554,262
------------
Steel - 1.1%
4,000,000 Bulgaria Steel Finance, 12.0%, 5/4/13 $ 5,304,481
1,835,000 CSN Islands IX Corp., 10.5%, 1/15/15 (144A) 2,130,894
2,765,000 CSN Islands IX Corp., 9.5%, 7/1/49 (144A) 2,893,020
3,160,000 Edgen Acquisition Corp., 9.875%, 2/1/11 3,128,400
------------
$ 13,456,795
------------
Total Materials $242,693,965
------------
Capital Goods - 9.2%
Aerospace & Defense - 0.1%
940,000 L-3 Communications Corp., 6.375%, 10/15/15 $ 925,900
------------
Building Products - 1.5%
8,765,000 9.65 Builders Firstsource, Inc., Floating Rate
Note, 2/15/12 $ 8,611,613
1,650,000 Caue Finance, Ltd., 8.875%, 8/1/15 (144A) 1,802,625
2,670,000 CCSA Finance, Ltd., 7.875%, 5/17/16 (144A) 2,720,063
4,675,000 Loma Negra C.I.A.S.A., 7.25%,
3/15/13 (144A) 4,597,863
------------
$ 17,732,164
------------
Construction & Engineering - 1.7%
2,975,000 Desarrolladora Homex SA, 7.5%, 9/28/15 $ 2,985,413
4,950,000 Dycom Industries, 8.125%, 10/15/15 5,123,250
NOK 83,228,200 5.00 Kvaerner ASA, 0.0%, 10/30/11 12,798,265
------------
$ 20,906,928
------------
Construction & Farm Machinery & Heavy Trucks - 2.4%
5,140,000 Accuride Corp., 8.5%, 2/1/15 $ 4,985,800
8,270,000 Commercial Vehicle Group, 8.0%, 7/1/13 8,021,900
2,450,000 Greenbrier Co., Inc., 8.375%, 5/15/15 2,480,625
13,800,000 12.00 Stanadyne Corp., Floating Rate Note, 2/15/15 9,108,000
4,090,000 Stanadyne Corp., 10.0%, 8/15/14 4,171,800
------------
$ 28,768,125
------------
Electrical Component & Equipment - 0.2%
1,975,000 Vac Finanzierung BMGH, 9.25%,
4/15/16 (144A) $ 2,562,356
------------
22 The accompanying notes are an integral part of these financial statements.
Pioneer Global High Yield Fund
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Principal Floating
Amount Rate (e) Value
Heavy Electrical Equipment - 0.9%
$ 1,750,000 Altra Industrial Motion, 11.25%, 2/15/13 $ 3,438,993
3,030,000 Altra Industrial Motion, 9.0%, 12/1/11 3,090,600
4,750,000 Hawk Corp., 8.75%, 11/1/14 4,773,750
------------
$ 11,303,343
------------
Trading Companies & Distributors - 2.4%
2,000,000 Glencore Finance Europe, 8.0%, 2/28/49 $ 2,000,318
5,125,000 Glencore Funding LLC, 6.0%, 4/15/14 (144A) 4,978,251
3,065,000 Interline Brands, Inc., 8.125%, 6/15/14 3,133,963
2,075,000 Mobile Services Group, Inc., 9.75%,
8/1/14 (144A) 2,150,219
12,200,000 Noble Group, Ltd., 6.625%, 3/17/15 (144A) 11,004,412
EURO 3,500,000 Ray Acquisition Sca., 9.375%, 3/16/15 (144A) 5,060,322
------------
$ 28,327,485
------------
Total Capital Goods $110,526,301
------------
Commercial Services & Supplies - 4.4%
Diversified Commercial Services - 1.8%
820,000 Ashtead Holdings Plc, 8.625%, 8/1/15 (144A) $ 840,500
7,200,000 9.84 FS Funding AS, Floating Rate Note,
5/15/16 (144A) 9,145,921
2,930,000 FTI Consulting, 7.625%, 6/15/13 2,995,925
3,420,000 Park-Ohio Industries, Inc., 8.375%, 11/15/14 3,180,600
5,425,000 United Rentals NA, Inc., 7.75%, 11/15/13 (c) 5,411,438
------------
$ 21,574,384
------------
Environmental & Facilities Services - 2.1%
3,570,000 Clean Harbors, Inc., 11.25%, 7/15/12 (144A) $ 4,016,250
7,330,000 Hydrochem Industrial Service, 9.25%,
2/15/13 (144A) 7,275,025
6,963,298 New Reclamation Group, 8.125%,
2/1/13 (144A) 8,978,592
5,300,000 Waste Services, Inc., 9.5%, 4/15/14 5,432,500
------------
$ 25,702,367
------------
Office Services & Supplies - 0.5%
5,485,000 Nutro Products, Inc., 10.75%, 4/15/14 (144A) $ 5,896,375
------------
Total Commercial Services & Supplies $ 53,173,126
------------
Transportation - 3.5%
Airlines - 1.4%
736,000 AMR Corp., 9.8%, 10/1/21 (b) $ 727,720
2,660,000 Continental Air, Inc., 7.568%, 12/1/06 2,660,000
11,850,000 Gol Finance, 8.75%, 4/29/49 (144A) 11,524,125
The accompanying notes are an integral part of these financial statements. 23
Pioneer Global High Yield Fund
- --------------------------------------------------------------------------------
SCHEDULE OF INVESTMENTS 10/31/06 (continued)
- --------------------------------------------------------------------------------
Principal Floating
Amount Rate (e) Value
Airlines - (continued)
$ 3,100,000 Northwest Airlines, Inc., 10.0%, 2/1/09 (d) $ 1,937,500
-----------
$16,849,345
-----------
Marine - 1.8%
1,615,000 CMA CGM SA, 7.25%, 2/1/13 (144A) $ 1,562,513
1,600,000 0.00 DP Producer AS, Floating Rate Note,
12/5/11 (144A) 1,600,000
3,251,000 11.00 H-Lines Finance Holding, Floating Rate
Note, 4/1/13 2,934,028
1,500,000 Seabulk International, Inc., 9.5%, 8/15/13 1,625,625
3,750,000 Ship Finance International, Ltd.,
8.5%, 12/15/13 3,656,250
7,455,000 Stena AB, 7.0%, 12/1/16 7,091,569
500,000 Stena AB, 7.5%, 11/1/13 497,500
2,660,000 Trailer Bridge, Inc., 9.25%, 11/15/11 2,699,900
-----------
$21,667,385
-----------
Railroads - 0.3%
3,855,000 TFM SA De CV, 9.375%, 5/1/12 $ 4,115,213
-----------
Total Transportation $42,631,943
-----------
Automobiles & Components - 2.2%
Auto Parts & Equipment - 0.5%
7,290,000 Cooper Standard Auto, 8.375%, 12/15/14 (c) $ 5,376,375
-----------
Automobile Manufacturers - 1.2%
2,050,000 Ashtead Capital, Inc., 9.0%, 8/15/16 (144A) $ 2,157,625
6,955,000 Ford Motor Credit Corp., 7.375%, 10/28/09 6,769,802
EURO 1,450,000 General Motors Corp., 7.25%, 7/3/13 1,765,527
4,250,000 General Motors Acceptance Corp.,
6.75%, 12/1/14 4,213,603
-----------
$14,906,557
-----------
Tires & Rubber - 0.5%
6,105,000 Goodyear Tire & Rubber, 9.0%, 7/1/15 $ 6,173,681
-----------
Total Automobiles & Components $26,456,613
-----------
Consumer Durables & Apparel - 1.3%
Homebuilding - 1.3%
4,120,000 Urbi Desarrollos Urbanos, 8.5%,
4/19/16 (144A) $ 4,367,200
5,300,000 WCI Communities, Inc., 6.625%, 3/15/15 (c) 4,319,500
1,760,000 WCI Communities, Inc., 7.875%, 10/1/13 (c) 1,491,600
24 The accompanying notes are an integral part of these financial statements.
Pioneer Global High Yield Fund
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Principal Floating
Amount Rate (e) Value
Homebuilding - (continued)
$ 6,620,000 William Lyon Homes, 7.50%, 2/15/14 $ 5,428,400
-----------
$15,606,700
-----------
Total Consumer Durables & Apparel $15,606,700
-----------
Consumer Services - 4.1%
Casinos & Gaming - 4.0%
3,450,000 Codere Finance SA, 8.25%, 6/15/15 (144A) $ 4,734,776
6,490,000 Galaxy Entertainment Financial, 9.875%,
12/15/12 (144A) 6,863,175
6,260,000 Little Traverse Bay Odawa Inn, 10.25%,
2/15/14 (144A) 6,260,000
6,960,000 8.25 Lottomatica S.p.A., Floating Rate Note,
3/31/66 (144A) 9,174,263
1,705,000 MTR Gaming Group., 9.75%, 4/1/10 1,790,250
3,725,000 Pokagon Gaming Authority, 10.375%,
6/15/14 (144A) 3,995,063
2,155,000 San Pasqual Casino, 8.0%, 9/15/13 (144A) 2,198,100
6,130,000 Station Casinos Inc., 6.625%, 3/15/18 5,440,375
7,400,000 Trump Entertainment Resorts, 8.5%, 6/1/15 7,242,750
-----------
$47,698,752
-----------
Hotels, Resorts & Cruise Lines - 0.1%
1,000,000 10.12 HRP Myrtle Beach, Floating Rate Note,
4/1/12 (144A) $ 997,500
-----------
Specialized Consumer Services - 0.0%
450,000 4.84 Tui AG, Floating Rate Note, 12/10/10 (144A) $ 570,184
-----------
Total Consumer Services $49,266,436
-----------
Media - 5.6%
Broadcasting & Cable TV - 3.8%
10,140,000 C&M Finance, Ltd., 8.1%, 2/1/16 (144A) $10,152,675
7,000,000 Cablemas Sa De Cv, 9.375%,
11/15/15 (144A) 7,402,500
4,760,000 CCH I LLC, 11.0%, 10/1/15 4,587,450
5,050,000 CCH II LLC/CCH II Cap CP, 10.25%,
9/15/10 (c) 5,201,500
10,840,000 Huges Network System, 9.5%, 4/15/14 (144A) 11,300,700
EURO 7,200,000 Kabel Deutschland GMBH, 10.625%,
7/1/14 (144A) 7,785,000
-----------
$46,429,825
-----------
Movies & Entertainment - 1.0%
11,770,000 Corp Interamer De Entret, 8.875%,
6/14/15 (144A) $11,681,725
-----------
The accompanying notes are an integral part of these financial statements. 25
Pioneer Global High Yield Fund
- --------------------------------------------------------------------------------
SCHEDULE OF INVESTMENTS 10/31/06 (continued)
- --------------------------------------------------------------------------------
Principal Floating
Amount Rate (e) Value
Publishing - 0.8%
$ 3,567,605 AAC Group Holding Corp., 12.75%,
10/1/12 (144A) $ 3,754,904
2,665,000 Sheridan Acquisition Corp., 10.25%, 8/15/11 2,718,300
3,580,000 Visant Holding Corp., 10.25%, 12/1/13 (STEP) 3,025,100
-----------
$ 9,498,304
-----------
Total Media $67,609,854
-----------
Retailing - 0.2%
General Merchandise Stores - 0.2%
1,750,000 Cnetral Garden, 9.125%, 2/1/13 $ 1,828,750
-----------
Total Retailing $ 1,828,750
-----------
Food & Drug Retailing - 1.1%
Drug Retail - 0.4%
4,685,000 Duane Reade, Inc., 9.75%, 8/1/11 (b) $ 4,134,513
375,000 9.89 Duane Reade, Inc., Floating Rate Note,
12/15/10 (c) 383,438
-----------
$ 4,517,951
-----------
Food Distributors - 0.7%
4,735,000 JBS SA, 10.5%, 8/4/16 (144A) $ 4,933,870
4,095,000 Wornick Co., 10.875%, 7/15/11 4,095,000
-----------
$ 9,028,870
-----------
Total Food & Drug Retailing $13,546,821
-----------
Food, Beverage & Tobacco - 2.3%
Agricultural Products - 1.1%
14,530,000 Cosan SA Industria, 8.25%, 2/15/49 (144A) $13,796,235
-----------
Brewers - 0.3%
3,519,000 Argentine Beverages, 7.375%, 3/22/12 (144A) $ 3,592,899
120,000 Cia Brasileira de Bebida, 8.75%, 9/15/13 139,800
-----------
$ 3,732,699
-----------
Distillers & Vintners - 0.7%
3,286,800 Belvedere, 7.692%, 4/11/14 $ 3,870,896
3,585,000 6.47 Belvedere, Floating Rate Note,
5/15/13 (144A) 4,702,652
-----------
$ 8,573,548
-----------
Packaged Foods & Meats - 0.2%
2,025,000 Bertin, Ltd., 10.25%, 10/5/16 (144A) $ 2,070,563
-----------
Total Food, Beverage & Tobacco $28,173,045
-----------
Health Care Equipment & Services - 2.6%
Health Care Equipment - 0.6%
6,435,000 Accellent, Inc., 10.5%, 12/1/13 $ 6,724,575
-----------
26 The accompanying notes are an integral part of these financial statements.
Pioneer Global High Yield Fund
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Principal Floating
Amount Rate (e) Value
Health Care Facilities - 0.8%
$ 5,285,000 Hanger Orthopedic Group., 10.25%, 6/1/14 $ 5,390,700
4,800,000 Psychiatric Solutions, 7.75%, 7/15/15 4,752,000
-----------
$10,142,700
-----------
Health Care Services - 0.5%
1,760,000 AMR Holdco/Emcar Holdco, 10.0%, 2/15/15 $ 1,887,600
3,665,000 Rural/Metro Corp., 9.875%, 3/15/15 3,820,763
-----------
$ 5,708,363
-----------
Health Care Supplies - 0.2%
2,200,000 12.87 Medical Services Co., Floating Rate Note,
10/15/11 $ 2,101,000
-----------
Managed Health Care - 0.5%
6,600,000 Multiplan, Inc., 10.375% 4/15/16 (144A) $ 6,600,000
-----------
Total Health Care Equipment & Services $31,276,638
-----------
Pharmaceuticals & Biotechnology - 1.5%
Biotechnology - 0.8%
11,015,000 Angiotech Pharmaceutical, 7.75%,
4/1/14 (144A) $10,464,250
-----------
Pharmaceuticals - 0.6%
7,270,000 Warner Chilcott Corp., 8.75%, 2/1/15 $ 7,506,275
-----------
Total Pharmaceuticals & Biotechnology $17,970,525
-----------
Banks - 3.8%
Diversified Banks - 3.8%
4,380,000 ALB Finance BV, 9.25%, 9/25/13 (144A) $ 4,336,200
6,675,000 ATF Bank JSC, 9.25%, 4/12/12 (144A) 6,794,883
3,110,000 ATF Bank, 9.0%, 5/11/16 (144A) 3,050,661
6,370,000 Hipotecaria Su Casita SA, 8.5%,
10/4/16 (144A) 6,602,505
3,750,000 9.20 Kazkommerts Finance 2 BV, Floating Rate
Note, 11/29/49 3,890,625
1,650,000 Kazkommerts International BV, 8.0%, 11/3/15 1,697,438
3,465,000 Russian Stand Bank, 7.5%, 10/7/10 (144A) 3,348,056
8,850,000 Sibacademfinance Plc, 9.0%, 5/12/09 (144A) 8,879,205
7,070,000 Turanalem Finance BV, 8.5%, 2/10/15 (144A) 7,282,100
-----------
$45,881,673
-----------
Total Banks $45,881,673
-----------
Diversified Financials - 0.8%
Consumer Finance - 0.5%
6,660,000 Ace Cash Express, Inc., 10.25%,
10/1/14 (144A) $ 6,693,300
-----------
The accompanying notes are an integral part of these financial statements. 27
Pioneer Global High Yield Fund
- --------------------------------------------------------------------------------
SCHEDULE OF INVESTMENTS 10/31/06 (continued)
- --------------------------------------------------------------------------------
Principal Floating
Amount Rate (e) Value
Investment Banking & Brokerage - 0.1%
$ 1,200,000 Sistema Finance SA, 10.25%, 4/14/08 $ 1,257,960
-----------
Diversified Financial Services - 0.1%
1,625,000 Bombardier Capital, Inc., 7.09%, 3/30/07 $ 1,625,325
-----------
Total Diversified Financials $ 9,576,585
-----------
Insurance - 1.1%
Life & Health Insurance - 0.4%
5,096,000 Presidential Life Corp., 7.875%, 2/15/09 $ 4,866,680
-----------
Property & Casualty Insurance - 0.2%
2,000,000 Kingsway America, Inc., 7.5%, 2/1/14 $ 2,041,246
-----------
Reinsurance - 0.5%
500,000 Odyssey Re Holdings, 7.65%, 11/1/13 $ 514,948
5,755,000 Platinum Underwriters HD, 7.5%, 6/1/17 6,023,966
-----------
$ 6,538,914
-----------
Total Insurance $13,446,840
-----------
Real Estate - 0.5%
Real Estate Investment Trusts - 0.5%
5,025,000 Trustreet Properties, Inc., 7.5%, 4/1/15 $ 5,477,250
-----------
Total Real Estate $ 5,477,250
-----------
Software & Services - 0.2%
Application Software - 0.1%
1,000,000 Serena Software, Inc., 10.375%, 3/15/16 $ 1,062,500
-----------
Data Processing & Outsourced Services - 0.1%
1,360,000 Ipayment, Inc., 9.75%, 5/15/14 (144A) $ 1,397,400
-----------
Total Software & Services $ 2,459,900
-----------
Technology Hardware & Equipment - 1.2%
Computer Hardware - 0.7%
7,775,000 Compucom Systems, Inc., 12.0%,
11/1/14 (144A) $ 7,823,594
-----------
Technology Distributors - 0.5%
6,125,000 Da-Lite Screen Co., Inc., 9.5%, 5/15/11 $ 6,461,875
-----------
Total Technology Hardware & Equipment $14,285,469
-----------
Semiconductors - 0.3%
4,150,000 NXP BV, 7.785%, 10/15/14 (144A) $ 4,212,250
-----------
Total Semiconductors $ 4,212,250
-----------
28 The accompanying notes are an integral part of these financial statements.
Pioneer Global High Yield Fund
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Principal Floating
Amount Rate (e) Value
Telecommunication Services - 7.6%
Integrated Telecommunication Services - 1.3%
$ 9,935,000 Eschelon Operating Co., 8.375%, 3/15/10 $ 9,562,438
5,700,000 Stratos Global Corp., 9.875%, 2/15/13 5,130,000
630,000 Tele Norte Leste Participacoes,
8.0%, 12/18/13 667,800
-----------
$15,360,238
-----------
Wireless Telecommunication Services - 6.3%
4,500,000 Broadview Networks Holdings, 11.375%,
9/1/12 (144A) $ 4,668,750
EURO 0 9,210,00 Cell C Pty, Ltd., 11.0%, 7/1/15 (144A) 8,830,088
EURO 0 2,135,00 Cell C Pty, Ltd., 8.625%, 7/1/12 (144A) 2,739,276
4,885,000 13.64 Cleveland Unlimited, Inc., Floating Rate Note,
12/15/10 (144A) 5,288,013
13,390,000 Cricket Communications I, 9.375%,
11/1/14 (144A) 13,657,800
5,500,000 Digicel, Ltd., 9.25%, 9/1/12 (144A) 5,706,250
2,040,000 Horizon PCS, Inc., 11.375%, 7/15/12 2,289,900
6,870,000 10.375 Inmarsat Finance Plc, Floating Rate
Note, 11/15/12 6,148,650
16,460,000 0.00 Intelsat Intermediate, Floating Rate
Note, 2/1/15 12,468,450
4,950,000 Mobile Telesystems Finance, 8.0%, 1/28/12 5,129,438
1,889,000 Mobile Telesystems Finance, 8.375%,
10/14/10 (144A) 1,978,728
2,000,000 UBS (Vimpelcom), 8.375%, 10/22/11 (144A) 2,120,000
4,750,000 UBS (Vimpelcom), 8.25%, 5/23/16 (144A) 4,922,174
-----------
$75,947,517
-----------
Total Telecommunication Services $91,307,755
-----------
Utilities - 1.5%
Electric Utilities - 1.2%
6,507,000 AES Chivor, 9.75%, 12/30/14 (144A) $ 7,222,770
2,378,801 Juniper Generation, 6.79%, 12/31/14 (144A) 2,306,176
5,940,000 Mirant JPSCO Finance, Ltd., 11.0%,
7/6/16 (144A) 6,058,800
-----------
$15,587,746
-----------
Gas Utilities - 0.2%
2,240,000 7.20 Southern Union Co., 7.2%, 11/1/66 $ 2,261,591
-----------
The accompanying notes are an integral part of these financial statements. 29
Pioneer Global High Yield Fund
- --------------------------------------------------------------------------------
SCHEDULE OF INVESTMENTS 10/31/06 (continued)
- --------------------------------------------------------------------------------
Principal Floating
Amount Rate (e) Value
Multi-Utilities - 0.0%
$ 460,000 Reliant Energy, Inc., 6.75%, 12/15/14 $ 438,725
--------------
Total Utilities $ 18,288,062
--------------
TOTAL CORPORATE BONDS
(Cost $1,029,196,766) $1,046,183,458
--------------
FOREIGN GOVERNMENT BONDS - 1.3%
ITL 2,100,000,000 Banco Nac De Desen Econo, 8.0%, 4/28/10 $ 1,526,465
10,350,000 Federal Republic of Brazil, 12.5%, 1/5/16 4,907,078
2,405,000 Federal Republic of Brazil, 7.875%, 3/7/15 2,663,538
410,000 Republic of Colombia, 10.75%, 1/15/13 505,325
COP 2,510,000,000 Republic of Columbia, 11.75%, 3/1/10 1,173,874
COP 10,258,000,000 Republic of Columbia, 12.0%, 10/22/15 5,175,728
285,000 9.00 Republic of Ecuador, Floating Rate Note,
8/15/30 284,573
--------------
$ 16,236,581
--------------
TOTAL FOREIGN GOVERNMENT BONDS
(Cost $14,350,128) $ 16,236,581
--------------
MUNICIPAL BONDS - 0.5%
Government - 0.5%
Municipal Airport - 0.0%
15,000 New Jersey Economic Development Authority
Special Facility Revenue, 7.0%, 11/15/30 $ 15,981
--------------
Municipal Facilities - 0.0%
250,000 East Chicago Ind Exempt Facs, 7.0%, 1/1/14 $ 264,955
--------------
Municipal Utilities - 0.5%
3,835,000 7.31 San Antonio Texas Electric & Gas, Floating Rate
Note, 2/1/19 (144A) $ 5,238,687
--------------
TOTAL MUNICIPAL BONDS $ 5,519,623
--------------
(Cost $5,287,457) $ 5,519,623
--------------
TEMPORARY CASH INVESTMENTS - 4.4%
Repurchase Agreement - 1.7%
20,000,000 UBS Warburg, Inc., 5.22%, dated 10/31/06,
repurchase price of $20,000,000 plus accrued
interest on 11/1/06, collateralized by
$20,451,000 U.S. Treasury Bill,
3,875%, 5/15/09
$ 20,000,000
--------------
30 The accompanying notes are an integral part of these financial statements.
Pioneer Global High Yield Fund
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Shares Security Lending Collateral - 2.7% Value
32,389,026 Securities Lending Investment Fund, 5.22% $ 32,389,026
--------------
TOTAL TEMPORARY CASH INVESTMENTS
(Cost $52,389,026) $ 52,389,026
--------------
TOTAL INVESTMENT IN SECURITIES - 98.2%
(Cost $1,159,713,542) (a) (b) $1,181,917,986
--------------
OTHER ASSETS AND LIABILITIES - 1.8% $ 21,739,542
--------------
TOTAL NET ASSETS - 100.0% $1,203,657,528
==============
(144A) Security is exempt from registration under Rule 144A of the Securities
Act of 1933. Such securities may be resold normally to qualified
institutional buyers in a transaction exempt from registration. At
October 31, 2006, the value of these securities amounted to $587,044,682
or 48.8% of total net assets.
STEP Debt obligation initially issued at one coupon which converts to another
coupon at a specific date. The rate shown is the rate at the end of the
period.
(a) At October 31, 2006, the net unrealized gain on investments based on cost
for federal income tax purposes of $1,160,062,986 was as follows:
Aggregate gross unrealized gain for all investments in which there is
an excess of value over tax cost $34,465,342
Aggregate gross unrealized loss for all investments in which there is
an excess of tax cost over value (12,610,342)
-----------
Net unrealized gain $21,855,000
===========
(b) Distribution of investment by country of issue, as a percentage of total
investment in securities (excluding temporary cash investments), is as
follows:
United States 56.3%
Norway 5.1
Brazil 4.9
Netherlands 4.2
Bermuda 3.8
Canada 2.8
Mexico 2.8
Luxembourg 2.7
United Kingdom 2.1
South Africa 1.7
Cayman Islands 1.5
France 1.4
Columbia 1.1
Germany 1.0
Australia 1.0
Argentina 1.0
Jamaica 1.0
Other (Individually less than 1%) 5.6
----
100%
====
The accompanying notes are an integral part of these financial statements. 31
Pioneer Global High Yield Fund
- --------------------------------------------------------------------------------
SCHEDULE OF INVESTMENTS 10/31/06 (continued)
- --------------------------------------------------------------------------------
(c) At October 31, 2006, the following securities were out on loan:
Principal
Amount
USD ($) Description Value
$1,574,500 CCH II LLC/CCH II Cap CP, 10.25%, 9/15/10 $ 1,621,735
5,467,100 Cooper Standard Auto, 8.375%, 12/15/14 4,031,986
3,186,900 General Motors Acceptance Corp., 6.75%,
12/1/14+ 3,159,620
6,453,750 Graham Packaging Co., 9.875%, 10/15/14 6,469,885
6,000,000 Graphic Packaging Co., 9.5%, 8/15/13 6,165,000
1,567,140 Polyone Corp., 8.875%, 5/1/12 1,590,647
3,744,600 United Rentals NA, Inc., 7.75%, 11/15/13 3,735,239
3,975,000 WCI Communities, Inc., 6.625%, 3/15/15 3,239,625
1,295,000 WCI Communities, Inc., 7.875%, 10/1/13 1,097,513
-----------
Total $31,111,249
===========
(d) Security is in default and is non-income producing
(e) Debt obligation initially issued at on coupon which converts to a higher
coupon at a specified date. The rate shown is the rate at period end.
+ Indicated unsettled sale as of 10/31/06
Note: Principal amounts are denominated in U.S. dollars unless otherwise
denoted:
EURO Euro
COP Columbian Peso
ITL Italian Lira
NOK Norwegian Kroner
Purchases and sales of securities (excluding temporary cash investments) for the
year ended October 31, 2006 aggregated $732,189,739 and $361,559,191,
respectively.
32 The accompanying notes are an integral part of these financial statements.
Pioneer Global High Yield Fund
- --------------------------------------------------------------------------------
STATEMENT OF ASSETS AND LIABILITIES 10/31/06
- --------------------------------------------------------------------------------
ASSETS:
Investment in securities (including securities loaned of
$31,788,630) (cost $1,159,713,542) $1,181,917,986
Cash 796,602
Foreign currencies, at value (cost $8,914,825) 8,991,406
Receivables -
Investment securities sold 12,296,080
Fund shares sold 31,028,060
Interest 23,640,514
Forward foreign currency portfolio hedge contracts, open net 18,663
Due from Pioneer Investment Management, Inc. 153,604
Other 70,002
--------------
Total assets $1,258,912,917
--------------
LIABILITIES:
Payables -
Investment securities purchased $ 17,425,831
Fund shares repurchased 1,920,455
Dividends 3,024,925
Upon return of securities loaned 32,389,026
Due to affiliates 381,313
Accrued expenses 113,839
--------------
Total liabilities $ 55,255,389
--------------
NET ASSETS:
Paid-in capital $1,172,612,496
Undistributed net investment income 2,591,582
Accumulated net realized gain on investments and foreign
currency transactions 6,195,751
Net unrealized gain on investments 22,204,444
Net unrealized gain on forward foreign currency contracts and
other assets and liabilities denominated in foreign currencies 53,255
--------------
Total net assets $1,203,657,528
==============
NET ASSET VALUE PER SHARE:
(Unlimited number of shares authorized)
Class A (based on $659,845,359/53,462,349 shares) $ 12.34
==============
Class B (based on $130,563,064/10,607,066 shares) $ 12.31
==============
Class C (based on $413,213,471/33,652,002 shares) $ 12.28
==============
Class Y (based on $35,634/2,924 shares) $ 12.19
==============
MAXIMUM OFFERING PRICE:
Class A ($12.34 [divided by] 95.5%) $ 12.92
==============
The accompanying notes are an integral part of these financial statements. 33
Pioneer Global High Yield Fund
- --------------------------------------------------------------------------------
STATEMENT OF OPERATIONS
- --------------------------------------------------------------------------------
For the Year Ended 10/31/06
INVESTMENT INCOME:
Interest (net of foreign taxes withheld of $11,424) $78,284,087
Income from securities loaned, net 210,860
-----------
Total investment income $ 78,494,947
------------
EXPENSES:
Management fees $ 6,183,928
Transfer agent fees and expenses
Class A 870,062
Class B 255,769
Class C 505,332
Distribution fees
Class A 1,151,857
Class B 1,140,713
Class C 3,399,622
Administrative reimbursements 193,436
Custodian fees 71,662
Registration fees 91,754
Professional fees 78,419
Printing expense 20,000
Fees and expenses of nonaffiliated trustees 21,964
Miscellaneous 96,709
-----------
Total expenses $ 14,081,227
Less management fees waived and expenses reim-
bursed by Pioneer Investment Management, Inc. (338,003)
Less fees paid indirectly (31,008)
------------
Net expenses $ 13,712,216
------------
Net investment income $ 64,782,731
------------
REALIZED AND UNREALIZED GAIN ON INVESTMENTS
AND FOREIGN CURRENCY TRANSACTIONS:
Net realized gain on:
Investments $ 6,983,030
Forward foreign currency contracts and other assets
and liabilities denominated in foreign currencies 540,733 $ 7,523,763
----------- ------------
Change in net unrealized gain on:
Investments $28,934,255
Forward foreign currency contracts and other assets
and liabilities denominated in foreign currencies 74,728 $ 29,008,982
----------- ------------
Net gain on investments and foreign currency
transactions $ 36,532,745
------------
Net increase in net assets resulting from operations $101,315,476
============
34 The accompanying notes are an integral part of these financial statements.
Pioneer Global High Yield Fund
- --------------------------------------------------------------------------------
STATEMENTS OF CHANGES IN NET ASSETS
- --------------------------------------------------------------------------------
For the Years Ended 10/31/06 and 10/31/05, respectively
Year Ended Year Ended
10/31/06 10/31/05
FROM OPERATIONS:
Net investment income $ 64,782,731 $ 35,968,778
Net realized gain on investments and foreign currency
transactions 7,523,763 2,360,771
Change in net unrealized gain (loss) on investments
and foreign currency transactions 29,008,982 (12,150,887)
-------------- -------------
Net increase in net assets resulting from
operations $ 101,315,476 $ 26,178,662
-------------- -------------
DISTRIBUTIONS TO SHAREOWNERS:
Net investment income:
Class A ($0.90 and $0.90 per share, respectively) $ (33,985,380) $ (17,088,531)
Class B ($0.80 and $0.80 per share, respectively) (7,529,358) (4,312,340)
Class C ($0.80 and $0.80 per share, respectively) (22,529,789) (14,293,466)
Class Y ($0.75 and $0.00 per share, respectively) (783) -
Net realized gain:
Class A ($0.03 and $0.00 per share, respectively) (987,789) -
Class B ($0.03 and $0.00 per share, respectively) (283,524) -
Class C ($0.03 and $0.00 per share, respectively) (831,672) -
-------------- -------------
Total distributions to shareowners $ (66,148,295) $ (35,694,337)
-------------- -------------
FROM FUND SHARE TRANSACTIONS:
Net proceeds from sale of shares $ 647,426,959 $ 674,647,326
Reinvestment of distributions 34,600,436 16,405,125
Cost of shares repurchased (244,251,199) (133,942,624)
Redemption Fees 52,079 95,912
-------------- -------------
Net increase in net assets resulting from
Fund share transactions $ 437,828,275 $ 557,205,739
-------------- -------------
Net increase in net assets $ 472,995,456 $ 547,690,064
NET ASSETS:
Beginning of year 730,662,072 182,972,008
-------------- -------------
End of year $1,203,657,528 $ 730,662,072
============== =============
Undistributed net investment income $ 2,591,582 $ 527,291
============== =============
The accompanying notes are an integral part of these financial statements. 35
Pioneer Global High Yield Fund
- --------------------------------------------------------------------------------
STATEMENTS OF CHANGES IN NET ASSETS (continued)
- --------------------------------------------------------------------------------
'06 Shares '06 Amount '05 Shares '05 Amount
CLASS A
Shares sold 35,146,305 $ 426,400,341 28,487,580 $ 344,722,522
Reinvestment of distributions 1,738,808 21,097,280 725,075 8,745,645
Redemption fees - 40,812 - 83,161
Less shares repurchased (12,363,336) (149,409,668) (6,212,612) (74,793,960)
----------- -------------- ---------- -------------
Net increase 24,521,777 $ 298,128,765 23,000,043 $ 278,757,368
=========== ============== ========== =============
CLASS B
Shares sold 4,017,473 $ 48,542,490 7,207,460 $ 87,048,135
Reinvestment of distributions 268,477 3,245,601 148,205 1,783,405
Redemption fees - 3,009 - 3,524
Less shares repurchased (1,984,535) (23,969,774) (785,108) (9,433,668)
----------- -------------- ---------- -------------
Net increase 2,301,415 $ 27,821,326 6,570,557 $ 79,401,396
=========== ============== ========== =============
CLASS C
Shares sold 14,305,932 $ 172,449,140 20,153,947 $ 242,876,669
Reinvestment of distributions 850,505 10,257,555 489,403 5,876,075
Redemption fees - 8,258 - 9,227
Less shares repurchased (5,890,734) (70,871,757) (4,138,449) (49,714,996)
----------- -------------- ---------- -------------
Net increase 9,265,703 $ 111,843,196 16,504,901 $ 199,046,975
=========== ============== ========== =============
CLASS Y*
Shares sold 2,924 $ 34,988
----------- --------------
Net increase 2,924 $ 34,988
=========== ==============
* Class Y shares were first publicly offered on December 28, 2005.
36 The accompanying notes are an integral part of these financial statements.
Pioneer Global High Yield Fund
- --------------------------------------------------------------------------------
FINANCIAL HIGHLIGHTS
- --------------------------------------------------------------------------------
Year Ended Year Ended Year Ended Year Ended Year Ended
10/31/06 10/31/05(a) 10/31/04(a) 10/31/03(a) 10/31/02(a)
CLASS A
Net asset value, beginning of period $ 11.88 $ 11.79 $ 11.31 $ 8.56 $ 9.51
-------- -------- ------- ------- -------
Increase (decrease) from investment operations:
Net investment income $ 0.90 $ 0.90 $ 0.69 $ 1.00 $ 1.02
Net realized and unrealized gain (loss) on investments and
foreign currency transactions 0.49 0.09 0.89 2.75 (0.95)
-------- -------- ------- ------- -------
Net increase from investment operations $ 1.39 $ 0.99 $ 1.58 $ 3.75 $ 0.07
Distributions to shareowners:
Net investment income (0.90) (0.90) (0.89) (1.00) (1.02)
Net realized gain (0.03) - (0.21) - -
-------- -------- ------- ------- -------
Total distributions $ (0.93) $ (0.90) $ (1.10) $ (1.00) $ (1.02)
-------- ------- ------- ------- -------
Redemption Fee $ -(b) $ -(b) $ - $ - $ -
-------- -------- ------- ------- -------
Net increase (decrease) in net asset value $ 0.46 $ 0.09 $ 0.48 $ 2.75 $ (0.95)
-------- -------- ------- ------- -------
Net asset value, end of period $ 12.34 $ 11.88 $ 11.79 $ 11.31 $ 8.56
======== ======== ======= ======= =======
Total return* 12.12% 8.52% 14.82% 45.58% 0.31%
Ratio of net expenses to average net assets+ 1.10% 1.04% 0.75% 0.75% 0.75%
Ratio of net investment income to average net assets+ 7.44% 7.40% 8.02% 9.76% 10.79%
Portfolio turnover rate 41% 36% 50% 124% 47%
Net assets, end of period (in thousands) $659,845 $343,886 $70,063 $ 848 $ 642
Ratios with no waiver of management fees and assumption of
expenses by PIM and no reduction for fees paid indirectly:
Net expenses 1.18% 1.18% 1.41% 14.37% 18.70%
Net investment income (loss) 7.37% 7.26% 7.36% (3.68)% (7.16)%
Ratios with waiver of management fees by PIM and reduction for
fees paid indirectly:
Net expenses 1.10% 1.04% 0.75% 0.75% 0.75%
Net investment income 7.44% 7.40% 8.02% 9.76% 10.79%
(a) The Fund Commenced operations on 8/27/01 and was first publicly offered on
December 1, 2003.
(b) Amount rounds to less than once cent per share.
* Assumes initial investment at net asset value at the beginning of the
period, reinvestment of all distributions and the complete redemption of
the investment at net asset value at the end of the period, and no sales
charges. Total return would be reduced if sales charges were taken into
account.
+ Ratios with no reduction for fees paid indirectly.
The accompanying notes are an integral part of these financial statements. 37
Pioneer Global High Yield Fund
- --------------------------------------------------------------------------------
FINANCIAL HIGHLIGHTS
- --------------------------------------------------------------------------------
Year Ended Year Ended 12/1/03 (a) to
10/31/06 10/31/05 10/31/04
CLASS B
Net asset value, beginning of period $ 11.85 $ 11.76 $ 11.47
-------- ------- -------
Increase from investment operations:
Net investment income $ 0.80 $ 0.80 $ 0.82
Net realized and unrealized gain on invest-
ments and foreign currency transactions 0.49 0.09 0.49
-------- ------- -------
Net increase from investment operations $ 1.29 $ 0.89 $ 1.31
Distributions to shareowners:
Net investment income (0.80) (0.80) (0.81)
Net realized gain (0.03) - (0.21)
-------- ------- -------
Total distributions $ (0.83) $ (0.80) $ (1.02)
-------- ------- -------
Redemption Fee $ -(b) $ -(b) $ -
-------- ------- -------
Net increase in net asset value $ 0.46 $ 0.09 $ 0.29
-------- ------- -------
Net asset value, end of period $ 12.31 $ 11.85 $ 11.76
======== ======= =======
Total return* 11.25% 7.62% 12.12%
Ratio of net expenses to average net assets+ 1.96% 1.91% 1.58%**
Ratio of net investment income to average
net assets+ 6.63% 6.57% 7.26%**
Portfolio turnover rate 41% 36% 50%
Net assets, end of period (in thousands) $130,563 $98,462 $20,408
Ratios with no waiver of management fees and
assumption of expenses by PIM and no reduc-
tion for fees paid indirectly:
Net expenses 1.96% 1.97% 2.20%**
Net investment income 6.60% 6.51% 6.64%**
Ratios with waiver of management fees paid by
PIM and reduction for fees paid indirectly:
Net expenses 1.96% 1.91% 1.58%**
Net investment income 6.60% 6.57% 7.26%**
(a) Class B shares were first publicly offered on December 1, 2003.
(b) Amount rounds to less than one cent per share.
* Assumes initial investment at net asset value at the beginning of the
period, reinvestment of all distributions and the complete redemption of
the investment at net asset value at the end of the period, and no sales
charges. Total return would be reduced if sales charges were taken into
account.
** Annualized.
+ Ratios with no reduction for fees paid indirectly.
38 The accompanying notes are an integral part of these financial statements.
Pioneer Global High Yield Fund
- --------------------------------------------------------------------------------
FINANCIAL HIGHLIGHTS
- --------------------------------------------------------------------------------
Year Ended Year Ended 12/1/03 (a) to
10/31/06 10/31/05 10/31/04
CLASS C
Net asset value, beginning of period $ 11.82 $ 11.74 $ 11.47
-------- -------- -------
Increase from investment operations:
Net investment income $ 0.80 $ 0.80 $ 0.77
Net realized and unrealized gain on invest-
ments and foreign currency transactions 0.49 0.08 0.47
-------- -------- -------
Net increase from investment operations $ 1.29 $ 0.88 $ 1.24
Distributions to shareowners:
Net investment income (0.80) (0.80) (0.76)
Net realized gain (0.03) - (0.21)
-------- -------- -------
Total distributions $ (0.83) $ (0.80) $ (0.97)
-------- -------- -------
Redemption Fee $ -(b) $ -(b) $ -
-------- -------- -------
Net increase in net asset value $ 0.46 $ 0.08 $ 0.27
-------- -------- -------
Net asset value, end of period $ 12.28 $ 11.82 $ 11.74
======== ======== =======
Total return* 11.30% 7.60% 11.45%
Ratio of net expenses to average net assets+ 1.89% 1.84% 1.51%**
Ratio of net investment income to average
net assets+ 6.66% 6.63% 7.30%**
Portfolio turnover rate 41% 36% 50%
Net assets, end of period (in thousands) $413,213 $288,314 $92,501
Ratios with no waiver of management fees and
assumption of expenses by PIM and no reduc-
tion for fees paid indirectly:
Net expenses 1.89% 1.91% 2.11%**
Net investment income 6.66% 6.56% 6.70%**
Ratios with waiver of management fees by PIM
and reduction for fees paid indirectly:
Net expenses 1.89% 1.84% 1.51%**
Net investment income 6.66% 6.63% 7.30%**
(a) Class C shares were first publicly offered on December 1, 2003.
(b) Amount rounds to less than one cent per share.
* Assumes initial investment at net asset value at the beginning of the
period, reinvestment of all distributions and the complete redemption of
the investment at net asset value at the end of the period, and no sales
charges. Total return would be reduced if sales charges were taken into
account.
** Annualized.
+ Ratios with no reduction for fees paid indirectly.
The accompanying notes are an integral part of these financial statements. 39
Pioneer Global High Yield Fund
- --------------------------------------------------------------------------------
FINANCIAL HIGHLIGHTS
- --------------------------------------------------------------------------------
12/28/05 to (a)
(Commencement
of Operations)
10/31/06
CLASS Y
Net asset value, beginning of period $ 11.95
-------
Increase from investment operations:
Net investment income $ 0.77
Net realized and unrealized gain on investments and
foreign currency transactions 0.23
-------
Net increase from investment operations $ 1.00
Distributions to shareowners:
Net investment income (0.76)
-------
Net increase in net asset value $ 0.24
-------
Net asset value, end of period $ 12.19
=======
Total return* 8.63%
Ratio of net expenses to average net assets+ 0.73%**
Ratio of net investment income to average net assets+ 7.66%**
Portfolio turnover rate 41%**
Net assets, end of period (in thousands) $ 36
Ratios with no waiver of management fees and assumption
of expenses by PIM and no reduction for fees paid
indirectly:
Net expenses 0.73%**
Net investment income 7.66%**
Ratios with waiver of management fees by PIM and reduction
for fees paid indirectly:
Net expenses 0.73%**
Net investment income 7.66%**
(a) Class Y shares were first publicly offered on December 28, 2005
* Assumes initial investment at net asset value at the beginning of the
period, reinvestment of all distributions and the complete redemption of
the investment at net asset value at the end of the period, and no sales
charges. Total return would be reduced if sales charges were taken into
account.
** Annualized.
+ Ratios with no reduction for fees paid indirectly.
40 The accompanying notes are an integral part of these financial statements.
Pioneer Global High Yield Fund
- --------------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS 10/31/06
- --------------------------------------------------------------------------------
1. Organization and Significant Accounting Policies
Pioneer Global High Yield Fund (the Fund) is a Delaware statutory trust
registered under the Investment Company Act of 1940 as a non-diversified,
open-end management investment company. The Fund was organized on May 5, 2001
and commenced operations on August 27, 2001. Prior to August 27, 2001 the Fund
had no operations other than those relating to organizational matters and the
initial capitalization of the Fund by Pioneer Funds Distributor, Inc. (PFD). The
Fund's shares, including Class A Shares, were first publicly offered on December
1, 2003. Prior to December 1, 2003, the Fund shares outstanding were owned by
PFD. The investment objective of the Fund is to maximize total return through a
combination of income and capital 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 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.
Information regarding the Fund's principal risks is contained in the Fund's
prospectus. Please refer to these documents when considering the Fund's risks.
The Fund offers four classes of shares - Class A, Class B, Class C shares and
Class Y shares. Class Y shares were first publicly offered on December 28, 2005.
Each class of shares represents an interest in the same portfolio of investments
of the Fund and has equal rights to voting, redemptions, dividends and
liquidation, except that each class of shares can bear different transfer agent
and distribution fees and have exclusive voting rights with respect to the
distribution plans that have been adopted by Class A, Class B, Class C, and
Class Y shareowners, respectively. There is no distribution plan for Class Y
shares. Class B shares convert to Class A shares 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
41
Pioneer Global High Yield Fund
- --------------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS 10/31/06 (continued)
- --------------------------------------------------------------------------------
date of the financial statements, and the reported amounts of income, expenses
and gain or loss on investments during the reporting period. Actual results
could differ from those estimates. The following is a summary of significant
accounting policies followed by the Fund in the preparation of its financial
statements, which are consistent with those policies generally accepted in the
investment company industry:
A. Security Valuation
Security transactions are recorded as of trade date. The net asset value of
the Fund is computed once daily, on each day the New York Stock Exchange
(NYSE) is open, as of the close of regular trading on the NYSE. In
computing the net asset value, securities are valued at the last sale price
on the principal exchange where they are traded. Fixed income securities
with remaining maturity of more than 60 days are valued at prices supplied
by independent pricing services, which consider such factors as Treasury
spreads, yields, maturities and ratings. Valuations may be supplemented by
dealers and other sources, as required. Securities for which there are no
other readily available valuation methods are valued at their fair values
as determined by, or under the direction of the Board of Trustees and may
include yield equivalents or a pricing matrix. The Fund also may use the
fair value of a security, including a non-U.S. security, when the closing
market price on the principal exchange where the security is traded no
longer accurately reflects the value of the security. Temporary cash
investments are valued at amortized cost.
All discounts and premiums on debt securities are accreted or amortized
daily, respectively, on a yield-to-maturity basis into interest income with
a corresponding increase or decrease in the cost basis of the security.
Interest income 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.
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
42
Pioneer Global High Yield Fund
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
rated below investment grade are commonly referred to as "junk bonds" and
are considered speculative. These securities involve greater risk of loss,
are subject to greater price volatility, and are less liquid, especially
during periods of economic uncertainty or change, than higher rated debt
securities. The Fund is not diversified, which means that it can invest a
higher percentage of its assets in any one issuer than a diversified fund.
Being non-diversified may magnify the Fund's losses from adverse events
affecting a particular issuer.
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 enters into forward foreign currency contracts (contracts) for the
purchase or sale of a specific foreign currency at a fixed price on a
future date as a hedge or cross-hedge against either specific investment
transactions (settlement hedges) or portfolio positions (portfolio hedges).
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)
43
Pioneer Global High Yield Fund
- --------------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS 10/31/06 (continued)
- --------------------------------------------------------------------------------
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.
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 either from or in excess
of net investment income or net realized gain on investment transactions,
or from paid-in capital, depending on the type of book/tax differences that
may exist.
At October 30, 2006, the Fund has reclassified $1,326,870 to increase
undistributed net investment income and $1,326,870 to decrease accumulated
net realized gain on investments and foreign currency transactions to
reflect permanent book/tax difference. The reclassification has no impact
on the net assets of the Fund and presents the Fund's capital accounts on a
tax basis.
The tax character of distributions paid during the years ended October 31,
2006 and 2005 were as follows:
- --------------------------------------------------------------------------------
2006 2005
- --------------------------------------------------------------------------------
Distributions paid from:
Ordinary income $64,045,310 $35,694,337
Long-term capital gain 2,102,985 --
----------- -----------
Total $66,148,295 $35,694,337
=========== ===========
- --------------------------------------------------------------------------------
The following shows the components of distributable earnings on a federal
income tax basis at October 31, 2006:
- --------------------------------------------------------------------------------
2006
- --------------------------------------------------------------------------------
Undistributed ordinary income $ 9,065,941
Undistributed long-term gain 3,114,424
Dividend payable (3,024,925)
Unrealized appreciation 21,889,592
-----------
Total $31,045,032
===========
- --------------------------------------------------------------------------------
44
Pioneer Global High Yield Fund
- --------------------------------------------------------------------------------
The difference between book-basis and tax-basis unrealized appreciation is
attributable to the tax deferral of losses on wash sales, accrued interest
on defaulted bonds and the mark to market of forward currency contracts.
E. Fund Shares
The Fund records sales and repurchases of its shares as of trade date. PFD,
the principal underwriter for the Fund and a wholly owned indirect
subsidiary of UniCredito Italiano S.p.A. (UniCredito Italiano), earned
$309,798 in underwriting commissions on the sale of Class A shares during
the year ended October 31, 2006.
F. Class Allocations
Distribution fees are calculated based on the average daily net asset value
attributable to Class A, Class B and Class C of the Fund, respectively (see
Note 4). Shareowners of each class share all expenses and fees paid to the
transfer agent, Pioneer Investment Management Shareholder Services, Inc.
(PIMSS), for its services, which are allocated based on the number of
accounts in each class and the ratable allocation of related out-of-pocket
expenses (see Note 3). Income, common expenses and realized and unrealized
gains and losses are calculated at the Fund level and allocated daily to
all classes of shares based on their respective percentage of adjusted net
assets at the beginning of the day.
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, at the same time, and in the same
amount, except that Class A, Class B, and Class C shares can bear different
transfer agent and distribution fees.
G. Securities Lending
The Fund lends securities in its portfolio to certain broker-dealers or
other institutional investors, with the Fund's custodian acting as the
lending agent. When entering into a loan, the Fund receives
45
Pioneer Global High Yield Fund
- --------------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS 10/31/06 (continued)
- --------------------------------------------------------------------------------
collateral, which is maintained by the custodian and earns income in the
form of negotiated lenders' fees. The Fund also continues to receive
interest or payments in lieu of dividends on the securities loaned. Gain
or loss on the fair value of the loaned securities that may occur during
the term of the loan will be for the account of the Fund. The loans are
secured by collateral of at least 102%, at all times, of the fair value of
the securities loaned. The amount of collateral will be adjusted daily to
reflect any price fluctuation in the value of the loaned securities. The
Fund has the right under the lending agreement to recover the securities
from the borrower on demand. The Fund invests cash collateral in the
Securities Lending Investment Fund, which is sponsored by Brown Brothers
Harriman & Co., the Fund's custodian.
2. Management Agreement
Pioneer Investment Management, Inc. (PIM), a wholly owned indirect subsidiary of
UniCredito Italiano, 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; and 0.65% of the next
$500 million; and 0.60% on the assets over $1 billion. For the year ended
October 31, 2006, the net management fee was equivalent to 0.68% of the average
daily net assets.
Effective March 1, 2005, PIM has agreed not to impose all or a portion of its
management fee and to assume other operating expenses of the Fund to the extent
necessary to limit the Fund expenses to 1.10%, 2.00% and 2.00% of the average
daily net assets attributable to Class A, Class B and Class C shares,
respectively. These expense limitations are in effect through March 1, 2008 for
Class A shares and through March 1, 2007 for Class B and Class C shares.
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. At October 31, 2006, $17,085 was payable to PIM
related to management fees, administrative costs and certain other services and
is included in due to affiliates.
46
Pioneer Global High Yield Fund
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
3. Transfer Agent
PIMSS, a wholly owned indirect subsidiary of UniCredito Italiano, provides
substantially all transfer agent and shareowner services to the Fund at
negotiated rates. Included in due to affiliates is $345,117 in transfer agent
fees receivable from PIMSS at October 31, 2006.
4. Distribution and Service Plans
The Fund adopted Plans of Distribution with respect to each class of shares
(Class A Plan, Class B Plan, and Class C Plan) in accordance with Rule 12b-1 of
the Investment Company Act of 1940. Pursuant to the Class A Plan, the Fund pays
PFD a service fee of up to 0.25% of the average daily net assets attributable to
Class A shares in reimbursement of its actual expenditures to finance activities
primarily intended to result in the sale of Class A shares. Pursuant to the
Class B Plan and the Class C Plan, the Fund pays PFD 1.00% of the average daily
net assets attributable to each class of shares. The fee 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 is $19,111
in distribution fees payable to PFD at October 31, 2006.
In addition, redemptions of each class of shares may be subject to a contingent
deferred sales charge (CDSC). A CDSC of 1.00% may be imposed on redemptions of
certain net asset value purchases of Class A shares within 18 months of
purchase. Class B shares subscribed on or after December 1, 2004 that are
redeemed within five years of purchase are subject to a CDSC at declining rates
beginning at 4.00%, based on the lower of cost or market value of shares being
redeemed. Shares purchased as part of an exchange or acquired as a result of a
reorganization of another fund into the Fund remain subject to any contingent
deferred sales charge that applied to the shares originally purchased.
Redemptions of Class C shares within one year of purchase are subject to a CDSC
of 1.00%. Proceeds from the CDSCs are paid to PFD. For the year ended October
31, 2006, CDSCs in the amount of $458,965 were paid to PFD.
Prior to August 1, 2006, the Fund charged a 2.0% redemption fee on each class of
shares redeemed within 30 days of purchase. For the year ended October 31, 2006,
the Fund collected $52,079 in
47
Pioneer Global High Yield Fund
- --------------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS 10/31/06 (continued)
- --------------------------------------------------------------------------------
redemption fees. Effective August 1, 2006, this redemption fee is no longer
charged.
5. Line of Credit Facility
The Fund, along with certain other funds in the Pioneer Family of Funds (the
Funds), collectively participate in a $50 million committed, unsecured revolving
line of credit facility. Borrowings are used solely for temporary or emergency
purposes. The Fund may borrow up to the lesser of $50 million or the limits set
by its prospectus for borrowings. Interest on collective borrowings is payable
at the Federal Funds Rate plus 1/2% on an annualized basis. The Funds pay an
annual commitment fee for this facility. The commitment fee is allocated among
such Funds based on their respective borrowing limits. For the year ended
October 31, 2006, the Fund had no borrowings under this agreement. Effective
November 28, 2006, this facility was increased to $200 million.
6. Expense Offset Arrangements
The Fund has entered into certain expense offset arrangements with PIMSS
resulting in a reduction in the Fund's total expenses due to interest earned on
cash held by PIMSS. For the year ended October 31, 2006, the Fund's expenses
were reduced by $31,008 such arrangements.
7. Forward Foreign Currency Contracts
At October 31, 2006, the Fund had entered into various contracts that obligate
the Fund to deliver currencies at specified future dates. At the maturity of a
contract, the Fund must make delivery of the foreign currency. Alternatively,
prior to the settlement date of a portfolio hedge, the Fund may close out such
contracts by entering into an offsetting hedge contract. Open Portfolio hedges
at October 31, 2006 were as follows:
- -----------------------------------------------------------------------------------------
Net Net
Contracts to In Exchange Settlement Unrealized
Currency (deliver)/receive For Date Value Gain (loss)
- -----------------------------------------------------------------------------------------
EUR 10,000,000 $ 12,572,650 11/13/06 $ 12,774,630 $ 201,980
EUR 3,700,000 4,649,827 11/24/06 4,729,806 79,979
EUR (17,000,000) (21,457,060) 11/13/06 (21,720,356) (263,296)
----------
$ 18,663
==========
- -----------------------------------------------------------------------------------------
At October 31, 2006, the Fund had no outstanding settlement hedges.
48
Pioneer Global High Yield Fund
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
8. New Pronouncements
On July 13, 2006, the Financial Accounting Standards Board (FASB) released FASB
Interpretation No. 48 "Accounting for Uncertainty in Income Taxes" (FIN 48). FIN
48 provides guidance for how uncertain tax positions should be recognized,
measured, presented and disclosed in the financial statements. FIN 48 requires
the evaluation of tax positions taken or expected to be taken in the course of
preparing the fund's (series', trust's) tax returns to determine whether the tax
positions have a "more-likely-than-not" probability of being sustained by the
applicable tax authority. Tax positions deemed to not meet the
more-likely-than-not threshold would be recorded as a tax benefit or expense in
the year in which they are realized. Adoption of FIN 48 is required for fiscal
years beginning after December 15, 2006 and is to be applied to all open tax
years as of the effective date. At this time, management is evaluating the
implications of FIN 48 and its impact in the financial statements has not been
determined.
In addition, in September 2006, Statement of Financial Accounting Standards No.
157, Fair Value Measurements (SFAS 157), was issued and is effective for fiscal
years beginning after November 15, 2007. SFAS 157 defines fair value,
establishes a framework for measuring fair value and expands disclosures about
fair value measurements. Management is currently evaluating the impact the
adoption of SFAS 157 will have on the Fund's financial statement disclosures.
49
Pioneer Global High Yield Fund
- --------------------------------------------------------------------------------
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
- --------------------------------------------------------------------------------
To the Shareholders and Board of Trustees of
Pioneer Global High Yield Fund:
We have audited the accompanying statements of assets and liabilities, including
the schedule of investments, of Pioneer Global High Yield Fund (the "Fund") as
of October 31, 2006, and the related statement of operations for the year then
ended, the statements of changes in net assets for each of the two years in the
period then ended, and the financial highlights for the five years in the period
then ended. These financial statements and financial highlights are the
responsibility of the Fund's management. Our responsibility is to express an
opinion on these financial statements and financial highlights based on our
audits.
We conducted our audits in accordance with the standards of the Public Company
Accounting Oversight Board (United States). Those standards require that we plan
and perform the audit to obtain reasonable assurance about whether the financial
statements and financial highlights are free of material misstatement. We were
not engaged to perform an audit of the Fund's internal control over financial
reporting. Our audits included consideration of internal control over financial
reporting as a basis for designing audit procedures that are appropriate in the
circumstances, but not for the purpose of expressing an opinion on the
effectiveness of the Fund's internal control over financial reporting.
Accordingly, we express no such opinion. An audit also includes examining, on a
test basis, evidence supporting the amounts and disclosures in the financial
statements and financial highlights, assessing the accounting principles used
and significant estimates made by management, and evaluating the overall
financial statement presentation. Our procedures included confirmation of
securities owned as of October 31, 2006, by our correspondence with the
custodian and brokers or by other appropriate auditing procedures where replies
from brokers were not received. We believe that our audits provide a reasonable
basis for our opinion.
In our opinion, the financial statements and financial highlights referred to
above present fairly, in all material respects, the financial position of
Pioneer Global High Yield Fund at October 31, 2006, the results of its
operations for the year then ended, the changes in its net assets for each of
the two years in the period then ended, and financial highlights for each of the
five years in the period then ended, in conformity with U.S. generally accepted
accounting principles.
/s/Ernst + Young LLP
Boston, Massachusetts
December 15, 2006
50
Pioneer Global High Yield Fund
- --------------------------------------------------------------------------------
TRUSTEES, OFFICERS AND SERVICE PROVIDERS
- --------------------------------------------------------------------------------
Investment Adviser
Pioneer Investment Management, Inc.
Custodian
Brown Brothers Harriman & Co.
Independent Registered Public Accounting Firm
Ernst & Young LLP
Principal Underwriter
Pioneer Funds Distributor, Inc.
Legal Counsel
Wilmer Cutler Pickering Hale and Dorr LLP
Shareowner Services and Transfer Agent
Pioneer Investment Management Shareholder Services, Inc.
Trustees and Officers
The fund's Board of Trustees provides broad supervision over the fund's affairs.
The officers of the fund are responsible for the fund's operations. The fund's
Trustees and officers are listed below, together with their principal
occupations during the past five years. Trustees who are interested persons of
the fund within the meaning of the 1940 Act are referred to as Interested
Trustees. Trustees who are not interested persons of the fund are referred to as
Independent Trustees. Each of the Trustees (except Mr. Hood and Mr. West) serves
as a Trustee of each of the 89 U.S. registered investment portfolios for which
Pioneer serves as investment adviser (the "Pioneer Funds"). Mr. Hood and Mr.
West each serves as Trustee of 37 of the 89 Pioneer Funds. The address for all
Interested Trustees and all officers of the fund is 60 State Street, Boston,
Massachusetts 02109.
The Fund's statement of additional information provides more detailed
information regarding the Fund's Trustees and is available upon request, without
charge, by calling 1-800-225-6292.
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 www.pioneerinvestments.com and on the SEC's web site at http://www.sec.gov.
51
Pioneer Global High Yield Fund
- --------------------------------------------------------------------------------
INTERESTED TRUSTEES
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Position Held With Term of Office and
Name and Age the Fund Length of Service
John F. Cogan, Jr. (80)* Chairman of the Trustee since 2001.
Board, Trustee Serves until a succes-
and President sor trustee is elected
or earlier retirement
or removal.
- --------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
Other Directorships Held
Name and Age Principal Occupation During Past Five Years by this Trustee
John F. Cogan, Jr. (80)* Deputy Chairman and a Director of Pioneer Global Asset Director of ICI Mutual
Management S.p.A. ("PGAM"); Non-Executive Chairman Insurance Company
and a Director of Pioneer Investment Management USA
Inc. ("PIM-USA"); Chairman and a Director of Pioneer;
Chairman and Director of Pioneer Institutional Asset
Management, Inc. (since 2006); Director of Pioneer
Alternative Investment Management Limited (Dublin);
President and a Director of Pioneer Alternative Investment
Management (Bermuda) Limited and affiliated funds; Direc-
tor of PIOGLOBAL Real Estate Investment Fund (Russia)
(until June 2006); Director of Nano-C, Inc. (since 2003);
Director of Cole Investment Corporation (since 2004);
Director of Fiduciary Counseling, Inc.; President and Direc-
tor of Pioneer Funds Distributor, Inc. ("PFD") (until May
2006); President of all of the Pioneer Funds; and Of
Counsel, Wilmer Cutler Pickering Hale and Dorr LLP
(counsel to PIM-USA and the Pioneer Funds)
- ------------------------------------------------------------------------------------------------------------------------------------
52
Pioneer Global High Yield Fund
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Position Held With Term of Office and
Name and Age the Fund Length of Service
Osbert M. Hood (54)* Trustee and Executive Trustee since 2003.
Vice President Serves until a succes-
sor trustee is elected
or earlier retirement
or removal.
- --------------------------------------------------------------------------------
Pioneer Global High Yield Fund
- ------------------------------------------------------------------------------------------------------------------------------------
Other Directorships Held
Name and Age Principal Occupation During Past Five Years by this Trustee
Osbert M. Hood (54)* President and Chief Executive Officer, PIM-USA since None
May 2003 (Director since January 2001; Executive Vice
President and Chief Operating Officer from November
2000 - May 2003); Director of PGAM since June 2003;
President and Director of Pioneer since May 2003;
President and Director of Pioneer Institutional Asset
Management, Inc. since February 2006; Chairman and
Director of Pioneer Investment Management Shareholder
Services, Inc. ("PIMSS") since May 2003; Director of PFD
since May 2006; Director of Oak Ridge Investments, LLC
(a registered investment adviser in which PIM-USA owns
a minority interest) since January 2005; Director of
Vanderbilt Capital Advisors, LLC (an institutional investment
adviser wholly-owned by PIM-USA) since June 2006; and
Executive Vice President of all of the Pioneer Funds since
June 2003
- ------------------------------------------------------------------------------------------------------------------------------------
53
Pioneer Global High Yield Fund
- --------------------------------------------------------------------------------
INDEPENDENT TRUSTEES
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Position Held With Term of Office and
Name, Age and Address the Fund Length of Service
David R. Bock (62) Trustee Trustee since 2005.
3050 K Street NW, Serves until a succes-
Washington, DC 20007 sor trustee is elected
or earlier retirement
or removal.
- --------------------------------------------------------------------------------
Mary K. Bush (58) Trustee Trustee since 2001.
3509 Woodbine Street Serves until a succes-
Chevy Chase, MD 20815 sor trustee is elected
or earlier retirement
or removal.
- --------------------------------------------------------------------------------
Margaret B.W. Graham (59) Trustee Trustee since 2001.
1001 Sherbrooke Street West, Serves until a succes-
Montreal, Quebec, Canada sor trustee is elected
H3A 1G5 or earlier retirement
or removal.
- --------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
Other Directorships Held
Name, Age and Address Principal Occupation During Past Five Years by this Trustee
David R. Bock (62) Senior Vice President and Chief Financial Officer, I-trax, Director of The Enterprise
3050 K Street NW, Inc. (publicly traded health care services company) Social Investment
Washington, DC 20007 (2001 - present); Managing Partner, Federal City Capital Company (privately-held
Advisors (boutique merchant bank) (2002 to 2004); and affordable housing
Executive Vice President and Chief Financial Officer, finance company); and
Pedestal Inc. (internet-based mortgage trading company) Director of New York
(2000 - 2002) Mortgage Trust (publicly
traded mortgage REIT)
- ------------------------------------------------------------------------------------------------------------------------------------
Mary K. Bush (58) President, Bush International (international financial Director of Brady
3509 Woodbine Street advisory firm) Corporation (industrial
Chevy Chase, MD 20815 identification and
specialty coated material
products manufacturer);
Director of Briggs &
Stratton Co. (engine
manufacturer); Director of
Mortgage Guaranty
Insurance Corporation;
and Director of
UAL Corporation
(airline holding company)
- ------------------------------------------------------------------------------------------------------------------------------------
Margaret B.W. Graham (59) Founding Director, The Winthrop Group, Inc. (consulting None
1001 Sherbrooke Street West, firm); and Desautels Faculty of Management, McGill
Montreal, Quebec, Canada University
H3A 1G5
- ------------------------------------------------------------------------------------------------------------------------------------
54
Pioneer Global High Yield Fund
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Position Held With Term of Office and
Name, Age and Address the Fund Length of Service
Thomas J. Perna (56) Trustee Trustee since
89 Robbins Avenue, February, 2006.
Berkeley Heights, NJ 07922 Serves until a
successor trustee
is elected or earlier
retirement or removal.
- --------------------------------------------------------------------------------
Marguerite A. Piret (58) Trustee Trustee since 2001.
200 State Street 12th Floor, Serves until a succes-
Boston, MA 02109 sor trustee is elected
or earlier retirement
or removal.
- --------------------------------------------------------------------------------
Stephen K. West (78) Trustee Trustee since 2001.
125 Broad Street, Serves until a succes-
New York, NY 10004 sor trustee is elected
or earlier retirement
or removal.
- --------------------------------------------------------------------------------
John Winthrop (70) Trustee Trustee since 2001.
One North Adgers Wharf, Serves until a succes-
Charleston, SC 29401 sor trustee is elected
or earlier retirement
or removal.
- --------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
Other Directorships Held
Name, Age and Address Principal Occupation During Past Five Years by this Trustee
Thomas J. Perna (56) Private investor (2004 - present); and Senior Executive Director of Quadriserv
89 Robbins Avenue, Vice President, The Bank of New York (financial and Inc. (technology products
Berkeley Heights, NJ 07922 securities services) (1986 - 2004) for securities lending
industry)
- ------------------------------------------------------------------------------------------------------------------------------------
Marguerite A. Piret (58) President and Chief Executive Officer, Newbury, Piret & Director of New America
200 State Street 12th Floor, Company, Inc. (investment banking firm) High Income Fund, Inc.
Boston, MA 02109 (closed-end investment
company)
- ------------------------------------------------------------------------------------------------------------------------------------
Stephen K. West (78) Senior Counsel, Sullivan & Cromwell (law firm) Director, The Swiss
125 Broad Street, Helvetia Fund, Inc.
New York, NY 10004 (closed-end investment
company)
- ------------------------------------------------------------------------------------------------------------------------------------
John Winthrop (70) President, John Winthrop & Co., Inc. None
One North Adgers Wharf, (private investment firm)
Charleston, SC 29401
- ------------------------------------------------------------------------------------------------------------------------------------
55
Pioneer Global High Yield Fund
- --------------------------------------------------------------------------------
FUND OFFICERS
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Position Held With Term of Office and
Name and Age the Fund Length of Service
Dorothy E. Bourassa (58) Secretary Since 2003. Serves
at the discretion of
the Board
- --------------------------------------------------------------------------------
Christopher J. Kelley (41) Assistant Secretary Since 2003. Serves
at the discretion of
the Board
- --------------------------------------------------------------------------------
Christopher P. Harvey (45) Assistant Secretary Since July 2006.
Serves at the discre-
tion of the Board
- --------------------------------------------------------------------------------
Vincent Nave (61) Treasurer Since 2001. Serves
at the discretion of
the Board
- --------------------------------------------------------------------------------
Mark E. Bradley (46) Assistant Treasurer Since 2004. Serves
at the discretion of
the Board
- --------------------------------------------------------------------------------
Luis I. Presutti (41) Assistant Treasurer Since 2001. Serves
at the discretion of
the Board
- --------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
Other Directorships Held
Name and Age Principal Occupation During Past Five Years by this Officer
Dorothy E. Bourassa (58) Secretary of PIM-USA; Senior Vice President- Legal None
of Pioneer; Secretary/Clerk of most of PIM-USA's
subsidiaries; and Secretary of all of the Pioneer Funds
since September 2003 (Assistant Secretary from
November 2000 to September 2003)
- ------------------------------------------------------------------------------------------------------------------------------------
Christopher J. Kelley (41) Vice President and Senior Counsel of Pioneer since July None
2002; Vice President and Senior Counsel of BISYS Fund
Services, Inc. (April 2001 to June 2002); Senior Vice
President and Deputy General Counsel of Funds Distribu-
tor, Inc. (July 2000 to April 2001), and Assistant Secretary
of all of the Pioneer Funds since September 2003
- ------------------------------------------------------------------------------------------------------------------------------------
Christopher P. Harvey (45) Partner, Wilmer Cutler Pickering Hale and Dorr LLP; None
and Assistant Secretary of all of the Pioneer Funds
since July 2006.
- ------------------------------------------------------------------------------------------------------------------------------------
Vincent Nave (61) Vice President - Fund Accounting, Administration and None
Controllership Services of Pioneer; and Treasurer of
all of the Pioneer Funds
- ------------------------------------------------------------------------------------------------------------------------------------
Mark E. Bradley (46) Deputy Treasurer of Pioneer since 2004; Treasurer and None
Senior Vice President, CDC IXIS Asset Management
Services from 2002 to 2003; Assistant Treasurer and Vice
President, MFS Investment Management from 1997 to
2002; and Assistant Treasurer of all of the Pioneer Funds
since November 2004
- ------------------------------------------------------------------------------------------------------------------------------------
Luis I. Presutti (41) Assistant Vice President - Fund Accounting, Administration None
and Controllership Services of Pioneer; and Assistant
Treasurer of all of the Pioneer Funds
- ------------------------------------------------------------------------------------------------------------------------------------
56
Pioneer Global High Yield Fund
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
Position Held With Term of Office and Principal Occupation Other Directorships
Name and Age the Fund Length of Service During Past Five Years Held by this Officer
Gary Sullivan (48) Assistant Treasurer Since 2002. Serves Fund Accounting Manager - Fund None
at the discretion of Accounting, Administration and
the Board Controllership Services of Pioneer;
and Assistant Treasurer of all of the
Pioneer Funds since May 2002
- ------------------------------------------------------------------------------------------------------------------------------------
Katherine Kim Sullivan (32) Assistant Treasurer Since 2003. Serves Fund Administration Manager - Fund None
at the discretion of Accounting, Administration and
the Board Controllership Services since June
2003; Assistant Vice President -
Mutual Fund Operations of State Street
Corporation from June 2002 to June
2003 (formerly Deutsche Bank Asset
Management); Pioneer Fund Accounting,
Administration and Controllership
Services (Fund Accounting Manager from
August 1999 to May 2002); and Assistant
Treasurer of all the Pioneer Funds
since September 2003
- ------------------------------------------------------------------------------------------------------------------------------------
Terrence J. Cullen (45) Chief Compliance Since March 2006. Chief Compliance Officer of Pioneer None
Officer Serves at the discre- and all of the Pioneer Funds since
tion of the Board March 2006; Vice President and Senior
Counsel of Pioneer since September
2004; and Senior Vice President and
Counsel, State Street Research &
Management Company (Februray 1998 to
September 2004)
- ------------------------------------------------------------------------------------------------------------------------------------
* Mr. Cogan and Mr. Hood are Interested Trustees because each is an officer
or director of the fund's investment adviser and certain of its affiliates.
The outstanding capital stock of PFD, Pioneer and PIMSS is indirectly wholly
owned by UniCredito Italiano S.p.A. ("UniCredito Italiano"), one of the largest
banking groups in Italy. Pioneer, the fund's investment adviser, provides
investment management and financial services to mutual funds, institutional and
other clients.
57
- --------------------------------------------------------------------------------
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58
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59
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60
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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
Telecommunications Device for the Deaf (TDD) 1-800-225-1997
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: pioneerinvestments.com
Before investing consider the Fund's investment objectives, risks, charges and
expenses. Contact your advisor or Pioneer Investments for a prospectus
containing this information. Read it carefully.
The Fund files a complete statement of investments with the Securities and
Exchange Commission for the first and third quarters for each fiscal year on
Form N-Q. Shareholders may view the filed Form N-Q by visiting the Commission's
web site at http://www.sec.gov. The filed form may also be viewed and copied at
the Commission's Public Reference Room in Washington, DC. Information regarding
the operations of the Public Reference Room may be obtained by calling
1-800-SEC-0330.
ITEM 2. CODE OF ETHICS.
(a) Disclose whether, as of the end of the period covered by the report, the
registrant has adopted a code of ethics that applies to the registrant's
principal executive officer, principal financial officer, principal accounting
officer or controller, or persons performing similar functions, regardless of
whether these individuals are employed by the registrant or a third party. If
the registrant has not adopted such a code of ethics, explain why it has not
done so.
The registrant has adopted, as of the end of the period covered by this report,
a code of ethics that applies to the registrant's principal executive officer,
principal financial officer, principal accounting officer and controller.
(b) For purposes of this Item, the term "code of ethics" means written standards
that are reasonably designed to deter wrongdoing and to promote:
(1) Honest and ethical conduct, including the ethical handling of actual
or apparent conflicts of interest between personal and professional
relationships;
(2) Full, fair, accurate, timely, and understandable disclosure in
reports and documents that a registrant files with, or submits to, the
Commission and in other public communications made by the registrant;
(3) Compliance with applicable governmental laws, rules, and
regulations;
(4) The prompt internal reporting of violations of the code to an
appropriate person or persons identified in the code; and
(5) Accountability for adherence to the code.
(c) The registrant must briefly describe the nature of any amendment, during the
period covered by the report, to a provision of its code of ethics that applies
to the registrant's principal executive officer, principal financial officer,
principal accounting officer or controller, or persons performing similar
functions, regardless of whether these individuals are employed by the
registrant or a third party, and that relates to any element of the code of
ethics definition enumerated in paragraph (b) of this Item. The registrant must
file a copy of any such amendment as an exhibit pursuant to Item 10(a), unless
the registrant has elected to satisfy paragraph (f) of this Item by posting its
code of ethics on its website pursuant to paragraph (f)(2) of this Item, or by
undertaking to provide its code of ethics to any person without charge, upon
request, pursuant to paragraph (f)(3) of this Item.
The registrant has made no amendments to the code of ethics during the period
covered by this report.
(d) If the registrant has, during the period covered by the report, granted a
waiver, including an implicit waiver, from a provision of the code of ethics to
the registrant's principal executive officer, principal financial officer,
principal accounting officer or controller, or persons performing similar
functions, regardless of whether these individuals are employed by the
registrant or a third party, that relates to one or more of the items set forth
in paragraph (b) of this Item, the registrant must briefly describe the nature
of the waiver, the name of the person to whom the waiver was granted, and the
date of the waiver.
Not applicable.
(e) If the registrant intends to satisfy the disclosure requirement under
paragraph (c) or (d) of this Item regarding an amendment to, or a waiver from,
a provision of its code of ethics that applies to the registrant's principal
executive officer, principal financial officer, principal accounting officer or
controller, or persons performing similar functions and that relates to any
element of the code of ethics definition enumerated in paragraph (b) of this
Item by posting such information on its Internet website, disclose the
registrant's Internet address and such intention.
Not applicable.
(f) The registrant must:
(1) File with the Commission, pursuant to Item 10(a), a copy of its code
of ethics that applies to the registrant's principal executive officer,
principal financial officer, principal accounting officer or controller,
or persons performing similar functions, as an exhibit to its annual
report on this Form N-CSR;
(2) Post the text of such code of ethics on its Internet website and
disclose, in its most recent report on this Form N-CSR, its Internet
address and the fact that it has posted such code of ethics on its
Internet website; or
(3) Undertake in its most recent report on this Form N-CSR to provide to
any person without charge, upon request, a copy of such code of ethics
and explain the manner in which such request may be made.
See Item 10(2)
ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.
(a) (1) Disclose that the registrant's board of trustees has determined that
the registrant either:
(i) Has at least one audit committee financial expert serving on its audit
committee; or
(ii) Does not have an audit committee financial expert serving on its audit
committee.
The registrant's Board of Trustees has determined that the registrant has at
least one audit committee financial expert.
(2) If the registrant provides the disclosure required by paragraph
(a)(1)(i) of this Item, it must disclose the name of the audit committee
financial expert and whether that person is "independent." In order to be
considered "independent" for purposes of this Item, a member of an audit
committee may not, other than in his or her capacity as a member of the audit
committee, the board of trustees, or any other board committee:
(i) Accept directly or indirectly any consulting, advisory, or other
compensatory fee from the issuer; or
(ii) Be an "interested person" of the investment company as defined in
Section 2(a)(19) of the Act (15 U.S.C. 80a-2(a)(19)).
Ms. Marguerite A. Piret, an independent trustee, is such an audit committee
financial expert.
(3) If the registrant provides the disclosure required by paragraph (a)(1)
(ii) of this Item, it must explain why it does not have an audit committee
financial expert.
Not applicable.
ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.
(a) Disclose, under the caption AUDIT FEES, the aggregate fees billed for each
of the last two fiscal years for professional services rendered by the principal
accountant for the audit of the registrant's annual financial statements or
services that are normally provided by the accountant in connection with
statutory and regulatory filings or engagements for those fiscal years.
Audit Fees
Fees for audit services provided to the Fund,
including fees associated with the annual
filing of its Form N-1A, totaled
approximately $36,010 in 2006 and $24,035
in 2005.
(b) Disclose, under the caption AUDIT-RELATED FEES, the aggregate fees billed in
each of the last two fiscal years for assurance and related services by the
principal accountant that are reasonably related to the performance of the audit
of the registrant's financial statements and are not reported under
paragraph (a) of this Item. Registrants shall describe the nature of the
services comprising the fees disclosed under this category.
Audit-Related Fees and Other Fees
There were no fees for audit-related or other
services provided to the Fund during the
fiscal years ended October 31, 2006 and
2005.
(c) Disclose, under the caption TAX FEES, the aggregate fees billed in each of
the last two fiscal years for professional services rendered by the principal
accountant for tax compliance, tax advice, and tax planning. Registrants shall
describe the nature of the services comprising the fees disclosed under this
category.
Tax Fees
Fees for tax compliance services, primarily
for tax returns, totaled approximately $7,515
and $6,800 in 2006 and 2005, respectively.
(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.
Non-Audit Services
Beginning with non-audit service contracts
entered into on or after May 6, 2003, the
effective date of the new SEC pre-approval
rules, the Fund's audit committee is required
to pre-approve services to affiliates defined
by SEC rules to the extent that the services
are determined to have a direct impact on
the operations or financial reporting of the
Fund. For the years ended October 31, 2006
and 2005, there were no services provided to
an affiliate that required the Fund's audit
committee pre-approval.
(f) If greater than 50 percent, disclose the percentage of hours expended on the
principal accountant's engagement to audit the registrant's financial statements
for the most recent fiscal year that were attributed to work performed by
persons other than the principal accountant's full-time, permanent employees.
N/A
(g) Disclose the aggregate non-audit fees billed by the registrant's accountant
for services rendered to the registrant, and rendered to the registrant's
investment adviser (not including any sub-adviser whose role is primarily
portfolio management and is subcontracted with or overseen by another investment
adviser), and any entity controlling, controlled by, or under common control
with the adviser that provides ongoing services to the registrant for each of
the last two fiscal years of the registrant.
The aggregate non-audit fees for the Fund
and affiliates, as previously defined, totaled
approximately $7,515 in 2006 and $$6,800
in 2005.
(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 Global High Yield Fund
By (Signature and Title)* /s/ John F. Cogan, Jr.
John F. Cogan, Jr, President
Date December 29, 2006
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, this report has been signed below by the
following persons on behalf of the registrant and in the capacities and on the
dates indicated.
By (Signature and Title)* /s/ John F. Cogan, Jr.
John F. Cogan, Jr., President
Date December 29, 2006
By (Signature and Title)* /s/ Vincent Nave
Vincent Nave, Treasurer
Date December 29, 2006
* Print the name and title of each signing officer under his or her signature.