UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-10395
Pioneer Series Trust VII
(Exact name of registrant as specified in charter)
60 State Street, Boston, MA 02109
(Address of principal executive offices) (ZIP code)
Terrence J. Cullen, Pioneer Investment Management, Inc.,
60 State Street, Boston, MA 02109
(Name and address of agent for service)
Registrant's telephone number, including area code: (617) 742-7825
Date of fiscal year end: October 31
Date of reporting period: November 1, 2016 through April 30, 2017
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 STOCKHOLDERS.
Pioneer Global High
Yield Fund
--------------------------------------------------------------------------------
Semiannual Report | April 30, 2017
--------------------------------------------------------------------------------
Ticker Symbols:
Class A PGHYX
Class C PGYCX
Class Y GHYYX
[LOGO] PIONEER
Investments(R)
visit us: us.pioneerinvestments.com
Table of Contents
President's Letter 2
Portfolio Management Discussion 4
Portfolio Summary 9
Prices and Distributions 10
Performance Update 11
Comparing Ongoing Fund Expenses 14
Schedule of Investments 16
Financial Statements 45
Notes to Financial Statements 52
Approval of New and Interim Management Agreements 70
Trustees, Officers and Service Providers 79
Pioneer Global High Yield Fund | Semiannual Report | 4/30/17 1
President's Letter
After an overall strong year for leading market indices in 2016, U.S. markets
continued to generate positive returns over the first calendar quarter of 2017,
with so-called "risk" assets, such as equities and credit-sensitive bonds,
posting solid gains. In the first quarter, U.S. equities, as measured by the
Standard & Poor's 500 Index, returned slightly more than 6%, while high-yield
securities dominated bond market performance.
The transfer of power in Washington, D.C. in January had little or no effect on
the markets in the first quarter, as the post-election momentum we witnessed
late in the fourth quarter of 2016 slowed only when oil prices slumped in March,
due to both higher-than-expected inventories and concerns over whether OPEC
(Organization of Petroleum Exporting Countries) would continue its supply cuts
in June. Not even the Federal Reserve System's (the Fed's) highly anticipated
rate hike during the month of March, its second in three months, nor Britain's
trigger of Article 50 to begin the "Brexit" process caused any dramatic sell-off
of risk assets.
While U.S. gross domestic product (GDP) did slow in the first quarter, the
expectation is for GDP to accelerate in the second quarter, with a strong
consumer leading the way. Pioneer believes the U.S. economy may lead all
developed nations in 2017, with GDP growth in excess of 2% for the year.
President Trump has proposed decidedly pro-business policies, such as lower
taxes, higher infrastructure spending, and less regulation, though we believe
the economy may realize the benefits of those policies, if enacted, more so in
2018 than in 2017. Conversely, the effects of the President's potentially
restrictive trade policies could offset some of the benefits of the pro-growth
fiscal policies.
Even so, we believe solid domestic employment figures should continue to support
consumption and the housing market, and that stronger corporate profits and
increased government spending may contribute to economic growth in 2018 and
beyond. Increasing global Purchasing Manager Indices (PMIs) suggest that growth
in global economies is also improving. (PMIs are used to measure the economic
health of the manufacturing sector.)
There are, as always, some risks to our outlook. First, the market already has
priced in a good deal of the Trump economic reform platform, and that could lead
to near-term disappointment if Congressional follow-through does not happen this
year. The future of the Affordable Care Act is another potential concern. The
first attempt to repeal/replace it failed, but any new proposed
2 Pioneer Global High Yield Fund | Semiannual Report | 4/30/17
legislation will undoubtedly have an effect on the health care sector, one of
the largest segments of the U.S. economy. Geopolitical risks, of course, remain
a potential headwind, given ongoing strife in the Middle East and renewed
tensions on the Korean Peninsula.
While our current outlook is generally optimistic, conditions can and often do
change, and while passive investment strategies may have a place in one's
overall portfolio, it is our view that all investment decisions are active
choices.
Throughout Pioneer's history, we have believed in the importance of active
management. The active decisions to invest in equities or fixed-income
securities are made by a team of experienced investment professionals focusing
on identifying value across global markets using proprietary research, careful
risk management, and a long-term perspective. We believe our shareowners can
benefit from the experience and tenure of our investment teams as well as the
insights generated from our extensive research process.
As always, and particularly during times of market uncertainty, we encourage you
to work with your financial advisor to develop an overall investment plan that
addresses both your short- and long-term goals, and to implement such a plan in
a disciplined manner.
We greatly appreciate the trust you have placed in us and look forward to
continuing to serve you in the future.
Sincerely,
/s/ Lisa M. Jones
Lisa M. Jones
President and CEO
Pioneer Investment Management USA Inc.
April 30, 2017
Any information in this shareowner report regarding market or economic trends or
the factors influencing the Fund's historical or future performance are
statements of opinion as of the date of this report. Past performance is no
guarantee of future results.
Pioneer Global High Yield Fund | Semiannual Report | 4/30/17 3
Portfolio Management Discussion | 4/30/17
High-yield bonds generated healthy, positive returns during the six-month period
ended April 30, 2017, as investors maintained confidence in a steadily growing
global economy. In the following interview, Andrew Feltus discusses the market
environment and the performance of Pioneer Global High Yield Fund during the
six-month period. Mr. Feltus, Director of High Yield and Bank Loans, a senior
vice president and a portfolio manager at Pioneer, co-manages the Fund with
Tracy Wright, a senior vice president and a portfolio manager at Pioneer.
Q How did the Fund perform during the six-month period ended April 30, 2017?
A Pioneer Global High Yield Fund's Class A shares returned 5.35% at net asset
value during the six-month period ended April 30, 2017, while the Fund's
benchmarks, the Bloomberg Barclays Global High Yield Index (the Bloomberg
Barclays Index) and the Bank of America Merrill Lynch (BofA ML) U.S. High
Yield Index, returned 5.10% and 5.50%, respectively. During the same
period, the average return of the 691 mutual funds in Lipper's High Yield
Funds category was 4.80%, and the average return of the 714 mutual funds in
Morningstar's High Yield Bond Funds category was 4.88%.
Q What were the main factors that affected the Fund's benchmark-relative
performance during the six-month period ended April 30, 2017?
A During the period, our emphasis on holding domestic corporate bonds in the
portfolio as well as successful security selection in all high-yield
markets helped the Fund perform essentially in line with its high-yield
benchmark indices, while outpacing its competitive fund averages.
The Fund's overweight position in U.S. high-yield corporate bonds provided a
strong assist to benchmark-relative returns, as the asset class performed
well over the six-month period. In addition, the Fund's underweight of
European high-yield securities, which did not fare as well as U.S. high
yield, contributed positively to benchmark-relative performance. In the
emerging markets, we emphasized corporate bonds in the portfolio, which
produced solid results for the Fund, while de-emphasizing sovereign debt,
which underperformed. However, the Fund's exposures to out-of-benchmark
groups such as insurance-linked securities, floating-rate bank loans, and
asset-backed securities were a drag on benchmark-relative performance over
the six months.
The Fund's currency positions did not have a significant impact on benchmark
-relative results during the period. Portfolio overweights to the U.S.
dollar and the Russian ruble helped relative returns, while exposure to
4 Pioneer Global High Yield Fund | Semiannual Report | 4/30/17
the Mexican peso and an underweight to the British pound tended to hold back
benchmark-relative results. At the end of the period, on April 30, 2017,
87% of the Fund's total investment portfolio was invested in U.S.-dollar
denominated holdings.
Q Which specific investments had noteworthy effects on the Fund's benchmark-
relative performance during the six-month period ended April 30, 2017?
A The Fund experienced good security selection results in all asset classes
during the period. In the United States, the portfolio's investment in
bonds of Scientific Games International, a producer of gaming equipment
(including slot machines), was a standout performer, while investments in
bonds of domestic energy companies also provided a major boost to the
Fund's benchmark-relative performance. One energy holding in the portfolio
that underperformed, however, was Talen Energy, a utility whose results
suffered due to weak pricing in the Mid-Atlantic and Midwestern states.
Among the Fund's emerging markets corporate holdings, a major contributor to
benchmark-relative returns was the debt of China Fish Group, a company that
had defaulted on its debt in 2015. During the past six months, however, the
bonds rallied as the company reorganized. On the down side, the Fund's
relative underweighting of the debt of Petrobras, the large Brazilian-based
energy corporation, detracted from benchmark-relative performance when the
bonds turned in solid results.
In Europe, the Fund benefited from strong security selection results among
its corporate debt holdings, especially in the banking sector, where
performance was led by the portfolio's exposure to bonds of Italian banking
firm Intesa. We favored the debt of European banks during the period
because we believe those banks are making great strides in improving their
capital structures, just as U.S. banks did following the 2008 financial
crisis. One European-based investment in the portfolio that underperformed
during the period was a position in Agrokor, a Croatian retailing and food
company. Agrokor had difficulties refinancing its debt, but, fortunately,
we liquidated the Fund's position before the company filed for bankruptcy.
Q What factors affected the Fund's dividend* distributions to shareholders
during the six months ended April 30, 2017?
A The Fund's dividend distribution fell during the period, as current income
generated by the portfolio's investments declined. Two factors were
responsible for the decrease. First, as high-yield bond prices rallied,
their
* Dividends are not guaranteed.
Pioneer Global High Yield Fund | Semiannual Report | 4/30/17 5
effective yields fell and spreads tightened (credit spreads are commonly
defined as the differences in yield between Treasuries and other types of
fixed-income securities with similar maturities). Second, during the
aforementioned rally, we sold some of the Fund's high-yield holdings to
take profits and upgrade the overall credit quality of the portfolio in an
effort to reduce risk. The higher-quality, newer holdings in the portfolio
typically feature lower yields than the bonds that we sold, and therefore
generate less income.
Q Did you invest the Fund in any derivative securities during the six-month
period ended April 30, 2017? If so, did the investments have any material
impact on the Fund's benchmark-relative results?
A We did invest the Fund in two types of derivatives during the six months:
forward foreign currency transactions (currency forwards) and credit
default swaps. Each of the investments had minor, positive effects on the
Fund's relative performance. We invested in the currency forwards in an
attempt to manage the risk of holding investments in the portfolio
denominated in foreign currencies. We invested in credit default swaps
because they are liquid (easily tradable) investments that gave the Fund
exposure to the high-yield bond market.
Q What is your investment outlook?
A The economic fundamentals underlying high-yield investments appear to be
strong and improving. We anticipate that both the domestic and global
economies will continue to expand, thus adding to corporate profitability
and enabling companies to improve their earnings as well as strengthen
their balance sheets. We believe those conditions should increase the
probability that corporate bond defaults will further decline.
We think there is good potential for U.S. economic growth to accelerate in
the coming months, especially if President Trump should secure
Congressional approval of his economic agenda, which includes reductions in
both personal and corporate income tax rates as well as a boost in
infrastructure spending. On the international front, we think Japan's
economy should continue to improve, and we anticipate that growth trends in
China and Europe should remain steady. An improving global economic outlook
characterized by healthy corporate profits and low bond default rates also
bodes well for the emerging markets.
6 Pioneer Global High Yield Fund | Semiannual Report | 4/30/17
However, as high-yield investments have outperformed other fixed-income
securities, credit spreads have tightened. We believe high-yield bonds are
fairly valued at the present time, but there may be less potential for
price appreciation given the recent market rallies. As a consequence, we
have become more cautious and started to reduce the overall credit risk of
the portfolio's bond holdings.
Please refer to the Schedule of Investments on pages 16-44 for a full listing of
Fund securities.
All investments are subject to risk, including the possible loss of principal.
In the past several years, financial markets have experienced increased
volatility, depressed valuations, decreased liquidity and heightened
uncertainty. These conditions may continue, recur, worsen or spread.
Investments in high-yield or lower-rated securities are subject to greater-than-
average price volatility, illiquidity and possibility of default.
When interest rates rise, the prices of fixed-income securities in the Fund will
generally fall. Conversely, when interest rates fall, the prices of fixed-income
securities in the Fund will generally rise.
Investments in the Fund are subject to possible loss due to the financial
failure of issuers of underlying securities and their inability to meet their
debt obligations.
Investing in foreign and/or emerging markets securities involves risks relating
to interest rates, currency exchange rates, and economic and political
conditions.
Prepayment risk is the chance that an issuer may exercise its right to repay its
security, if falling interest rates prompt the issuer to do so. Forced to
reinvest the unanticipated proceeds at lower interest rates, the Fund would
experience a decline in income and lose the opportunity for additional price
appreciation.
The Fund may invest in mortgage-backed securities, which during times of
fluctuating interest rates may increase or decrease more than other fixed-income
securities. Mortgage-backed securities are also subject to pre-payments.
The Fund may use derivatives, such as options, futures, inverse floating rate
obligations, swaps, and others, which can be illiquid, may disproportionately
increase losses, and have a potentially large impact on Fund performance.
Derivatives may have a leveraging effect on the Fund.
Pioneer Global High Yield Fund | Semiannual Report | 4/30/17 7
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.
Before investing, consider the product's investment objectives, risks, charges
and expenses. Contact your advisor or Pioneer Investments for a prospectus or
summary prospectus containing this information. Read it carefully.
Any information in this shareholder report regarding market or economic trends
or the factors influencing the Fund's historical or future performance are
statements of opinion as of the date of this report. Past performance is no
guarantee of future results.
8 Pioneer Global High Yield Fund | Semiannual Report | 4/30/17
Portfolio Summary | 4/30/17
Portfolio Diversification*
--------------------------------------------------------------------------------
(As a percentage of total investment portfolio)
[THE FOLLOWING DATA WAS REPRESENTED AS A PIE CHART IN THE PRINTED MATERIAL]
U.S. Corporate Bonds 44.3%
International Corporate Bonds 38.6%
Foreign Government Bonds 7.2%
Senior Secured Loans 3.0%
Convertible Corporate Bonds 2.2%
Collateralized Mortgage Obligations 1.2%
U.S. Government Securities 1.0%
Warrants 0.9%
Convertible Preferred Stocks 0.5%
International Common Stocks 0.3%
U.S. Preferred Stocks 0.3%
U.S. Common Stocks 0.2%
Temporary Cash Investment 0.2%
International Preferred Stocks 0.1%
Asset Backed Security 0.0%+
Municipal Bond 0.0%+
+ amount rounds to less than 0.1%.
* Includes investments in insurance linked securities totaling 2.5% of total
investment portfolio.
Geographical Distribution
--------------------------------------------------------------------------------
(As a percentage of long-term holdings based on country of domicile)
[THE FOLLOWING DATA WAS REPRESENTED AS A PIE CHART IN THE PRINTED MATERIAL]
United States 52.6%
Luxembourg 6.6%
United Kingdom 4.6%
Netherlands 4.1%
Mexico 3.1%
Argentina 2.8%
Canada 2.4%
France 2.3%
Bermuda 2.0%
Ireland 1.9%
Turkey 1.7%
Peru 1.4%
Cayman Islands 1.2%
Italy 1.1%
Other (individually less than 1%) 12.2%
10 Largest Holdings
--------------------------------------------------------------------------------
(As a percentage of total long-term holdings)**
1. Scientific Games International, Inc., 10.0%, 12/1/22 1.12%
--------------------------------------------------------------------------------
2. Minerva Luxembourg SA, 7.75%, 1/31/23 (144A) 1.11
--------------------------------------------------------------------------------
3. Frontier Communications Corp., 8.75%, 4/15/22 0.95
--------------------------------------------------------------------------------
4. Pesquera Exalmar SAA, 7.375%, 1/31/20 (144A) 0.90
--------------------------------------------------------------------------------
5. Petrobras Global Finance BV, 5.375%, 1/27/21 0.86
--------------------------------------------------------------------------------
6. Sprint Corp., 7.25%, 9/15/21 0.83
--------------------------------------------------------------------------------
7. MTN Mauritius Investment, Ltd., 5.373%, 2/13/22 (144A) 0.79
--------------------------------------------------------------------------------
8. Nationstar Mortgage LLC, 6.5%, 6/1/22 0.79
--------------------------------------------------------------------------------
9. U.S. Treasury Bills, 5/18/17 0.77
--------------------------------------------------------------------------------
10. Endo Finance LLC, 5.375%, 1/15/23 (144A) 0.73
--------------------------------------------------------------------------------
** This list excludes temporary cash investments and derivative instruments.
The portfolio is actively managed and current holdings may be different.
The holdings listed should not be considered recommendations to buy or sell
any security listed.
Pioneer Global High Yield Fund | Semiannual Report | 4/30/17 9
Prices and Distributions | 4/30/17
Net Asset Value per Share
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Class 4/30/17 10/31/16
--------------------------------------------------------------------------------
A $8.93 $8.71
--------------------------------------------------------------------------------
C $8.90 $8.69
--------------------------------------------------------------------------------
Y $8.77 $8.55
--------------------------------------------------------------------------------
Distributions per Share: 11/1/16-4/30/17
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Short-Term Long-Term Tax Return
Class Dividends Capital Gains Capital Gains of Capital
--------------------------------------------------------------------------------
A $0.2390 $ -- $ -- $ --
--------------------------------------------------------------------------------
C $0.2082 $ -- $ -- $ --
--------------------------------------------------------------------------------
Y $0.2465 $ -- $ -- $ --
--------------------------------------------------------------------------------
Index Definitions
--------------------------------------------------------------------------------
The Bloomberg Barclays Global High Yield Index is an unmanaged index that
provides a broad-based measure of the global high-yield fixed-income markets.
The index represents the union of the Barclays U.S. High-Yield, Barclays
Pan-European High-Yield, Barclays U.S. Emerging Markets High-Yield, and Barclays
Pan-European Emerging Markets High-Yield Indices. The BofA ML U.S. High Yield
Index is an unmanaged, commonly accepted measure of the performance of
high-yield securities. Index returns are calculated monthly, assume reinvestment
of dividends and, unlike Fund returns, do not reflect any fees, expenses or
sales charges. It is not possible to invest directly in an index.
The indices defined here pertain to the "Value of $10,000 Investment" and "Value
of $5 Million Investment" charts appearing on pages 11-13.
10 Pioneer Global High Yield Fund | Semiannual Report | 4/30/17
Performance Update | 4/30/17 Class A Shares
Investment Returns
--------------------------------------------------------------------------------
The mountain chart on the right shows the change in value of a $10,000
investment made in Class A shares of Pioneer Global High Yield Fund at public
offering price during the periods shown, compared to that of the Bank of America
(BofA) Merrill Lynch (ML) U.S. High Yield Index and the Bloomberg Barclays
Global High Yield Index.
Average Annual Total Returns
(As of April 30, 2017)
--------------------------------------------------------------------------------
Bloomberg
Barclays BofA
Net Public Global ML U.S.
Asset Offering High High
Value Price Yield Yield
Period (NAV) (POP) Index Index
--------------------------------------------------------------------------------
10 years 4.54% 4.07% 7.44% 7.32%
5 years 4.31 3.35 6.72 6.87
1 year 12.01 6.94 11.37 13.66
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated March 1, 2017)
--------------------------------------------------------------------------------
Gross
--------------------------------------------------------------------------------
1.19%
--------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $10,000 Investment
Pioneer Global BofA ML U.S. Bloomberg Barclays
High Yield Fund High Yield Index Global High Yield Index
4/07 $ 9,550 $10,000 $10,000
4/08 $ 9,265 $ 9,917 $10,044
4/09 $ 6,563 $ 8,460 $ 8,497
4/10 $10,617 $12,200 $12,319
4/11 $12,238 $13,828 $14,173
4/12 $12,066 $14,540 $14,803
4/13 $13,626 $16,582 $17,004
4/14 $14,165 $17,626 $18,265
4/15 $13,906 $18,078 $18,117
4/16 $13,300 $17,837 $18,401
4/17 $14,897 $20,273 $20,494
Call 1-800-225-6292 or visit us.pioneerinvestments.com for the most recent
month-end performance results. Current performance may be lower or higher than
the performance data quoted.
The performance data quoted represents past performance, which is no guarantee
of future results. Investment return and principal value will fluctuate, and
shares, when redeemed, may be worth more or less than their original cost.
NAV results represent the percent change in net asset value per share. Returns
would have been lower had charges been reflected. POP returns reflect deduction
of maximum 4.50% sales charge. All results are historical and assume the
reinvestment of dividends and capital gains. Other share classes are available
for which performance and expenses will differ.
Performance results reflect any applicable expense waivers in effect during the
periods shown. Without such waivers Fund performance would be lower. Waivers may
not be in effect for all funds. Certain fee waivers are contractual through a
specified period. Otherwise, fee waivers can be rescinded at any time. See the
prospectus and financial statements for more information.
The performance table and graph do not reflect the deduction of fees and taxes
that a shareowner would pay on Fund distributions or the redemption of Fund
shares.
Please refer to the financial highlights for a more current expense ratio.
Pioneer Global High Yield Fund | Semiannual Report | 4/30/17 11
Performance Update | 4/30/17 Class C Shares
Investment Returns
--------------------------------------------------------------------------------
The mountain chart on the right shows the change in value of a $10,000
investment made in Class C shares of Pioneer Global High Yield Fund during the
periods shown, compared to that of the Bank of America (BofA) Merrill Lynch (ML)
U.S. High Yield Index and the Bloomberg Barclays Global High Yield Index.
Average Annual Total Returns
(As of April 30, 2017)
--------------------------------------------------------------------------------
Bloomberg
Barclays BofA
Global ML U.S.
High High
If If Yield Yield
Period Held Redeemed Index Index
--------------------------------------------------------------------------------
10 years 5.15% 5.15% 7.44% 7.32%
5 years 5.45 5.45 6.72 6.87
1 year 5.15 5.15 11.37 13.66
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated March 1, 2017)
--------------------------------------------------------------------------------
Gross
--------------------------------------------------------------------------------
1.90%
--------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $10,000 Investment
Pioneer Global BofA ML U.S. Bloomberg Barclays
High Yield Fund High Yield Index Global High Yield Index
4/07 $10,000 $10,000 $10,000
4/08 $ 9,628 $ 9,917 $10,044
4/09 $ 6,762 $ 8,460 $ 8,497
4/10 $10,871 $12,200 $12,319
4/11 $12,447 $13,828 $14,173
4/12 $12,209 $14,540 $14,803
4/13 $13,685 $16,582 $17,004
4/14 $14,126 $17,626 $18,265
4/15 $13,781 $18,078 $18,117
4/16 $13,071 $17,837 $18,401
4/17 $14,558 $20,273 $20,494
Call 1-800-225-6292 or visit us.pioneerinvestments.com for the most recent
month-end performance results. Current performance may be lower or higher than
the performance data quoted.
The performance data quoted represents past performance, which is no guarantee
of future results. Investment return and principal value will fluctuate, and
shares, when redeemed, may be worth more or less than their original cost.
Class C shares held for less than one year are also subject to a 1% contingent
deferred sales charge (CDSC). "If Held" results represent the percent change in
net asset value per share. Returns would have been lower had sales charges been
reflected. All results are historical and assume the reinvestment of dividends
and capital gains. Other share classes are available for which performance and
expenses will differ.
Performance results reflect any applicable expense waivers in effect during the
periods shown. Without such waivers Fund performance would be lower. Waivers may
not be in effect for all funds. Certain fee waivers are contractual through a
specified period. Otherwise, fee waivers can be rescinded at any time. See the
prospectus and financial statements for more information.
The 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.
Please refer to the financial highlights for a more current expense ratio.
12 Pioneer Global High Yield Fund | Semiannual Report | 4/30/17
Performance Update | 4/30/17 Class Y Shares
Investment Returns
--------------------------------------------------------------------------------
The mountain chart on the right shows the change in value of a $5 million
investment made in Class Y shares of Pioneer Global High Yield Fund during the
periods shown, compared to that of the Bank of America (BofA) Merrill Lynch (ML)
U.S. High Yield Index and the Bloomberg Barclays Global High Yield Index.
Average Annual Total Returns
(As of April 30, 2017)
--------------------------------------------------------------------------------
Bloomberg
Barclays BofA
Net Global ML U.S.
Asset High High
Value Yield Yield
Period (NAV) Index Index
--------------------------------------------------------------------------------
10 years 4.87% 7.44% 7.32%
5 years 4.60 6.72 6.87
1 year 12.43 11.37 13.66
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated March 1, 2017)
--------------------------------------------------------------------------------
Gross
--------------------------------------------------------------------------------
0.90%
--------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $5 Million Investment
Pioneer Global BofA ML U.S. Bloomberg Barclays
High Yield Fund High Yield Index Global High Yield Index
4/07 $5,000,000 $ 5,000,000 $ 5,000,000
4/08 $4,878,365 $ 4,958,617 $ 5,021,894
4/09 $3,473,092 $ 4,230,222 $ 4,248,345
4/10 $5,626,437 $ 6,100,147 $ 6,159,254
4/11 $6,493,983 $ 6,914,207 $ 7,086,312
4/12 $6,427,665 $ 7,270,206 $ 7,401,312
4/13 $7,280,335 $ 8,290,919 $ 8,502,207
4/14 $7,594,227 $ 8,812,927 $ 9,132,290
4/15 $7,475,030 $ 9,039,084 $ 9,058,541
4/16 $7,158,187 $ 8,918,292 $ 9,200,607
4/17 $8,047,703 $10,136,411 $10,247,096
Call 1-800-225-6292 or visit us.pioneerinvestments.com for the most recent
month-end performance results. Current performance may be lower or higher than
the performance data quoted.
The performance data quoted represents past performance, which is no guarantee
of future results. Investment return and principal value will fluctuate, and
shares, when redeemed, may be worth more or less than their original cost.
Class Y shares are not subject to sales charges and are available for limited
groups of eligible investors, including institutional investors. All results are
historical and assume the reinvestment of dividends and capital gains. Other
share classes are available for which performance and expenses will differ.
Performance results reflect any applicable expense waivers in effect during the
periods shown. Without such waivers Fund performance would be lower. Waivers may
not be in effect for all funds. Certain fee waivers are contractual through a
specified period. Otherwise, fee waivers can be rescinded at any time. See the
prospectus and financial statements for more information.
The performance table and graph do not reflect the deduction of fees and taxes
that a shareowner would pay on Fund distributions or the redemption of Fund
shares.
Please refer to the financial highlights for a more current expense ratio.
Pioneer Global High Yield Fund | Semiannual Report | 4/30/17 13
Comparing Ongoing Fund Expenses
As a shareowner in the Fund, you incur two types of costs:
(1) ongoing costs, including management fees, distribution and/or service
(12b-1) fees, and other Fund expenses; and
(2) transaction costs, including sales charges (loads) on purchase payments.
This example is intended to help you understand your ongoing expenses (in
dollars) of investing in the Fund and to compare these costs with the ongoing
costs of investing in other mutual funds. The example is based on an investment
of $1,000 at the beginning of the Fund's latest six-month period and held
throughout the six months.
Using the Tables
--------------------------------------------------------------------------------
Actual Expenses
The first table below provides information about actual account values and
actual expenses. You may use the information in this table, together with the
amount you invested, to estimate the expenses that you paid over the period as
follows:
(1) Divide your account value by $1,000
Example: an $8,600 account value (divided by) $1,000 = 8.6
(2) Multiply the result in (1) above by the corresponding share class's number
in the third row under the heading entitled "Expenses Paid During Period"
to estimate the expenses you paid on your account during this period.
Expenses Paid on a $1,000 Investment in Pioneer Global High Yield Fund
Based on actual returns from November 1, 2016, through April 30, 2017.
--------------------------------------------------------------------------------
Share Class A C Y
--------------------------------------------------------------------------------
Beginning Account $1,000.00 $1,000.00 $1,000.00
Value on 11/1/16
--------------------------------------------------------------------------------
Ending Account Value (after expenses) $1,053.50 $1,051.50 $1,055.40
on 4/30/17
--------------------------------------------------------------------------------
Expenses Paid During Period* $ 6.11 $ 9.66 $ 4.64
--------------------------------------------------------------------------------
* Expenses are equal to the Fund's annualized net expense ratio of 1.20%,
1.90%, and 0.91% for Class A, Class C and Class Y shares, respectively,
multiplied by the average account value over the period, multiplied by
181/365 (to reflect the one-half year period).
14 Pioneer Global High Yield Fund | Semiannual Report | 4/30/17
Hypothetical Example for Comparison Purposes
The table below provides information about hypothetical account values and
hypothetical expenses based on the Fund's actual expense ratio and an assumed
rate of return of 5% per year before expenses, which is not the Fund's actual
return. The hypothetical account values and expenses may not be used to estimate
the actual ending account balance or expenses you paid for the period.
You may use this information to compare the ongoing costs of investing in the
Fund and other funds. To do so, compare this 5% hypothetical example with the 5%
hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the tables are meant to highlight your
ongoing costs only and do not reflect any transaction costs, such as sales
charges (loads) that are charged at the time of the transaction. Therefore, the
table below is useful in comparing ongoing costs only and will not help you
determine the relative total costs of owning different funds. In addition, if
these transaction costs were included, your costs would have been higher.
Expenses Paid on a $1,000 Investment in Pioneer Global High Yield Fund
Based on a hypothetical 5% return per year before expenses, reflecting the
period from November 1, 2016, through April 30, 2017.
--------------------------------------------------------------------------------
Share Class A C Y
--------------------------------------------------------------------------------
Beginning Account $1,000.00 $1,000.00 $1,000.00
Value on 11/1/16
--------------------------------------------------------------------------------
Ending Account Value (after expenses) $1,018.84 $1,015.37 $1,020.28
on 4/30/17
--------------------------------------------------------------------------------
Expenses Paid During Period* $ 6.01 $ 9.49 $ 4.56
--------------------------------------------------------------------------------
* Expenses are equal to the Fund's annualized net expense ratio of 1.20%,
1.90%, and 0.91% for Class A, Class C and Class Y shares, respectively,
multiplied by the average account value over the period, multiplied by
181/365 (to reflect the one-half year period).
Pioneer Global High Yield Fund | Semiannual Report | 4/30/17 15
Schedule of Investments | 4/30/17 (unaudited)
--------------------------------------------------------------------------------------------------------
Principal Floating
Amount ($)(l) Rate (b) Value
--------------------------------------------------------------------------------------------------------
CONVERTIBLE CORPORATE BONDS -- 2.2%
ENERGY -- 0.5%
Oil & Gas Exploration & Production -- 0.3%
1,785,000 Whiting Petroleum Corp., 1.25%, 4/1/20 $ 1,577,494
--------------------------------------------------------------------------------------------------------
Oil & Gas Storage & Transportation -- 0.2%
1,375,000 Golar LNG, Ltd., 2.75%, 2/15/22 (144A) $ 1,340,625
---------------
Total Energy $ 2,918,119
--------------------------------------------------------------------------------------------------------
MATERIALS -- 0.5%
Construction Materials -- 0.5%
2,775,000 Cemex SAB de CV, 3.72%, 3/15/20 $ 3,130,547
--------------------------------------------------------------------------------------------------------
Steel -- 0.0%+
EUR 276,548 New World Resources NV, 4.0%, 10/7/20
(144A) (4.0% cash, 8.0% PIK) (PIK) $ 30
---------------
Total Materials $ 3,130,577
--------------------------------------------------------------------------------------------------------
CAPITAL GOODS -- 0.2%
Electrical Components & Equipment -- 0.2%
1,250,000 General Cable Corp., 4.5%, 11/15/29 (Step) $ 978,906
---------------
Total Capital Goods $ 978,906
--------------------------------------------------------------------------------------------------------
MEDIA -- 0.3%
Cable & Satellite -- 0.3%
2,148,000 2.375 Dish Network Corp., 2.375%, 3/15/24 (144A) $ 2,235,262
---------------
Total Media $ 2,235,262
--------------------------------------------------------------------------------------------------------
PHARMACEUTICALS, BIOTECHNOLOGY &
LIFE SCIENCES -- 0.0%+
Pharmaceuticals -- 0.0%+
300,000 Jazz Investments I, Ltd., 1.875%, 8/15/21 $ 332,250
---------------
Total Pharmaceuticals, Biotechnology &
Life Sciences $ 332,250
--------------------------------------------------------------------------------------------------------
SOFTWARE & SERVICES -- 0.7%
Internet Software & Services -- 0.5%
1,765,000 WebMD Health Corp., 1.5%, 12/1/20 $ 2,131,238
790,000 WebMD Health Corp., 2.625%, 6/15/23 (144A) 760,869
---------------
$ 2,892,107
--------------------------------------------------------------------------------------------------------
Application Software -- 0.2%
1,258,000 Citrix Systems, Inc., 0.5%, 4/15/19 1,540,264
---------------
Total Software & Services $ 4,432,371
--------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
16 Pioneer Global High Yield Fund | Semiannual Report | 4/30/17
--------------------------------------------------------------------------------------------------------
Principal Floating
Amount ($)(l) Rate (b) Value
--------------------------------------------------------------------------------------------------------
SEMICONDUCTORS & SEMICONDUCTOR
EQUIPMENT -- 0.0%+
Semiconductors -- 0.0%+
2,393,896 LDK Solar Co, Ltd., 5.535%, 12/31/18,
(5.535% cash, 5.535% PIK) (PIK) (d) $ 3,112
---------------
Total Semiconductors & Semiconductor
Equipment $ 3,112
--------------------------------------------------------------------------------------------------------
TOTAL CONVERTIBLE CORPORATE BONDS
(Cost $15,085,261) $ 14,030,597
--------------------------------------------------------------------------------------------------------
PREFERRED STOCKS -- 0.5%
TRANSPORTATION -- 0.1%
Air Freight & Logistics -- 0.1%
3,428 CEVA Group Plc, 12/31/14 (c) $ 771,338
---------------
Total Transportation $ 771,338
--------------------------------------------------------------------------------------------------------
DIVERSIFIED FINANCIALS -- 0.4%
Consumer Finance -- 0.4%
96,924 6.82 GMAC Capital Trust I, Floating Rate Note, 2/15/40 $ 2,467,685
---------------
Total Diversified Financials $ 2,467,685
--------------------------------------------------------------------------------------------------------
TOTAL PREFERRED STOCKS
(Cost $5,735,375) $ 3,239,023
--------------------------------------------------------------------------------------------------------
CONVERTIBLE PREFERRED STOCK -- 0.5%
BANKS -- 0.5%
Diversified Banks -- 0.5%
2,650 Bank of America Corp., 7.25% (Perpetual) $ 3,215,563
--------------------------------------------------------------------------------------------------------
TOTAL CONVERTIBLE PREFERRED STOCK
(Cost $3,204,960) $ 3,215,563
--------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------
Shares
--------------------------------------------------------------------------------------------------------
COMMON STOCKS -- 0.6%
ENERGY -- 0.3%
Oil & Gas Exploration & Production -- 0.3%
5,735,146 Ascent CNR Corp. Class A $ 745,569
1,046 Midstates Petroleum Co, Inc. 19,414
39,631 Pacific Exploration and Production Corp. 1,167,930
203 Swift Energy Co. 4,892
---------------
$ 1,937,805
--------------------------------------------------------------------------------------------------------
Coal & Consumable Fuels -- 0.0%+
34 Contura Energy, Inc. $ 2,329
---------------
Total Energy $ 1,940,134
--------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Global High Yield Fund | Semiannual Report | 4/30/17 17
Schedule of Investments | 4/30/17 (unaudited) (continued)
--------------------------------------------------------------------------------------------------------
Shares Value
--------------------------------------------------------------------------------------------------------
CAPITAL GOODS -- 0.0%+
Construction & Engineering -- 0.0%+
530,321 Abengoa SA $ 17,913
5,483,653 Abengoa SA 83,650
---------------
$ 101,563
--------------------------------------------------------------------------------------------------------
Industrial Machinery -- 0.0%+
156,027 Liberty Tire Recycling LLC (e) $ 1,560
---------------
Total Capital Goods $ 103,123
--------------------------------------------------------------------------------------------------------
COMMERCIAL SERVICES & SUPPLIES -- 0.0%+
Diversified Support Services -- 0.0%+
63 IAP Worldwide Services, Inc. $ 84,949
---------------
Total Commercial Services & Supplies $ 84,949
--------------------------------------------------------------------------------------------------------
TRANSPORTATION -- 0.1%
Air Freight & Logistics -- 0.1%
1,584 CEVA Group Plc* $ 316,730
---------------
Total Transportation $ 316,730
--------------------------------------------------------------------------------------------------------
AUTOMOBILES & COMPONENTS -- 0.1%
Automobile Manufacturers -- 0.1%
53,820 Ford Motor Co. $ 617,315
---------------
Total Automobiles & Components $ 617,315
--------------------------------------------------------------------------------------------------------
CONSUMER DURABLES & APPAREL -- 0.0%+
Homebuilding -- 0.0%+
1,443,476 Desarrolladora Homex SAB de CV* $ 139,418
---------------
Total Consumer Durables & Apparel $ 139,418
--------------------------------------------------------------------------------------------------------
CONSUMER SERVICES -- 0.0%+
Education Services -- 0.0%+
11,492 Cengage Learning Holdings II, Inc. $ 120,666
---------------
Total Consumer Services $ 120,666
--------------------------------------------------------------------------------------------------------
FOOD, BEVERAGE & TOBACCO -- 0.1%
Distillers & Vintners -- 0.1%
43,811 Marie Brizard Wine & Spirits SA* $ 660,195
---------------
Total Food, Beverage & Tobacco $ 660,195
--------------------------------------------------------------------------------------------------------
TOTAL COMMON STOCKS
(Cost $15,823,346) $ 3,982,530
--------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
18 Pioneer Global High Yield Fund | Semiannual Report | 4/30/17
--------------------------------------------------------------------------------------------------------
Principal Floating
Amount ($)(l) Rate (b) Value
--------------------------------------------------------------------------------------------------------
ASSET BACKED SECURITY -- 0.1%
BANKS -- 0.1%
Thrifts & Mortgage Finance -- 0.1%
450,000 InSite Issuer LLC Class C Series 16-1A,
7.5%, 11/15/46 $ 460,288
--------------------------------------------------------------------------------------------------------
TOTAL ASSET BACKED SECURITY
(Cost $450,000) $ 460,288
--------------------------------------------------------------------------------------------------------
COLLATERALIZED MORTGAGE
OBLIGATIONS -- 1.2%
BANKS -- 1.2%
Thrifts & Mortgage Finance -- 1.2%
630,000 1.41 BAMLL Commercial Mortgage Securities
Series 2016-Fr14 Class C, Floating Rate
Note, 2/27/48 (144A) $ 531,366
1,500,000 6.10 Banc of America Commercial Mortgage
Trust 2007-4, Floating Rate Note,
2/10/51 (144A) 1,482,482
1,500,000 3.21 Citigroup Commercial Mortgage Trust 2014-GC23
REMICS, Floating Rate Note, 7/12/47 (144A) 979,643
1,480,000 5.99 COBALT CMBS Commercial Mortgage Trust
2007-C3, Floating Rate Note, 5/15/46 1,479,684
455,000 5.99 COBALT CMBS Commercial Mortgage Trust
2007-C3, Floating Rate Note, 5/15/46 322,971
600,000 5.98 COMM 2007-C9 Mortgage Trust, Floating
Rate Note, 12/10/49 (144A) 595,033
750,000 4.99 COMM 2014-FL5 Mortgage Trust REMICS,
Floating Rate Note, 10/15/31 (144A) 693,569
917,448 5.74 EQTY 2014-MZ Mezzanine Trust, Floating
Rate Note, 5/10/19 (144A) 920,255
416,597 Homeowner Assistance Program Reverse
Mortgage Loan Trust 2013-RM1, 4.0%,
5/26/53 (144A) 414,514
500,000 4.10 JPMBB Commercial Mortgage Securities
Trust 2014-C25 REMICS, Floating Rate Note,
11/18/47 (144A) 392,834
---------------
$ 7,812,351
---------------
Total Banks $ 7,812,351
--------------------------------------------------------------------------------------------------------
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS
(Cost $7,789,785) $ 7,812,351
--------------------------------------------------------------------------------------------------------
CORPORATE BONDS -- 81.0%
ENERGY -- 13.8%
Oil & Gas Drilling -- 0.5%
2,306,000 Rowan Companies, Inc., 5.4%, 12/1/42 $ 1,741,030
417,000 Rowan Companies, Inc., 5.85%, 1/15/44 327,345
870,000 Trinidad Drilling, Ltd., 6.625%, 2/15/25 (144A) 2,068,375
---------------
$ 2,944,900
--------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Global High Yield Fund | Semiannual Report | 4/30/17 19
Schedule of Investments | 4/30/17 (unaudited) (continued)
--------------------------------------------------------------------------------------------------------
Principal Floating
Amount ($)(l) Rate (b) Value
--------------------------------------------------------------------------------------------------------
Oil & Gas Equipment & Services -- 0.6%
1,000,000 Archrock Partners LP, 6.0%, 10/1/22 $ 997,500
1,117,000 Archrock Partners LP, 6.0%, 4/1/21 1,119,792
1,180,000 Borets Finance DAC, 6.5%, 4/7/22 (144A) 1,221,300
630,000 Weatherford Bermuda, Ltd., 8.25%, 6/15/23 682,762
---------------
$ 4,021,354
--------------------------------------------------------------------------------------------------------
Integrated Oil & Gas -- 2.1%
445,000 Ascent Resources/Aru Finance, 10.0%,
4/1/22 (144A) $ 460,019
5,165,000 Petrobras Global Finance BV, 5.375%, 1/27/21 5,306,263
1,256,000 Petrobras Global Finance BV, 6.25%, 3/17/24 1,299,332
2,400,000 Petrobras Global Finance BV, 7.375%, 1/17/27 2,580,720
600,000 Petroleos Mexicanos, 5.375%, 3/13/22 (144A) 630,750
MXN 8,650,000 Petroleos Mexicanos, 7.19%, 9/12/24 (144A) 404,647
700,000 4.77 Petroleos Mexicanos, Floating Rate Note,
3/11/22 (144A) 760,305
1,435,000 YPF SA, 8.5%, 3/23/21 (144A) 1,623,344
---------------
$ 13,065,380
--------------------------------------------------------------------------------------------------------
Oil & Gas Exploration & Production -- 7.0%
2,260,000 Antero Resources Corp., 5.0%, 3/1/25 (144A) $ 2,231,750
725,000 California Resources Corp., 8.0%,
12/15/22 (144A) 554,625
1,245,000 Carrizo Oil & Gas, Inc., 6.25%, 4/15/23 1,254,338
650,000 Chesapeake Energy Corp., 8.0%, 1/15/25 (144A) 642,688
600,000 Chesapeake Energy Corp., 8.0%, 12/15/22 (144A) 632,250
2,226,000 Cobalt International Energy, Inc., 10.75%,
12/1/21 (144A) 2,198,175
818,000 Cobalt International Energy, Inc., 7.75%,
12/1/23 (144A) 503,070
2,385,000 Continental Resources, Inc., 3.8%, 6/1/24 2,241,900
2,480,000 Denbury Resources, Inc., 5.5%, 5/1/22 1,847,600
2,095,000 GeoPark Latin America, Ltd. Agencia en Chile,
7.5%, 2/11/20 (144A) 2,105,475
1,380,000 Great Western Petroleum LLC, 9.0%,
9/30/21 (144A) 1,428,300
1,055,000 Gulfport Energy Corp., 6.0%, 10/15/24 1,039,175
2,000,000 Gulfport Energy Corp., 6.375%, 5/15/25 (144A) 1,992,500
1,634,000 Halcon Resources Corp., 12.0%, 2/15/22 (144A) 1,901,568
875,000 Halcon Resources Corp., 6.75%, 2/15/25 (144A) 840,000
2,390,000 Hilcorp Energy I LP, 5.0%, 12/1/24 (144A) 2,240,625
1,000,000 KazMunayGas National Co JSC, 4.4%,
4/30/23 (144A) 1,010,000
575,000 MEG Energy Corp., 6.5%, 1/15/25 (144A) 567,812
The accompanying notes are an integral part of these financial statements.
20 Pioneer Global High Yield Fund | Semiannual Report | 4/30/17
--------------------------------------------------------------------------------------------------------
Principal Floating
Amount ($)(l) Rate (b) Value
--------------------------------------------------------------------------------------------------------
Oil & Gas Exploration & Production (continued)
1,860,000 MEG Energy Corp., 7.0%, 3/31/24 (144A) $ 1,660,050
880,000 Newfield Exploration Co., 5.375%, 1/1/26 922,900
425,000 Newfield Exploration Co., 5.625%, 7/1/24 449,174
1,455,000 Novatek OAO via Novatek Finance DAC,
4.422%, 12/13/22 (144A) 1,487,839
2,790,000 Oasis Petroleum, Inc., 6.875%, 3/15/22 2,824,875
320,000 Parsley Energy LLC, 5.25%, 8/15/25 (144A) 322,400
1,460,000 Parsley Energy LLC, 5.375%, 1/15/25 (144A) 1,474,600
250,000 Parsley Energy LLC, 6.25%, 6/1/24 (144A) 264,375
1,520,000 PDC Energy, Inc., 7.75%, 10/15/22 1,596,000
340,000 QEP Resources, Inc., 5.25%, 5/1/23 332,350
1,560,000 Rice Energy Inc., 6.25%, 5/1/22 1,631,183
2,727,000 Sanchez Energy Corp., 6.125%, 1/15/23 2,508,813
945,000 SM Energy Co., 6.75%, 9/15/26 952,088
200,000 SM Energy Company, 6.125%, 11/15/22 203,500
575,000 Whiting Petroleum Corp., 5.0%, 3/15/19 580,750
1,500,000 WPX Energy, Inc., 6.0%, 1/15/22 1,522,500
---------------
$ 43,965,248
--------------------------------------------------------------------------------------------------------
Oil & Gas Refining & Marketing -- 0.6%
1,790,000 Calumet Specialty Products Partners LP,
6.5%, 4/15/21 $ 1,512,550
448,000 EnLink Midstream Partners LP, 5.05%, 4/1/45 424,133
1,299,000 EnLink Midstream Partners LP, 5.6%, 4/1/44 1,321,838
415,000 PBF Holding Co LLC, 7.0%, 11/15/23 421,225
---------------
$ 3,679,746
--------------------------------------------------------------------------------------------------------
Oil & Gas Storage & Transportation -- 3.0%
1,085,000 Energy Transfer Equity LP, 5.875%, 1/15/24 $ 1,169,088
1,090,000 Genesis Energy LP, 5.75%, 2/15/21 1,102,262
2,645,000 Global Partners LP, 7.0%, 6/15/23 2,618,550
1,000,000 7.29 Golar LNG Partners LP, Floating Rate Note, 5/15/21 1,002,514
985,000 Holly Energy Partners LP, 6.0%, 8/1/24 (144A) 1,041,638
1,480,000 MPLX LP, 4.875%, 6/1/25 1,574,158
2,625,000 ONEOK, Inc., 7.5%, 9/1/23 3,105,157
500,000 Sabine Pass Liquefaction LLC, 5.0%,
3/15/27 (144A) 527,710
710,000 Sabine Pass Liquefaction LLC, 5.875%,
6/30/26 (144A) 791,734
2,150,000 Targa Resources Partners LP, 4.25%, 11/15/23 2,128,500
1,375,000 The Williams Companies, Inc., 4.55%, 6/24/24 1,407,656
2,635,000 The Williams Companies, Inc., 5.75%, 6/24/44 2,727,225
---------------
$ 19,196,192
--------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Global High Yield Fund | Semiannual Report | 4/30/17 21
Schedule of Investments | 4/30/17 (unaudited) (continued)
--------------------------------------------------------------------------------------------------------
Principal Floating
Amount ($)(l) Rate (b) Value
--------------------------------------------------------------------------------------------------------
Coal & Consumable Fuels -- 0.0%+
315,000 Alpha Natural Resources, Inc., 6.0%, 6/1/19 (d) $ 3,780
---------------
Total Energy $ 86,876,600
--------------------------------------------------------------------------------------------------------
MATERIALS -- 7.7%
Commodity Chemicals -- 0.3%
1,000,000 Hexion, Inc., 6.625%, 4/15/20 $ 945,000
755,000 Tronox Finance LLC, 7.5%, 3/15/22 (144A) 788,975
---------------
$ 1,733,975
--------------------------------------------------------------------------------------------------------
Diversified Chemicals -- 1.7%
EUR 2,015,000 Axalta Coating Systems LLC, 4.25%,
8/15/24 (144A) $ 2,345,739
460,000 Blue Cube Spinco, Inc., 9.75%, 10/15/23 556,600
3,365,000 CF Industries, Inc., 3.45%, 6/1/23 3,137,862
EUR 1,138,000 Ineos Finance Plc, 4.0%, 5/1/23 (144A) 1,287,765
EUR 880,000 Inovyn Finance Plc, 6.25%, 5/15/21 (144A) 1,006,790
2,550,000 Koks Oao (Koks Finance DAC, 7.5%,
5/4/22 (144A) 2,561,985
---------------
$ 10,896,741
--------------------------------------------------------------------------------------------------------
Fertilizers & Agricultural Chemicals -- 0.1%
725,000 CVR Partners LP, 9.25%, 6/15/23 (144A) $ 740,406
--------------------------------------------------------------------------------------------------------
Construction Materials -- 0.2%
EUR 1,200,000 Cemex SAB de CV, 4.75%, 1/11/22 (144A) $ 1,361,194
--------------------------------------------------------------------------------------------------------
Metal & Glass Containers -- 0.9%
EUR 700,000 ARD Finance SA, 6.625%, 9/15/23 (144A) (PIK) $ 792,275
700,000 ARD Finance SA, 7.125%, 9/15/23 (144A) (PIK) 726,250
475,000 Ardagh Group, 3.876%, 5/15/21 485,094
590,000 Ardagh Packaging Finance Plc, 4.625%,
5/15/23 (144A) 602,538
EUR 410,000 Ardagh Packaging Finance Plc, 6.75%,
5/15/24 (144A) 490,787
630,000 Ardagh Packaging Finance Plc, 7.25%,
5/15/24 (144A) 685,912
EUR 725,000 Horizon Holdings I SAS, 7.25%, 8/1/23 (144A) 843,813
EUR 950,000 Verallia Packaging SASU, 5.125%, 8/1/22 (144A) 1,101,972
---------------
$ 5,728,641
--------------------------------------------------------------------------------------------------------
Aluminum -- 0.6%
680,000 Constellium NV, 7.875%, 4/1/21 (144A) $ 733,652
3,025,000 Rusal Capital DAC, 5.125%, 2/2/22 (144A) 3,033,216
---------------
$ 3,766,868
--------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
22 Pioneer Global High Yield Fund | Semiannual Report | 4/30/17
--------------------------------------------------------------------------------------------------------
Principal Floating
Amount ($)(l) Rate (b) Value
--------------------------------------------------------------------------------------------------------
Diversified Metals & Mining -- 2.36
810,000 Ausdrill Finance Pty, Ltd., 6.875%, 11/1/19 (144A) $ 834,300
1,655,000 First Quantum Minerals, Ltd., 7.25%,
4/1/23 (144A) 1,684,997
757,000 FMG Resources August 2006 Pty, Ltd., 9.75%,
3/1/22 (144A) 871,023
1,150,000 Freeport-McMoRan, Inc., 3.55%, 3/1/22 1,081,000
1,100,000 MMC Norilsk Nickel OJSC via MMC Finance
DAC, 5.55%, 10/28/20 (144A) 1,178,650
860,000 Prince Mineral Holding Corp., 11.5%,
12/15/19 (144A) 885,800
1,218,000 Rain CII Carbon LLC/CII, 7.25%, 4/1/25 (144A) 1,221,045
560,000 Vale Overseas, Ltd., 6.25%, 8/10/26 611,968
1,150,000 Vedanta Resources Plc, 6.375%, 7/30/22 (144A) 1,165,525
1,000,000 Vedanta Resources Plc, 7.125%, 5/31/23 1,045,000
3,645,000 Vedanta Resources Plc, 8.25%, 6/7/21 (144A) 3,964,666
2,130,000 VM Holding SA, 5/4/27, 5/4/27 (144A) 2,109,722
---------------
$ 16,653,696
--------------------------------------------------------------------------------------------------------
Steel -- 0.8%
715,000 ArcelorMittal, 6.125%, 6/1/25 $ 802,444
2,066,000 BlueScope Steel Finance, Ltd., 6.5%,
5/15/21 (144A) 2,189,960
EUR 135,483 0.00 New World Resources NV, Floating Rate
Note, 10/7/20 (e) --
EUR 101,612 0.00 New World Resources NV, Floating Rate
Note, 10/7/20 (e) --
1,960,000 Samarco Mineracao SA, 4.125%,
11/1/22 (144A) (d) 1,254,400
910,000 Samarco Mineracao SA, 5.75%,
10/24/23 (144A) (d) 582,400
---------------
$ 4,829,204
--------------------------------------------------------------------------------------------------------
Forest Products -- 0.4%
2,655,000 Eldorado Intl. Finance GmbH, 8.625%,
6/16/21 (144A) $ 2,297,902
--------------------------------------------------------------------------------------------------------
Paper Products -- 0.1%
573,000 Resolute Forest Products, Inc., 5.875%, 5/15/23 $ 545,782
---------------
Total Materials $ 48,554,409
--------------------------------------------------------------------------------------------------------
CAPITAL GOODS -- 3.3%
Aerospace & Defense -- 0.6%
EUR 3,615,000 TA MFG., Ltd., 3.625%, 4/15/23 $ 4,034,856
135,000 Triumph Group, Inc., 5.25%, 6/1/22 131,625
---------------
$ 4,166,481
--------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Global High Yield Fund | Semiannual Report | 4/30/17 23
Schedule of Investments | 4/30/17 (unaudited) (continued)
--------------------------------------------------------------------------------------------------------
Principal Floating
Amount ($)(l) Rate (b) Value
--------------------------------------------------------------------------------------------------------
Construction & Engineering -- 0.4%
1,475,000 Amsted Industries, Inc., 5.375%, 9/15/24 (144A) $ 1,515,562
965,000 Covey Park Energy LLC/FI, 7.5%, 5/15/25 (144A) 965,000
---------------
$ 2,480,562
--------------------------------------------------------------------------------------------------------
Electrical Components & Equipment -- 0.5%
920,000 Exterran NRG Solutions, Ltd., 8.125%,
5/1/25 (144A) $ 949,325
2,000,000 General Cable Corp., 5.75%, 10/1/22 1,980,000
---------------
$ 2,929,325
--------------------------------------------------------------------------------------------------------
Industrial Conglomerates -- 0.6%
2,980,000 JB Poindexter & Co., Inc., 9.0%, 4/1/22 (144A) $ 3,121,550
485,000 Park-Ohio Industries, Inc., 6.625%,
4/15/27 (144A) 497,125
---------------
$ 3,618,675
--------------------------------------------------------------------------------------------------------
Construction & Farm Machinery & Heavy
Trucks -- 0.2%
EUR 735,000 4.25 Loxam SAS, 4.25%, 4/15/24 (144A) $ 827,518
EUR 705,000 6.00 Loxam SAS, 6.0%, 4/15/24 (144A) 804,249
---------------
$ 1,631,767
--------------------------------------------------------------------------------------------------------
Industrial Machinery -- 0.7%
1,810,000 Apex Tool Group LLC, 7.0%, 2/1/21 (144A) $ 1,674,250
EUR 2,365,000 Colfax Corp., 3.25%, 5/15/25 (144A) 2,602,673
---------------
$ 4,276,923
--------------------------------------------------------------------------------------------------------
Trading Companies & Distributors -- 0.3%
1,690,000 WESCO Distribution, Inc., 5.375%, 12/15/21 $ 1,736,475
---------------
Total Capital Goods $ 20,840,208
--------------------------------------------------------------------------------------------------------
COMMERCIAL SERVICES & SUPPLIES -- 0.2%
Environmental & Facilities Services -- 0.1%
745,000 Clean Harbors, Inc., 5.125%, 6/1/21 $ 762,999
--------------------------------------------------------------------------------------------------------
Diversified Support Services -- 0.1%
400,000 Broadspectrum, Ltd., 8.375%, 5/15/20 (144A) $ 417,400
---------------
Total Commercial Services & Supplies $ 1,180,399
--------------------------------------------------------------------------------------------------------
TRANSPORTATION -- 2.2%
Airlines -- 0.6%
1,204,982 Guanay Finance, Ltd., 6.0%, 12/15/20 (144A) $ 1,229,082
1,585,000 Latam Finance, Ltd., 6.875%, 4/11/24 (144A) 1,610,360
1,100,000 TAM Capital 3, Inc., 8.375%, 6/3/21 (144A) 1,139,875
---------------
$ 3,979,317
--------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
24 Pioneer Global High Yield Fund | Semiannual Report | 4/30/17
--------------------------------------------------------------------------------------------------------
Principal Floating
Amount ($)(l) Rate (b) Value
--------------------------------------------------------------------------------------------------------
Marine -- 0.6%
2,100,000 Far East Capital, Ltd. SA, 8.0%, 5/2/18 (d) $ 1,386,000
2,225,000 Navios South American Logistics, Inc.,
7.25%, 5/1/22 (144A) 2,197,188
---------------
$ 3,583,188
--------------------------------------------------------------------------------------------------------
Railroads -- 0.2%
EUR 1,325,000 Russian Railways via RZD Capital Plc,
3.3744%, 5/20/21 $ 1,534,492
--------------------------------------------------------------------------------------------------------
Trucking -- 0.0%+
2,952,182 Inversiones Alsacia SA, 8.0%,
12/31/18 (144A) (d) $ 147,609
--------------------------------------------------------------------------------------------------------
Airport Services -- 0.2%
370,000 Aeropuertos Argentina 2000 SA, 6.875%,
2/1/27 (144A) $ 390,535
525,000 Aeropuertos Dominicanos Siglo XXI SA,
6.75%, 3/30/29 (144A) 562,212
---------------
$ 952,747
--------------------------------------------------------------------------------------------------------
Highways & Railtracks -- 0.6%
MXN 37,000,000 Red de Carreteras de Occidente SAPIB de CV,
9.0%, 6/10/28 (144A) $ 1,887,404
1,820,000 Rumo Luxembourg Sarl, 7.375%, 2/9/24 (144A) 1,896,440
---------------
$ 3,783,844
---------------
Total Transportation $ 13,981,197
--------------------------------------------------------------------------------------------------------
AUTOMOBILES & COMPONENTS -- 1.1%
Auto Parts & Equipment -- 1.1%
2,035,000 Dana Financing Luxembourg Sarl, 6.5%,
6/1/26 (144A) $ 2,131,662
EUR 1,350,000 IHO Verwaltungs GmbH, 3.75%, 9/15/26
(144A) (PIK) 1,526,768
EUR 1,000,000 Nemak Sab De CV, 3.25%, 5/15/24 (144A) 1,104,854
1,877,000 TI Group Automotive Systems LLC, 8.75%,
7/15/23 (144A) 2,008,390
---------------
$ 6,771,674
---------------
Total Automobiles & Components $ 6,771,674
--------------------------------------------------------------------------------------------------------
CONSUMER DURABLES & APPAREL -- 1.4%
Homebuilding -- 1.4%
2,237,897 Abengoa Abenewco Two, 0.25%, 3/31/23 (144A) $ 300,997
690,000 Beazer Homes U.S.A., 6.75%, 3/15/25 (144A) 705,525
460,000 Beazer Homes U.S.A., 8.75%, 3/15/22 511,750
1,345,000 KB Home, 7.0%, 12/15/21 1,503,038
2,079,000 Lennar Corp., 4.75%, 11/15/22 2,162,160
The accompanying notes are an integral part of these financial statements.
Pioneer Global High Yield Fund | Semiannual Report | 4/30/17 25
Schedule of Investments | 4/30/17 (unaudited) (continued)
--------------------------------------------------------------------------------------------------------
Principal Floating
Amount ($)(l) Rate (b) Value
--------------------------------------------------------------------------------------------------------
Homebuilding (continued)
2,200,000 Rialto Holdings LLC, 7.0%, 12/1/18 (144A) $ 2,233,000
1,625,000 Taylor Morrison Communities, Inc., 5.875%,
4/15/23 (144A) 1,730,625
---------------
$ 9,147,095
---------------
Total Consumer Durables & Apparel $ 9,147,095
--------------------------------------------------------------------------------------------------------
CONSUMER SERVICES -- 3.6%
Casinos & Gaming -- 2.0%
EUR 1,870,000 Codere Finance 2 Luxembourg SA, 6.75%,
11/1/21 (144A) $ 2,068,115
605,000 Codere Finance 2 Luxembourg SA, 7.625%,
11/1/21 (144A) 589,028
EUR 2,225,000 Intralot Capital Luxembourg SA, 6.75%,
9/15/21 (144A) 2,555,275
88,554 Mashantucket Western Pequot Tribe, 6.5%,
7/1/36 (1.0% cash, 5.50% PIK) (PIK) (d) 1,080
6,376,000 Scientific Games International, Inc.,
10.0%, 12/1/22 6,917,961
625,000 Scientific Games International, Inc.,
6.25%, 9/1/20 601,562
---------------
$ 12,733,021
--------------------------------------------------------------------------------------------------------
Hotels, Resorts & Cruise Lines -- 0.7%
1,504,000 Sabre GLBL, Inc., 5.375%, 4/15/23 (144A) $ 1,564,160
2,960,000 Viking Cruises, Ltd., 8.5%, 10/15/22 (144A) 3,093,200
---------------
$ 4,657,360
--------------------------------------------------------------------------------------------------------
Specialized Consumer Services -- 0.9%
EUR 3,585,000 Boing Group Financing Plc, 6.625%,
7/15/19 (144A) $ 3,952,270
1,480,000 Constellis Holdings LLC, 9.75%, 5/15/20 (144A) 1,592,184
---------------
$ 5,544,454
---------------
Total Consumer Services $ 22,934,835
--------------------------------------------------------------------------------------------------------
MEDIA -- 3.6%
Advertising -- 0.2%
1,125,000 MDC Partners, Inc., 6.5%, 5/1/24 (144A) $ 1,096,875
--------------------------------------------------------------------------------------------------------
Broadcasting -- 1.3%
1,900,000 CCO Holdings LLC/Capital Corp., 5.125%,
5/1/27 (144A) $ 1,938,000
1,650,000 Gray Television, Inc., 5.125%, 10/15/24 (144A) 1,654,125
1,970,000 Gray Television, Inc., 5.875%, 7/15/26 (144A) 2,038,950
1,600,000 Sinclair Television Group, Inc., 5.125%,
2/15/27 (144A) 1,588,000
EUR 1,240,000 United Group BV, 7.875%, 11/15/20 (144A) 1,406,134
---------------
$ 8,625,209
--------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
26 Pioneer Global High Yield Fund | Semiannual Report | 4/30/17
--------------------------------------------------------------------------------------------------------
Principal Floating
Amount ($)(l) Rate (b) Value
--------------------------------------------------------------------------------------------------------
Cable & Satellite -- 1.4%
320,000 Altice Financing SA, 6.625%, 2/15/23 (144A) $ 338,800
1,615,000 CCO Holdings LLC, 5.75%, 2/15/26 (144A) 1,715,421
1,075,000 CSC Holdings LLC, 5.5%, 4/15/27 (144A) 1,111,281
2,140,000 DISH DBS Corp., 5.875%, 7/15/22 2,266,881
283,000 Intelsat Connect Finance SA, 12.5%,
4/1/22 (144A) 249,040
595,000 Videotron, Ltd., 5.125%, 4/15/27 (144A) 606,722
EUR 2,300,000 Ziggo Secured Finance BV, 4.25%,
1/15/27 (144A) 2,646,937
---------------
$ 8,935,082
--------------------------------------------------------------------------------------------------------
Movies & Entertainment -- 0.7%
GBP 1,070,000 AMC Entertainment Holdings, Ltd., 6.375%,
11/15/24 (144A) $ 1,476,080
1,575,000 Netflix Inc., 4.375% 11/15/26 1,551,375
EUR 1,125,000 WMG Acquisition Corp., 4.125%, 11/1/24 (144A) 1,287,458
---------------
$ 4,314,913
---------------
Total Media $ 22,972,079
--------------------------------------------------------------------------------------------------------
RETAILING -- 0.8%
Distributors -- 0.2%
1,250,000 LKQ Corp., 4.75%, 5/15/23 $ 1,256,250
--------------------------------------------------------------------------------------------------------
Department Stores -- 0.6%
2,050,000 Grupo Kaltex SA de CV, 8.875%, 4/11/22 (144A) $ 2,035,650
2,285,000 PetSmart, Inc., 7.125%, 3/15/23 (144A) 2,087,919
---------------
$ 4,123,569
---------------
Total Retailing $ 5,379,819
--------------------------------------------------------------------------------------------------------
FOOD & STAPLES RETAILING -- 0.2%
Food Retail -- 0.2%
1,535,000 C&S Group Enterprises LLC, 5.375%,
7/15/22 (144A) $ 1,515,812
---------------
Total Food & Staples Retailing $ 1,515,812
--------------------------------------------------------------------------------------------------------
FOOD, BEVERAGE & TOBACCO -- 6.9%
Agricultural Products -- 0.1%
1,625,000 Tonon Luxembourg SA, 10.5%, 5/14/24
(144A) (d) $ 731,250
--------------------------------------------------------------------------------------------------------
Packaged Foods & Meats -- 6.3%
GBP 1,170,000 Boparan Finance Plc, 5.5%, 7/15/21 (144A) $ 1,515,150
4,050,000 CFG Investment SAC, 9.75%, 7/30/19 (144A) (d) 3,503,250
EUR 1,353,000 Darling Global Finance BV, 4.75%,
5/30/22 (144A) 1,554,751
775,000 FAGE International SA, 5.625%, 8/15/26 (144A) 788,562
The accompanying notes are an integral part of these financial statements.
Pioneer Global High Yield Fund | Semiannual Report | 4/30/17 27
Schedule of Investments | 4/30/17 (unaudited) (continued)
--------------------------------------------------------------------------------------------------------
Principal Floating
Amount ($)(l) Rate (b) Value
--------------------------------------------------------------------------------------------------------
Packaged Foods & Meats (continued)
3,135,000 JBS USA LUX SA, 5.75%, 6/15/25 (144A) $ 3,236,888
525,000 Lamb Weston Holdings, Inc., 4.625%,
11/1/24 (144A) 542,062
525,000 Lamb Weston Holdings, Inc., 4.875%,
11/1/26 (144A) 541,406
1,335,000 Marb Bondco Plc, 7.0%, 3/15/24 (144A) 1,349,952
3,015,000 Marfrig Holdings Europe BV, 6.875%,
6/24/19 (144A) 3,130,927
3,923,000 Marfrig Holdings Europe BV, 8.0%, 6/8/23 (144A) 4,163,245
1,425,000 MHP SA, 8.25%, 4/2/20 (144A) 1,482,000
2,210,000 Minerva Luxembourg SA, 6.5%, 9/20/26 (144A) 2,193,403
6,530,000 Minerva Luxembourg SA, 7.75%, 1/31/23 (144A) 6,864,662
6,500,000 Pesquera Exalmar SAA, 7.375%, 1/31/20 (144A) 5,557,500
255,000 Post Holdings, Inc., 5.5%, 3/1/25 (144A) 266,475
2,630,000 Post Holdings, Inc., 6.0%, 12/15/22 (144A) 2,807,525
---------------
$ 39,497,758
--------------------------------------------------------------------------------------------------------
Tobacco -- 0.5%
535,000 Alliance One International Inc., 8.5%, 4/15/21 $ 555,062
2,750,000 Alliance One International, Inc., 9.875%, 7/15/21 2,374,625
---------------
$ 2,929,687
---------------
Total Food, Beverage & Tobacco $ 43,158,695
--------------------------------------------------------------------------------------------------------
HEALTH CARE EQUIPMENT & SERVICES -- 3.4%
Health Care Services -- 0.3%
1,430,000 Team Health Holdings, Inc., 6.375%,
2/1/25 (144A) $ 1,396,038
820,000 Universal Hospital Services, Inc., 7.625%, 8/15/20 831,275
---------------
$ 2,227,313
--------------------------------------------------------------------------------------------------------
Health Care Facilities -- 1.3%
3,915,000 CHS, 6.875%, 2/1/22 $ 3,239,662
2,400,000 Kindred Healthcare Inc., 6.375%, 4/15/22 2,319,000
1,320,000 Kindred Healthcare, Inc., 8.0%, 1/15/20 1,362,900
1,175,000 RegionalCare Hospital Partners Holdings, Inc.,
8.25%, 5/1/23 (144A) 1,250,053
---------------
$ 8,171,615
--------------------------------------------------------------------------------------------------------
Managed Health Care -- 1.4%
245,000 Centene Corp., 4.75%, 1/15/25 $ 248,981
1,840,000 Centene Corp., 4.75%, 5/15/22 1,909,000
1,550,000 Centene Corp., 5.625%, 2/15/21 1,629,438
1,500,000 Molina Healthcare, Inc., 5.375%, 11/15/22 1,567,500
3,155,000 Wellcare Health Plans, 5.25%, 4/1/25 3,281,200
---------------
$ 8,636,119
--------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
28 Pioneer Global High Yield Fund | Semiannual Report | 4/30/17
--------------------------------------------------------------------------------------------------------
Principal Floating
Amount ($)(l) Rate (b) Value
--------------------------------------------------------------------------------------------------------
Health Care Technology -- 0.4%
EUR 2,200,000 Quintiles IMS, Inc., 3.25%, 3/15/25 (144A) $ 2,406,536
---------------
Total Health Care Equipment & Services $ 21,441,583
--------------------------------------------------------------------------------------------------------
PHARMACEUTICALS, BIOTECHNOLOGY &
LIFE SCIENCES -- 2.1%
Pharmaceuticals -- 2.1%
1,165,000 DPx Holdings BV, 7.5%, 2/1/22 (144A) $ 1,233,444
5,256,000 Endo Finance LLC, 5.375%, 1/15/23 (144A) 4,507,020
225,000 Horizon Pharma Inc., 8.75% 11/1/24 234,281
750,000 Horizon Pharma, Inc., 6.625%, 5/1/23 741,562
EUR 3,475,000 Valeant Pharmaceuticals International, Inc.,
4.5%, 5/15/23 2,660,827
EUR 1,540,000 Valeant Pharmaceuticals International, Inc.,
4.5%, 5/15/23 (144A) 1,179,186
1,640,000 Valeant Pharmaceuticals International, Inc.,
5.875%, 5/15/23 (144A) 1,211,550
565,000 Valeant Pharmaceuticals International, Inc.,
6.5%, 5/15/22 (144A) 578,419
755,000 Valeant Pharmaceuticals International, Inc.,
7.0%, 5/15/24 (144A) 770,100
---------------
$ 13,116,389
---------------
Total Pharmaceuticals, Biotechnology &
Life Sciences $ 13,116,389
--------------------------------------------------------------------------------------------------------
BANKS -- 8.4%
Diversified Banks -- 7.8%
800,000 Access Bank Plc, 10.5%, 10/19/21 (144A) $ 849,488
1,885,000 9.25 Access Bank Plc, Floating Rate Note,
6/24/21 (144A) 1,833,540
835,000 7.20 Akbank Tas, Floating Rate Note, 3/16/27 (144A) 881,469
INR 134,290,000 Asian Development Bank, 6.2%, 10/6/26 2,067,767
INR 108,160,000 Asian Development Bank, 6.45%, 8/8/21 1,695,896
1,050,000 8.25 Banco de Galicia y Buenos Aires SA, Floating
Rate Note, 7/19/26 (144A) 1,148,102
925,000 9.00 Banco do Brasil SA, Floating Rate Note (Perpetual) 974,950
1,765,000 6.50 Banco Gnb Sudameris SA, Floating Rate
Note, 4/3/27 (144A) 1,820,950
295,000 3.80 Banco Nacional de Comercio Exterior SNC
Cayman Islands, Floating Rate Note,
8/11/26 (144A) 289,838
2,000,000 Banco Nacional de Costa Rica, 6.25%,
11/1/23 (144A) 2,083,000
2,680,000 Banque Ouest Africaine de Developpement,
5.5%, 5/6/21 (144A) 2,847,929
1,400,000 BBVA Bancomer SA Texas, 6.75%,
9/30/22 (144A) 1,583,120
The accompanying notes are an integral part of these financial statements.
Pioneer Global High Yield Fund | Semiannual Report | 4/30/17 29
Schedule of Investments | 4/30/17 (unaudited) (continued)
--------------------------------------------------------------------------------------------------------
Principal Floating
Amount ($)(l) Rate (b) Value
--------------------------------------------------------------------------------------------------------
Diversified Banks (continued)
3,625,000 7.62 BNP Paribas SA, Floating Rate Note,
(Perpetual) (144A) $ 3,937,838
1,900,000 5.90 Citigroup, Inc., Floating Rate Note, (Perpetual) 1,995,000
854,000 6.25 Citigroup, Inc., Floating Rate Note, (Perpetual) 929,792
460,000 7.88 Credit Agricole SA, Floating Rate Note,
(Perpetual) (144A) 492,117
2,525,000 8.12 Credit Agricole SA, Floating Rate Note,
(Perpetual) (144A) 2,786,640
1,685,000 6.50 ING Groep NV, Floating Rate Note, 12/29/49 1,729,231
INR 42,350,000 Inter-American Development Bank, 6.0%, 9/5/17 657,650
INR 31,450,000 International Bank for Reconstruction &
Development, 5.75%, 10/28/19 486,848
4,300,000 7.70 Intesa Sanpaolo S.p.A., Floating Rate Note,
12/29/49 (Perpetual) (144A) 4,240,875
EUR 970,000 6.38 Lloyds Banking Group Plc, Floating Rate
Note, (Perpetual) 1,126,985
1,773,000 8.00 Royal Bank of Scotland Group Plc, Floating
Rate Note, (Perpetual) 1,839,488
1,570,000 8.62 Royal Bank of Scotland Group Plc, Floating
Rate Note, (Perpetual) 1,694,815
750,000 Sberbank of Russia Via SB Capital SA, 5.25%,
5/23/23 (144A) 774,375
1,640,000 7.38 Societe Generale SA, Floating Rate Note,
(Perpetual) (144A) 1,734,300
650,000 Turkiye Is Bankasi A.S. 6.125%, 4/25/24 (144A) 660,036
1,840,000 Turkiye Is Bankasi, 5.375%, 10/6/21 (144A) 1,851,390
1,500,000 Turkiye Is Bankasi, 5.5%, 4/21/22 (144A) 1,504,500
1,259,000 8.00 Turkiye Vakiflar Bankasi TAO, Floating Rate
Note, 11/1/27 (144A) 1,308,668
775,000 VTB Bank OJSC Via VTB Capital SA, 6.95%,
10/17/22 (144A) 844,750
---------------
$ 48,671,347
--------------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- 0.6%
2,700,000 Alfa Bank AO Via Alfa Bond Issuance Plc, 7.5%,
9/26/19 (144A) $ 2,943,000
925,000 Vnesheconombank Via VEB Finance Plc,
6.902%, 7/9/20 (144A) 1,015,117
---------------
$ 3,958,117
---------------
Total Banks $ 52,629,464
--------------------------------------------------------------------------------------------------------
DIVERSIFIED FINANCIALS -- 3.9%
Specialized Finance -- 1.5%
3,000,000 Cantor Fitzgerald LP, 7.875%, 10/15/19 (144A) $ 3,283,911
4,870,000 Nationstar Mortgage LLC, 6.5%, 6/1/22 4,894,350
The accompanying notes are an integral part of these financial statements.
30 Pioneer Global High Yield Fund | Semiannual Report | 4/30/17
--------------------------------------------------------------------------------------------------------
Principal Floating
Amount ($)(l) Rate (b) Value
--------------------------------------------------------------------------------------------------------
Specialized Finance (continued)
1,185,000 Nationstar Mortgage LLC, 6.5%, 7/1/21 $ 1,202,775
---------------
$ 9,381,036
--------------------------------------------------------------------------------------------------------
Consumer Finance -- 1.5%
150,000 Ally Financial, Inc., 4.625%, 5/19/22 $ 153,000
3,478,000 Ally Financial, Inc., 5.75%, 11/20/25 3,560,602
1,925,000 Credito Real SAB de CV SOFOM ER, 7.25%,
7/20/23 (144A) 2,009,219
INR 240,670,000 International Finance Corp., 8.25%, 6/10/21 4,000,812
---------------
$ 9,723,633
--------------------------------------------------------------------------------------------------------
Asset Management & Custody Banks -- 0.5%
2,800,000 JBS Investment Management, Ltd., 7.25%, 4/3/24 $ 2,929,500
--------------------------------------------------------------------------------------------------------
Investment Banking & Brokerage -- 0.4%
2,028,000 UBS AG, 7.625%, 8/17/22 $ 2,367,690
---------------
Total Diversified Financials $ 24,401,859
--------------------------------------------------------------------------------------------------------
INSURANCE -- 2.7%
Life & Health Insurance -- 0.2%
GBP 954,047 TIG FINCO Plc, 8.75%, 4/2/20 $ 1,200,769
GBP 168,361 8.50 TIG FINCO Plc, Floating Rate Note, 3/2/20 (144A) 222,824
---------------
$ 1,423,593
--------------------------------------------------------------------------------------------------------
Reinsurance -- 2.5%
450,000 6.13 Alamo Re, Ltd., Floating Rate Note, 6/7/18
(Cat Bond) (144A) $ 462,825
1,300,000 Arlington Segregated Account (Artex SAC Ltd.),
Variable Rate Notes, 8/31/16 (f)(g) 63,180
800,000 Berwick 2016-1 Segregated Account (Artex
SAC Ltd.), Variable Rate Notes, 2/1/18 (f)(g) 38,000
1,000,000 Berwick Segregated Account (Artex SAC Ltd.),
Variable Rate Note, 1/22/16 (f)(g) 30,000
500,000 0.00 Caelus Re, Ltd., Floating Rate Note, 6/5/20
(Cat Bond) 500,000
2,600,000 Carnoustie 2016-N,Segregated Account (Artex
SAC Ltd.), Variable Rate Notes, 11/30/20 (f)(g) 281,320
800,000 Carnoustie 2017 Segregated Account (Artex
SAC Ltd.), Variable Rate Notes, 11/30/21 (f)(g) 810,160
3,900,000 Carnoustie Segregated Account (Artex SAC
Ltd.), Variable Rate Notes, 2/19/16 (f)(g) 79,560
600,000 Cypress 2017 Segregated Account (Artex SAC
Ltd.), Variable Rate Notes, 7/10/17 (f)(g) 533,880
600,000 Eden Re II, Ltd., Variable Rate Notes,
3/22/21 (f)(g) 615,900
2,646 Eden Re II, Ltd., Variable Rate Notes,
4/23/19 (f)(g) (144A) 57,114
The accompanying notes are an integral part of these financial statements.
Pioneer Global High Yield Fund | Semiannual Report | 4/30/17 31
Schedule of Investments | 4/30/17 (unaudited) (continued)
--------------------------------------------------------------------------------------------------------
Principal Floating
Amount ($)(l) Rate (b) Value
--------------------------------------------------------------------------------------------------------
Reinsurance (continued)
300,000 7.34 Galilei Re, Ltd., Floating Rate Note, 1/8/20
(Cat Bond) (144A) $ 299,430
250,000 8.98 Galilei Re, Ltd., Floating Rate Note, 1/8/20
(Cat Bond) (144A) 247,575
300,000 6.34 Galilei Re, Ltd., Floating Rate Note, 1/8/20
(Cat Bond) (144A) 299,940
300,000 7.26 Galilei Re, Ltd., Floating Rate Note, 1/8/21
(Cat Bond) (144A) 299,940
1,600,000 Gleneagles Segregated Account (Artex SAC Ltd),
Variable Rate Notes, 11/30/20 (f)(g) 269,120
800,000 Gullane 2017 Segregated Account (Artex SAC
Ltd.), Variable Rate Notes, 11/30/21 (f)(g) 813,680
3,500,000 Gullane Segregated Account (Artex SAC Ltd.),
Variable Rate Note 11/30/20 (f)(g) 146,650
EUR 250,000 12.00 Horse Capital I DAC, Floating Rate Note,
6/15/20 (Cat Bond) (144A) 273,953
500,000 0.00 Kilimanjaro II Series A-1, Ltd., Floating Rate
Note, 4/20/21 (Cat Bond) (144A) 502,400
350,000 Kingsbarns Segregated Account (Artex SAC
Ltd.), Variable Rate Notes, 5/15/17 (f)(g) 349,860
250,000 Limestone Re, Ltd., Floating Rate Note,
8/31/21 (f)(g) 251,775
250,000 Limestone Re, Ltd., Floating Rate Note,
8/31/21 (f)(g) 251,775
2,400,000 Lorenz Re, Ltd., Variable Rate Notes, 3/31/18 (f)(g) 13,920
1,100,000 Lorenz Re, Ltd., Variable Rate Notes, 3/31/19 (f)(g) 61,600
450,000 Lorenz Re, Ltd., Variable Rate Notes, 3/31/20 (f)(g) 452,700
490,000 Madison Re, Variable Rate Notes, 3/31/19 (f)(g) 544,341
3,900,000 Pangaea Re, Series 2015-1, Principal at Risk
Notes, 2/1/19 (f)(g) 17,550
1,000,000 Pangaea Re, Series 2016-2, Principal at Risk
Notes, 11/30/20 (f)(g) 1,152,200
3,500,000 Pangaea Re., Variable Rate Notes, 2/1/20 (f)(g) 486,500
300,000 Pinehurst Segregated Account (Artex SAC Ltd.),
Variable Rate Notes, 1/16/18 (f)(g) 288,390
1,300,000 Prestwick Segregated Account (Artex SAC Ltd.),
Variable Rate Notes, 7/1/16 (f)(g) 37,960
250,000 0.00 Residential Reinsurance 2016, Ltd., Floating
Rate Note, 12/6/20 (Cat Bond) (144A) 235,350
500,000 5.03 Residential Reinsurance 2016, Ltd., Floating
Rate Note, 12/6/23 (Cat Bond) (144A) 498,050
400,000 Resilience Re, Ltd., Variable Rate Notes,
1/9/19 (f)(g) 400,000
400,000 Resilience Re, Ltd., Variable Rate Notes,
4/7/18 (f)(g) (144A) 362,240
AUD 300,000 RW0009 (Artex SAC Ltd.), Variable Rate
Notes, 7/10/17 (f)(g) 198,233
The accompanying notes are an integral part of these financial statements.
32 Pioneer Global High Yield Fund | Semiannual Report | 4/30/17
--------------------------------------------------------------------------------------------------------
Principal Floating
Amount ($)(l) Rate (b) Value
--------------------------------------------------------------------------------------------------------
Reinsurance (continued)
5,450 Sector Re V, Ltd., Variable Rate Notes,
12/1/20 (144A) (f)(g) $ 66,385
2,600,000 St. Andrews Segregated Account (Artex SAC
Ltd.), Variable Rate Notes, 1/22/16 (f)(g) 51,220
1,750,000 St. Andrews Segregated Account (Artex SAC
Ltd.), Variable Rate Notes, 2/1/18 (f)(g) 246,050
500,000 St. Andrews Segregated Account (Artex SAC
Ltd.), Variable Rate Notes, 2/1/19 (f)(g) 509,500
600,000 St. Andrews Segregated Account (Artex SAC
Ltd.), Variable Rate Notes, 6/1/19 (f)(g) 600,480
500,000 Sunningdale 2017 Segregated Account (Artex
SAC Ltd.), Variable Rate Notes, 7/10/17 (f)(g) 462,550
JPY 98,019,477 Tralee Segregated Account (Artex SAC Ltd.),
Variable Rate Note 7/15/17 (f)(g) 876,095
3,000,000 Versutus 2016, Class A-1, Variable Rate
Notes, 11/30/20 (f)(g) 122,400
600,000 Versutus 2017, Class A-1, Variable Rate
Notes, 11/30/21 (f)(g) 614,220
---------------
$ 15,775,971
---------------
Total Insurance $ 17,199,564
--------------------------------------------------------------------------------------------------------
REAL ESTATE -- 1.4%
Specialized REIT -- 0.4%
2,314,110 AAF Holdings LLC, 12.0%, 7/1/19 (144A)
(12.0% cash, 0.0% PIK) (PIK) $ 2,424,030
--------------------------------------------------------------------------------------------------------
Diversified REIT -- 0.4%
EUR 1,960,000 MPT Operation Partnersp/Financial,
3.325%, 3/24/25 $ 2,178,627
--------------------------------------------------------------------------------------------------------
Specialized REIT -- 0.6%
2,870,000 Communications Sales & Leasing, Inc., 6.0%,
4/15/23 (144A) $ 2,986,608
919,000 Equinix, Inc., 5.375%, 4/1/23 956,909
---------------
$ 3,943,517
---------------
Total Real Estate $ 8,546,174
--------------------------------------------------------------------------------------------------------
SOFTWARE & SERVICES -- 2.4%
Internet Software & Services -- 0.4%
1,780,000 Cimpress NV, 7.0%, 4/1/22 (144A) $ 1,831,175
551,000 IAC, 4.875%, 11/30/18 558,576
---------------
$ 2,389,751
--------------------------------------------------------------------------------------------------------
IT Consulting & Other Services -- 0.5%
795,000 Change Healthcare Holdings LLC, 5.75%,
3/1/25 (144A) $ 815,869
735,000 Diamond 1 Finance Corp., 5.875%,
6/15/21 (144A) 779,100
The accompanying notes are an integral part of these financial statements.
Pioneer Global High Yield Fund | Semiannual Report | 4/30/17 33
Schedule of Investments | 4/30/17 (unaudited) (continued)
--------------------------------------------------------------------------------------------------------
Principal Floating
Amount ($)(l) Rate (b) Value
--------------------------------------------------------------------------------------------------------
IT Consulting & Other Services (continued)
1,455,000 Rackspace, 8.625%, 11/15/24 $ 1,540,481
---------------
$ 3,135,450
--------------------------------------------------------------------------------------------------------
Data Processing & Outsourced Services -- 1.3%
EUR 1,250,000 Alliance Data Systems Co., 4.5%, 3/15/22 (144A) $ 1,421,696
1,765,000 Alliance Data Systems Company, 5.875, 11/1/21 1,826,775
3,100,000 Cardtronics, Inc., 5.125%, 8/1/22 3,162,000
610,000 Cardtronics, Inc., USA, 5.5%, 5/1/25 (144A) 622,962
1,260,000 First Data Corp., 7.0%, 12/1/23 (144A) 1,350,972
---------------
$ 8,384,405
--------------------------------------------------------------------------------------------------------
Application Software -- 0.2%
1,430,000 Open Text Corp., 5.875%, 6/1/26 (144A) $ 1,526,525
---------------
Total Software & Services $ 15,436,131
--------------------------------------------------------------------------------------------------------
TECHNOLOGY HARDWARE & EQUIPMENT -- 0.7%
Communications Equipment -- 0.1%
512,000 CommScope Technologies Finance LLC, 6.0%,
6/15/25 (144A) $ 545,920
--------------------------------------------------------------------------------------------------------
Computer Hardware -- 0.2%
910,000 Diebold Nixdorf, Inc., 8.5%, 4/15/24 $ 1,014,650
--------------------------------------------------------------------------------------------------------
Electronic Components -- 0.4%
EUR 250,000 Belden, Inc., 4.125%, 10/15/26 (144A) $ 279,210
1,000,000 Belden, Inc., 5.25%, 7/15/24 (144A) 1,010,000
EUR 1,095,000 Belden, Inc., 5.5%, 4/15/23 1,257,056
---------------
$ 2,546,266
---------------
Total Technology Hardware & Equipment $ 4,106,836
--------------------------------------------------------------------------------------------------------
SEMICONDUCTORS & SEMICONDUCTOR
EQUIPMENT -- 0.1%
Semiconductors -- 0.1%
434,000 Micron Technology, Inc., 5.5%, 2/1/25 $ 453,530
---------------
Total Semiconductors & Semiconductor
Equipment $ 453,530
--------------------------------------------------------------------------------------------------------
TELECOMMUNICATION SERVICES -- 6.6%
Integrated Telecommunication Services -- 2.1%
2,260,000 CenturyLink, Inc., 5.625%, 4/1/25 $ 2,206,325
6,075,000 Frontier Communications Corp., 8.75%, 4/15/22 5,860,492
1,665,000 GCI, Inc., 6.875%, 4/15/25 1,789,875
2,975,000 Windstream Services LLC, 7.75%, 10/15/20 3,034,500
---------------
$ 12,891,192
--------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
34 Pioneer Global High Yield Fund | Semiannual Report | 4/30/17
--------------------------------------------------------------------------------------------------------
Principal Floating
Amount ($)(l) Rate (b) Value
--------------------------------------------------------------------------------------------------------
Wireless Telecommunication Services -- 4.5%
2,800,000 Altice Financing SA, 6.5%, 1/15/22 (144A) $ 2,936,500
600,000 Altice Finco SA, 8.125%, 1/15/24 (144A) 648,000
3,320,000 Digicel, Ltd., 6.0%, 4/15/21 (144A) 3,154,000
EUR 1,425,000 Impera Holdings SA, 5.375%, 9/15/22 (144A) 1,597,534
1,050,000 Mobile Telesystems OJSC via MTS International
Funding, Ltd., 5.0%, 5/30/23 (144A) 1,090,792
4,825,000 MTN Mauritius Investment, Ltd., 5.373%,
2/13/22 (144A) 4,913,042
4,685,000 Sprint Corp., 7.25%, 9/15/21 5,124,219
1,155,000 T-Mobile USA, Inc., 6.0%, 4/15/24 1,251,442
2,750,000 Unison Ground Lease Funding LLC, 5.78%,
3/16/43 (144A) 2,720,653
2,470,000 VimpelCom Holdings BV, 7.5043%, 3/1/22 (144A) 2,799,770
RUB 124,400,000 VimpelCom Holdings BV, 9.0%, 2/13/18 (144A) 2,181,320
---------------
$ 28,417,272
---------------
Total Telecommunication Services $ 41,308,464
--------------------------------------------------------------------------------------------------------
UTILITIES -- 4.5%
Electric Utilities -- 2.2%
1,325,000 Centrais Eletricas Brasileiras SA, 5.75%, 10/27/21 $ 1,356,800
EUR 1,475,000 ContourGlobal Power Holdings SA, 5.125%,
6/15/21 (144A) 1,703,188
1,325,000 5.25 Electricite de France SA, Floating Rate Note
(Perpetual) (144A) 1,325,000
2,395,000 8.13 Enel S.p.A., Floating Rate Note, 9/24/73 (144A) 2,802,150
725,000 Stoneway Capital Corp., 10.0%, 3/1/27 (144A) 761,250
137,000 Talen Energy Supply LLC, 4.625%, 7/15/19 (144A) 134,945
3,260,000 Talen Energy Supply LLC, 6.5%, 6/1/25 2,591,700
2,715,000 TerraForm Power, 9.75%, 8/15/22 (144A) 3,013,650
---------------
$ 13,688,683
--------------------------------------------------------------------------------------------------------
Gas Utilities -- 0.6%
2,133,000 DCP Midstream Operating LP, 5.6%, 4/1/44 $ 2,037,015
1,850,000 Ferrellgas LP, 6.75%, 6/15/23 1,785,250
---------------
$ 3,822,265
--------------------------------------------------------------------------------------------------------
Multi-Utilities -- 0.5%
3,150,246 Ormat Funding Corp., 8.25%, 12/30/20 $ 3,150,246
--------------------------------------------------------------------------------------------------------
Independent Power Producers & Energy
Traders -- 1.2%
1,195,000 Calpine Corp., 5.25%, 6/1/26 (144A) $ 1,202,469
725,000 Calpine Corp., 5.75%, 1/15/25 701,438
940,000 Instituto Costarricense de Electricidad,
6.95%, 11/10/21 (144A) 999,822
The accompanying notes are an integral part of these financial statements.
Pioneer Global High Yield Fund | Semiannual Report | 4/30/17 35
Schedule of Investments | 4/30/17 (unaudited) (continued)
--------------------------------------------------------------------------------------------------------
Principal Floating
Amount ($)(l) Rate (b) Value
--------------------------------------------------------------------------------------------------------
Independent Power Producers & Energy
Traders (continued)
1,800,000 NRG Energy, Inc., 6.25%, 5/1/24 $ 1,793,700
1,705,000 NRG Energy, Inc., 6.625%, 1/15/27 1,687,950
1,370,000 NRG Energy, Inc., 7.25%, 5/15/26 1,400,825
205,000 TerraForm Power Operating LLC, 6.375%,
2/1/23 (Step) (144A) 211,919
---------------
$ 7,998,123
---------------
Total Utilities $ 28,659,317
--------------------------------------------------------------------------------------------------------
TOTAL CORPORATE BONDS
(Cost $500,959,640) $ 510,612,133
--------------------------------------------------------------------------------------------------------
U.S. GOVERNMENT AND AGENCY
OBLIGATIONS -- 1.1%
4,790,000 U.S. Treasury Bills, 5/18/17 (c) $ 4,788,462
2,000,000 U.S. Treasury Bills, 5/11/17 (c) 1,999,632
---------------
$ 6,788,094
--------------------------------------------------------------------------------------------------------
TOTAL U.S. GOVERNMENT AND
AGENCY OBLIGATIONS
(Cost $6,787,927) $ 6,788,094
--------------------------------------------------------------------------------------------------------
FOREIGN GOVERNMENT BONDS -- 7.8%
1,845,000 Africa Finance Corp., 4.375%, 4/29/20 (144A) $ 1,909,354
2,250,000 Brazil Minas SPE via State of Minas Gerais,
5.333%, 2/15/28 (144A) 2,221,875
2,650,000 City of Buenos Aires Argentina, 7.5%,
6/1/27 (144A) 2,838,680
560,000 Ecuador Government International Bond,
10.5%, 3/24/20 (144A) 599,200
EGP 67,975,000 Egypt Treasury Bill, 3/6/18 (c) 3,247,002
1,321,053 6.79 EP PetroEcuador via Noble Sovereign Funding I,
Ltd., Floating Rate Note, 9/24/19 1,323,695
690,000 Gabon Government International Bond,
6.375%, 12/12/24 (144A) 675,682
GHS 4,350,000 Ghana Government Bond, 21.5%, 3/9/20 1,055,664
GHS 9,405,000 Ghana Government Bond, 24.5%, 4/22/19 2,369,213
GHS 4,085,000 Ghana Government Bond, 24.75%, 7/19/21 1,106,513
1,770,000 Hazine Mustesarligi, 5.004%, 4/6/23 (144A) 1,803,630
925,000 Honduras Government International Bond,
6.25%, 1/19/27 (144A) 957,976
900,000 Jordan Government International Bond,
5.75%, 1/31/27 (144A) 889,038
1,535,000 Kenya Government International Bond,
5.875%, 6/24/19 (144A) 1,587,113
MXN 77,241,758 Mexican Udibonos, 2.0%, 6/9/22 3,860,715
The accompanying notes are an integral part of these financial statements.
36 Pioneer Global High Yield Fund | Semiannual Report | 4/30/17
--------------------------------------------------------------------------------------------------------
Principal Floating
Amount ($)(l) Rate (b) Value
--------------------------------------------------------------------------------------------------------
FOREIGN GOVERNMENT BONDS (continued)
MXN 9,886,577 Mexican Udibonos, 3.5%, 12/14/17 $ 524,673
EUR 1,915,000 Mexico Government International Bond,
4.0%, 3/15/15 1,875,735
1,415,000 Namibia International Bonds, 5.25%,
10/29/25 (144A) 1,432,688
1,760,000 Oman Government International Bond,
5.375%, 3/8/27 (144A) 1,836,278
1,334,660 Province of Salta Argentina, 9.5%, 3/16/22 (144A) 1,418,076
1,380,000 Provincia de Buenos Aires Argentina, 9.125%,
3/16/24 (144A) 1,566,990
2,590,000 Provincia de Entre Rios Argentina, 8.75%,
2/8/25 (144A) 2,646,151
3,015,000 Provincia del Chubut Argentina, 7.75%,
7/26/26 (144A) 3,034,386
1,125,000 Republic Of Argentina, 6.825%, 1/26/27 1,188,562
1,850,000 Republic Of Argentina, 7.5%, 4/22/26 2,026,675
RON 8,220,000 Romania Government Bond, 5.85%, 4/26/23 2,255,088
2,575,000 Turkey Government International Bond,
6.0%, 3/25/27 2,755,250
---------------
$ 49,005,902
--------------------------------------------------------------------------------------------------------
TOTAL FOREIGN GOVERNMENT BONDS
(Cost $49,966,265) $ 49,005,902
--------------------------------------------------------------------------------------------------------
SENIOR FLOATING RATE LOAN
INTERESTS -- 3.0%**
ENERGY -- 0.3%
Oil & Gas Drilling -- 0.3%
1,950,000 7.00 Gavilan Resources LLC, Initial Term Loan
(Second Lien), 2/23/24 $ 1,945,710
--------------------------------------------------------------------------------------------------------
Coal & Consumable Fuels -- 0.0%+
1,034,769 8.15 Long Haul Holdings, Ltd., Facility B Loan,
11/17/13 (d) $ 108,651
---------------
Total Energy $ 2,054,361
--------------------------------------------------------------------------------------------------------
MATERIALS -- 0.6%
Paper Packaging -- 0.3%
1,615,000 6.65 Caraustar Industries, Inc., Refinancing Term
Loan, 3/9/22 $ 1,630,141
--------------------------------------------------------------------------------------------------------
Diversified Metals & Mining -- 0.0%+
64,892 3.75 Fortescue Metals Group Ltd., Bank Loan, 6/30/19 $ 65,371
--------------------------------------------------------------------------------------------------------
Steel -- 0.3%
1,985,025 4.91 Zekelman Industries, Inc., Term Loan, 6/8/21 $ 2,011,078
---------------
Total Materials $ 3,706,590
--------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Global High Yield Fund | Semiannual Report | 4/30/17 37
Schedule of Investments | 4/30/17 (unaudited) (continued)
--------------------------------------------------------------------------------------------------------
Principal Floating
Amount ($)(l) Rate (b) Value
--------------------------------------------------------------------------------------------------------
CAPITAL GOODS -- 0.3%
Aerospace & Defense -- 0.3%
1,845,711 7.75 DynCorp International, Inc., Term Loan B2, 7/7/20 $ 1,852,632
---------------
Total Capital Goods $ 1,852,632
--------------------------------------------------------------------------------------------------------
COMMERCIAL SERVICES & SUPPLIES -- 0.1%
Diversified Support Services -- 0.1%
489,559 3.76 IAP Worldwide Services, Inc., Term Loan, 7/18/19 $ 465,081
---------------
Total Commercial Services & Supplies $ 465,081
--------------------------------------------------------------------------------------------------------
AUTOMOBILES & COMPONENTS -- 0.0%+
Auto Parts & Equipment -- 0.0%+
1,773 2.99 Allison Transmission, Inc., Term B-3 Loan, 8/23/19 $ 1,793
---------------
Total Automobiles & Components $ 1,793
--------------------------------------------------------------------------------------------------------
MEDIA -- 0.3%
Advertising -- 0.3%
2,127,200 6.75 Affinion Group, Inc., Tranche B Term Loan, 4/30/18 $ 2,127,011
---------------
Total Media $ 2,127,011
--------------------------------------------------------------------------------------------------------
RETAILING -- 0.2%
Automotive Retail -- 0.2%
1,398,829 4.74 CWGS Group LLC, Term Loan, 11/3/23 $ 1,410,370
---------------
Total Retailing $ 1,410,370
--------------------------------------------------------------------------------------------------------
HOUSEHOLD & PERSONAL PRODUCTS -- 0.4%
Household Products -- 0.2%
1,397,813 8.50 Redbox Automated Retail LLC, Term Loan (First
Lien), 9/28/21 $ 1,402,471
--------------------------------------------------------------------------------------------------------
Personal Products -- 0.2%
796,000 4.49 Revlon Consumer Products Corp., Initial Term B
Loan, 7/22/23 $ 798,932
---------------
Total Household & Personal Products $ 2,201,403
--------------------------------------------------------------------------------------------------------
HEALTH CARE EQUIPMENT & SERVICES -- 0.7%
Health Care Services -- 0.5%
999,129 4.35 Alliance HealthCare Services, Inc., Initial Term
Loan, 6/3/19 $ 999,754
657,679 6.50 BioScrip, Inc., Initial Term B Loan, 7/31/20 652,336
394,608 6.50 BioScrip, Inc., Term Loan, 7/31/20 391,401
1,310,000 4.50 National Surgical Hospitals, Inc., Term Loan
(First Lien), 5/15/22 1,310,786
---------------
$ 3,354,277
--------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
38 Pioneer Global High Yield Fund | Semiannual Report | 4/30/17
--------------------------------------------------------------------------------------------------------
Principal Floating
Amount ($)(l) Rate (b) Value
--------------------------------------------------------------------------------------------------------
Managed Health Care -- 0.2%
591,387 10.25 MMM Holdings, Inc., Term Loan, 10/9/17 (d) $ 579,559
429,935 10.25 MSO of Puerto Rico, Inc., MSO Term Loan,
12/12/17 (d) 421,337
---------------
$ 1,000,896
---------------
Total Health Care Equipment & Services $ 4,355,173
--------------------------------------------------------------------------------------------------------
UTILITIES -- 0.1%
Electric Utilities -- 0.1%
162,500 3.74 Vistra Operations Co LLC, Initial Term C
Loan, 8/4/23 $ 162,348
710,719 3.75 Vistra Operations Co LLC, Initial Term Loan, 8/4/23 710,053
---------------
$ 872,401
---------------
Total Utilities $ 872,401
--------------------------------------------------------------------------------------------------------
TOTAL SENIOR FLOATING RATE LOAN INTERESTS
(Cost $19,515,417) $ 19,046,815
--------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------
Shares
--------------------------------------------------------------------------------------------------------
RIGHTS / WARRANTS -- 0.0%+
ENERGY -- 0.0%+
Oil & Gas Exploration & Production -- 0.0%+
7,415 Midstates Petroleum Company, Inc.
Warrants, 4/21/20 $ --
--------------------------------------------------------------------------------------------------------
Coal & Consumable Fuels -- 0.0%+
56 Contura Energy, Inc., 7/26/23 $ 1,601
---------------
Total Energy $ 1,601
--------------------------------------------------------------------------------------------------------
TOTAL RIGHTS / WARRANTS
(Cost $164) $ 1,601
--------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------
Principal
Amount ($)(l)
--------------------------------------------------------------------------------------------------------
MUNICIPAL COLLATERALIZED
DEBT OBLIGATION -- 0.0%+
Municipal General -- 0.0%+
8,875,000 0.00 Non-Profit Preferred Funding Trust I, Floating
Rate Note, 9/15/37 (144A) $ 177,500
--------------------------------------------------------------------------------------------------------
TOTAL MUNICIPAL COLLATERALIZED
DEBT OBLIGATION
(Cost $8,860,350) $ 177,500
--------------------------------------------------------------------------------------------------------
TEMPORARY CASH INVESTMENT -- 0.3%
Commercial Paper -- 0.3%
1,580,000 Natixis NY, Commercial Paper, 5/1/17 (c) $ 1,579,879
--------------------------------------------------------------------------------------------------------
TOTAL TEMPORARY CASH INVESTMENT
(Cost $1,580,000) $ 1,579,879
--------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Global High Yield Fund | Semiannual Report | 4/30/17 39
Schedule of Investments | 4/30/17 (unaudited) (continued)
--------------------------------------------------------------------------------------------------------
Number Strike Expiration
of Contracts Description Counterparty Price Date Value
--------------------------------------------------------------------------------------------------------
CALL OPTIONS PURCHASED -- 0.0%+
MXN 297,012(i) Desarrolladora Homex Bank of New York
SAB de CV Mellon Corp $--(k) 10/23/22 $ --
MXN 297,012(j) Desarrolladora Homex Bank of New York
SAB de CV Mellon Corp --(k) 10/23/22 --
---------------
$ --
--------------------------------------------------------------------------------------------------------
TOTAL CALL OPTIONS PURCHASED
(Premiums paid $0) $ --
--------------------------------------------------------------------------------------------------------
TOTAL INVESTMENT IN SECURITIES -- 98.3%
(Cost $635,758,490) (a) $ 619,952,276
--------------------------------------------------------------------------------------------------------
OTHER ASSETS & LIABILITIES -- 1.7% $ 10,816,756
--------------------------------------------------------------------------------------------------------
NET ASSETS -- 100.0% $ 630,769,032
========================================================================================================
* Non-income producing security.
+ Amount rounds to less than 0.1%.
REIT Real Estate Investment Trust.
(Perpetual) Security with no stated maturity date.
(PIK) Represents a pay-in-kind security.
(Cat Bond) Catastrophe or event linked bond. At April 30, 2017 the value of
these securities amounted to $3,619,463 or 0.6% of net assets.
See Notes to Financial Statements -- 1H.
REMICS Real Estate Mortgage Investment Conduits.
(Step) Bond issued with an initial coupon rate which converts to a higher
rate at a later date.
** Senior floating rate loan interests in which the Fund invests
generally pay interest at rates that are periodically redetermined
by reference to a base lending rate plus a premium. These base
lending rates are generally (i) the lending rate offered by one
or more major European banks, such as LIBOR (London InterBank
Offered Rate), (ii) the prime rate offered by one or more major
United States banks, (iii) the rate of a certificate of deposit
or (iv) other base lending rates used by commercial lenders. The
rate shown is the coupon rate at period end.
(144A) Security is exempt from registration under Rule 144A of the
Securities Act of 1933. Such securities may be resold normally to
qualified institutional buyers in a transaction exempt from
registration. At April 30, 2017, the value of these securities
amounted to $336,360,919 or 53.3% of net assets.
(a) At April 30, 2017, the net unrealized depreciation on investments
based on cost for federal income tax purposes of $637,476,827 was
as follows:
Aggregate gross unrealized appreciation for all investments in which
there is an excess of value over tax cost $ 31,519,562
Aggregate gross unrealized depreciation for all investments in which
there is an excess of tax cost over value (49,044,113)
------------
Net unrealized depreciation $(17,524,551)
============
The accompanying notes are an integral part of these financial statements.
40 Pioneer Global High Yield Fund | Semiannual Report | 4/30/17
(b) Debt obligation with a variable interest rate. Rate shown is rate
at end of period.
(c) Security issued with a zero coupon. Income is recognized through
accretion of discount.
(d) Security is in default.
(e) Security is valued using fair value methods (other than prices
supplied by independent pricing services or broker dealers).
See Notes to Financial Statements -- Note 1A.
(f) Structured reinsurance investment. At April 30, 2017, the value of
these securities amounted to $12,156,508 or 1.9% of net assets.
See Notes to Financial Statements -- Note 1H.
(g) Rate to be determined.
(h) Distributions of investments by country of domicile (excluding
temporary cash investments) as a percentage of total investment
in securities, is as follows:
United States 52.6%
Luxembourg 6.6%
United Kingdom 4.6%
Netherlands 4.1%
Mexico 3.1%
Argentina 2.8%
Canada 2.4%
France 2.3%
Bermuda 2.0%
Ireland 1.9%
Turkey 1.7%
Peru 1.4%
Cayman Islands 1.2%
Italy 1.1%
Other (individually less than 1%) 12.2%
------
100.0%
======
(i) Option does not become effective until underlying company's
outstanding common shares reach a market capitalization of MXN
12.5 Billion.
(j) Option does not become effective until underlying company's
outstanding common shares reach a market capitalization of MXN
15.5 Billion.
(k) Strike price is 1 Mexican Peso (MXN).
(l) Principal amounts are denominated in U.S. Dollars unless otherwise
noted:
AUD Australian Dollar
EGP Egyptian Pound
EUR Euro
GBP British Pound Sterling
GHS Ghanian Cedis
INR Indian Rupee
JPY Japanese Yen
MXN Mexican Peso
RON Romanian Leu
RUB Russian Ruble
The accompanying notes are an integral part of these financial statements.
Pioneer Global High Yield Fund | Semiannual Report | 4/30/17 41
Schedule of Investments | 4/30/17 (unaudited) (continued)
Purchases and sales of securities (excluding temporary cash investments) for the
six months ended April 30, 2017 were as follows:
--------------------------------------------------------------------------------
Purchases Sales
--------------------------------------------------------------------------------
Long-Term U.S. Government Securities $ -- $ --
Other Long-Term Securities $167,384,352 $204,170,961
The Fund is permitted to engage in purchase and sale transactions ("cross
trades") with certain Funds and accounts for which Pioneer Investment
Management, Inc. (PIM), serves as the Fund's investment adviser, as set forth in
Rule 17a-7 under the Investment Company Act of 1940, pursuant to procedures
adopted by the Board of Trustees. Under these procedures, cross trades are
effected at current market prices.
During the six months ended April 30, 2017, the Fund engaged in purchases and
sales pursuant to these procedures amounting to $3,603,959 and $18,163,680,
respectively, which resulted in a net realized gain of $485,468.
CENTRALLY CLEARED CREDIT DEFAULT SWAP AGREEMENTS -- SELL PROTECTION
--------------------------------------------------------------------------------------------------------
Premiums
Notional Obligation Credit Expiration Received Unrealized
Principal($)(1) Exchange Entity/Index Coupon Rating(2) Date (Paid) Appreciation
--------------------------------------------------------------------------------------------------------
4,326,700 Chicago Markit CDX 5.00% BBB+ 12/20/20 $ (33,363) $402,381
Mercentile North America
Exchange High Yield
Index
3,276,900 Chicago Markit CDX 5.00% BBB+ 6/20/21 141,038 159,629
Mercentile North America
Exchange High Yield
Index
--------------------------------------------------------------------------------------------------------
$ 107,675 $562,010
========================================================================================================
(1) The notional amount is the maximum amount that a seller of credit protection
would be obligated to pay upon occurrence of a credit event.
(2) Based on Standard & Poor's rating of the issuer or weighted average of all
the underlying securities of the index.
Various inputs are used in determining the value of the Fund's investments.
These inputs are summarized in the three broad levels listed below.
Level 1 - quoted prices in active markets for identical securities.
Level 2 - other significant observable inputs (including quoted prices for
similar securities, interest rates, prepayment speeds, credit
risk, etc.) See Notes to Financial Statements -- Note 1A.
Level 3 - significant unobservable inputs (including the Fund's own
assumptions in determining fair value of investments) See Notes
to Financial Statements -- Note 1A.
The accompanying notes are an integral part of these financial statements.
42 Pioneer Global High Yield Fund | Semiannual Report | 4/30/17
The following is a summary of the inputs used as of April 30, 2017, in valuing
the Fund's investments:
------------------------------------------------------------------------------------------
Level 1 Level 2 Level 3 Total
------------------------------------------------------------------------------------------
Convertible Corporate Bonds $ -- $ 14,030,597 $ -- $ 14,030,597
Preferred Stocks
Transportation
Air Freight & Logistics -- 771,338 -- 771,338
Diversified Financials
Consumer Finance 2,467,685 -- -- 2,467,685
Convertible Preferred Stock 3,215,563 -- -- 3,215,563
Common Stocks
Energy
Oil & Gas Exploration &
Production 1,192,236 745,569 1,937,805
Capital Goods
Industrial Machinery -- -- 1,560 1,560
Commercial Services &
Supplies
Diversified Support
Services -- 84,949 -- 84,949
Transportation
Air Freight & Logistics 316,730 -- 316,730
Consumer Services
Education Services 120,666 -- 120,666
All Other Common Stocks 1,520,820 -- -- 1,520,820
Asset Backed Securities -- 460,288 -- 460,288
Collateralized Mortgage
Obligations -- 7,812,351 -- 7,812,351
Corporate Bonds
Insurance
Reinsurance -- 3,619,463 12,156,508 15,775,971
All Other Corporate Bonds -- 494,836,162 -- 494,836,162
U.S. Government and
Agency Obligations -- 6,788,094 -- 6,788,094
Foreign Government Bonds -- 49,005,902 -- 49,005,902
Senior Floating Rate
Loan Interests -- 19,046,815 -- 19,046,815
Rights/Warrants -- 1,601 -- 1,601
Municipal Collateralized
Debt Obligation -- 177,500 -- 177,500
Commercial Paper -- 1,579,879 1,579,879
Call Options Purchased -- -- -- --
------------------------------------------------------------------------------------------
Total $ 8,396,304 $599,397,904 $ 12,158,068 $619,952,276
==========================================================================================
The accompanying notes are an integral part of these financial statements.
Pioneer Global High Yield Fund | Semiannual Report | 4/30/17 43
Schedule of Investments | 4/30/17 (unaudited) (continued)
----------------------------------------------------------------------------------------
Level 1 Level 2 Level 3 Total
----------------------------------------------------------------------------------------
Other Financial Instruments
Unrealized appreciation on
forward foreign
currency contracts $-- $ 21,978 $-- $ 21,978
Unrealized depreciation on
forward foreign
currency contracts -- (89,441) -- (89,441)
Unrealized appreciation on
centrally cleared
swap contracts -- 562,009 -- 562,009
----------------------------------------------------------------------------------------
Total Other Financial Instruments $-- $494,546 $-- $494,546
========================================================================================
The following is a reconciliation of assets valued using significant observable
inputs (Level 3):
----------------------------------------------------------------------------------------------
Convertible
Common Corporate Corporate
Stocks Bonds Bonds Total
----------------------------------------------------------------------------------------------
Balance as of 10/31/16 $ 4,300,699 $ 346,412 $ 27,598,609 $ 32,245,720
Realized gain (loss)(1) (2,417,743) (3,729,029) 5,450 (6,141,322)
Change in unrealized
appreciation (depreciation)(2) 2,584,216 3,729,029 (560,967) 5,752,278
Purchases -- -- 7,043,196 7,043,196
Sales (4,465,612) (346,412) (21,929,780) (26,741,804)
Transfers between Level 3* -- -- -- --
----------------------------------------------------------------------------------------------
Balance as of 4/30/17 $ 1,560 $ -- $ 12,156,508 $ 12,158,068
==============================================================================================
1 Realized gain (loss) on these securities is included in the net realized
gain (loss) from investments in the Statement of Operations.
2 Unrealized appreciation (depreciation) on these securities is included in
the change in unrealized appreciation (depreciation) on investments in the
Statement of Operations.
* Transfers are calculated on the beginning of period values. During the six
months ended April 30, 2017, there were no transfers between Levels 1, 2 and
3.
Net change in unrealized appreciation (depreciation) of investments
still held as of 4/30/17 $(239,574)
---------
The accompanying notes are an integral part of these financial statements.
44 Pioneer Global High Yield Fund | Semiannual Report | 4/30/17
Statement of Assets and Liabilities | 4/30/17 (unaudited)
ASSETS:
Investment in securities (cost $635,758,490) $ 619,952,276
Cash 2,987,817
Foreign currencies, at value (cost $5,801,411) 5,909,606
Restricted cash* 419,636
Receivables --
Investment securities sold 3,869,916
Fund shares sold 1,762,197
Dividends 56,104
Interest 8,822,825
Unrealized appreciation on forward foreign currency contracts 21,978
Variation margin on centrally cleared swap contracts 3,879
Other assets 41,128
----------------------------------------------------------------------------------------
Total assets $ 643,847,362
========================================================================================
LIABILITIES:
Payables --
Investment securities purchased $ 8,973,528
Fund shares repurchased 3,110,482
Distributions 439,595
Trustee fees 3,573
Unrealized depreciation on forward foreign currency contracts 89,441
Due to affiliates 72,388
Accrued expenses 389,323
----------------------------------------------------------------------------------------
Total liabilities $ 13,078,330
========================================================================================
NET ASSETS:
Paid-in capital $1,147,429,547
Distributions in excess of net investment income (1,412,228)
Accumulated net realized loss on investments, swap contracts,
futures contracts and foreign currency transactions (500,005,844)
Net unrealized depreciation on investments (15,806,214)
Unrealized appreciation on swap contracts 562,009
Net unrealized appreciation on forward foreign currency contracts and
other assets and liabilities denominated in foreign currencies 1,762
----------------------------------------------------------------------------------------
Net assets $ 630,769,032
========================================================================================
NET ASSET VALUE PER SHARE:
No par value (unlimited number of shares authorized)
Class A (based on $183,570,931/20,567,547 shares) $ 8.93
Class C (based on $165,080,547/18,543,269 shares) $ 8.90
Class Y (based on $282,117,554/32,185,628 shares) $ 8.77
MAXIMUM OFFERING PRICE:
Class A ($8.93 (divided by) 95.5%) $ 9.35
========================================================================================
* Represents restricted cash deposited at the counterparty for derivative
contracts
The accompanying notes are an integral part of these financial statements.
Pioneer Global High Yield Fund | Semiannual Report | 4/30/17 45
Statement of Operations (unaudited)
For the Six Months Ended April 30, 2017
INVESTMENT INCOME:
Interest $ 22,500,812
Dividends 188,118
-----------------------------------------------------------------------------------------------
Total investment income $ 22,688,930
-----------------------------------------------------------------------------------------------
EXPENSES:
Management fees $ 2,185,622
Transfer agent fees
Class A 138,900
Class C 85,311
Class Y 160,604
Distribution fees
Class A 237,389
Class C 855,311
Shareholder communication expense 34,353
Administrative expense 111,399
Custodian fees 36,625
Registration fees 35,587
Professional fees 29,518
Printing expense 19,896
Fees and expenses of nonaffiliated Trustees 13,852
Miscellaneous 63,980
-----------------------------------------------------------------------------------------------
Total expenses $ 4,008,347
-----------------------------------------------------------------------------------------------
Net investment income $ 18,680,583
-----------------------------------------------------------------------------------------------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS,
CLASS ACTIONS, SWAP CONTRACTS AND FOREIGN CURRENCY
TRANSACTIONS:
Net realized gain (loss) on:
Investments $ (17,748,476)
Class actions 86,981
Swap contracts 95,815
Forward foreign currency contracts and other assets
and liabilities denominated in foreign currencies (472,214) $ (18,037,894)
-----------------------------------------------------------------------------------------------
Change in net unrealized appreciation (depreciation) on:
Investments $ 32,418,804
Swap contracts 269,629
Forward foreign currency contracts and other assets
and liabilities denominated in foreign currencies (317,604) $ 32,370,829
-----------------------------------------------------------------------------------------------
Net realized and unrealized gain (loss) on investments, class
actions, swap contracts and foreign currency
transactions $ 14,332,935
-----------------------------------------------------------------------------------------------
Net increase in net assets resulting from operations $ 33,013,518
===============================================================================================
The accompanying notes are an integral part of these financial statements.
46 Pioneer Global High Yield Fund | Semiannual Report | 4/30/17
Statements of Changes in Net Assets
-----------------------------------------------------------------------------------------
Six Months
Ended
4/30/17 Year Ended
(unaudited) 10/31/16
-----------------------------------------------------------------------------------------
FROM OPERATIONS:
Net investment income $ 18,680,583 $ 49,164,741
Net realized gain (loss) on investments, class
actions, swap contracts and foreign currency
transactions (18,037,894) (93,291,792)
Change in net unrealized appreciation (depreciation)
on investments, swap contracts
and foreign currency transactions 32,370,829 77,920,640
-----------------------------------------------------------------------------------------
Net decrease in net assets resulting
from operations $ 33,013,518 $ 33,793,589
-----------------------------------------------------------------------------------------
DISTRIBUTIONS TO SHAREOWNERS:
Net investment income:
Class A ($0.24 and $0.47 per share, respectively) $ (5,284,347) $ (12,102,966)
Class C ($0.21 and $0.41 per share, respectively) (4,157,544) (9,849,973)
Class Y ($0.25 and $0.48 per share, respectively) (7,981,452) (20,292,853)
Tax return of capital:
Class A ($0.00 and $0.04 per share, respectively) -- (1,039,895)
Class C ($0.00 and $0.04 per share, respectively) -- (957,019)
Class Y ($0.00 and $0.04 per share, respectively) -- (1,462,389)
-----------------------------------------------------------------------------------------
Total distributions to shareowners $ (17,423,343) $ (45,705,095)
-----------------------------------------------------------------------------------------
FROM FUND SHARE TRANSACTIONS:
Net proceeds from sale of shares $ 58,178,995 $ 107,183,404
Reinvestment of distributions 15,114,421 40,330,239
Cost of shares repurchased (123,278,064) (447,001,020)
-----------------------------------------------------------------------------------------
Net decrease in net assets resulting from
Fund share transactions $ (49,984,648) $ (299,487,377)
-----------------------------------------------------------------------------------------
Net decrease in net assets $ (34,394,473) $ (311,398,883)
NET ASSETS:
Beginning of period $ 665,163,505 $ 976,562,388
-----------------------------------------------------------------------------------------
End of period $ 630,769,032 $ 665,163,505
-----------------------------------------------------------------------------------------
Distributions in excess of net investment income $ (1,412,228) $ (2,669,468)
=========================================================================================
The accompanying notes are an integral part of these financial statements.
Pioneer Global High Yield Fund | Semiannual Report | 4/30/17 47
Statements of Changes in Net Assets (continued)
--------------------------------------------------------------------------------------
Six Months Six Months
Ended Ended
4/30/17 4/30/17 Year Ended Year Ended
Shares Amount 10/31/16 10/31/16
(unaudited) (unaudited) Shares Amount
--------------------------------------------------------------------------------------
Class A
Shares sold 704,011 $ 6,118,288 1,502,404 $ 12,563,258
Reinvestment of
distributions 533,980 4,685,867 1,415,368 11,855,334
Less shares repurchased (3,799,256) (33,239,193) (9,210,188) (76,947,782)
--------------------------------------------------------------------------------------
Net decrease (2,561,265) $ (22,435,038) (6,292,416) $ (52,529,190)
======================================================================================
Class C
Shares sold 301,765 $ 2,630,350 755,257 $ 6,249,038
Reinvestment of
distributions 388,020 3,397,154 1,047,555 8,752,547
Less shares repurchased (3,274,864) (28,556,620) (8,203,488) (68,568,704)
--------------------------------------------------------------------------------------
Net decrease (2,585,079) $ (22,529,116) (6,400,676) $ (53,567,119)
======================================================================================
Class Y
Shares sold 5,749,091 $ 49,430,357 10,732,152 $ 88,371,108
Reinvestment of
distributions 815,492 7,031,400 2,404,961 19,722,358
Less shares repurchased (7,157,271) (61,482,251) (37,531,165) (301,484,534)
--------------------------------------------------------------------------------------
Net decrease (592,688) $ (5,020,494) (24,394,052) $ (193,391,068)
======================================================================================
The accompanying notes are an integral part of these financial statements.
48 Pioneer Global High Yield Fund | Semiannual Report | 4/30/17
Financial Highlights
------------------------------------------------------------------------------------------------------------------------------------
Six Months Year Year
Ended Year Year Year Ended Ended
4/30/17 Ended Ended Ended 10/31/13 10/31/12
(unaudited) 10/31/16 10/31/15 10/31/14 (Consolidated) (Consolidated)
------------------------------------------------------------------------------------------------------------------------------------
Class A
Net asset value, beginning of period $ 8.71 $ 8.64 $ 9.79 $ 10.13 $ 10.13 $ 9.83
------------------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (loss) $ 0.26(a) $ 0.54(a) $ 0.58(a) $ 0.66 $ 0.71 $ 0.76
Net realized and unrealized gain (loss)
on investments 0.20 0.04(b) (1.19) (0.34) (0.02) 0.35
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 0.46 $ 0.58 $ (0.61) $ 0.32 $ 0.69 $ 1.11
------------------------------------------------------------------------------------------------------------------------------------
Distribution to shareowners:
Net investment income $ (0.24) $ (0.47) $ (0.46) $ (0.63) $ (0.69) $ (0.81)
Tax return of capital -- (0.04) (0.08) (0.03) -- --
------------------------------------------------------------------------------------------------------------------------------------
Total distributions $ (0.24) $ (0.51) $ (0.54) $ (0.66) $ (0.69) $ (0.81)
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ 0.22 $ 0.07 $ (1.15) $ (0.34) $ -- $ 0.30
------------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 8.93 $ 8.71 $ 8.64 $ 9.79 $ 10.13 $ 10.13
====================================================================================================================================
Total return* 5.35%(d) 7.14%(c) (6.36)% 3.16% 6.96% 11.89%
Ratio of net expenses to average net assets 1.20%** 1.19% 1.17% 1.13% 1.10% 1.10%
Ratio of net investment income (loss) to average
net assets 5.97%** 6.50% 6.31% 6.62% 6.97% 7.74%
Portfolio turnover rate 54%** 40% 32% 32% 33% 33%
Net assets, end of period (in thousands) $183,571 $201,360 $254,056 $373,543 $ 531,829 $602,568
====================================================================================================================================
* Assumes initial investment at net asset value at the beginning of each
period, reinvestment of all distributions, the complete redemption of the
investment at net asset value at the end of each period and no sales
charges. Total return would be reduced if sales charges were taken into
account.
** Annualized.
(a) The per share data presented above is based on the average shares
outstanding for the period presented.
(b) The amount shown for a share outstanding does not correspond with the
aggregate loss on investments for the period due to the timing of sales and
repurchases of shares in relation to fluctuating market values of the
investments of the Fund.
(c) If the Fund had not recognized gains in the settlement of class action
lawsuits during the year ended October 31, 2016, the total return would have
been 7.01%.
(d) If the Fund had not recognized gain in the settlement of class action
lawsuits during the period ended April 30, 2017, the total return would have
been 5.23%.
The accompanying notes are an integral part of these financial statements.
Pioneer Global High Yield Fund | Semiannual Report | 4/30/17 49
Financial Highlights (continued)
------------------------------------------------------------------------------------------------------------------------------------
Six Months Year Year
Ended Year Year Year Ended Ended
4/30/17 Ended Ended Ended 10/31/13 10/31/12
(unaudited) 10/31/16 10/31/15 10/31/14 (Consolidated) (Consolidated)
------------------------------------------------------------------------------------------------------------------------------------
Class C
Net asset value, beginning of period $ 8.69 $ 8.62 $ 9.76 $ 10.10 $ 10.10 $ 9.80
------------------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (loss) $ 0.23(a) $ 0.48(a) $ 0.51(a) $ 0.59 $ 0.63 $ 0.69
Net realized and unrealized gain (loss)
on investments 0.19 0.04(b) (1.17) (0.34) (0.01) 0.35
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 0.42 $ 0.52 $ (0.66) $ 0.25 $ 0.62 $ 1.04
------------------------------------------------------------------------------------------------------------------------------------
Distribution to shareowners:
Net investment income $ (0.21) $ (0.41) $ (0.40) $ (0.56) $ (0.62) $ (0.74)
Tax return of capital -- (0.04) (0.08) (0.03) -- --
------------------------------------------------------------------------------------------------------------------------------------
Total distributions $ (0.21) $ (0.45) $ (0.48) $ (0.59) $ (0.62) $ (0.74)
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ 0.21 $ 0.07 $ (1.14) $ (0.34) $ -- $ 0.30
------------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 8.90 $ 8.69 $ 8.62 $ 9.76 $ 10.10 $ 10.10
====================================================================================================================================
Total return* 5.15% 6.40%(c) (6.96)% 2.43% 6.23% 11.17%
Ratio of net expenses to average net assets 1.90%** 1.90% 1.87% 1.83% 1.81% 1.78%
Ratio of net investment income (loss) to average
net assets 5.27%** 5.79% 5.61% 5.91% 6.26% 7.08%
Portfolio turnover rate 54%** 40% 32% 32% 33% 33%
Net assets, end of period (in thousands) $165,081 $183,542 $237,163 $354,162 $ 420,932 $468,920
====================================================================================================================================
* Assumes initial investment at net asset value at the beginning of each
period, reinvestment of all distributions, the complete redemption of the
investment at net asset value at the end of each period and no sales
charges. Total return would be reduced if sales charges were taken into
account.
** Annualized.
(a) The per share data presented above is based on the average shares
outstanding for the period presented.
(b) The amount shown for a share outstanding does not correspond with the
aggregate loss on investments for the period due to the timing of sales and
repurchases of shares in relation to fluctuating market values of the
investments of the Fund.
(c) If the Fund had not recognized gains in the settlement of class action
lawsuits during the year ended October 31, 2016, the total return would have
been 6.28%.
The accompanying notes are an integral part of these financial statements.
50 Pioneer Global High Yield Fund | Semiannual Report | 4/30/17
------------------------------------------------------------------------------------------------------------------------------------
Six Months Year Year
Ended Year Year Year Ended Ended
4/30/17 Ended Ended Ended 10/31/13 10/31/12
(unaudited) 10/31/16 10/31/15 10/31/14 (Consolidated) (Consolidated)
------------------------------------------------------------------------------------------------------------------------------------
Class Y
Net asset value, beginning of period $ 8.55 $ 8.49 $ 9.62 $ 9.96 $ 9.96 $ 9.66
------------------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (loss) $ 0.27(a) $ 0.57(a) $ 0.60(a) $ 0.67 $ 0.72 $ 0.76
Net realized and unrealized gain (loss)
on investments 0.20 0.01(b) (1.17) (0.33) (0.01) 0.37
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 0.47 $ 0.58 $ (0.57) $ 0.34 $ 0.71 $ 1.13
------------------------------------------------------------------------------------------------------------------------------------
Distribution to shareowners:
Net investment income $ (0.25) $ (0.48) $ (0.48) $ (0.65) $ (0.71) $ (0.83)
Tax return of capital -- (0.04) (0.08) (0.03) -- --
------------------------------------------------------------------------------------------------------------------------------------
Total distributions $ (0.25) $ (0.52) $ (0.56) $ (0.68) $ (0.71) $ (0.83)
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ 0.22 $ 0.06 $ (1.13) $ (0.34) $ -- $ 0.30
------------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 8.77 $ 8.55 $ 8.49 $ 9.62 $ 9.96 $ 9.96
====================================================================================================================================
Total return* 5.54%(c) 7.34% (6.08)% 3.40% 7.27% 12.35%
Ratio of net expenses to average net assets 0.91%** 0.90% 0.87% 0.84% 0.82% 0.80%
Ratio of net investment income (loss) to average
net assets 6.23%** 6.93% 6.60% 6.88% 7.24% 8.03%
Portfolio turnover rate 54%** 40% 32% 32% 33% 33%
Net assets, end of period (in thousands) $282,118 $280,262 $485,344 $682,911 $ 780,656 $945,946
====================================================================================================================================
* Assumes initial investment at net asset value at the beginning of each
period, reinvestment of all distributions, the complete redemption of the
investment at net asset value at the end of each period.
** Annualized.
(a) The per share data presented above is based on the average shares
outstanding for the period presented.
(b) The amount shown for a share outstanding does not correspond with the
aggregate loss on investments for the period due to the timing of sales and
repurchases of shares in relation to fluctuating market values of the
investments of the Fund.
(c) If the Fund had not recognized gain in the settlement of class action
lawsuits during the period ended April 30, 2017, the total return would have
been 5.42%.
The accompanying notes are an integral part of these financial statements.
Pioneer Global High Yield Fund | Semiannual Report | 4/30/17 51
Notes to Financial Statements | 4/30/17 (unaudited)
1. Organization and Significant Accounting Policies
Pioneer Global High Yield Fund (the Fund) is one of two portfolios comprising
Pioneer Series Trust VII (the Trust), a Delaware statutory trust. The Fund is
registered under the Investment Company Act of 1940 as a diversified, open-end
management investment company. The investment objective of the Fund is to
maximize total return through a combination of income and capital appreciation.
The Fund offers three classes of shares designated as Class A, Class C and Class
Y shares. Class Z shares converted to Class Y shares as of the close of business
on August 7, 2015. Each class of shares represents an interest in the same
portfolio of investments of the Fund and has identical rights (based on relative
net asset values) to assets and liquidation proceeds. Share classes can bear
different rates of class-specific fees and expenses such as transfer agent and
distribution fees. Differences in class-specific fees and expenses will result
in differences in net investment income and, therefore, the payment of different
dividends from net investment income earned by each class. The Amended and
Restated Declaration of Trust of the Fund gives the Board of Trustees the
flexibility to specify either per share voting or dollar-weighted voting when
submitting matters for shareholder approval. Under per share voting, each share
of a class of the Fund is entitled to one vote. Under dollar-weighted voting, a
shareholder's voting power is determined not by the number of shares owned, but
by the dollar value of the shares on the record date. Each share class has
exclusive voting rights with respect to matters affecting only that class,
including with respect to the distribution plan for that class. There is no
distribution plan for Class Y shares.
The Fund's financial statements have been prepared in conformity with U.S.
generally accepted accounting principles (U.S. GAAP) that require the management
of the Fund to make estimates and assumptions that affect the reported amounts
of assets and liabilities, the disclosure of contingent assets and liabilities
at the date of the financial statements, and the reported amounts of income,
expenses and gain or loss on investments during the reporting period. Actual
results could differ from those estimates.
The Fund is an investment company and follows investment company accounting and
reporting guidance under U.S. GAAP. The following is a summary of significant
accounting policies followed by the Fund in the preparation of its financial
statements:
52 Pioneer Global High Yield Fund | Semiannual Report | 4/30/17
A. Security Valuation
The net asset value of the Fund is computed once daily, on each day the New
York Stock Exchange (NYSE) is open, as of the close of regular trading on
the NYSE.
Fixed income securities are valued by using prices supplied by independent
pricing services, which consider such factors as market prices, market
events, quotations from one or more brokers, Treasury spreads, yields,
maturities and ratings, or may use a pricing matrix or other fair value
methods or techniques to provide an estimated value of the security or
instrument. A pricing matrix is a means of valuing a debt security on the
basis of current market prices for other debt securities, historical
trading patterns in the market for fixed income securities and/or other
factors. Non-U.S. debt securities that are listed on an exchange will be
valued at the bid price obtained from an independent third party pricing
service. When independent market quotations are considered to be
unreliable, the value of that security may be determined using quotations
from one or more broker-dealers.
Loan interests are valued in accordance with guidelines established by the
Board of Trustees at the mean between the last available bid and asked
prices from one or more brokers or dealers as obtained from Loan Pricing
Corporation, an independent third party pricing service. If price
information is not available from Loan Pricing Corporation, or if the price
information is deemed to be unreliable, price information will be obtained
from an alternative loan interest pricing service. If no reliable price
quotes are available from either the primary or alternative pricing
service, broker quotes will be solicited.
Event-linked bonds or catastrophe bonds are valued at the bid price obtained
from an independent third party pricing service. Other insurance linked
securities (including sidecars, collateralized reinsurance and industry
loss warranties) may be valued at the bid price obtained from an
independent pricing service, or through a third party using a pricing
matrix, insurance industry valuation models, or other fair value methods or
techniques to provide an estimated value of the instrument.
The value of foreign securities is translated into U.S. dollars based on
foreign currency exchange rate quotations supplied by a third party pricing
source. Trading in non-U.S. equity securities is substantially completed
each day at various times prior to the close of the NYSE. The values of
such securities used in computing the net asset value of the Fund's shares
are determined as of such times. The Fund may use a fair value model
developed by an independent pricing service to value non-U.S. equity
securities.
Pioneer Global High Yield Fund | Semiannual Report | 4/30/17 53
Equity securities that have traded on an exchange are valued by using the
last sale price on the principal exchange where they are traded. Equity
securities that have not traded on the date of valuation, or securities for
which sale prices are not available, generally are valued using the mean
between the last bid and asked prices or, if both last bid and asked prices
are not available, at the last quoted bid price. Last sale and bid and
asked prices are provided by independent third party pricing services. In
the case of equity securities not traded on an exchange, prices are
typically determined by independent third party pricing services using a
variety of techniques and methods.
Swap contracts, including interest rate swaps, caps and floors (other than
centrally cleared swap contracts) are valued at the dealer quotations
obtained from reputable International Swap Dealers association members.
Centrally cleared swaps are valued at the daily settlement price provided
by the central clearing counterparty.
Forward foreign currency exchange contracts are valued daily using the
foreign exchange rate or, for longer term forward contract positions, the
spot currency rate and the forward points on a daily basis, in each case
provided by a third party pricing service. Contracts whose forward
settlement date falls between two quoted days are valued by interpolation.
Securities or loan interests for which independent pricing services or
broker dealers are unable to supply prices or for which market prices
and/or quotations are not readily available or are considered to be
unreliable are valued by a fair valuation team comprised of certain
personnel of Pioneer Investment Management, Inc. (PIM), the Fund's
investment adviser and a wholly owned indirect subsidiary of UniCredit
S.p.A. (UniCredit), pursuant to procedures adopted by the Fund's Board of
Trustees. PIM's fair valuation team uses fair value methods approved by the
Valuation Committee of the Board of Trustees. PIM's fair valuation team is
responsible for monitoring developments that may impact fair valued
securities and for discussing and assessing fair values on an ongoing
basis, and at least quarterly, with the Valuation Committee of the Board of
Trustees.
Inputs used when applying fair value methods to value a security may include
credit ratings, the financial condition of the company, current market
conditions and comparable securities. The Fund may use fair value methods
if it is determined that a significant event has occurred after the close
of the exchange or market on which the security trades and prior to the
determination of the Fund's net asset value. Examples of a significant
event might include political or economic news, corporate restructurings,
natural disasters, terrorist activity or trading halts. Thus, the valuation
of the Fund's securities may differ significantly from exchange prices and
such differences could be material.
54 Pioneer Global High Yield Fund | Semiannual Report | 4/30/17
At April 30, 2017, three securities were valued using fair value methods (in
addition to securities valued using prices supplied by independent pricing
services, broker-dealers or using a third party insurance industry pricing
model) representing less than 0.1% of net assets.
B. Investment Income and Transactions
Principal amounts of mortgage-backed securities are adjusted for monthly
paydowns. Premiums and discounts related to certain mortgage-backed
securities are amortized or accreted in proportion to the monthly paydowns.
All discounts/premiums on purchase prices of debt securities are
accreted/amortized for financial reporting purposes over the life of the
respective securities, and such accretion/amortization is included in
interest income.
Dividend income is recorded on the ex-dividend date, except that certain
dividends from foreign securities where the ex-dividend date may have
passed are recorded as soon as the Fund becomes aware of the ex-dividend
data in the exercise of reasonable diligence. Interest income, including
interest on income bearing cash accounts, is recorded on the accrual basis,
net of unrecoverable foreign taxes withheld at the applicable country rates.
Security transactions are recorded as of trade date. Gains and losses on
sales of investments are calculated on the identified cost method for both
financial reporting and federal income tax purposes.
C. 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 the market prices of those securities but are
included with the net realized and unrealized gain or loss on investments.
D. Forward Foreign Currency Contracts
The Fund may enter into forward foreign currency contracts (contracts) for
the purchase or sale of a specific foreign currency at a fixed price on a
future date. All contracts are marked to market daily at the applicable
exchange rates, and any resulting unrealized appreciation or depreciation
is recorded in the Fund's financial statements. The Fund records realized
gains and losses at
Pioneer Global High Yield Fund | Semiannual Report | 4/30/17 55
the time a 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).
E. 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 net taxable income and net realized capital gains, if any, to
its shareowners. Therefore, no provision for federal income taxes is
required. As of October 31, 2016, the Fund did not accrue any interest or
penalties with respect to uncertain tax positions, which, if applicable,
would be recorded as an income tax expense in the Statement of Operations.
Tax returns filed within the prior three years remain subject to
examination by federal and state tax authorities.
The amount and character of income and capital gain distributions to
shareowners are determined in accordance with federal income tax rules,
which may differ from U.S. GAAP. Distributions in excess of net investment
income or net realized gains are temporary overdistributions for financial
statement purposes resulting from differences in the recognition or
classification of income or distributions for financial statement and tax
purposes. Capital accounts within the financial statements are adjusted for
permanent book/tax differences to reflect tax character, but are not
adjusted for temporary differences.
The tax character of current year distributions payable will be determined
at the end of the current taxable year. The tax character of distributions
paid during the years ended October 31, 2016 was as follows:
----------------------------------------------------------------------------
2016
----------------------------------------------------------------------------
Distributions paid from:
Ordinary income $ 42,245,792
Tax return of capital 3,459,303
----------------------------------------------------------------------------
Total $ 45,705,095
============================================================================
56 Pioneer Global High Yield Fund | Semiannual Report | 4/30/17
The following shows the components of distributable earnings on a federal
income tax basis at October 31, 2016:
----------------------------------------------------------------------------
2016
----------------------------------------------------------------------------
Distributable earnings:
Capital loss carryforward $(481,966,368)
Current year dividend payable (360,623)
Net unrealized depreciation (49,923,699)
----------------------------------------------------------------------------
Total $(532,250,690)
============================================================================
The difference between book basis and tax basis unrealized depreciation is
attributable to the tax deferral of losses on wash sales, the
mark-to-market of foreign currency contracts and swaps, adjustments
relating to catastrophe bonds, swaps, partnerships, interest on defaulted
bonds, and interest accruals on preferred stock.
F. Fund Shares
The Fund records sales and repurchases of its shares as of trade date.
Pioneer Funds Distributor, Inc. (PFD), the principal underwriter for the
Fund and a wholly owned indirect subsidiary of UniCredit, earned $3,333 in
underwriting commissions on the sale of Class A shares during the six
months ended April 30, 2017.
G. Class Allocations
Income, common expenses and realized and unrealized gains and losses are
calculated at the Fund level and allocated daily to each class of shares
based on its respective percentage of adjusted net assets at the beginning
of the day.
Distribution fees are calculated based on the average daily net asset value
attributable to Class A and Class C shares of the Fund, respectively (see
Note 4). Class Y shares do not pay distribution fees. All expenses and fees
paid to the Fund's transfer agent for its services are allocated among the
classes of shares based on the number of accounts in each class and the
ratable allocation of related out-of-pocket expenses (see Note 3).
The Fund declares as daily dividends substantially all of its net investment
income. All dividends are paid on a monthly basis. Short-term capital gain
distributions, if any, may be declared with the daily dividends.
Distributions to shareowners are recorded as of the ex-dividend date.
Distributions paid by the Fund with respect to each class of shares are
calculated in the same manner and at the same time, except that net
investment income dividends to Class A, Class C and Class Y shares can
reflect different transfer agent and distribution expense rates.
Pioneer Global High Yield Fund | Semiannual Report | 4/30/17 57
H. Insurance-Linked Securities (ILS)
The Fund invests in event-linked bonds. Event-linked bonds are floating rate
debt obligations for which the return of principal and the payment of
interest are contingent on the non-occurrence of a pre-defined "trigger"
event, such as a hurricane or an earthquake of a specific magnitude. The
trigger event's magnitude may be based on losses to a company or industry,
industry indexes or readings of scientific instruments, or may be based on
specified actual losses. If a trigger event, as defined within the terms of
an event-linked bond occurs, the Fund may lose a portion or all of its
accrued interest and/or principal invested in such event-linked bond. The
Fund is entitled to receive principal and interest payments so long as no
trigger event occurs of the description and magnitude specified by the
instrument. In addition to the specified trigger events, event-linked bonds
may expose the Fund to other risks, including but not limited to issuer
(credit) default, adverse regulatory or jurisdictional interpretations and
adverse tax consequences.
The Fund's investments in ILS may include special purpose vehicles ("SPVs")
or similar instruments structured to comprise a portion of a reinsurer's
catastrophe-oriented business, known as quota share instruments (sometimes
referred to as reinsurance sidecars), or to provide reinsurance relating to
specific risks to insurance or reinsurance companies through a
collateralized instrument, known as collateralized reinsurance. Structured
reinsurance investments also may include industry loss warranties ("ILWs").
A traditional ILW takes the form of a bilateral reinsurance contract, but
there are also products that take the form of derivatives, collateralized
structures, or exchange traded instruments.
Structured reinsurance investments, including quota share instruments,
collateralized reinsurance investments and ILWs, are subject to the same
risks as event-linked bonds. In addition, where the instruments are based
on the performance of underlying reinsurance contracts, the Fund has
limited transparency into the individual underlying contracts and therefore
must rely upon the risk assessment and sound underwriting practices of the
issuer. Accordingly, it may be more difficult for PIM to fully evaluate
the underlying risk profile of the Fund's structured reinsurance
investments and therefore the Fund's assets are placed at greater risk of
loss than if PIM had more complete information.
Structured reinsurance instruments generally will be considered illiquid
securities by the Fund. These securities may be difficult to purchase, sell
or unwind. Illiquid securities also may be difficult to value. If the Fund
is forced to sell an illiquid asset, the Fund may be forced to sell at a
loss.
58 Pioneer Global High Yield Fund | Semiannual Report | 4/30/17
I. Risks
The value of securities held by the Fund may go up or down, sometimes
rapidly or unpredictably, due to general market conditions, such as real or
perceived adverse economic, political or regulatory conditions, inflation,
changes in interest rates, lack of liquidity in the bond markets or adverse
investor sentiment. In the past several years, financial markets have
experienced increased volatility, depressed valuations, decreased liquidity
and heightened uncertainty. These conditions may continue, recur, worsen or
spread.
At times, the Fund's investments may represent industries or industry
sectors that are interrelated or have common risks, making the Fund more
susceptible to any economic, political, or regulatory developments or other
risks affecting those industries and sectors. The Fund's investments in
foreign markets and countries with limited developing markets may subject
the Fund to a greater degree of risk than in a developed market. These
risks include disruptive political or economic conditions and the
imposition of adverse governmental laws or currency exchange restrictions.
The Fund's prospectus contains unaudited information regarding the Fund's
principal risks. Please refer to that document when considering the Fund's
principal risks.
Interest rates in the U.S. recently have been historically low, so the Fund
faces a heightened risk that interest rates may rise. A general rise in
interest rates may cause investors to move out of fixed income securities
on a large scale, which could adversely affect the price and liquidity of
fixed income securities and could also result in increased redemptions from
the Fund.
Certain securities in which the Fund invests, including floating rate loans,
once sold, may not settle for an extended period (for example, several
weeks or even longer). The Fund will not receive its sale proceeds until
that time, which may constrain the Fund's ability to meet its obligations
(including obligations to redeeming shareholders).
The Fund invests in below investment grade (high yield) debt securities and
preferred stocks. Some of these high yield securities may be convertible
into equity securities of the issuer. Debt securities rated below
investment grade are commonly referred to as "junk bonds" and are
considered speculative. These securities involve greater risk of loss, are
subject to greater price volatility, and are less liquid, especially during
periods of economic uncertainty or change, than higher rated debt
securities.
Pioneer Global High Yield Fund | Semiannual Report | 4/30/17 59
J. Credit Default Swap Agreements
A credit default swap is a contract between a buyer of protection and a
seller of protection against a pre-defined credit event. The Fund may sell
or buy credit default swap contracts to seek to increase the Fund's income,
or to attempt to hedge the risk of default on portfolio securities. A
credit default swap index is used to hedge risk or take a position on a
basket of credit entities or indices. As a seller of protection, the Fund
would be required to pay the notional (or other agreed-upon) value of the
referenced debt obligation to the counterparty in the event of a default by
a U.S. or foreign corporate issuer of a debt obligation, which would likely
result in a loss to the Fund. In return, the Fund would receive from the
counterparty a periodic stream of payments during the term of the contract
provided that no event of default occurred. The maximum exposure of loss to
the seller would be the notional value of the credit default swaps
outstanding. If no default occurs, the Fund would keep the stream of
payments and would have no payment obligation. The Fund may also buy credit
default swap contracts in order to hedge against the risk of default of
debt securities, in which case the Fund would function as the counterparty
referenced above.
When the Fund enters into a credit default swap contract, the protection
buyer makes an upfront or periodic payment to the protection seller in
exchange for the right to receive a contingent payment. An upfront payment
made by the Fund, as the protection buyer, is recorded as an asset in the
Statement of Assets and Liabilities. Periodic payments received or paid by
the Fund are recorded as realized gains or losses in the Statement of
Operations.
Credit default swap contracts are marked-to-market daily using valuations
supplied by independent sources and the change in value, if any, is recorded
as unrealized appreciation or depreciation in the Statement of Assets and
Liabilities. Payments received or made as a result of a credit event or upon
termination of the contract are recognized, net of the appropriate amount of
the upfront payment, as realized gains or losses in the Statement of
Operations.
Credit default swap contracts involving the sale of protection may involve
greater risks than if the Fund had invested in the referenced debt
instrument directly. Credit default swap contracts are subject to general
market risk, liquidity risk, counterparty risk and credit risk. If the Fund
is a protection buyer and no credit event occurs, it will lose its
investment. If the Fund is a protection seller and a credit event occurs,
the value of the referenced debt instrument received by the Fund, together
with the periodic payments received, may be less than the amount the Fund
pays to the protection buyer, resulting in a loss to the Fund.
60 Pioneer Global High Yield Fund | Semiannual Report | 4/30/17
Certain swap contracts that are cleared through a central clearinghouse are
referred to as centrally cleared swaps. All payments made or received by
the Fund are pursuant to a centrally cleared swap contract with the central
clearing party rather than the original counterparty. Upon entering into a
centrally cleared swap contract, the Fund is required to make an initial
margin deposit, either in cash or in securities. The daily change in value
on open centrally cleared contracts is recorded as variation margin on
centrally cleared swaps on the Statement of Assets and Liabilities.
The amount of cash deposited with a broker as collateral at April 30, 2017
was $415,255 and is recorded within "Restricted Cash" on the Statement of
Assets and Liabilities.
Open credit default swap contracts at April 30, 2017, are listed in the
Schedule of Investments. The average value of swap contracts open during
the six months ended April 30, 2017 was $535,000.
K. Purchased Options
The Fund may purchase put and call options to seek to increase total return.
Purchased call and put options entitle the Fund to buy and sell a specified
number of shares or units of a particular security, currency or index at a
specified price at a specific date or within a specific period of time. Upon
the purchase of a call or put option, the premium paid by the Fund is
included in the Statement of Assets and Liabilities as an investment. All
premiums are marked-to-market daily, and any unrealized appreciation or
depreciation are recorded in the Fund's financial statements. As the
purchaser of an index option, the Fund has the right to receive a cash
payment equal to any depreciation in the value of the index below the strike
price of the option (in the case of a put) or equal to any appreciation in
the value of the index over the strike price of the option (in the case of a
call) as of the valuation date of the option. Premiums paid for purchased
calls and put options which have expired are treated as realized losses on
investments in the Statement of Operations. Upon the exercise or closing of
a purchased put option, the premium is offset against the proceeds on the
sale of the underlying security or financial instrument in order to
determine the realized gain or loss on investments. Upon the exercise or
closing of a purchased call option, the premium is added to the cost of the
security or financial instrument. The risk associated with purchasing
options is limited to the premium originally paid. The average value of
contracts open during the six months ended April 30, 2017 was $-. Purchased
options open at period end are listed in the Fund's Schedule of Investments.
Pioneer Global High Yield Fund | Semiannual Report | 4/30/17 61
2. Management Agreement
PIM manages the Fund's portfolio. Management fees are calculated daily at the
annual rate of 0.70% of the Fund's average daily net assets up to $500 million;
0.65% of the next $500 million; 0.60% of the next $500 million; 0.55% of the
next $500 million; and 0.45% on assets over $2 billion. For the six months ended
April 30, 2017, the effective management fee (excluding waivers and/or
assumption of expenses) was equivalent to 0.68% of the Fund's average daily net
assets.
In addition, under the management and administration agreements, certain other
services and costs, including accounting, regulatory reporting and insurance
premiums, are paid by the Fund as administrative reimbursements. Included in
"Due to affiliates" reflected on the Statement of Assets and Liabilities is
$49,221 in management fees, administrative costs and certain other
reimbursements payable to PIM at April 30, 2017.
3. Transfer Agent
Boston Financial Data Services serves as the transfer agent to the Fund at
negotiated rates. Transfer agent fees and payables shown on the Statement of
Operations and the Statement of Assets and Liabilities, respectively, include
sub-transfer agent expenses incurred through the Fund's omnibus relationship
contracts.
In addition, the Fund reimbursed the transfer agent for out-of-pocket expenses
incurred by the transfer agent related to shareholder communications activities
such as proxy and statement mailings, outgoing phone calls and omnibus
relationship contracts. For the six months ended April 30, 2017, such
out-of-pocket expenses by class of shares were as follows:
--------------------------------------------------------------------------------
Shareholder Communications:
--------------------------------------------------------------------------------
Class A $ 16,468
Class C 9,799
Class Y 8,086
--------------------------------------------------------------------------------
Total $ 34,353
================================================================================
62 Pioneer Global High Yield Fund | Semiannual Report | 4/30/17
4. Distribution Plan
The Fund has adopted a distribution plan (the Plan) pursuant to Rule 12b-1 of
the Investment Company Act of 1940 with respect to its Class A and Class C
shares. Pursuant to the Plan, the Fund pays PFD 0.25% of the average daily net
assets attributable to Class A shares as compensation for personal services
and/or account maintenance services or distribution services with regard to
Class A shares. Pursuant to the Plan, the Fund also pays PFD 1.00% of the
average daily net assets attributable to Class C shares. The fee for Class C
shares consists of a 0.25% service fee and a 0.75% distribution fee paid as
compensation for personal services and/or account maintenance services or
distribution services with regard to Class C shares. Included in "Due to
affiliates" reflected on the Statement of Assets and Liabilities is $23,167 in
distribution fees payable to PFD at April 30, 2017.
In addition, redemptions of each class of shares (except Class Y and Class Z
shares) may be subject to a contingent deferred sales charge (CDSC). A CDSC of
1.00% may be imposed on redemptions of certain net asset value purchases of
Class A shares within 12 months of purchase. Redemptions of Class C shares
within 12 months of purchase are subject to a CDSC of 1.00% based on the lower
of cost or market value of shares being redeemed. Shares purchased as part of an
exchange remain subject to any CDSC that applied to the original purchase of
those shares. There is no CDSC for Class Y or Class Z shares. Proceeds from the
CDSCs are paid to PFD. For the six months ended April 30, 2017, CDSCs in the
amount of $4,200 were paid to PFD.
5. Line of Credit Facility
The Fund, along with certain other funds in the Pioneer Family of Funds (the
Funds), participates in a committed, unsecured revolving line of credit
facility. Borrowings are used solely for temporary or emergency purposes. The
Fund may borrow up to the lesser of the amount available under the facility or
the limits set for borrowing by the Fund's prospectus and the 1940 Act. The
credit facility in which the Fund participated until February 9, 2016 was in the
amount of $240 million. The credit facility in which the fund participated
until February 7, 2017 was in the amount of $220 million. Effective February 8,
2017, the Fund participated in a facility that is in the amount of $195 million.
Under such facility, depending on the type of loan, interest on borrowings is
payable at the London Interbank Offered Rate (LIBOR) plus 0.85% on an annualized
basis, or the Alternate Base Rate, which is the greater of (a) the facility's
administrative agent's daily announced prime rate on the borrowing date, (b) 2%
plus the Federal Funds Rate on the borrowing date or (c) 2% plus the overnight
Eurodollar rate on the borrowing date. The Funds pay an annual commitment fee to
participate in a credit facility.
Pioneer Global High Yield Fund | Semiannual Report | 4/30/17 63
The commitment fee is allocated among participating Funds based on an allocation
schedule set forth in the credit agreement. For the six months ended April 30,
2017, the Fund had no borrowings under the credit facility.
6. Forward Foreign Currency Contracts
During the six months ended April 30, 2017, the Fund had entered into various
forward foreign currency contracts that obligate the Fund to deliver or take
delivery of currencies at specified future maturity dates. Alternatively, prior
to the settlement date of a forward foreign currency contract, the Fund may
close out such contract by entering into an offsetting contract. The average
value of contracts open during the six months ended April 30, 2017 was
$(12,365,739).
Open forward foreign currency contracts at April 30, 2017 were as follows:
-------------------------------------------------------------------------------------------------------
Currency Currency In Exchange Settlement Unrealized
Sold Deliver Purchased for Counterparty Date Appreciation
--------------------------------------------------------------------------------------------------------
KRW (977,275,000) USD 877,858 Bank Of New York 6/30/17 $ 17,760
AUD (249,751) USD 190,958 State Street Bank 6/30/17 4,218
And Trust Co.
--------------------------------------------------------------------------------------------------------
Total $ 21,978
========================================================================================================
--------------------------------------------------------------------------------------------------------
Currency Currency In Exchange Settlement Unrealized
Sold Deliver Purchased for Counterparty Date Depreciation
--------------------------------------------------------------------------------------------------------
USD (1,606,749) PHP 80,225,000 Bank Of America NA 7/10/17 $ (12,880)
INR (431,482,360) USD 6,620,366 Bank Of America NA 7/12/17 (23,079)
GBP (1,126,974) USD 1,413,327 Citibank NA 5/19/17 (46,821)
EURO (4,835,532) USD 5,286,977 Goldman Sachs 7/31/17 (6,661)
International
--------------------------------------------------------------------------------------------------------
Total $ (89,441)
========================================================================================================
AUD Australian Dollar
EUR Euro
GBP British Pound Sterling
INR Indian Rupee
KRW South Korean Won
PHP Philippine Peso
64 Pioneer Global High Yield Fund | Semiannual Report | 4/30/17
7. Assets and Liabilities Offsetting
The Fund has entered into an International Swaps and Derivatives Association,
Inc. Master Agreement (ISDA Master Agreement) or similar agreement with
substantially all its derivative counterparties. An ISDA Master Agreement is a
bilateral agreement between the Fund and a counterparty that governs the trading
of certain Over the Counter (OTC) derivatives and typically contains, among
other things, close-out and set-off provisions which apply upon the occurrence
of an event of default and/or a termination event as defined under the relevant
ISDA Master Agreement. The ISDA Master Agreement may also give a party the right
to terminate all transactions traded under such agreement if, among other
things, there is deterioration in the credit quality of the other party. Upon an
event of default or a termination of the ISDA Master Agreement, the
non-defaulting party has the right to close out all transactions under such
agreement and to net amounts owed under each transaction to determine one net
amount payable by one party to the other. The right to close out and net
payments across all transactions under the ISDA Master Agreement could result in
a reduction of the Fund's credit risk to its counterparty equal to any amounts
payable by the Fund under the applicable transactions, if any. However, the
Fund's right to setoff may be restricted or prohibited by the bankruptcy or
insolvency laws of the particular jurisdiction to which each specific ISDA of
each counterparty is subject.
The collateral requirements for derivatives transactions under an ISDA Master
Agreement are governed by a credit support annex to the ISDA Master Agreement.
Collateral requirements are generally determined at the close of business each
day and are typically based on changes in market values for each transaction
under an ISDA Master Agreement and netted into one amount for such agreement.
Generally, the amount of collateral due from or to a counterparty is subject to
threshold (a "minimum transfer amount") before a transfer is required, which may
vary by counterparty. Collateral pledged for the benefit of the Fund and/or
counterparty is held in segregated accounts by the Fund's custodian and cannot
be sold, re-pledged, assigned or otherwise used while pledged. Cash that has
been segregated to cover the Fund's collateral obligations, if any, will be
reported separately in the Statement of Assets and Liabilities as "Restricted
cash." Securities pledged by the Fund as collateral, if any, are identified as
such in the Schedule of Investments.
Financial instruments subject to an enforceable master netting agreement such as
an ISDA Master Agreement have not been offset on the Statement of Assets and
Liabilities. The following charts show gross assets and liabilities of the Fund
as of April, 30 2017.
Pioneer Global High Yield Fund | Semiannual Report | 4/30/17 65
--------------------------------------------------------------------------------------------------------------
Derivative Assets Derivatives Non-Cash Cash Net Amount
Subject to Master Available for Collateral Collateral of Derivative
Counterparty Netting Agreement Offset Received (a) Received (a) Assets (b)
--------------------------------------------------------------------------------------------------------------
Bank of $ -- $ -- $ -- $ -- $ --
America NA
State Street 4,218 -- -- -- 4,218
Bank And
Trust Co.
Bank of 17,760 -- -- -- 17,760
New York
Citibank NA -- -- -- -- --
Goldman -- -- -- -- --
Sachs
International
--------------------------------------------------------------------------------------------------------------
Total $ 21,978 $ -- $ -- $ -- $ 21,978
==============================================================================================================
--------------------------------------------------------------------------------------------------------------
Derivative Liabilities Derivatives Non-Cash Cash Net Amount
Subject to Master Available for Collateral Collateral of Derivative
Counterparty Netting Agreement Offset Pledged (a) Pledged (a) Liabilities(c)
--------------------------------------------------------------------------------------------------------------
Bank of $ 35,959 $ -- $ -- $ -- $ 35,959
America NA
State Street -- -- -- -- --
Bank And
Trust Co.
Bank of -- -- -- -- --
New York
Citibank NA 46,821 -- -- -- 46,821
Goldman 6,661 -- -- -- 6,661
Sachs
International
--------------------------------------------------------------------------------------------------------------
Total $ 89,441 $ -- $ -- $ -- $ 89,441
==============================================================================================================
(a) The amount presented here may be less than the total amount of collateral
received/pledged as the net amount of derivative assets and liabilities
cannot be less than $0.
(b) Represents the net amount due from the counterparty in the event of default.
(c) Represents the net amount payable to the counterparty in the event of
default.
8. Additional Disclosures about Derivative Instruments and Hedging Activities:
The Fund's use of derivatives subjects it to the following risks:
Interest rate risk relates to the fluctuations in the value of interest-bearing
securities due to changes in the prevailing levels of market interest rates.
Credit risk relates to the ability of the issuer of a financial instrument to
make further principal or interest payments on an obligation or commitment that
it has to the Fund.
Foreign exchange rate risk relates to fluctuations in the value of an asset or
liability due to changes in currency exchange rates.
66 Pioneer Global High Yield Fund | Semiannual Report | 4/30/17
Equity risk relates to the fluctuations in the value of financial instruments as
a result of changes in market prices (other than those arising from interest
rate risk or foreign exchange risk), whether caused by factors specific to an
individual investment, its issuer, or all factors affecting all instruments
traded in a market or market segment.
Commodity risk relates to the risk that the value of a commodity or commodity
index will fluctuate based on increases or decreases in the commodities market
and factors specific to a particular industry or commodity.
The fair value of open derivative instruments (not considered to be hedging
instruments for accounting disclosure purposes) by risk exposure at April 30,
2017 was as follows:
-------------------------------------------------------------------------------------------------
Foreign
Statement Interest Credit Exchange Equity Commodity
Assets and Liabilities Rate Risk Risk Rate Risk Risk Risk
-------------------------------------------------------------------------------------------------
Assets
Unrealized appreciation
of forward foreign
currency contracts $ -- $ -- $ 21,978 $ -- $ --
Unrealized appreciation
of centrally cleared
swap contracts -- 562,009 -- -- --
-------------------------------------------------------------------------------------------------
Total Value $ -- $ 562,009 $ 21,978 $ -- $ --
=================================================================================================
Liabilities
Unrealized depreciation
of forward foreign
currency contracts $ -- $ -- $ 89,441 $ -- $ --
-------------------------------------------------------------------------------------------------
Total Value $ -- $ -- $ 89,441 $ -- $ --
=================================================================================================
Pioneer Global High Yield Fund | Semiannual Report | 4/30/17 67
The effect of derivative instruments (not considered to be hedging instruments
for accounting disclosure purposes) on the Statement of Operations by risk
exposure at April 30, 2017 was as follows:
-------------------------------------------------------------------------------------------------
Foreign
Statement of Interest Credit Exchange Equity Commodity
Operations Rate Risk Risk Rate Risk Risk Risk
-------------------------------------------------------------------------------------------------
Net realized gain (loss) on
Swap contracts $ -- $ 95,758 $ -- $ -- $ --
Forward foreign
currency contracts* -- -- (43,649) -- --
-------------------------------------------------------------------------------------------------
Total Value $ -- $ 95,758 $ (43,649) $ -- $ --
=================================================================================================
Change in net unrealized
appreciation
(depreciation) on
Swap contracts $ -- $269,629 $ -- $ -- $ --
Forward foreign
currency contracts* -- -- (371,528) -- --
-------------------------------------------------------------------------------------------------
Total Value $ -- $269,629 $(371,528) $ -- $ --
=================================================================================================
* Included in the amount shown on the Statement of Operations as foward
foreign currency contracts and other assets and liabilities denominated
in foreign currencies.
68 Pioneer Global High Yield Fund | Semiannual Report | 4/30/17
Additional Information
Pioneer Investment Management, Inc. (the "Adviser"), the Fund"s investment
adviser, is currently an indirect, wholly owned subsidiary of UniCredit S.p.A.
("UniCredit"). On December 12, 2016, UniCredit announced that it has entered
into a binding agreement for the sale of its Pioneer Investments business, which
includes the Adviser, to Amundi (the "Transaction"). Amundi is headquartered in
Paris, France, and, as of September 30, 2016, had more than $1.1 trillion in
assets under management worldwide. The closing of the Transaction is expected to
happen in 2017, subject to certain regulatory and antitrust approvals, and other
conditions.
Under the Investment Company Act of 1940, the closing of the Transaction will
cause the Fund's current investment advisory agreement with the Adviser to
terminate. Accordingly, the Fund's Board of Trustees has approved a new
investment advisory agreement for the Fund, which has been submitted to the
shareholders of the Fund for their approval.
Change in Independent Registered Public Accounting Firm
Deloitte & Touche LLP, the Fund's independent registered public accounting firm,
has informed the Board that it will no longer be independent with respect to the
Fund upon the completion of the Transaction and, accordingly, that it intends to
resign as the Fund's independent registered public accounting firm upon the
completion of the Transaction. The Board will engage a new independent
registered public accounting firm for the Fund upon the completion of the
Transaction.
During the periods that Deloitte & Touche LLP has served as the Fund's
independent registered public accounting firm, including the Fund's two most
recent fiscal years, Deloitte & Touche LLP's reports on the Fund's financial
statements have not contained an adverse opinion or disclaimer of opinion and
have not been qualified or modified as to uncertainty, audit scope or accounting
principles. Further, there have been no disagreements with Deloitte & Touche LLP
on any matter of accounting principles or practices, financial statement
disclosure, or auditing scope or procedure, which, if not resolved to the
satisfaction of Deloitte & Touche LLP, would have caused Deloitte & Touche LLP
to make reference to the subject matter of the disagreement in connection with
its report on the financial statements. In addition, there have been no
reportable events of the kind described in Item 304(a)(1)(v) of Regulation S-K
under the Securities Exchange Act of 1934.
Pioneer Global High Yield Fund | Semiannual Report | 4/30/17 69
Approval of New and Interim Management Agreements
Pioneer Investment Management, Inc. (PIM) serves as the investment adviser to
Pioneer Global High Yield Fund (the Fund) pursuant to an investment management
agreement between PIM and the Fund.
PIM is the principal U.S. asset management business of Pioneer Investments, a
group of companies owned by Pioneer Global Asset Management S.p.A. ("PGAM").
PGAM is a wholly-owned subsidiary of UniCredit S.p.A. ("UniCredit"). UniCredit
and PGAM have entered into a binding agreement to sell Pioneer Investments,
including PIM, to Amundi (the "Transaction"). Upon the consummation of the
transaction, PIM will become an indirect wholly-owned subsidiary of Amundi and
Amundi's wholly-owned subsidiary, Amundi USA, Inc. The closing of the
Transaction is expected to happen in 2017.
Under the Investment Company Act of 1940, the Fund's current investment
management agreement (the "Current Management Agreement") will terminate
automatically upon the consummation of the Transaction. In order for PIM to
continue to manage the Fund after the consummation of the Transaction, the
Trustees and shareholders of the Fund must approve a new investment management
agreement for the Fund (the "New Management Agreement"). As discussed below, the
Board of Trustees of the Fund approved the New Management Agreement at a meeting
held on March 6-7, 2017. The New Management Agreement has been submitted to the
shareholders of the Fund for their approval at a meeting to be held on June 13,
2017. If the shareholders of the Fund do not approve the New Management
Agreement and the Transaction is completed, an interim investment management
agreement between PIM and the Fund (the "Interim Management Agreement") will
take effect upon the closing of the Transaction. The Board of Trustees of the
Fund also approved the Interim Management Agreement at the March 6-7, 2017
meeting.
Board Evaluation of the New and Interim Management Agreements
The Board evaluated the Transaction and the New Management Agreement and Interim
Management Agreement for the Fund. In connection with their evaluation of the
Transaction and the New Management Agreement for the Fund, the Trustees
requested such information as they deemed reasonably necessary, including: (a)
the structure of the Transaction and the strategy underlying the Transaction;
(b) the anticipated benefits of the Transaction to the Fund and its
shareholders; (c) the post-Transaction plans for PIM, including Amundi's plans
for integration of Pioneer Investments and PIM with its existing asset
management businesses and plans for the future development
70 Pioneer Global High Yield Fund | Semiannual Report | 4/30/17
of PIM; (d) the effect of the Transaction on the ongoing services provided to
the Fund, including the need to select a new independent registered public
accounting firm for the Fund, and any plans to modify the operations of the
Fund; (e) the stability and continuity of PIM's management and key employees,
including compensation and benefits to PIM's key employees, and retention plans
and incentive plan structure; (f) the post-Transaction indebtedness and
financial resources of PIM; (g) Amundi's legal and operational structure, its
principal shareholders and senior management, its investment management, risk
management, administrative, legal and compliance functions; (h) certain
regulatory matters relating to Amundi's affiliates; and (i) Amundi's commitment
to the United States, including the role of PIM in the larger Amundi business.
The Trustees also requested and obtained the following information in connection
with their evaluation of the Transaction and the New Management Agreement for
the Fund: (i) memoranda provided by Fund counsel that summarized the legal
standards and other considerations that are relevant to the Trustees in their
deliberations regarding the New Management Agreement; (ii) the qualifications of
the investment management teams for the Fund, as well as the level of investment
by the Fund's portfolio managers in the Fund; (iii) the Fund's management fees
and total expense ratios, the financial statements of PIM and its pre- and
post-Transaction parent companies, profitability analyses from PIM, and analyses
from PIM as to possible economies of scale; (iv) the profitability of the
institutional business of PIM and PIM's affiliate, Pioneer Institutional Asset
Management, Inc. ("PIAM") as compared to that of PIM's fund management business;
and (v) the differences between the fees and expenses of the Fund and the fees
and expenses of PIM's and PIAM's institutional accounts, as well as the
different services provided by Adviser to the Fund and by PIM and PIAM to the
institutional accounts. In addition, the Trustees considered the information
provided at regularly scheduled meetings throughout the year regarding the
Fund's performance and risk attributes, including through meetings with
investment management personnel, and took into account other information related
to the Fund provided to the Trustees at regularly scheduled meetings. The
Trustees also considered information they had received in their review of the
continuance of the Current Management Agreement for the Fund in September 2016.
At meetings held on January 9, 2017 and January 10, 2017, the Trustees met with
representatives of Amundi and PGAM, including separate meetings of the Trustees
who are not "interested persons" of the Fund Complex ("Independent Trustees")
and counsel with representatives of Amundi and PGAM, and subsequently with
representatives of Amundi. In those meetings, they received an extensive
presentation from the representatives of Amundi,
Pioneer Global High Yield Fund | Semiannual Report | 4/30/17 71
including the chief executive officer of Amundi, describing Amundi's background
and history, its global asset management activities, the growth of its business,
and its status as the largest asset management firm in Europe and one of the
largest globally; its capital structure and financial resources, including
information as to the financing of the Transaction; its principal investors,
including its majority investor Credit Agricole S.A., and Credit Agricole's
long-term commitment to the asset management business; the philosophy and
strategy underlying the Transaction and the complementarity of Amundi's and
Pioneer Investments' respective asset management businesses; Amundi's various
operating and investment committees and how they would likely interact with PIM;
the proposed integration process, including the progress to date and the
establishment of various integration work streams; Amundi's plans for management
of PIM; Amundi's philosophy as to compensation of key employees and its general
intentions with respect to incentive plans for key employees of PIM; Amundi's
preliminary plans to achieve cost and other synergies; and opportunities to
further develop the business of PIM and PIAM, including in the area of
institutional asset management, and how that would benefit shareholders of the
Pioneer Funds.
In those meetings, the representatives of Amundi confirmed their intention that
the Chief Executive Officer and Chief Investment Officer of PIM would remain in
their current positions, and confirmed that they do not currently foresee major
changes in the day-to-day investment management operations of PIM with respect
to the Fund as a direct result of the Transaction. They discussed incentive
arrangements for key personnel that would continue after the closing of the
Transaction and their plans to establish a new long-term incentive plan
following the closing. They also generally discussed ways in which PIM could
potentially draw on the expanded global resources of Amundi post-Transaction. At
those meetings, the Independent Trustees identified certain areas to which they
requested further information, including as to trading and execution of
securities transactions, research and portfolio management and potential changes
in investment process, particularly where asset classes managed by PIM would
overlap with asset classes managed by Amundi, the continued availability of
resources currently at Pioneer Investments or elsewhere within Amundi to assist
in management of certain Funds, and any anticipated significant changes in
operations. The Independent Trustees considered the uncertainty as to whether
the Fund's independent registered public accounting firm could continue to act
in that capacity after the closing of the Transaction. The Independent Trustees
also met with counsel to review the information they had received to date and to
discuss next steps.
72 Pioneer Global High Yield Fund | Semiannual Report | 4/30/17
Subsequently, the Trustees received further information from Amundi, including
written responses to questions raised by the Independent Trustees, and received
from PIM the information requested of it. The Independent Trustees reviewed the
information provided with counsel at telephonic meetings held on February 16,
2017 and February 27, 2017. The Trustees held a special in-person Board meeting
on March 6-7, 2017 for further consideration of the New Management Agreements,
the Interim Management Agreements and the Transaction. The Trustees met again
with senior executives of Amundi at the March 6-7, 2017 meeting.
At the March 6-7, 2017 meeting, based on their evaluation of the information
provided by PIM and Amundi, the Trustees including the Independent Trustees
voting separately, approved the New Management Agreement and the Interim
Management Agreement for the Fund. In considering the New Management Agreement
for the Fund, the Trustees considered various factors that they determined were
relevant, including the factors described below. The Trustees did not identify
any single factor as the controlling factor in their determinations. The
Trustees considered the same factors with respect to the Interim Management
Agreement for the Fund.
Nature, Extent and Quality of Services
The Trustees considered the nature, extent and quality of the services that had
been provided by PIM to the Fund and that are expected to be provided by PIM to
the Fund following the consummation of the Transaction. The Trustees reviewed
the terms of the New Management Agreement, and noted that such terms are
substantially similar to the terms of the Current Management Agreement, except
for different execution dates, effective dates and termination dates. The
Trustees reviewed PIM's investment approach for the Fund and its research
process. The Trustees considered the resources of PIM and the personnel of PIM
who provide investment management services to the Fund. They also reviewed the
amount of non-investment resources and personnel of PIM that are involved in
PIM's services to the Fund, including PIM's compliance and legal resources and
personnel. The Trustees noted the substantial attention and high priority given
by PIM's senior management to the Pioneer Fund complex.
The Trustees considered that PIM supervises and monitors the performance of the
Fund's service providers and provides the Fund with personnel (including Fund
officers) and other resources that are necessary for the Fund's business
management and operations and that PIM would continue to provide those
investment management and research services and resources to the Fund following
the consummation of the Transaction. The Trustees also considered that, as
administrator, PIM would continue to be responsible for the
Pioneer Global High Yield Fund | Semiannual Report | 4/30/17 73
administration of the Fund's business and other affairs. The Trustees considered
the fees to be paid to PIM for the provision of administration services.
The Trustees considered that Deloitte & Touche LLP has informed the Board that
it will no longer be independent with respect to the Fund upon the completion of
the Transaction and, accordingly, that it will be necessary for the Board to
engage a new independent registered public accounting firm for the Fund.
The Trustees considered that the Transaction is not expected to have a material
adverse impact on the nature, scope and overall quality of services provided to
the Fund and its shareholders, including investment management, risk management,
administrative, compliance, legal and other services, as a result of the
Transaction.
In that regard, the Trustees considered that Amundi is one of the largest asset
managers globally, and that PIM may have access to additional research and
portfolio management capabilities as a result of the Transaction and that PIM,
as part of Amundi, is expected to have an enhanced global presence that may
contribute to an increase in the overall scale and resources of PIM.
Furthermore, in considering whether the Transaction would be expected to have a
material adverse impact on the nature, scope and overall quality of services
provided to the Fund and its shareholders, the Trustees considered the
statements by representatives of Amundi that they expect the Chief Executive
Officer and Chief Investment Officer of PIM to remain in their current positions
and that they do not currently foresee major changes in the day-to-day
investment management operations of PIM as a direct result of the Transaction,
or the risk management, legal or compliance services provided by PIM, with
respect to the Fund. They further considered the current incentive arrangements
for key personnel of PIM that would continue after the closing of the
Transaction. They also noted Amundi's stated intention to establish a new
long-term incentive plan following the closing.
The Trustees also took into account their experience in evaluating the proposed
combination of Pioneer Investments and Santander Asset Management, which was
announced in September, 2014 and abandoned in July, 2016. In light of, among
other things, this experience, the Trustees determined that they were not able
to identify any realistic alternatives to approving the New Management Agreement
that would provide the level of services to the Fund and its shareholders that
are expected to be provided by PIM after the closing of the Transaction.
74 Pioneer Global High Yield Fund | Semiannual Report | 4/30/17
Based on these considerations, the Trustees concluded that the nature, extent
and quality of services that PIM would continue to provide to the Fund under the
New Management Agreement would be satisfactory and consistent with the terms of
the New Management Agreement.
Performance of the Fund
In considering the Fund's performance, the Trustees regularly reviewed and
discussed throughout the year data prepared by PIM and information comparing the
Fund's performance with the performance of its peer group of funds, as
classified by each of Morningstar, Inc. (Morningstar) and Lipper, and the
performance of the Fund's benchmark index. They also discussed the Fund's
performance with PIM on a regular basis.
The Trustees discussed the Fund's performance with PIM on a more frequent basis
in light of the Fund's unfavorable performance compared to its benchmark index
and peers over certain periods. The Trustees noted PIM's explanation for the
Fund's relative performance, including the extent to which its peer group of
funds are invested in U.S. high yield securities. The Trustees also noted the
steps taken by PIM to address the Fund's performance, including enhancing the
investment process used for the Fund.
The Trustees' regular reviews and discussions were factored into the Trustees'
deliberations concerning the approval of the New Management Agreement.
Management Fee and Expenses
The Trustees noted that the stated management fees to be paid by the Fund are
identical under the Current Management Agreement and the New Management
Agreement. The Trustees considered information showing the fees and expenses of
the Fund in comparison to the management fees and expense ratios of its peer
group of funds as classified by Morningstar and also to the expense ratios of a
peer group of funds selected on the basis of criteria determined by the
Independent Trustees for this purpose using data provided by Strategic Insight
Mutual Fund Research and Consulting, LLC (Strategic Insight), an independent
third party. In all quintile rankings referred to below, first quintile is most
favorable to the Fund's shareowners. To the extent applicable, the Trustees also
considered the impact of transfer agency, sub-transfer agency, and other
non-management fee expenses on the expense ratios of the Fund. The Trustees
noted that they separately review the Fund's transfer agency, sub-transfer
agency and intermediary arrangements and that the results of the most recent
such review were considered in the consideration of the Fund's expense ratio.
Pioneer Global High Yield Fund | Semiannual Report | 4/30/17 75
The Trustees considered that the Fund's management fee as of September 30, 2016
was in the fourth quintile relative to the management fees paid by other funds
in its Morningstar category for the comparable period. The Trustees considered
that the Fund's management fee was approximately four basis points higher than
the median management fee paid by other funds in its Morningstar category. The
Trustees also considered the breakpoints in the management fee schedule and the
reduced fee rates above certain asset levels. The Trustees considered that the
expense ratio of the Fund's Class A shares as of September 30, 2016 was in the
fifth quintile relative to its Morningstar category and in the fourth quintile
relative to its Strategic Insight peer group, in each case for the comparable
period. The Trustees considered that the expense ratio of the Fund's Class A
shares was approximately two basis points higher than the median expense ratio
paid by other funds in its Strategic Insight peer group. The Trustees considered
that the expense ratio of the Fund's Class Y shares as of September 30, 2016 was
in the fourth quintile relative to its Morningstar category and in the third
quintile relative to its Strategic Insight peer group, in each case for the
comparable period. The Trustees noted the impact of expenses relating to small
accounts and omnibus accounts on transfer and sub-transfer agency expenses
generally.
The Trustees reviewed management fees charged by PIM and PIAM to institutional
and other clients, including publicly offered European funds sponsored by PIM's
affiliates, unaffiliated U.S. registered investment companies (in a sub-advisory
capacity), and unaffiliated foreign and domestic separate accounts. The Trustees
also considered PIM's costs in providing services to the Fund and PIM's and
PIAM's costs in providing services to the other clients and considered the
differences in management fees and profit margins for fund and non-fund
services. In evaluating the fees associated with PIM's and PIAM's client
accounts, the Trustees took into account the respective demands, resources and
complexity associated with the Fund and other client accounts. The Trustees
noted that in some instances the fee rates for those clients were lower than the
management fee for the Fund and considered that, under both the Current
Management Agreement and the New Management Agreement, PIM would perform
additional services for the Fund that it does not provide to those other clients
or services that are broader in scope, including oversight of the Fund's other
service providers and activities related to compliance and the extensive
regulatory and tax regimes to which the Fund is subject. The Trustees also
considered the different risks associated with PIM's management of the Fund and
PIM's and PIAM's management of the other client accounts.
76 Pioneer Global High Yield Fund | Semiannual Report | 4/30/17
The Trustees concluded that the management fee payable by the Fund to PIM was
reasonable in relation to the nature and quality of the services to be provided
by PIM.
Profitability
The Trustees considered information provided by PIM regarding the profitability
of PIM with respect to the advisory services provided by PIM to the Fund,
including the methodology used by PIM in allocating certain of its costs to the
management of the Fund. The Trustees also considered PIM's profit margin in
connection with the overall operation of the Fund. They further reviewed the
financial results, including the profit margins, realized by PIM and PIAM from
non-fund businesses. The Trustees considered PIM's profit margins with respect
to the Fund in comparison to the limited industry data available and noted that
the profitability of any adviser was affected by numerous factors, including its
organizational structure and method for allocating expenses. The Trustees
concluded that PIM's profitability with respect to the management of the Fund
was not unreasonable.
Economies of Scale
The Trustees considered PIM's views relating to economies of scale in connection
with the Pioneer Funds as fund assets grow and the extent to which any such
economies of scale are shared with the Fund and Fund shareholders. The Trustees
recognize that economies of scale are difficult to identify and quantify, and
that, among other factors that may be relevant, are the following: fee levels,
expense subsidization, investment by PIM in research and analytical capabilities
and PIM's commitment and resource allocation to the Fund. The Trustees noted
that profitability also may be an indicator of the availability of any economies
of scale, although profitability may vary for other reasons including due to
reductions in expenses. The Trustees concluded that economies of scale, if any,
were being appropriately shared with the Fund.
Other Benefits.
The Trustees considered the other benefits that PIM enjoys from its relationship
with the Fund. The Trustees considered the character and amount of fees paid or
to be paid by the Fund, other than under the Current Management Agreement or the
New Management Agreement, for services provided by PIM and its affiliates. The
Trustees further considered the revenues and profitability of PIM's businesses
other than the Fund business.
Pioneer Global High Yield Fund | Semiannual Report | 4/30/17 77
To the extent applicable, the Trustees also considered the benefits to the Fund
and to PIM and its affiliates from the use of "soft" commission dollars
generated by the Fund to pay for research and brokerage services.
The Trustees considered that following the completion of the Transaction, PIM
will be the principal U.S. asset management business of Amundi, and that
Amundi's worldwide asset management business will manage over $1.38 trillion in
assets (including the Pioneer Funds). This may create opportunities for PIM,
PIAM and Amundi that derive from PIM's relationships with the Fund, including
Amundi's ability to market the services of PIM globally. The Trustees noted that
PIM may have access to additional research capabilities as a result of the
Transaction and Amundi's enhanced global presence that may contribute to an
increase of the overall scale of PIM. The Trustees considered that PIM and the
Fund are expected to receive reciprocal intangible benefits from the
relationship, including mutual brand recognition and, for the Fund, direct and
indirect access to the resources of a large global asset manager. The Trustees
concluded that any such benefits received by PIM as a result of its relationship
with the Fund were reasonable.
Conclusion
After consideration of the factors described above as well as other factors, the
Trustees, including the Independent Trustees, concluded that the New Management
Agreement and the Interim Management Agreement for the Fund, including the fees
payable thereunder, were fair and reasonable and voted to approve the New
Management Agreement and the Interim Management Agreement, and to recommend that
shareholders approve the New Management Agreement.
78 Pioneer Global High Yield Fund | Semiannual Report | 4/30/17
Trustees, Officers and Service Providers
Trustees Advisory Trustee
Thomas J. Perna, Chairman Lorraine H. Monchak*
David R. Bock
Benjamin M. Friedman Officers
Margaret B.W. Graham Lisa M. Jones, President and Chief
Marguerite A. Piret Executive Officer
Fred J. Ricciardi Mark E. Bradley, Treasurer and
Kenneth J. Taubes Chief Financial Officer
Christopher J. Kelley, Secretary and
Chief Legal Officer
Investment Adviser and Administrator
Pioneer Investment Management, Inc.
Custodian and Sub-Administrator
Brown Brothers Harriman & Co.
Principal Underwriter
Pioneer Funds Distributor, Inc.
Legal Counsel
Morgan, Lewis & Bockius LLP
Shareowner Services and Transfer Agent
Boston Financial Data Services, Inc.
Proxy Voting Policies and Procedures of the Fund are available without charge,
upon request, by calling our toll free number (1-800-225-6292). Information
regarding how the Fund voted proxies relating to portfolio securities during the
most recent 12-month period ended June 30 is publicly available to shareowners
at us.pioneerinvestments.com. This information is also available on the
Securities and Exchange Commission's web site at www.sec.gov.
* Ms. Monchak is a non-voting Advisory Trustee.
Pioneer Global High Yield Fund | Semiannual Report | 4/30/17 79
This page is for your notes.
80 Pioneer Global High Yield Fund | Semiannual Report | 4/30/17
This page is for your notes.
Pioneer Global High Yield Fund | Semiannual Report | 4/30/17 81
This page is for your notes.
82 Pioneer Global High Yield Fund | Semiannual Report | 4/30/17
This page is for your notes.
Pioneer Global High Yield Fund | Semiannual Report | 4/30/17 83
This page is for your notes.
84 Pioneer Global High Yield Fund | Semiannual Report | 4/30/17
How to Contact Pioneer
We are pleased to offer a variety of convenient ways for you to contact us for
assistance or information.
Call us for:
--------------------------------------------------------------------------------
Account Information, including existing accounts,
new accounts, prospectuses, applications
and service forms 1-800-225-6292
FactFone(SM) for automated fund yields, prices,
account information and transactions 1-800-225-4321
Retirement plans information 1-800-622-0176
Write to us:
--------------------------------------------------------------------------------
Pioneer Funds
P.O. Box 55014
Boston, Massachusetts 02205-5014
Our toll-free fax 1-800-225-4240
Our internet e-mail address ask.pioneer@pioneerinvestments.com
(for general questions about Pioneer only)
Visit our web site: us.pioneerinvestments.com
This report must be preceded or accompanied by a prospectus.
The Fund files a complete schedule of investments with the Securities and
Exchange Commission for the first and third quarters for each fiscal year on
Form N-Q. Shareholders may view the filed Form N-Q by visiting the Commission's
web site at www.sec.gov. The filed form may also be viewed and copied at the
Commission's Public Reference Room in Washington, DC. Information regarding the
operations of the Public Reference Room may be obtained by calling
1-800-SEC-0330.
[LOGO] PIONEER
Investments(R)
Pioneer Investment Management, Inc.
60 State Street
Boston, MA 02109
us.pioneerinvestments.com
Securities offered through Pioneer Funds Distributor, Inc.
60 State Street, Boston, MA 02109
Underwriter of Pioneer Mutual Funds, Member SIPC
(C) 2017 Pioneer Investments 19382-11-0617
Pioneer Global Multisector
Income Fund
--------------------------------------------------------------------------------
Semiannual Report | April 30, 2017
--------------------------------------------------------------------------------
Ticker Symbols:
Class A PGABX
Class C PGCBX
Class Y PGYBX
[LOGO] PIONEER
Investments(R)
visit us: us.pioneerinvestments.com
Table of Contents
President's Letter 2
Portfolio Management Discussion 4
Portfolio Summary 10
Prices and Distributions 11
Performance Update 12
Comparing Ongoing Fund Expenses 15
Schedule of Investments 17
Financial Statements 42
Notes to Financial Statements 49
Approval of New and Interim Management Agreements 68
Trustees, Officers and Service Providers 76
Pioneer Global Multisector Income Fund | Semiannual Report | 4/30/17 1
President's Letter
After an overall strong year for leading market indices in 2016, U.S. markets
continued to generate positive returns over the first calendar quarter of 2017,
with so-called "risk" assets, such as equities and credit-sensitive bonds,
posting solid gains. In the first quarter, U.S. equities, as measured by the
Standard & Poor's 500 Index, returned slightly more than 6%, while high-yield
securities dominated bond market performance.
The transfer of power in Washington, D.C. in January had little or no effect on
the markets in the first quarter, as the post-election momentum we witnessed
late in the fourth quarter of 2016 slowed only when oil prices slumped in March,
due to both higher-than-expected inventories and concerns over whether OPEC
(Organization of Petroleum Exporting Countries) would continue its supply cuts
in June. Not even the Federal Reserve System's (the Fed's) highly anticipated
rate hike during the month of March, its second in three months, nor Britain's
trigger of Article 50 to begin the "Brexit" process caused any dramatic sell-off
of risk assets.
While U.S. gross domestic product (GDP) did slow in the first quarter, the
expectation is for GDP to accelerate in the second quarter, with a strong
consumer leading the way. Pioneer believes the U.S. economy may lead all
developed nations in 2017, with GDP growth in excess of 2% for the year.
President Trump has proposed decidedly pro-business policies, such as lower
taxes, higher infrastructure spending, and less regulation, though we believe
the economy may realize the benefits of those policies, if enacted, more so in
2018 than in 2017. Conversely, the effects of the President's potentially
restrictive trade policies could offset some of the benefits of the pro-growth
fiscal policies.
Even so, we believe solid domestic employment figures should continue to support
consumption and the housing market, and that stronger corporate profits and
increased government spending may contribute to economic growth in 2018 and
beyond. Increasing global Purchasing Manager Indices (PMIs) suggest that growth
in global economies is also improving. (PMIs are used to measure the economic
health of the manufacturing sector.)
There are, as always, some risks to our outlook. First, the market already has
priced in a good deal of the Trump economic reform platform, and that could lead
to near-term disappointment if Congressional follow-through does not happen this
year. The future of the Affordable Care Act is another potential concern. The
first attempt to repeal/replace it failed, but any new proposed
2 Pioneer Global Multisector Income Fund | Semiannual Report | 4/30/17
legislation will undoubtedly have an effect on the health care sector, one of
the largest segments of the U.S. economy. Geopolitical risks, of course, remain
a potential headwind, given ongoing strife in the Middle East and renewed
tensions on the Korean Peninsula.
While our current outlook is generally optimistic, conditions can and often do
change, and while passive investment strategies may have a place in one's
overall portfolio, it is our view that all investment decisions are active
choices.
Throughout Pioneer's history, we have believed in the importance of active
management. The active decisions to invest in equities or fixed-income
securities are made by a team of experienced investment professionals focusing
on identifying value across global markets using proprietary research, careful
risk management, and a long-term perspective. We believe our shareowners can
benefit from the experience and tenure of our investment teams as well as the
insights generated from our extensive research process.
As always, and particularly during times of market uncertainty, we encourage you
to work with your financial advisor to develop an overall investment plan that
addresses both your short- and long-term goals, and to implement such a plan in
a disciplined manner.
We greatly appreciate the trust you have placed in us and look forward to
continuing to serve you in the future.
Sincerely,
/s/ Lisa M. Jones
Lisa M. Jones
President and CEO
Pioneer Investment Management USA Inc.
April 30, 2017
Any information in this shareowner report regarding market or economic trends or
the factors influencing the Fund's historical or future performance are
statements of opinion as of the date of this report. Past performance is no
guarantee of future results.
Pioneer Global Multisector Income Fund | Semiannual Report | 4/30/17 3
Portfolio Management Discussion | 4/30/17
Global inflationary pressures appeared to tick higher during the six-month
period ended April 30, 2017, leading to rising interest rates that undermined
the prices of many fixed-income asset classes. In that environment,
credit-sensitive securities less vulnerable to changes in interest rates tended
to outperform higher-quality debt. In the following interview, Charles
Melchreit and Paresh Upadhyaya discuss the factors that affected the performance
of Pioneer Global Multisector Income Fund during the six-month period. Mr.
Melchreit, Director of Investment-Grade Management, a senior vice president and
a portfolio manager at Pioneer, Mr. Upadhyaya, a senior vice president and
portfolio manager at Pioneer, Kenneth J. Taubes, Executive Vice President, Chief
Investment Officer, U.S., and a portfolio manager at Pioneer, and Andrew Feltus,
Director of High Yield and Bank Loans, a senior vice president and a portfolio
manager at Pioneer, are responsible for the day-to-day management of the Fund.
Q How did the Fund perform during the six-month period ended April 30, 2017?
A Pioneer Global Multisector Income Fund's Class A shares returned 0.93% at
net asset value during the six-month period ended April 30, 2017, while the
Fund's benchmark, the Bloomberg Barclays Global Aggregate Bond Index (the
Bloomberg Barclays Index), returned -1.63%. During the same period, the
average return of the 219 mutual funds in Lipper's Global Income Funds
category was 0.13%, and the average return of the 345 mutual funds in
Morningstar's World Bond Funds category was 0.51%.
Q How would you describe the market environment for global fixed-income
investors during the six-month period ended April 30, 2017?
A Growing indications of rising inflationary pressures and increasing
interest rates were the dominant factors affecting global bond markets over
the six months. The period saw broad recognition that emerging markets had
begun to catch up with the improving growth trends in more developed
economies, leading to a reflating of asset values - including for
commodities and manufactured goods - as well as rising interest rates,
which accompanied the inflation expectations.
The upward movement of interest rates, in turn, tended to undermine the
prices and performance of government debt and other higher-quality
securities. Although also affected by rising interest rates, more
credit-sensitive securities tended to hold up better. During the period,
inflationary expectations appeared to move higher with the victory of
Donald J. Trump in the U.S. presidential election in November 2016. Trump's
victory, and the
4 Pioneer Global Multisector Income Fund | Semiannual Report | 4/30/17
overall Republican (GOP) election sweep, which maintained the GOP's control
of both houses of Congress, led many investors to anticipate that economic
activity - as well as inflationary pressures - would accelerate, as one of
the Trump Campaign's main themes had been a pro-growth agenda calling for
widespread tax cuts, decreased regulation, and increased infrastructure
spending.
In general, major central banks maintained highly stimulative monetary
policies; the U.S. Federal Reserve (the Fed), however, increased the
influential Federal funds rate twice during the six-month period.
Investors, though, viewed the Fed's actions as cautious and restrained, and
unlikely to undermine a global economic rebound. Even ever-present and
heightened geopolitical risks - especially a seemingly more combative
posture from the government of North Korea and continued violence and
turmoil in Syria failed to undermine economic growth expectations.
Although U.S. gross domestic product (GDP) growth slowed to just 0.7%
(later revised to 1.2%) in the first quarter of 2017, the markets remained
optimistic about future growth, pointing to continued improvement in the
U.S. job market, as the unemployment rate fell to 4.4%.
Q What were the primary factors that affected the Fund's benchmark-relative
performance during the six-month period ended April 30, 2017?
A The Fund generated positive absolute returns while also outperforming its
benchmark, the Bloomberg Barclays Index, during the six-month period.
Performance versus the benchmark benefited significantly from the
portfolio's relatively short duration, which limited the negative effects
of rising Treasury yields in the United States, as the 10-year U.S.
Treasury yield moved up from 1.78% to 2.28% during the period. (Duration is
a measure of the sensitivity of the price, or the value of principal, of a
fixed-income investment to a change in interest rates, expressed as a
number of years. Shorter-duration portfolios tend to be less sensitive to
changes in interest rates than longer-duration portfolios.) As of April 30,
2017, the Fund's effective duration was 5.82 years, or about one year
shorter than that of the Bloomberg Barclays Index.
Our focus on holding more credit-sensitive debt in the Fund's portfolio
also aided benchmark-relative performance during the period. The Fund's
exposure to the credit sectors was significant, and an emphasis on
high-yield debt, in particular - most notably, the Fund's overweight to
U.S. high-yield corporate bonds - helped relative returns. The U.S.
high-yield market, as reflected by the Bank of American Merrill Lynch U.S.
High Yield Index, returned a strong 5.50% for the six months. At the end of
the period, more than a quarter of the Fund's total investment portfolio
was allocated to securities rated below BBB.
Pioneer Global Multisector Income Fund | Semiannual Report | 4/30/17 5
The Fund's currency positioning was another overall positive contributor to
benchmark-relative performance during the period, with an overweight to the
U.S. dollar and underweights to the euro and the Japanese yen providing the
biggest benefits. However, the Fund's exposure to the Mexican peso, which
represented, on average, about 2% of the Fund's total investment portfolio,
detracted from benchmark-relative returns as the currency weakened over the
six months. Although we liked the economic fundamentals in Mexico, the
nation's currency declined on international markets as investors worried
about the potential effects of President Trump's trade and immigration
policies.
Q Did the Fund invest in any derivative securities during the six-month
period ended April 30, 2017? If so, did the investments affect the Fund's
benchmark-relative performance?
A We invested the Fund in three types of derivative securities during the
period: forward foreign currency transactions (forwards), Treasury futures,
and credit default swaps. We invested in the forwards to help manage the
risks of changes in relative currency values. The Treasury futures were
used as part of our strategy to maintain a short-duration stance relative
to the Fund's benchmark. Finally, we used the credit default swaps to
increase the Fund's exposure to higher-yielding sectors, which were
outperforming during the period. All of the derivative investments had
positive effects on the Fund's benchmark-relative performance.
Q Were there any changes in the Fund's yield, or distributions to
shareholders, during the six months ended April 30, 2017?
A No, the Fund's dividend* distributions to shareholders remained relatively
stable during the six months.
Q What is your investment outlook?
A Going forward, we believe we will see a more challenging environment for
investing in global bond markets. High-yield bonds, which have been
outperforming for more than a year, have become more expensive as yield, or
credit spreads, have tightened. Over the past six months, the spreads
between Treasuries and high-yield bonds narrowed from 4.86% to 3.81%, while
spreads for other credit-sensitive debt also have shrunk. (Credit spreads
are commonly defined as the differences in yield between Treasuries and
other types of fixed-income securities with similar maturities.)
While we remain positive about global economic growth trends, we have
reduced the Fund's exposure to credit risk. We believe some of the market's
recent, optimistic expectations for an acceleration of GDP growth may be
* Dividends are not guaranteed.
6 Pioneer Global Multisector Income Fund | Semiannual Report | 4/30/17
difficult to achieve, although growth in China and the rest of Asia still
appears steady, while the results of recent elections in France and the
Netherlands have tempered worries about the European economy.
The greatest geopolitical risk at the present time appears to be the heightened
tensions on the Korean Peninsula, and so in managing the Fund's currency
positions, we have reduced exposure to the (South) Korean won, while increasing
the portfolio's exposure to the Japanese yen, which we believe is well placed to
benefit from improving growth in Asia.
We expect the Fed may raise the Federal funds rate once or twice more in 2017;
and, historically, periods of monetary tightening have led to increases in
market volatility. Further, despite back-ups in Treasury yields in recent
months, we think rates still could move higher, even accompanied by a widening
of credit spreads and weaker performance by credit-sensitive debt.
Considering the prospect for further interest-rate increases, we have maintained
our short-duration policy, and the Fund's duration remains approximately one
year shorter than that of the Bloomberg Barclays Index.
Pioneer Global Multisector Income Fund | Semiannual Report | 4/30/17 7
Please refer to the Schedule of Investments on pages 17-41 for a full listing of
Fund securities.
All investments are subject to risk, including the possible loss of principal.
In the past several years, financial markets have experienced increased
volatility, depressed valuations, decreased liquidity and heightened
uncertainty. These conditions may continue, recur, worsen or spread.
Investing in foreign and/or emerging markets securities involves risks relating
to interest rates, currency exchange rates, and economic and political
conditions.
When interest rates rise, the prices of fixed income securities in the Fund will
generally fall. Conversely, when interest rates fall, the prices of fixed income
securities in the Fund will generally rise.
Investments in the Fund are subject to possible loss due to the financial
failure of issuers of underlying securities and their inability to meet their
debt obligations.
Investments in high-yield or lower rated securities are subject to
greater-than-average price volatility, illiquidity and possibility of default.
Prepayment risk is the chance that an issuer may exercise its right to prepay
its security, if falling interest rates prompt the issuer to do so. Forced to
reinvest the unanticipated proceeds at lower interest rates, the Fund would
experience a decline in income and lose the opportunity for additional price
appreciation.
The Fund may invest in mortgage-backed securities, which during times of fluctu-
ating interest rates may increase or decrease more than other fixed-income
securities. Mortgage-backed securities are also subject to pre-payments.
The securities issued by U.S. Government-sponsored entities (e.g., FNMA, Freddie
Mac) are neither guaranteed nor issued by the U.S. Government.
Floating rate loans and similar instruments may be illiquid or less liquid than
other instruments, and the value of any collateral can decline or be
insufficient to meet the issuer's obligations.
The value of municipal securities can be adversely affected by changes in
financial condition of municipal issuers, lower revenues, and regulatory and
political developments.
The Fund is subject to currency risk, meaning that the Fund could experience
losses based on changes in the exchange rate between non-U.S. currencies and the
U.S. dollar.
The Fund may use derivatives, such as options, futures, inverse floating rate
obligations, swaps, and others, which can be illiquid, may disproportionately
increase losses, and have a potentially large impact on Fund performance.
Derivatives may have a leveraging effect on the Fund.
These risks may increase share price volatility.
8 Pioneer Global Multisector Income Fund | Semiannual Report | 4/30/17
Before investing, consider the product's investment objectives, risks, charges
and expenses. Contact your advisor or Pioneer Investments for a prospectus or
summary prospectus containing this information. Read it carefully.
Any information in this shareholder report regarding market or economic trends
or the factors influencing the Fund's historical or future performance are
statements of opinion as of the date of this report. Past performance is no
guarantee of future results.
Pioneer Global Multisector Income Fund | Semiannual Report | 4/30/17 9
Portfolio Summary | 4/30/17
Portfolio Diversification*
--------------------------------------------------------------------------------
(As a percentage of total investment portfolio)
[THE FOLLOWING DATA WAS REPRESENTED AS A PIE CHART IN THE PRINTED MATERIAL]
Foreign Government Bonds 35.5%
U.S. Government Securities 23.2%
International Corporate Bonds 17.3%
U.S. Corporate Bonds 14.4%
Collateralized Mortgage Obligations 2.8%
Senior Secured Loans 2.1%
Closed End Fund 2.1%
Municipal Bonds 0.9%
U.S. Preferred Stocks 0.6%
Asset Backed Securities 0.3%
Convertible Corporate Bonds 0.3%
Convertible Preferred Stocks 0.3%
Temporary Cash Investment 0.2%
* Includes investments in insurance linked securities totaling 0.3% of total
investment portfolio.
Geographical Distribution
--------------------------------------------------------------------------------
(As a percentage of long-term holdings based on country of domicile)
[THE FOLLOWING DATA WAS REPRESENTED AS A PIE CHART IN THE PRINTED MATERIAL]
United States 42.2%
Other (individually less than 1%) 10.9%
United Kingdom 7.1%
Supranational 6.5%
Canada 5.4%
Japan 4.1%
Australia 3.7%
New Zealand 3.4%
Argentina 3.3%
Netherlands 3.1%
Norway 2.4%
France 2.2%
Mexico 2.0%
Ivory Coast 1.7%
Romania 1.0%
Egypt 1.0%
10 Largest Holdings
(As a percentage of total long-term holdings)**
--------------------------------------------------------------------------------
1. New Zealand Government Bond, 5.5%, 4/15/23 3.38%
---------------------------------------------------------------------------------
2. Australia Government Bond, 4.75%, 4/21/27 3.08
---------------------------------------------------------------------------------
3. International Finance Corp., 6.3%, 11/25/24 2.54
---------------------------------------------------------------------------------
4. U.S. Treasury Bills, 5/11/17 2.41
---------------------------------------------------------------------------------
5. Canadian Government Bond, 2.25%, 6/1/25 2.36
---------------------------------------------------------------------------------
6. Canadian Government Bond, 1.75%, 9/1/19 2.26
---------------------------------------------------------------------------------
7. Japan Government Ten Year Bond, 0.1%, 9/20/26 2.18
---------------------------------------------------------------------------------
8. Pioneer ILS Interval Fund (h) 2.13
---------------------------------------------------------------------------------
9. United Kingdom Gilt, 3.5%, 1/22/45 1.62
---------------------------------------------------------------------------------
10. U.S. Treasury Notes, 2.25%, 2/15/27 1.40
---------------------------------------------------------------------------------
** This list excludes temporary cash investments and derivative instruments.
The portfolio is actively managed, and current holdings may be different.
The holdings listed should not be considered recommendations to buy or
sell any securities listed.
(h) Affiliated funds managed by Pioneer Investment Management, Inc.
10 Pioneer Global Multisector Income Fund | Semiannual Report | 4/30/17
Prices and Distributions | 4/30/17
Net Asset Value per Share
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Class 4/30/17 10/31/16
--------------------------------------------------------------------------------
A $10.56 $10.60
--------------------------------------------------------------------------------
C $10.59 $10.63
--------------------------------------------------------------------------------
Y $10.65 $10.69
--------------------------------------------------------------------------------
Distributions per Share: 11/1/16-4/30/17
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------------
Net Investment Short-Term Long-Term Tax Return
Class Income Capital Gains Capital Gains of Capital
--------------------------------------------------------------------------------------
A $0.1360 $-- $-- $--
--------------------------------------------------------------------------------------
C $0.0913 $-- $-- $--
--------------------------------------------------------------------------------------
Y $0.1503 $-- $-- $--
--------------------------------------------------------------------------------------
Index Definitions
--------------------------------------------------------------------------------
The Bloomberg Barclays Global Aggregate Bond Index is an unmanaged
index that provides a broad-based measure of the global investment-grade
fixed-income markets. Index returns are calculated monthly, assume
reinvestment of dividends and, unlike Fund returns, do not reflect any fees,
expenses or sales charges. It is not possible to invest directly in an index.
The index defined here pertains to the "Value of $10,000 Investment" and
"Value of $5 Million Investment" charts appearing on pages 12-14.
Pioneer Global Multisector Income Fund | Semiannual Report | 4/30/17 11
Performance Update | 4/30/17 Class A Shares
Investment Returns
--------------------------------------------------------------------------------
The mountain chart on the right shows the change in value of a $10,000
investment made in Class A shares of Pioneer Global Multisector Income
Fund at public offering price during the periods shown, compared to that of
the Bloomberg Barclays Global Aggregate Bond Index.
Average Annual Total Returns
(As of April 30, 2017)
--------------------------------------------------------------------------------
Bloomberg
Barclays
Net Public Global
Asset Offering Aggregate
Value Price Bond
Period (NAV) (POP) Index
--------------------------------------------------------------------------------
Life of Class
(12/27/2007) 4.17% 3.66% 2.84%
5 years 2.37 1.43 0.37
1 year 3.72 -0.92 -2.10
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated March 1, 2017)
--------------------------------------------------------------------------------
Gross Net
--------------------------------------------------------------------------------
2.69% 1.02%
--------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $10,000 Investment
Pioneer Global Bloomberg Barclays
Multisector Income Fund Global Aggregate Bond Index
12/07 $ 9,550 $10,278
4/08 $ 9,982 $10,460
4/09 $ 9,646 $10,229
4/10 $11,020 $11,176
4/11 $12,140 $12,345
4/12 $12,509 $12,752
4/13 $13,281 $12,937
4/14 $13,162 $13,147
4/15 $13,421 $12,657
4/16 $13,556 $13,270
4/17 $14,061 $12,991
Call 1-800-225-6292 or visit us.pioneerinvestments.com for the most recent
month-end performance results. Current performance may be lower or higher than
the performance data quoted.
The performance data quoted represents past performance, which is no guarantee
of future results. Investment return and principal value will fluctuate, and
shares, when redeemed, may be worth more or less than their original cost.
NAV results represent the percent change in net asset value per share. Returns
would have been lower had sales charges been reflected. POP returns reflect
deduction of maximum 4.50% sales charge. All results are historical and assume
the reinvestment of dividends and capital gains. Other share classes are
available for which performance and expenses will differ.
Performance results reflect any applicable expense waivers in effect during the
periods shown. Without such waivers Fund performance would be lower. Waivers may
not be in effect for all funds. Certain fee waivers are contractual through a
specified period. Otherwise, fee waivers can be rescinded at any time. See the
prospectus and financial statements for more information.
The net expense ratio reflects the contractual expense limitation currently in
effect through March 1, 2018, for Class A shares. There can be no assurance that
Pioneer will extend the expense limitation beyond such time. Please see the
prospectus and financial statements for more information.
The performance table and graph do not reflect the deduction of fees and taxes
that a shareowner would pay on Fund distributions or the redemption of Fund
shares.
Please refer to the financial highlights for a more current expense ratio.
12 Pioneer Global Multisector Income Fund | Semiannual Report | 4/30/17
Performance Update | 4/30/17 Class C Shares
Investment Returns
--------------------------------------------------------------------------------
The mountain chart on the right shows the change in value of a $10,000
investment made in Class C shares of Pioneer Global Multisector Income
Fund during the periods shown, compared to that of the Bloomberg Barclays
Global Aggregate Bond Index.
Average Annual Total Returns
(As of April 30, 2017)
--------------------------------------------------------------------------------
Bloomberg
Barclays
Global
Aggregate
If If Bond
Period Held Redeemed Index
--------------------------------------------------------------------------------
Life of Class
(12/27/2007) 3.29% 3.29% 2.84%
5 years 1.48 1.48 0.37
1 year 2.83 2.83 -2.10
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated March 1, 2017)
--------------------------------------------------------------------------------
Gross Net
--------------------------------------------------------------------------------
2.55% 1.92%
--------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $10,000 Investment
Pioneer Global Bloomberg Barclays
Multisector Income Fund Global Aggregate Bond Index
12/07 $10,000 $10,278
4/08 $10,429 $10,460
4/09 $ 9,976 $10,229
4/10 $11,309 $11,176
4/11 $12,370 $12,345
4/12 $12,640 $12,752
4/13 $13,301 $12,937
4/14 $13,088 $13,147
4/15 $13,214 $12,657
4/16 $13,229 $13,270
4/17 $13,604 $12,991
Call 1-800-225-6292 or visit us.pioneerinvestments.com for the most recent
month-end performance results. Current performance may be lower or higher than
the performance data quoted.
The performance data quoted represents past performance, which is no guarantee
of future results. Investment return and principal value will fluctuate, and
shares, when redeemed, may be worth more or less than their original cost.
Class C shares held for less than one year are also subject to a 1% contingent
deferred sales charge (CDSC). "If Held" results represent the percent change in
net asset value per share. Returns would have been lower had sales charges been
reflected. All results are historical and assume the reinvestment of dividends
and capital gains. Other share classes are available for which performance and
expenses will differ.
Performance results reflect any applicable expense waivers in effect during the
periods shown. Without such waivers Fund performance would be lower. Waivers may
not be in effect for all funds. Certain fee waivers are contractual through a
specified period. Otherwise, fee waivers can be rescinded at any time. See the
prospectus and financial statements for more information.
The net expense ratio reflects the contractual expense limitation currently in
effect through March 1, 2018, for Class C shares. There can be no assurance that
Pioneer will extend the expense limitation beyond such time. Please see the
prospectus and financial statements for more information.
The performance table and graph do not reflect the deduction of fees and taxes
that a shareowner would pay on Fund distributions or the redemption of Fund
shares.
Please refer to the financial highlights for a more current expense ratio.
Pioneer Global Multisector Income Fund | Semiannual Report | 4/30/17 13
Performance Update | 4/30/17 Class Y Shares
Investment Returns
--------------------------------------------------------------------------------
The mountain chart on the right shows the change in value of a $5 million
investment made in Class Y shares of Pioneer Global Multisector Income
Fund during the periods shown, compared to that of the Bloomberg Barclays
Global Aggregate Bond Index.
Average Annual Total Returns
(As of April 30, 2017)
--------------------------------------------------------------------------------
Bloomberg
Barclays
Net Global
Asset Aggregate
Value Bond
Period (NAV) Index
--------------------------------------------------------------------------------
Life of Class
(12/27/2007) 4.41% 2.84%
5 years 2.62 0.37
1 year 3.87 -2.10
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated March 1, 2017)
--------------------------------------------------------------------------------
Gross Net
--------------------------------------------------------------------------------
1.43% 0.77%
--------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $5 Million Investment
Pioneer Global Bloomberg Barclays
Multisector Income Fund Global Aggregate Bond Index
12/07 $5,000,000 $5,139,010
4/08 $5,227,750 $5,229,772
4/09 $5,054,129 $5,114,537
4/10 $5,790,645 $5,588,203
4/11 $6,382,956 $6,172,351
4/12 $6,610,228 $6,375,830
4/13 $7,031,849 $6,468,690
4/14 $6,994,963 $6,573,437
4/15 $7,150,790 $6,328,422
4/16 $7,242,780 $6,634,971
4/17 $7,523,103 $6,495,683
Call 1-800-225-6292 or visit us.pioneerinvestments.com for the most recent
month-end performance results. Current performance may be lower or higher than
the performance data quoted.
The performance data quoted represents past performance, which is no guarantee
of future results. Investment return and principal value will fluctuate, and
shares, when redeemed, may be worth more or less than their original cost.
Class Y shares are not subject to sales charges and are available for limited
groups of eligible investors, including institutional investors. All results are
historical and assume the reinvestment of dividends and capital gains. Other
share classes are available for which performance and expenses will differ.
Performance results reflect any applicable expense waivers in effect during the
periods shown. Without such waivers Fund performance would be lower. Waivers may
not be in effect for all funds. Certain fee waivers are contractual through a
specified period. Otherwise, fee waivers can be rescinded at any time. See the
prospectus and financial statements for more information.
The net expense ratio reflects the contractual expense limitation currently in
effect through March 1, 2018, for Class Y shares. There can be no assurance that
Pioneer will extend the expense limitation beyond such time. Please see the
prospectus and financial statements for more information.
The performance table and graph do not reflect the deduction of fees and taxes
that a shareowner would pay on Fund distributions or the redemption of Fund
shares.
Please refer to the financial highlights for a more current expense ratio.
14 Pioneer Global Multisector Income Fund | Semiannual Report | 4/30/17
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 Multisector
Income Fund
Based on actual returns from November 1, 2016, through April 30, 2017.
-----------------------------------------------------------------------------------------------
Share Class A C Y
-----------------------------------------------------------------------------------------------
Beginning Account Value on 11/1/16 $1,000.00 $1,000.00 $1,000.00
-----------------------------------------------------------------------------------------------
Ending Account Value (after expenses) $1,009.30 $1,005.00 $1,010.60
on 4/30/17
-----------------------------------------------------------------------------------------------
Expenses Paid During Period* $ 4.98 $ 9.05 $ 3.74
-----------------------------------------------------------------------------------------------
* Expenses are equal to the Fund's annualized net expense ratio of 1.00%,
1.82% and 0.75% for Class A, Class C and Class Y shares, respectively,
multiplied by the average account value over the period, multiplied by
181/365 (to reflect the one-half year period).
Pioneer Global Multisector Income Fund | Semiannual Report | 4/30/17 15
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 Multisector Income Fund
Based on a hypothetical 5% return per year before expenses, reflecting the
period from November 1, 2016, through April 30, 2017.
------------------------------------------------------------------------------------------------
Share Class A C Y
------------------------------------------------------------------------------------------------
Beginning Account Value on 11/1/16 $1,000.00 $1,000.00 $1,000.00
------------------------------------------------------------------------------------------------
Ending Account Value (after expenses) $1,019.84 $1,015.77 $1,021.08
on 4/30/17
------------------------------------------------------------------------------------------------
Expenses Paid During Period* $ 5.01 $ 9.10 $ 3.76
------------------------------------------------------------------------------------------------
* Expenses are equal to the Fund's annualized net expense ratio of 1.00%,
1.82% and 0.75% for Class A, Class C and Class Y shares, respectively,
multiplied by the average account value over the period, multiplied by
181/365 (to reflect the one-half year period).
16 Pioneer Global Multisector Income Fund | Semiannual Report | 4/30/17
Schedule of Investments | 4/30/17 (unaudited)
--------------------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (j) (unaudited) Value
--------------------------------------------------------------------------------------------------------------
CONVERTIBLE CORPORATE BONDS -- 0.3%
CAPITAL GOODS -- 0.1%
Electrical Components & Equipment -- 0.1%
56,000 General Cable Corp., 4.5%, 11/15/29 (Step) $ 43,855
----------------
Total Capital Goods $ 43,855
--------------------------------------------------------------------------------------------------------------
SOFTWARE & SERVICES -- 0.2%
Internet Software & Services -- 0.2%
125,000 WebMD Health Corp., 2.625%, 6/15/23 (144A) $ 120,391
----------------
Total Software & Services $ 120,391
--------------------------------------------------------------------------------------------------------------
TOTAL CONVERTIBLE CORPORATE BONDS
(Cost $174,318) $ 164,246
--------------------------------------------------------------------------------------------------------------
PREFERRED STOCKS -- 0.0%+
DIVERSIFIED FINANCIALS -- 0.0%+
Consumer Finance -- 0.0%+
231 6.82 GMAC Capital Trust I, Floating Rate Note, 2/15/40 $ 5,881
----------------
Total Diversified Financials $ 5,881
--------------------------------------------------------------------------------------------------------------
TOTAL PREFERRED STOCKS
(Cost $4,505) $ 5,881
--------------------------------------------------------------------------------------------------------------
CONVERTIBLE PREFERRED STOCKS -- 0.3%
BANKS -- 0.3%
Diversified Banks -- 0.3%
44 Bank of America Corp., 7.25%, (Perpetual) $ 53,390
80 Wells Fargo & Co., 7.5% (Perpetual) 101,600
----------------
$ 154,990
----------------
Total Banks $ 154,990
--------------------------------------------------------------------------------------------------------------
TOTAL CONVERTIBLE PREFERRED STOCKS
(Cost $135,552) $ 154,990
--------------------------------------------------------------------------------------------------------------
ASSET BACKED SECURITIES -- 0.4%
FOOD & STAPLES RETAILING -- 0.1%
Food Retail -- 0.1%
46,560 CKE Restaurant Holdings, Inc., 4.474%,
3/20/43 (144A) $ 46,307
----------------
Total Food & Staples Retailing $ 46,307
--------------------------------------------------------------------------------------------------------------
BANKS -- 0.2%
Thrifts & Mortgage Finance -- 0.2%
46,035 Bear Stearns Asset Backed Securities Trust,
8.34361%, 10/25/29 (Step) $ 45,798
8,995 1.68 New Century Home Equity Loan Trust 2005-1,
Floating Rate Note, 3/25/35 8,955
466 Structured Asset Securities Corp., 5.27%,
10/25/34 (Step) 478
The accompanying notes are an integral part of these financial statements.
Pioneer Global Multisector Income Fund | Semiannual Report | 4/30/17 17
Schedule of Investments | 4/30/17 (unaudited) (continued)
--------------------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (j) (unaudited) Value
--------------------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- (continued)
28,803 Terwin Mortgage Trust Series TMTS 2005-16HE,
4.26762%, 9/25/36 (Step) $ 29,141
----------------
$ 84,372
----------------
Total Banks $ 84,372
--------------------------------------------------------------------------------------------------------------
DIVERSIFIED FINANCIALS -- 0.1%
Specialized Finance -- 0.1%
57,794 Domino's Pizza Master Issuer LLC, 5.216%,
1/27/42 (144A) $ 58,244
----------------
Total Diversified Financials $ 58,244
--------------------------------------------------------------------------------------------------------------
TOTAL ASSET BACKED SECURITIES
(Cost $188,534) $ 188,923
--------------------------------------------------------------------------------------------------------------
COLLATERALIZED MORTGAGE
OBLIGATIONS -- 2.8%
BANKS -- 2.4%
Thrifts & Mortgage Finance -- 2.4%
56,417 3.50 Agate Bay Mortgage Trust 2015-1, Floating
Rate Note, 1/25/45 (144A) $ 57,094
45,885 3.50 Agate Bay Mortgage Trust 2015-5, Floating
Rate Note, 7/25/45 (144A) 46,436
2,195 1.44 Alternative Loan Trust 2003-14T1, Floating
Rate Note, 8/25/18 1,806
76,983 Bayview Commercial Asset Trust 2007-2,
7/27/37 (Step) (144A) (d) --
4,470 3.39 CHL Mortgage Pass-Through Trust 2003-56,
Floating Rate Note, 12/25/33 4,511
100,000 Citigroup Commercial Mortgage Trust,
3.137%, 2/10/48 100,466
100,000 Citigroup Commercial Mortgage Trust, 4.81%, 3/10/47 107,560
50,000 COMM 2013-LC6 Mortgage Trust, 2.941%, 1/10/46 50,564
25,000 4.70 COMM 2015-CCRE25 Mortgage Trust, Floating
Rate Note, 8/12/48 26,568
90,000 Commercial Mortgage Pass Through Certificates,
2.822%, 10/17/45 91,185
50,000 4.69 CSAIL 2016-C5 Commercial Mortgage Trust
REMICS, Floating Rate Note, 11/15/48 50,983
100,000 CSAIL 2016-C7 Commercial Mortgage Trust,
3.502%, 11/15/49 101,955
37,948 3.50 CSMC Trust 2014-WIN2, Floating Rate Note,
10/25/44 (144A) 37,910
25,000 GS Mortgage Securities Corp. II, 3.682%,
2/10/46 (144A) 25,642
29,486 JP Morgan Chase Commercial Mortgage
Securities Trust 2011-C5, 4.1712%, 8/15/46 31,435
The accompanying notes are an integral part of these financial statements.
18 Pioneer Global Multisector Income Fund | Semiannual Report | 4/30/17
--------------------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (j) (unaudited) Value
--------------------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- (continued)
75,000 JP Morgan Chase Commercial Mortgage
Securities Trust 2012-LC9, 2.84%, 12/15/47 $ 75,598
100,000 1.91 JP Morgan Chase Commercial Mortgage
Securities Trust 2014-INN, Floating Rate Note,
6/15/29 (144A) 100,063
5,493 JP Morgan Mortgage Trust 2004-S1, 5.0%, 9/25/34 5,615
50,000 JPMBB Commercial Mortgage Securities
Trust 2014-C22 REMICS, 3.8012%, 9/15/47 52,281
80,288 Morgan Stanley Capital I Trust 2007-HQ13,
5.569%, 12/15/44 80,961
37,943 3.25 NRP Mortgage Trust 2013-1, Floating Rate
Note, 7/25/43 (144A) 38,015
GBP 45,793 0.76 Paragon Secured Finance No 1 Plc, Floating
Rate Note, 11/15/35 57,012
24,996 RAAC Series 2004-SP2 Trust, 6.0%, 1/25/32 25,033
1,071 1.53 RALI Series 2002-QS16 Trust, Floating Rate
Note, 10/25/17 1,067
25,109 2.50 Sequoia Mortgage Trust 2013-4, Floating Rate
Note, 4/27/43 24,345
31,298 3.50 Sequoia Mortgage Trust, Floating Rate Note, 9/25/42 31,728
----------------
$ 1,225,833
----------------
Total Banks $ 1,225,833
--------------------------------------------------------------------------------------------------------------
GOVERNMENT -- 0.4%
Government -- 0.4%
7,322 Federal National Mortgage Association REMICS,
4.5%, 6/25/29 $ 7,806
45,000 5.36 FREMF Mortgage Trust 2010-K9 REMICS,
Floating Rate Note, 9/25/45 (144A) 48,739
50,000 4.93 FREMF Mortgage Trust 2011-K702, Floating
Rate Note, 4/25/44 (144A) 51,035
50,000 5.05 FREMF Mortgage Trust 2011-K703, Floating
Rate Note, 7/25/44 (144A) 51,407
26,806 Government National Mortgage Association,
4.5%, 9/20/39 28,867
18,426 Government National Mortgage Association,
5.25%, 8/16/35 20,356
----------------
$ 208,210
----------------
Total Government $ 208,210
--------------------------------------------------------------------------------------------------------------
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS
(Cost $1,457,476) $ 1,434,043
--------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Global Multisector Income Fund | Semiannual Report | 4/30/17 19
Schedule of Investments | 4/30/17 (unaudited) (continued)
--------------------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (j) (unaudited) Value
--------------------------------------------------------------------------------------------------------------
CORPORATE BONDS -- 29.8%
ENERGY -- 4.7%
Oil & Gas Drilling -- 0.2%
100,000 Rowan Companies, Inc., 4.75%, 1/15/24 $ 88,000
--------------------------------------------------------------------------------------------------------------
Integrated Oil & Gas -- 1.7%
EUR 175,000 BP Capital Markets Plc, 1.373%, 3/3/22 $ 199,425
240,000 Petrobras Global Finance BV, 5.375%, 1/27/21 246,564
155,000 Petroleos Mexicanos, 3.5%, 1/30/23 147,963
EUR 200,000 4.50 Repsol International Finance BV, Floating
Rate Note, 3/25/75 223,194
55,000 YPF SA, 8.5%, 3/23/21 (144A) 62,219
----------------
$ 879,365
--------------------------------------------------------------------------------------------------------------
Oil & Gas Exploration & Production -- 0.8%
75,000 Antero Resources Corp., 5.625%, 6/1/23 $ 77,156
35,000 Canadian Natural Resources, Ltd., 6.25%, 3/15/38 39,731
65,000 Carrizo Oil & Gas, Inc., 7.5%, 9/15/20 66,950
100,000 Hilcorp Energy I LP, 5.75%, 10/1/25 (144A) 97,000
25,000 Newfield Exploration Co., 5.375%, 1/1/26 26,219
100,000 Range Resources Corp., 5.0%, 3/15/23 (144A) 99,000
----------------
$ 406,056
--------------------------------------------------------------------------------------------------------------
Oil & Gas Refining & Marketing -- 0.2%
53,000 EnLink Midstream Partners LP, 4.4%, 4/1/24 $ 54,375
21,000 Valero Energy Corp., 9.375%, 3/15/19 23,773
----------------
$ 78,148
--------------------------------------------------------------------------------------------------------------
Oil & Gas Storage & Transportation -- 1.8%
95,000 Boardwalk Pipelines LP, 4.95%, 12/15/24 $ 101,240
25,000 DCP Midstream Operating LP, 9.75%, 3/15/19 (144A) 28,312
55,000 Enbridge Energy Partners LP, 7.375%, 10/15/45 70,472
100,000 Energy Transfer Equity LP, 5.875%, 1/15/24 107,750
125,000 Kinder Morgan, Inc. Delaware, 5.55%, 6/1/45 132,398
40,000 MPLX LP, 4.875%, 12/1/24 42,772
75,000 Plains All American Pipeline LP, 4.65%, 10/15/25 78,684
60,000 Sabine Pass Liquefaction LLC, 5.0%, 3/15/27 (144A) 63,325
25,000 Spectra Energy Capital LLC, 6.2%, 4/15/18 26,009
10,000 Spectra Energy Capital LLC, 6.75%, 7/15/18 10,510
60,000 Sunoco Logistics Partners Operations LP,
6.1%, 2/15/42 63,635
75,000 The Williams Companies, Inc., 5.75%, 6/24/44 77,625
13,000 The Williams Companies, Inc., 7.75%, 6/15/31 15,405
100,000 TransCanada PipeLines, Ltd., 1.875%, 1/12/18 100,124
The accompanying notes are an integral part of these financial statements.
20 Pioneer Global Multisector Income Fund | Semiannual Report | 4/30/17
--------------------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (j) (unaudited) Value
--------------------------------------------------------------------------------------------------------------
Oil & Gas Storage & Transportation -- (continued)
15,000 Williams Partners LP, 5.1%, 9/15/45 $ 15,299
----------------
$ 933,560
----------------
Total Energy $ 2,385,129
--------------------------------------------------------------------------------------------------------------
MATERIALS -- 1.1%
Diversified Chemicals -- 0.2%
85,000 CF Industries, Inc., 3.45%, 6/1/23 $ 79,262
--------------------------------------------------------------------------------------------------------------
Fertilizers & Agricultural Chemicals -- 0.2%
105,000 Agrium, Inc., 5.25%, 1/15/45 $ 116,242
--------------------------------------------------------------------------------------------------------------
Construction Materials -- 0.3%
EUR 125,000 CRH Finance DAC, 3.125%, 4/3/23 $ 154,591
--------------------------------------------------------------------------------------------------------------
Paper Packaging -- 0.3%
50,000 International Paper Co., 4.8%, 6/15/44 $ 51,141
5,000 International Paper Co., 6.0%, 11/15/41 6,018
EUR 100,000 SIG Combibloc Holdings SCA, 7.75%,
2/15/23 (144A) 116,820
----------------
$ 173,979
--------------------------------------------------------------------------------------------------------------
Copper -- 0.1%
35,000 Freeport-McMoRan, Inc., 6.75%, 2/1/22 (144A) $ 36,531
----------------
Total Materials $ 560,605
--------------------------------------------------------------------------------------------------------------
CAPITAL GOODS -- 0.8%
Aerospace & Defense -- 0.4%
50,000 Embraer Netherlands Finance BV, 5.4%, 2/1/27 $ 52,000
65,000 Rockwell Collins, 3.2%, 3/15/24 65,740
EUR 100,000 TA MFG., Ltd., 3.625%, 4/15/23 111,614
----------------
$ 229,354
--------------------------------------------------------------------------------------------------------------
Building Products -- 0.3%
30,000 Masco Corp., 4.375%, 4/1/26 $ 31,728
25,000 Masco Corp., 5.95%, 3/15/22 28,353
35,000 Owens Corning, 3.4%, 8/15/26 34,083
35,000 Owens Corning, 4.2%, 12/1/24 36,373
30,000 Standard Industries, Inc., 5.375%, 11/15/24 (144A) 31,275
----------------
$ 161,812
--------------------------------------------------------------------------------------------------------------
Trading Companies & Distributors -- 0.1%
40,000 GATX Corp., 6.0%, 2/15/18 $ 41,290
----------------
Total Capital Goods $ 432,456
--------------------------------------------------------------------------------------------------------------
TRANSPORTATION -- 0.5%
Airlines -- 0.0%+
15,000 Delta Air Lines, 2.875%, 3/13/20 $ 15,134
The accompanying notes are an integral part of these financial statements.
Pioneer Global Multisector Income Fund | Semiannual Report | 4/30/17 21
Schedule of Investments | 4/30/17 (unaudited) (continued)
--------------------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (j) (unaudited) Value
--------------------------------------------------------------------------------------------------------------
Airlines -- (continued)
6,702 Delta Air Lines 2010-2 Class A Pass Through
Trust, 4.95%, 5/23/19 $ 6,983
----------------
$ 22,117
--------------------------------------------------------------------------------------------------------------
Marine -- 0.4%
200,000 Pelabuhan Indonesia II PT, 4.25%, 5/5/25 (144A) $ 201,060
--------------------------------------------------------------------------------------------------------------
Railroads -- 0.1%
25,000 Burlington Northern Santa Fe LLC, 5.75%, 3/15/18 $ 25,926
----------------
Total Transportation $ 249,103
--------------------------------------------------------------------------------------------------------------
AUTOMOBILES & COMPONENTS -- 0.2%
Automobile Manufacturers -- 0.2%
35,000 Ford Motor Co., 4.346%, 12/8/26 $ 35,855
35,000 General Motors Co., 6.6%, 4/1/36 40,346
----------------
$ 76,201
----------------
Total Automobiles & Components $ 76,201
--------------------------------------------------------------------------------------------------------------
CONSUMER SERVICES -- 0.3%
Casinos & Gaming -- 0.2%
25,000 International Game Technology, 7.5%, 6/15/19 $ 27,469
50,000 Scientific Games International, Inc., 10.0%, 12/1/22 54,250
----------------
$ 81,719
--------------------------------------------------------------------------------------------------------------
Education Services -- 0.1%
75,000 Tufts University, 5.017%, 4/15/12 $ 75,388
----------------
Total Consumer Services $ 157,107
--------------------------------------------------------------------------------------------------------------
MEDIA -- 0.8%
Cable & Satellite -- 0.6%
100,000 Charter Communications Operating LLC,
6.384%, 10/23/35 $ 114,607
EUR 150,000 Sky Plc, 1.5%, 9/15/21 169,881
25,000 Sky Plc, 6.1%, 2/15/18 (144A) 25,826
----------------
$ 310,314
--------------------------------------------------------------------------------------------------------------
Movies & Entertainment -- 0.2%
EUR 100,000 WMG Acquisition Corp., 4.125%, 11/1/24 (144A) $ 114,441
----------------
Total Media $ 424,755
--------------------------------------------------------------------------------------------------------------
RETAILING -- 0.1%
Internet Retail -- 0.1%
50,000 Expedia, Inc., 5.95%, 8/15/20 $ 54,937
----------------
Total Retailing $ 54,937
--------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
22 Pioneer Global Multisector Income Fund | Semiannual Report | 4/30/17
--------------------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (j) (unaudited) Value
--------------------------------------------------------------------------------------------------------------
FOOD & STAPLES RETAILING -- 0.0%+
Drug Retail -- 0.0%+
12,432 CVS Pass-Through Trust, 5.773%, 1/10/33 (144A) $ 14,003
----------------
Total Food & Staples Retailing $ 14,003
--------------------------------------------------------------------------------------------------------------
FOOD, BEVERAGE & TOBACCO -- 1.1%
Brewers -- 0.1%
20,000 Anheuser-Busch InBev Worldwide, Inc.,
7.75%, 1/15/19 $ 21,942
--------------------------------------------------------------------------------------------------------------
Packaged Foods & Meats -- 1.0%
GBP 100,000 Boparan Finance Plc, 5.5%, 7/15/21 (144A) $ 129,500
70,000 Kraft Heinz Foods Co., 3.5%, 6/6/22 72,342
200,000 Marfrig Holdings Europe BV, 8.0%, 6/8/23 (144A) 212,248
90,000 Post Holdings, Inc., 5.0%, 8/15/26 (144A) 89,550
15,000 Post Holdings, Inc., 8.0%, 7/15/25 (144A) 17,062
----------------
$ 520,702
----------------
Total Food, Beverage & Tobacco $ 542,644
--------------------------------------------------------------------------------------------------------------
HEALTH CARE EQUIPMENT & SERVICES -- 0.4%
Health Care Facilities -- 0.2%
70,000 CHS, 6.875%, 2/1/22 $ 57,925
50,000 Kindred Healthcare Inc., 6.375%, 4/15/22 48,312
----------------
$ 106,237
--------------------------------------------------------------------------------------------------------------
Managed Health Care -- 0.2%
30,000 Centene Corp., 5.625%, 2/15/21 $ 31,538
25,000 Centene Corp., 6.125%, 2/15/24 26,938
20,000 Humana, Inc., 3.95%, 3/15/27 20,624
----------------
$ 79,100
----------------
Total Health Care Equipment & Services $ 185,337
--------------------------------------------------------------------------------------------------------------
PHARMACEUTICALS, BIOTECHNOLOGY &
LIFE SCIENCES -- 0.3%
Biotechnology -- 0.2%
80,000 AbbVie, Inc., 3.2%, 5/14/26 $ 77,963
--------------------------------------------------------------------------------------------------------------
Pharmaceuticals -- 0.1%
EUR 100,000 Valeant Pharmaceuticals International, Inc.,
4.5%, 5/15/23 $ 76,571
----------------
Total Pharmaceuticals, Biotechnology &
Life Sciences $ 154,534
--------------------------------------------------------------------------------------------------------------
BANKS -- 6.4%
Diversified Banks -- 6.1%
200,000 Access Bank Plc, 10.5%, 10/19/21 (144A) $ 212,372
INR 2,100,000 Asian Development Bank, 6.2%, 10/6/26 32,335
INR 1,740,000 Asian Development Bank, 6.45%, 8/8/21 27,282
The accompanying notes are an integral part of these financial statements.
Pioneer Global Multisector Income Fund | Semiannual Report | 4/30/17 23
Schedule of Investments | 4/30/17 (unaudited) (continued)
--------------------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (j) (unaudited) Value
--------------------------------------------------------------------------------------------------------------
Diversified Banks -- (continued)
EUR 200,000 2.62 Barclays Plc, Floating Rate Note, 11/11/25 $ 222,801
EUR 150,000 BNP Paribas SA, 2.375%, 2/17/25 168,851
EUR 200,000 BPCE SA, 2.875%, 4/22/26 228,850
156,000 6.25 Citigroup, Inc., Floating Rate Note, (Perpetual) 169,845
50,000 5.90 Citigroup, Inc., Floating Rate Note, (Perpetual) 52,500
75,000 Cooperatieve Rabobank UA, 3.875%, 2/8/22 79,711
EUR 200,000 8.88 Erste Group Bank AG, Floating Rate Note, (Perpetual) 251,386
EUR 200,000 ING Group NV, 3.0%, 4/11/28 232,401
INR 700,000 Inter-American Development Bank, 6.0%, 9/5/17 10,870
NZD 505,000 International Bank for Reconstruction &
Development, 3.5%, 1/22/21 352,735
NZD 45,000 International Bank for Reconstruction &
Development, 4.625%, 10/6/21 32,725
AUD 185,000 International Bank for Reconstruction &
Development, 5.75%, 10/21/19 150,576
INR 1,350,000 International Bank for Reconstruction &
Development, 5.75%, 10/28/19 20,898
25,000 JPMorgan Chase & Co., 5.625%, 8/16/43 28,768
EUR 200,000 6.38 Lloyds Banking Group Plc, Floating Rate
Note, (Perpetual) 232,368
100,000 Macquarie Bank, Ltd., 6.625%, 4/7/21 (144A) 113,276
200,000 8.00 Royal Bank of Scotland Group Plc, Floating Rate
Note, (Perpetual) 207,500
50,000 4.50 Scotiabank Peru SAA, Floating Rate Note,
12/13/27 (144A) 51,250
EUR 200,000 UBS Group Funding Jersey, Ltd., 1.75%, 11/16/22 229,573
----------------
$ 3,108,873
--------------------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- 0.3%
GBP 125,000 Nationwide Building Society, 3.0%, 5/6/26 $ 173,077
----------------
Total Banks $ 3,281,950
--------------------------------------------------------------------------------------------------------------
DIVERSIFIED FINANCIALS -- 5.7%
Other Diversified Financial Services -- 1.4%
INR 11,500,000 European Investment Bank, 6%, 5/4/20 $ 178,704
IDR 2,440,000,000 European Investment Bank, 7.2%, 7/9/19 (144A) 184,094
NZD 100,000 JPMorgan Chase & Co., 4.25%, 11/2/18 69,714
90,000 6.75 JPMorgan Chase & Co., Floating Rate
Note, (Perpetual) 101,520
200,000 Republic of Parguy, 4.7%, 3/27/27 (144A) 203,800
----------------
$ 737,832
--------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
24 Pioneer Global Multisector Income Fund | Semiannual Report | 4/30/17
--------------------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (j) (unaudited) Value
--------------------------------------------------------------------------------------------------------------
Specialized Finance -- 0.3%
56,000 Cantor Fitzgerald LP, 7.875%, 10/15/19 (144A) $ 61,300
EUR 100,000 Holcim Finance Luxembourg SA, 2.25%, 5/26/28 114,817
----------------
$ 176,117
--------------------------------------------------------------------------------------------------------------
Consumer Finance -- 3.2%
INR 81,420,000 International Finance Corp., 6.3%, 11/25/24 $ 1,265,742
INR 20,750,000 International Finance Corp., 8.25%, 6/10/21 344,941
----------------
$ 1,610,683
--------------------------------------------------------------------------------------------------------------
Investment Banking & Brokerage -- 0.3%
75,000 Morgan Stanley, 4.1%, 5/22/23 $ 77,852
50,000 Morgan Stanley, 4.875%, 11/1/22 54,374
----------------
$ 132,226
--------------------------------------------------------------------------------------------------------------
Diversified Capital Markets -- 0.5%
EUR 200,000 7.75 Intesa Sanpaolo S.p.A., Floating Rate
Note, (Perpetual) $ 233,174
10,000 Macquarie Group, Ltd., 6.0%, 1/14/20 (144A) 10,889
----------------
$ 244,063
----------------
Total Diversified Financials $ 2,900,921
--------------------------------------------------------------------------------------------------------------
INSURANCE -- 1.5%
Insurance Brokers -- 0.2%
100,000 Brown & Brown, Inc., 4.2%, 9/15/24 $ 104,251
--------------------------------------------------------------------------------------------------------------
Life & Health Insurance -- 0.8%
EUR 200,000 4.75 Credit Agricole Assurances SA, Floating Rate
Note, 9/27/48 $ 233,174
45,000 Protective Life Corp., 7.375%, 10/15/19 50,440
100,000 5.88 Prudential Financial, Inc., Floating Rate
Note, 9/15/42 110,480
----------------
$ 394,094
--------------------------------------------------------------------------------------------------------------
Multi-line Insurance -- 0.2%
60,000 AXA SA, 8.6%, 12/15/30 $ 83,700
--------------------------------------------------------------------------------------------------------------
Property & Casualty Insurance -- 0.1%
35,000 Delphi Financial Group, Inc., 7.875%, 1/31/20 $ 39,638
--------------------------------------------------------------------------------------------------------------
Reinsurance -- 0.2%
30,000 Gullane Segregated Account (Artex SAC Ltd.),
Variable Rate Note 11/30/20 (e) (f) $ 1,257
30,000 Gullane Segregated Account (Artex SAC Ltd.),
Variable Rate Note 11/30/21 (e) (f) 30,513
30,000 Lorenz Re, Ltd., Variable Rate Notes, 3/31/18 (e) (f) 174
30,000 Lorenz Re, Ltd., Variable Rate Notes, 3/31/19 (e) (f) 1,680
30,000 Lorenz Re, Ltd., Variable Rate Notes, 3/31/20 (e) (f) 30,180
The accompanying notes are an integral part of these financial statements.
Pioneer Global Multisector Income Fund | Semiannual Report | 4/30/17 25
Schedule of Investments | 4/30/17 (unaudited) (continued)
--------------------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (j) (unaudited) Value
--------------------------------------------------------------------------------------------------------------
Reinsurance -- (continued)
30,000 Pangaea Re, Series 2015-2, Principal at Risk
Notes, 11/30/19 (e) (f) $ 2,421
50,000 Pangaea Re., Variable Rate Notes, 11/30/21 (e) (f) 51,375
30,000 Pangaea Re., Variable Rate Notes, 2/1/20 (e) (f) 4,170
JPY 2,513,320 Tralee Segregated Account (Artex), Variable Rate
Note 7/15/17 (e) (f) 22,464
----------------
$ 144,234
----------------
Total Insurance $ 765,917
--------------------------------------------------------------------------------------------------------------
SOFTWARE & SERVICES -- 0.1%
Home Entertainment Software -- 0.1%
50,000 Activision Blizzard, Inc., 6.125%, 9/15/23 (144A) $ 54,250
----------------
Total Software & Services $ 54,250
--------------------------------------------------------------------------------------------------------------
TECHNOLOGY HARDWARE & EQUIPMENT -- 0.3%
Electronic Components -- 0.1%
41,000 Amphenol Corp., 3.2%, 4/1/24 $ 41,488
--------------------------------------------------------------------------------------------------------------
Electronic Manufacturing Services -- 0.2%
100,000 Flex, Ltd., 4.625%, 2/15/20 $ 105,160
----------------
Total Technology Hardware & Equipment $ 146,648
--------------------------------------------------------------------------------------------------------------
SEMICONDUCTORS & SEMICONDUCTOR
EQUIPMENT -- 0.2%
Semiconductor Equipment -- 0.1%
25,000 Entegris, Inc., 6.0%, 4/1/22 (144A) $ 26,062
--------------------------------------------------------------------------------------------------------------
Semiconductors -- 0.1%
15,000 Broadcom Corp., 3.625%, 1/15/24 (144A) $ 15,218
55,000 Micron Technology, Inc., 5.25%, 8/1/23 (144A) 56,925
----------------
$ 72,143
----------------
Total Semiconductors & Semiconductor Equipment $ 98,205
--------------------------------------------------------------------------------------------------------------
TELECOMMUNICATION SERVICES -- 1.8%
Integrated Telecommunication Services -- 0.8%
25,000 AT&T, Inc., 3.95%, 1/15/25 $ 25,317
40,000 Frontier Communications Corp., 7.125%, 1/15/23 35,000
19,000 Frontier Communications Corp., 8.5%, 4/15/20 20,211
GBP 100,000 Koninklijke KPN NV, 5.0%, 11/18/26 154,087
EUR 125,000 5.00 Orange SA, Floating Rate Note, (Perpetual) 151,129
25,000 Unison Ground Lease Funding LLC, 2.981%,
3/16/43 (144A) 24,469
----------------
$ 410,213
--------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
26 Pioneer Global Multisector Income Fund | Semiannual Report | 4/30/17
--------------------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (j) (unaudited) Value
--------------------------------------------------------------------------------------------------------------
Wireless Telecommunication Services -- 1.0%
30,000 Crown Castle Towers LLC, 4.883%, 8/15/20 (144A) $ 31,990
200,000 Digicel, Ltd., 6.0%, 4/15/21 (144A) 190,000
200,000 MTN Mauritius Investment, Ltd., 6.5%,
10/13/26 (144A) 205,600
50,000 SBA Tower Trust, 2.877%, 7/15/21 (144A) 49,958
50,000 Sprint Corp., 7.25%, 9/15/21 54,688
----------------
$ 532,236
----------------
Total Telecommunication Services $ 942,449
--------------------------------------------------------------------------------------------------------------
UTILITIES -- 2.7%
Electric Utilities -- 2.0%
EUR 100,000 EDP Finance BV, 1.875%, 9/29/23 $ 111,820
100,000 Electricite de France SA, 6.0%, 1/22/14 (144A) 103,602
EUR 100,000 4.25 Electricite de France SA, Floating Rate
Note, (Perpetual) 113,863
200,000 8.13 Enel S.p.A., Floating Rate Note, 9/24/73 (144A) 234,000
GBP 75,000 innogy Finance BV, 5.625%, 12/6/23 119,257
85,000 Nextera Energy, 3.55%, 5/1/27 85,546
70,000 Public Service Co. of New Mexico, 7.95%, 5/15/18 74,333
50,000 6.25 Southern California Edison Co., Floating Rate
Note (Perpetual) 55,688
115,000 Talen Energy Supply LLC, 6.5%, 6/1/25 91,425
10,000 West Penn Power Co., 5.95%, 12/15/17 (144A) 10,250
----------------
$ 999,784
--------------------------------------------------------------------------------------------------------------
Gas Utilities -- 0.5%
84,856 Nakilat, Inc., 6.267%, 12/31/33 (144A) $ 98,433
GBP 125,000 National Grid Gas Finance Plc, 2.125%, 9/22/28 158,946
----------------
$ 257,379
--------------------------------------------------------------------------------------------------------------
Independent Power Producers & Energy
Traders -- 0.2%
125,000 NRG Energy, Inc., 7.25%, 5/15/26 $ 127,812
----------------
Total Utilities $ 1,384,975
--------------------------------------------------------------------------------------------------------------
REAL ESTATE -- 0.8%
Diversified REIT -- 0.3%
EUR 100,000 3.75 ATF Netherlands BV, Floating Rate Note, (Perpetual) $ 109,221
55,000 Essex Portfolio LP, 3.625%, 5/1/27 54,740
----------------
$ 163,961
--------------------------------------------------------------------------------------------------------------
Office REIT -- 0.2%
25,000 Alexandria Real Estate Equities, Inc., 3.9%, 6/15/23 $ 25,726
40,000 Alexandria Real Estate Equities, Inc., 4.6%, 4/1/22 42,603
35,000 Highwoods Realty LP, 3.625%, 1/15/23 35,492
----------------
$ 103,821
--------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Global Multisector Income Fund | Semiannual Report | 4/30/17 27
Schedule of Investments | 4/30/17 (unaudited) (continued)
--------------------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (j) (unaudited) Value
--------------------------------------------------------------------------------------------------------------
Residential REIT -- 0.1%
50,000 UDR, Inc., 4.0%, 10/1/25 $ 51,426
--------------------------------------------------------------------------------------------------------------
Specialized REIT -- 0.2%
100,000 Communications Sales & Leasing, Inc., 6.0%,
4/15/23 (144A) $ 104,063
----------------
Total Real Estate $ 423,271
--------------------------------------------------------------------------------------------------------------
TOTAL CORPORATE BONDS
(Cost $14,714,734) $ 15,235,397
--------------------------------------------------------------------------------------------------------------
U.S. GOVERNMENT AND AGENCY
OBLIGATIONS -- 22.7%
49,146 Fannie Mae, 3.0%, 1/1/47 $ 49,355
48,391 Fannie Mae, 3.0%, 10/1/46 48,368
68,275 Fannie Mae, 3.0%, 11/1/46 68,243
48,747 Fannie Mae, 3.0%, 2/1/43 48,965
31,424 Fannie Mae, 3.0%, 3/1/43 31,564
34,897 Fannie Mae, 3.0%, 3/1/47 34,880
27,203 Fannie Mae, 3.0%, 5/1/31 28,040
31,433 Fannie Mae, 3.0%, 5/1/43 31,574
36,372 Fannie Mae, 3.0%, 5/1/43 36,531
35,024 Fannie Mae, 3.0%, 6/1/45 35,140
24,172 Fannie Mae, 3.0%, 9/1/46 24,160
25,491 Fannie Mae, 3.5%, 1/1/46 26,235
39,651 Fannie Mae, 3.5%, 1/1/47 40,860
49,773 Fannie Mae, 3.5%, 1/1/47 51,226
49,535 Fannie Mae, 3.5%, 1/1/47 51,217
111,500 Fannie Mae, 3.5%, 10/1/45 114,895
73,205 Fannie Mae, 3.5%, 12/1/46 75,342
36,323 Fannie Mae, 3.5%, 2/1/29 37,990
99,323 Fannie Mae, 3.5%, 2/1/45 102,840
37,120 Fannie Mae, 3.5%, 2/1/45 38,375
124,315 Fannie Mae, 3.5%, 2/1/47 127,944
172,225 Fannie Mae, 3.5%, 5/1/44 177,751
220,000 Fannie Mae, 3.5%, 5/11/17 (TBA) 226,213
56,052 Fannie Mae, 3.5%, 6/1/42 57,938
24,765 Fannie Mae, 3.5%, 6/1/45 25,517
89,003 Fannie Mae, 3.5%, 7/1/46 91,602
49,974 Fannie Mae, 3.5%, 8/1/45 51,432
22,018 Fannie Mae, 3.5%, 8/1/45 22,661
33,600 Fannie Mae, 3.5%, 8/1/46 34,581
153,803 Fannie Mae, 3.5%, 9/1/42 158,903
68,899 Fannie Mae, 3.5%, 9/1/45 71,208
The accompanying notes are an integral part of these financial statements.
28 Pioneer Global Multisector Income Fund | Semiannual Report | 4/30/17
--------------------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (j) (unaudited) Value
--------------------------------------------------------------------------------------------------------------
U.S. GOVERNMENT AND AGENCY
OBLIGATIONS -- (continued)
25,087 Fannie Mae, 3.5%, 9/1/45 $ 25,952
38,859 Fannie Mae, 3.5%, 9/1/46 39,993
96,683 Fannie Mae, 4.0%, 1/1/42 102,216
169,060 Fannie Mae, 4.0%, 1/1/47 178,232
44,031 Fannie Mae, 4.0%, 10/1/40 47,041
145,136 Fannie Mae, 4.0%, 10/1/43 153,771
21,486 Fannie Mae, 4.0%, 10/1/44 22,644
86,361 Fannie Mae, 4.0%, 10/1/45 91,018
48,865 Fannie Mae, 4.0%, 11/1/43 51,942
110,058 Fannie Mae, 4.0%, 11/1/44 115,993
117,994 Fannie Mae, 4.0%, 11/1/45 125,319
24,478 Fannie Mae, 4.0%, 11/1/46 25,798
24,773 Fannie Mae, 4.0%, 11/1/46 26,109
64,945 Fannie Mae, 4.0%, 12/1/45 68,447
19,509 Fannie Mae, 4.0%, 2/1/42 20,612
25,000 Fannie Mae, 4.0%, 4/1/47 26,456
44,935 Fannie Mae, 4.0%, 4/1/47 47,553
21,916 Fannie Mae, 4.0%, 5/1/46 23,098
48,939 Fannie Mae, 4.0%, 6/1/46 51,577
117,184 Fannie Mae, 4.0%, 7/1/46 123,503
47,221 Fannie Mae, 4.0%, 8/1/46 49,767
23,763 Fannie Mae, 4.0%, 8/1/46 25,044
8,728 Fannie Mae, 4.5%, 11/1/40 9,451
39,117 Fannie Mae, 4.5%, 11/1/43 42,108
17,423 Fannie Mae, 4.5%, 12/1/40 18,867
54,883 Fannie Mae, 4.5%, 2/1/44 59,121
44,824 Fannie Mae, 4.5%, 2/1/44 48,309
44,886 Fannie Mae, 4.5%, 2/1/47 48,378
17,303 Fannie Mae, 4.5%, 4/1/41 18,680
11,571 Fannie Mae, 4.5%, 5/1/41 12,574
46,135 Fannie Mae, 4.5%, 5/1/46 49,654
135,000 Fannie Mae, 4.5%, 5/11/17 (TBA) 145,230
18,710 Fannie Mae, 5.0%, 6/1/40 20,526
12,706 Fannie Mae, 5.5%, 10/1/35 14,166
18,061 Federal Home Loan Mortgage Corp., 3.0%, 1/1/43 18,145
24,880 Federal Home Loan Mortgage Corp., 3.0%, 12/1/46 24,862
33,231 Federal Home Loan Mortgage Corp., 3.0%, 2/1/43 33,379
73,883 Federal Home Loan Mortgage Corp., 3.0%, 2/1/47 73,831
66,243 Federal Home Loan Mortgage Corp., 3.0%, 4/1/43 66,559
41,259 Federal Home Loan Mortgage Corp., 3.0%, 4/1/43 41,456
The accompanying notes are an integral part of these financial statements.
Pioneer Global Multisector Income Fund | Semiannual Report | 4/30/17 29
Schedule of Investments | 4/30/17 (unaudited) (continued)
--------------------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (j) (unaudited) Value
--------------------------------------------------------------------------------------------------------------
U.S. GOVERNMENT AND AGENCY
OBLIGATIONS -- (continued)
19,164 Federal Home Loan Mortgage Corp., 3.0%, 5/1/43 $ 19,242
35,000 Federal Home Loan Mortgage Corp., 3.0%,
5/11/17 (TBA) 34,951
15,264 Federal Home Loan Mortgage Corp., 3.0%, 9/1/42 15,332
24,195 Federal Home Loan Mortgage Corp., 3.0%, 9/1/46 24,178
19,993 Federal Home Loan Mortgage Corp., 3.5%, 10/1/42 20,668
124,968 Federal Home Loan Mortgage Corp., 3.5%, 11/1/45 128,695
126,501 Federal Home Loan Mortgage Corp., 3.5%, 12/1/44 130,189
74,094 Federal Home Loan Mortgage Corp., 3.5%, 12/1/46 76,597
21,255 Federal Home Loan Mortgage Corp., 3.5%, 3/1/46 21,874
50,000 Federal Home Loan Mortgage Corp., 3.5%,
5/11/17 (TBA) 51,412
103,015 Federal Home Loan Mortgage Corp., 3.5%, 6/1/45 106,494
88,848 Federal Home Loan Mortgage Corp., 3.5%, 7/1/46 91,930
37,949 Federal Home Loan Mortgage Corp., 3.5%, 8/1/46 39,146
123,499 Federal Home Loan Mortgage Corp., 3.5%, 8/1/46 127,574
98,655 Federal Home Loan Mortgage Corp., 3.5%, 8/1/46 101,895
128,130 Federal Home Loan Mortgage Corp., 4.0%, 1/1/44 135,009
24,753 Federal Home Loan Mortgage Corp., 4.0%, 1/1/46 26,078
14,240 Federal Home Loan Mortgage Corp., 4.0%, 12/1/44 15,003
37,847 Federal Home Loan Mortgage Corp., 4.0%, 2/1/44 40,071
38,817 Federal Home Loan Mortgage Corp., 4.0%, 2/1/46 40,895
25,146 Federal Home Loan Mortgage Corp., 4.0%, 3/1/46 26,492
119,576 Federal Home Loan Mortgage Corp., 4.0%, 4/1/47 125,979
50,000 Federal Home Loan Mortgage Corp., 4.0%, 4/1/47 52,868
25,000 Federal Home Loan Mortgage Corp., 4.0%, 4/1/47 26,434
50,000 Federal Home Loan Mortgage Corp., 4.0%, 4/1/47 52,677
25,000 Federal Home Loan Mortgage Corp., 4.0%, 4/1/47 26,434
222,435 Federal Home Loan Mortgage Corp., 4.0%, 5/1/44 234,344
22,933 Federal Home Loan Mortgage Corp., 4.0%, 6/1/46 24,161
49,358 Federal Home Loan Mortgage Corp., 4.5%, 6/1/41 53,273
31,625 Federal Home Loan Mortgage Corp., 5.0%, 10/1/38 34,550
7,645 Federal Home Loan Mortgage Corp., 5.0%, 12/1/39 8,432
4,904 Federal Home Loan Mortgage Corp., 5.0%, 5/1/39 5,391
27,109 Federal Home Loan Mortgage Corp., 5.0%, 9/1/38 29,611
18,411 Federal Home Loan Mortgage Corp., 6.0%, 8/1/37 20,865
18,535 Federal Home Loan Mortgage Corp., 6.5%, 1/1/38 21,421
42,792 Federal Home Loan Mortgage Corp., 6.5%, 4/1/38 47,525
27,784 Federal National Mortgage Association, 3.5%, 7/1/46 28,595
48,257 Federal National Mortgage Association, 5.0%, 8/1/31 53,201
The accompanying notes are an integral part of these financial statements.
30 Pioneer Global Multisector Income Fund | Semiannual Report | 4/30/17
--------------------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (j) (unaudited) Value
--------------------------------------------------------------------------------------------------------------
U.S. GOVERNMENT AND AGENCY
OBLIGATIONS -- (continued)
120,335 Government National Mortgage Association I,
3.5%, 1/15/45 $ 125,066
11,513 Government National Mortgage Association I,
3.5%, 10/15/42 12,014
66,328 Government National Mortgage Association I,
3.5%, 11/15/41 69,087
37,455 Government National Mortgage Association I,
3.5%, 8/15/46 38,956
49,848 Government National Mortgage Association I,
4.0%, 4/15/45 52,766
73,627 Government National Mortgage Association I,
4.0%, 6/15/45 77,876
33,396 Government National Mortgage Association I,
4.5%, 1/15/40 36,413
13,342 Government National Mortgage Association I,
4.5%, 10/15/40 14,327
24,651 Government National Mortgage Association I,
4.5%, 7/15/41 26,420
27,857 Government National Mortgage Association I,
4.5%, 9/15/40 30,260
38,749 Government National Mortgage Association II,
3.0%, 9/20/46 39,315
124,104 Government National Mortgage Association II,
3.5%, 1/20/47 129,158
122,015 Government National Mortgage Association II,
3.5%, 11/20/46 126,984
75,000 Government National Mortgage Association II,
3.5%, 4/20/47 78,054
118,951 Government National Mortgage Association II,
4.0%, 1/20/47 125,947
169,674 Government National Mortgage Association II,
4.0%, 3/20/47 179,652
118,410 Government National Mortgage Association II,
4.5%, 1/20/47 126,527
26,752 Government National Mortgage Association II,
4.5%, 10/20/44 28,566
58,499 Government National Mortgage Association II,
4.5%, 11/20/44 62,465
119,209 Government National Mortgage Association II,
4.5%, 2/20/47 127,414
90,000 Government National Mortgage Association II,
4.5%, 4/20/47 96,206
39,522 Government National Mortgage Association II,
4.5%, 9/20/41 42,645
The accompanying notes are an integral part of these financial statements.
Pioneer Global Multisector Income Fund | Semiannual Report | 4/30/17 31
Schedule of Investments | 4/30/17 (unaudited) (continued)
--------------------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (j) (unaudited) Value
--------------------------------------------------------------------------------------------------------------
U.S. GOVERNMENT AND AGENCY
OBLIGATIONS -- (continued)
1,200,000 U.S. Treasury Bills, 5/11/17 (c) $ 1,199,779
424,141 U.S. Treasury Inflation Indexed Bonds, 0.75%, 2/15/45 407,510
231,323 U.S. Treasury Inflation Indexed Bonds, 1.0%, 2/15/46 236,956
75,000 U.S. Treasury Notes, 1.125%, 7/31/21 73,131
375,000 U.S. Treasury Notes, 1.5%, 8/15/26 350,684
700,000 U.S. Treasury Notes, 1.625%, 5/15/26 663,250
700,000 U.S. Treasury Notes, 2.25%, 2/15/27 697,949
--------------------------------------------------------------------------------------------------------------
TOTAL U.S. GOVERNMENT AND AGENCY OBLIGATIONS
(Cost $11,496,229) $ 11,603,794
--------------------------------------------------------------------------------------------------------------
FOREIGN GOVERNMENT BONDS -- 35.9%
408,000 Africa Finance Corp., 4.375%, 4/29/20 (144A) $ 422,231
100,000 Argentina, Government Bond, 6.875%, 6/26/27 105,650
300,000 Argentina, Government Bond, 7.5%, 4/22/26 328,650
AUD 1,725,000 Australia Government Bond, 4.75%, 4/21/27 1,535,449
EUR 50,000 Austria Government Bond, 4.15%, 3/15/37 (144A) 83,741
228,000 Brazil Minas SPE via State of Minas Gerais,
5.333%, 2/15/28 (144A) 225,150
CAD 1,500,000 Canadian Government Bond, 1.75%, 9/1/19 1,123,395
CAD 1,500,000 Canadian Government Bond, 2.25%, 6/1/25 1,173,924
250,000 City of Buenos Aires Argentina, 7.5%, 6/1/27 (144A) 267,800
EGP 10,750,000 Egypt Treasury, 3/6/18 (c) 513,502
131,579 6.79 EP PetroEcuador via Noble Sovereign Funding I,
Ltd., Floating Rate Note, 9/24/19 131,842
400,000 Gabon Government International Bond, 6.375%,
12/12/24 (144A) 391,700
GHS 700,000 Ghana Government Bond, 21.5%, 3/9/20 169,877
GHS 798,000 Ghana Government Bond, 24.5%, 4/22/19 201,024
GHS 314,000 Ghana Government Bond, 24.75%, 7/19/21 85,054
315,000 Honduras Government International Bond,
6.25%, 1/19/27 (144A) 326,230
422,000 Ivory Coast Government International Bond,
5.375%, 7/23/24 (144A) 410,879
415,000 Ivory Coast Government International Bond,
6.375%, 3/3/28 (144A) 417,191
JPY 120,000,000 Japan Government Ten Year Bond, 0.1%, 9/20/26 1,087,563
JPY 50,000,000 Japan Government Ten Year Bond, 1.0%, 12/20/21 472,987
JPY 50,000,000 Japan Government Twenty Year Bond, 1.5%, 3/20/19 463,309
MXN 3,830,000 Mexican Bonos, 4.75%, 6/14/18 199,115
MXN 2,400,000 Mexican Bonos, 6.5%, 6/9/22 124,177
MXN 300,000 Mexican Bonos, 7.5%, 6/3/27 16,226
MXN 3,898,300 Mexican Udibonos, 2.0%, 6/9/22 194,846
The accompanying notes are an integral part of these financial statements.
32 Pioneer Global Multisector Income Fund | Semiannual Report | 4/30/17
--------------------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (j) (unaudited) Value
--------------------------------------------------------------------------------------------------------------
FOREIGN GOVERNMENT BONDS -- (continued)
MXN 4,023,607 Mexican Udibonos, 3.5%, 12/14/17 $ 213,530
EUR 100,000 Mexico Government International Bond,
4.0%, 3/15/15 97,950
419,000 Namibia International Bonds, 5.25%,
10/29/25 (144A) 424,238
NZD 2,125,000 New Zealand Government Bond, 5.5%, 4/15/23 1,680,942
NOK 4,000,000 Norway Government Bond, 2.0%, 5/24/23 487,049
NOK 5,500,000 Norway Government Bond, 4.5%, 5/22/19 691,587
200,000 Oman Government Bond, 5.375%, 3/8/27 208,668
300,000 Provincia de Buenos Aires Argentina, 9.125%,
3/16/24 (144A) 340,650
300,000 Provincia de Buenos Aires Argentina, 9.95%,
6/9/21 (144A) 346,560
210,000 Provincia de Entre Rios Argentina, 8.75%,
2/8/25 (144A) 214,553
AUD 90,000 Queensland Treasury Corp., 5.5%, 6/21/21 75,957
AUD 100,000 Queensland Treasury Corp., 5.75%, 7/22/24 89,450
RON 750,000 Romania Government Bond, 5.85%, 4/26/23 205,756
RON 1,140,000 Romania Government Bond, 5.95%, 6/11/21 308,867
SEK 2,300,000 Sweden Government Bond, 2.5%, 5/12/25 303,230
200,000 Turkey Government International Bond, 6.0%, 3/25/27 214,000
140,000 Turkey Hazine Mustesarligi, 5.004%, 4/6/23 (144A) 142,660
GBP 435,000 United Kingdom Gilt, 1.75%, 7/22/19 584,300
GBP 450,000 United Kingdom Gilt, 3.5%, 1/22/45 804,835
GBP 150,000 United Kingdom Gilt, 4.25%, 9/7/39 284,891
GBP 150,000 United Kingdom Gilt, 8.75%, 8/25/17 199,564
--------------------------------------------------------------------------------------------------------------
TOTAL FOREIGN GOVERNMENT BONDS
(Cost $18,955,657) $ 18,390,749
--------------------------------------------------------------------------------------------------------------
MUNICIPAL BONDS -- 1.0% (g)
Municipal General -- 0.3%
70,000 JobsOhio Beverage System, 3.985%, 1/1/29 $ 74,731
20,000 JobsOhio Beverage System, 4.532%, 1/1/35 21,707
30,000 Virginia Commonwealth Transportation Board,
4.0%, 5/15/31 32,129
30,000 Virginia Commonwealth Transportation Board,
4.0%, 5/15/32 31,912
----------------
$ 160,479
--------------------------------------------------------------------------------------------------------------
Higher Municipal Education -- 0.4%
25,000 Baylor University, 4.313%, 3/1/42 $ 25,983
25,000 California Educational Facilities Authority,
5.0%, 6/1/46 32,518
The accompanying notes are an integral part of these financial statements.
Pioneer Global Multisector Income Fund | Semiannual Report | 4/30/17 33
Schedule of Investments | 4/30/17 (unaudited) (continued)
--------------------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (j) (unaudited) Value
--------------------------------------------------------------------------------------------------------------
Higher Municipal Education -- (continued)
15,000 Massachusetts Development Finance Agency,
Harvard University-Series A, 5.0%, 7/15/40 $ 19,169
25,000 Massachusetts Institute of Technology, 5.6%, 7/1/11 31,214
50,000 University of Virginia, Green Bond Series A,
5.0%, 4/1/45 57,234
----------------
$ 166,118
--------------------------------------------------------------------------------------------------------------
Municipal School District -- 0.1%
25,000 Frisco Independent School District, 4.0%, 8/15/40 $ 26,036
25,000 Frisco Independent School District, 4.0%, 8/15/45 25,880
----------------
$ 51,916
--------------------------------------------------------------------------------------------------------------
Municipal Obligation -- 0.2%
50,000 State of Texas, 4.0%, 10/1/44 $ 51,786
50,000 State of Washington, 5.0%, 7/1/30 58,261
----------------
$ 110,047
--------------------------------------------------------------------------------------------------------------
TOTAL MUNICIPAL BONDS
(Cost $474,099) $ 488,560
--------------------------------------------------------------------------------------------------------------
SENIOR FLOATING RATE LOAN
INTERESTS -- 2.1%**
MATERIALS -- 0.1%
Steel -- 0.1%
49,875 4.91 Zekelman Industries, Inc., Term Loan, 6/8/21 $ 50,530
----------------
Total Materials $ 50,530
--------------------------------------------------------------------------------------------------------------
CAPITAL GOODS -- 0.1%
Industrial Conglomerates -- 0.1%
49,750 3.00 Milacron LLC, Term Loan (First Lien), 9/25/23 $ 50,061
----------------
Total Capital Goods $ 50,061
--------------------------------------------------------------------------------------------------------------
AUTOMOBILES & COMPONENTS -- 0.2%
Auto Parts & Equipment -- 0.2%
50,000 3.24 American Axle and Manufacturing, Inc., Term
Loan (First Lien), 3/9/24 $ 49,856
49,873 5.90 Electrical Components International, Inc.,
Loan, 4/17/21 50,278
----------------
$ 100,134
----------------
Total Automobiles & Components $ 100,134
--------------------------------------------------------------------------------------------------------------
CONSUMER SERVICES -- 0.1%
Specialized Consumer Services -- 0.1%
49,875 4.92 Kindercare Education LLC, Term Loan (First
Lien), 8/13/22 $ 50,223
----------------
Total Consumer Services $ 50,223
--------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
34 Pioneer Global Multisector Income Fund | Semiannual Report | 4/30/17
--------------------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (j) (unaudited) Value
--------------------------------------------------------------------------------------------------------------
MEDIA -- 0.2%
Cable & Satellite -- 0.1%
50,000 3.74 UPC Financing Partnership, Facility AP, 4/15/25 $ 50,244
Movies & Entertainment -- 0.1%
49,875 3.49 Regal Cinemas Corp., Refinancing Term Loan, 4/1/22 $ 50,479
----------------
Total Media $ 100,723
--------------------------------------------------------------------------------------------------------------
RETAILING -- 0.1%
Automotive Retail -- 0.1%
49,875 4.74 CWGS Group LLC, Term Loan, 11/3/23 $ 50,286
----------------
Total Retailing $ 50,286
--------------------------------------------------------------------------------------------------------------
FOOD, BEVERAGE & TOBACCO -- 0.1%
Packaged Foods & Meats -- 0.1%
24,937 6.65 Give & Go Prepared Foods Corp., Term Loan
(First Lien), 7/12/23 $ 25,166
----------------
Total Food, Beverage & Tobacco $ 25,166
--------------------------------------------------------------------------------------------------------------
HEALTH CARE EQUIPMENT & SERVICES -- 0.1%
Health Care Facilities -- 0.1%
49,366 4.69 Kindred Healthcare, Inc., Tranche B Loan (First
Lien), 4/10/21 $ 49,497
--------------------------------------------------------------------------------------------------------------
Health Care Technology -- 0.0%+
25,000 3.75 Change Healthcare Holdings LLC, Term Loan
(First Lien), 2/3/24 $ 25,100
----------------
Total Health Care Equipment & Services $ 74,597
--------------------------------------------------------------------------------------------------------------
PHARMACEUTICALS, BIOTECHNOLOGY &
LIFE SCIENCES -- 0.5%
Pharmaceuticals -- 0.5%
99,747 4.00 Endo Luxembourg Finance I Co Sarl, 2015
Incremental Term B Loan, 6/24/22 $ 99,969
100,000 5.00 Endo Luxembourg Finance, Term Loan (First
Lien), 4/12/24 100,641
50,000 3.15 RPI Finance Trust, Term Loan (First Lien), 3/17/23 50,258
----------------
$ 250,868
----------------
Total Pharmaceuticals, Biotechnology &
Life Sciences $ 250,868
--------------------------------------------------------------------------------------------------------------
DIVERSIFIED FINANCIALS -- 0.1%
Specialized Finance -- 0.1%
49,896 3.31 Restaurant Brands, Term Loan (First Lien), 2/17/24 $ 49,984
----------------
Total Diversified Financials $ 49,984
--------------------------------------------------------------------------------------------------------------
SOFTWARE & SERVICES -- 0.2%
Internet Software & Services -- 0.1%
24,938 4.53 Rackspace Hosting, Inc., Term B Loan (First
Lien), 10/26/23 $ 25,143
--------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Global Multisector Income Fund | Semiannual Report | 4/30/17 35
Schedule of Investments | 4/30/17 (unaudited) (continued)
--------------------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (j) (unaudited) Value
--------------------------------------------------------------------------------------------------------------
IT Consulting & Other Services -- 0.0%+
25,000 3.49 Go Daddy Operating Co LLC, Initial Term Loan, 2/6/24 $ 25,113
--------------------------------------------------------------------------------------------------------------
Systems Software -- 0.1%
6,000 0.00 MA Finance Co., Term Loan (First Lien), 4/18/24 $ 6,030
44,000 2.75 Seattle Spinco, Inc., Term Loan (First Lien), 4/18/24 44,220
----------------
$ 50,250
----------------
Total Software & Services $ 100,506
--------------------------------------------------------------------------------------------------------------
TELECOMMUNICATION SERVICES -- 0.1%
Wireless Telecommunication Services -- 0.1%
50,000 3.50 Sprint Communications, Inc., Term Loan (First
Lien), 2/2/24 $ 50,099
----------------
Total Telecommunication Services $ 50,099
--------------------------------------------------------------------------------------------------------------
REAL ESTATE -- 0.2%
Retail REIT -- 0.2%
99,494 4.40 DTZ US Borrower LLC, 2015-1 Additional Term
Loan (First Lien), 11/4/21 $ 100,157
----------------
Total Real Estate $ 100,157
--------------------------------------------------------------------------------------------------------------
TOTAL SENIOR FLOATING RATE LOAN INTERESTS
(Cost $1,045,039) $ 1,053,334
--------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------
Shares
--------------------------------------------------------------------------------------------------------------
CLOSED-END FUND -- 2.0%
INSURANCE -- 2.0%
Property & Casualty Insurance -- 2.0%
101,590 Pioneer ILS Interval Fund (h) $ 1,059,588
----------------
Total Insurance $ 1,059,588
--------------------------------------------------------------------------------------------------------------
TOTAL CLOSED-END FUND
(Cost $1,063,947) $ 1,059,588
--------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------
Principal
Amount ($) (j)
--------------------------------------------------------------------------------------------------------------
TEMPORARY CASH INVESTMENTS -- 0.2%
Commercial Paper -- 0.2%
130,000 Natixis, Commercial Paper, 5/1/17 (c) $ 129,990
--------------------------------------------------------------------------------------------------------------
TOTAL TEMPORARY CASH INVESTMENTS
(Cost $130,000) $ 129,990
--------------------------------------------------------------------------------------------------------------
TOTAL INVESTMENT IN SECURITIES -- 97.5%
(Cost $49,840,090) (a) (i) $ 49,909,495
--------------------------------------------------------------------------------------------------------------
OTHER ASSETS & LIABILITIES -- 2.5% $ 1,270,907
--------------------------------------------------------------------------------------------------------------
NET ASSETS -- 100.0% $ 51,180,402
==============================================================================================================
The accompanying notes are an integral part of these financial statements.
36 Pioneer Global Multisector Income Fund | Semiannual Report | 4/30/17
+ Amount rounds to less than 0.1%.
(TBA) To be announced securities.
(Perpetual) Security with no stated maturity date.
(Step) Bond issued with an initial coupon rate which converts to a higher
rate at a later date.
REIT Real Estate Investment Trust.
REMICS Real Estate Mortgage Investment Conduits.
(144A) Security is exempt from registration under Rule 144A of the
Securities Act of 1933. Such securities may be resold normally to
qualified institutional buyers in a transaction exempt from
registration. At April 30, 2017, the value of these securities
amounted to $8,074,839 or 15.8% of net assets.
** Senior floating rate loan interests in which the Fund invests
generally pay interest at rates that are periodically redetermined
by reference to a base lending rate plus a premium. These base
lending rates are generally (i) the lending rate offered by one or
more major European banks, such as LIBOR (London InterBank Offered
Rate), (ii) the prime rate offered by one or more major U.S.
banks, (iii) the certificate of deposit or (iv) other base lending
rates used by commercial lenders. The rate shown is the coupon
rate at period end.
(a) At April 30, 2017, the net unrealized appreciation on investments
based on cost for federal income tax purposes of $49,854,054 was
as follows:
Aggregate gross unrealized appreciation for all investments in which
there is an excess of value over tax cost $ 1,489,673
Aggregate gross unrealized depreciation for all investments in which
there is an excess of tax cost over value (1,434,232)
--------------
Net unrealized appreciation $ 55,441
==============
(b) Debt obligation with a variable interest rate. Rate shown is rate
at period end.
(c) Security issued with a zero coupon. Income is earned through
accretion of discount.
(d) Security represents the interest-only portion payments on a pool
of underlying mortgages or mortgage-backed securities.
(e) Structured reinsurance investment. At April 30, 2017, the value of
these securities amounted to $144,234 or 0.2% of net assets. See
Notes to Financial Statements -- Note 1I.
(f) Rate to be determined.
(g) Consists of Revenue Bonds unless otherwise indicated.
(h) Affiliated funds managed by Pioneer Investment Management, Inc.
The accompanying notes are an integral part of these financial statements.
Pioneer Global Multisector Income Fund | Semiannual Report | 4/30/17 37
Schedule of Investments | 4/30/17 (unaudited) (continued)
(i) Distributions of investments by country of domicile (excluding
temporary cash investments) as a percentage of total investment
in securities, is as follows:
United States 42.2%
Other (individually less than 1%) 10.9%
United Kingdom 7.1%
Supranational 6.5%
Canada 5.4%
Japan 4.1%
Australia 3.7%
New Zealand 3.4%
Argentina 3.3%
Netherlands 3.1%
Norway 2.4%
France 2.2%
Mexico 2.0%
Ivory Coast 1.7%
Romania 1.0%
Egypt 1.0%
------
100.0%
======
(j) Principal amounts are denominated in U.S. Dollars unless otherwise
noted:
AUD Australian Dollar
BRL Brazilian Real
CAD Canadian Dollar
EGP Egyptian Pound
EUR Euro
GBP British Pound Sterling
GHS Ghanian Cedis
INR Indian Rupee
IDR Indonesian Rupiah
JPY Japanese Yen
MXN Mexican Peso
NOK Norwegian Krone
NZD New Zealand Dollar
RON Romanian New Leu
SEK Swedish Krona
Purchases and sales of securities (excluding temporary cash investments) for the
six months ended April 30, 2017 were as follows:
------------------------------------------------------------------------------------------------------
Purchases Sales
------------------------------------------------------------------------------------------------------
Long-Term U.S. Government $13,674,481 $ 7,273,125
Other Long-Term Securities $27,603,988 $10,654,826
The Fund is permitted to engage in purchase and sale transactions ("cross
trades") with certain Funds and accounts for which Pioneer Investment
Management, Inc. (PIM), serves as the Fund's investment adviser, as set forth in
Rule 17a-7 under the Investment Company Act of 1940, pursuant to procedures
adopted by the Board of Trustees. Under these procedures, cross trades are
effected at current market prices.
The accompanying notes are an integral part of these financial statements.
38 Pioneer Global Multisector Income Fund | Semiannual Report | 4/30/17
During the six months ended April 30, 2017, the Fund engaged in purchases and
sales pursuant to these procedures amounting to $2,461,720 and $ --,
respectively, which resulted in a net realized gain/loss of $ --.
CENTRALLY CLEARED CREDIT DEFAULT SWAP AGREEMENT -- SELL PROTECTION
------------------------------------------------------------------------------------------------------------------
Notional Obligation Credit Expiration Premiums Unrealized
Principal ($)(1) Exchange Entity/Index Coupon Rating(2) Date Paid Appreciation
------------------------------------------------------------------------------------------------------------------
339,793 Chicago Markit CDX 5.00% B+ 12/20/19 $18,439 $10,645
Mercantile North America
Exchange High Yield
Index
------------------------------------------------------------------------------------------------------------------
CREDIT DEFAULT SWAP AGREEMENT -- SELL PROTECTION
------------------------------------------------------------------------------------------------------------------
Notional Obligation Credit Expiration Premiums Unrealized
Principal ($)(1) Counterparty Entity/Index Coupon Rating(2) Date (Received) Depreciation
------------------------------------------------------------------------------------------------------------------
50,000 Morgan Diamond 1.00% BBB+ 12/20/19 $(1,873) $1,009
Stanley Offshore
Capital Drill Inc.
Services LLC
------------------------------------------------------------------------------------------------------------------
(1) The notional amount is the maximum amount that a seller of credit
protection would be obligated to pay upon occurrence of a credit event.
(2) Based on Standard & Poor's rating of the issuer or the weighted average of
all the underlying securities in the index.
Various inputs are used in determining the value of the Fund's investments.
These inputs are summarized in the three broad levels listed below.
Level 1 - quoted prices in active markets for identical securities.
Level 2 - other significant observable inputs (including quoted prices for
similar securities, interest rates, prepayment speeds, credit
risk, etc.) See Notes to Financial Statements -- Note 1A.
Level 3 - significant unobservable inputs (including the Fund's own
value of investments) See Notes to Financial Statements --
Note 1A.
The accompanying notes are an integral part of these financial statements.
Pioneer Global Multisector Income Fund | Semiannual Report | 4/30/17 39
Schedule of Investments | 4/30/17 (unaudited) (continued)
The following is a summary of the inputs used as of April 30, 2017, in valuing
the Fund's assets:
------------------------------------------------------------------------------------------------------------
Level 1 Level 2 Level 3 Total
------------------------------------------------------------------------------------------------------------
Convertible Corporate Bonds $ -- $ 164,246 $ -- $ 164,246
Preferred Stocks 5,881 -- -- 5,881
Convertible Preferred Stock 154,990 -- -- 154,990
Asset Backed Securities -- 188,923 -- 188,923
Collateralized Mortgage Obligations -- 1,434,043 -- 1,434,043
Corporate Bonds
Insurance
Reinsurance -- -- 144,234 144,234
All Other Corporate Bonds -- 15,091,163 -- 15,091,163
U.S. Government Agency Obligations -- 11,603,794 -- 11,603,794
Foreign Government Bonds -- 18,390,749 -- 18,390,749
Municipal Bonds -- 488,560 -- 488,560
Senior Floating Rate Loan Interests -- 1,053,334 -- 1,053,334
Closed-End Fund -- 1,059,588 -- 1,059,588
Commercial Paper -- 129,990 -- 129,990
------------------------------------------------------------------------------------------------------------
Total $ 160,871 $ 49,604,390 $ 144,234 $ 49,909,495
============================================================================================================
Other Financial Instruments
Unrealized appreciation on
futures contracts $ 59,008 $ -- $ -- $ 59,008
Unrealized depreciation on
futures contracts (86,801) -- -- (86,801)
Unrealized appreciation on forward
foreign currency contracts -- 128,383 -- 128,383
Unrealized depreciation on forward
foreign currency contracts -- (158,941) -- (158,941)
Unrealized appreciation on centrally
cleared swap contract -- 10,645 -- 10,645
Unrealized depreciation on credit
default swap contract -- 1,009 -- 1,009
------------------------------------------------------------------------------------------------------------
Total Other Financial Instruments $(27,793) $ (18,904) $ -- $ (46,697)
============================================================================================================
The accompanying notes are an integral part of these financial statements.
40 Pioneer Global Multisector Income Fund | Semiannual Report | 4/30/17
The following is a reconciliation of assets valued using significant
unobservable inputs (Level 3):
--------------------------------------------------------------------------------
Corporate
Bonds
--------------------------------------------------------------------------------
Balance as of 10/31/16 $126,790
Realized gain (loss)(1) --
Change in unrealized appreciation (depreciation)(2) (2,477)
Purchases 110,000
Sales (90,079)
Changes between level 3* --
--------------------------------------------------------------------------------
Balance as of 4/30/17 $144,234
================================================================================
(1) Realized gain (loss) on these securities is included in the net realized
gain (loss) from investments in the Statement of Operations.
(2) Unrealized appreciation (depreciation) on these securities is included in
the change in unrealized appreciation (depreciation) on investments in the
Statement of Operations.
* Transfers are calculated on the beginning of period values. During the six
months ended April 30, 2017, there were no transfers between Levels 1, 2
and 3.
Net change in unrealized appreciation (depreciation) of investments
still held as of 4/30/17 $ (2,016)
--------
The accompanying notes are an integral part of these financial statements.
Pioneer Global Multisector Income Fund | Semiannual Report | 4/30/17 41
Statement of Assets and Liabilities | 4/30/17 (unaudited)
ASSETS:
Investment in securities of unaffiliated issuers, at value (cost $48,776,143) $48,849,907
Investment in securities of affiliated issuers, at value (cost $1,063,947) 1,059,588
--------------------------------------------------------------------------------------------------
Total investment in securities, at value (cost $49,840,090) $49,909,495
Cash 462,813
Foreign currencies, at value (cost $1,533,971) 1,550,321
Restricted cash* 186,382
Receivables --
Investment securities sold 532,901
Fund shares sold 67,386
Interest 468,288
Dividend 798
Variation margin for centrally cleared swap contracts 109
Unrealized appreciation on forward foreign currency contracts 128,383
Unrealized appreciation on credit default swap contracts 1,009
Due from Pioneer Investment Management, Inc. 8,981
Other assets 23,873
--------------------------------------------------------------------------------------------------
Total assets $53,340,739
==================================================================================================
LIABILITIES:
Payables --
Investment securities purchased $ 1,778,133
Fund shares repurchased 14,903
Distributions 74,914
Audit Expense 29,529
Trustee fees 545
Swap contracts, premiums received 1,873
Variation margin for futures contracts 6,185
Unrealized depreciation on forward foreign currency contracts 158,941
Due to affiliates 5,292
Accrued expenses 90,022
--------------------------------------------------------------------------------------------------
Total liabilities $ 2,160,337
==================================================================================================
NET ASSETS:
Paid-in capital $51,229,718
Distributions in excess of net investment income (110,863)
Accumulated net realized gain on investments, futures contracts,
swap contracts and foreign currency transactions 20,827
Net unrealized appreciation on investments 69,405
Net unrealized depreciation on futures contracts (27,793)
Net unrealized appreciation on swap contracts 11,654
Net unrealized depreciation on forward foreign currency contracts and
other assets and liabilities denominated in foreign currencies (12,546)
--------------------------------------------------------------------------------------------------
Net assets $51,180,402
==================================================================================================
NET ASSET VALUE PER SHARE:
(No par value, unlimited number of shares authorized)
Class A (based on $24,841,892/2,353,309 shares) $ 10.56
Class C (based on $9,625,023/908,919 shares) $ 10.59
Class Y (based on $16,713,487/1,568,928 shares) $ 10.65
MAXIMUM OFFERING PRICE:
Class A ($10.56 (divided by) 95.5%) $ 11.06
==================================================================================================
* Represents restricted cash deposited at the counterparty for derivative
contracts
The accompanying notes are an integral part of these financial statements.
42 Pioneer Global Multisector Income Fund | Semiannual Report | 4/30/17
Statement of Operations (unaudited)
For the Six Months Ended 4/30/17
INVESTMENT INCOME:
Interest $ 720,502
Dividends (including from affiliated issuer of $46,809) 51,600
----------------------------------------------------------------------------------------------------
Total investment income $ 772,102
----------------------------------------------------------------------------------------------------
EXPENSES:
Management fees $ 96,169
Transfer agent fees
Class A 99,883
Class C 2,021
Class Y 1,083
Distribution fees
Class A 24,140
Class C 35,827
Shareholder communications expense 1,400
Administrative expense 16,564
Custodian fees 23,368
Registration fees 26,502
Professional fees 26,844
Printing expense 11,575
Pricing expense 13,579
Fees and expenses of non-affiliated Trustees 3,513
Miscellaneous 7,945
----------------------------------------------------------------------------------------------------
Total expenses $ 390,413
Less fees waived and expenses reimbursed
by Pioneer Investment Management, Inc. (174,528)
----------------------------------------------------------------------------------------------------
Net expenses $ 215,885
----------------------------------------------------------------------------------------------------
Net investment income $ 556,217
----------------------------------------------------------------------------------------------------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS,
FUTURES CONTRACTS, SWAP CONTRACTS AND
FOREIGN CURRENCY TRANSACTIONS:
Net realized gain (loss) on:
Investments $(561,874)
Futures contracts 101,930
Swap contracts 5,858
Forward foreign currency contracts and other assets
and liabilities denominated in foreign currencies 527,987 $ 73,901
----------------------------------------------------------------------------------------------------
Change in net unrealized appreciation (depreciation) on:
Investments (including from affiliated issuer of ($26,085)) $ 263,597
Futures contracts (55,281)
Swap contracts 7,784
Forward foreign currency contracts and other assets
and liabilities denominated in foreign currencies (100,403) $ 115,697
----------------------------------------------------------------------------------------------------
Net realized and unrealized gain (loss) on investments,
futures contracts, swap contracts and foreign
currency transactions $ 189,598
----------------------------------------------------------------------------------------------------
Net increase in net assets resulting from operations $ 745,815
====================================================================================================
The accompanying notes are an integral part of these financial statements.
Pioneer Global Multisector Income Fund | Semiannual Report | 4/30/17 43
Statements of Changes in Net Assets
------------------------------------------------------------------------------------------------------
Six Months
Ended
4/30/17 Year Ended
(unaudited) 10/31/16
------------------------------------------------------------------------------------------------------
FROM OPERATIONS:
Net investment income $ 556,217 $ 847,139
Net realized gain (loss) on investments, futures contracts,
swap contracts, written options and forward foreign
currency contracts and other assets and liabilities
denominated in foreign currencies 73,901 (526,527)
Change in net unrealized appreciation (depreciation)
on investments, futures contracts, swap contracts,
written options and foreign currency transactions 115,697 1,196,933
------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets resulting
from operations $ 745,815 $ 1,517,545
------------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO SHAREOWNERS:
Net investment income:
Class A ($0.14 and $0.28 per share, respectively) $ (257,164) $ (353,498)
Class C ($0.09 and $0.19 per share, respectively) (64,028) (80,543)
Class Y ($0.15 and $0.31 per share, respectively) (209,451) (343,125)
Tax return of capital:
Class A ($0.00 and $0.08, respectively) -- (104,457)
Class C ($0.00 and $0.08, respectively) -- (34,504)
Class Y ($0.00 and $0.08, respectively) -- (88,241)
------------------------------------------------------------------------------------------------------
Total distributions to shareowners $ (530,643) $(1,004,368)
------------------------------------------------------------------------------------------------------
FROM FUND SHARE TRANSACTIONS (a):
Net proceeds from sale of shares $28,596,034 $ 4,445,955
Reinvestment of distributions 201,409 501,412
Cost of shares repurchased (6,548,568) (5,772,331)
------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets resulting from
Fund share transactions $22,248,875 $ (824,964)
------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets $22,464,047 $ (311,787)
NET ASSETS:
Beginning of year $28,716,355 $29,028,142
------------------------------------------------------------------------------------------------------
End of year $51,180,402 $28,716,355
------------------------------------------------------------------------------------------------------
Distributions in excess of net investment income $ (110,863) $ (136,437)
======================================================================================================
(a) At April 30, 2017, Pioneer Solutions-Growth Fund owned 6.4% of the value of
outstanding shares of Pioneer Global Multisector Income Fund.
The accompanying notes are an integral part of these financial statements.
44 Pioneer Global Multisector Income Fund | Semiannual Report | 4/30/17
-----------------------------------------------------------------------------------------------
Six Months Six Months
Ended Ended
4/30/17 4/30/17 Year Ended Year Ended
Shares Amount 10/31/16 10/31/16
(unaudited) (unaudited) Shares Amount
-----------------------------------------------------------------------------------------------
Class A
Shares sold 1,183,715 $12,306,642 252,692 $ 2,632,483
Reinvestment of distributions 15,337 159,574 38,692 401,821
Less shares repurchased (127,234) (1,323,757) (234,361) (2,430,066)
-----------------------------------------------------------------------------------------------
Net increase 1,071,818 $11,142,459 57,023 $ 604,238
===============================================================================================
Class C
Shares sold 531,147 $ 5,538,362 112,725 $ 1,164,736
Reinvestment of distributions 2,305 24,052 6,441 67,019
Less shares repurchased (35,752) (373,522) (102,171) (1,056,421)
-----------------------------------------------------------------------------------------------
Net increase 497,700 $ 5,188,892 16,995 $ 175,334
===============================================================================================
Class Y
Shares sold 1,024,325 $10,751,030 62,209 $ 648,736
Reinvestment of distributions 1,693 17,783 3,104 32,572
Less shares repurchased (464,245) (4,851,289) (218,162) (2,285,844)
-----------------------------------------------------------------------------------------------
Net increase
(decrease) 561,773 $ 5,917,524 (152,849) $(1,604,536)
===============================================================================================
The accompanying notes are an integral part of these financial statements.
Pioneer Global Multisector Income Fund | Semiannual Report | 4/30/17 45
Financial Highlights
--------------------------------------------------------------------------------------------------------------------------------
Six Months
Ended Year Year Year Year Year
4/30/17 Ended Ended Ended Ended Ended
(unaudited) 10/31/16 10/31/15 10/31/14 10/31/13 10/31/12
--------------------------------------------------------------------------------------------------------------------------------
Class A
Net asset value, beginning of period $ 10.60 $ 10.40 $ 10.91 $ 10.98 $11.49 $11.22
--------------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (loss) $ 0.14(b) $ 0.31(b) $ 0.31(b) $ 0.38 $ 0.30 $ 0.36
Net realized and unrealized gain (loss) on investments (0.04) 0.25 (0.41) (0.04) (0.35) 0.29
--------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 0.10 $ 0.56 $ (0.10) $ 0.34 $(0.05) $ 0.65
--------------------------------------------------------------------------------------------------------------------------------
Distribution to shareowners:
Net investment income $ (0.14) $ (0.28) $ (0.31) $ (0.35) $(0.29) $(0.36)
Net realized gain -- -- (0.10) (0.06) (0.17) (0.02)
Tax return of capital -- (0.08) -- -- -- --
--------------------------------------------------------------------------------------------------------------------------------
Total distributions $ (0.14) $ (0.36) $ (0.41) $ (0.41) $(0.46) $(0.38)
--------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ (0.04) $ 0.20 $ (0.51) $ (0.07) $(0.51) $ 0.27
--------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 10.56 $ 10.60 $ 10.40 $ 10.91 $10.98 $11.49
================================================================================================================================
Total return* 0.93% 5.59% (1.00)% 3.16% (0.45)% 5.98%
Ratio of net expenses to average net assets (a) 1.00%** 1.00% 1.00% 1.01% 1.00% 1.00%
Ratio of net investment income (loss) to average net assets 2.79%** 2.99% 2.87% 3.57% 3.36% 3.26%
Portfolio turnover rate 84%** 37% 34% 51% 33% 29%
Net assets, end of period (in thousands) $24,842 $13,579 $12,737 $11,601 $6,888 $9,128
Ratios with no waiver of fees and assumption of expenses by
PIM and no reduction for fees paid indirectly:
Total expenses to average net assets (a) 2.39%** 2.67% 2.67% 2.52% 2.05% 1.65%
Net investment income (loss) to average net assets 1.40%** 1.32% 1.20% 2.06% 2.31% 2.60%
================================================================================================================================
* Assumes initial investment at net asset value at the beginning of each
period, reinvestment of all distributions, the complete redemption of
the investment at net asset value at the end of each period and no
sales charges. Total return would be reduced if sales charges were
taken into account.
(a) Includes interest expense of 0.00%, 0.00%, 0.00%, 0.00%, 0.01% and
0.00%, respectively.
(b) The per share data presented above is based on the average shares
outstanding for the period presented.
** Annualized.
The accompanying notes are an integral part of these financial statements.
46 Pioneer Global Multisector Income Fund | Semiannual Report | 4/30/17
--------------------------------------------------------------------------------------------------------------------------------
Six Months
Ended Year Year Year Year Year
4/30/17 Ended Ended Ended Ended Ended
(unaudited) 10/31/16 10/31/15 10/31/14 10/31/13 10/31/12
--------------------------------------------------------------------------------------------------------------------------------
Class C
Net asset value, beginning of period $10.63 $10.43 $10.94 $11.01 $11.51 $11.23
--------------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (loss) $ 0.10(b) $ 0.22(b) $ 0.21(b) $ 0.29 $ 0.20 $ 0.26
Net realized and unrealized gain (loss) on investments (0.05) 0.25 (0.41) (0.05) (0.34) 0.30
--------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 0.05 $ 0.47 $(0.20) $ 0.24 $(0.14) $ 0.56
--------------------------------------------------------------------------------------------------------------------------------
Distribution to shareowners:
Net investment income $(0.09) $(0.19) $(0.21) $(0.25) $(0.19) $(0.26)
Net realized gain -- -- (0.10) (0.06) (0.17) (0.02)
Tax return of capital -- (0.08) -- -- -- --
--------------------------------------------------------------------------------------------------------------------------------
Total distributions $(0.09) $(0.27) $(0.31) $(0.31) $(0.36) $(0.28)
--------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value (0.04) $ 0.20 $(0.51) $(0.07) $(0.50) $ 0.28
--------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $10.59 $10.63 $10.43 $10.94 $11.01 $11.51
================================================================================================================================
Total return* 0.50% 4.67% (1.87)% 2.24% (1.24)% 5.09%
Ratio of net expenses to average net assets (a) 1.82%** 1.90% 1.90% 1.91% 1.90% 1.90%
Ratio of net investment income (loss) to average net assets 1.93%** 2.10% 1.96% 2.67% 2.46% 2.33%
Portfolio turnover rate 84%** 37% 34% 51% 33% 29%
Net assets, end of period (in thousands) $9,625 $4,370 $4,113 $4,156 $3,847 $4,414
Ratios with no waiver of fees and assumption of expenses by
PIM and no reduction for fees paid indirectly:
Total expenses to average net assets (a) 2.18%** 2.53% 2.56% 2.71% 2.75% 2.39%
Net investment income (loss) to average net assets 1.56%** 1.46% 1.30% 1.87% 1.61% 1.84%
================================================================================================================================
* Assumes initial investment at net asset value at the beginning of each
period, reinvestment of all distributions, the complete redemption of
the investment at net asset value at the end of each period and no
sales charges. Total return would be reduced if sales charges were
taken into account.
(a) Includes interest expense of 0.00%, 0.00%, 0.00%, 0.00%, 0.01% and
0.00%, respectively.
(b) The per share data presented above is based on the average shares
outstanding for the period presented.
** Annualized.
The accompanying notes are an integral part of these financial statements.
Pioneer Global Multisector Income Fund | Semiannual Report | 4/30/17 47
Financial Highlights (continued)
---------------------------------------------------------------------------------------------------------------------------------
Six Months
Ended Year Year Year Year Year
4/30/17 Ended Ended Ended Ended Ended
(unaudited) 10/31/16 10/31/15 10/31/14 10/31/13 10/31/12
---------------------------------------------------------------------------------------------------------------------------------
Class Y
Net asset value, beginning of period $ 10.69 $ 10.50 $ 11.00 $ 11.07 $ 11.59 $ 11.30
---------------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (loss) $ 0.16(b) $ 0.34(b) $ 0.33(b) $ 0.42 $ 0.33 $ 0.39
Net realized and unrealized gain (loss) on investments (0.05) 0.24 (0.39) (0.05) (0.36) 0.30
---------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 0.11 $ 0.58 $ (0.06) $ 0.37 $ (0.03) $ 0.69
---------------------------------------------------------------------------------------------------------------------------------
Distribution to shareowners:
Net investment income $ (0.15) $ (0.31) $ (0.34) $ (0.38) $ (0.32) $ (0.38)
Net realized gain -- -- (0.10) (0.06) (0.17) (0.02)
Tax return of capital -- (0.08) -- -- -- --
---------------------------------------------------------------------------------------------------------------------------------
Total distributions $ (0.15) $ (0.39) $ (0.44) $ (0.44) $ (0.49) $ (0.40)
---------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ (0.04) $ 0.19 $ (0.50) $ (0.07) $ (0.52) $ 0.29
---------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 10.65 $ 10.69 $ 10.50 $ 11.00 $ 11.07 $ 11.59
=================================================================================================================================
Total return* 1.06% 5.73% (0.62)% 3.42% (0.25)% 6.24%
Ratio of net expenses to average net assets (a) 0.75%** 0.75% 0.75% 0.76% 0.75% 0.79%
Ratio of net investment income (loss) to average net assets 3.06%** 3.24% 3.12% 3.81% 3.58% 3.42%
Portfolio turnover rate 84%** 37% 34% 51% 33% 29%
Net assets, end of period (in thousands) $16,713 $10,767 $12,178 $12,525 $17,438 $15,297
Ratios with no waiver of fees and assumption of expenses by
PIM and no reduction for fees paid indirectly:
Total expenses to average net assets (a) 1.14%** 1.41% 1.39% 1.50% 1.57% 1.18%
Net investment income (loss) to average net assets 2.67%** 2.59% 2.48% 3.07% 2.76% 3.04%
=================================================================================================================================
* Assumes initial investment at net asset value at the beginning of each
period, reinvestment of all distributions and the complete redemption of
the investment at net asset value at the end of each period.
(a) Includes interest expense of 0.00%, 0.00%, 0.00%, 0.00%, 0.01% and
0.00%, respectively.
(b) The per share data presented above is based on the average shares
outstanding for the period presented.
** Annualized.
The accompanying notes are an integral part of these financial statements.
48 Pioneer Global Multisector Income Fund | Semiannual Report | 4/30/17
Notes to Financial Statements | 4/30/17 (unaudited)
1. Organization and Significant Accounting Policies
Pioneer Global Multisector Income Fund (the Fund) is a series of Pioneer Series
Trust VII, a Delaware statutory trust. The Fund is registered under the
Investment Company Act of 1940 as a diversified, open-end management investment
company. The investment objective of the Fund is to provide a high level of
current income.
The Fund offers three classes of shares designated as Class A, Class C, and
Class Y shares. Each class of shares represents an interest in the same
portfolio of investments of the Fund and has identical rights (based on relative
net asset values) to assets and liquidation proceeds. Share classes can bear
different rates of class-specific fees and expenses such as transfer agent and
distribution fees. Differences in class-specific fees and expenses will result
in differences in net investment income and, therefore, the payment of different
dividends from net investment income earned by each class. The Amended and
Restated Declaration of Trust of the Fund gives the Board of Trustees the
flexibility to specify either per-share voting or dollar-weighted voting when
submitting matters for shareholder approval. Under per-share voting, each share
of a class of the Fund is entitled to one vote. Under dollar-weighted voting, a
shareholder's voting power is determined not by the number of shares owned, but
by the dollar value of the shares on the record date. Each share class has
exclusive voting rights with respect to matters affecting only that class,
including with respect to the distribution plan for that class. There is no
distribution plan for Class Y shares.
The Fund's financial statements have been prepared in conformity with U.S.
generally accepted accounting principles (U.S. GAAP) that require the management
of the Fund to make estimates and assumptions that affect the reported amounts
of assets and liabilities, the disclosure of contingent assets and liabilities
at the date of the financial statements, and the reported amounts of income,
expenses and gain or loss on investments during the reporting period. Actual
results could differ from those estimates.
The Fund is an investment company and follows investment company accounting and
reporting guidance under U.S. GAAP. The following is a summary of significant
accounting policies followed by the Fund in the preparation of its financial
statements:
A. Security Valuation
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.
Pioneer Global Multisector Income Fund | Semiannual Report | 4/30/17 49
Fixed-income securities are valued by using prices supplied by independent
pricing services, which consider such factors as market prices, market
events, quotations from one or more brokers, Treasury spreads, yields,
maturities and ratings, or may use a pricing matrix or other fair value
methods or techniques to provide an estimated value of the security or
instrument. A pricing matrix is a means of valuing a debt security on the
basis of current market prices for other debt securities, historical
trading patterns in the market for fixed-income securities and/or other
factors. Non-U.S. debt securities that are listed on an exchange will be
valued at the bid price obtained from an independent third party pricing
service. When independent market quotations are considered to be
unreliable, the value of that security may be determined using quotations
from one or more broker-dealers.
The value of foreign securities is translated into U.S. dollars based on
foreign currency exchange rate quotations supplied by a third party pricing
source. Trading in non-U.S. equity securities is substantially completed
each day at various times prior to the close of the NYSE. The values of
such securities used in computing the net asset value of the Fund's shares
are determined as of such times. The fund may use a fair value model
developed by an independent pricing service to value non-U.S. equity
securities.
Loan interests are valued in accordance with guidelines established by the
Board of Trustees at the mean between the last available bid and asked
prices from one or more brokers or dealers as obtained from Loan Pricing
Corporation, an independent third party pricing service. If price
information is not available from Loan Pricing Corporation, or if the price
information is deemed to be unreliable, price information will be obtained
from an alternative loan interest pricing service. If no reliable price
quotes are available from either the primary or alternative pricing
service, broker quotes will be solicited.
Event-linked bonds or catastrophe bonds are valued at the bid price
obtained from an independent third party pricing service. Other insurance
linked securities (including sidecars, collateralized reinsurance and
industry loss warranties) may be valued at the bid price obtained from an
independent pricing service, or through a third party using a pricing
matrix, insurance industry valuation models, or other fair value methods or
techniques to provide an estimated value of the instrument.
Equity securities that have traded on an exchange are valued by using the
last sale price on the principal exchange where they are traded. Equity
securities that have not traded on the date of valuation, or securities for
which sale prices are not available, generally are valued using the mean
between the last bid and asked prices or, if both last bid and asked prices
are not available, at the last quoted bid price. Last sale and bid and
asked prices are provided by
50 Pioneer Global Multisector Income Fund | Semiannual Report | 4/30/17
independent third party pricing services. In the case of equity securities
not traded on an exchange, prices are typically determined by independent
third party pricing services using a variety of techniques and methods.
Swap contracts, including interest rate swaps, caps and floors (other than
centrally cleared swap contracts) are valued at the dealer quotations
obtained from reputable International Swap Dealers Association members.
Centrally cleared swaps are valued at the daily settlement price provided
by the central clearing counterparty.
Futures contracts are generally valued at the closing settlement price
established by the exchange on which they are traded.
Forward foreign currency exchange contracts are valued daily using the
foreign exchange rate or, for longer term forward contract positions, the
spot currency rate and the forward points on a daily basis, in each case
provided by a third party pricing service. Contracts whose forward
settlement date falls between two quoted days are valued by interpolation.
Securities or loan interests for which independent pricing services or
broker dealers are unable to supply prices or for which market prices
and/or quotations are not readily available or are considered to be
unreliable are valued by a fair valuation team comprised of certain
personnel of Pioneer Investment Management, Inc. (PIM), the Fund's
investment adviser and a wholly owned indirect subsidiary of UniCredit
S.p.A. (UniCredit), pursuant to procedures adopted by the Fund's Board of
Trustees. PIM's fair valuation team uses fair value methods approved by the
Valuation Committee of the Board of Trustees. PIM's fair valuation team is
responsible for monitoring developments that may impact fair valued
securities and for discussing and assessing fair values on an ongoing
basis, and at least quarterly, with the Valuation Committee of the Board of
Trustees.
Inputs used when applying fair value methods to value a security may
include credit ratings, the financial condition of the company, current
market conditions and comparable securities. The Fund may use fair value
methods if it is determined that a significant event has occurred after the
close of the exchange or market on which the security trades and prior to
the determination of the Fund's net asset value. Examples of a significant
event might include political or economic news, corporate restructurings,
natural disasters, terrorist activity or trading halts. Thus, the valuation
of the Fund's securities may differ significantly from exchange prices and
such differences could be material.
At April 30, 2017, no securities were valued using fair value methods
(other than securities valued using prices supplied by independent pricing
services, broker-dealers or using a third party insurance industry pricing
model).
Pioneer Global Multisector Income Fund | Semiannual Report | 4/30/17 51
B. Investment Income and Transactions
Principal amounts of mortgage-backed securities are adjusted for monthly
paydowns. Premiums and discounts related to certain mortgage-backed
securities are amortized or accreted in proportion to the monthly paydowns.
All discounts/premiums on purchase prices of debt securities are
accreted/amortized for financial reporting purposes over the life of the
respective securities, and such accretion/amortization is included in
interest income.
Dividend income is recorded on the ex-dividend date, except that certain
dividends from foreign securities where the ex-dividend date may have
passed are recorded as soon as the Fund becomes aware of the ex-dividend
data in the exercise of reasonable diligence.
Interest income, including interest on income bearing cash accounts, is
recorded on the accrual basis. Dividend and interest income are reported
net of unrecoverable foreign taxes withheld at the applicable country
rates.
Security transactions are recorded as of trade date. Gains and losses on
sales of investments are calculated on the identified cost method for both
financial reporting and federal income tax purposes.
C. 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 the market prices of those securities but are
included with the net realized and unrealized gain or loss on investments.
D. Forward Foreign Currency Contracts
The Fund may enter into forward foreign currency contracts (contracts) for
the purchase or sale of a specific foreign currency at a fixed price on a
future date. All contracts are marked to market daily at the applicable
exchange rates, and any resulting unrealized appreciation or depreciation
is recorded in the Fund's financial statements. The Fund records realized
gains and losses at the time a contract is offset by entry into a closing
transaction or extinguished by delivery of the currency. Risks may arise
upon entering into
52 Pioneer Global Multisector Income Fund | Semiannual Report | 4/30/17
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 5).
E. 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 net taxable income and net realized capital gains, if any, to
its shareowners. Therefore, no provision for federal income taxes is
required. As of October 31, 2016, the Fund did not accrue any interest or
penalties with respect to uncertain tax positions, which, if applicable,
would be recorded as an income tax expense in the Statement of Operations.
Tax returns filed within the prior three years remain subject to
examination by federal and state tax authorities.
The amount and character of income and capital gain distributions to
shareowners are determined in accordance with federal income tax rules,
which may differ from U.S. GAAP. Distributions in excess of net investment
income or net realized gains are temporary overdistributions for financial
statement purposes resulting from differences in the recognition or
classification of income or distributions for financial statement and tax
purposes. Capital accounts within the financial statements are adjusted for
permanent book/tax differences to reflect tax character, but are not
adjusted for temporary differences.
The tax character of current year distributions payable will be determined
at the end of the current taxable year. The tax character of distributions
during the year ended October 31, 2016 was as follows:
---------------------------------------------------------------------------------
2016
---------------------------------------------------------------------------------
Distributions paid from:
Ordinary income $ 777,166
Long-term capital gain --
Return of capital 227,202
---------------------------------------------------------------------------------
Total $1,004,368
=================================================================================
The following shows the components of distributable earnings on a federal
income tax basis at October 31, 2016:
---------------------------------------------------------------------------------
2016
---------------------------------------------------------------------------------
Distributable earnings:
Capital loss carryforward $ (25,586)
Current year dividend payable (31,114)
Unrealized depreciation (207,788)
---------------------------------------------------------------------------------
Total $ (264,488)
=================================================================================
Pioneer Global Multisector Income Fund | Semiannual Report | 4/30/17 53
The difference between book-basis and tax-basis net unrealized depreciation
is attributable to the tax deferral of losses on wash sales, adjustments
related to sidecars, the mark-to-market of forward, swaps and futures
contracts, and interest accruals on preferred stock.
F. Fund Shares
The Fund records sales and repurchases of its shares as of trade date.
Pioneer Funds Distributor, Inc. (PFD), the principal underwriter for the
Fund and a wholly-owned indirect subsidiary of UniCredit, earned $2,620
in underwriting commissions on the sale of Class A shares during the
six months ended April 30, 2017.
G. Class Allocations
Income, common expenses and realized and unrealized gains and losses are
calculated at the Fund level and allocated daily to each class of shares
based on its respective percentage of adjusted net assets at the beginning
of the day.
Distribution fees are calculated based on the average daily net asset value
attributable to Class A and Class C shares of the Fund, respectively (see
Note 4). Class Y shares do not pay distribution fees. All expenses and fees
paid to the Fund's transfer agent, for its services are allocated among the
classes of shares based on the number of accounts in each class and the
ratable allocation of related out-of-pocket expenses (see Note 3).
The Fund declares as daily dividends substantially all of its net
investment income. All dividends are paid on a monthly basis. Short-term
capital gain distributions, if any, may be declared with the daily
dividends. Distributions to shareowners are recorded as of the ex-dividend
date. Distributions paid by the Fund with respect to each class of shares
are calculated in the same manner and at the same time, except that net
investment income dividends to Class A, Class C and Class Y shares can
reflect different transfer agent and distribution expense rates.
H. Risks
The value of securities held by the fund may go up or down, sometimes
rapidly or unpredictably, due to general market conditions, such as real or
perceived adverse economic, political or regulatory conditions, inflation,
changes in interest rates, lack of liquidity in the bond markets or adverse
investor sentiment. In the past several years, financial markets have
experienced increased volatility, depressed valuations, decreased liquidity
and heightened uncertainty. These conditions may continue, recur, worsen or
spread.
At times, the Fund's investments may represent industries or industry
sectors that are interrelated or have common risks, making the Fund more
susceptible to any economic, political, or regulatory developments or other
risks affecting
54 Pioneer Global Multisector Income Fund | Semiannual Report | 4/30/17
those industries and sectors. The Fund's investments in foreign markets and
countries with limited developing markets may subject the Fund to a greater
degree of risk than investments in a developed market. These risks include
disruptive political or economic conditions and the imposition of adverse
governmental laws or currency exchange restrictions. The Fund's prospectus
contains unaudited information regarding the Fund's principal risks. Please
refer to that document when considering the Fund's principal risks.
Interest rates in the U.S. recently have been historically low, so the Fund
faces a heightened risk that interest rates may rise. A general rise in
interest rates may cause investors to move out of fixed income securities
on a large scale, which could adversely affect the price and liquidity of
fixed income securities and could also result in increased redemptions from
the Fund.
The Fund invests in below investment grade (high yield) debt securities and
preferred stocks. Some of these high yield securities may be convertible
into equity securities of the issuer. Debt securities rated below
investment grade are commonly referred to as "junk bonds" and are
considered speculative. These securities involve greater risk of loss, are
subject to greater price volatility, and are less liquid, especially during
periods of economic uncertainty or change, than higher rated debt
securities.
I. Insurance-Linked Securities (ILS)
The Fund invests in event-linked bonds. Event-linked bonds are floating
rate debt obligations for which the return of principal and the payment of
interest are contingent on the non-occurrence of a pre-defined "trigger"
event, such as a hurricane or an earthquake of a specific magnitude. The
trigger event's magnitude may be based on losses to a company or industry,
industry indexes or readings of scientific instruments, or may be based on
specified actual losses. If a trigger event occurs, as defined within the
terms of an event-linked bond, the Fund may lose a portion or all of its
accrued interest and/or principal invested in such event-linked bond. The
Fund is entitled to receive principal and interest payments so long as no
trigger event occurs of the description and magnitude specified by the
instrument. In addition to the specified trigger events, event-linked bonds
may expose the Fund to other risks, including but not limited to issuer
(credit) default, adverse regulatory or jurisdictional interpretations and
adverse tax consequences.
The Fund's investments in ILS may include special purpose vehicles ("SPVs")
or similar instruments structured to comprise a portion of a reinsurer's
catastrophe-oriented business, known as quota share instruments (sometimes
referred to as reinsurance sidecars), or to provide reinsurance relating to
specific risks to insurance or reinsurance companies through a
collateralized instrument, known as collateralized reinsurance. Structured
reinsurance investments also may include industry loss warranties ("ILWs").
A traditional
Pioneer Global Multisector Income Fund | Semiannual Report | 4/30/17 55
ILW takes the form of a bilateral reinsurance contract, but there are also
products that take the form of derivatives, collateralized structures, or
exchange traded instruments.
Structured reinsurance investments, including quota share instruments,
collateralized reinsurance investments and ILWs, generally are subject to
the same risks as event-linked bonds. In addition, where the instruments
are based on the performance of underlying reinsurance contracts, the Fund
has limited transparency into the individual underlying contracts and
therefore must rely upon the risk assessment and sound underwriting
practices of the issuer. Accordingly, it may be more difficult for PIM to
fully evaluate the underlying risk profile of the Fund's structured
reinsurance investments, and therefore the Fund's assets are placed at
greater risk of loss than if PIM had more complete information. Structured
reinsurance instruments generally will be considered illiquid securities by
the Fund. These securities may be difficult to purchase, sell or unwind.
Illiquid securities also may be difficult to value. If the Fund is forced
to sell an illiquid asset, the Fund may be forced to sell at a loss.
J. Futures Contracts
The Fund may enter into futures transactions in order to attempt to hedge
against changes in interest rates, securities prices and currency exchange
rates or to seek to increase total return. Futures contracts are types of
derivatives. All futures contracts entered into by the Fund are traded on a
futures exchange. Upon entering into a futures contract, the Fund is
required to deposit with a broker an amount of cash or securities equal to
the minimum "initial margin" requirements of the associated futures
exchange. The amount of cash deposited with the broker as collateral at
April 30, 2017 was $161,550 and is recorded within "Restricted cash" on the
Statement of Assets and Liabilities. Subsequent payments for futures
contracts ("variation margin") are paid or received by the Fund, depending
on the daily fluctuation in the value of the contracts, and are recorded by
the Fund as unrealized gains or losses. When the contract is closed, the
Fund realizes a gain or loss equal to the difference between the opening
and closing value of the contract as well as any fluctuation in foreign
currency exchange rates where applicable. Futures contracts are subject to
market risk, interest rate risk and currency exchange rate risk. Changes in
value of the contracts may not directly correlate to the changes in value
of the underlying securities. With futures, there is minimal counterparty
credit risk to the Fund since futures are exchange-traded and the
exchange's clearinghouse, as counterparty to all exchange-traded futures,
guarantees the futures against default. The average value of contracts open
during the six months ended April 30, 2017, was $(2,987,563).
56 Pioneer Global Multisector Income Fund | Semiannual Report | 4/30/17
At April 30, 2017, open futures contracts were as follows:
---------------------------------------------------------------------------------------------
Net
Number of Unrealized
Contracts Settlement Appreciation
Type Counterparty Long/(Short) Month Value (Depreciation)
---------------------------------------------------------------------------------------------
Euro Bund Citibank NA 13 6/17 $ 2,291,581 $ 3,803
US 2 Yr Note Citibank NA 6 6/17 1,299,656 1,923
US Ultra Bond Citibank NA 11 6/17 1,792,313 33,082
US 5 Yr Note Citibank NA (22) 6/17 (2,604,937) (18,785)
US 10 Yr Note Citibank NA (43) 6/17 (5,405,906) (60,829)
US 10 Yr Ultra Citibank NA (4) 6/17 (541,813) (7,187)
EURO-BOBL Bond Citibank NA (25) 6/17 (3,591,866) 12,791
EURO-BUXL
30 Yr Bond Citibank NA 5 6/17 921,584 7,409
---------------------------------------------------------------------------------------------
Total $(5,839,388) $(27,793)
=============================================================================================
K. Repurchase Agreements
Repurchase agreements are arrangements under which the Fund purchases
securities from a broker-dealer or a bank, called the counterparty, upon
the agreement of the counterparty to repurchase the securities from the
Fund at a later date, and at a specific price, which is typically higher
than the purchase price paid by the Fund. The securities purchased serve as
the Fund's collateral for the obligation of the counterparty to repurchase
the securities. The value of the collateral, including accrued interest, is
required to be equal to or in excess of the repurchase price. The
collateral for all repurchase agreements is held in safekeeping in the
customer-only account of the Fund's custodian or a subcustodian of the
Fund. PIM is responsible for determining that the value of the collateral
remains at least equal to the repurchase price. In the event of a default
by the counterparty, the Fund is entitled to sell the securities, but the
Fund may not be able to sell them for the price at which they were
purchased, thus causing a loss to the Fund. Additionally, if the
counterparty becomes insolvent, there is some risk that the Fund will not
have a right to the securities, or the immediate right to sell the
securities. As of and for the six months ended April 30, 2017, the Fund had
no open repurchase agreements.
L. Credit Default Swap Agreements
A credit default swap is a contract between a buyer of protection and a
seller of protection against a pre-defined credit event. The Fund may sell
or buy credit default swap contracts to seek to increase the Fund's income,
or to attempt to hedge the risk of default on portfolio securities. A
credit default swap index is used to hedge risk or take a position on a
basket of credit entities or indices. As a seller of protection, the Fund
would be required to pay the notional (or other agreed-upon) value of the
referenced debt obligation to the counterparty in the event of a default by
a U.S. or foreign
Pioneer Global Multisector Income Fund | Semiannual Report | 4/30/17 57
corporate issuer of a debt obligation, which would likely result in a loss
to the Fund. In return, the Fund would receive from the counterparty a
periodic stream of payments during the term of the contract provided that
no event of default occurred. The maximum exposure of loss to the seller
would be the notional value of the credit default swaps outstanding. If no
default occurs, the Fund would keep the stream of payments and would have
no payment obligation. The Fund may also buy credit default swap contracts
in order to hedge against the risk of default of debt securities, in which
case the Fund would function as the counterparty referenced above.
When the Fund enters into a credit default swap contract, the protection
buyer makes an upfront or periodic payment to the protection seller in
exchange for the right to receive a contingent payment. An upfront payment
made by the Fund, as the protection buyer, is recorded as an asset in the
Statement of Assets and Liabilities. Periodic payments received or paid by
the Fund are recorded as realized gains or losses in the Statement of
Operations.
Credit default swap contracts are marked-to-market daily using valuations
supplied by independent sources and the change in value, if any, is
recorded as unrealized appreciation or depreciation in the Statement of
Assets and Liabilities. Payments received or made as a result of a credit
event or upon termination of the contract are recognized, net of the
appropriate amount of the upfront payment, as realized gains or losses in
the Statement of Operations.
Credit default swap contracts involving the sale of protection may involve
greater risks than if the Fund had invested in the referenced debt
instrument directly. Credit default swap contracts are subject to general
market risk, liquidity risk, counterparty risk and credit risk. If the Fund
is a protection buyer and no credit event occurs, it will lose its
investment. If the Fund is a protection seller and a credit event occurs,
the value of the referenced debt instrument received by the Fund, together
with the periodic payments received, may be less than the amount the Fund
pays to the protection buyer, resulting in a loss to the Fund.
Certain swap contracts that are cleared through a central clearinghouse are
referred to as centrally cleared swaps. All payments made or received by
the Fund are pursuant to a centrally cleared swap contract with the central
clearing party rather than the original counterparty. Upon entering into a
centrally cleared swap contract, the Fund is required to make an initial
margin deposit, either in cash or in securities. The daily change in value
on open centrally cleared contracts is recorded as variation margin on
centrally cleared swaps on the Statement of Assets and Liabilities.
The amount of cash deposited with a broker as collateral at April 30, 2017
was $25,014 and is recorded within "Restricted Cash" on the Statement of
Assets and Liabilities.
58 Pioneer Global Multisector Income Fund | Semiannual Report | 4/30/17
Open credit default swap contracts at April 30, 2017, are listed in the
Schedule of Investments. The average value of swap contracts open during
the six months ended April 30, 2017 was $24,640.
2. Management Agreement
PIM manages the Fund's portfolio. Management fees are calculated daily at the
annual rate of 0.50% of the Fund's average daily net assets.
PIM has contractually agreed to limit ordinary operating expenses (ordinary
operating expenses means all fund expenses other than extraordinary expenses,
such as litigation, taxes, brokerage commissions and acquired fund fees and
expenses) of the Fund to the extent required to reduce Fund expenses to 1.00%,
1.90% and 0.75% of the average daily net assets attributable to Class A, Class C
and Class Y shares, respectively. Fees waived and expenses reimbursed during the
six months ended April 30, 2017, are reflected on the Statement of Operations.
These expense limitations are in effect through March 1, 2018. There can be no
assurance that PIM will extend the expense limitation agreement for a class of
shares beyond the date referred to above.
In addition, under the management and administration agreements, certain other
services and costs, including accounting, regulatory reporting and insurance
premiums, are paid by the Fund as administrative reimbursements. Included in
"Due from affiliates" reflected on the Statement of Assets and Liabilities is
$3,560 in management fees, administrative costs and certain other reimbursements
due to PIM at April 30, 2017.
3. Transfer Agent
Boston Financial Data Services serves as the transfer agent to the Fund at
negotiated rates. Transfer agent fees and payables shown on the Statement of
Operations and the Statement of Assets and Liabilities, respectively, include
sub-transfer agent expenses incurred through the Fund's omnibus relationship
contracts.
In addition, the Fund reimbursed the transfer agent for out-of-pocket expenses
incurred by the transfer agent related to shareholder communications activities
such as proxy and statement mailings, outgoing phone calls and omnibus
relationship contracts. For the six months ended April 30, 2017, such
out-of-pocket expenses by class of shares were as follows:
--------------------------------------------------------------------------------
Shareholder Communications:
--------------------------------------------------------------------------------
Class C $1,200
Class Y 200
--------------------------------------------------------------------------------
Total $1,400
================================================================================
Pioneer Global Multisector Income Fund | Semiannual Report | 4/30/17 59
4. Distribution Plan
The Fund has adopted a distribution plan (the Plan) pursuant to Rule 12b-1 of
the Investment Company Act of 1940 with respect to its Class A and Class C
shares. Pursuant to the Plan, the Fund pays PFD 0.25% of the average daily net
assets attributable to Class A shares as compensation for personal services
and/or account maintenance services or distribution services with regard to
Class A shares. Pursuant to the Plan, the Fund also pays PFD 1.00% of the
average daily net assets attributable to Class C shares. The fee for Class C
shares consists of a 0.25% service fee and a 0.75% distribution fee paid as
compensation for personal services and/or account maintenance services or
distribution services with regard to Class C shares. Included in "Due to
affiliates" reflected on the Statement of Assets and Liabilities is $1,732 in
distribution fees payable to PFD at April 30, 2017.
In addition, redemptions of each class of shares (except Class Y shares) may be
subject to a contingent deferred sales charge (CDSC). A CDSC of 1.00% may be
imposed on redemptions of certain net asset value purchases of Class A shares
within 12 months of purchase. Redemptions of Class C shares within 12 months of
purchase are subject to a CDSC of 1.00%, based on the lower of cost or market
value of shares being redeemed. Shares purchased as part of an exchange remain
subject to any CDSC that applied to the original purchase of those shares. There
is no CDSC for Class Y shares. Proceeds from the CDSCs are paid to PFD. For the
six months ended April 30, 2017, CDSCs in the amount of $29 were paid to PFD.
5. Forward Foreign Currency Contracts
During the six months ended April 30, 2017, the Fund had entered into various
forward foreign currency contracts that obligate the Fund to deliver or take
delivery of currencies at specified future maturity dates. Alternatively, prior
to the settlement date of a forward foreign currency contract, the Fund may
close out such contract by entering into an offsetting contract. The average
value of forward foreign currency contracts open during the six months ended
April 30, 2017, was $ (7,046,859).
60 Pioneer Global Multisector Income Fund | Semiannual Report | 4/30/17
Open forward foreign currency contracts at April 30, 2017, were as follows:
----------------------------------------------------------------------------------------------------------
In
Currency Currency Exchange Settlement Unrealized
Sold Deliver Purchased For Counterparty Date Appreciation
----------------------------------------------------------------------------------------------------------
EUR (471,558) CZK 12,685,636 Bank of America NA 9/15/2017 $ 1,802
USD (1,354,008) EUR 1,260,000 Citibank NA 9/15/2017 28,871
New York NY
USD (506,896) EUR 465,868 Goldman Sachs 5/30/2017 1,461
International
CAD (924,209) USD 695,272 JP Morgan 7/13/2017 18,305
Chase Bank NA
NZD (3,680,014) USD 2,579,977 State Street 6/30/2017 55,092
Bank & Trust
AUD (2,458,679) USD 1,852,418 JP Morgan 5/26/2017 12,931
Chase Bank NA
USD (1,020,669) EUR 944,453 State Street 5/30/2017 9,921
Bank & Trust
----------------------------------------------------------------------------------------------------------
Total $ 128,383
==========================================================================================================
----------------------------------------------------------------------------------------------------------
In
Currency Currency Exchange Settlement Unrealized
Sold Deliver Purchased For Counterparty Date Depreciation
----------------------------------------------------------------------------------------------------------
ZAR (3,572,650) USD 258,988 JP Morgan 5/8/2017 $ (7,729)
Chase Bank NA
KRW (2,966,602,392) USD 2,591,901 Goldman Sachs 7/20/2017 (19,610)
International
EUR (3,030,798) USD 3,218,153 Brown Brothers 5/30/2017 (89,062)
Harriman & Co.
EUR (503,760) SEK 4,784,051 State Street 6/26/2017 (8,800)
Bank & Trust
TWD (16,485,602) USD 543,545 Goldman Sachs 7/20/2017 (3,837)
International
EUR (488,657) CHF 521,480 Societe Generale 7/12/2017 (7,486)
USD (254,657) PHP 12,715,000 Bank of America NA 7/10/2017 (2,041)
USD (2,804,669) JPY 310,769,076 State Street 7/12/2017 (6,440)
Bank & Trust
HUF (152,026,473) USD 518,534 Societe Generale 7/19/2017 (12,142)
INR (22,302,702) USD 342,197 Bank of America NA 7/12/2017 (1,193)
USD (110,844) IDR 1,481,876,069 JP Morgan 7/12/2017 (601)
Chase Bank NA
----------------------------------------------------------------------------------------------------------
Total $(158,941)
==========================================================================================================
AUD Australian Dollar
CAD Canadian Dollar
CHF Swiss Franc
CZK Czech Koruna
EUR Euro
HUF Hungarian Forint
IDR Indonesian Rupiah
INR Indian Rupee
JPY Japanese Yen
KRW South Korean Won
PHP Philippine Peso
SEK Swedish Krona
TWD New Taiwan Dollar
ZAR South African Rand
Pioneer Global Multisector Income Fund | Semiannual Report | 4/30/17 61
6. Assets and Liabilities Offsetting
The Fund has entered into an International Swaps and Derivatives Association,
Inc. Master Agreement ("ISDA Master Agreement") or similar agreement with
substantially all its derivative counterparties. An ISDA Master Agreement is a
bilateral agreement between the Fund and a counterparty that governs the trading
of certain OTC derivatives and typically contains, among other things, close-out
and set-off provisions which apply upon the occurrence of an event of default
and/or a termination event as defined under the relevant ISDA Master Agreement.
The ISDA Master Agreement may also give a party the right to terminate all
transactions traded under such agreement if, among other things, there is
deterioration in the credit quality of the other party. Upon an event of default
or a termination of the ISDA Master Agreement, the non-defaulting party has the
right to close out all transactions under such agreement and to net amounts owed
under each transaction to determine one net amount payable by one party to the
other. The right to close out and net payments across all transactions under the
ISDA Master Agreement could result in a reduction of the Fund's credit risk to
its counterparty equal to any amounts payable by the Fund under the applicable
transactions, if any. However, the Fund's right to setoff may be restricted or
prohibited by the bankruptcy or insolvency laws of the particular jurisdiction
to which each specific ISDA of each counterparty is subject.
The collateral requirements for derivatives transactions under an ISDA Master
Agreement are governed by a credit support annex to the ISDA Master Agreement.
Collateral requirements are generally determined at the close of business each
day and are typically based on changes in market values for each transaction
under an ISDA Master Agreement and netted into one amount for such agreement.
Generally, the amount of collateral due from or to a counterparty is subject to
threshold (a "minimum transfer amount") before a transfer is required, which may
vary by counterparty. Collateral pledged for the benefit of the Fund and/or
counterparty is held in segregated accounts by the Fund's custodian and cannot
be sold, re-pledged, assigned or otherwise used while pledged. Cash that has
been segregated to cover the Fund's collateral obligations, if any, will be
reported separately in the Statement of Assets and Liabilities as "Restricted
cash." Securities pledged by the Fund as collateral, if any, are identified as
such in the Schedule of Investments.
Financial instruments subject to an enforceable master netting agreement such as
an ISDA Master Agreement have not been offset on the Statement of Assets and
Liabilities. The following charts show gross assets and liabilities of the Fund
as of April, 30 2017.
62 Pioneer Global Multisector Income Fund | Semiannual Report | 4/30/17
-----------------------------------------------------------------------------------------------------
Derivative
Assets
Subject to Derivatives Non-Cash Cash Net Amount
Master Netting Available Collateral Collateral of Derivative
Counterparty Agreement for Offset Received (a) Received (a) Assets (b)
-----------------------------------------------------------------------------------------------------
Bank of America NA $ 1,802 $ (1,802) $-- $-- $ --
Brown Brothers
Harriman & Co. -- -- -- -- --
Citibank NA
New York NY 28,871 -- -- -- 28,871
Goldman Sachs
International 1,461 (1,461) -- -- --
JP Morgan
Chase Bank NA 31,236 (8,330) -- -- 22,906
Morgan Stanley
Capital
Services LLC 1,009 -- -- -- 1,009
State Street
Bank & Trust 9,921 (9,921) -- -- --
Societe Generale -- -- -- -- --
-----------------------------------------------------------------------------------------------------
Total $74,300 $(21,514) $-- $-- $52,786
=====================================================================================================
-------------------------------------------------------------------------------------------------------
Derivative
Liabilities
Subject to Derivatives Non-Cash Cash Net Amount
Master Netting Available Collateral Collateral of Derivative
Counterparty Agreement for Offset Pledged (a) Pledged (a) Liabilities (b)
-------------------------------------------------------------------------------------------------------
Bank of America NA $ 3,234 $ (1,802) $-- $-- $ 1,432
Brown Brothers
Harriman & Co. 89,062 -- -- -- 89,062
Citibank NA
New York NY -- -- -- -- --
Goldman Sachs
International 23,447 (1,461) -- -- 21,986
JP Morgan
Chase Bank NA 8,330 (8,330) -- -- --
Morgan Stanley
Capital
Services LLC -- -- -- -- --
State Street
Bank & Trust 15,240 (9,921) -- -- 5,319
Societe Generale 19,628 -- -- -- 19,628
-------------------------------------------------------------------------------------------------------
Total $158,941 $(21,514) $-- $-- $137,427
=======================================================================================================
(a) The amount presented here may be less than the total amount of collateral
received/pledged as the net amount of derivative assets and liabilities
cannot be less than $0.
(b) Represents the net amount due from the counterparty in the event of default.
Pioneer Global Multisector Income Fund | Semiannual Report | 4/30/17 63
7. Additional Disclosures about Derivative Instruments and Hedging
Activities
The Fund's use of derivatives subjects it to the following risks:
Interest rate risk relates to the fluctuations in the value of interest-bearing
securities due to changes in the prevailing levels of market interest rates.
Credit risk relates to the ability of the issuer of a financial instrument to
make further principal or interest payments on an obligation or commitment that
it has to the Fund.
Foreign exchange rate risk relates to fluctuations in the value of an asset or
liability due to changes in currency exchange rates.
Equity risk relates to the fluctuations in the value of financial instruments as
a result of changes in market prices (other than those arising from interest
rate risk or foreign exchange risk), whether caused by factors specific to an
individual investment, its issuer, or all factors affecting all instruments
traded in a market or market segment.
Commodity risk relates to the risk that the value of a commodity or
commodity index will fluctuate based on increases or decreases in the
commodities market and factors specific to a particular industry or
commodity.
The fair value of open derivative instruments (not considered to be hedging
instruments for accounting disclosure purposes) by risk exposure at April 30,
2017 was as follows:
-----------------------------------------------------------------------------------------------------
Foreign
Statement of Assets Interest Credit Exchange Equity Commodity
and Liabilities Rate Risk Risk Rate Risk Risk Risk
-----------------------------------------------------------------------------------------------------
Assets
Unrealized appreciation on
forward foreign
currency contracts $ -- $ -- $128,383 $-- $--
Unrealized appreciation on
futures contracts* 59,008 -- -- -- --
Unrealized appreciation on
centrally cleared
swap contracts -- 10,645 -- -- --
Unrealized appreciation on
swap contracts -- 1,009 -- -- --
-----------------------------------------------------------------------------------------------------
Total Value $59,008 $11,654 $128,383 $-- $--
=====================================================================================================
* Reflects unrealized appreciation/depreciation of futures contracts
(see Note 1J). The current day's variation margin is disclosed on the
Statement of Assets and Liabilities.
64 Pioneer Global Multisector Income Fund | Semiannual Report | 4/30/17
-----------------------------------------------------------------------------------------------------
Foreign
Statement of Assets Interest Credit Exchange Equity Commodity
and Liabilities Rate Risk Risk Rate Risk Risk Risk
-----------------------------------------------------------------------------------------------------
Liabilities
Unrealized depreciation on
forward foreign
currency contracts $ -- $-- $158,941 $-- $--
Unrealized depreciation on
futures contracts* 86,801 -- -- -- --
-----------------------------------------------------------------------------------------------------
Total Value $86,801 $-- $158,941 $-- $--
=====================================================================================================
* Reflects unrealized appreciation/depreciation of futures contracts (see
Note 1J). The current day's variation margin is disclosed on the Statement
of Assets and Liabilities.
The effect of derivative instruments (not considered to be hedging instruments
for accounting disclosure purposes) on the Statement of Operations by risk
exposure at April 30, 2017 was as follows:
-----------------------------------------------------------------------------------------------------
Foreign
Statement of Interest Credit Exchange Equity Commodity
Operations Rate Risk Risk Rate Risk Risk Risk
-----------------------------------------------------------------------------------------------------
Net realized gain (loss) on
Futures contracts $101,930 $ -- $ -- $-- $--
Swap contracts -- 5,858 -- -- --
Forward foreign
currency contracts** -- -- 574,987 -- --
-----------------------------------------------------------------------------------------------------
Total Value $101,930 $5,858 $ 574,987 $-- $--
=====================================================================================================
Change in net unrealized
appreciation (depreciation) on
Futures contracts $(55,281) $ -- $ -- $-- $--
Swap contracts -- 7,784 -- -- --
Forward foreign
currency contracts** -- -- (122,490) -- --
-----------------------------------------------------------------------------------------------------
Total Value $(55,281) $7,784 $(122,490) $-- $--
=====================================================================================================
** Included in the amount shown on the Statement of Operations as foward
foreign currency contracts and other assets and liabilities denominated
in foreign currencies.
Pioneer Global Multisector Income Fund | Semiannual Report | 4/30/17 65
8. Line of Credit Facility
The Fund, along with certain other funds in the Pioneer Family of Funds (the
Funds), participates in a committed, unsecured revolving line of credit
facility. Borrowings are used solely for temporary or emergency purposes. The
Fund may borrow up to the lesser of the amount available under the facility or
the limits set for borrowing by the Fund's prospectus and the 1940 Act. The
credit facility in which the Fund participated until February 9, 2016 was in the
amount of $240 million. The credit facility in which the Fund participated until
February 7, 2017, was in the amount of $220 million. Effective February 8, 2017,
the Fund participated in a facility that is in the amount of $13.9 million.
Under such facility, depending on the type of loan, interest on borrowings is
payable at the London Interbank Offered Rate (LIBOR) plus 0.85% on an annualized
basis, or the Alternate Base Rate, which is the greater of (a) the facility's
administrative agent's daily announced prime rate on the borrowing date, (b) 2%
plus the Federal Funds Rate on the borrowing date or (c) 2% plus the overnight
Eurodollar rate on the borrowing date. The Funds pay an annual commitment fee to
participate in a credit facility. The commitment fee is allocated among
participating Funds based on an allocation schedule set forth in the credit
agreement. For the six months ended April 30, 2017, the Fund had no borrowings
under the credit facility.
66 Pioneer Global Multisector Income Fund | Semiannual Report | 4/30/17
ADDITIONAL INFORMATION
Pioneer Investment Management, Inc. (the "Adviser"), the Fund's investment
adviser, is currently an indirect, wholly owned subsidiary of UniCredit S.p.A.
("UniCredit"). On December 12, 2016, UniCredit announced that it has entered
into a binding agreement for the sale of its Pioneer Investments business, which
includes the Adviser, to Amundi (the "Transaction"). Amundi is headquartered in
Paris, France, and, as of September 30, 2016, had more than $1.1 trillion in
assets under management worldwide. The closing of the Transaction is expected to
happen in 2017, subject to certain regulatory and antitrust approvals, and other
conditions.
Under the Investment Company Act of 1940, the closing of the Transaction will
cause the Fund's current investment advisory agreement with the Adviser to
terminate. Accordingly, the Fund's Board of Trustees has approved a new
investment advisory agreement for the Fund, which has been submitted to the
shareholders of the Fund for their approval.
Change in Independent Registered Public Accounting Firm
Deloitte & Touche LLP, the Fund's independent registered public accounting firm,
has informed the Board that it will no longer be independent with respect to the
Fund upon the completion of the Transaction and, accordingly, that it intends to
resign as the Fund's independent registered public accounting firm upon the
completion of the Transaction. The Board will engage a new independent
registered public accounting firm for the Fund upon the completion of the
Transaction.
During the periods that Deloitte & Touche LLP has served as the Fund's
independent registered public accounting firm, including the Fund's two most
recent fiscal years, Deloitte & Touche LLP's reports on the Fund's financial
statements have not contained an adverse opinion or disclaimer of opinion and
have not been qualified or modified as to uncertainty, audit scope or accounting
principles. Further, there have been no disagreements with Deloitte & Touche LLP
on any matter of accounting principles or practices, financial statement
disclosure, or auditing scope or procedure, which, if not resolved to the
satisfaction of Deloitte & Touche LLP, would have caused Deloitte & Touche LLP
to make reference to the subject matter of the disagreement in connection with
its report on the financial statements. In addition, there have been no
reportable events of the kind described in Item 304(a)(1)(v) of Regulation S-K
under the Securities Exchange Act of 1934.
Pioneer Global Multisector Income Fund | Semiannual Report | 4/30/17 67
Approval of New and Interim Management Agreements
Pioneer Investment Management, Inc. (PIM) serves as the investment adviser to
Pioneer Global Multisector Income Fund (the Fund) pursuant to an investment
management agreement between PIM and the Fund.
PIM is the principal U.S. asset management business of Pioneer Investments, a
group of companies owned by Pioneer Global Asset Management S.p.A. ("PGAM").
PGAM is a wholly-owned subsidiary of UniCredit S.p.A. ("UniCredit"). UniCredit
and PGAM have entered into a binding agreement to sell Pioneer Investments,
including PIM, to Amundi (the "Transaction"). Upon the consummation of the
transaction, PIM will become an indirect wholly-owned subsidiary of Amundi and
Amundi's wholly-owned subsidiary, Amundi USA, Inc. The closing of the
Transaction is expected to happen in 2017.
Under the Investment Company Act of 1940, the Fund's current investment
management agreement (the "Current Management Agreement") will terminate
automatically upon the consummation of the Transaction. In order for PIM to
continue to manage the Fund after the consummation of the Transaction, the
Trustees and shareholders of the Fund must approve a new investment management
agreement for the Fund (the "New Management Agreement"). As discussed below, the
Board of Trustees of the Fund approved the New Management Agreement at a meeting
held on March 6-7, 2017. The New Management Agreement has been submitted to the
shareholders of the Fund for their approval at a meeting to be held on June 13,
2017. If the shareholders of the Fund do not approve the New Management
Agreement and the Transaction is completed, an interim investment management
agreement between PIM and the Fund (the "Interim Management Agreement") will
take effect upon the closing of the Transaction. The Board of Trustees of the
Fund also approved the Interim Management Agreement at the March 6-7, 2017
meeting.
Board Evaluation of the New and Interim Management Agreements
The Board evaluated the Transaction and the New Management Agreement and Interim
Management Agreement for the Fund. In connection with their evaluation of the
Transaction and the New Management Agreement for the Fund, the Trustees
requested such information as they deemed reasonably necessary, including: (a)
the structure of the Transaction and the strategy underlying the Transaction;
(b) the anticipated benefits of the Transaction to the Fund and its
shareholders; (c) the post-Transaction plans for PIM, including Amundi's plans
for integration of Pioneer Investments and PIM with its existing asset
management businesses and plans for the future development of PIM; (d) the
effect of the Transaction on the ongoing services provided to
68 Pioneer Global Multisector Income Fund | Semiannual Report | 4/30/17
the Fund, including the need to select a new independent registered public
accounting firm for the Fund, and any plans to modify the operations of the
Fund; (e) the stability and continuity of PIM's management and key employees,
including compensation and benefits to PIM's key employees, and retention plans
and incentive plan structure; (f) the post-Transaction indebtedness and
financial resources of PIM; (g) Amundi's legal and operational structure, its
principal shareholders and senior management, its investment management, risk
management, administrative, legal and compliance functions; (h) certain
regulatory matters relating to Amundi's affiliates; and (i) Amundi's commitment
to the United States, including the role of PIM in the larger Amundi business.
The Trustees also requested and obtained the following information in connection
with their evaluation of the Transaction and the New Management Agreement for
the Fund: (i) memoranda provided by Fund counsel that summarized the legal
standards and other considerations that are relevant to the Trustees in their
deliberations regarding the New Management Agreement; (ii) the qualifications of
the investment management teams for the Fund, as well as the level of investment
by the Fund's portfolio managers in the Fund; (iii) the Fund's management fees
and total expense ratios, the financial statements of PIM and its pre- and
post-Transaction parent companies, profitability analyses from PIM, and analyses
from PIM as to possible economies of scale; (iv) the profitability of the
institutional business of PIM and PIM's affiliate, Pioneer Institutional Asset
Management, Inc. ("PIAM") as compared to that of PIM's fund management business;
and (v) the differences between the fees and expenses of the Fund and the fees
and expenses of PIM's and PIAM's institutional accounts, as well as the
different services provided by Adviser to the Fund and by PIM and PIAM to the
institutional accounts. In addition, the Trustees considered the information
provided at regularly scheduled meetings throughout the year regarding the
Fund's performance and risk attributes, including through meetings with
investment management personnel, and took into account other information related
to the Fund provided to the Trustees at regularly scheduled meetings. The
Trustees also considered information they had received in their review of the
continuance of the Current Management Agreement for the Fund in September 2016.
At meetings held on January 9, 2017 and January 10, 2017, the Trustees met with
representatives of Amundi and PGAM, including separate meetings of the Trustees
who are not "interested persons" of the Fund Complex ("Independent Trustees")
and counsel with representatives of Amundi and PGAM, and subsequently with
representatives of Amundi. In those meetings, they received an extensive
presentation from the representatives of Amundi, including the chief executive
officer of Amundi, describing Amundi's
Pioneer Global Multisector Income Fund | Semiannual Report | 4/30/17 69
background and history, its global asset management activities, the growth of
its business, and its status as the largest asset management firm in Europe and
one of the largest globally; its capital structure and financial resources,
including information as to the financing of the Transaction; its principal
investors, including its majority investor Credit Agricole S.A., and Credit
Agricole's long-term commitment to the asset management business; the philosophy
and strategy underlying the Transaction and the complementarity of Amundi's and
Pioneer Investments' respective asset management businesses; Amundi's various
operating and investment committees and how they would likely interact with PIM;
the proposed integration process, including the progress to date and the
establishment of various integration work streams; Amundi's plans for management
of PIM; Amundi's philosophy as to compensation of key employees and its general
intentions with respect to incentive plans for key employees of PIM; Amundi's
preliminary plans to achieve cost and other synergies; and opportunities to
further develop the business of PIM and PIAM, including in the area of
institutional asset management, and how that would benefit shareholders of the
Pioneer Funds.
In those meetings, the representatives of Amundi confirmed their intention that
the Chief Executive Officer and Chief Investment Officer of PIM would remain in
their current positions, and confirmed that they do not currently foresee major
changes in the day-to-day investment management operations of PIM with respect
to the Fund as a direct result of the Transaction. They discussed incentive
arrangements for key personnel that would continue after the closing of the
Transaction and their plans to establish a new long-term incentive plan
following the closing. They also generally discussed ways in which PIM could
potentially draw on the expanded global resources of Amundi post-Transaction. At
those meetings, the Independent Trustees identified certain areas to which they
requested further information, including as to trading and execution of
securities transactions, research and portfolio management and potential changes
in investment process, particularly where asset classes managed by PIM would
overlap with asset classes managed by Amundi, the continued availability of
resources currently at Pioneer Investments or elsewhere within Amundi to assist
in management of certain Funds, and any anticipated significant changes in
operations. The Independent Trustees considered the uncertainty as to whether
the Fund's independent registered public accounting firm could continue to act
in that capacity after the closing of the Transaction. The Independent Trustees
also met with counsel to review the information they had received to date and to
discuss next steps.
Subsequently, the Trustees received further information from Amundi, including
written responses to questions raised by the Independent Trustees, and received
from PIM the information requested of it. The Independent Trustees reviewed the
information provided with counsel at telephonic
70 Pioneer Global Multisector Income Fund | Semiannual Report | 4/30/17
meetings held on February 16, 2017 and February 27, 2017. The Trustees held a
special in-person Board meeting on March 6-7, 2017 for further consideration of
the New Management Agreements, the Interim Management Agreements and the
Transaction. The Trustees met again with senior executives of Amundi at the
March 6-7, 2017 meeting.
At the March 6-7, 2017 meeting, based on their evaluation of the information
provided by PIM and Amundi, the Trustees including the Independent Trustees
voting separately, approved the New Management Agreement and the Interim
Management Agreement for the Fund. In considering the New Management Agreement
for the Fund, the Trustees considered various factors that they determined were
relevant, including the factors described below. The Trustees did not identify
any single factor as the controlling factor in their determinations. The
Trustees considered the same factors with respect to the Interim Management
Agreement for the Fund.
Nature, Extent and Quality of Services
The Trustees considered the nature, extent and quality of the services that had
been provided by PIM to the Fund and that are expected to be provided by PIM to
the Fund following the consummation of the Transaction. The Trustees reviewed
the terms of the New Management Agreement, and noted that such terms are
substantially similar to the terms of the Current Management Agreement, except
for different execution dates, effective dates and termination dates. The
Trustees reviewed PIM's investment approach for the Fund and its research
process. The Trustees considered the resources of PIM and the personnel of PIM
who provide investment management services to the Fund. They also reviewed the
amount of non-investment resources and personnel of PIM that are involved in
PIM's services to the Fund, including PIM's compliance and legal resources and
personnel. The Trustees noted the substantial attention and high priority given
by PIM's senior management to the Pioneer Fund complex.
The Trustees considered that PIM supervises and monitors the performance of the
Fund's service providers and provides the Fund with personnel (including Fund
officers) and other resources that are necessary for the Fund's business
management and operations and that PIM would continue to provide those
investment management and research services and resources to the Fund following
the consummation of the Transaction. The Trustees also considered that, as
administrator, PIM would continue to be responsible for the administration of
the Fund's business and other affairs. The Trustees considered the fees to be
paid to PIM for the provision of administration services.
Pioneer Global Multisector Income Fund | Semiannual Report | 4/30/17 71
The Trustees considered that Deloitte & Touche LLP has informed the Board that
it will no longer be independent with respect to the Fund upon the completion of
the Transaction and, accordingly, that it will be necessary for the Board to
engage a new independent registered public accounting firm for the Fund.
The Trustees considered that the Transaction is not expected to have a material
adverse impact on the nature, scope and overall quality of services provided to
the Fund and its shareholders, including investment management, risk management,
administrative, compliance, legal and other services, as a result of the
Transaction.
In that regard, the Trustees considered that Amundi is one of the largest asset
managers globally, and that PIM may have access to additional research and
portfolio management capabilities as a result of the Transaction and that PIM,
as part of Amundi, is expected to have an enhanced global presence that may
contribute to an increase in the overall scale and resources of PIM.
Furthermore, in considering whether the Transaction would be expected to have a
material adverse impact on the nature, scope and overall quality of services
provided to the Fund and its shareholders, the Trustees considered the
statements by representatives of Amundi that they expect the Chief Executive
Officer and Chief Investment Officer of PIM to remain in their current positions
and that they do not currently foresee major changes in the day-to-day
investment management operations of PIM as a direct result of the Transaction,
or the risk management, legal or compliance services provided by PIM, with
respect to the Fund. They further considered the current incentive arrangements
for key personnel of PIM that would continue after the closing of the
Transaction. They also noted Amundi's stated intention to establish a new
long-term incentive plan following the closing.
The Trustees also took into account their experience in evaluating the proposed
combination of Pioneer Investments and Santander Asset Management, which was
announced in September, 2014 and abandoned in July, 2016. In light of, among
other things, this experience, the Trustees determined that they were not able
to identify any realistic alternatives to approving the New Management Agreement
that would provide the level of services to the Fund and its shareholders that
are expected to be provided by PIM after the closing of the Transaction.
Based on these considerations, the Trustees concluded that the nature, extent
and quality of services that PIM would continue to provide to the Fund under the
New Management Agreement would be satisfactory and consistent with the terms of
the New Management Agreement.
72 Pioneer Global Multisector Income Fund | Semiannual Report | 4/30/17
Performance of the Fund
In considering the Fund's performance, the Trustees regularly reviewed and
discussed throughout the year data prepared by PIM and information comparing the
Fund's performance with the performance of its peer group of funds, as
classified by each of Morningstar, Inc. (Morningstar) and Lipper, and the
performance of the Fund's benchmark index. They also discussed the Fund's
performance with PIM on a regular basis.
The Trustees' regular reviews and discussions were factored into the Trustees'
deliberations concerning the approval of the New Management Agreement.
Management Fee and Expenses
The Trustees noted that the stated management fees to be paid by the Fund are
identical under the Current Management Agreement and the New Management
Agreement. The Trustees considered information showing the fees and expenses of
the Fund in comparison to the management fees and expense ratios of its peer
group of funds as classified by Morningstar and also to the expense ratios of a
peer group of funds selected on the basis of criteria determined by the
Independent Trustees for this purpose using data provided by Strategic Insight
Mutual Fund Research and Consulting, LLC (Strategic Insight), an independent
third party. In all quintile rankings referred to below, first quintile is most
favorable to the Fund's shareowners. To the extent applicable, the Trustees also
considered the impact of transfer agency, sub-transfer agency, and other
non-management fee expenses on the expense ratios of the Fund. The Trustees
noted that they separately review the Fund's transfer agency, sub-transfer
agency and intermediary arrangements and that the results of the most recent
such review were considered in the consideration of the Fund's expense ratio.
The Trustees considered that the Fund's management fee as of September 30, 2016
was in the third quintile relative to the management fees paid by other funds in
its Morningstar category for the comparable period. The Trustees considered that
the expense ratio of the Fund's Class A shares as of September 30, 2016 was in
the second quintile relative to its Morningstar category and in the second
quintile relative to its Strategic Insight peer group, in each case for the
comparable period. The Trustees noted that PIM had agreed to waive fees and/or
reimburse expenses in order to limit the ordinary operating expenses of the
Fund.
The Trustees reviewed management fees charged by PIM and PIAM to institutional
and other clients, including publicly offered European funds sponsored by PIM's
affiliates, unaffiliated U.S. registered investment companies (in a sub-advisory
capacity), and unaffiliated foreign and domestic separate accounts. The Trustees
also considered PIM's costs in providing services to the
Pioneer Global Multisector Income Fund | Semiannual Report | 4/30/17 73
Fund and PIM's and PIAM's costs in providing services to the other clients and
considered the differences in management fees and profit margins for fund and
non-fund services. In evaluating the fees associated with PIM's and PIAM's
client accounts, the Trustees took into account the respective demands,
resources and complexity associated with the Fund and other client accounts. The
Trustees noted that in some instances the fee rates for those clients were lower
than the management fee for the Fund and considered that, under both the Current
Management Agreement and the New Management Agreement, PIM would perform
additional services for the Fund that it does not provide to those other clients
or services that are broader in scope, including oversight of the Fund's other
service providers and activities related to compliance and the extensive
regulatory and tax regimes to which the Fund is subject. The Trustees also
considered the different risks associated with PIM's management of the Fund and
PIM's and PIAM's management of the other client accounts.
The Trustees concluded that the management fee payable by the Fund to PIM was
reasonable in relation to the nature and quality of the services to be provided
by PIM.
Profitability
The Trustees considered information provided by PIM regarding the profitability
of PIM with respect to the advisory services provided by PIM to the Fund,
including the methodology used by PIM in allocating certain of its costs to the
management of the Fund. The Trustees also considered PIM's profit margin in
connection with the overall operation of the Fund. They further reviewed the
financial results, including the profit margins, realized by PIM and PIAM from
non-fund businesses. The Trustees considered PIM's profit margins with respect
to the Fund in comparison to the limited industry data available and noted that
the profitability of any adviser was affected by numerous factors, including its
organizational structure and method for allocating expenses. The Trustees
concluded that PIM's profitability with respect to the management of the Fund
was not unreasonable.
Economies of Scale
The Trustees considered PIM's views relating to economies of scale in connection
with the Pioneer Funds as fund assets grow and the extent to which any such
economies of scale are shared with the Fund and Fund shareholders. The Trustees
recognize that economies of scale are difficult to identify and quantify, and
that, among other factors that may be relevant, are the following: fee levels,
expense subsidization, investment by PIM in research and analytical capabilities
and PIM's commitment and resource allocation to the Fund. The Trustees noted
that profitability also may be an indicator of the
74 Pioneer Global Multisector Income Fund | Semiannual Report | 4/30/17
availability of any economies of scale, although profitability may vary for
other reasons including due to reductions in expenses. The Trustees concluded
that economies of scale, if any, were being appropriately shared with the Fund.
Other Benefits
The Trustees considered the other benefits that PIM enjoys from its relationship
with the Fund. The Trustees considered the character and amount of fees paid or
to be paid by the Fund, other than under the Current Management Agreement or the
New Management Agreement, for services provided by PIM and its affiliates. The
Trustees further considered the revenues and profitability of PIM's businesses
other than the Fund business. To the extent applicable, the Trustees also
considered the benefits to the Fund and to PIM and its affiliates from the use
of "soft" commission dollars generated by the Fund to pay for research and
brokerage services.
The Trustees considered that following the completion of the Transaction, PIM
will be the principal U.S. asset management business of Amundi, and that
Amundi's worldwide asset management business will manage over $1.38 trillion in
assets (including the Pioneer Funds). This may create opportunities for PIM,
PIAM and Amundi that derive from PIM's relationships with the Fund, including
Amundi's ability to market the services of PIM globally. The Trustees noted that
PIM may have access to additional research capabilities as a result of the
Transaction and Amundi's enhanced global presence that may contribute to an
increase of the overall scale of PIM. The Trustees considered that PIM and the
Fund are expected to receive reciprocal intangible benefits from the
relationship, including mutual brand recognition and, for the Fund, direct and
indirect access to the resources of a large global asset manager. The Trustees
concluded that any such benefits received by PIM as a result of its relationship
with the Fund were reasonable.
Conclusion
After consideration of the factors described above as well as other factors, the
Trustees, including the Independent Trustees, concluded that the New Management
Agreement and the Interim Management Agreement for the Fund, including the fees
payable thereunder, were fair and reasonable and voted to approve the New
Management Agreement and the Interim Management Agreement, and to recommend that
shareholders approve the New Management Agreement.
Pioneer Global Multisector Income Fund | Semiannual Report | 4/30/17 75
Trustees, Officers and Service Providers
Trustees Advisory Trustee
Thomas J. Perna, Chairman Lorraine H. Monchak*
David R. Bock
Benjamin M. Friedman Officers
Margaret B.W. Graham Lisa M. Jones, President and Chief
Marguerite A. Piret Executive Officer
Fred J. Ricciardi Mark E. Bradley, Treasurer and
Kenneth J. Taubes Chief Financial Officer
Christopher J. Kelley, Secretary and
Chief Legal Officer
Investment Adviser and Administrator
Pioneer Investment Management, Inc.
Custodian and Sub-Administrator
Brown Brothers Harriman & Co.
Principal Underwriter
Pioneer Funds Distributor, Inc.
Legal Counsel
Morgan, Lewis & Bockius LLP
Shareowner Services and Transfer Agent
Boston Financial Data Services, Inc.
Proxy Voting Policies and Procedures of the Fund are available without charge,
upon request, by calling our toll free number (1-800-225-6292). Information
regarding how the Fund voted proxies relating to portfolio securities during the
most recent 12-month period ended June 30 is publicly available to shareowners
at us.pioneerinvestments.com. This information is also available on the
Securities and Exchange Commission's web site at www.sec.gov.
* Ms. Monchak is a non-voting Advisory Trustee.
76 Pioneer Global Multisector Income Fund | Semiannual Report | 4/30/17
How to Contact Pioneer
We are pleased to offer a variety of convenient ways for you to contact us for
assistance or information.
Call us for:
--------------------------------------------------------------------------------
Account Information, including existing accounts,
new accounts, prospectuses, applications
and service forms 1-800-225-6292
FactFone(SM) for automated fund yields, prices,
account information and transactions 1-800-225-4321
Retirement plans information 1-800-622-0176
Write to us:
--------------------------------------------------------------------------------
Pioneer Funds
P.O. Box 55014
Boston, Massachusetts 02205-5014
Our toll-free fax 1-800-225-4240
Our internet e-mail address ask.pioneer@pioneerinvestments.com
(for general questions about Pioneer only)
Visit our web site: us.pioneerinvestments.com
This report must be preceded or accompanied by a prospectus.
The Fund files a complete schedule of investments with the Securities and
Exchange Commission for the first and third quarters for each fiscal year on
Form N-Q. Shareholders may view the filed Form N-Q by visiting the Commission's
web site at www.sec.gov. The filed form may also be viewed and copied at the
Commission's Public Reference Room in Washington, DC. Information regarding the
operations of the Public Reference Room may be obtained by calling
1-800-SEC-0330.
[LOGO] PIONEER
Investments(R)
Pioneer Investment Management, Inc.
60 State Street
Boston, MA 02109
us.pioneerinvestments.com
Securities offered through Pioneer Funds Distributor, Inc.
60 State Street, Boston, MA 02109
Underwriter of Pioneer Mutual Funds, Member SIPC
(C) 2017 Pioneer Investments 21910-09-0617
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 12(a)(1), a copy of
its code of ethics that applies to the registrant's principal
executive officer,principal financial officer, principal accounting
officer or controller, or persons performing similar functions,
as an exhibit to its annual
report on this Form N-CSR (see attachment);
(2) Post the text of such code of ethics on its Internet website and
disclose, in its most recent report on this Form N-CSR, its Internet
address and the fact that it has posted such code of ethics on its
Internet website; or
(3) Undertake in its most recent report on this Form N-CSR to provide to
any person without charge, upon request, a copy of such code of ethics
and explain the manner in which such request may be made.
See Item 10(2)
ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.
(a) (1) Disclose that the registrant's board of trustees has determined that
the registrant either:
(i) Has at least one audit committee financial expert serving on its audit
committee; or
(ii) Does not have an audit committee financial expert serving on its audit
committee.
The registrant's Board of Trustees has determined that the registrant has at
least one audit committee financial expert.
(2) If the registrant provides the disclosure required by paragraph
(a)(1)(i) of this Item, it must disclose the name of the audit committee
financial expert and whether that person is "independent." In order to be
considered "independent" for purposes of this Item, a member of an audit
committee may not, other than in his or her capacity as a member of the audit
committee, the board of trustees, or any other board committee:
(i) Accept directly or indirectly any consulting, advisory, or other
compensatory fee from the issuer; or
(ii) Be an "interested person" of the investment company as defined in
Section 2(a)(19) of the Act (15 U.S.C. 80a-2(a)(19)).
Ms. Marguerite A. Piret, an independent trustee, is such an audit committee
financial expert.
(3) If the registrant provides the disclosure required by paragraph (a)(1)
(ii) of this Item, it must explain why it does not have an audit committee
financial expert.
Not applicable.
ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.
(a) Disclose, under the caption AUDIT FEES, the aggregate fees billed for each
of the last two fiscal years for professional services rendered by the principal
accountant for the audit of the registrant's annual financial statements or
services that are normally provided by the accountant in connection with
statutory and regulatory filings or engagements for those fiscal years.
N/A
(b) Disclose, under the caption AUDIT-RELATED FEES, the aggregate fees billed in
each of the last two fiscal years for assurance and related services by the
principal accountant that are reasonably related to the performance of the audit
of the registrant's financial statements and are not reported under
paragraph (a) of this Item. Registrants shall describe the nature of the
services comprising the fees disclosed under this category.
N/A
(c) Disclose, under the caption TAX FEES, the aggregate fees billed in each of
the last two fiscal years for professional services rendered by the principal
accountant for tax compliance, tax advice, and tax planning. Registrants shall
describe the nature of the services comprising the fees disclosed under this
category.
N/A
(d) Disclose, under the caption ALL OTHER FEES, the aggregate fees billed in
each of the last two fiscal years for products and services provided by the
principal accountant, other than the services reported in paragraphs (a) through
(c) of this Item. Registrants shall describe the nature of the services
comprising the fees disclosed under this category.
N/A
(e) (1) Disclose the audit committee's pre-approval policies and procedures
described in paragraph (c)(7) of Rule 2-01 of Regulation S-X.
PIONEER FUNDS
APPROVAL OF AUDIT, AUDIT-RELATED, TAX AND OTHER SERVICES
PROVIDED BY THE INDEPENDENT AUDITOR
SECTION I - POLICY PURPOSE AND APPLICABILITY
The Pioneer Funds recognize the importance of maintaining the independence of
their outside auditors. Maintaining independence is a shared responsibility
involving Pioneer Investment Management, Inc ("PIM"), the audit committee and
the independent auditors.
The Funds recognize that a Fund's independent auditors: 1) possess knowledge of
the Funds, 2) are able to incorporate certain services into the scope of the
audit, thereby avoiding redundant work, cost and disruption of Fund personnel
and processes, and 3) have expertise that has value to the Funds. As a result,
there are situations where it is desirable to use the Fund's independent
auditors for services in addition to the annual audit and where the potential
for conflicts of interests are minimal. Consequently, this policy, which is
intended to comply with Rule 210.2-01(C)(7), sets forth guidelines and
procedures to be followed by the Funds when retaining the independent audit firm
to perform audit, audit-related tax and other services under those
circumstances, while also maintaining independence.
Approval of a service in accordance with this policy for a Fund shall also
constitute approval for any other Fund whose pre-approval is required pursuant
to Rule 210.2-01(c)(7)(ii).
In addition to the procedures set forth in this policy, any non-audit services
that may be provided consistently with Rule 210.2-01 may be approved by the
Audit Committee itself and any pre-approval that may be waived in accordance
with Rule 210.2-01(c)(7)(i)(C) is hereby waived.
Selection of a Fund's independent auditors and their compensation shall be
determined by the Audit Committee and shall not be subject to this policy.
SECTION II - POLICY
---------------- -------------------------------- -------------------------------------------------
SERVICE SERVICE CATEGORY DESCRIPTION SPECIFIC PRE-APPROVED SERVICE SUBCATEGORIES
CATEGORY
---------------- -------------------------------- -------------------------------------------------
I. AUDIT Services that are directly o Accounting research assistance
SERVICES related to performing the o SEC consultation, registration
independent audit of the Funds statements, and reporting
o Tax accrual related matters
o Implementation of new accounting
standards
o Compliance letters (e.g. rating agency
letters)
o Regulatory reviews and assistance
regarding financial matters
o Semi-annual reviews (if requested)
o Comfort letters for closed end
offerings
---------------- -------------------------------- -------------------------------------------------
II. Services which are not o AICPA attest and agreed-upon procedures
AUDIT-RELATED prohibited under Rule o Technology control assessments
SERVICES 210.2-01(C)(4) (the "Rule") o Financial reporting control assessments
and are related extensions of o Enterprise security architecture
the audit services support the assessment
audit, or use the
knowledge/expertise gained
from the audit procedures as a
foundation to complete the
project. In most cases, if
the Audit-Related Services are
not performed by the Audit
firm, the scope of the Audit
Services would likely
increase. The Services are
typically well-defined and
governed by accounting
professional standards (AICPA,
SEC, etc.)
---------------- -------------------------------- -------------------------------------------------
------------------------------------- ------------------------------------
AUDIT COMMITTEE APPROVAL POLICY AUDIT COMMITTEE
REPORTING POLICY
------------------------------------- ------------------------------------
o "One-time" pre-approval o A summary of all such
for the audit period for all services and related fees
pre-approved specific service reported at each regularly
subcategories. Approval of the scheduled Audit Committee
independent auditors as meeting.
auditors for a Fund shall
constitute pre approval for
these services.
------------------------------------- ------------------------------------
o "One-time" pre-approval o A summary of all such
for the fund fiscal year within services and related fees
a specified dollar limit (including comparison to
for all pre-approved specified dollar limits)
specific service subcategories reported quarterly.
o Specific approval is
needed to exceed the
pre-approved dollar limit for
these services (see general
Audit Committee approval policy
below for details on obtaining
specific approvals)
o Specific approval is
needed to use the Fund's
auditors for Audit-Related
Services not denoted as
"pre-approved", or
to add a specific service
subcategory as "pre-approved"
------------------------------------- ------------------------------------
SECTION III - POLICY DETAIL, CONTINUED
----------------------- --------------------------- -----------------------------------------------
SERVICE CATEGORY SERVICE CATEGORY SPECIFIC PRE-APPROVED SERVICE SUBCATEGORIES
DESCRIPTION
----------------------- --------------------------- -----------------------------------------------
III. TAX SERVICES Services which are not o Tax planning and support
prohibited by the Rule, o Tax controversy assistance
if an officer of the Fund o Tax compliance, tax returns, excise
determines that using the tax returns and support
Fund's auditor to provide o Tax opinions
these services creates
significant synergy in
the form of efficiency,
minimized disruption, or
the ability to maintain a
desired level of
confidentiality.
----------------------- --------------------------- -----------------------------------------------
------------------------------------- -------------------------
AUDIT COMMITTEE APPROVAL POLICY AUDIT COMMITTEE
REPORTING POLICY
------------------------------------- -------------------------
------------------------------------- -------------------------
o "One-time" pre-approval o A summary of
for the fund fiscal year all such services and
within a specified dollar limit related fees
(including comparison
to specified dollar
limits) reported
quarterly.
o Specific approval is
needed to exceed the
pre-approved dollar limits for
these services (see general
Audit Committee approval policy
below for details on obtaining
specific approvals)
o Specific approval is
needed to use the Fund's
auditors for tax services not
denoted as pre-approved, or to add a specific
service subcategory as
"pre-approved"
------------------------------------- -------------------------
SECTION III - POLICY DETAIL, CONTINUED
----------------------- --------------------------- -----------------------------------------------
SERVICE CATEGORY SERVICE CATEGORY SPECIFIC PRE-APPROVED SERVICE SUBCATEGORIES
DESCRIPTION
----------------------- --------------------------- -----------------------------------------------
IV. OTHER SERVICES Services which are not o Business Risk Management support
prohibited by the Rule, o Other control and regulatory
A. SYNERGISTIC, if an officer of the Fund compliance projects
UNIQUE QUALIFICATIONS determines that using the
Fund's auditor to provide
these services creates
significant synergy in
the form of efficiency,
minimized disruption,
the ability to maintain a
desired level of
confidentiality, or where
the Fund's auditors
posses unique or superior
qualifications to provide
these services, resulting
in superior value and
results for the Fund.
----------------------- --------------------------- -----------------------------------------------
--------------------------------------- ------------------------
AUDIT COMMITTEE APPROVAL POLICY AUDIT COMMITTEE
REPORTING POLICY
------------------------------------- --------------------------
o "One-time" pre-approval o A summary of
for the fund fiscal year within all such services and
a specified dollar limit related fees
(including comparison
to specified dollar
limits) reported
quarterly.
o Specific approval is
needed to exceed the
pre-approved dollar limits for
these services (see general
Audit Committee approval policy
below for details on obtaining
specific approvals)
o Specific approval is
needed to use the Fund's
auditors for "Synergistic" or
"Unique Qualifications" Other
Services not denoted as
pre-approved to the left, or to
add a specific service
subcategory as "pre-approved"
------------------------------------- --------------------------
SECTION III - POLICY DETAIL, CONTINUED
----------------------- ------------------------- -----------------------------------------------
SERVICE CATEGORY SERVICE CATEGORY SPECIFIC PROHIBITED SERVICE SUBCATEGORIES
DESCRIPTION
----------------------- ------------------------- -----------------------------------------------
PROHIBITED SERVICES Services which result 1. Bookkeeping or other services
in the auditors losing related to the accounting records or
independence status financial statements of the audit
under the Rule. client*
2. Financial information systems design
and implementation*
3. Appraisal or valuation services,
fairness* opinions, or
contribution-in-kind reports
4. Actuarial services (i.e., setting
actuarial reserves versus actuarial
audit work)*
5. Internal audit outsourcing services*
6. Management functions or human
resources
7. Broker or dealer, investment
advisor, or investment banking services
8. Legal services and expert services
unrelated to the audit
9. Any other service that the Public
Company Accounting Oversight Board
determines, by regulation, is
impermissible
----------------------- ------------------------- -----------------------------------------------
------------------------------------------- ------------------------------
AUDIT COMMITTEE APPROVAL POLICY AUDIT COMMITTEE
REPORTING POLICY
------------------------------------------- ------------------------------
o These services are not to be o A summary of all
performed with the exception of the(*) services and related
services that may be permitted fees reported at each
if they would not be subject to audit regularly scheduled
procedures at the audit client (as Audit Committee meeting
defined in rule 2-01(f)(4)) level will serve as continual
the firm providing the service. confirmation that has
not provided any
restricted services.
------------------------------------------- ------------------------------
--------------------------------------------------------------------------------
GENERAL AUDIT COMMITTEE APPROVAL POLICY:
o For all projects, the officers of the Funds and the Fund's auditors will each
make an assessment to determine that any proposed projects will not impair
independence.
o Potential services will be classified into the four non-restricted service
categories and the "Approval of Audit, Audit-Related, Tax and Other
Services" Policy above will be applied. Any services outside the specific
pre-approved service subcategories set forth above must be specifically
approved by the Audit Committee.
o At least quarterly, the Audit Committee shall review a report summarizing the
services by service category, including fees, provided by the Audit firm as
set forth in the above policy.
--------------------------------------------------------------------------------
(2) Disclose the percentage of services described in each of paragraphs (b)
through (d) of this Item that were approved by the audit committee pursuant
to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.
N/A
(f) If greater than 50 percent, disclose the percentage of hours expended on the
principal accountants 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 registrants accountant
for services rendered to the registrant, and rendered to the registrants
investment adviser (not including any sub-adviser whose role is primarily
portfolio management and is subcontracted with or overseen by another investment
adviser), and any entity controlling, controlled by, or under common control
with the adviser that provides ongoing services to the registrant for each of
the last two fiscal years of the registrant.
N/A
(h) Disclose whether the registrants audit committee of the board of trustees
has considered whether the provision of non-audit services that were rendered to
the registrants 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.
N/A
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 registrant's 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 of Investments in securities of unaffiliated issuers
as of the close of the reporting period as set forth in 210.1212
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 registrant's portfolio ("Portfolio Manager"). Also state each Portfolio
Manager's 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 registrant's equity securities
that is registered by the registrant pursuant to Section 12 of the
Exchange Act (15 U.S.C. 781).
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 registrant's board of directors, where
those changes were implemented after the registrant last provided
disclosure in response to the requirements of Item 407(c)(2)(iv) of
Regulation S-R(17 CFR 229.407)(as required by Item 22(b)(15))
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 registrant's board of
directors since the registrant last provided disclosure in response
to the requirements of Item 407(c)(2)(iv) of Regulation S-R 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 and
principal financials officers, or persons performing similar functions,
regarding the effectiveness of the registrant's disclosure
controls and procedures (as defined in Rule 30a-3(c) under the Act (17 CFR
270.30a-3(c))) as of a date within 90 days of the filing date of the report
that includes the disclosure required by this paragraph,
based on the evaluation of these controls and procedures required by Rule
30a-3(b) under the Act (17 CFR 270.30(a)-3(b) and Rules 13a-15(b) or 15d-15(b)
under the Exchange Act (17 CFR 240.13a-15(b) or 240.15d-15(b)).
The registrant's principal executive officer
and principal financial officer have
concluded that the registrant's disclosure
controls and procedures are effective based
on the evaluation of these controls and
procedures as of a date within 90 days of the
filing date of this report.
(b) Disclose any change in the registrant's internal control over financial
reporting (as defined in Rule 30a-3(d) under the Act (17CFR 270.30a-3(d)) that
occured during the second fiscal quarter of the period covered by this report
that has materially affected, or is reasonably likely to materially affect,
the registrant's internal control over financial reporting.
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.
(a) File the exhibits listed below as part of this Form. Letter or number the
exhibits in the sequence indicated.
(1) 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.
(2) A separate certification for each principal executive officer and principal
financial officer of the registrant as required by Rule 30a-2(a) under the Act
(17 CFR 270.30a-2(a)) , exactly as set forth below:
Filed herewith.
SIGNATURES
[See General Instruction F]
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, the registrant has duly caused this report to be
signed on its behalf by the undersigned, thereunto duly authorized.
(Registrant) Pioneer Series Trust VII
By (Signature and Title)* /s/ Lisa M. Jones
Lisa M. Jones, President & Chief Executive Officer
Date June 27, 2017
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/ Lisa M. Jones
Lisa M. Jones, President & Chief Executive Officer
Date June 27, 2017
By (Signature and Title)* /s/ Mark E. Bradley
Mark E. Bradley, Treasurer & Chief Accounting & Financial Officer
Date June 27, 2017
* Print the name and title of each signing officer under his or her signature.