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, Amundi Pioneer Asset 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, 2017 through April 30, 2018
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 Multisector
Income Fund
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Semiannual Report | April 30, 2018
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Ticker Symbols:
Class A PGABX
Class C PGCBX
Class Y PGYBX
[LOGO] Amundi Pioneer
==============
ASSET MANAGEMENT
visit us: www.amundipioneer.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 51
Notes to Financial Statements 58
Additional Information 77
Trustees, Officers and Service Providers 79
Pioneer Global Multisector Income Fund | Semiannual Report | 4/30/18 1
President's Letter
While 2017 delivered strong positive performance, 2018, thus far, has
introduced market volatility. Equity and fixed-income markets pulled back in
the first quarter of this year, as the Standard & Poor's 500 Index and the
Bloomberg Barclays U.S. Aggregate Bond Index both finished in negative
territory, returning -0.76% and -1.46%, respectively, for the three-month
period ended March 31, 2018. Concerns about the sustainability of the pace of
economic growth, extended equity valuations, and rising interest rates drove a
significant stock market sell-off beginning in late January, approaching
correction levels. The market did recover from its initial slump, but this
year's significant fluctuations have served to remind investors that even the
strongest "bulls" cannot run forever. Within fixed income, rising interest
rates helped drive down returns of most asset classes in the first quarter,
though floating-rate sectors such as bank loans fared well in the rising-rate
environment.
Our view is that the first-quarter pause in the market's near-continuous upward
momentum over the previous 15 months, dating back to the final quarter of 2016,
presents an opportunity for investors to enter the market at healthier
valuation levels. We believe fundamentals are still quite positive, yet also
believe that caution is warranted given that the market remains vulnerable to
corrections. Some areas, such as growth stocks, appear expensive, but we do see
opportunity in value stocks, with prices supported by better corporate earnings
due to the recent tax reforms in the U.S. as well as robust, nominal gross
domestic product (GDP) growth. In fact, GDP growth in the U.S. rose to close to
or better than 3% over the final three quarters of 2017, and GDP growth in the
first quarter of 2018 registered at 2.3%.
In the fixed-income markets, we believe investors should consider positioning
their portfolios to defend against rising interest rates, with underweight
positions in U.S. Treasuries. We see more attractive valuations within
structured investment vehicles, such as mortgage-backed securities (MBS) in
both the agency and non-agency residential MBS sectors, as fundamentals within
the U.S. housing market remain positive. We believe that agency MBS, in
particular, offer investors reasonable value.
Since 1928, the foundation of Amundi Pioneer's investment approach has been
active management, which is especially important during periods of market
volatility. We believe investors can benefit from the experience and tenure of
our investment teams who make active and informed decisions across our funds.
In fact, the Pioneer Fund, the third-oldest mutual fund in the U.S., recently
celebrated its 90th birthday. We believe the Fund serves as an important
ambassador of our time-tested value style of investing and our early focus on
understanding the potential benefits of investing in companies with
2 Pioneer Global Multisector Income Fund | Semiannual Report | 4/30/18
sustainable business models. Over its nine decades of existence - a time period
that included a Great Depression, a devastating World War, a long Cold War, and
enormous technological as well as societal changes - the Fund has been
well-served by this investment approach.
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.
/s/ Lisa M. Jones
Lisa M. Jones
Head of the Americas, President and CEO of U.S.
Amundi Pioneer Asset Management USA, Inc.
April 30, 2018
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 | 4/30/18 3
Portfolio Management Discussion | 4/30/18
In the following interview, Charles Melchreit, Andrew Feltus, and Paresh
Upadhyaya discuss the factors that affected the performance of Pioneer Global
Multisector Income Fund during the six-month period ended April 30, 2018. Mr.
Melchreit*, Senior Managing Director, Deputy Head of Fixed Income, U.S., and a
portfolio manager at Amundi Pioneer Asset Management, Inc. ("Amundi Pioneer"),
Mr. Feltus, Managing Director, Co-Director of High Yield, and a portfolio
manager at Amundi Pioneer, and Mr. Upadhyaya, Director of Currency Strategy, a
senior vice president, and a portfolio manager at Amundi Pioneer, were
responsible for the day-to-day management of the Fund during the six-month
period, along with Kenneth J. Taubes, Executive Vice President, Chief
Investment Officer, U.S., and a portfolio manager at Amundi Pioneer.
Q How did the Fund perform during the six-month period ended April 30, 2018?
A Pioneer Global Multisector Income Fund's Class A shares returned -0.21%
at net asset value during the six-month period ended April 30, 2018, while
the Fund's benchmark, the Bloomberg Barclays Global Aggregate Bond Index
(the Bloomberg Barclays Index), returned 1.19%. During the same period,
the average return of the 320 mutual funds in Morningstar's World Bond
Funds category was 1.02%.
Q How would you describe the investment environment in the global
fixed-income markets during the six-month period ended April 30, 2018?
A The global bond market faced significant headwinds over the past six
months, leading to negative returns for most fixed-income categories. In
recent years, investors had grown comfortable with the idea that the
combination of slow economic growth and low inflation would allow the U.S.
Federal Reserve (the Fed) and other major central banks to maintain a
gradual approach to tightening monetary policies. The investment backdrop
became less favorable toward the end of 2017, however, as economic growth
began to pick up steam across the globe. In December, the U.S. Congress
passed a tax reform bill, subsequently signed into law by President Trump,
which reduced corporate and personal tax rates. The legislation came at a
time when the economy was already operating near full capacity, further
fueling concerns that growth could accelerate to a level at which
inflationary pressures would begin to emerge. Those fears were seemingly
confirmed in early February when a U.S. employment report
* NOTE: Charles Melchreit was a portfolio manager of the Fund during the
full six-month period ended April 30, 2018. Mr. Melchreit departed from
Amundi Pioneer effective June 8, 2018. Effective June 8, 2018, Mr. Feltus,
Mr. Upadhyaya, Mr. Taubes, and Bradley R. Komenda, Deputy Director of
Investment-Grade Corporates, a senior vice president, and a portfolio
manager at Amundi Pioneer, will be responsible for the day-to-day
management of the Fund.
4 Pioneer Global Multisector Income Fund | Semiannual Report | 4/30/18
showed wages rising more quickly than expected. That raised the
possibility of higher inflation, and with it the potential for the Fed to
begin hiking interest rates at a faster pace than the markets had been
expecting.
Given that yields were still trading at low absolute levels entering the
six-month period, those events had a significant effect on the bond
market. U.S. Treasury yields climbed across the board, with the two- and
10-year notes rising from 1.60% to 2.49%, and 2.38% to 2.95%,
respectively, as bond prices fell. The weakness filtered through to the
rest of the market, too, leading to negative six-month returns for
mortgage-backed securities, investment-grade corporates, high-yield bonds,
and emerging markets debt. However, bank loans - which typically offer a
floating-rate feature that causes their yields to adjust higher in
conjunction with short-term interest rates - posted a healthy gain over
the six months thanks to robust investor demand.
Despite the many obstacles, the Fund's benchmark, the Bloomberg Barclays
Index, nonetheless finished in positive territory for the period, due to
the impact of currency translation. The portion of the benchmark invested
in non-U.S. debt was aided considerably by the rally in foreign currencies
against the U.S. dollar (USD), helping the index finish with a 1.19%
return, well ahead of most domestic investment-grade indices.
Q What were the principal factors that either contributed to or detracted
from the Fund's benchmark-relative returns during the six-month period
ended April 30, 2018?
A Currency positioning, though not our primary emphasis during the period,
was nonetheless the leading cause of the Fund's performance shortfall
versus its benchmark. The Fund was underweight in the euro and the
Japanese yen, and both rallied on expectations that the central banks in
those respective regions would begin to tighten monetary policy. A long
position in the Swedish krona, which lagged due to central-bank policy
that proved to be more dovish than the markets had been anticipating, also
weighed on the Fund's relative results. We gradually reduced the Fund's
long-USD positioning by adding more exposure to foreign currencies as the
period progressed. The shift reflected our view that the USD continued to
face challenges from the possibility of a trade war, a bias toward tighter
policy among foreign central banks, and the combination of the rising
budgetary and trade deficits in the United States. We retained long
positions in the Indonesian rupiah and Indian rupee, due to our belief
that those countries are implementing structural reforms and are on a path
of sustainable economic growth; however, we trimmed both positions
modestly in order to reduce portfolio risk.
Pioneer Global Multisector Income Fund | Semiannual Report | 4/30/18 5
Investments in AAA-rated government bonds, which tend to have interest-
rate sensitivity that is above average, also detracted from the Fund's
relative returns. Issues from Japan, New Zealand, and Sweden were notable
laggards in that portion of the portfolio.
Positive contributors to the Fund's benchmark-relative performance
included the portfolio's duration positioning. We kept the Fund's duration
below that of the Bloomberg Barclays Index, largely through positioning in
the United States and Europe, which added value given that yields rose in
both regions. (Duration is 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.) While we increased the Fund's
duration in the United States somewhat later in the period, in response to
the jump in yields, we maintained the shorter duration in Europe based on
our expectation that rich valuations and likely monetary-policy tightening
by the European Central Bank would move yields toward an upward bias.
Asset allocation decisions also contributed positively to the Fund's
benchmark-relative performance. The portfolio held overweight positions in
lower-rated bonds, which performed well relative to their higher-rated
counterparts amid investors' ongoing preference for higher-yielding assets
during the period. In addition, lower-quality securities tend to be less
affected by changes in prevailing interest rates; this was a positive at a
time when rates rose considerably. Among the Fund's holdings in the
emerging markets, our preference for lower-rated issues was most additive
to relative performance, as positions in Ecuador, Gabon, Uruguay, the
Bahamas, and Ivory Coast all outperformed. A portfolio allocation to bank
loans, which stood at approximately 4.9% of the Fund's invested assets at
the end of April, was a further plus, given the category's strong
outperformance over the six months.
Q Did the Fund invest in any derivative securities during the six-month
period ended April 30, 2018? If so, did the derivatives have a material
impact on benchmark-relative performance?
A We invested the portfolio in three types of derivatives during the
period: forward foreign currency transactions (currency forwards),
Treasury futures, and credit default swaps. We invested in the currency
forwards to help manage the risks to the portfolio of changes in relative
currency values. The currency forwards had a modest, negative effect on
the Fund's relative performance. We invested in the Treasury futures to
help manage interest-rate risk. The Treasury futures helped performance
significantly, as the Fund's short-duration stance contributed to relative
returns at a time when
6 Pioneer Global Multisector Income Fund | Semiannual Report | 4/30/18
Treasury yields rose and prices came under pressure. The Fund had only a
very small exposure to credit default swaps, and they had a slightly
positive impact on results.
Q Were there any changes in the Fund's distributions** to shareholders
during the six-month period ended April 30, 2018?
A The Fund's distributions to shareholders rose in comparison to the same
period one year ago, due to the increase in yields across the fixed-income
market.
Q What is your investment outlook, and how is the Fund positioned as of
April 30, 2018?
A We believe the global economy remains on track for a continued
expansion. We anticipate above-trend growth in the United States, thanks
in part to the recent tax cut, and we think the Fed is likely to continue
raising interest rates for the foreseeable future. We also see a trend
toward tighter central-bank policies across the developed markets.
Accordingly, we have maintained the Fund's short-duration stance.
In terms of country/regional allocations, the Fund has a near-benchmark
weighting in the United States, at approximately 39% of the total
investment portfolio. A significant portion of that exposure is
represented by non-benchmark sectors, including bank loans, high-yield
securities, catastrophe bonds, and Treasury inflation-protected securities
(which can help protect the portfolio if inflation surprises to the
upside). The Fund is underweight in Europe, particularly in low-yielding
government bonds, and underweight in lower-yielding Asian debt, including
a sizable underweight in Japan. Conversely, the Fund's remains overweight
to emerging markets issues, which have continued to be well supported by
stronger global growth and rising domestic demand. The allocation to the
emerging markets was, at one point, well above the category's weighting in
the benchmark, but increased valuations prompted us to trim the
portfolio's exposure to the category over the course of the six months.
With regard to asset classes, the Fund is overweight in the credit sectors
and underweight in developed market government securities. We find most
developed market government debt unattractive, but we believe the credit
sectors can benefit from stronger economic growth and, in the United
States, lower taxes and less regulation. With that said, we did take steps
during the period to improve the overall credit quality of the portfolio
in order to decrease exposure to credit risk. As part of the process, we
reduced
** Distributions are not guaranteed.
Pioneer Global Multisector Income Fund | Semiannual Report | 4/30/18 7
the Fund's weighting in high yield and boosted its allocations to both
investment-grade corporates and bank loans. We think loans offer an
attractive risk/reward profile, due to their floating-rate feature and
higher credit quality relative to high-yield bonds.
In total, we believe this investment approach can help the Fund take
advantage of the wide range of opportunities in the global fixed-income
markets, while at the same time striving to manage both interest-rate and
credit risks.
Please refer to the Schedule of Investments on pages 17-50 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
fluctuating 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.
8 Pioneer Global Multisector Income Fund | Semiannual Report | 4/30/18
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.
Before investing, consider the product's investment objectives, risks, charges
and expenses. Contact your advisor or Amundi Pioneer Asset Management, Inc.,
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 | 4/30/18 9
Portfolio Summary | 4/30/18
Portfolio Diversification*
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(As a percentage of total investments)**
[THE FOLLOWING DATA WAS REPRESENTED AS A PIE CHART IN THE PRINTED MATERIAL]
Foreign Government Bonds 35.6%
U.S. Government and Agency Obligations 19.1%
International Corporate Bonds 17.7%
U.S. Corporate Bonds 13.7%
Senior Secured Floating Rate Loan Interests 5.2%
Collateralized Mortgage Obligations 4.6%
Convertible Preferred Stocks 1.0%
Affiliated Closed-End Fund(l) 1.0%
Municipal Bonds 0.9%
Supranational Obligations 0.7%
Asset Backed Securities 0.5%
Convertible Corporate Bond 0.0%+
Currency Put Options Purchased 0.0%+
U.S. Preferred Stock 0.0%+
* Includes investments in Insurance-Linked Securities totaling 0.3% of
total investments.
+ Amount rounds to less than 0.1%.
Geographical Distribution
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(As a percentage of total investments based on country of domicile)**
[THE FOLLOWING DATA WAS REPRESENTED AS A BAR CHART IN THE PRINTED MATERIAL]
United States 45.7%
United Kingdom 8.3%
Japan 5.3%
Sweden 4.2%
Australia 4.2%
Netherlands 3.0%
New Zealand 2.6%
Germany 2.5%
France 2.2%
Argentina 2.0%
Canada 1.7%
Luxembourg 1.5%
Italy 1.1%
Brazil 1.1%
Norway 1.1%
Other (individually less than 1%) 13.5%
10 Largest Holdings
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(As a percentage of total investments)**
1. Australia Government Bond, 4.75%, 4/21/27 3.86%
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2. Sweden Government Bond, 4.25%, 3/12/19 3.71%
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3. U.S. Treasury Bills, 5/10/18 2.99%
--------------------------------------------------------------------------------
4. New Zealand Government Bond, 5.5%, 4/15/23 2.58%
--------------------------------------------------------------------------------
5. United Kingdom Gilt, 0.5%, 7/22/22 2.47%
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6. Japan Government Twenty Year Bond, 0.6%, 12/20/37 2.15%
--------------------------------------------------------------------------------
7. Fannie Mae, 4.0%, 5/1/48 (TBA) 2.14%
--------------------------------------------------------------------------------
8. Fannie Mae, 3.5%, 5/1/48 (TBA) 2.12%
--------------------------------------------------------------------------------
9. Bundesrepublik Deutschland Bundesanleihe, 0.25%, 2/15/27 1.81%
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10. International Finance Corp., 6.3%, 11/25/24 1.47%
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** This list excludes temporary cash investments and all derivative
contracts except for options purchased. The Fund is actively managed, and
current holdings may be different. The holdings listed should not be
considered recommendations to buy or sell any security listed.
(l) Pioneer ILS Interval Fund is an affiliated fund managed by Amundi Pioneer
Asset Management, Inc., formerly Pioneer Investment Management, Inc. (the
"Adviser").
10 Pioneer Global Multisector Income Fund | Semiannual Report | 4/30/18
Prices and Distributions | 4/30/18
Net Asset Value per Share
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Class 4/30/18 10/31/17
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A $10.55 $10.70
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C $10.58 $10.73
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Y $10.63 $10.80
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Distributions per Share: 11/1/17-4/30/18
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Net Investment Short-Term Long-Term
Class Income Capital Gains Capital Gains
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A $0.1290 $ -- $ --
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C $0.0843 $ -- $ --
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Y $0.1438 $ -- $ --
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Index Definitions
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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 | 4/30/18 11
Performance Update | 4/30/18 Class A Shares
Investment Returns
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The mountain chart on the right shows the change in value of a $10,000
investment made in 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, 2018)
--------------------------------------------------------------------------------
BBG
Barclays
Net Public Global
Asset Offering Aggregate
Value Price Bond
Period (NAV) (POP) Index
--------------------------------------------------------------------------------
Life of Class
(12/27/2007) 3.75% 3.27% 2.60%
5 years 1.66 0.73 0.89
1 year 2.57 -2.04 4.09
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated March 1, 2018)
--------------------------------------------------------------------------------
Gross Net
--------------------------------------------------------------------------------
2.20% 1.04%
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[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $10,000 Investment
Pioneer Global Bloomberg Barclays Global
Multisector Income Fund Aggregate Bond Index
4/08 $ 9,550 $10,000
4/09 $ 9,228 $ 9,780
4/10 $10,543 $10,685
4/11 $11,614 $11,802
4/12 $11,967 $12,191
4/13 $12,706 $12,369
4/14 $12,592 $12,569
4/15 $12,839 $12,101
4/16 $12,970 $12,687
4/17 $13,452 $12,421
4/18 $13,798 $12,928
Call 1-800-225-6292 or visit www.amundipioneer.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, 2019, for Class A shares. There can be no assurance
that Amundi 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 | 4/30/18
Performance Update | 4/30/18 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, 2018)
--------------------------------------------------------------------------------
BBG
Barclays
Global
Aggregate
If If Bond
Period Held Redeemed Index
--------------------------------------------------------------------------------
Life of Class
(12/27/2007) 2.87% 2.87% 2.60%
5 years 0.80 0.80 0.89
1 year 1.73 1.73 4.09
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated March 1, 2018)
--------------------------------------------------------------------------------
Gross Net
--------------------------------------------------------------------------------
2.28% 1.94%
--------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $10,000 Investment
Pioneer Global Bloomberg Barclays Global
Multisector Income Fund Aggregate Bond Index
4/08 $10,000 $10,000
4/09 $ 9,565 $ 9,780
4/10 $10,844 $10,685
4/11 $11,862 $11,802
4/12 $12,120 $12,191
4/13 $12,753 $12,369
4/14 $12,550 $12,569
4/15 $12,671 $12,101
4/16 $12,685 $12,687
4/17 $13,044 $12,421
4/18 $13,270 $12,928
Call 1-800-225-6292 or visit www.amundipioneer.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, 2019, for Class C shares. There can be no assurance
that Amundi 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 | 4/30/18 13
Performance Update | 4/30/18 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, 2018)
--------------------------------------------------------------------------------
BBG
Barclays
Net Global
Asset Aggregate
Value Bond
Period (NAV) Index
--------------------------------------------------------------------------------
Life of Class
(12/27/2007) 3.99% 2.60%
5 years 1.91 0.89
1 year 2.74 4.09
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated March 1, 2018)
--------------------------------------------------------------------------------
Gross Net
--------------------------------------------------------------------------------
1.24% 0.79%
--------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $5 Million Investment
Pioneer Global Bloomberg Barclays Global
Multisector Income Fund Aggregate Bond Index
4/08 $5,000,000 $5,000,000
4/09 $4,833,939 $4,889,828
4/10 $5,538,368 $5,342,717
4/11 $6,104,875 $5,901,154
4/12 $6,323,455 $6,095,644
4/13 $6,726,789 $6,184,496
4/14 $6,691,510 $6,284,635
4/15 $6,840,585 $6,050,411
4/16 $6,928,662 $6,343,473
4/17 $7,196,833 $6,210,312
4/18 $7,393,742 $6,464,067
Call 1-800-225-6292 or visit www.amundipioneer.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, 2019, for Class Y shares. There can be no assurance
that Amundi 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 | 4/30/18
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, 2017, through April 30, 2018.
-------------------------------------------------------------------------------
Share Class A C Y
-------------------------------------------------------------------------------
Beginning Account Value on 11/1/17 $1,000.00 $1,000.00 $1,000.00
-------------------------------------------------------------------------------
Ending Account Value (after expenses) $ 997.90 $ 993.80 $ 997.40
on 4/30/18
-------------------------------------------------------------------------------
Expenses Paid During Period* $ 4.95 $ 9.05 $ 3.71
-------------------------------------------------------------------------------
* Expenses are equal to the Fund's annualized net expense ratio of 1.00%,
1.83% 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 | 4/30/18 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, 2017, through April 30, 2018.
--------------------------------------------------------------------------------
Share Class A C Y
--------------------------------------------------------------------------------
Beginning Account Value on 11/1/17 $1,000.00 $1,000.00 $1,000.00
--------------------------------------------------------------------------------
Ending Account Value (after expenses) $1,019.84 $1,015.72 $1,021.08
on 4/30/18
--------------------------------------------------------------------------------
Expenses Paid During Period* $ 5.01 $ 9.15 $ 3.76
--------------------------------------------------------------------------------
* Expenses are equal to the Fund's annualized net expense ratio of 1.00%,
1.83% 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 | 4/30/18
Schedule of Investments | 4/30/18 (unaudited)
----------------------------------------------------------------------------------------------------------
Principal
Amount USD ($) Value
----------------------------------------------------------------------------------------------------------
UNAFFILIATED ISSUERS -- 100.0%
CONVERTIBLE CORPORATE BOND --
0.0%+ of Net Assets
CAPITAL GOODS -- 0.0%+
Electrical Components & Equipment -- 0.0%+
31,000(a) General Cable Corp., 4.5%, 11/15/29 $ 32,860
------------
Total Capital Goods $ 32,860
----------------------------------------------------------------------------------------------------------
TOTAL CONVERTIBLE CORPORATE BOND
(Cost $30,809) $ 32,860
----------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------
Shares
----------------------------------------------------------------------------------------------------------
PREFERRED STOCK -- 0.0%+ of Net Assets
DIVERSIFIED FINANCIALS -- 0.0%+
Consumer Finance -- 0.0%+
231(b) GMAC Capital Trust I, 7.624% (3 Month USD LIBOR
+ 579 bps), 2/15/40 $ 6,143
------------
Total Diversified Financials $ 6,143
----------------------------------------------------------------------------------------------------------
TOTAL PREFERRED STOCK
(Cost $4,504) $ 6,143
----------------------------------------------------------------------------------------------------------
CONVERTIBLE PREFERRED STOCKS --
1.0% of Net Assets
BANKS -- 1.0%
Diversified Banks -- 1.0%
329(c) Bank of America Corp., 7.25% $ 418,817
320(c) Wells Fargo & Co., 7.5% 409,795
------------
Total Banks $ 828,612
----------------------------------------------------------------------------------------------------------
TOTAL CONVERTIBLE PREFERRED STOCKS
(Cost $799,382) $ 828,612
----------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------
Principal
Amount USD ($)
----------------------------------------------------------------------------------------------------------
ASSET BACKED SECURITIES -- 0.5% of Net Assets
BANKS -- 0.3%
Thrifts & Mortgage Finance -- 0.3%
1,600(d) New Century Home Equity Loan Trust, Series 2005-1,
Class A2C, 2.597% (1 Month USD LIBOR
+ 70 bps), 3/25/35 $ 1,601
100,000 Progress Residential Trust, Series 2017-SFR1, Class E,
4.261%, 8/17/34 (144A) 99,095
81,496(a) RCO Mortgage LLC, Series 2017-1, Class A1, 3.375%,
8/25/22 (144A) 81,049
288(a) Structured Asset Securities Corp., Series 2004-19XS,
Class A6B, 5.026%, 10/25/34 295
12,375(a) Terwin Mortgage Trust, Series 2005-16HE, Class AF2,
4.761%, 9/25/36 12,419
The accompanying notes are an integral part of these financial statements.
Pioneer Global Multisector Income Fund | Semiannual Report | 4/30/18 17
Schedule of Investments | 4/30/18 (unaudited)(continued)
----------------------------------------------------------------------------------------------------------
Principal
Amount USD ($) Value
----------------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- (continued)
42,131(a) VOLT LVIII LLC, Series 2017-NPL5, Class A1, 3.375%,
5/28/47 (144A) $ 42,029
------------
Total Banks $ 236,488
----------------------------------------------------------------------------------------------------------
FOOD & STAPLES RETAILING -- 0.2%
Food Retail -- 0.2%
128,971 CKE Restaurant Holdings, Inc., Series 2013-1A,
Class A2, 4.474%, 3/20/43 (144A) $ 129,011
------------
Total Food & Staples Retailing $ 129,011
----------------------------------------------------------------------------------------------------------
TOTAL ASSET BACKED SECURITIES
(Cost $366,798) $ 365,499
----------------------------------------------------------------------------------------------------------
COLLATERALIZED MORTGAGE OBLIGATIONS --
4.7% of Net Assets
BANKS -- 4.3%
Thrifts & Mortgage Finance -- 4.3%
49,424(b) Agate Bay Mortgage Trust, Series 2015-1, Class A13,
3.5%, 1/25/45 (144A) $ 48,735
40,498(b) Agate Bay Mortgage Trust, Series 2015-5, Class A3,
3.5%, 7/25/45 (144A) 39,727
1,046(d) Alternative Loan Trust, Series 2003-14T1, Class A9,
2.347% (1 Month USD LIBOR + 45 bps), 8/25/18 773
100,000(d) Arbor Realty Commercial Real Estate Notes, Ltd.,
Series 2017-FL1, Class B, 4.397% (1 Month USD
LIBOR + 250 bps), 4/15/27 (144A) 103,000
100,000(d) BAMLL Commercial Mortgage Securities Trust, Series
2014-FL1, Class B, 3.977% (1 Month USD LIBOR
+ 220 bps), 12/15/31 (144A) 100,676
80,000 BANK, Series 2017-BNK5, Class AS, 3.624%, 6/15/60 78,711
50,000 BANK, Series 2017-BNK8, Class B, 3.931%, 11/15/50 49,560
65,047(a)(e) Bayview Commercial Asset Trust, Series 2007-2A,
Class IO, 7/25/37 (144A) --
150,000 Benchmark Mortgage Trust, Series 2018-B2, Class A4,
3.615%, 2/15/51 148,971
3,258(b) CHL Mortgage Pass-Through Trust, Series 2003-56,
Class 4A2, 3.755%, 12/25/33 3,337
100,000(b) Citigroup Commercial Mortgage Trust, Series 2014-GC19,
Class B, 4.805%, 3/10/47 102,930
75,000(b) Citigroup Commercial Mortgage Trust, Series 2014-GC25,
Class B, 4.345%, 10/10/47 75,258
100,000 Citigroup Commercial Mortgage Trust, Series 2015-GC27,
Class A5, 3.137%, 2/10/48 97,394
250,000 Citigroup Commercial Mortgage Trust, Series 2016-P5,
Class D, 3.0%, 10/10/49 (144A) 197,087
100,000(d) CLNS Trust, Series 2017-IKPR, Class C, 2.997% (1 Month
USD LIBOR + 110 bps), 6/11/32 (144A) 100,187
100,000(d) Cold Storage Trust, Series 2017-ICE3, Class C, 3.247%
(1 Month USD LIBOR + 135 bps), 4/15/36 (144A) 100,437
The accompanying notes are an integral part of these financial statements.
18 Pioneer Global Multisector Income Fund | Semiannual Report | 4/30/18
----------------------------------------------------------------------------------------------------------
Principal
Amount USD ($) Value
----------------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- (continued)
50,000 COMM Mortgage Trust, Series 2013-LC6, Class A4,
2.941%, 1/10/46 $ 49,075
100,000(b) COMM Mortgage Trust, Series 2015-CR23, Class CMD,
3.807%, 5/10/48 (144A) 98,864
100,000(b) COMM Mortgage Trust, Series 2015-CR25, Class B,
4.697%, 8/10/48 102,314
200,000 COMM Mortgage Trust, Series 2015-CR26, Class A3,
3.359%, 10/10/48 196,619
90,000 Commercial Mortgage Pass Through Certificates, Series
2012-CR3, Class A3, 2.822%, 10/15/45 88,015
244,786 Commercial Mortgage Pass Through Certificates, Series
2016-CR28, Class AHR, 3.651%, 2/10/49 244,959
50,000(b) CSAIL Commercial Mortgage Trust, Series 2016-C5,
Class C, 4.687%, 11/15/48 49,744
25,000 GS Mortgage Securities Corp. II, Series 2013-GC10,
Class B, 3.682%, 2/10/46 (144A) 24,783
150,000(b) GS Mortgage Securities RE-Remic Trust, Series
2015-FRR1, Class K3A, 4.727%, 6/27/41 148,010
100,000(d) IMT Trust, Series 2017-APTS, Class BFL, 2.847% (1 Month
USD LIBOR + 95 bps), 6/15/34 (144A) 99,937
54,757(d) Interstar Millennium Trust, Series 2003-3G, Class A2,
2.792% (3 Month USD LIBOR + 50 bps), 9/27/35 53,033
27,832 JP Morgan Chase Commercial Mortgage Securities Trust,
Series 2011-C5, Class A3, 4.171%, 8/15/46 28,500
75,000 JP Morgan Chase Commercial Mortgage Securities Trust,
Series 2012-LC9, Class A5, 2.84%, 12/15/47 73,274
78,435(b) JP Morgan Mortgage Trust, Series 2016-3, Class 2A1,
3.0%, 10/25/46 (144A) 77,019
194,749(b) JP Morgan Mortgage Trust, Series 2016-4, Class A5,
3.5%, 10/25/46 (144A) 193,273
50,000 JPMBB Commercial Mortgage Securities Trust, Series
2014-C22, Class A4, 3.801%, 9/15/47 50,726
100,000(b) Morgan Stanley Bank of America Merrill Lynch Trust,
Series 2015-C22, Class D, 4.382%, 4/15/48 (144A) 84,231
100,000 Morgan Stanley Bank of America Merrill Lynch Trust,
Series 2015-C25, Class D, 3.068%, 10/15/48 82,239
200,000 Morgan Stanley Capital I Trust, Series 2016-UBS9,
Class D, 3.0%, 3/15/49 (144A) 161,805
34,418(b) NRP Mortgage Trust, Series 2013-1, Class A1, 3.25%,
7/25/43 (144A) 33,367
GBP 35,827(d) Paragon Secured Finance No. 1 Plc, Series 1, Class A,
0.947% (3 Month GBP LIBOR + 40 bps), 11/15/35 49,038
214,658(b) Sequoia Mortgage Trust, Series 2013-4, Class A2,
2.5%, 4/25/43 201,468
------------
Total Banks $ 3,437,076
----------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Global Multisector Income Fund | Semiannual Report | 4/30/18 19
Schedule of Investments | 4/30/18 (unaudited)(continued)
----------------------------------------------------------------------------------------------------------
Principal
Amount USD ($) Value
----------------------------------------------------------------------------------------------------------
DIVERSIFIED FINANCIALS -- 0.0%+
Other Diversified Financial Services -- 0.0%+
365(d) RALI Trust, Series 2002-QS16, Class A2, 2.447%
(1 Month USD LIBOR + 55 bps), 10/25/17 $ 365
------------
Total Diversified Financials $ 365
----------------------------------------------------------------------------------------------------------
GOVERNMENT -- 0.4%
Government -- 0.4%
5,517 Federal National Mortgage Association REMICS, Series
2009-36, Class HX, 4.5%, 6/25/29 $ 5,700
45,000(b) FREMF Mortgage Trust, Series 2010-K9, Class B, 5.373%,
9/25/45 (144A) 46,883
50,000(b) FREMF Mortgage Trust, Series 2015-K51, Class B,
4.088%, 10/25/48 (144A) 49,909
19,417 Government National Mortgage Association, Series
2005-61, Class UZ, 5.25%, 8/16/35 20,631
21,048 Government National Mortgage Association, Series
2009-83, Class EB, 4.5%, 9/20/39 21,877
199,413 Government National Mortgage Association, Series
2018-20, Class A, 2.5%, 9/16/49 194,730
------------
Total Government $ 339,730
----------------------------------------------------------------------------------------------------------
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS
(Cost $3,848,092) $ 3,777,171
----------------------------------------------------------------------------------------------------------
CORPORATE BONDS -- 31.7% of Net Assets
AUTOMOBILES & COMPONENTS -- 0.7%
Auto Parts & Equipment -- 0.1%
EUR 100,000 Schaeffler Finance BV, 3.25%, 5/15/25 $ 128,793
----------------------------------------------------------------------------------------------------------
Automobile Manufacturers -- 0.6%
110,000 Ford Motor Co., 4.346%, 12/8/26 $ 107,944
90,000 General Motors Co., 6.6%, 4/1/36 100,826
EUR 100,000 Harman Finance International SCA, 2.0%, 5/27/22 127,196
120,000 Nissan Motor Acceptance Corp., 3.15%, 3/15/21 (144A) 119,379
------------
$ 455,345
------------
Total Automobiles & Components $ 584,138
----------------------------------------------------------------------------------------------------------
BANKS -- 5.4%
Diversified Banks -- 4.8%
200,000 Access Bank Plc, 10.5%, 10/19/21 (144A) $ 222,936
INR 2,160,000 Asian Development Bank, 5.9%, 12/20/22 31,543
INR 2,100,000 Asian Development Bank, 6.2%, 10/6/26 30,401
INR 1,740,000 Asian Development Bank, 6.45%, 8/8/21 26,002
EUR 200,000(b) Barclays Plc, 2.625% (5 Year EUR Swap Rate
+ 245 bps), 11/11/25 249,910
200,000(b) BBVA Bancomer SA, 5.125% (5 Year CMT Index
+ 265 bps), 1/18/33 (144A) 188,750
EUR 150,000 BNP Paribas SA, 2.375%, 2/17/25 190,405
EUR 200,000 BPCE SA, 2.875%, 4/22/26 260,819
The accompanying notes are an integral part of these financial statements.
20 Pioneer Global Multisector Income Fund | Semiannual Report | 4/30/18
----------------------------------------------------------------------------------------------------------
Principal
Amount USD ($) Value
----------------------------------------------------------------------------------------------------------
Diversified Banks -- (continued)
EUR 200,000 CaixaBank SA, 1.125%, 5/17/24 $ 241,155
140,000(d) Canadian Imperial Bank of Commerce, 2.678% (3 Month
USD LIBOR + 32 bps), 2/2/21 139,944
75,000 Cooperatieve Rabobank UA, 3.875%, 2/8/22 76,226
EUR 200,000(b)(c) Erste Group Bank AG, 8.875% (5 Year EUR Swap
Rate + 902 bps) 292,662
ARS 1,280,000 European Bank for Reconstruction & Development,
0.0% 2/1/19 52,378
EUR 100,000 HSBC Holdings Plc, 0.875%, 9/6/24 119,830
EUR 200,000(b) ING Groep NV, 3.0% (5 Year EUR Swap Rate
+ 285 bps), 4/11/28 260,720
EUR 100,000(b) Jyske Bank AS, 2.25% (5 Year EUR Swap Rate
+ 190 bps), 4/5/29 122,814
200,000 Lloyds Banking Group Plc, 4.65%, 3/24/26 198,764
EUR 200,000(b)(c) Lloyds Banking Group Plc, 6.375% (5 Year EUR Swap
Rate + 529 bps) 262,762
100,000 Macquarie Bank, Ltd., 6.625%, 4/7/21 (144A) 107,943
EUR 100,000(d) Mediobanca Banca di Credito Finanziario S.p.A.,
0.472% (3 Month EURIBOR + 80 bps), 5/18/22 122,497
200,000 QNB Finansbank AS, 4.875%, 5/19/22 (144A) 191,333
200,000(b)(c) Royal Bank of Scotland Group Plc, 8.0% (5 Year USD
Swap Rate + 572 bps) 218,750
EUR 200,000 UBS Group Funding Switzerland AG, 1.75%, 11/16/22 252,520
------------
$ 3,861,064
----------------------------------------------------------------------------------------------------------
Regional Banks -- 0.1%
90,000(b) SunTrust Bank, 2.59% (3 Month USD LIBOR
+ 30 bps), 1/29/21 $ 89,141
----------------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- 0.5%
EUR 100,000 Leeds Building Society, 1.375%, 5/5/22 $ 123,697
GBP 125,000 Nationwide Building Society, 3.0%, 5/6/26 180,449
EUR 100,000 Nykredit Realkredit AS, 0.75%, 7/14/21 122,453
------------
$ 426,599
------------
Total Banks $ 4,376,804
----------------------------------------------------------------------------------------------------------
CAPITAL GOODS -- 0.7%
Aerospace & Defense -- 0.4%
50,000 Embraer Netherlands Finance BV, 5.4%, 2/1/27 $ 53,375
125,000 Rockwell Collins, Inc., 3.2%, 3/15/24 120,089
EUR 100,000 TA MFG., Ltd., 3.625%, 4/15/23 (144A) 122,921
------------
$ 296,385
----------------------------------------------------------------------------------------------------------
Building Products -- 0.2%
30,000 Masco Corp., 4.375%, 4/1/26 $ 30,187
19,000 Masco Corp., 5.95%, 3/15/22 20,574
35,000 Owens Corning, 3.4%, 8/15/26 32,834
The accompanying notes are an integral part of these financial statements.
Pioneer Global Multisector Income Fund | Semiannual Report | 4/30/18 21
Schedule of Investments | 4/30/18 (unaudited)(continued)
----------------------------------------------------------------------------------------------------------
Principal
Amount USD ($) Value
----------------------------------------------------------------------------------------------------------
Building Products -- (continued)
35,000 Owens Corning, 4.2%, 12/1/24 $ 34,858
30,000 Standard Industries, Inc., 5.375%, 11/15/24 (144A) 30,394
------------
$ 148,847
----------------------------------------------------------------------------------------------------------
Electrical Components & Equipment -- 0.1%
EUR 100,000 Legrand SA, 1.875%, 7/6/32 $ 125,163
------------
Total Capital Goods $ 570,395
----------------------------------------------------------------------------------------------------------
COMMERCIAL & PROFESSIONAL SERVICES -- 0.2%
Environmental & Facilities Services -- 0.2%
EUR 100,000 ISS Global AS, 1.125%, 1/9/20 $ 122,811
------------
Total Commercial & Professional Services $ 122,811
----------------------------------------------------------------------------------------------------------
CONSUMER SERVICES -- 0.4%
Casinos & Gaming -- 0.1%
50,000 Scientific Games International, Inc., 10.0%, 12/1/22 $ 53,890
----------------------------------------------------------------------------------------------------------
Education Services -- 0.1%
25,000 Massachusetts Institute of Technology, 5.6%, 7/1/11 $ 32,363
75,000 Tufts University, 5.017%, 4/15/12 82,100
------------
$ 114,463
----------------------------------------------------------------------------------------------------------
Hotels, Resorts & Cruise Lines -- 0.2%
EUR 100,000 Accor SA, 1.25%, 1/25/24 $ 121,221
------------
Total Consumer Services $ 289,574
----------------------------------------------------------------------------------------------------------
DIVERSIFIED FINANCIALS -- 4.9%
Asset Management & Custody Banks -- 0.3%
EUR 100,000 Azimut Holding S.p.A., 2.0%, 3/28/22 $ 125,311
100,000 Blackstone Holdings Finance Co., LLC, 5.0%,
6/15/44 (144A) 106,078
------------
$ 231,389
----------------------------------------------------------------------------------------------------------
Consumer Finance -- 2.1%
125,000 Capital One Financial Corp., 4.25%, 4/30/25 $ 125,083
INR 81,420,000 International Finance Corp., 6.3%, 11/25/24 1,205,183
INR 20,750,000 International Finance Corp., 8.25%, 6/10/21 325,040
------------
$ 1,655,306
----------------------------------------------------------------------------------------------------------
Diversified Capital Markets -- 0.8%
200,000(b)(c) Credit Suisse Group AG, 7.125% (5 Year USD Swap
Rate + 511 bps) $ 209,800
150,000 Freedom Mortgage Corp., 8.125%, 11/15/24 (144A) 150,000
EUR 200,000(b)(c) Intesa Sanpaolo S.p.A., 7.75% (5 Year EUR Swap
Rate + 719 bps) 296,287
10,000 Macquarie Group, Ltd., 6.0%, 1/14/20 (144A) 10,428
------------
$ 666,515
----------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
22 Pioneer Global Multisector Income Fund | Semiannual Report | 4/30/18
----------------------------------------------------------------------------------------------------------
Principal
Amount USD ($) Value
----------------------------------------------------------------------------------------------------------
Investment Banking & Brokerage -- 0.4%
EUR 100,000 Goldman Sachs Group, Inc., 1.625%, 7/27/26 $ 121,058
105,000(b) Goldman Sachs Group, Inc., 4.223% (3 Month USD
LIBOR + 130 bps), 5/1/29 103,211
75,000 Morgan Stanley, 4.1%, 5/22/23 75,497
50,000 Morgan Stanley, 4.875%, 11/1/22 51,904
------------
$ 351,670
----------------------------------------------------------------------------------------------------------
Other Diversified Financial Services -- 0.6%
IDR European Bank for Reconstruction & Development,
3,352,500,000 6.45%, 12/13/22 $ 240,199
IDR European Investment Bank,
2,440,000,000 7.2%, 7/9/19 (144A) 175,906
NZD 100,000 JPMorgan Chase & Co., 4.25%, 11/2/18 70,914
------------
$ 487,019
----------------------------------------------------------------------------------------------------------
Specialized Finance -- 0.7%
56,000 Cantor Fitzgerald LP, 7.875%, 10/15/19 (144A) $ 59,137
200,000 Gerdau Trade, Inc., 4.875%, 10/24/27 (144A) 193,500
EUR 100,000 Holcim Finance Luxembourg SA, 2.25%, 5/26/28 124,799
200,000 MassMutual Global Funding II, 2.75%, 6/22/24 (144A) 190,791
------------
$ 568,227
------------
Total Diversified Financials $ 3,960,126
----------------------------------------------------------------------------------------------------------
ENERGY -- 4.6%
Integrated Oil & Gas -- 1.5%
EUR 175,000 BP Capital Markets Plc, 1.373%, 3/3/22 $ 219,658
240,000 Petrobras Global Finance BV, 5.299%, 1/27/25 (144A) 236,040
155,000 Petroleos Mexicanos, 3.5%, 1/30/23 146,708
EUR 100,000 Petroleos Mexicanos, 5.125%, 3/15/23 137,119
EUR 200,000(b) Repsol International Finance BV, 4.5% (EUR Swap
Rate + 420 bps), 3/25/75 265,193
EUR 100,000(b)(c) TOTAL SA, 2.25% (5 Year EUR Swap Rate + 186 bps) 124,814
ARS 2,154,200 YPF SA, 16.5%, 5/9/22 (144A) 97,332
------------
$ 1,226,864
----------------------------------------------------------------------------------------------------------
Oil & Gas Drilling -- 0.1%
100,000 Rowan Cos., Inc., 4.75%, 1/15/24 $ 85,750
----------------------------------------------------------------------------------------------------------
Oil & Gas Exploration & Production -- 0.7%
75,000 Antero Resources Corp., 5.625%, 6/1/23 $ 76,593
130,000 Canadian Natural Resources, Ltd., 6.25%, 3/15/38 155,482
95,000 Continental Resources, Inc., 4.375%, 1/15/28 (144A) 93,397
100,000 Hilcorp Energy I LP / Hilcorp Finance Co., 5.75%,
10/1/25 (144A) 99,000
100,000 Range Resources Corp., 5.0%, 3/15/23 96,200
------------
$ 520,672
----------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Global Multisector Income Fund | Semiannual Report | 4/30/18 23
Schedule of Investments | 4/30/18 (unaudited)(continued)
----------------------------------------------------------------------------------------------------------
Principal
Amount USD ($) Value
----------------------------------------------------------------------------------------------------------
Oil & Gas Refining & Marketing -- 0.4%
80,000 Andeavor, 5.375%, 10/1/22 $ 82,248
85,000 EnLink Midstream Partners LP, 5.45%, 6/1/47 82,043
125,000 Phillips 66 Partners LP, 3.75%, 3/1/28 119,158
29,000 Valero Energy Corp., 6.625%, 6/15/37 36,213
21,000 Valero Energy Corp., 9.375%, 3/15/19 22,165
------------
$ 341,827
----------------------------------------------------------------------------------------------------------
Oil & Gas Storage & Transportation -- 1.9%
20,000 Boardwalk Pipelines LP, 4.95%, 12/15/24 $ 20,430
55,000 Cheniere Energy Partners LP, 5.25%, 10/1/25 (144A) 53,762
75,000 DCP Midstream Operating LP, 5.6%, 4/1/44 73,500
25,000 DCP Midstream Operating LP, 9.75%, 3/15/19 (144A) 26,313
75,000 Enable Midstream Partners LP, 3.9%, 5/15/24 72,568
100,000 Enable Midstream Partners LP, 4.4%, 3/15/27 96,897
109,000 Energy Transfer Equity LP, 5.5%, 6/1/27 109,000
100,000 Energy Transfer Equity LP, 5.875%, 1/15/24 102,125
81,000 Enterprise Products Operating LLC, 2.8%, 2/15/21 80,023
225,000 Kinder Morgan, Inc., 5.55%, 6/1/45 230,458
125,000 MPLX LP, 4.875%, 12/1/24 129,582
160,000 Plains All American Pipeline LP / PAA Finance Corp.,
4.65%, 10/15/25 160,286
60,000 Sabine Pass Liquefaction LLC, 5.0%, 3/15/27 61,914
10,000 Spectra Energy Capital LLC, 6.75%, 7/15/18 10,074
60,000 Sunoco Logistics Partners Operations LP, 6.1%, 2/15/42 59,866
165,000 Western Gas Partners LP, 4.5%, 3/1/28 162,990
53,000 Williams Cos., Inc., 4.55%, 6/24/24 52,801
37,000 Williams Cos., Inc., 5.75%, 6/24/44 38,573
13,000 Williams Cos., Inc., 7.75%, 6/15/31 15,795
------------
$ 1,556,957
------------
Total Energy $ 3,732,070
----------------------------------------------------------------------------------------------------------
FOOD & STAPLES RETAILING -- 0.3%
Drug Retail -- 0.2%
165,000 CVS Health Corp., 4.1%, 3/25/25 $ 164,406
11,933 CVS Pass-Through Trust, 5.773%, 1/10/33 (144A) 12,611
------------
$ 177,017
----------------------------------------------------------------------------------------------------------
Food Retail -- 0.1%
75,000 Alimentation Couche-Tard, Inc., 3.55%, 7/26/27 (144A) $ 70,993
------------
Total Food & Staples Retailing $ 248,010
----------------------------------------------------------------------------------------------------------
FOOD, BEVERAGE & TOBACCO -- 1.2%
Distillers & Vintners -- 0.1%
55,000 Constellation Brands, Inc., 2.25%, 11/6/20 $ 53,750
----------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
24 Pioneer Global Multisector Income Fund | Semiannual Report | 4/30/18
----------------------------------------------------------------------------------------------------------
Principal
Amount USD ($) Value
----------------------------------------------------------------------------------------------------------
Packaged Foods & Meats -- 0.8%
100,000 Bacardi, Ltd., 5.3%, 5/15/48 (144A) $ 98,675
GBP 100,000 Boparan Finance Plc, 5.5%, 7/15/21 (144A) 130,460
70,000 Kraft Heinz Foods Co., 3.95%, 7/15/25 68,957
200,000 Marfrig Holding Europe BV, 8.0%, 6/8/23 (144A) 202,250
90,000 Post Holdings, Inc., 5.0%, 8/15/26 (144A) 84,375
65,000 Smithfield Foods, Inc., 2.7%, 1/31/20 (144A) 63,987
------------
$ 648,704
----------------------------------------------------------------------------------------------------------
Tobacco -- 0.3%
EUR 100,000 BAT Capital Corp., 1.125%, 11/16/23 $ 121,111
EUR 100,000 Imperial Brands Finance Plc, 2.25%, 2/26/21 126,998
------------
$ 248,109
------------
Total Food, Beverage & Tobacco $ 950,563
----------------------------------------------------------------------------------------------------------
HEALTH CARE EQUIPMENT & SERVICES -- 1.4%
Health Care Distributors -- 0.2%
55,000 AmerisourceBergen Corp., 3.45%, 12/15/27 $ 51,390
116,000 Cardinal Health, Inc., 3.079%, 6/15/24 109,787
------------
$ 161,177
----------------------------------------------------------------------------------------------------------
Health Care Equipment -- 0.5%
190,000(d) Becton Dickinson & Co., 2.944% (3 Month USD
LIBOR + 88 bps), 12/29/20 $ 190,479
100,000 Boston Scientific Corp., 4.0%, 3/1/28 98,993
120,000 Medtronic, Inc., 3.15%, 3/15/22 119,729
------------
$ 409,201
----------------------------------------------------------------------------------------------------------
Health Care Facilities -- 0.1%
35,000 CHS/Community Health Systems, Inc., 6.875%, 2/1/22 $ 18,998
35,000 Kindred Healthcare, Inc., 6.375%, 4/15/22 35,919
------------
$ 54,917
----------------------------------------------------------------------------------------------------------
Health Care Services -- 0.2%
173,000 Rede D'or Finance S.a.r.l., 4.95%, 1/17/28 (144A) $ 159,809
----------------------------------------------------------------------------------------------------------
Health Care Technology -- 0.1%
EUR 100,000 Quintiles IMS, Inc., 2.875%, 9/15/25 (144A) $ 117,860
----------------------------------------------------------------------------------------------------------
Managed Health Care -- 0.3%
38,000 Anthem, Inc., 3.35%, 12/1/24 $ 36,501
40,000 Anthem, Inc., 3.65%, 12/1/27 38,079
6,000 Anthem, Inc., 4.101%, 3/1/28 5,883
30,000 Centene Corp., 5.625%, 2/15/21 30,787
25,000 Centene Corp., 6.125%, 2/15/24 26,188
80,000 Humana, Inc., 3.95%, 3/15/27 78,944
------------
$ 216,382
------------
Total Health Care Equipment & Services $ 1,119,346
----------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Global Multisector Income Fund | Semiannual Report | 4/30/18 25
Schedule of Investments | 4/30/18 (unaudited)(continued)
----------------------------------------------------------------------------------------------------------
Principal
Amount USD ($) Value
----------------------------------------------------------------------------------------------------------
INSURANCE -- 2.3%
Insurance Brokers -- 0.1%
100,000 Brown & Brown, Inc., 4.2%, 9/15/24 $ 100,952
----------------------------------------------------------------------------------------------------------
Life & Health Insurance -- 0.5%
EUR 100,000(b) CNP Assurances, 6.0% (3 Month EURIBOR
+ 447 bps), 9/14/40 $ 135,198
EUR 100,000(b)(c) NN Group NV, 4.375% (3 Month EURIBOR + 390 bps) 130,918
45,000 Protective Life Corp., 7.375%, 10/15/19 47,670
100,000 Teachers Insurance & Annuity Association of America,
4.9%, 9/15/44 (144A) 107,324
------------
$ 421,110
----------------------------------------------------------------------------------------------------------
Multi-line Insurance -- 1.1%
EUR 100,000(b)(c) Allianz SE, 3.375% (10 Year EUR Ice Swap Rate + 320 bps) $ 129,178
EUR 200,000 Assicurazioni Generali S.p.A., 4.125%, 5/4/26 269,862
EUR 100,000(b) Aviva Plc, 6.125% (5 Year EUR Swap Rate
+ 513 bps), 7/5/43 145,993
EUR 100,000(b)(c) AXA SA, 3.875% (EUR Swap Rate + 325 bps) 130,173
60,000 AXA SA, 8.6%, 12/15/30 81,150
150,000 Liberty Mutual Group, Inc., 4.85%, 8/1/44 (144A) 153,405
------------
$ 909,761
----------------------------------------------------------------------------------------------------------
Property & Casualty Insurance -- 0.3%
EUR 100,000(b) Credit Logement SA, 1.35% (5 Year EUR Swap Rate
+ 90 bps), 11/28/29 $ 118,120
35,000 Delphi Financial Group, Inc., 7.875%, 1/31/20 37,625
100,000(b) Farmers Insurance Exchange, 4.747% (3 Month USD
LIBOR + 323 bps), 11/1/57 (144A) 93,500
------------
$ 249,245
----------------------------------------------------------------------------------------------------------
Reinsurance - 0.3%
30,000+(f)(g) Lorenz Re 2016, Variable Rate Notes, 3/31/19 $ 408
30,000+(f)(g) Lorenz Re 2017, Variable Rate Notes, 3/31/20 26,028
EUR 100,000(f)(g) Muenchener Rueckversicherungs-Gesellschaft AG in
Muenchen, Variable Rate Notes, 5/26/42 145,752
30,000+(f)(g) Pangaea Re 2015-2, Variable Rate Notes, 11/30/19 232
30,000+(f)(g) Pangaea Re 2016-1, Variable Rate Notes, 11/30/20 286
50,000+(f)(g) Pangaea Re 2017-1, Variable Rate Notes, 11/30/21 786
50,000+(f)(g) Pangaea Re 2018-1, Variable Rate Notes, 12/31/21 52,540
------------
$ 226,032
------------
Total Insurance $ 1,907,100
----------------------------------------------------------------------------------------------------------
MATERIALS -- 1.3%
Construction Materials -- 0.5%
EUR 100,000 Buzzi Unicem S.p.A., 2.125%, 4/28/23 $ 126,526
EUR 125,000 CRH Finance, DAC, 3.125%, 4/3/23 168,802
EUR 100,000 HeidelbergCement AG, 2.25%, 6/3/24 128,594
------------
$ 423,922
----------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
26 Pioneer Global Multisector Income Fund | Semiannual Report | 4/30/18
----------------------------------------------------------------------------------------------------------
Principal
Amount USD ($) Value
----------------------------------------------------------------------------------------------------------
Diversified Chemicals -- 0.2%
EUR 100,000 Arkema SA, 1.5%, 1/20/25 $ 124,578
85,000 CF Industries, Inc., 3.45%, 6/1/23 80,750
------------
$ 205,328
----------------------------------------------------------------------------------------------------------
Diversified Metals & Mining -- 0.2%
EUR 100,000 Anglo American Capital Plc, 3.25%, 4/3/23 $ 133,005
----------------------------------------------------------------------------------------------------------
Paper Packaging -- 0.2%
50,000 International Paper Co., 4.8%, 6/15/44 $ 49,297
5,000 International Paper Co., 6.0%, 11/15/41 5,611
EUR 100,000 SIG Combibloc Holdings SCA, 7.75%, 2/15/23 (144A) 125,643
------------
$ 180,551
----------------------------------------------------------------------------------------------------------
Specialty Chemicals -- 0.2%
EUR 100,000 Covestro AG, 1.75%, 9/25/24 $ 126,909
------------
Total Materials $ 1,069,715
----------------------------------------------------------------------------------------------------------
MEDIA -- 1.0%
Broadcasting -- 0.2%
200,000 CSC Holdings LLC, 5.375%, 2/1/28 (144A) $ 187,000
----------------------------------------------------------------------------------------------------------
Cable & Satellite -- 0.6%
180,000 Charter Communications Operating LLC / Charter
Communications Operating Capital, 6.384%, 10/23/35 $ 196,381
115,000 Cox Communications, Inc., 3.35%, 9/15/26 (144A) 107,898
EUR 150,000 Sky Plc, 1.5%, 9/15/21 188,120
------------
$ 492,399
----------------------------------------------------------------------------------------------------------
Movies & Entertainment -- 0.2%
EUR 100,000 WMG Acquisition Corp., 4.125%, 11/1/24 (144A) $ 126,838
------------
Total Media $ 806,237
----------------------------------------------------------------------------------------------------------
PHARMACEUTICALS, BIOTECHNOLOGY &
LIFE SCIENCES -- 1.0%
Biotechnology -- 0.2%
190,000 Biogen, Inc., 5.2%, 9/15/45 $ 199,432
----------------------------------------------------------------------------------------------------------
Pharmaceuticals -- 0.8%
125,000 Mylan NV, 3.95%, 6/15/26 $ 118,761
200,000 Perrigo Finance Unlimited Co., 3.9%, 12/15/24 196,210
206,000 Shire Acquisitions Investments Ireland, DAC,
2.875%, 9/23/23 194,349
EUR 100,000 Valeant Pharmaceuticals International, Inc., 4.5%, 5/15/23 109,757
------------
$ 619,077
------------
Total Pharmaceuticals, Biotechnology & Life Sciences $ 818,509
----------------------------------------------------------------------------------------------------------
REAL ESTATE -- 1.6%
Diversified REITs -- 0.9%
EUR 100,000(b)(c) ATF Netherlands BV, 3.75% (5 Year EUR Swap
Rate + 438 bps) $ 125,078
200,000 Boston Properties LP, 3.8%, 2/1/24 198,815
The accompanying notes are an integral part of these financial statements.
Pioneer Global Multisector Income Fund | Semiannual Report | 4/30/18 27
Schedule of Investments | 4/30/18 (unaudited)(continued)
----------------------------------------------------------------------------------------------------------
Principal
Amount USD ($) Value
----------------------------------------------------------------------------------------------------------
Diversified REIT -- (continued)
55,000 Essex Portfolio LP, 3.625%, 5/1/27 $ 52,629
EUR 200,000 GELF Bond Issuer I SA, 0.875%, 10/20/22 242,790
EUR 100,000 Merlin Properties Socimi SA, 2.225%, 4/25/23 127,488
------------
$ 746,800
----------------------------------------------------------------------------------------------------------
Health Care REIT -- 0.1%
60,000 Healthcare Trust of America Holdings LP, 3.75%, 7/1/27 $ 56,798
----------------------------------------------------------------------------------------------------------
Office REIT -- 0.1%
25,000 Alexandria Real Estate Equities, Inc., 3.9%, 6/15/23 $ 25,042
40,000 Alexandria Real Estate Equities, Inc., 4.6%, 4/1/22 41,349
35,000 Highwoods Realty LP, 3.625%, 1/15/23 34,316
------------
$ 100,707
----------------------------------------------------------------------------------------------------------
Real Estate Development -- 0.3%
EUR 100,000 Akelius Residential Property AB, 1.125%, 3/14/24 $ 117,909
EUR 100,000 Annington Funding Plc, 1.65%, 7/12/24 121,087
------------
$ 238,996
----------------------------------------------------------------------------------------------------------
Residential REIT -- 0.1%
50,000 UDR, Inc., 4.0%, 10/1/25 $ 49,539
----------------------------------------------------------------------------------------------------------
Specialized REIT -- 0.1%
100,000 Uniti Group LP / Uniti Group Finance, Inc. / CSL
Capital LLC, 6.0%, 4/15/23 (144A) $ 97,750
------------
Total Real Estate $ 1,290,590
----------------------------------------------------------------------------------------------------------
RETAILING -- 0.2%
Internet & Direct Marketing Retail -- 0.2%
125,000 Booking Holdings, Inc., 3.55%, 3/15/28 $ 118,925
50,000 Expedia, Inc., 3.8%, 2/15/28 45,607
------------
Total Retailing $ 164,532
----------------------------------------------------------------------------------------------------------
SEMICONDUCTORS & SEMICONDUCTOR
EQUIPMENT -- 0.1%
Semiconductors -- 0.1%
75,000 Broadcom Corp. / Broadcom Cayman Finance, Ltd.,
3.125%, 1/15/25 $ 69,537
15,000 Broadcom Corp. / Broadcom Cayman Finance, Ltd.,
3.625%, 1/15/24 14,573
------------
Total Semiconductors & Semiconductor Equipment $ 84,110
----------------------------------------------------------------------------------------------------------
SOFTWARE & SERVICES -- 0.1%
Application Software -- 0.1%
90,000 salesforce.com, Inc., 3.7%, 4/11/28 $ 89,135
------------
Total Software & Services $ 89,135
----------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
28 Pioneer Global Multisector Income Fund | Semiannual Report | 4/30/18
----------------------------------------------------------------------------------------------------------
Principal
Amount USD ($) Value
----------------------------------------------------------------------------------------------------------
TECHNOLOGY HARDWARE & EQUIPMENT -- 0.3%
Electronic Components -- 0.2%
41,000 Amphenol Corp., 3.2%, 4/1/24 $ 39,455
EUR 100,000 Belden, Inc., 2.875%, 9/15/25 (144A) 118,237
------------
$ 157,692
----------------------------------------------------------------------------------------------------------
Electronic Manufacturing Services -- 0.1%
100,000 Flex, Ltd., 4.625%, 2/15/20 $ 101,921
------------
Total Technology Hardware & Equipment $ 259,613
----------------------------------------------------------------------------------------------------------
TELECOMMUNICATION SERVICES -- 1.5%
Integrated Telecommunication Services -- 0.9%
75,000 AT&T, Inc., 5.15%, 2/14/50 $ 75,988
40,000 Frontier Communications Corp., 7.125%, 1/15/23 28,600
GBP 100,000 Koninklijke KPN NV, 5.0%, 11/18/26 159,149
EUR 125,000(b)(c) Orange SA, 5.0% (5 Year EUR Swap Rate + 399 bps) 175,286
EUR 100,000 TDC AS, 1.75%, 2/27/27 120,142
EUR 100,000 Telekom Finanzmanagement GmbH, 3.5%, 7/4/23 137,971
25,000 Unison Ground Lease Funding LLC, 2.981%, 3/15/20 (144A) 24,518
------------
$ 721,654
----------------------------------------------------------------------------------------------------------
Wireless Telecommunication Services -- 0.6%
30,000 Crown Castle Towers LLC, 4.883%, 8/15/20 (144A) $ 30,956
200,000 Digicel, Ltd., 6.0%, 4/15/21 (144A) 190,250
200,000 MTN Mauritius Investment, Ltd., 6.5%, 10/13/26 (144A) 212,002
50,000 SBA Tower Trust, 2.877%, 7/9/21 (144A) 49,074
50,000 Sprint Corp., 7.25%, 9/15/21 53,063
------------
$ 535,345
------------
Total Telecommunication Services $ 1,256,999
----------------------------------------------------------------------------------------------------------
TRANSPORTATION -- 0.5%
Airlines -- 0.0%+
5,530 Delta Air Lines 2010-2 Class A Pass Through Trust,
4.95%, 5/23/19 $ 5,590
15,000 Delta Air Lines, Inc., 2.875%, 3/13/20 14,923
------------
$ 20,513
----------------------------------------------------------------------------------------------------------
Highways & Railtracks -- 0.3%
EUR 100,000 Brisa Concessao Rodoviaria SA, 2.0%, 3/22/23 $ 128,229
EUR 100,000(b)(c) Ferrovial Netherlands BV, 2.124% (5 Year EUR Swap
Rate + 213 bps) 116,608
------------
$ 244,837
----------------------------------------------------------------------------------------------------------
Trucking -- 0.2%
80,000 Penske Truck Leasing Co. LP / PTL Finance Corp.,
3.375%, 2/1/22 (144A) $ 79,268
90,000 Penske Truck Leasing Co. LP / PTL Finance Corp., 3.95%,
3/10/25 (144A) 89,075
------------
$ 168,343
------------
Total Transportation $ 433,693
----------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Global Multisector Income Fund | Semiannual Report | 4/30/18 29
Schedule of Investments | 4/30/18 (unaudited)(continued)
----------------------------------------------------------------------------------------------------------
Principal
Amount USD ($) Value
----------------------------------------------------------------------------------------------------------
UTILITIES -- 2.1%
Electric Utilities -- 1.2%
EUR 200,000(b)(c) Alliander NV, 1.625% (5 Year EUR Swap Rate + 95 bps) $ 240,798
EUR 100,000 Coentreprise de Transport d'Electricite SA, 0.875%, 9/29/24 120,326
EUR 100,000 EDP Finance BV, 1.875%, 9/29/23 127,432
EUR 100,000(b)(c) Electricite de France SA, 4.25% (EUR Swap
Rate + 302 bps) 127,266
GBP 75,000 innogy Finance BV, 5.625%, 12/6/23 122,221
85,000 NextEra Energy Capital Holdings, Inc., 3.55%, 5/1/27 81,666
50,000(b)(c) Southern California Edison Co., 6.25% (3 Month USD
LIBOR + 420 bps) 53,000
EUR 100,000(b)(c) TenneT Holding BV, 2.995% (5 Year EUR Swap
Rate + 253 bps) 123,679
------------
$ 996,388
----------------------------------------------------------------------------------------------------------
Gas Utilities -- 0.6%
15,000 Boston Gas Co., 3.15%, 8/1/27 (144A) $ 14,252
GBP 125,000 Cadent Finance Plc, 2.125%, 9/22/28 162,100
81,939 Nakilat, Inc., 6.267%, 12/31/33 (144A) 90,150
180,000 Texas Eastern Transmission LP, 3.5%, 1/15/28 (144A) 169,548
------------
$ 436,050
----------------------------------------------------------------------------------------------------------
Multi-Utilities -- 0.2%
EUR 100,000 FCC Aqualia SA, 1.413%, 6/8/22 $ 123,245
65,000 Sempra Energy, 3.4%, 2/1/28 61,393
------------
$ 184,638
------------
Total Utilities $ 1,617,076
----------------------------------------------------------------------------------------------------------
TOTAL CORPORATE BONDS
(Cost $25,503,481) $ 25,751,146
----------------------------------------------------------------------------------------------------------
SUPRANATIONAL BONDS -- 0.7% of Net Assets
NZD 505,000 International Bank for Reconstruction & Development,
3.5%, 1/22/21 $ 363,313
NZD 45,000 International Bank for Reconstruction & Development,
4.625%, 10/6/21 33,531
AUD 185,000 International Bank for Reconstruction & Development,
5.75%, 10/21/19 146,295
------------
$ 543,139
----------------------------------------------------------------------------------------------------------
TOTAL SUPRANATIONAL BONDS
(Cost $558,413) $ 543,139
----------------------------------------------------------------------------------------------------------
U.S. GOVERNMENT AND AGENCY
OBLIGATIONS -- 19.2% of Net Assets
24,363 Fannie Mae, 3.0%, 5/1/31 $ 24,196
41,829 Fannie Mae, 3.0%, 2/1/43 40,721
27,575 Fannie Mae, 3.0%, 3/1/43 26,845
27,456 Fannie Mae, 3.0%, 5/1/43 26,726
31,703 Fannie Mae, 3.0%, 5/1/43 30,843
The accompanying notes are an integral part of these financial statements.
30 Pioneer Global Multisector Income Fund | Semiannual Report | 4/30/18
----------------------------------------------------------------------------------------------------------
Principal
Amount USD ($) Value
----------------------------------------------------------------------------------------------------------
U.S. GOVERNMENT AND AGENCY
OBLIGATIONS -- (continued)
31,373 Fannie Mae, 3.0%, 6/1/45 $ 30,476
22,533 Fannie Mae, 3.0%, 9/1/46 21,771
45,176 Fannie Mae, 3.0%, 10/1/46 43,647
62,873 Fannie Mae, 3.0%, 11/1/46 60,745
45,399 Fannie Mae, 3.0%, 1/1/47 44,039
32,406 Fannie Mae, 3.0%, 3/1/47 31,309
550,000 Fannie Mae, 3.0%, 5/1/48 (TBA) 530,492
49,615 Fannie Mae, 3.5%, 6/1/42 49,630
124,170 Fannie Mae, 3.5%, 9/1/42 124,205
147,378 Fannie Mae, 3.5%, 5/1/44 147,238
32,680 Fannie Mae, 3.5%, 2/1/45 32,587
87,224 Fannie Mae, 3.5%, 2/1/45 87,255
21,603 Fannie Mae, 3.5%, 6/1/45 21,502
19,112 Fannie Mae, 3.5%, 8/1/45 19,014
43,976 Fannie Mae, 3.5%, 8/1/45 43,757
21,041 Fannie Mae, 3.5%, 9/1/45 21,046
65,529 Fannie Mae, 3.5%, 9/1/45 65,102
97,035 Fannie Mae, 3.5%, 10/1/45 96,569
21,440 Fannie Mae, 3.5%, 1/1/46 21,314
23,472 Fannie Mae, 3.5%, 7/1/46 23,334
36,133 Fannie Mae, 3.5%, 9/1/46 35,925
69,009 Fannie Mae, 3.5%, 12/1/46 68,601
36,479 Fannie Mae, 3.5%, 1/1/47 36,306
45,370 Fannie Mae, 3.5%, 1/1/47 45,238
45,984 Fannie Mae, 3.5%, 1/1/47 45,712
116,611 Fannie Mae, 3.5%, 2/1/47 115,922
84,216 Fannie Mae, 3.5%, 5/1/47 83,718
87,377 Fannie Mae, 3.5%, 5/1/47 86,861
43,511 Fannie Mae, 3.5%, 7/1/47 43,254
70,420 Fannie Mae, 3.5%, 7/1/47 70,004
137,236 Fannie Mae, 3.5%, 8/1/47 136,425
226,486 Fannie Mae, 3.5%, 10/1/47 225,148
24,509 Fannie Mae, 3.5%, 11/1/47 24,364
48,774 Fannie Mae, 3.5%, 12/1/47 48,481
78,623 Fannie Mae, 3.5%, 12/1/47 78,148
29,777 Fannie Mae, 3.5%, 1/1/48 29,595
44,323 Fannie Mae, 3.5%, 2/1/48 44,057
1,750,000 Fannie Mae, 3.5%, 5/1/48 (TBA) 1,737,422
37,938 Fannie Mae, 4.0%, 10/1/40 39,108
79,608 Fannie Mae, 4.0%, 1/1/42 81,696
16,252 Fannie Mae, 4.0%, 2/1/42 16,687
28,339 Fannie Mae, 4.0%, 5/1/42 29,082
120,568 Fannie Mae, 4.0%, 10/1/43 123,573
The accompanying notes are an integral part of these financial statements.
Pioneer Global Multisector Income Fund | Semiannual Report | 4/30/18 31
Schedule of Investments | 4/30/18 (unaudited)(continued)
----------------------------------------------------------------------------------------------------------
Principal
Amount USD ($) Value
----------------------------------------------------------------------------------------------------------
U.S. GOVERNMENT AND AGENCY
OBLIGATIONS -- (continued)
41,867 Fannie Mae, 4.0%, 11/1/43 $ 42,962
18,094 Fannie Mae, 4.0%, 10/1/44 18,477
84,396 Fannie Mae, 4.0%, 11/1/44 86,158
70,191 Fannie Mae, 4.0%, 10/1/45 71,605
101,366 Fannie Mae, 4.0%, 11/1/45 103,955
51,725 Fannie Mae, 4.0%, 12/1/45 52,734
39,897 Fannie Mae, 4.0%, 6/1/46 40,668
38,902 Fannie Mae, 4.0%, 8/1/46 39,654
21,326 Fannie Mae, 4.0%, 11/1/46 21,754
22,336 Fannie Mae, 4.0%, 11/1/46 22,784
155,053 Fannie Mae, 4.0%, 1/1/47 158,269
23,170 Fannie Mae, 4.0%, 4/1/47 23,719
37,447 Fannie Mae, 4.0%, 4/1/47 38,188
40,203 Fannie Mae, 4.0%, 4/1/47 41,155
23,852 Fannie Mae, 4.0%, 6/1/47 24,326
68,888 Fannie Mae, 4.0%, 6/1/47 70,259
22,209 Fannie Mae, 4.0%, 7/1/47 22,650
38,180 Fannie Mae, 4.0%, 8/1/47 38,943
43,761 Fannie Mae, 4.0%, 12/1/47 44,638
150,000 Fannie Mae, 4.0%, 4/1/48 153,008
1,725,000 Fannie Mae, 4.0%, 5/1/48 (TBA) 1,756,939
7,058 Fannie Mae, 4.5%, 11/1/40 7,429
14,525 Fannie Mae, 4.5%, 12/1/40 15,290
13,305 Fannie Mae, 4.5%, 4/1/41 14,006
10,157 Fannie Mae, 4.5%, 5/1/41 10,715
30,703 Fannie Mae, 4.5%, 11/1/43 32,123
36,354 Fannie Mae, 4.5%, 2/1/44 38,071
43,921 Fannie Mae, 4.5%, 2/1/44 46,016
35,811 Fannie Mae, 4.5%, 5/1/46 37,335
41,608 Fannie Mae, 4.5%, 2/1/47 43,549
675,000 Fannie Mae, 4.5%, 5/1/48 (TBA) 703,107
34,342 Fannie Mae, 5.0%, 8/1/31 36,487
15,422 Fannie Mae, 5.0%, 6/1/40 16,579
10,133 Fannie Mae, 5.5%, 10/1/35 11,020
13,822 Federal Home Loan Mortgage Corp., 3.0%, 9/1/42 13,456
15,606 Federal Home Loan Mortgage Corp., 3.0%, 1/1/43 15,185
31,443 Federal Home Loan Mortgage Corp., 3.0%, 2/1/43 30,572
36,162 Federal Home Loan Mortgage Corp., 3.0%, 4/1/43 35,177
58,986 Federal Home Loan Mortgage Corp., 3.0%, 4/1/43 57,378
16,887 Federal Home Loan Mortgage Corp., 3.0%, 5/1/43 16,419
23,059 Federal Home Loan Mortgage Corp., 3.0%, 9/1/46 22,269
24,337 Federal Home Loan Mortgage Corp., 3.0%, 12/1/46 23,496
67,567 Federal Home Loan Mortgage Corp., 3.0%, 2/1/47 65,241
The accompanying notes are an integral part of these financial statements.
32 Pioneer Global Multisector Income Fund | Semiannual Report | 4/30/18
----------------------------------------------------------------------------------------------------------
Principal
Amount USD ($) Value
----------------------------------------------------------------------------------------------------------
U.S. GOVERNMENT AND AGENCY
OBLIGATIONS -- (continued)
16,947 Federal Home Loan Mortgage Corp., 3.5%, 10/1/42 $ 16,968
89,854 Federal Home Loan Mortgage Corp., 3.5%, 6/1/45 89,656
109,329 Federal Home Loan Mortgage Corp., 3.5%, 11/1/45 109,054
19,015 Federal Home Loan Mortgage Corp., 3.5%, 3/1/46 18,963
79,283 Federal Home Loan Mortgage Corp., 3.5%, 7/1/46 79,218
34,017 Federal Home Loan Mortgage Corp., 3.5%, 8/1/46 33,898
88,703 Federal Home Loan Mortgage Corp., 3.5%, 8/1/46 88,809
111,166 Federal Home Loan Mortgage Corp., 3.5%, 8/1/46 111,119
68,219 Federal Home Loan Mortgage Corp., 3.5%, 12/1/46 68,029
24,150 Federal Home Loan Mortgage Corp., 3.5%, 6/1/47 24,012
57,384 Federal Home Loan Mortgage Corp., 3.5%, 7/1/47 57,045
57,095 Federal Home Loan Mortgage Corp., 3.5%, 8/1/47 56,753
24,545 Federal Home Loan Mortgage Corp., 3.5%, 11/1/47 24,395
29,479 Federal Home Loan Mortgage Corp., 3.5%, 11/1/47 29,300
24,886 Federal Home Loan Mortgage Corp., 3.5%, 1/1/48 24,733
49,300 Federal Home Loan Mortgage Corp., 3.5%, 1/1/48 48,998
106,860 Federal Home Loan Mortgage Corp., 4.0%, 1/1/44 109,408
32,221 Federal Home Loan Mortgage Corp., 4.0%, 2/1/44 33,027
182,375 Federal Home Loan Mortgage Corp., 4.0%, 5/1/44 186,601
13,192 Federal Home Loan Mortgage Corp., 4.0%, 12/1/44 13,497
20,297 Federal Home Loan Mortgage Corp., 4.0%, 1/1/46 20,768
35,499 Federal Home Loan Mortgage Corp., 4.0%, 2/1/46 36,322
22,582 Federal Home Loan Mortgage Corp., 4.0%, 4/1/47 23,120
24,041 Federal Home Loan Mortgage Corp., 4.0%, 4/1/47 24,613
45,729 Federal Home Loan Mortgage Corp., 4.0%, 4/1/47 46,717
47,163 Federal Home Loan Mortgage Corp., 4.0%, 4/1/47 48,286
102,925 Federal Home Loan Mortgage Corp., 4.0%, 4/1/47 105,176
116,994 Federal Home Loan Mortgage Corp., 4.0%, 5/1/47 119,490
214,097 Federal Home Loan Mortgage Corp., 4.0%, 10/1/47 218,375
151,177 Federal Home Loan Mortgage Corp., 4.0%, 12/1/47 154,396
41,925 Federal Home Loan Mortgage Corp., 4.5%, 6/1/41 44,059
71,528 Federal Home Loan Mortgage Corp., 4.5%, 5/1/47 74,523
21,565 Federal Home Loan Mortgage Corp., 5.0%, 9/1/38 23,099
25,114 Federal Home Loan Mortgage Corp., 5.0%, 10/1/38 26,899
3,884 Federal Home Loan Mortgage Corp., 5.0%, 5/1/39 4,168
6,864 Federal Home Loan Mortgage Corp., 5.0%, 12/1/39 7,380
13,466 Federal Home Loan Mortgage Corp., 6.0%, 8/1/37 14,874
14,826 Federal Home Loan Mortgage Corp., 6.5%, 1/1/38 16,771
28,893 Federal Home Loan Mortgage Corp., 6.5%, 4/1/38 32,546
54,659 Government National Mortgage Association I, 3.5%, 11/15/41 55,022
9,910 Government National Mortgage Association I, 3.5%, 10/15/42 9,995
32,453 Government National Mortgage Association I, 3.5%, 8/15/46 32,518
36,913 Government National Mortgage Association I, 4.0%, 4/15/45 37,782
The accompanying notes are an integral part of these financial statements.
Pioneer Global Multisector Income Fund | Semiannual Report | 4/30/18 33
Schedule of Investments | 4/30/18 (unaudited)(continued)
----------------------------------------------------------------------------------------------------------
Principal
Amount USD ($) Value
----------------------------------------------------------------------------------------------------------
U.S. GOVERNMENT AND AGENCY
OBLIGATIONS -- (continued)
56,335 Government National Mortgage Association I, 4.0%, 6/15/45 $ 57,648
27,610 Government National Mortgage Association I, 4.5%, 1/15/40 29,141
21,695 Government National Mortgage Association I, 4.5%, 9/15/40 22,856
10,731 Government National Mortgage Association I, 4.5%, 10/15/40 11,313
19,786 Government National Mortgage Association I, 4.5%, 7/15/41 20,737
34,498 Government National Mortgage Association II, 3.0%, 9/20/46 33,744
31,407 Government National Mortgage Association II, 4.5%, 9/20/41 32,992
73,955(d) Government National Mortgage Association II, 4.5%, 9/20/44 75,654
20,591 Government National Mortgage Association II, 4.5%, 10/20/44 21,658
44,116 Government National Mortgage Association II, 4.5%, 11/20/44 46,401
170,000 Government National Mortgage Association II, 4.5%, 4/20/48 177,266
2,455,000(h) U.S. Treasury Bills, 5/10/18 2,454,058
433,522 U.S. Treasury Inflation Indexed Bonds, 0.75%, 2/15/45 417,041
515,740 U.S. Treasury Inflation Indexed Bonds, 0.875%, 2/15/47 511,369
236,439 U.S. Treasury Inflation Indexed Bonds, 1.0%, 2/15/46 241,720
------------
$ 15,627,435
----------------------------------------------------------------------------------------------------------
TOTAL U.S. GOVERNMENT AND AGENCY OBLIGATIONS
(Cost $15,825,751) $ 15,627,435
----------------------------------------------------------------------------------------------------------
FOREIGN GOVERNMENT BONDS --
36.0% of Net Assets
Argentina -- 1.9%
100,000 Argentine Republic Government International Bond,
6.875%, 1/26/27 $ 99,601
300,000 Argentine Republic Government International Bond,
7.5%, 4/22/26 314,400
250,000 Autonomous City of Buenos Aires Argentina, 7.5%,
6/1/27 (144A) 258,175
300,000 Provincia de Buenos Aires, 9.125%, 3/16/24 (144A) 333,000
300,000 Provincia de Buenos Aires, 9.95%, 6/9/21 (144A) 332,907
210,000 Provincia de Entre Rios Argentina, 8.75%, 2/8/25 (144A) 210,735
------------
$ 1,548,818
----------------------------------------------------------------------------------------------------------
Australia -- 3.9%
AUD 3,625,000 Australia Government Bond, 4.75%, 4/21/27 $ 3,161,736
----------------------------------------------------------------------------------------------------------
Austria -- 0.1%
EUR 50,000 Republic of Austria Government Bond, 4.15%,
3/15/37 (144A) $ 90,658
----------------------------------------------------------------------------------------------------------
Bahamas -- 0.3%
200,000 Bahamas Government International Bond, 6.0%,
11/21/28 (144A) $ 207,000
----------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
34 Pioneer Global Multisector Income Fund | Semiannual Report | 4/30/18
----------------------------------------------------------------------------------------------------------
Principal
Amount USD ($) Value
----------------------------------------------------------------------------------------------------------
Bahrain -- 0.2%
200,000 Bahrain Government International Bond, 7.0%,
10/12/28 (144A) $ 190,693
----------------------------------------------------------------------------------------------------------
Brazil -- 1.1%
BRL 2,582,000 Brazilian Government International Bond, 12.5%, 1/5/22 $ 879,003
----------------------------------------------------------------------------------------------------------
Canada -- 1.1%
CAD 1,125,000 Canadian Government Bond, 2.25%, 6/1/25 $ 877,235
----------------------------------------------------------------------------------------------------------
Cayman Islands -- 0.3%
228,000 Brazil Minas SPE via State of Minas Gerais, 5.333%,
2/15/28 (144A) $ 226,860
----------------------------------------------------------------------------------------------------------
Cote D'Ivoire -- 0.9%
EUR 100,000 Ivory Coast Government International Bond, 5.125%,
6/15/25 (144A) $ 127,615
EUR 150,000 Ivory Coast Government International Bond, 5.25%,
3/22/30 (144A) 183,527
415,000 Ivory Coast Government International Bond, 6.375%,
3/3/28 (144A) 417,677
------------
$ 728,819
----------------------------------------------------------------------------------------------------------
Dominican Republic -- 0.2%
DOP 8,000,000 Dominican Republic International Bond, 8.9%,
2/15/23 (144A) $ 166,825
----------------------------------------------------------------------------------------------------------
Ecuador -- 0.1%
78,947(d) EP PetroEcuador via Noble Sovereign Funding I, Ltd.,
7.925% (3 Month USD LIBOR + 563 bps), 9/24/19 $ 78,932
----------------------------------------------------------------------------------------------------------
Egypt -- 0.5%
EGP 6,475,000(h) Egypt Treasury Bills, 5/15/18 $ 364,887
EGP 1,100,000(h) Egypt Treasury Bills, 9/11/18 58,664
------------
$ 423,551
----------------------------------------------------------------------------------------------------------
Gabon -- 0.5%
400,000 Gabon Government International Bond, 6.375%,
12/12/24 (144A) $ 389,837
----------------------------------------------------------------------------------------------------------
Germany -- 1.8%
EUR 1,250,000 Bundesrepublik Deutschland Bundesanleihe,
0.25%, 2/15/27 $ 1,486,585
----------------------------------------------------------------------------------------------------------
Japan -- 5.4%
JPY 120,000,000 Japan Government Ten Year Bond, 0.1%, 9/20/26 $ 1,106,381
JPY 50,000,000 Japan Government Ten Year Bond, 1.0%, 12/20/21 476,163
JPY 110,000,000 Japan Government Thirty Year Bond, 0.8%, 12/20/47 1,021,570
JPY 190,000,000 Japan Government Twenty Year Bond, 0.6%, 12/20/37 1,763,800
------------
$ 4,367,914
----------------------------------------------------------------------------------------------------------
Kenya -- 0.3%
200,000 Kenya Government International Bond, 7.25%,
2/28/28 (144A) $ 206,435
----------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Global Multisector Income Fund | Semiannual Report | 4/30/18 35
Schedule of Investments | 4/30/18 (unaudited)(continued)
----------------------------------------------------------------------------------------------------------
Principal
Amount USD ($) Value
----------------------------------------------------------------------------------------------------------
Mexico -- 0.6%
MXN 3,830,000 Mexican Bonos, 4.75%, 6/14/18 $ 203,732
MXN 2,400,000 Mexican Bonos, 6.5%, 6/9/22 124,230
MXN 300,000 Mexican Bonos, 7.5%, 6/3/27 16,039
MXN 3,461,259 Mexican Udibonos, 2.0%, 6/9/22 173,469
------------
$ 517,470
----------------------------------------------------------------------------------------------------------
New Zealand -- 2.6%
NZD 2,625,000 New Zealand Government Bond, 5.5%, 4/15/23 $ 2,114,386
----------------------------------------------------------------------------------------------------------
Nigeria -- 0.5%
408,000 Africa Finance Corp., 4.375%, 4/29/20 (144A) $ 407,743
----------------------------------------------------------------------------------------------------------
Norway -- 1.1%
NOK 6,750,000 Norway Government Bond, 4.5%, 5/22/19 (144A) $ 874,824
----------------------------------------------------------------------------------------------------------
Oman -- 0.5%
200,000 Oman Government International Bond, 5.375%,
3/8/27 (144A) $ 190,465
200,000 Oman Government International Bond, 5.625%,
1/17/28 (144A) 190,994
------------
$ 381,459
----------------------------------------------------------------------------------------------------------
Paraguay -- 0.2%
200,000 Paraguay Government International Bond, 4.7%,
3/27/27 (144A) $ 199,000
----------------------------------------------------------------------------------------------------------
Portugal -- 0.2%
EUR 100,000 Portugal Obrigacoes do Tesouro OT, 4.95%,
10/25/23 (144A) $ 149,225
----------------------------------------------------------------------------------------------------------
Saudi Arabia -- 0.4%
300,000 Saudi Government International Bond, 4.0%,
4/17/25 (144A) $ 295,721
----------------------------------------------------------------------------------------------------------
Senegal -- 0.2%
200,000 Senegal Government International Bond, 6.25%,
5/23/33 (144A) $ 192,766
----------------------------------------------------------------------------------------------------------
Slovenia -- 0.2%
EUR 150,000 Slovenia Government Bond, 1.25%, 3/22/27 $ 184,651
----------------------------------------------------------------------------------------------------------
South Korea -- 0.3%
INR 14,300,000 Export-Import Bank of Korea, 6.9%, 2/7/23 $ 211,432
----------------------------------------------------------------------------------------------------------
Sri Lanka -- 0.8%
500,000 Sri Lanka Government International Bond, 5.75%,
4/18/23 (144A) $ 496,838
200,000 Sri Lanka Government International Bond, 6.2%,
5/11/27 (144A) 192,964
------------
$ 689,802
----------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
36 Pioneer Global Multisector Income Fund | Semiannual Report | 4/30/18
----------------------------------------------------------------------------------------------------------
Principal
Amount USD ($) Value
----------------------------------------------------------------------------------------------------------
Sweden -- 4.1%
SEK 2,300,000 Sweden Government Bond, 2.5%, 5/12/25 $ 302,351
SEK 25,545,000 Sweden Government Bond, 4.25%, 3/12/19 3,043,915
------------
$ 3,346,266
----------------------------------------------------------------------------------------------------------
Turkey -- 0.2%
140,000 Hazine Mustesarligi Varlik Kiralama AS, 5.004%,
4/6/23 (144A) $ 139,829
----------------------------------------------------------------------------------------------------------
United Kingdom -- 4.7%
GBP 1,500,000 United Kingdom Gilt, 0.5%, 7/22/22 $ 2,020,915
GBP 450,000 United Kingdom Gilt, 3.5%, 1/22/45 833,302
GBP 400,000 United Kingdom Gilt, 4.25%, 12/7/27 689,343
GBP 150,000 United Kingdom Gilt, 4.25%, 9/7/39 295,434
------------
$ 3,838,994
----------------------------------------------------------------------------------------------------------
Uruguay -- 0.8%
UYU 9,313,000 Uruguay Government International Bond, 8.5%,
3/15/28 (144A) $ 312,395
UYU 8,516,000 Uruguay Government International Bond, 9.875%,
6/20/22 (144A) 311,242
------------
$ 623,637
----------------------------------------------------------------------------------------------------------
TOTAL FOREIGN GOVERNMENT BONDS
(Cost $29,642,958) $ 29,198,106
----------------------------------------------------------------------------------------------------------
MUNICIPAL BONDS -- 0.9% of Net Assets (i)
Higher Municipal Education -- 0.2%
25,000 Baylor University, Series A, 4.313%, 3/1/42 $ 25,007
25,000 California Educational Facilities Authority, Stanford
University, Series U-7, 5.0%, 6/1/46 32,039
15,000 Massachusetts Development Finance Agency, Harvard
University, Series A, 5.0%, 7/15/40 19,101
50,000 University of Virginia, Refunding General Green,
Series A-2, 5.0%, 4/1/45 56,068
------------
$ 132,215
----------------------------------------------------------------------------------------------------------
Municipal General -- 0.4%
70,000 JobsOhio Beverage System, Series B, 3.985%, 1/1/29 $ 71,551
20,000 JobsOhio Beverage System, Series B, 4.532%, 1/1/35 21,433
125,000 Rhode Island Health & Educational Building Corp.,
Brown University, Series A, 4.0%, 9/1/47 129,028
30,000 Virginia Commonwealth Transportation Board,
Transportation Capital Projects, 4.0%, 5/15/31 31,713
30,000 Virginia Commonwealth Transportation Board,
Transportation Capital Projects, 4.0%, 5/15/32 31,560
------------
$ 285,285
----------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Global Multisector Income Fund | Semiannual Report | 4/30/18 37
Schedule of Investments | 4/30/18 (unaudited)(continued)
----------------------------------------------------------------------------------------------------------
Principal
Amount USD ($) Value
----------------------------------------------------------------------------------------------------------
Municipal Higher Education -- 0.0%+
20,000 New York State Dormitory Authority, Columbia University,
Series A-2, 5.0%, 10/1/46 $ 25,671
----------------------------------------------------------------------------------------------------------
Municipal Medical -- 0.0%+
30,000 Illinois Finance Authority, Northwestern Memorial
Healthcare, 4.0%, 7/15/47 $ 30,457
10,000 Massachusetts Development Finance Agency, Partners
Healthcare System, 4.0%, 7/1/36 10,241
15,000 Massachusetts Development Finance Agency, Partners
Healthcare System, 4.0%, 7/1/41 15,167
------------
$ 55,865
----------------------------------------------------------------------------------------------------------
Municipal Obligation -- 0.2%
100,000(j) Commonwealth of Pennsylvania, 1st Series, 4.0%, 1/1/29 $ 105,698
50,000(j) State of Texas, Transportation Commission Mobility Fund,
Series A, 4.0%, 10/1/44 51,627
------------
$ 157,325
----------------------------------------------------------------------------------------------------------
Municipal School District -- 0.1%
25,000(j) Frisco Independent School District, 4.0%, 8/15/40
(PSF-GTD Insured) $ 25,916
25,000(j) Frisco Independent School District, 4.0%, 8/15/45
(PSF-GTD Insured) 25,840
------------
$ 51,756
----------------------------------------------------------------------------------------------------------
Municipal Water -- 0.0%+
15,000 JEA Water & Sewer System Revenue, Series A, 4.0%, 10/1/35 $ 15,683
15,000 JEA Water & Sewer System Revenue, Series A, 4.0%, 10/1/39 15,572
------------
$ 31,255
----------------------------------------------------------------------------------------------------------
TOTAL MUNICIPAL BONDS
(Cost $747,209) $ 739,372
----------------------------------------------------------------------------------------------------------
SENIOR SECURED FLOATING RATE
LOAN INTERESTS -- 5.3% of Net Assets*(d)
AUTOMOBILES & COMPONENTS -- 0.2%
Auto Parts & Equipment -- 0.2%
99,250 American Axle & Manufacturing, Inc., Tranche B Term
Loan, 4.15% (LIBOR + 225 bps), 4/6/24 $ 99,840
48,931 Electrical Components International, Inc., Term Loan,
7.052% (LIBOR + 475 bps), 5/28/21 49,114
------------
Total Automobiles & Components $ 148,954
----------------------------------------------------------------------------------------------------------
CAPITAL GOODS -- 0.4%
Aerospace & Defense -- 0.1%
49,875 MacDonald, Dettwiler and Associates, Ltd., Initial
Term B Loan, 4.66% (LIBOR + 275 bps), 10/4/24 $ 50,045
----------------------------------------------------------------------------------------------------------
Construction & Engineering -- 0.1%
100,000 AECOM (fka AECOM Technology Corp.), Term B Loan,
3.65% (LIBOR + 175 bps), 3/13/25 $ 100,458
----------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
38 Pioneer Global Multisector Income Fund | Semiannual Report | 4/30/18
----------------------------------------------------------------------------------------------------------
Principal
Amount USD ($) Value
----------------------------------------------------------------------------------------------------------
Electrical Components & Equipment -- 0.2%
45,161 Convergint Technologies Holdings LLC, First Lien Initial
Term Loan, 5.3% (LIBOR + 300 bps), 2/3/25 $ 45,217
100,000(k) Dell International LLC, Refinancing Term B Loan, 9/7/23 100,424
------------
$ 145,641
----------------------------------------------------------------------------------------------------------
Industrial Conglomerates -- 0.0%+
46,860 Milacron LLC, Term B Loan, 4.401% (LIBOR
+ 250 bps), 9/28/23 $ 46,948
------------
Total Capital Goods $ 343,092
----------------------------------------------------------------------------------------------------------
COMMERCIAL & PROFESSIONAL SERVICES -- 0.3%
Diversified Support Services -- 0.1%
74,813 Aristocrat Leisure, Ltd., 2017/2018 Incremental Term
Loan, 4.36% (LIBOR + 200 bps), 10/19/24 $ 75,320
----------------------------------------------------------------------------------------------------------
Human Resource & Employment Services -- 0.1%
95,742 On Assignment, Inc., Initial Term B-2 Loan, 3.9% (LIBOR
+ 200 bps), 4/2/25 $ 96,317
----------------------------------------------------------------------------------------------------------
Office Services & Supplies -- 0.1%
100,000 West Corp., Incremental Term B-1 Loan, 5.4% (LIBOR
+ 350 bps), 10/10/24 $ 100,948
------------
Total Commercial & Professional Services $ 272,585
----------------------------------------------------------------------------------------------------------
CONSUMER SERVICES -- 0.3%
Casinos & Gaming -- 0.1%
50,000 Scientific Games International, Inc., Initial Term B-5 Loan,
4.73% (LIBOR + 275 bps), 8/14/24 $ 50,378
----------------------------------------------------------------------------------------------------------
Leisure Facilities -- 0.2%
99,749 Life Time Fitness, Inc., 2017 Refinancing Term Loan,
4.734% (LIBOR + 275 bps), 6/10/22 $ 100,213
50,000 Six Flags Theme Parks, Inc., Tranche B Term Loan,
3.65% (LIBOR + 175 bps/ PRIME + 75 bps), 6/30/22 50,281
------------
$ 150,494
----------------------------------------------------------------------------------------------------------
Specialized Consumer Services -- 0.0%+
49,373 KUEHG Corp. (fka KC MergerSub, Inc.), Term B-2 Loan,
6.052% (LIBOR + 375 bps), 8/12/22 $ 49,813
------------
Total Consumer Services $ 250,685
----------------------------------------------------------------------------------------------------------
DIVERSIFIED FINANCIALS -- 0.4%
Diversified Capital Markets -- 0.2%
149,749 Avolon TLB Borrower 1 (US) LLC, Initial Term B-2 Loan,
4.147% (LIBOR + 225 bps), 3/21/22 $ 150,228
25,000 Trico Group LLC, First Lien Initial Term Loan, 8.48%
(LIBOR + 650 bps), 2/2/24 25,125
------------
$ 175,353
----------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Global Multisector Income Fund | Semiannual Report | 4/30/18 39
Schedule of Investments | 4/30/18 (unaudited)(continued)
----------------------------------------------------------------------------------------------------------
Principal
Amount USD ($) Value
----------------------------------------------------------------------------------------------------------
Specialized Finance -- 0.2%
49,396 1011778 BC Unlimited Liability Co. (New Red
Finance, Inc.) (aka Burger King/Tim Hortons), Term B-3
Loan, 4.151% (LIBOR + 225 bps), 2/16/24 $ 49,545
100,000(k) SBA Senior Finance II LLC, Initial Term Loan, 4/11/25 100,382
------------
$ 149,927
------------
Total Diversified Financials $ 325,280
----------------------------------------------------------------------------------------------------------
ENERGY -- 0.1%
Oil & Gas Equipment & Services -- 0.1%
100,000(k) Apergy Corp., Term Loan B, 4/18/25 $ 100,750
------------
Total Energy $ 100,750
----------------------------------------------------------------------------------------------------------
FOOD & STAPLES RETAILING -- 0.1%
Food Retail -- 0.1%
49,875 Packers Holdings LLC, Initial Term Loan, 5.13% (LIBOR
+ 325 bps), 12/4/24 $ 50,041
------------
Total Food & Staples Retailing $ 50,041
----------------------------------------------------------------------------------------------------------
FOOD, BEVERAGE & TOBACCO -- 0.1%
Packaged Foods & Meats -- 0.1%
24,875 Give & Go Prepared Foods Corp., First Lien 2017 Term
Loan, 6.19% (LIBOR + 425 bps), 7/29/23 $ 25,010
80,000(k) JBS USA Lux SA (fka JBS USA LLC), Initial Term Loan,
10/30/22 80,030
------------
Total Food, Beverage & Tobacco $ 105,040
----------------------------------------------------------------------------------------------------------
HEALTH CARE EQUIPMENT & SERVICES -- 0.4%
Health Care Facilities -- 0.3%
50,000(k) ATI Holdings Acquisition, Inc., First Lien Initial Term
Loan, 5/10/23 $ 50,260
100,000 HCA, Inc., Tranche B-10 Term Loan, 3.9% (LIBOR
+ 200 bps), 3/13/25 101,139
48,859 Kindred Healthcare, Inc., New Term Loan, 5.875% (LIBOR
+ 350 bps), 4/9/21 49,079
------------
$ 200,478
----------------------------------------------------------------------------------------------------------
Health Care Technology -- 0.0%+
24,750 Change Healthcare Holdings, Inc. (fka Emdeon, Inc.),
Closing Date Term Loan, 4.651% (LIBOR
+ 275 bps), 3/1/24 $ 24,876
----------------------------------------------------------------------------------------------------------
Managed Health Care -- 0.1%
100,000 Prospect Medical Holdings, Inc., Term B-1 Loan, 7.44%
(LIBOR + 550 bps), 2/22/24 $ 100,375
------------
Total Health Care Equipment & Services $ 325,729
----------------------------------------------------------------------------------------------------------
HOUSEHOLD & PERSONAL PRODUCTS -- 0.2%
Personal Products -- 0.2%
100,000 Coty, Inc., USD Term Loan B, 4.13% (LIBOR
+ 225 bps), 4/7/25 $ 99,953
The accompanying notes are an integral part of these financial statements.
40 Pioneer Global Multisector Income Fund | Semiannual Report | 4/30/18
----------------------------------------------------------------------------------------------------------
Principal
Amount USD ($) Value
----------------------------------------------------------------------------------------------------------
Personal Products -- (continued)
98,995 Revlon Consumer Products Corp., Initial Term B Loan,
5.401% (LIBOR + 350 bps), 9/7/23 $ 77,665
------------
Total Household & Personal Products $ 177,618
----------------------------------------------------------------------------------------------------------
INSURANCE -- 0.1%
Life & Health Insurance -- 0.0%+
49,619 Integro Parent, Inc., First Lien Initial Term Loan,
7.658% (LIBOR + 575 bps), 10/31/22 $ 49,620
----------------------------------------------------------------------------------------------------------
Property & Casualty Insurance -- 0.1%
50,000(k) USI, Inc. (fka Compass Investors, Inc.), 2017 New Term
Loan, 5/16/24 $ 50,272
------------
Total Insurance $ 99,892
----------------------------------------------------------------------------------------------------------
MATERIALS -- 0.4%
Metal & Glass Containers -- 0.1%
50,000 Crown Holdings, Inc., Dollar Term B Loan, 4.31%
(LIBOR + 200 bps), 4/3/25 $ 50,520
----------------------------------------------------------------------------------------------------------
Specialty Chemicals -- 0.2%
100,000 Axalta Coating Systems Dutch Holding B BV (Axalta
Coating Systems US Holdings, Inc.), Term B-2 Dollar Loan,
4.05% (LIBOR + 175 bps), 6/1/24 $ 100,511
49,875 PQ Corp., Third Amendment Tranche B-1 Term Loan,
4.4% (LIBOR + 250 bps), 2/8/25 50,238
------------
$ 150,749
----------------------------------------------------------------------------------------------------------
Steel -- 0.1%
49,875 Atkore International, Inc., First Lien Initial Incremental Term
Loan, 5.06% (LIBOR + 275 bps), 12/22/23 $ 50,320
49,375 Zekelman Industries, Inc. (fka JMC Steel Group, Inc.), Term
Loan, 4.999% (LIBOR + 275 bps), 6/14/21 49,694
------------
$ 100,014
------------
Total Materials $ 301,283
----------------------------------------------------------------------------------------------------------
MEDIA -- 0.4%
Advertising -- 0.1%
100,000 Lamar Media Corp., Term B Loan, 3.69% (LIBOR
+ 175 bps), 3/14/25 $ 100,375
----------------------------------------------------------------------------------------------------------
Broadcasting -- 0.1%
50,000 CSC Holdings LLC (fka CSC Holdings, Inc. (Cablevision)),
January 2018 Incremental Term Loan, 4.4% (LIBOR
+ 250 bps), 1/25/26 $ 50,209
----------------------------------------------------------------------------------------------------------
Cable & Satellite -- 0.0%+
49,000 UPC Financing Partnership, Facility AR, 4.4% (LIBOR
+ 250 bps), 1/15/26 $ 49,153
----------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Global Multisector Income Fund | Semiannual Report | 4/30/18 41
Schedule of Investments | 4/30/18 (unaudited)(continued)
----------------------------------------------------------------------------------------------------------
Principal
Amount USD ($) Value
----------------------------------------------------------------------------------------------------------
Movies & Entertainment -- 0.2%
39,902(k) Fitness International LLC, Term B Loan, 4/18/25 $ 40,087
100,000 WMG Acquisition Corp., Tranche E Term Loan, 4.15%
(LIBOR + 225 bps), 11/1/23 100,590
------------
$ 140,677
------------
Total Media $ 340,414
----------------------------------------------------------------------------------------------------------
PHARMACEUTICALS, BIOTECHNOLOGY &
LIFE SCIENCES -- 0.2%
Pharmaceuticals -- 0.2%
99,250 Endo Luxembourg Finance Co. I S.a.r.l., Initial Term Loan,
6.188% (LIBOR + 425 bps), 4/29/24 $ 98,919
48,795 RPI Finance Trust, Initial Term Loan B-6, 4.302% (LIBOR
+ 200 bps), 3/27/23 49,066
------------
Total Pharmaceuticals, Biotechnology & Life Sciences $ 147,985
----------------------------------------------------------------------------------------------------------
REAL ESTATE -- 0.2%
Specialized REIT -- 0.2%
125,000 Iron Mountain, Inc., Incremental Term Loan B, 3.65%
(LIBOR + 175 bps), 1/2/26 $ 124,726
------------
Total Real Estate $ 124,726
----------------------------------------------------------------------------------------------------------
RETAILING -- 0.4%
Automotive Retail -- 0.2%
149,375 CWGS Group LLC, Term Loan, 4.641% (LIBOR
+ 300 bps), 11/23/23 $ 150,402
----------------------------------------------------------------------------------------------------------
Internet & Direct Marketing Retail -- 0.1%
100,000 Shutterfly, Inc., Incremental Term Loan, 4.66% (LIBOR
+ 275 bps), 8/17/24 $ 101,000
----------------------------------------------------------------------------------------------------------
Specialty Stores -- 0.1%
49,875 Staples, Inc., Closing Date Term Loan, 5.79% (LIBOR
+ 400 bps), 9/12/24 $ 49,450
------------
Total Retailing $ 300,852
----------------------------------------------------------------------------------------------------------
SEMICONDUCTORS & SEMICONDUCTOR
EQUIPMENT -- 0.1%
Semiconductors -- 0.1%
100,000(k) Micron Technology, Inc., Term Loan, 4/26/22 $ 100,844
------------
Total Semiconductors & Semiconductor Equipment $ 100,844
----------------------------------------------------------------------------------------------------------
SOFTWARE & SERVICES -- 0.7%
Data Processing & Outsourced Services -- 0.1%
100,000(k) First Data Corp., 2024A New Dollar Term Loan, 4/26/24 $ 100,477
----------------------------------------------------------------------------------------------------------
Internet Software & Services -- 0.2%
24,750 Rackspace Hosting, Inc., First Lien Term B Loan, 4.79%
(LIBOR + 300 bps), 11/3/23 $ 24,723
154,000 Vantiv LLC (fka Fifth Third Processing Solutions LLC),
New Term B-4 Loan, 3.9% (LIBOR + 200 bps), 8/9/24 155,155
------------
$ 179,878
----------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
42 Pioneer Global Multisector Income Fund | Semiannual Report | 4/30/18
----------------------------------------------------------------------------------------------------------
Principal
Amount USD ($) Value
----------------------------------------------------------------------------------------------------------
IT Consulting & Other Services -- 0.3%
24,786 Go Daddy Operating Co., LLC (GD Finance Co., Inc.),
Tranche B-1 Term Loan, 4.15% (LIBOR + 225 bps), 2/15/24 $ 24,923
100,000 Rocket Software, Inc., First Lien Term Loan, 6.052%
(LIBOR + 375 bps), 10/14/23 100,958
100,000(k) Tempo Acquisition LLC, Initial Term Loan, 5/1/24 100,663
------------
$ 226,544
----------------------------------------------------------------------------------------------------------
Systems Software -- 0.1%
5,985 MA FinanceCo., LLC (aka Micro Focus International Plc),
Tranche B-3 Term Loan, 4.651% (LIBOR + 275 bps), 6/21/24 $ 5,948
43,890 Seattle Spinco, Inc. (aka Micro Focus International Plc),
Initial Term Loan, 4.651% (LIBOR + 275 bps), 6/21/24 43,670
------------
$ 49,618
------------
Total Software & Services $ 556,517
----------------------------------------------------------------------------------------------------------
TECHNOLOGY HARDWARE & EQUIPMENT -- 0.1%
Electronic Manufacturing Services -- 0.1%
50,000(k) TTM Technologies, Inc., Term Loan B, 9/28/24 $ 50,437
------------
Total Technology Hardware & Equipment $ 50,437
----------------------------------------------------------------------------------------------------------
TELECOMMUNICATION SERVICE -- 0.2%
Integrated Telecommunication Services -- 0.1%
99,750 CenturyLink, Inc., Initial Term B Loan, 4.65% (LIBOR
+ 275 bps), 1/31/25 $ 98,409
----------------------------------------------------------------------------------------------------------
Wireless Telecommunication Services -- 0.1%
49,500 Sprint Communications, Inc., Initial Term Loan, 4.438%
(LIBOR + 250 bps), 2/2/24 $ 49,686
------------
Total Telecommunication Service $ 148,095
----------------------------------------------------------------------------------------------------------
TOTAL SENIOR SECURED FLOATING RATE LOAN INTERESTS
(Cost $4,266,792) $ 4,270,819
----------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------
Number of Strike Expiration
Contracts Description Counterparty Notional Price Date Value
----------------------------------------------------------------------------------------------------------
CURRENCY PUT OPTION PURCHASED -- 0.0%+
2,004,000 Put EUR Goldman
Call USD Sachs
International EUR 18,058 EUR 1.21 6/1/18 $ 17,531
----------------------------------------------------------------------------------------------------------
TOTAL CURRENCY PUT OPTION PURCHASED
(Premiums paid $18,058) $ 17,531
----------------------------------------------------------------------------------------------------------
TOTAL INVESTMENTS IN UNAFFILIATED ISSUERS -- 100.0%
(Cost $81,612,247) $ 81,157,833
----------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Global Multisector Income Fund | Semiannual Report | 4/30/18 43
Schedule of Investments | 4/30/18 (unaudited)(continued)
----------------------------------------------------------------------------------------------------------
Net Change in Net
Realized Unrealized
Dividend Gain Appreciation
Shares Income (Loss) (Depreciation) Value
----------------------------------------------------------------------------------------------------------
AFFILIATED ISSUER -- 1.0%
CLOSED-END FUND -- 1.0% of Net Assets
INSURANCE -- 1.0%
Property & Casualty Insurance -- 1.0%
84,921 Pioneer ILS
Interval Fund(l) $9,913 $ -- $618 $ 815,246
------------
Total Insurance $ 815,246
----------------------------------------------------------------------------------------------------------
TOTAL CLOSED-END FUND
(Cost $872,994) $ 815,246
----------------------------------------------------------------------------------------------------------
TOTAL INVESTMENTS IN AFFILIATED ISSUER -- 1.0%
(Cost $872,994) $ 815,246
----------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------
Number of Strike Expiration
Contracts Description Counterparty Notional Price Date Value
----------------------------------------------------------------------------------------------------------
CURRENCY PUT OPTION WRITTEN -- 0.0%+
(2,004,000) Put EUR Goldman
Call USD Sachs
International EUR 8,574 EUR 1.19 6/1/18 $ (5,240)
----------------------------------------------------------------------------------------------------------
TOTAL CURRENCY PUT OPTION WRITTEN
(Premiums received $(8,574)) $ (5,240)
----------------------------------------------------------------------------------------------------------
OTHER ASSETS AND LIABILITIES -- (1.0)% $ (824,625)
----------------------------------------------------------------------------------------------------------
NET ASSETS -- 100.0% $ 81,143,214
==========================================================================================================
bps Basis Point.
FREMF Freddie Mac Multifamily Fixed-Rate Mortgage Loans.
LIBOR London Interbank Offered Rate.
PRIME U.S. Federal Funds Rate.
CMT Constant Maturity Index.
EURIBOR Euro Interbank Offer Rate.
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, 2018, the value of these securities
amounted to $14,690,102, or 18.1% of net assets.
(TBA) "To Be Announced" Securities.
+ Amount rounds to less than 0.1%.
The accompanying notes are an integral part of these financial statements.
44 Pioneer Global Multisector Income Fund | Semiannual Report | 4/30/18
* Senior secured 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, (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 interest rate shown is the rate accruing at April 30, 2018.
+ Securities that used significant unobservable inputs to determine
their value.
(a) Debt obligation initially issued at one coupon which converts to a
higher coupon at a specific date. The rate shown is the rate at
April 30, 2018.
(b) The interest rate is subject to change periodically. The interest
rate and/or reference index and spread shown at April 30, 2018.
(c) Security is perpetual in nature and has no stated maturity date.
(d) Floating rate note. Coupon rate, reference index and spread shown at
April 30, 2018.
(e) Security represents the interest-only portion payments on a pool of
underlying mortgages or mortgage-backed securities.
(f) Structured reinsurance investment. At April 30, 2018, the value of
these securities amounted to $226,032, or 0.3% of net assets.
See Notes to Financial Statements -- Note 1I.
(g) Rate to be determined.
(h) Security issued with a zero coupon. Income is recognized through
accretion of discount.
(i) Consists of Revenue Bonds unless otherwise indicated.
(j) Represents a General Obligation Bond.
(k) This term loan will settle after April 30, 2018, at which time the
interest rate will be determined.
(l) Pioneer ILS Interval Fund is an affiliated fund managed by Amundi
Pioneer Asset Management, Inc., formerly Pioneer Investment
Management, Inc. (the "Adviser").
The accompanying notes are an integral part of these financial statements.
Pioneer Global Multisector Income Fund | Semiannual Report | 4/30/18 45
Schedule of Investments | 4/30/18 (unaudited)(continued)
FORWARD FOREIGN CURRENCY CONTRACTS
---------------------------------------------------------------------------------------------------------------
Net Unrealized
Currency Currency Settlement Appreciation
Purchased In Exchange for Sold Deliver Counterparty Date (Depreciation)
---------------------------------------------------------------------------------------------------------------
NOK 4,604,113 USD (578,286) Bank of New York 5/31/18 $ (3,215)
SEK 3,329,851 USD (410,629) Bank of New York 6/19/18 (28,968)
USD 160,532 NZD (222,821) Bank of New York 5/31/18 3,752
SEK 6,619,464 EUR (658,151) Brown Brothers 6/19/18 (39,392)
Harriman & Co.
USD 2,528,213 NZD (3,495,000) Brown Brothers 6/29/18 69,086
Harriman & Co.
JPY 244,150,000 USD (2,312,870) Citibank NA 5/31/18 (74,324)
ARS 1,604,742 USD (76,035) Goldman Sachs 6/29/18 (1,550)
International
SEK 8,650,563 EUR (817,678) Goldman Sachs 6/01/18 (57)
International
USD 3,801,360 KRW (4,089,094,021) Goldman Sachs 6/29/18 (23,613)
International
USD 321,462 MXN (6,102,000) Goldman Sachs 5/16/18 (3,863)
International
CHF 82,617 USD (87,001) JP Morgan Chase 6/29/18 (3,159)
Bank NA
EUR 7,918,087 USD (9,607,157) JP Morgan Chase 5/31/18 (20,248)
Bank NA
IDR 9,231,298,480 USD (658,297) JP Morgan Chase 6/29/18 1,009
Bank NA
JPY 442,795,084 USD (4,162,872) JP Morgan Chase 5/31/18 (103,003)
Bank NA
SEK 8,650,563 EUR (862,272) JP Morgan Chase 5/02/18 (53,978)
Bank NA
USD 332,881 INR (22,302,702) JP Morgan Chase 6/29/18 (734)
Bank NA
USD 379,293 SEK (3,293,131) JP Morgan Chase 6/29/18 1,527
Bank NA
USD 145,303 TRY (592,621) JP Morgan Chase 5/31/18 865
Bank NA
CAD 278,040 USD (216,749) State Street Bank 6/29/18 121
& Trust Co.
CHF 524,999 EUR (445,915) State Street Bank 6/01/18 (8,530)
& Trust Co.
CZK 12,685,636 USD (601,510) State Street Bank 6/29/18 (764)
& Trust Co.
USD 3,936,362 AUD (5,218,790) State Street Bank 6/29/18 5,843
& Trust Co.
USD 979,098 GBP (710,447) State Street Bank 6/29/18 (576)
& Trust Co.
USD 193,695 MXN (3,665,514) State Street Bank 5/16/18 (1,730)
& Trust Co.
---------------------------------------------------------------------------------------------------------------
TOTAL FORWARD FOREIGN CURRENCY CONTRACTS $(285,501)
===============================================================================================================
The accompanying notes are an integral part of these financial statements.
46 Pioneer Global Multisector Income Fund | Semiannual Report | 4/30/18
FUTURES CONTRACTS
FIXED INCOME INDEX FUTURES CONTRACTS
--------------------------------------------------------------------------------------------
Number of Net Unrealized
Contracts Expiration Notional Market Appreciation
Long Description Date Amount Value (Depreciation)
--------------------------------------------------------------------------------------------
5 EURO-BUXL 6/7/18 $ 969,621 $ 987,863 $18,242
30-Year Bund
9 Long Gilt 6/27/18 1,495,959 1,512,913 16,953
25 Short Gilt 6/27/18 3,560,433 3,561,120 688
8 U.S. 2 Year 6/29/18 1,700,000 1,696,375 (3,625)
Note (CBT)
--------------------------------------------------------------------------------------------
$7,726,013 $7,758,271 $32,258
============================================================================================
--------------------------------------------------------------------------------------------
Number of Net Unrealized
Contracts Expiration Notional Market Appreciation
Short Description Date Amount Value (Depreciation)
--------------------------------------------------------------------------------------------
22 EURO-BOBL 6/7/18 $ 3,466,329 $ 3,481,744 $(15,415)
14 U.S. 5 Year
Note (CBT) 6/29/18 1,597,968 1,589,109 8,859
52 U.S. 10-Year
Note (CBT) 6/20/18 6,242,894 6,220,500 22,394
3 U.S. 10-Year
Ultra (CBT) 6/20/18 384,516 383,672 844
2 U.S. Long
Bond (CBT) 6/20/18 286,484 287,687 (1,203)
3 U.S. Ultra
Bond (CBT) 6/20/18 476,072 471,375 4,697
--------------------------------------------------------------------------------------------
$12,454,263 $12,434,087 $ 20,176
--------------------------------------------------------------------------------------------
TOTAL FUTURES CONTRACTS $(4,728,250) $(4,675,816) $ 52,434
============================================================================================
SWAP CONTRACTS
CENTRALLY CLEARED CREDIT DEFAULT SWAP CONTRACT - SELL PROTECTION
----------------------------------------------------------------------------------------------------------------
Obligation Annual
Notional Reference/ Pay/ Fixed Expiration Premiums Unrealized Market
Amount ($)(1) Index Receive(2) Rate Date Paid Appreciation Value
----------------------------------------------------------------------------------------------------------------
331,591 Markit CDX North Receive 5.00% 12/20/22 $23,875 $2,133 $26,008
America High Yield
Index Series 29
----------------------------------------------------------------------------------------------------------------
OVER THE COUNTER (OTC) CREDIT DEFAULT SWAP CONTRACT - SELL PROTECTION
----------------------------------------------------------------------------------------------------------------
Obligation Annual
Notional Reference/ Pay/ Fixed Expiration Premiums Unrealized Market
Amount ($)(1) Counterparty Index Receive(2) Rate Date (Received) Appreciation Value
----------------------------------------------------------------------------------------------------------------
50,000 Morgan Stanley Diamond
Capital Offshore
Services LLC Drilling, Inc. Receive 1.00% 12/20/19 $(1,873) $2,384 $ 511
----------------------------------------------------------------------------------------------------------------
TOTAL SWAP CONTRACTS $22,002 $4,517 $26,519
================================================================================================================
(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) Receives Quarterly.
The accompanying notes are an integral part of these financial statements.
Pioneer Global Multisector Income Fund | Semiannual Report | 4/30/18 47
Schedule of Investments | 4/30/18 (unaudited)(continued)
Principal amounts are denominated in U.S. dollars unless otherwise noted.
ARS Argentine Peso
AUD Australian Dollar
BRL Brazilian Real
CAD Canadian Dollar
CHF Swiss Franc
CZK Czech Koruna
DOP Dominican Peso
EGP Egyptian Pound
EUR Euro
GBP Great British Pound
IDR Indonesian Rupiah
INR Indian Rupee
JPY Japanese Yen
KRW South Korea Won
MXN Mexican Peso
NOK Norwegian Krone
NZD New Zealand Dollar
SEK Swedish Krona
TRY Turkish Lira
UYU Uruguayan Peso
Purchases and sales of securities (excluding temporary cash investments) for the
six months ended April 30, 2018, were as follows:
--------------------------------------------------------------------------------
Purchases Sales
--------------------------------------------------------------------------------
Long-Term U.S. Government Securities $ 1,862,989 $1,250,544
Other Long-term Securities $34,297,088 $5,064,329
The Fund is permitted to engage in purchase and sale transactions ("cross
trades") with certain funds and accounts for which the Adviser 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 affected at current market prices.
During the six months ended April 30, 2018, the Fund did not engage in cross
trade activity.
At April 30, 2018, the net unrealized depreciation on investments based on cost
for federal tax purposes of $82,595,781 was as follows:
Aggregate gross unrealized appreciation for all investments in which
there is an excess of value over tax cost $ 1,666,178
Aggregate gross unrealized depreciation for all investments in which
there is an excess of tax cost over value (2,500,668)
-----------
Net unrealized depreciation $ (834,490)
===========
Various inputs are used in determining the value of the Fund's investments.
These inputs are summarized in the three broad levels 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
risks, 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).
The accompanying notes are an integral part of these financial statements.
48 Pioneer Global Multisector Income Fund | Semiannual Report | 4/30/18
The following is a summary of the inputs used as of April 30, 2018, in valuing
the Fund's investments.
-------------------------------------------------------------------------------------------
Level 1 Level 2 Level 3 Total
-------------------------------------------------------------------------------------------
Convertible Corporate Bond $ -- $ 32,860 $ -- $ 32,860
Preferred Stock 6,143 -- -- 6,143
Convertible Preferred Stocks 828,612 -- -- 828,612
Asset Backed Securities -- 365,499 -- 365,499
Collateralized Mortgage Obligations -- 3,777,171 -- 3,777,171
Corporate Bonds
Insurance
Reinsurance -- 145,752 80,280 226,032
All Other Corporate Bonds -- 25,525,114 -- 25,525,114
Supranational Bonds -- 543,139 -- 543,139
U.S. Government and
Agency Obligations -- 15,627,435 -- 15,627,435
Foreign Government Bonds -- 29,198,106 -- 29,198,106
Municipal Bonds -- 739,372 -- 739,372
Senior Secured Floating Rate
Loan Interests -- 4,270,819 -- 4,270,819
Currency Put Option Purchased -- 17,531 -- 17,531
Closed-End Fund -- 815,246 -- 815,246
-------------------------------------------------------------------------------------------
Total Investments in Securities $834,755 $81,058,044 $80,280 $81,973,079
===========================================================================================
Other Financial Instruments
Currency Put Option Written $ -- $ (5,240) $ -- $ (5,240)
Net unrealized depreciation
on forward foreign currency contracts -- (285,501) -- (285,501)
Net unrealized appreciation
on futures contracts 52,434 -- -- 52,434
Swap contracts, at value -- 26,519 -- 26,519
-------------------------------------------------------------------------------------------
Total Other Financial Instruments $ 52,434 $ (264,222) $ -- $ (211,788)
===========================================================================================
The accompanying notes are an integral part of these financial statements.
Pioneer Global Multisector Income Fund | Semiannual Report | 4/30/18 49
Schedule of Investments | 4/30/18 (unaudited)(continued)
The following is a reconciliation of assets valued using significant
unobservable inputs (Level 3):
--------------------------------------------------------------------------------
Corporate
Bonds
--------------------------------------------------------------------------------
Balance as of 10/31/17 $103,022
Accrued discounts/premiums (3,000)
Realized gain (loss)(1) (2,350)
Purchases 50,000
Sales (67,392)
Transfer in to Level 3* --
Transfer out of Level 3* --
--------------------------------------------------------------------------------
Balance as of 04/30/18 $ 80,280
================================================================================
(1) Realized gain (loss) on these securities is included in net realized gain
(loss) on investments on the Statement of Operations.
* Transfers are calculated on the beginning of period values. A security
valued at $699,686 transferred from Level 1 to Level 2 due to the nature of
the security's liquidity. During the six months ended April 30, 2018, there
were no transfers between Levels 2 and 3.
Net change in unrealized appreciation (depreciation) of Level 3 investments still held
and considered Level 3 at April 30, 2018: $(2,290)
-------
The accompanying notes are an integral part of these financial statements.
50 Pioneer Global Multisector Income Fund | Semiannual Report | 4/30/18
Statement of Assets and Liabilities | 4/30/18 (unaudited)
ASSETS:
Investments in unaffiliated securities, at value (cost $81,612,247) $81,157,833
Investments in affiliated securities, at value (cost $872,994) 815,246
Cash 5,834,488
Swap contracts, at value (net premiums paid $22,002) 26,519
Swaps collateral 25,188
Futures collateral 161,550
Net unrealized appreciation on futures contracts 52,434
Unrealized appreciation on unfunded loan commitment 72
Receivables --
Investment securities sold 1,561
Fund shares sold 54,347
Interest 634,578
Due from the Adviser 35,631
Other assets 28,320
-----------------------------------------------------------------------------------
Total assets $88,827,767
===================================================================================
LIABILITIES:
Due to Custodian $ 367,160
Payables --
Investment securities purchased 6,660,957
Fund shares repurchased 71,412
Distributions 42,768
Trustees' fees 616
Due to broker for futures 52,580
Due to broker for swaps 26,065
Variation margin for futures contracts 7,973
Variation margin for centrally cleared swap contracts 77
Written options outstanding (net premiums received $(8,574)) 5,240
Net unrealized depreciation on forward foreign currency contracts 285,501
Due to affiliates 40,246
Accrued expenses 123,958
-----------------------------------------------------------------------------------
Total liabilities $ 7,684,553
===================================================================================
NET ASSETS:
Paid-in capital $81,815,057
Distributions in excess of net investment income (85,679)
Accumulated net realized gain on investments 227,984
Net unrealized depreciation on investments (814,148)
-----------------------------------------------------------------------------------
Net assets $81,143,214
===================================================================================
NET ASSET VALUE PER SHARE:
No par value (unlimited number of shares authorized)
Class A (based on $28,739,872/2,723,638 shares) $ 10.55
Class C (based on $9,778,716/924,226 shares) $ 10.58
Class Y (based on $42,624,626/4,009,903 shares) $ 10.63
MAXIMUM OFFERING PRICE:
Class A ($10.55 (divided by) 95.5%) $ 11.05
===================================================================================
The accompanying notes are an integral part of these financial statements.
Pioneer Global Multisector Income Fund | Semiannual Report | 4/30/18 51
Statement of Operations (unaudited)
For the Six Months Ended 4/30/18
INVESTMENT INCOME:
Interest from unaffiliated issuers (net of foreign taxes
withheld $18,122) $ 1,062,897
Dividends from unaffiliated issuers 11,440
Dividends from affiliated issuers 9,913
------------------------------------------------------------------------------------------------
Total investment income $ 1,084,250
------------------------------------------------------------------------------------------------
EXPENSES:
Management fees $ 159,954
Administrative expense 30,430
Transfer agent fees
Class A 79,481
Class C 2,038
Class Y 2,531
Distribution fees
Class A 33,512
Class C 50,252
Shareholder communications expense 2,700
Custodian fees 39,521
Registration fees 24,000
Professional fees 24,668
Printing expense 24,351
Pricing fees 23,427
Trustees' fees 3,573
Miscellaneous 24,086
------------------------------------------------------------------------------------------------
Total expenses $ 524,524
Less fees waived and expenses reimbursed
by the Adviser (186,665)
------------------------------------------------------------------------------------------------
Net expenses $ 337,859
------------------------------------------------------------------------------------------------
Net investment income $ 746,391
------------------------------------------------------------------------------------------------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
Net realized gain (loss) on:
Investments in unaffiliated issuers $ 50,330
Futures contracts 197,350
Swap contracts 5,679
Forward foreign currency contracts (34,554)
Other assets and liabilities denominated in foreign currencies 91,444 $ 310,249
------------------------------------------------------------------------------------------------
Change in net unrealized appreciation (depreciation) on:
Investments in unaffiliated issuers $(1,391,774)
Investments in affiliated issuers 618
Written options 3,334
Futures contracts (29,831)
Swap contracts (3,499)
Unfunded loan commitment 72
Forward foreign currency contracts (261,526)
Other assets and liabilities denominated in foreign currencies (69,960) $(1,752,566)
------------------------------------------------------------------------------------------------
Net realized and unrealized gain (loss) on investments $(1,442,317)
------------------------------------------------------------------------------------------------
Net decrease in net assets resulting from operations $ (695,926)
================================================================================================
The accompanying notes are an integral part of these financial statements.
52 Pioneer Global Multisector Income Fund | Semiannual Report | 4/30/18
Statements of Changes in Net Assets
----------------------------------------------------------------------------------------
Six Months
Ended
4/30/18 Year Ended
(unaudited) 10/31/17
----------------------------------------------------------------------------------------
FROM OPERATIONS:
Net investment income (loss) $ 746,391 $ 1,240,195
Net realized gain (loss) on investments 310,249 (167,429)
Change in net unrealized appreciation (depreciation)
on investments (1,752,566) 1,013,395
----------------------------------------------------------------------------------------
Net increase (decrease) in net assets resulting
from operations $ (695,926) $ 2,086,161
----------------------------------------------------------------------------------------
DISTRIBUTIONS TO SHAREOWNERS:
Net investment income:
Class A ($0.13 and $0.19 per share, respectively) $ (318,537) $ (379,152)
Class C ($0.08 and $0.10 per share, respectively) (79,430) (77,730)
Class Y ($0.14 and $0.22 per share, respectively) (372,242) (311,287)
Tax return of capital:
Class A ($-- and $0.04 per share, respectively) -- (83,787)
Class C ($-- and $0.04 per share, respectively) -- (34,110)
Class Y ($-- and $0.04 per share, respectively) -- (58,205)
Net realized gain:
Class A ($-- and $0.06 per share, respectively) -- (124,161)
Class C ($-- and $0.06 per share, respectively) -- (52,182)
Class Y ($-- and $0.06 per share, respectively) -- (82,869)
----------------------------------------------------------------------------------------
Total distributions to shareowners $ (770,209) $ (1,203,483)
----------------------------------------------------------------------------------------
FROM FUND SHARE TRANSACTIONS:
Net proceeds from sales of shares $ 69,792,546 $ 32,624,032
Reinvestment of distributions 411,974 425,141
Cost of shares repurchased (35,515,972) (14,727,405)
----------------------------------------------------------------------------------------
Net increase in net assets from Fund share transactions $ 34,688,548 $ 18,321,768
----------------------------------------------------------------------------------------
Net increase in net assets $ 33,222,413 $ 19,204,446
NET ASSETS:
Beginning of period $ 47,920,801 $ 28,716,355
----------------------------------------------------------------------------------------
End of period $ 81,143,214 $ 47,920,801
----------------------------------------------------------------------------------------
Distributions in excess of net investment income $ (85,679) $ (61,861)
========================================================================================
The accompanying notes are an integral part of these financial statements.
Pioneer Global Multisector Income Fund | Semiannual Report | 4/30/18 53
Statements of Changes in Net Assets (continued)
------------------------------------------------------------------------------------
Six Months Six Months
Ended Ended
4/30/18 4/30/18 Year Ended Year Ended
Shares Amount 10/31/17 10/31/17
(unaudited) (unaudited) Shares Amount
------------------------------------------------------------------------------------
Class A
Shares sold 1,736,383 $ 18,616,287 1,332,849 $13,903,813
Reinvestment of distributions 16,287 174,847 30,403 321,073
Less shares repurchased (1,202,381) (12,860,548) (471,394) (4,975,818)
------------------------------------------------------------------------------------
Net increase 550,289 $ 5,930,586 891,858 $ 9,249,068
====================================================================================
Class C
Shares sold 754,891 $ 8,100,627 621,101 $ 6,507,819
Reinvestment of distributions 2,424 26,130 5,130 54,428
Less shares repurchased (767,190) (8,227,641) (103,349) (1,099,330)
------------------------------------------------------------------------------------
Net increase (decrease) (9,875) $ (100,884) 522,882 $ 5,462,917
====================================================================================
Class Y
Shares sold 3,970,486 $ 43,075,632 1,159,480 $12,212,400
Reinvestment of distributions 19,551 210,997 4,636 49,640
Less shares repurchased (1,336,303) (14,427,783) (815,102) (8,652,257)
------------------------------------------------------------------------------------
Net increase 2,653,734 $ 28,858,846 349,014 $ 3,609,783
====================================================================================
The accompanying notes are an integral part of these financial statements.
54 Pioneer Global Multisector Income Fund | Semiannual Report | 4/30/18
Financial Highlights
------------------------------------------------------------------------------------------------------------------------------
Six Months
Ended Year Year Year Year Year
4/30/18 Ended Ended Ended Ended Ended
(unaudited) 10/31/17 10/31/16* 10/31/15* 10/31/14* 10/31/13
------------------------------------------------------------------------------------------------------------------------------
Class A
Net asset value, beginning of period $ 10.70 $ 10.60 $ 10.40 $ 10.91 $ 10.98 $ 11.49
------------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (loss) $ 0.12(a) $ 0.30(a) $ 0.31(a) $ 0.31(a) $ 0.38 $ 0.30
Net realized and unrealized gain (loss) on investments (0.14) 0.09 0.25 (0.41) (0.04) (0.35)
------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ (0.02) $ 0.39 $ 0.56 $ (0.10) $ 0.34 $ (0.05)
------------------------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income $ (0.13) $ (0.19) $ (0.28) $ (0.31) $ (0.35) $ (0.29)
Net realized gain -- (0.06) -- (0.10) (0.06) (0.17)
Tax return of capital -- (0.04) (0.08) -- -- --
------------------------------------------------------------------------------------------------------------------------------
Total distributions $ (0.13) $ (0.29) $ (0.36) $ (0.41) $ (0.41) $ (0.46)
------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ (0.15) $ 0.10 $ 0.20 $ (0.51) $ (0.07) $ (0.51)
------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 10.55 $ 10.70 $ 10.60 $ 10.40 $ 10.91 $ 10.98
==============================================================================================================================
Total return (b) (0.21)%(c) 3.75% 5.59% (1.00)% 3.16% (0.45)%
Ratio of net expenses to average net assets (d) 1.00%(e) 1.00% 1.00% 1.00% 1.01% 1.00%
Ratio of net investment income (loss) to average net assets 2.33%(e) 2.83% 2.99% 2.87% 3.57% 3.36%
Portfolio turnover rate 11%(c) 70% 37% 34% 51% 33%
Net assets, end of period (in thousands) $28,740 $23,252 $13,579 $12,737 $11,601 $ 6,888
Ratios with no waiver of fees and assumption of expenses by
the Adviser and no reduction for fees paid indirectly:
Total expenses to average net assets (d) 1.92%(e) 2.13% 2.67% 2.67% 2.52% 2.05%
Net investment income (loss) to average net assets 1.41%(e) 1.70% 1.32% 1.20% 2.06% 2.31%
==============================================================================================================================
* The Fund was audited by an independent registered public accounting firm
other than Ernst & Young LLP.
(a) The per-share data presented above is based on the average shares
outstanding for the period presented.
(b) 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.
(c) Not annualized.
(d) Includes interest expense of 0.00%, 0.00%, 0.00%, 0.00%, 0.00% and 0.01%,
respectively.
(e) Annualized.
The accompanying notes are an integral part of these financial statements.
Pioneer Global Multisector Income Fund | Semiannual Report | 4/30/18 55
Financial Highlights (continued)
----------------------------------------------------------------------------------------------------------------------------------
Six Months
Ended Year Year Year Year Year
4/30/18 Ended Ended Ended Ended Ended
(unaudited) 10/31/17 10/31/16* 10/31/15* 10/31/14* 10/31/13
----------------------------------------------------------------------------------------------------------------------------------
Class C
Net asset value, beginning of period $10.73 $ 10.63 $10.43 $10.94 $11.01 $11.51
----------------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (loss) $ 0.08(a) $ 0.21(a) $ 0.22(a) $ 0.21(a) $ 0.29 $ 0.20
Net realized and unrealized gain (loss) on investments (0.15) 0.09 0.25 (0.41) (0.05) (0.34)
----------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $(0.07) $ 0.30 $ 0.47 $(0.20) $ 0.24 $(0.14)
----------------------------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income $(0.08) $ (0.10) $(0.19) $(0.21) $(0.25) $(0.19)
Net realized gain -- (0.06) -- (0.10) (0.06) (0.17)
Tax return of capital -- (0.04) (0.08) -- -- --
----------------------------------------------------------------------------------------------------------------------------------
Total distributions $(0.08) $ (0.20) $(0.27) $(0.31) $(0.31) $(0.36)
----------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $(0.15) $ 0.10 $ 0.20 $(0.51) $(0.07) $(0.50)
----------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $10.58 $ 10.73 $10.63 $10.43 $10.94 $11.01
==================================================================================================================================
Total return (b) (0.62)%(c) 2.88% 4.67% (1.87)% 2.24% (1.24)%
Ratio of net expenses to average net assets (d) 1.83%(e) 1.81% 1.90% 1.90% 1.91% 1.90%
Ratio of net investment income (loss) to average net assets 1.55%(e) 2.00% 2.10% 1.96% 2.67% 2.46%
Portfolio turnover rate 11%(c) 70% 37% 34% 51% 33%
Net assets, end of period (in thousands) $9,779 $10,024 $4,370 $4,113 $4,156 $3,847
Ratios with no waiver of fees and assumption of expenses by
the Adviser and no reduction for fees paid indirectly:
Total expenses to average net assets (d) 2.13%(e) 2.21% 2.53% 2.56% 2.71% 2.75%
Net investment income (loss) to average net assets 1.25%(e) 1.60% 1.46% 1.30% 1.87% 1.61%
==================================================================================================================================
* The Fund was audited by an independent registered public accounting firm
other than Ernst & Young LLP.
(a) The per-share data presented above is based on the average shares
outstanding for the period presented.
(b) 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.
(c) Not annualized.
(d) Includes interest expense of 0.00%, 0.00%, 0.00%, 0.00%, 0.00% and 0.01%,
respectively.
(e) Annualized.
The accompanying notes are an integral part of these financial statements.
56 Pioneer Global Multisector Income Fund | Semiannual Report | 4/30/18
------------------------------------------------------------------------------------------------------------------------------
Six Months
Ended Year Year Year Year Year
4/30/18 Ended Ended Ended Ended Ended
(unaudited) 10/31/17 10/31/16* 10/31/15* 10/31/14* 10/31/13
------------------------------------------------------------------------------------------------------------------------------
Class Y
Net asset value, beginning of period $ 10.80 $ 10.69 $ 10.50 $ 11.00 $ 11.07 $ 11.59
------------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (loss) $ 0.13(a) $ 0.33(a) $ 0.34(a) $ 0.33(a) $ 0.42 $ 0.33
Net realized and unrealized gain (loss) on investments (0.16) 0.10 0.24 (0.39) (0.05) (0.36)
------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ (0.03) $ 0.43 $ 0.58 $ (0.06) $ 0.37 $ (0.03)
------------------------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income $ (0.14) $ (0.22) $ (0.31) $ (0.34) $ (0.38) $ (0.32)
Net realized gain -- (0.06) -- (0.10) (0.06) (0.17)
Tax return of capital -- (0.04) (0.08) -- -- --
------------------------------------------------------------------------------------------------------------------------------
Total distributions $ (0.14) $ (0.32) $ (0.39) $ (0.44) $ (0.44) $ (0.49)
------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ (0.17) $ 0.11 $ 0.19 $ (0.50) $ (0.07) $ (0.52)
------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 10.63 $ 10.80 $ 10.69 $ 10.50 $ 11.00 $ 11.07
==============================================================================================================================
Total return(b) (0.26)%(c) 4.10% 5.73% (0.62)% 3.42% (0.25)%
Ratio of net expenses to average net assets (d) 0.75%(e) 0.75% 0.75% 0.75% 0.76% 0.75%
Ratio of net investment income (loss) to average net assets 2.47%(e) 3.10% 3.24% 3.12% 3.81% 3.58%
Portfolio turnover rate 11%(c) 70% 37% 34% 51% 33%
Net assets, end of period (in thousands) $42,625 $14,645 $10,767 $12,178 $12,525 $17,438
Ratios with no waiver of fees and assumption of expenses by
the Adviser and no reduction for fees paid indirectly:
Total expenses to average net assets (d) 1.07%(e) 1.17% 1.41% 1.39% 1.50% 1.57%
Net investment income (loss) to average net assets 2.15%(e) 2.68% 2.59% 2.48% 3.07% 2.76%
==============================================================================================================================
* The Fund was audited by an independent registered public accounting firm
other than Ernst & Young LLP.
(a) The per-share data presented above is based on the average shares
outstanding for the period presented.
(b) 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.
(c) Not annualized.
(d) Includes interest expense of 0.00%, 0.00%, 0.00%, 0.00%, 0.00% and 0.01%,
respectively.
(e) Annualized.
The accompanying notes are an integral part of these financial statements.
Pioneer Global Multisector Income Fund | Semiannual Report | 4/30/18 57
Notes to Financial Statements | 4/30/18 (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 five classes of shares designated as Class A, Class C, Class K,
Class T and Class Y shares. Class K and Class T shares had not commenced
operations as of April 30, 2018. 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 shareowner approval. Under per-share voting, each share
of a class of the Fund is entitled to one vote. Under dollar-weighted voting, a
shareowner'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.
On July 3, 2017, Amundi acquired Pioneer Investments, a group of asset
management companies located throughout the world. Amundi, one of the world's
largest asset managers, is headquartered in Paris, France. As a result of the
transaction, Pioneer Investment Management, Inc., the Fund's investment adviser,
became an indirect wholly owned subsidiary of Amundi and Amundi's wholly owned
subsidiary, Amundi USA, Inc. Prior to July 3, 2017, Pioneer Investments was
owned by Pioneer Global Asset Management S.p.A., a wholly owned subsidiary of
UniCredit S.p.A.
In connection with the transaction, the names of the Fund's investment adviser
and principal underwriter changed. Effective July 3, 2017, the name of Pioneer
Investment Management, Inc. changed to Amundi Pioneer Asset Management, Inc.
(the "Adviser") and the name of Pioneer Funds Distributor, Inc. changed to
Amundi Pioneer Distributor, Inc. (the "Distributor").
In October 2016, the Securities and Exchange Commission ("SEC") released
its Final Rule on Investment Company Reporting Modernization. In addition
58 Pioneer Global Multisector Income Fund | Semiannual Report | 4/30/18
to introducing two new regulatory reporting forms (Form N-PORT and Form N-CEN),
the Final Rule amends Regulation S-X, which impacts financial statement
presentation, particularly related to the presentation of derivative
investments. The Fund's financial statements were prepared in compliance with
the amendments to Regulation S-X.
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.
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 third party pricing services are unable to supply
prices, or when prices or 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.
Pioneer Global Multisector Income Fund | Semiannual Report | 4/30/18 59
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 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.
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.
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.
Options contracts are generally valued at the mean between the last bid and
ask prices on the principal exchange where they are traded.
Over-the-counter ("OTC") options and options on swaps ("swaptions") are
valued using prices supplied by independent pricing services, which
consider such factors as market prices, market events, quotations from one
or more brokers, Treasury
60 Pioneer Global Multisector Income Fund | Semiannual Report | 4/30/18
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.
Futures contracts are generally valued at the closing settlement price
established by the exchange on which they are traded.
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 the Adviser pursuant to procedures adopted by the Fund's Board
of Trustees. The Adviser's fair valuation team uses fair value methods
approved by the Valuation Committee of the Board of Trustees. The Adviser'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, 2018, 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).
B. Investment Income and Transactions
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
and net of income accrued on defaulted securities.
Interest and dividend income payable by delivery of additional shares is
reclassified as PIK (payment-in-kind) income upon receipt and is included
in interest and dividend income, respectively.
Pioneer Global Multisector Income Fund | Semiannual Report | 4/30/18 61
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.
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 on 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 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).
At April 30, 2018, 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
notional value of forward foreign currency contracts open during the six
months ended April 30, 2018, was $34,324,959.
62 Pioneer Global Multisector Income Fund | Semiannual Report | 4/30/18
Forward foreign currency contracts outstanding at April 30, 2018, are
listed in the Schedule of Investments.
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, 2017, 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 on 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 over distributions 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 paid will be determined at
the end of the current taxable year. The tax character of distributions
paid during the year ended October 31, 2017 was as follows:
---------------------------------------------------------------------------
2017
---------------------------------------------------------------------------
Distributions paid from:
Ordinary income $ 881,209
Long-term capital gain 146,172
Return of capital 176,102
---------------------------------------------------------------------------
Total $1,203,483
===========================================================================
The following shows the components of distributable earnings on a federal
income tax basis at October 31, 2017:
---------------------------------------------------------------------------
2017
---------------------------------------------------------------------------
Distributable earnings:
Current year dividend payable $(71,961)
Unrealized depreciation 866,253
---------------------------------------------------------------------------
Total $794,292
===========================================================================
Pioneer Global Multisector Income Fund | Semiannual Report | 4/30/18 63
The difference between book-basis and tax-basis net unrealized depreciation
is attributable to the 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. The
Distributor earned $623 in underwriting commissions on the sale of Class A
shares during the six months ended April 30, 2018.
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 those industries and sectors. The Fund's investments in
64 Pioneer Global Multisector Income Fund | Semiannual Report | 4/30/18
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 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.
With the increased use of technologies such as the Internet to conduct
business, the Fund is susceptible to operational, information security and
related risks. While the Fund's Adviser has established business continuity
plans in the event of, and risk management systems to prevent, limit or
mitigate, such cyber-attacks, there are inherent limitations in such plans
and systems including the possibility that certain risks have not been
identified. Furthermore, the Fund cannot control the cybersecurity plans
and systems put in place by service providers to the Fund such as Brown
Brothers Harriman & Co., the Fund's custodian and accounting agent, and DST
Asset Manager Solutions, Inc., the Fund's transfer agent. In addition, many
beneficial owners of Fund shares hold them through accounts at broker-
dealers, retirement platforms and other financial market participants over
which neither the Fund nor Amundi Pioneer exercises control. Each of these
may in turn rely on service providers to them, which are also subject to
the risk of cyber-attacks. Cybersecurity failures or breaches at Amundi
Pioneer or the Fund's service providers or intermediaries have the ability
to cause disruptions and impact business operations potentially resulting
in financial losses, interference with the Fund's ability to calculate its
net asset value, impediments to trading, the inability of Fund shareowners
to effect share purchases, redemptions or exchanges or receive
distributions, loss of or unauthorized access to private shareowners
information and violations of applicable privacy and other laws, regulatory
fines, penalties, reputational damage, or additional compliance costs. Such
costs and losses may not be
Pioneer Global Multisector Income Fund | Semiannual Report | 4/30/18 65
covered under any insurance. In addition, maintaining vigilance against
cyber-attacks may involve substantial costs over time, and system
enhancements may themselves be subject to cyber-attacks.
I. Insurance-Linked Securities ("ILS")
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 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 the
Adviser 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 the Adviser 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.
66 Pioneer Global Multisector Income Fund | Semiannual Report | 4/30/18
Additionally, the Fund may invest in ILS by investing in a closed end
interval Fund, Pioneer ILS Interval Fund, an affiliate of the Adviser. The
Fund's investment in Pioneer ILS Interval Fund at April 30, 2018 is listed
in the Schedule of Investments.
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, 2018, is recorded as "Futures collateral" 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 appreciation or
depreciation. Cash received from or paid to the broker related to previous
margin movement is held in a segregated account at the broker and is
recorded as either "Due from broker for futures" or "Due to broker for
futures" on the Statement of Assets and Liabilities. 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 absolute
market value of contracts open during the six months ended April 30, 2018,
was $15,083,632.
K. Credit Default Swap Contracts
A credit default swap is a contract between a buyer of protection and a
seller of protection against a pre-defined credit event on an underlying
reference obligation, which may be a single security or a basket or index
of securities. The Fund may buy or sell 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.
Pioneer Global Multisector Income Fund | Semiannual Report | 4/30/18 67
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.
As a buyer of protection, the Fund 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 within the "Swap contracts, at value" line item on the Statement
of Assets and Liabilities. Periodic payments received or paid by the Fund
are recorded as realized gains or losses on 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 within "Swap contracts, at value" line item on 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 on
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 from
68 Pioneer Global Multisector Income Fund | Semiannual Report | 4/30/18
centrally cleared swaps on the Statement of Assets and Liabilities. Cash
received from or paid to the broker related to previous margin movement is
held in a segregated account at the broker and is recorded as either "Due
from broker for swaps" or " Due to broker for swaps" on the Statement of
Assets and Liabilities.
The amount of cash deposited with a broker as collateral at April 30, 2018
is recorded as "Swaps Collateral" on the Statement of Assets and
Liabilities.
Open credit default swap contracts at April 30, 2018, are listed in the
Schedule of Investments. The average notional value of swap contracts open
during the six month ended April 30, 2018 was $405,228.
L. Option Writing
The Fund may write put and covered call options to seek to increase total
return. When an option is written, the Fund receives a premium and becomes
obligated to purchase or sell the underlying security at a fixed price,
upon the exercise of the option. When the Fund writes an option, an amount
equal to the premium received by the Fund is recorded as a liability and is
subsequently adjusted to the current value of the option written. Premiums
received from writing options that expire unexercised are treated by the
Fund on the expiration date as realized gains from investments. The
difference between the premium and the amount paid on effecting a closing
purchase transaction, including brokerage commissions, is also treated as a
realized gain, or, if the premium is less than the amount paid for the
closing purchase transaction, as a realized loss. If a call option is
exercised, the premium is added to the proceeds from the sale of the
underlying security in determining whether the Fund has realized a gain or
loss. The Fund as writer of an option bears the market risk of an
unfavorable change in the price of the security underlying the written
option. The average market value of contracts open during the six months
ended April 30, 2018 was $(1,242). Open written options contracts at April
30, 2018 are listed in the Schedule of Investments.
M. 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 on 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
Pioneer Global Multisector Income Fund | Semiannual Report | 4/30/18 69
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 call and put
options which have expired are treated as realized losses on investments on
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 market value of
contracts open during the six months ended April 30, 2018 was $3,928.
Purchased options open at April 30, 2018 are listed in the Schedule of
Investments.
2. Management Agreement
The Adviser 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. For the six
month ended April 30, 2018, the effective management fee (excluding waivers
and/or assumption of expenses) was equivalent to 0.48% (annualized) of the
Fund's average daily net assets.
The Adviser 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, 2018, are reflected on the
Statement of Operations. These expense limitations are in effect through March
1, 2019. There can be no assurance that the Adviser will extend the expense
limitation agreement for a class of shares beyond the date referred to above.
In addition, under the management and administration agreements, certain other
services and costs, including accounting, regulatory reporting and insurance
premiums, are paid by the Fund as administrative reimbursements. Included in
"Due to affiliates" reflected on the Statement of Assets and Liabilities is
$37,918 in management fees, administrative costs and certain other
reimbursements payable to the Adviser at April 30, 2018.
70 Pioneer Global Multisector Income Fund | Semiannual Report | 4/30/18
3. Transfer Agent
DST Asset Manager Solutions, Inc. 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 shareowner communications activities
such as proxy and statement mailings, outgoing phone calls and omnibus
relationship contracts. For the six months ended April 30, 2018, such
out-of-pocket expenses by class of shares were as follows:
--------------------------------------------------------------------------------
Shareowner Communications:
--------------------------------------------------------------------------------
Class A $1,700
Class C 825
Class Y 175
--------------------------------------------------------------------------------
Total $2,700
================================================================================
4. Distribution and Service Plans
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 the Distributor 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 the
Distributor 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 $2,328 in distribution fees payable to the Distributor at April
30, 2018.
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 the
Distributor. For the six months ended April 30, 2018, CDSCs in the amount of
$9,317 were paid to the Distributor.
Pioneer Global Multisector Income Fund | Semiannual Report | 4/30/18 71
5. 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 on the Statement of Assets and Liabilities as "Swaps
collateral" and/or "Futures Collateral". 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, 2018.
72 Pioneer Global Multisector Income Fund | Semiannual Report | 4/30/18
-----------------------------------------------------------------------------------------------------
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 New York $ 3,752 $ (3,752) $ -- $ -- $ --
Brown Brothers
Harriman & Co. 69,086 (39,392) -- -- 29,694
Citibank NA -- -- -- -- --
Goldman Sachs
International -- -- -- -- --
JPMorgan Chase
Bank NA 3,401 (3,401) -- -- --
Morgan Stanley
Capital Services LLC 2,384 -- -- -- 2,384
State Street Bank
& Trust Co. 5,964 (5,964) -- -- --
-----------------------------------------------------------------------------------------------------
Total $84,587 $(52,509) $ -- $ -- $32,078
=====================================================================================================
-----------------------------------------------------------------------------------------------------
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 (c)
-----------------------------------------------------------------------------------------------------
Bank of New York $ 32,183 $ (3,752) $ -- $ -- $ 28,431
Brown Brothers
Harriman & Co. 39,392 (39,392) -- -- --
Citibank NA 74,324 -- -- -- 74,324
Goldman Sachs
International 29,083 -- -- -- 29,083
JPMorgan Chase
Bank NA 181,122 (3,401) -- -- 177,721
Morgan Stanley
Capital Services LLC -- -- -- -- --
State Street Bank
& Trust Co. 11,600 (5,964) -- -- 5,636
-----------------------------------------------------------------------------------------------------
Total $367,704 $(52,509) $ -- $ -- $315,195
=====================================================================================================
(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.
6. Additional Disclosures about Derivative Instruments and Hedging Activities
The Fund's use of derivatives may enhance or mitigate the Fund's exposure 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.
Pioneer Global Multisector Income Fund | Semiannual Report | 4/30/18 73
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,
2018 was as follows:
-----------------------------------------------------------------------------------------------------
Foreign
Statement of Assets Interest Credit Exchange Equity Commodity
and Liabilities Rate Risk Risk Rate Risk Risk Risk
-----------------------------------------------------------------------------------------------------
Assets
Net unrealized appreciation on
futures contracts $52,434 $ -- $ -- $ -- $ --
Swap contracts, at value -- 26,519 -- -- --
-----------------------------------------------------------------------------------------------------
Total Value $52,434 $26,519 $ -- $ -- $ --
=====================================================================================================
-----------------------------------------------------------------------------------------------------
Foreign
Statement of Assets Interest Credit Exchange Equity Commodity
and Liabilities Rate Risk Risk Rate Risk Risk Risk
-----------------------------------------------------------------------------------------------------
Liabilities
Net unrealized depreciation on
forward foreign
currency contracts $ -- $ -- $285,501 $ -- $ --
Written options outstanding -- -- 5,240 -- --
-----------------------------------------------------------------------------------------------------
Total Value $ -- $ -- $290,741 $ -- $ --
=====================================================================================================
74 Pioneer Global Multisector Income Fund | Semiannual Report | 4/30/18
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, 2018 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 $197,350 $ -- $ -- $ -- $ --
Swap contracts -- 5,679 -- -- --
Forward foreign
currency contracts -- -- (34,554) -- --
------------------------------------------------------------------------------------------------------------
Total Value $197,350 $ 5,679 $ (34,554) $ -- $ --
============================================================================================================
Change in net unrealized
appreciation (depreciation) on:
Futures contracts $(29,831) $ -- $ -- $ -- $ --
Swap contracts -- (3,499) -- -- --
Written options -- -- 3,334 -- --
Forward foreign
currency contracts -- -- (261,526) -- --
------------------------------------------------------------------------------------------------------------
Total Value $(29,831) $(3,499) $(258,192) $ -- $ --
============================================================================================================
7. 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
Fund participates in a credit 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, 2018, the Fund had
no borrowings under the credit facility.
8. Unfunded Loan Commitments
The Fund may enter into unfunded loan commitments. Unfunded loan commitments
may be partially or wholly unfunded. During the contractual period, the Fund is
obliged to provide funding to the borrower upon demand. A fee is earned by the
Fund on the unfunded commitment and is recorded as interest income on the
Statement of Operations.
Pioneer Global Multisector Income Fund | Semiannual Report | 4/30/18 75
As of April 30, 2018, the Fund had the following unfunded loan commitments
outstanding:
--------------------------------------------------------------------------------
Unrealized
Appreciation/
Loan Principal Cost Value Depreciation
--------------------------------------------------------------------------------
Centene Corp. $85,000 $85,000 $85,000 $--
DG Investment
Intermediate Holdings 4,839 4,839 4911 72
--------------------------------------------------------------------------------
Total Value $89,839 $89,839 $89,911 $72
================================================================================
76 Pioneer Global Multisector Income Fund | Semiannual Report | 4/30/18
ADDITIONAL INFORMATION
Change in Independent Registered Public Accounting Firm
Prior to July 3, 2017 Pioneer Investment Management, Inc. (the "Adviser"), the
Fund's investment adviser, was an indirect, wholly owned subsidiary of
UniCredit S.p.A. ("UniCredit"). On that date, UniCredit completed the sale of
its Pioneer Investments business, which includes the Adviser, to Amundi (the
"Transaction"). As a result of the Transaction, the Adviser became an indirect,
wholly owned subsidiary of Amundi. Amundi is controlled by Credit Agricole S.A.
Amundi is headquartered in Paris, France, and, as of September 30, 2016, had
more than $1.1 trillion in assets under management worldwide. Deloitte & Touche
LLP ("D&T"), the Fund's previous independent registered public accounting firm,
informed the Audit Committee and the Board that it would no longer be
independent with respect to the Fund upon the completion of the Transaction as
a result of certain services being provided to Amundi and Credit Agricole, and,
accordingly, that it intended to resign as the Fund's independent registered
public accounting firm upon the completion of the Transaction. D&T's
resignation was effective on July 3, 2017, when the Transaction was completed.
During the periods as to which D&T has served as the Fund's independent
registered public accounting firm, including the Fund's two most recent fiscal
years, D&T'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 D&T on any matter of accounting
principles or practices, financial statement disclosure, or auditing scope or
procedure, which, if not resolved to the satisfaction of D&T, would have caused
D&T 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.
Effective immediately following the completion of the Transaction on July 3,
2017, the Board, acting upon the recommendation of the Audit Committee, engaged
a new independent registered public accounting firm, Ernst & Young LLP ("EY"),
for the Fund's fiscal year ended October 31, 2017.
Prior to its engagement, EY had advised the Fund's Audit Committee that EY had
identified the following matters, in each case relating to services rendered by
other member firms of Ernst & Young Global Limited, all of which are located
outside the United States, to UniCredit and certain of its subsidiaries during
the period commencing July 1, 2016, that it determined to be inconsistent with
the auditor independence rules set forth by the Securities and Exchange
Commission ("SEC"): (a) project management support services
Pioneer Global Multisector Income Fund | Semiannual Report | 4/30/18 77
to UniCredit in the Czech Republic, Germany, Italy, Serbia and Slovenia in
relation to twenty-two projects, that were determined to be inconsistent with
Rule 2-01(c)(4)(vi) of Regulation S-X (management functions); (b) two
engagements for UniCredit in Italy where fees were contingent/success based and
that were determined to be inconsistent with Rule 2-01(c)(5) of Regulation S-X
(contingent fees); (c) four engagements where legal and expert services were
provided to UniCredit in the Czech Republic and Germany, and twenty engagements
where the legal advisory services were provided to UniCredit in Austria, Czech
Republic, Italy and Poland, that were determined to be inconsistent with Rule
2-01(c)(4)(ix) and (x) of Regulation S-X (legal and expert services); and (d)
two engagements for UniCredit in Italy involving assistance in the sale of
certain assets, that were determined to be inconsistent with Rule
2-01(c)(4)(viii) of Regulation S-X (broker-dealer, investment adviser or
investment banking services). None of the foregoing services involved the Fund,
any of the other Funds in the Pioneer Family of Funds or any other Pioneer
entity sold by UniCredit in the Transaction.
EY advised the Audit Committee that it had considered the matters described
above and had concluded that such matters would not impair EY's ability to
exercise objective and impartial judgment in connection with the audits of the
financial statements of the Fund under the SEC and Public Company Accounting
Oversight Board independence rules, and that a reasonable investor with
knowledge of all relevant facts and circumstances would reach the same
conclusion. Management and the Audit Committee considered these matters and
discussed the matters with EY and, based upon EY's description of the matters
and statements made by EY, Management and the Audit Committee believe that EY
will be capable of exercising objective and impartial judgment in connection
with the audits of the financial statements of the Fund, and Management further
believes that a reasonable investor with knowledge of all relevant facts and
circumstances would reach the same conclusion.
78 Pioneer Global Multisector Income Fund | Semiannual Report | 4/30/18
Trustees, Officers and Service Providers
Trustees Officers
Thomas J. Perna, Chairman Lisa M. Jones, President and
David R. Bock Chief Executive Officer
Benjamin M. Friedman Mark E. Bradley, Treasurer and
Margaret B.W. Graham Chief Financial Officer
Lisa M. Jones Christopher J. Kelley, Secretary and
Lorraine H. Monchak Chief Legal Officer
Marguerite A. Piret
Fred J. Ricciardi
Kenneth J. Taubes
Investment Adviser and Administrator
Amundi Pioneer Asset Management, Inc.
Custodian and Sub-Administrator
Brown Brothers Harriman & Co.
Principal Underwriter
Amundi Pioneer Distributor, Inc.
Legal Counsel
Morgan, Lewis & Bockius LLP
Shareowner Services and Transfer Agent
DST Asset Manager Solutions, 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 www.amundipioneer.com. This information is also available on the
Securities and Exchange Commission's web site at www.sec.gov.
Pioneer Global Multisector Income Fund | Semiannual Report | 4/30/18 79
This page is for your notes.
80 Pioneer Global Multisector Income Fund | Semiannual Report | 4/30/18
This page is for your notes.
Pioneer Global Multisector Income Fund | Semiannual Report | 4/30/18 81
This page is for your notes.
82 Pioneer Global Multisector Income Fund | Semiannual Report | 4/30/18
This page is for your notes.
Pioneer Global Multisector Income Fund | Semiannual Report | 4/30/18 83
This page is for your notes.
84 Pioneer Global Multisector Income Fund | Semiannual Report | 4/30/18
How to Contact Amundi 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:
--------------------------------------------------------------------------------
Amundi Pioneer
P.O. Box 55014
Boston, Massachusetts 02205-5014
Our toll-free fax 1-800-225-4240
Our internet e-mail address us.askamundipioneer@amundipioneer.com
(for general questions about Amundi Pioneer only)
Visit our web site: www.amundipioneer.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] Amundi Pioneer
==============
ASSET MANAGEMENT
Amundi Pioneer Asset Management, Inc.
60 State Street
Boston, MA 02109
www.amundipioneer.com
Securities offered through Amundi Pioneer Distributor, Inc.
60 State Street, Boston, MA 02109
Underwriter of Pioneer Mutual Funds, Member SIPC
(C) 2018 Amundi Pioneer Asset Management 21910-10-0618
Pioneer Global High
Yield Fund
--------------------------------------------------------------------------------
Semiannual Report | April 30, 2018
--------------------------------------------------------------------------------
Ticker Symbols:
Class A PGHYX
Class C PGYCX
Class Y GHYYX
[LOGO] Amundi Pioneer
==============
ASSET MANAGEMENT
visit us: www.amundipioneer.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 43
Notes to Financial Statements 50
Additional Information 68
Trustees, Officers and Service Providers 70
Pioneer Global High Yield Fund | Semiannual Report | 4/30/18 1
President's Letter
While 2017 delivered strong positive performance, 2018, thus far, has introduced
market volatility. Equity and fixed-income markets pulled back in the first
quarter of this year, as the Standard & Poor's 500 Index and the Bloomberg
Barclays U.S. Aggregate Bond Index both finished in negative territory,
returning -0.76% and -1.46%, respectively, for the three-month period ended
March 31, 2018. Concerns about the sustainability of the pace of economic
growth, extended equity valuations, and rising interest rates drove a
significant stock market sell-off beginning in late January, approaching
correction levels. The market did recover from its initial slump, but this
year's significant fluctuations have served to remind investors that even the
strongest "bulls" cannot run forever. Within fixed income, rising interest rates
helped drive down returns of most asset classes in the first quarter, though
floating-rate sectors such as bank loans fared well in the rising-rate
environment.
Our view is that the first-quarter pause in the market's near-continuous upward
momentum over the previous 15 months, dating back to the final quarter of 2016,
presents an opportunity for investors to enter the market at healthier valuation
levels. We believe fundamentals are still quite positive, yet also believe that
caution is warranted given that the market remains vulnerable to corrections.
Some areas, such as growth stocks, appear expensive, but we do see opportunity
in value stocks, with prices supported by better corporate earnings due to the
recent tax reforms in the U.S. as well as robust, nominal gross domestic product
(GDP) growth. In fact, GDP growth in the U.S. rose to close to or better than 3%
over the final three quarters of 2017, and GDP growth in the first quarter of
2018 registered at 2.3%.
In the fixed-income markets, we believe investors should consider positioning
their portfolios to defend against rising interest rates, with underweight
positions in U.S. Treasuries. We see more attractive valuations within
structured investment vehicles, such as mortgage-backed securities (MBS) in both
the agency and non-agency residential MBS sectors, as fundamentals within the
U.S. housing market remain positive. We believe that agency MBS, in particular,
offer investors reasonable value.
Since 1928, the foundation of Amundi Pioneer's investment approach has been
active management, which is especially important during periods of market
volatility. We believe investors can benefit from the experience and tenure of
our investment teams who make active and informed decisions across our funds. In
fact, the Pioneer Fund, the third-oldest mutual fund in the U.S., recently
celebrated its 90th birthday. We believe the Fund serves as an important
ambassador of our time-tested value style of investing and our early focus on
understanding the potential benefits of investing in companies with
2 Pioneer Global High Yield Fund | Semiannual Report | 4/30/18
sustainable business models. Over its nine decades of existence - a time period
that included a Great Depression, a devastating World War, a long Cold War, and
enormous technological as well as societal changes - the Fund has been
well-served by this investment approach.
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.
/s/ Lisa M. Jones
Lisa M. Jones
Head of the Americas, President and CEO of U.S.
Amundi Pioneer Asset Management USA, Inc.
April 30, 2018
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 | 4/30/18 3
Portfolio Management Discussion | 4/30/18
In the following interview, Andrew Feltus discusses the market environment and
the performance of Pioneer Global High Yield Fund during the six-month period
ended April 30, 2018. Mr. Feltus, Managing Director, Co-Director of High Yield,
and a portfolio manager at Amundi Pioneer Asset Management, Inc. ("Amundi
Pioneer") is lead manager of the Fund, which is co-managed by Kenneth J.
Monaghan, Managing Director, Co-Director of High Yield, and a portfolio manager
at Amundi Pioneer.
Q How did the Fund perform during the six-month period ended April 30, 2018?
A Pioneer Global High Yield Fund's Class A shares returned 0.07% at net
asset value during the six-month period ended April 30, 2018, while the
Fund's benchmarks, the Bloomberg Barclays Global High Yield Index (the
Bloomberg Barclays Index) and the ICE Bank of America Merrill Lynch (BofA
ML) U.S. High Yield Index, returned -0.10% and -0.23%, respectively.
During the same period, the average return of the 717 mutual funds in
Morningstar's High Yield Bond Funds category was -0.34%.
Q Could you please describe the market environment for global high-yield
investors during the six-month period ended April 30, 2018?
A Entering the period, credit-oriented areas of the bond market (bonds
sensitive to credit risk rather than interest-rate risk) continued to be
supported by positive global economic data, accommodative policy stances
by leading overseas central banks, and the Federal Reserve's (the Fed's)
well-signaled, incremental approach towards interest-rate normalization
as well as the tapering of its balance sheet.
The U.S. economy posted gross domestic product (GDP) growth in the 3%
range over the last three quarters of 2017, against a backdrop of robust
corporate earnings and arguably full employment. The economies of Europe
and Japan were comfortably in positive territory over that same period,
while China continued to report economic growth in the 7% range.
Credit-market sentiment received an additional boost as 2017 drew to a
close with the passage of a tax reform package in the U.S. that included a
lowering of the corporate tax rate and a window during which companies are
permitted to accelerate the expensing of capital investments.
While so-called "risk" markets opened 2018 with a positive tenor,
volatility would soon come to the forefront. In January, U.S. employment
data surprised to the upside, leading the market to revise inflation
expectations
4 Pioneer Global High Yield Fund | Semiannual Report | 4/30/18
higher and raising concerns that the Fed would feel compelled to
accelerate the pace of its rate hikes. While sentiment around inflation
stabilized fairly quickly, the markets received another jolt in March as
the Trump administration announced its intention to impose tariffs on
steel and aluminum as well as on a wide range of imports from China. The
move raised the prospect of a trade war with the potential to undermine
global economic growth, while leading indicators in Europe suggested that
the recovery had peaked in the world's second-largest economic region.
April saw U.S. Treasury yields embark on another upward leg in the wake of
the release of the Fed's March meeting minutes, which pointed toward a
consensus among committee members that U.S. inflation was safely headed
toward its target and that there was, perhaps, room to raise the federal
funds rate more rapidly than previously expected. The ongoing climb in
crude oil prices, which broke through the $50 a barrel trading range in
late 2017, fueled additional anxiety about inflation and interest rates,
while also promising to potentially offset the benefit to consumers from
lower individual tax rates in the U.S. The firming outlook for higher U.S.
interest rates led to a weakening in some of the less fundamentally sound
emerging market bond markets and currencies.
The U.S. Treasury curve flattened over the six-month period, as yields on
shorter maturities were the most affected by the Fed's policy path. To
illustrate, the two-year Treasury yield rose 89 basis points (bps), from
1.60% to 2.49%, the five-year Treasury yield rose 78 bps, from 2.01% to
2.79%, the 10-year yield rose 57 bps, from 2.38% to 2.95%, and the 30-year
yield rose by 23 bps, from 2.88% to 3.11%. (A basis point is equal to
1/100th of a percentage point.) While fixed-income returns in general
finished the six-month period in negative territory, credit-oriented
issues such as high-yield corporates and emerging markets debt
outperformed higher-quality, more interest-rate-sensitive market segments.
Q What were the principal factors that influenced the Fund's
benchmark-relative performance during the six-month period ended April 30,
2018?
A During a difficult period for fixed-income investors, the Fund managed
to outperform its benchmarks. The main positive contributor to the Fund's
benchmark-relative performance over the period was strong security
selection across global high-yield bond markets, including U.S. high-yield
corporates, European high-yield corporates, and emerging markets high-
yield sovereign and corporate bonds. In that vein, the Fund's exposure to
U.S. wireline companies added notably to relative returns; in particular,
a position in Frontier Communications, a leading consolidator of legacy
landline services, contributed positively to performance. A position in
Pioneer Global High Yield Fund | Semiannual Report | 4/30/18 5
Bermuda-registered shipping company Golar LNG also contributed, as rising
liquefied natural gas shipping volumes have boosted the company's profits.
In addition, portfolio holdings of the euro-denominated debt of Valeant
Pharmaceuticals performed well, as the company has taken steps to reduce
debt while moving to a more sustainable drug-pricing model. The rise of
the euro relative to the U.S. dollar (USD) over the period was another
positive factor in the Valeant position's solid return. Among the Fund's
holdings in the emerging markets, a pair of utilities - Stoneway Capital
(Argentina) and CEMIG (Brazil) - were the leading positive
benchmark-relative contributors.
Additionally, modest out-of-benchmark portfolio positions in event-linked
securities issued by insurers seeking to mitigate the cost of
post-disaster claims, leveraged bank loans, and convertible bonds made
positive contributions to the Fund's relative performance. Meanwhile, the
portfolio's short-duration position relative to the Bloomberg Barclays
Index supported relative results as U.S. Treasury yields moved higher over
the six months. (Duration is 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.)
On the downside, the Fund's exposure to PetSmart's debt constrained
relative results, as investor concerns over competition from online
retailers weighed on the bond price. Italian wireless company Wind Tre
also lagged and detracted from the Fund's relative performance, due to
concerns over whether the efficiencies to be realized from the merger
which formed the company would be sufficient to effectively address legacy
debt. Within emerging markets, the Fund's position in Russia-based United
Company RUSAL, the world's second-largest producer of aluminum, performed
poorly as the company was subjected to significant U.S. sanctions. During
a period when the euro strengthened versus the USD, the Fund's underweight
to the euro compared with the Bloomberg Barclays Index acted as another
constraint on relative performance.
Q Did the Fund have any investments in derivative securities during the
six-month period ended April 30, 2018?
A Yes, we invested in some credit-default swaps to manage the portfolio's
exposure to the high-yield corporate sector during periods of asset flows
into or out of the Fund. The investments had a slight positive influence on
the Fund's results. We also used forward foreign currency contracts
(currency forwards) to manage currency risk in the portfolio. The currency
forwards were a small detractor from the Fund's performance as the euro
rose relative to the USD over the six-month period.
6 Pioneer Global High Yield Fund | Semiannual Report | 4/30/18
Q Did the Fund's distributions to shareholders change during the six-month
period ended April 30, 2018?
A The Fund's distributions* declined during the six-month period as
high-yield bonds outperformed other sectors and credit spreads compressed.
(Credit spreads are commonly defined as the differences in yield between
Treasuries and other types of fixed-income securities with similar
maturities.) Essentially, as high-yield bond prices rose, their yields
declined. In addition, newer portfolio holdings usually paid lower yields
than older debt that had been issued when market rates were higher.
Q What is your investment outlook?
A In our view, fundamentals remain supportive of credit-oriented segments
of the market. Economic growth and corporate earnings remain strong,
unemployment is low, wages have been trending modestly higher, and
consumer balance sheets are sound in aggregate.
At the same time, credit-asset valuations are relatively high, as
reflected in meaningfully tight spreads by historical standards. In
addition, after an extended period of seeing risk assets more or less
grind steadily higher, volatility appears to have returned to the markets,
driven in large part by speculation over the pace of the Fed's
interest-rate hikes as well as geopolitical uncertainty. The markets will
be watching closely for any data - such as accelerating wage growth - that
could signal the potential for higher inflation and thus spur the Fed to
increase its benchmark rate more rapidly than currently anticipated.
Given that backdrop, we are being measured in adding credit risk to the
portfolio. In addition, we are maintaining a meaningfully below-benchmark
duration in order to keep the Fund positioned to take advantage of any
rise in market interest rates, or a widening of credit spreads, that could
result in valuation opportunities.
* Distributions are not guaranteed.
Pioneer Global High Yield Fund | Semiannual Report | 4/30/18 7
Please refer to the Schedule of Investments on pages 16-42 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.
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 Amundi Pioneer Asset Management, Inc. 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 | 4/30/18
Portfolio Summary | 4/30/18
Portfolio Diversification*
--------------------------------------------------------------------------------
(As a percentage of total investments)**
[THE FOLLOWING DATA WAS REPRESENTED AS A PIE CHART IN THE PRINTED MATERIAL]
International Corporate Bonds 42.8%
U.S. Corporate Bonds 41.8%
Foreign Government Bonds 6.4%
Senior Secured Floating Rate Loan Interests 3.0%
Convertible Corporate Bonds 1.7%
Convertible Preferred Stocks 1.1%
Collateralized Mortgage Obligations 1.1%
U.S. Government and Agency Obligations 1.1%
U.S. Preferred Stocks 0.4%
International Common Stocks 0.3%
U.S. Common Stocks 0.2%
Asset Backed Security 0.1%
Rights/Warrants 0.0%+
Call Option Purchased 0.0%+
* Includes investments in Insurance-Linked Securities totaling 3.6% of total
investments.
+ Amount rounds to less than 0.1%.
Geographical Distribution
--------------------------------------------------------------------------------
(As a percentage total investments based on country of domicile)**
[THE FOLLOWING DATA WAS REPRESENTED AS A PIE CHART IN THE PRINTED MATERIAL]
United States 50.1%
Netherlands 6.7%
Luxembourg 6.2%
Argentina 3.8%
Bermuda 3.6%
United Kingdom 3.5%
Mexico 2.7%
France 2.4%
Brazil 1.5%
Ireland 1.5%
Canada 1.1%
India 1.0%
Other (individually less than 1%) 15.9%
10 Largest Holdings
--------------------------------------------------------------------------------
(As a percentage of total investments)**
1. Minerva Luxembourg SA, 5.875%, 1/19/28 (144A) 1.15%
--------------------------------------------------------------------------------
2. Petrobras Global Finance BV, 5.299%, 1/27/25 (144A) 1.10
--------------------------------------------------------------------------------
3. Platin 1426 GmbH, 5.375%, 6/15/23 (144A) 0.93
--------------------------------------------------------------------------------
4. Nationstar Mortgage LLC / Nationstar Capital Corp., 6.5%, 6/1/22 0.90
--------------------------------------------------------------------------------
5. Sprint Corp., 7.25%, 9/15/21 0.88
--------------------------------------------------------------------------------
6. TA MFG., Ltd., 3.625%, 4/15/23 (144A) 0.87
--------------------------------------------------------------------------------
7. YPF SA, 6.95%, 7/21/27 (144A) 0.86
--------------------------------------------------------------------------------
8. MTN Mauritius Investment, Ltd., 5.373%, 2/13/22 (144A) 0.86
--------------------------------------------------------------------------------
9. Frontier Communications Corp., 8.75%, 4/15/22 0.83
--------------------------------------------------------------------------------
10. Marfrig Holding Europe BV, 8.0%, 6/8/23 (144A) 0.77
--------------------------------------------------------------------------------
** Excludes temporary cash investments and all derivative contracts except
for options purchased. The Fund 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 | 4/30/18 9
Prices and Distributions | 4/30/18
Net Asset Value per Share
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Class 4/30/18 10/31/17
--------------------------------------------------------------------------------
A $8.90 $9.12
--------------------------------------------------------------------------------
C $8.88 $9.09
--------------------------------------------------------------------------------
Y $8.74 $8.95
--------------------------------------------------------------------------------
Distributions per Share: 11/1/17-4/30/18
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Short-Term Long-Term Tax Return
Class Dividends Capital Gains Capital Gains of Capital
--------------------------------------------------------------------------------
A $0.2270 $ -- $ -- $ --
--------------------------------------------------------------------------------
C $0.1939 $ -- $ -- $ --
--------------------------------------------------------------------------------
Y $0.2347 $ -- $ -- $ --
--------------------------------------------------------------------------------
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 ICE 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 | 4/30/18
Performance Update | 4/30/18 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 Bloomberg
Barclays Global High Yield Index and the ICE Bank of America (BofA) Merrill
Lynch (ML) U.S. High Yield Index.
Average Annual Total Returns
(As of April 30, 2018)
--------------------------------------------------------------------------------
BBG ICE
Barclays BofA
Net Public Global ML U.S.
Asset Offering High High
Value Price Yield Yield
Period (NAV) (POP) Index Index
--------------------------------------------------------------------------------
10 years 5.39% 4.90% 7.88% 7.75%
5 years 2.81 1.87 4.74 4.76
1 year 4.80 0.08 4.60 3.21
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated March 1, 2018)
--------------------------------------------------------------------------------
Gross
--------------------------------------------------------------------------------
1.18%
--------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $10,000 Investment
Pioneer Global Bloomberg Barclays ICE BofA ML U.S.
High Yield Fund Global High Yield Index High Yield Index
4/08 $ 9,550 $10,000 $10,000
4/09 $ 6,765 $ 8,460 $ 8,531
4/10 $10,943 $12,265 $12,302
4/11 $12,614 $14,111 $13,948
4/12 $12,437 $14,738 $14,662
4/13 $14,045 $16,930 $16,720
4/14 $14,640 $18,185 $17,773
4/15 $14,372 $18,038 $18,229
4/16 $13,746 $18,321 $17,985
4/17 $15,363 $20,405 $20,442
4/18 $16,136 $21,343 $21,099
Call 1-800-225-6292 or visit www.amundipioneer.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 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 | 4/30/18 11
Performance Update | 4/30/18 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 Bloomberg Barclays Global High Yield
Index and the ICE Bank of America (BofA) Merrill Lynch (ML) U.S. High Yield
Index.
Average Annual Total Returns
(As of April 30, 2018)
--------------------------------------------------------------------------------
BBG ICE
Barclays BofA
Global ML U.S.
High High
If If Yield Yield
Period Held Redeemed Index Index
--------------------------------------------------------------------------------
10 years 4.64% 4.64% 7.88% 7.75%
5 years 2.06 2.06 4.74 4.76
1 year 4.18 4.18 4.60 3.21
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated March 1, 2018)
--------------------------------------------------------------------------------
Gross
--------------------------------------------------------------------------------
1.89%
--------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $10,000 Investment
Pioneer Global Bloomberg Barclays ICE BofA ML U.S.
High Yield Fund Global High Yield Index High Yield Index
4/08 $10,000 $10,000 $10,000
4/09 $ 7,023 $ 8,460 $ 8,531
4/10 $11,291 $12,265 $12,302
4/11 $12,928 $14,111 $13,948
4/12 $12,681 $14,738 $14,662
4/13 $14,213 $16,930 $16,720
4/14 $14,674 $18,185 $17,773
4/15 $14,316 $18,038 $18,229
4/16 $13,578 $18,321 $17,985
4/17 $15,106 $20,405 $20,442
4/18 $15,737 $21,343 $21,099
Call 1-800-225-6292 or visit www.amundipioneer.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 | 4/30/18
Performance Update | 4/30/18 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 Bloomberg Barclays Global High
Yield Index and the ICE Bank of America (BofA) Merrill Lynch (ML) U.S.
High Yield Index.
Average Annual Total Returns
(As of April 30, 2018)
-------------------------------------------------------------------------------
BBG ICE
Barclays BofA
Net Global ML U.S.
Asset High High
Value Yield Yield
Period (NAV) Index Index
-------------------------------------------------------------------------------
10 years 5.66% 7.88% 7.75%
5 years 3.05 4.74 4.76
1 year 5.08 4.60 3.21
-------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated March 1, 2018)
-------------------------------------------------------------------------------
Gross
-------------------------------------------------------------------------------
0.91%
-------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $5 Million Investment
Pioneer Global Bloomberg Barclays ICE BofA ML U.S.
High Yield Fund Global High Yield Index High Yield Index
4/08 $5,000,000 $ 5,000,000 $ 5,000,000
4/09 $3,559,689 $ 4,229,824 $ 4,265,528
4/10 $5,766,724 $ 6,132,405 $ 6,151,060
4/11 $6,655,901 $ 7,055,429 $ 6,973,995
4/12 $6,587,929 $ 7,369,048 $ 7,330,886
4/13 $7,461,859 $ 8,465,107 $ 8,360,120
4/14 $7,785,509 $ 9,092,489 $ 8,886,485
4/15 $7,663,310 $ 9,019,030 $ 9,114,528
4/16 $7,338,486 $ 9,160,507 $ 8,992,726
4/17 $8,250,407 $10,202,415 $10,221,009
4/18 $8,669,728 $10,671,313 $10,549,537
Call 1-800-225-6292 or visit www.amundipioneer.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 | 4/30/18 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, 2017, through April 30, 2018.
--------------------------------------------------------------------------------------
Share Class A C Y
--------------------------------------------------------------------------------------
Beginning Account $1,000.00 $1,000.00 $1,000.00
Value on 11/1/17
--------------------------------------------------------------------------------------
Ending Account Value (after expenses) $1,000.70 $ 998.10 $1,002.70
on 4/30/18
--------------------------------------------------------------------------------------
Expenses Paid During Period* $ 5.80 $ 9.36 $ 4.47
--------------------------------------------------------------------------------------
* Expenses are equal to the Fund's annualized net expense ratio of 1.17%,
1.89% and 0.90% 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 | 4/30/18
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, 2017, through April 30, 2018.
--------------------------------------------------------------------------------------
Share Class A C Y
--------------------------------------------------------------------------------------
Beginning Account $1,000.00 $1,000.00 $1,000.00
Value on 11/1/17
--------------------------------------------------------------------------------------
Ending Account Value (after expenses) $1,018.99 $1,015.42 $1,020.33
on 4/30/18
--------------------------------------------------------------------------------------
Expenses Paid During Period* $ 5.86 $ 9.44 $ 4.51
--------------------------------------------------------------------------------------
* Expenses are equal to the Fund's annualized net expense ratio of 1.17%,
1.89% and 0.90% 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 | 4/30/18 15
Schedule of Investments | 4/30/18 (unaudited)
--------------------------------------------------------------------------------------------------------------
Principal
Amount USD ($) Value
--------------------------------------------------------------------------------------------------------------
UNAFFILIATED ISSUERS -- 97.5%
CONVERTIBLE CORPORATE BONDS --
1.9% of Net Assets
CAPITAL GOODS -- 0.1%
Electrical Components & Equipment -- 0.1%
575,000(a) General Cable Corp., 4.5%, 11/15/29 $ 609,500
----------------
Total Capital Goods $ 609,500
--------------------------------------------------------------------------------------------------------------
ENERGY -- 0.3%
Oil & Gas Storage & Transportation -- 0.3%
1,375,000 Golar LNG, Ltd., 2.75%, 2/15/22 $ 1,539,938
----------------
Total Energy $ 1,539,938
--------------------------------------------------------------------------------------------------------------
HEALTH CARE EQUIPMENT & SERVICES -- 0.3%
Health Care Equipment -- 0.3%
875,000 NuVasive, Inc., 2.25%, 3/15/21 $ 963,047
575,000 Wright Medical Group, Inc., 2.0%, 2/15/20 577,875
----------------
Total Health Care Equipment & Services $ 1,540,922
--------------------------------------------------------------------------------------------------------------
MATERIALS -- 0.4%
Construction Materials -- 0.2%
850,000 Cemex SAB de CV, 3.72%, 3/15/20 $ 871,250
--------------------------------------------------------------------------------------------------------------
Diversified Metals & Mining -- 0.2%
IDR11,178,198,000^ PT Bakrie & Brothers Tbk, 0.0% 12/30/99 $ 803,464
----------------
Total Materials $ 1,674,714
--------------------------------------------------------------------------------------------------------------
MEDIA -- 0.3%
Cable & Satellite -- 0.3%
2,148,000 DISH Network Corp., 2.375%, 3/15/24 $ 1,853,426
----------------
Total Media $ 1,853,426
--------------------------------------------------------------------------------------------------------------
PHARMACEUTICALS, BIOTECHNOLOGY &
LIFE SCIENCES -- 0.4%
Biotechnology -- 0.3%
628,000 Alder Biopharmaceuticals, Inc., 2.5%, 2/1/25 $ 618,203
827,000 Insmed, Inc., 1.75%, 1/15/25 770,997
----------------
$ 1,389,200
--------------------------------------------------------------------------------------------------------------
Pharmaceuticals -- 0.1%
700,000 Medicines Co., 2.75%, 7/15/23 $ 647,351
----------------
Total Pharmaceuticals, Biotechnology & Life Sciences $ 2,036,551
--------------------------------------------------------------------------------------------------------------
SOFTWARE & SERVICES -- 0.1%
Application Software -- 0.1%
283,000 Citrix Systems, Inc., 0.5%, 4/15/19 $ 406,244
----------------
Total Software & Services $ 406,244
--------------------------------------------------------------------------------------------------------------
TOTAL CONVERTIBLE CORPORATE BONDS
(Cost $9,727,374) $ 9,661,295
--------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
16 Pioneer Global High Yield Fund | Semiannual Report | 4/30/18
--------------------------------------------------------------------------------------------------------------
Shares Value
--------------------------------------------------------------------------------------------------------------
PREFERRED STOCK -- 0.4% of Net Assets
DIVERSIFIED FINANCIALS -- 0.4%
Consumer Finance -- 0.4%
76,924(b) GMAC Capital Trust I, 7.624% (3 Month USD
LIBOR + 579 bps), 2/15/40 $ 2,045,409
----------------
Total Diversified Financials $ 2,045,409
--------------------------------------------------------------------------------------------------------------
TOTAL PREFERRED STOCK
(Cost $1,807,205) $ 2,045,409
--------------------------------------------------------------------------------------------------------------
CONVERTIBLE PREFERRED STOCKS --
1.0% of Net Assets
BANKS -- 1.0%
Diversified Banks -- 1.0%
2,354(c) Bank of America Corp., 7.25% $ 2,996,642
2,000(c) Wells Fargo & Co., 7.5% 2,561,220
----------------
Total Banks $ 5,557,862
--------------------------------------------------------------------------------------------------------------
TOTAL CONVERTIBLE PREFERRED STOCKS
(Cost $5,437,943) $ 5,557,862
--------------------------------------------------------------------------------------------------------------
COMMON STOCKS -- 0.5% of Net Assets
CAPITAL GOODS -- 0.0%+
Construction & Engineering -- 0.0%+
6,013,974(d) Abengoa SA, Class B $ 72,655
--------------------------------------------------------------------------------------------------------------
Industrial Machinery -- 0.0%+
156,027^(d) Liberty Tire Recycling LLC $ 1,560
----------------
Total Capital Goods $ 74,215
--------------------------------------------------------------------------------------------------------------
CONSUMER DURABLES & APPAREL -- 0.0%+
Homebuilding -- 0.0%+
1,443,476(d) Desarrolladora Homex SAB de CV $ 13,730
----------------
Total Consumer Durables & Apparel $ 13,730
--------------------------------------------------------------------------------------------------------------
ENERGY -- 0.5%
Coal & Consumable Fuels -- 0.0%+
13(d) Alpha Natural Resources Holdings, Inc. $ 328
--------------------------------------------------------------------------------------------------------------
Oil & Gas Exploration & Production -- 0.5%
5,735,146^(d) Ascent CNR Corp. $ 1,233,057
39,631(d) Frontera Energy Corp. 1,221,229
1,071(d) Midstates Petroleum Co., Inc. 14,983
203(d) SilverBow Resources, Inc. 6,222
----------------
$ 2,475,491
----------------
Total Energy $ 2,475,819
--------------------------------------------------------------------------------------------------------------
MATERIALS -- 0.0%+
Forest Products -- 0.0%+
459,481(d) Emerald Plantation Holdings, Ltd. $ 36,759
--------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Global High Yield Fund | Semiannual Report | 4/30/18 17
Schedule of Investments | 4/30/18 (unaudited) (continued)
--------------------------------------------------------------------------------------------------------------
Shares Value
--------------------------------------------------------------------------------------------------------------
Steel -- 0.0%+
49(d) ANR, Inc., Class C $ 1,241
----------------
Total Materials $ 38,000
--------------------------------------------------------------------------------------------------------------
TOTAL COMMON STOCKS
(Cost $12,628,454) $ 2,601,764
--------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------
Principal
Amount USD ($)
--------------------------------------------------------------------------------------------------------------
ASSET BACKED SECURITY -- 0.1% of Net Assets
BANKS -- 0.1%
Thrifts & Mortgage Finance -- 0.1%
450,000 InSite Issuer LLC, Series 2016-1A, Class C, 6.414%,
11/15/46 (144A) $ 448,790
----------------
Total Banks $ 448,790
--------------------------------------------------------------------------------------------------------------
TOTAL ASSET BACKED SECURITY
(Cost $450,000) $ 448,790
--------------------------------------------------------------------------------------------------------------
COLLATERALIZED MORTGAGE OBLIGATIONS --
1.1% of Net Assets
BANKS -- 1.1%
Diversified Banks -- 0.1%
850,000(b) Wells Fargo Commercial Mortgage Trust, Series 2014-LC18,
Class D, 3.957%, 12/15/47 (144A) $ 711,010
--------------------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- 1.0%
630,000(b) BAMLL Commercial Mortgage Securities Trust, Series
2016-FR14, Class C, 1.374%, 2/27/48 (144A) $ 576,450
549,968(b) Banc of America Commercial Mortgage Trust, Series 2007-4,
Class D, 6.07%, 2/10/51 (144A) 553,366
1,500,000(b) Citigroup Commercial Mortgage Trust, Series 2014-GC23,
Class E, 3.208%, 7/10/47 (144A) 977,778
1,480,000(b) COBALT CMBS Commercial Mortgage Trust, Series 2007-C3,
Class B, 6.001%, 5/15/46 1,478,091
455,000(b) COBALT CMBS Commercial Mortgage Trust, Series 2007-C3,
Class C, 6.001%, 5/15/46 320,429
750,000(e) Commercial Mortgage Trust, Series 2014-FL5, Class D,
5.897% (1 Month USD LIBOR + 400 bps), 10/15/31 (144A) 712,333
500,000(b) Wachovia Bank Commercial Mortgage Trust, Series 2006-C27,
Class B, 5.865%, 7/15/45 498,922
----------------
$ 5,117,369
----------------
Total Banks $ 5,828,379
--------------------------------------------------------------------------------------------------------------
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS
(Cost $5,876,441) $ 5,828,379
--------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
18 Pioneer Global High Yield Fund | Semiannual Report | 4/30/18
--------------------------------------------------------------------------------------------------------------
Principal
Amount USD ($) Value
--------------------------------------------------------------------------------------------------------------
CORPORATE BONDS -- 81.7% of Net Assets
AUTOMOBILES & COMPONENTS -- 1.5%
Auto Parts & Equipment -- 0.6%
2,035,000 Dana Financing Luxembourg S.a.r.l., 6.5%, 6/1/26 (144A) $ 2,111,313
877,000 TI Group Automotive Systems LLC, 8.75%, 7/15/23 (144A) 920,850
----------------
$ 3,032,163
--------------------------------------------------------------------------------------------------------------
Automobile Manufacturers -- 0.9%
EUR 2,378,000 LKQ European Holdings BV, 3.625%, 4/1/26 (144A) $ 2,869,075
EUR 1,534,000 LKQ European Holdings BV, 4.125%, 4/1/28 1,832,803
----------------
$ 4,701,878
----------------
Total Automobiles & Components $ 7,734,041
--------------------------------------------------------------------------------------------------------------
BANKS -- 6.0%
Diversified Banks -- 3.9%
800,000 Access Bank Plc, 10.5%, 10/19/21 (144A) $ 891,744
1,150,000 Alcbank TAS, 5.125%, 3/31/25 1,089,117
2,000,000(b)(c) Alfa Bank AO Via Alfa Bond Issuance Plc, 8.0% (5 Year
USD Swap Rate + 666 bps) 1,970,400
ARS 8,000,000(e) Banco de la Ciudad de Buenos Aires, 0.0% (BADLARPP +
399 bps) 12/5/22 408,707
1,175,000(b)(c) Banco do Brasil SA, 9.0% (5 Year CMT Index + 636 bps) 1,243,620
295,000(b) Banco Nacional de Comercio Exterior SNC, 3.8%
(5 Year CMT Index + 300 bps), 8/11/26 (144A) 289,321
725,000(b) BBVA Bancomer SA, 5.125% (5 Year CMT Index +
265 bps), 1/18/33 (144A) 684,219
1,385,000(b)(c) BNP Paribas SA, 7.625% (5 Year USD Swap Rate +
631 bps) (144A) 1,491,991
2,885,000(b)(c) ING Groep NV, 6.5% (5 Year USD Swap Rate + 445 bps) 2,969,530
EUR 970,000(b)(c) Lloyds Banking Group Plc, 6.375% (5 Year EUR Swap
Rate + 529 bps) 1,274,394
1,575,000 QNB Finansbank AS, 4.875%, 5/19/22 (144A) 1,506,746
1,773,000(b)(c) Royal Bank of Scotland Group Plc, 8.0% (5 Year USD
Swap Rate + 572 bps) 1,939,219
1,570,000(b)(c) Royal Bank of Scotland Group Plc, 8.625% (5 Year
USD Swap Rate + 760 bps) 1,719,150
750,000 Sberbank of Russia Via SB Capital SA, 5.25%,
5/23/23 (144A) 744,375
2,140,000(b)(c) Societe Generale SA, 7.375% (5 Year USD Swap
Rate + 624 bps) (144A) 2,268,400
9,000(b) Turkiye Vakiflar Bankasi TAO, 8.0% (5 Year USD Swap
Rate + 585 bps), 11/1/27 (144A) 9,154
----------------
$ 20,500,087
--------------------------------------------------------------------------------------------------------------
Supranational -- 1.4%
INR 28,480,000 Asian Development Bank, 5.9%, 12/20/22 $ 415,903
INR 134,290,000 Asian Development Bank, 6.2%, 10/6/26 1,944,102
The accompanying notes are an integral part of these financial statements.
Pioneer Global High Yield Fund | Semiannual Report | 4/30/18 19
Schedule of Investments | 4/30/18 (unaudited) (continued)
--------------------------------------------------------------------------------------------------------------
Principal
Amount USD ($) Value
--------------------------------------------------------------------------------------------------------------
Supranational (continued)
INR 108,160,000 Asian Development Bank, 6.45%, 8/8/21 $ 1,616,278
290,000 Banque Ouest Africaine de Developpement, 5.0%,
7/27/27 (144A) 284,635
2,386,000 Banque Ouest Africaine de Developpement,
5.5%, 5/6/21 (144A) 2,454,598
ARS 16,270,000(f) European Bank for Reconstruction & Development, 2/1/19 665,779
----------------
$ 7,381,295
--------------------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- 0.7%
2,615,000 Financiera Independencia SAB de CV SOFOM ENR,
8.0%, 7/19/24 (144A) $ 2,543,087
1,122,000 Provident Funding Associates LP / PFG Finance Corp.,
6.375%, 6/15/25 (144A) 1,128,261
----------------
$ 3,671,348
----------------
Total Banks $ 31,552,730
--------------------------------------------------------------------------------------------------------------
CAPITAL GOODS -- 4.6%
Aerospace & Defense -- 0.8%
EUR 3,615,000 TA MFG, Ltd., 3.625%, 4/15/23 (144A) $ 4,443,600
--------------------------------------------------------------------------------------------------------------
Agricultural & Farm Machinery -- 0.0%+
145,000 Titan International, Inc., 6.5%, 11/30/23 (144A) $ 147,175
--------------------------------------------------------------------------------------------------------------
Construction & Engineering -- 0.3%
1,475,000 Amsted Industries, Inc., 5.375%, 9/15/24 (144A) $ 1,478,687
--------------------------------------------------------------------------------------------------------------
Construction & Farm Machinery & Heavy Trucks -- 0.4%
EUR 735,000 Loxam SAS, 4.25%, 4/15/24 (144A) $ 939,233
EUR 705,000 Loxam SAS, 6.0%, 4/15/25 (144A) 921,976
----------------
$ 1,861,209
--------------------------------------------------------------------------------------------------------------
Electrical Components & Equipment -- 0.6%
765,000 Exterran Energy Solutions LP / EES Finance Corp.,
8.125%, 5/1/25 $ 810,900
2,000,000 General Cable Corp., 5.75%, 10/1/22 2,053,500
----------------
$ 2,864,400
--------------------------------------------------------------------------------------------------------------
Heavy Electrical Equipment -- 0.9%
EUR 3,974,000 Platin 1426 GmbH, 5.375%, 6/15/23 (144A) $ 4,760,421
--------------------------------------------------------------------------------------------------------------
Industrial Conglomerates -- 0.1%
485,000 Park-Ohio Industries, Inc., 6.625%, 4/15/27 $ 503,188
--------------------------------------------------------------------------------------------------------------
Industrial Machinery -- 0.4%
EUR 1,865,000 Colfax Corp., 3.25%, 5/15/25 (144A) $ 2,273,835
--------------------------------------------------------------------------------------------------------------
Trading Companies & Distributors -- 1.1%
1,197,000 H&E Equipment Services, Inc., 5.625%, 9/1/25 $ 1,202,985
1,500,000 United Rentals North America, Inc., 4.625%, 10/15/25 1,455,015
1,500,000 United Rentals North America, Inc., 4.875%, 1/15/28 1,421,250
The accompanying notes are an integral part of these financial statements.
20 Pioneer Global High Yield Fund | Semiannual Report | 4/30/18
--------------------------------------------------------------------------------------------------------------
Principal
Amount USD ($) Value
--------------------------------------------------------------------------------------------------------------
Trading Companies & Distributors (continued)
1,690,000 WESCO Distribution, Inc., 5.375%, 12/15/21 $ 1,715,350
5,794,600
----------------
Total Capital Goods $ 24,127,115
--------------------------------------------------------------------------------------------------------------
COMMERCIAL & PROFESSIONAL SERVICES -- 0.3%
Diversified Support Services -- 0.3%
EUR 1,200,000 Novafives SAS, 5.0%, 6/15/25 (144A) $ 1,476,018
----------------
Total Commercial & Professional Services $ 1,476,018
--------------------------------------------------------------------------------------------------------------
COMMERCIAL SERVICES & SUPPLIES -- 0.1%
Environmental & Facilities Services -- 0.1%
745,000 Clean Harbors, Inc., 5.125%, 6/1/21 $ 749,656
----------------
Total Commercial Services & Supplies $ 749,656
--------------------------------------------------------------------------------------------------------------
CONSUMER DURABLES & APPAREL -- 2.0%
Homebuilding -- 2.0%
2,237,897(g) Abengoa Abenewco 2 SAU, 1.5% (1.25% PIK 0.25% cash),
3/31/23 (144A) $ 262,953
1,000,000 Beazer Homes USA, Inc., 5.875%, 10/15/27 915,000
1,984,000 Beazer Homes USA, Inc., 6.75%, 3/15/25 1,949,280
1,345,000 KB Home, 7.0%, 12/15/21 1,427,381
2,079,000 Lennar Corp., 4.75%, 11/15/22 2,081,225
1,050,000 Meritage Homes Corp., 6.0%, 6/1/25 (144A) 1,082,812
1,625,000 Taylor Morrison Communities, Inc. / Taylor Morrison
Holdings II, Inc., 5.875%, 4/15/23 (144A) 1,661,563
1,150,000 TRI Pointe Group, Inc., 5.25%, 6/1/27 1,092,500
----------------
Total Consumer Durables & Apparel $ 10,472,714
--------------------------------------------------------------------------------------------------------------
CONSUMER SERVICES -- 3.9%
Casinos & Gaming -- 2.6%
EUR 1,870,000 Codere Finance 2 Luxembourg SA, 6.75%, 11/1/21 (144A) $ 2,364,649
1,355,000 Codere Finance 2 Luxembourg SA, 7.625%, 11/1/21 (144A) 1,382,371
1,370,000 Golden Nugget, Inc., 8.75%, 10/1/25 (144A) 1,431,650
EUR 2,125,000 Intralot Capital Luxembourg SA, 5.25%, 9/15/24 (144A) 2,574,400
EUR 1,124,000 Scientific Games International, Inc., 3.375%, 2/15/26 (144A) 1,314,821
EUR 1,312,000 Scientific Games International, Inc., 5.5%, 2/15/26 (144A) 1,515,682
2,981,000 Scientific Games International, Inc., 10.0%, 12/1/22 3,212,922
----------------
$ 13,796,495
--------------------------------------------------------------------------------------------------------------
Hotels, Resorts & Cruise Lines -- 0.9%
515,000 Grupo Posadas SAB de CV, 7.875%, 6/30/22 (144A) $ 535,600
500,000 Silversea Cruise Finance, Ltd., 7.25%, 2/1/25 (144A) 528,900
3,727,000 Viking Cruises, Ltd., 5.875%, 9/15/27 (144A) 3,596,555
----------------
$ 4,661,055
--------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Global High Yield Fund | Semiannual Report | 4/30/18 21
Schedule of Investments | 4/30/18 (unaudited) (continued)
--------------------------------------------------------------------------------------------------------------
Principal
Amount USD ($) Value
--------------------------------------------------------------------------------------------------------------
Specialized Consumer Services -- 0.4%
1,350,000 Aegea Finance S.a.r.l., 5.75%, 10/10/24 (144A) $ 1,333,125
1,140,000 Ashtead Capital, Inc., 4.125%, 8/15/25 (144A) 1,083,000
----------------
2,416,125
----------------
Total Consumer Services $ 20,873,675
--------------------------------------------------------------------------------------------------------------
DIVERSIFIED FINANCIALS -- 5.7%
Asset Management & Custody Banks -- 0.4%
2,454,000 Banco BTG Pactual SA, 5.5%, 1/31/23 (144A) $ 2,392,650
--------------------------------------------------------------------------------------------------------------
Consumer Finance -- 1.7%
3,201,000 Alpha Holding SA de CV, 10.0%, 12/19/22 (144A) $ 3,111,372
1,925,000 Credito Real SAB de CV SOFOM ER, 7.25%, 7/20/23 (144A) 1,980,440
INR 240,670,000 International Finance Corp., 8.25%, 6/10/21 3,770,002
----------------
$ 8,861,814
--------------------------------------------------------------------------------------------------------------
Diversified Capital Markets -- 1.6%
759,000(b)(c) Credit Suisse Group AG, 7.125% (5 Year USD Swap
Rate + 511 bps) $ 796,191
2,230,000 Freedom Mortgage Corp., 8.125%, 11/15/24 (144A) 2,230,000
1,565,000 Freedom Mortgage Corp., 8.25%, 4/15/25 (144A) 1,565,000
1,800,000 Oxford Finance LLC / Oxford Finance Co-Issuer II, Inc.,
6.375%, 12/15/22 (144A) 1,836,000
1,775,000(b)(c) UBS Group AG, 7.125% (5 Year USD Swap Rate + 588 bps) 1,879,281
----------------
$ 8,306,472
--------------------------------------------------------------------------------------------------------------
Specialized Finance -- 2.0%
1,500,000 Cantor Fitzgerald LP, 7.875%, 10/15/19 (144A) $ 1,584,019
1,185,000 Nationstar Mortgage LLC / Nationstar Capital Corp.,
6.5%, 7/1/21 1,199,813
4,500,000 Nationstar Mortgage LLC / Nationstar Capital Corp.,
6.5%, 6/1/22 4,623,750
3,300,000 Nova Austral SA, 8.25%, 5/26/21 (144A) 3,277,134
----------------
$ 10,684,716
----------------
Total Diversified Financials $ 30,245,652
--------------------------------------------------------------------------------------------------------------
ENERGY -- 12.8%
Integrated Oil & Gas -- 2.6%
445,000 Ascent Resources Utica Holdings LLC / ARU Finance
Corp., 10.0%, 4/1/22 (144A) $ 478,375
5,725,000 Petrobras Global Finance BV, 5.299%, 1/27/25 (144A) 5,630,538
256,000 Petrobras Global Finance BV, 6.25%, 3/17/24 269,312
700,000(e) Petroleos Mexicanos, 5.721% (3 Month USD LIBOR +
365 bps), 3/11/22 764,050
1,100,000 Petroleum Co. of Trinidad & Tobago, Ltd., 9.75%,
8/14/19 (144A) 1,157,750
4,475,000 YPF SA, 6.95%, 7/21/27 (144A) 4,402,281
ARS 22,125,000 YPF SA, 16.5%, 5/9/22 (144A) 999,662
----------------
$ 13,701,968
--------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
22 Pioneer Global High Yield Fund | Semiannual Report | 4/30/18
--------------------------------------------------------------------------------------------------------------
Principal
Amount USD ($) Value
--------------------------------------------------------------------------------------------------------------
Oil & Gas Drilling -- 0.4%
1,070,000 Shelf Drilling Holdings, Ltd., 8.25%, 2/15/25 (144A) $ 1,086,050
1,170,000 Trinidad Drilling, Ltd., 6.625%, 2/15/25 (144A) 1,121,738
----------------
$ 2,207,788
--------------------------------------------------------------------------------------------------------------
Oil & Gas Equipment & Services -- 0.8%
1,117,000 Archrock Partners LP / Archrock Partners Finance
Corp., 6.0%, 4/1/21 $ 1,114,207
1,000,000 Archrock Partners LP / Archrock Partners Finance Corp.,
6.0%, 10/1/22 1,000,000
1,118,000 Calfrac Holdings LP, 7.5%, 12/1/20 (144A) 1,106,820
600,000 FTS International, Inc., 6.25%, 5/1/22 603,750
505,000 SESI LLC, 7.75%, 9/15/24 (144A) 522,675
----------------
$ 4,347,452
--------------------------------------------------------------------------------------------------------------
Oil & Gas Exploration & Production -- 4.8%
525,000 Centennial Resource Production LLC, 5.375%,
1/15/26 (144A) $ 521,063
167,000 Chesapeake Energy Corp., 8.0%, 12/15/22 (144A) 177,020
901,000 Covey Park Energy LLC / Covey Park Finance Corp.,
7.5%, 5/15/25 (144A) 905,505
850,000 Extraction Oil & Gas, Inc., 7.375%, 5/15/24 (144A) 888,250
1,380,000 Great Western Petroleum LLC / Great Western Finance
Corp., 9.0%, 9/30/21 (144A) 1,421,400
1,055,000 Gulfport Energy Corp., 6.0%, 10/15/24 1,002,250
212,000 Halcon Resources Corp., 6.75%, 2/15/25 211,735
1,040,000 Hilcorp Energy I LP / Hilcorp Finance Co., 5.0%,
12/1/24 (144A) 1,011,400
620,000 Jagged Peak Energy LLC, 5.875%, 5/1/26 (144A) 622,325
575,000 MEG Energy Corp., 6.5%, 1/15/25 (144A) 575,115
1,460,000 MEG Energy Corp., 7.0%, 3/31/24 (144A) 1,310,350
3,415,000 Nostrum Oil & Gas Finance BV, 7.0%, 2/16/25 (144A) 3,281,815
1,965,000 Nostrum Oil & Gas Finance BV, 8.0%, 7/25/22 (144A) 1,999,678
1,515,000 Oasis Petroleum, Inc., 6.875%, 3/15/22 1,560,450
320,000 Parsley Energy LLC / Parsley Finance Corp., 5.25%,
8/15/25 (144A) 319,200
1,460,000 Parsley Energy LLC / Parsley Finance Corp., 5.375%,
1/15/25 (144A) 1,463,650
600,000 Parsley Energy LLC / Parsley Finance Corp., 5.625%,
10/15/27 (144A) 607,500
250,000 Parsley Energy LLC / Parsley Finance Corp., 6.25%,
6/1/24 (144A) 261,250
2,727,000 Sanchez Energy Corp., 6.125%, 1/15/23 1,969,439
615,000 Sanchez Energy Corp., 7.25%, 2/15/23 (144A) 621,150
1,873,000 SEPLAT Petroleum Development Co. Plc, 9.25%, 4/1/23 (144A) 1,896,787
200,000 SM Energy Co., 6.125%, 11/15/22 202,000
The accompanying notes are an integral part of these financial statements.
Pioneer Global High Yield Fund | Semiannual Report | 4/30/18 23
Schedule of Investments | 4/30/18 (unaudited) (continued)
--------------------------------------------------------------------------------------------------------------
Principal
Amount USD ($) Value
--------------------------------------------------------------------------------------------------------------
Oil & Gas Exploration & Production (continued)
945,000 SM Energy Co., 6.75%, 9/15/26 $ 961,538
810,000 SRC Energy, Inc., 6.25%, 12/1/25 (144A) 818,100
800,000 Whiting Petroleum Corp., 6.625%, 1/15/26 (144A) 820,000
----------------
$ 25,428,970
--------------------------------------------------------------------------------------------------------------
Oil & Gas Refining & Marketing -- 0.6%
1,790,000 Calumet Specialty Products Partners LP / Calumet
Finance Corp., 6.5%, 4/15/21 $ 1,767,625
792,632(e) EP PetroEcuador via Noble Sovereign Funding I, Ltd.,
7.925% (3 Month USD LIBOR + 563 bps), 9/24/19 792,473
415,000 PBF Holding Co., LLC / PBF Finance Corp., 7.0%, 11/15/23 428,488
----------------
$ 2,988,586
--------------------------------------------------------------------------------------------------------------
Oil & Gas Storage & Transportation -- 3.6%
2,447,000 Cheniere Corpus Christi Holdings LLC, 5.125%, 6/30/27 $ 2,385,825
1,730,000 Cheniere Energy Partners LP, 5.25%, 10/1/25 (144A) 1,691,075
1,500,000 Delek Logistics Partners LP, 6.75%, 5/15/25 (144A) 1,488,750
868,000 Energy Transfer Equity LP, 5.5%, 6/1/27 868,000
1,085,000 Energy Transfer Equity LP, 5.875%, 1/15/24 1,108,056
1,110,000 Genesis Energy LP / Genesis Energy Finance Corp.,
6.25%, 5/15/26 1,060,050
1,395,000 Genesis Energy LP / Genesis Energy Finance Corp.,
6.5%, 10/1/25 1,370,587
1,820,000 Global Partners LP / GLP Finance Corp., 7.0%, 6/15/23 1,838,200
1,000,000(e) Golar LNG Partners LP, 8.089% (3 Month USD LIBOR +
625 bps), 5/18/21 (144A) 1,015,039
1,735,000 Hess Infrastructure Partners LP / Hess Infrastructure
Partners Finance Corp., 5.625%, 2/15/26 (144A) 1,752,350
400,000 Sunoco LP / Sunoco Finance Corp., 5.875%, 3/15/28 (144A) 388,500
2,150,000 Targa Resources Partners LP / Targa Resources Partners
Finance Corp., 4.25%, 11/15/23 2,031,750
559,000 Targa Resources Partners LP / Targa Resources Partners
Finance Corp., 5.0%, 1/15/28 (144A) 517,075
1,375,000 Williams Cos., Inc., 4.55%, 6/24/24 1,369,844
----------------
$ 18,885,101
----------------
Total Energy $ 67,559,865
--------------------------------------------------------------------------------------------------------------
FOOD & STAPLES RETAILING -- 0.2%
Food Retail -- 0.2%
1,285,000 C&S Group Enterprises LLC, 5.375%, 7/15/22 (144A) $ 1,207,900
----------------
Total Food & Staples Retailing $ 1,207,900
--------------------------------------------------------------------------------------------------------------
FOOD, BEVERAGE & TOBACCO -- 6.1%
Packaged Foods & Meats -- 5.8%
GBP 1,170,000 Boparan Finance Plc, 5.5%, 7/15/21 (144A) $ 1,526,388
735,000(h) CFG Investment SAC, 9.75%, 7/30/19 (144A) 797,475
EUR 1,353,000 Darling Global Finance BV, 4.75%, 5/30/22 (144A) 1,675,587
The accompanying notes are an integral part of these financial statements.
24 Pioneer Global High Yield Fund | Semiannual Report | 4/30/18
--------------------------------------------------------------------------------------------------------------
Principal
Amount USD ($) Value
--------------------------------------------------------------------------------------------------------------
Packaged Foods & Meats (continued)
950,000 JBS Investments GmbH, 7.25%, 4/3/24 (144A) $ 936,652
3,135,000 JBS USA LUX SA / JBS USA Finance, Inc., 5.75%,
6/15/25 (144A) 2,945,959
2,350,000 JBS USA LUX SA / JBS USA Finance, Inc., 6.75%,
2/15/28 (144A) 2,256,000
3,020,000 MARB BondCo Plc, 6.875%, 1/19/25 (144A) 2,838,800
1,335,000 MARB BondCo Plc, 7.0%, 3/15/24 (144A) 1,276,607
3,923,000 Marfrig Holding Europe BV, 8.0%, 6/8/23 (144A) 3,967,134
6,591,000 Minerva Luxembourg SA, 5.875%, 1/19/28 (144A) 5,880,490
1,560,000 Minerva Luxembourg SA, 6.5%, 9/20/26 (144A) 1,474,200
2,575,000 Pesquera Exalmar SAA, 7.375%, 1/31/20 (144A) 2,549,250
EUR 1,206,000 Picard Bonco, 5.5%, 11/30/24 1,434,590
581,000 Pilgrim's Pride Corp., 5.875%, 9/30/27 (144A) 554,855
1,226,687(h) Tonon Luxembourg SA, 10.5%, 5/14/24 (144A) 503,025
----------------
$ 30,617,012
--------------------------------------------------------------------------------------------------------------
Tobacco -- 0.3%
535,000 Alliance One International, Inc., 8.5%, 4/15/21 (144A) $ 552,387
1,350,000 Alliance One International, Inc., 9.875%, 7/15/21 1,279,125
----------------
$ 1,831,512
----------------
Total Food, Beverage & Tobacco $ 32,448,524
--------------------------------------------------------------------------------------------------------------
HEALTH CARE EQUIPMENT & SERVICES -- 3.2%
Health Care Facilities -- 0.8%
495,000 CHS/Community Health Systems, Inc., 6.25%, 3/31/23 $ 451,687
2,015,000 CHS/Community Health Systems, Inc., 6.875%, 2/1/22 1,093,742
1,300,000 Kindred Healthcare, Inc., 6.375%, 4/15/22 1,334,125
1,275,000 RegionalCare Hospital Partners Holdings, Inc., 8.25%,
5/1/23 (144A) 1,338,368
----------------
$ 4,217,922
--------------------------------------------------------------------------------------------------------------
Health Care Services -- 0.6%
1,887,000 Rede D'or Finance S.a.r.l., 4.95%, 1/17/28 (144A) $ 1,743,116
1,430,000 Team Health Holdings, Inc., 6.375%, 2/1/25 (144A) 1,244,100
155,000 Universal Hospital Services, Inc., 7.625%, 8/15/20 156,163
----------------
$ 3,143,379
--------------------------------------------------------------------------------------------------------------
Health Care Technology -- 0.5%
EUR 2,200,000 IQVIA, Inc., 3.25%, 3/15/25 (144A) $ 2,697,714
--------------------------------------------------------------------------------------------------------------
Managed Health Care -- 1.3%
1,840,000 Centene Corp., 4.75%, 5/15/22 $ 1,858,400
1,550,000 Centene Corp., 5.625%, 2/15/21 1,590,687
3,155,000 WellCare Health Plans, Inc., 5.25%, 4/1/25 3,171,091
----------------
$ 6,620,178
----------------
Total Health Care Equipment & Services $ 16,679,193
--------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Global High Yield Fund | Semiannual Report | 4/30/18 25
Schedule of Investments | 4/30/18 (unaudited) (continued)
--------------------------------------------------------------------------------------------------------------
Principal
Amount USD ($) Value
--------------------------------------------------------------------------------------------------------------
HOUSEHOLD & PERSONAL PRODUCTS -- 0.4%
Household Cleaning Supplies -- 0.3%
EUR 1,400,000 Diamond BC BV, 5.625%, 8/15/25 (144A) $ 1,616,160
--------------------------------------------------------------------------------------------------------------
Personal Products -- 0.1%
420,000 Revlon Consumer Products Corp., 6.25%, 8/1/24 $ 252,000
----------------
Total Household & Personal Products $ 1,868,160
--------------------------------------------------------------------------------------------------------------
INSURANCE -- 3.5%
Reinsurance -- 3.5%
1,300,000+(i)(j) Arlington Re 2015, Variable Rate Notes, 8/1/18 $ 63,180
1,315,315+(i)(j) Berwick Re 2018-1, Variable Rate Notes, 12/31/21 1,337,149
250,000+(i)(j) Blue Lotus Re 2018, Variable Rate Notes, 12/31/21 259,475
500,000(e) Caelus Re V 2017-1 D, 11.057% (3 Month U.S. Treasury
Bill + 925 bps), 6/5/20 (144A) (Cat Bond) 7,400
3,900,000+(i)(j) Carnoustie Re 2015, Variable Rate Notes, 7/1/18 79,560
2,600,000+(i)(j) Carnoustie Re 2016, Variable Rate Notes, 11/30/20 281,320
800,000+(i)(j) Carnoustie Re 2017, Variable Rate Notes, 11/30/21 241,120
250,000+(i)(j) Carnoustie Re 2018, Variable Rate Notes, 12/31/21 255,200
300,000+(i)(j) Clarendon Re 2018, Variable Rate Notes, 1/15/19 263,460
600,000+(i)(j) Cypress Re 2017, Variable Rate Notes, 1/10/19 274,560
300,000+(i)(j) Cypress Re 2018-1, Variable Rate Notes, 1/15/19 283,110
250,000+(i)(j) Dartmouth Re 2018, Variable Rate Notes, 1/15/19 204,225
150,000+(i)(j) Eden Re II 2017-1 B, Variable Rate Notes, 3/22/21 (144A) 104,850
250,000+(i)(j) Eden Re II 2018-1 A, Variable Rate Notes, 3/22/22 (144A) 257,400
450,000+(i)(j) Eden Re II 2018-1 B, Variable Rate Notes, 3/22/22 (144A) 463,320
300,000(e) Galilei Re 2016-1, 6.968% (6 Month USD LIBOR + 545 bps),
1/8/20 (144A) (Cat Bond) 301,200
300,000(e) Galilei Re 2016-1, 8.048% (6 Month USD LIBOR +
653 bps), 1/8/20 (144A) (Cat Bond) 302,910
250,000(e) Galilei Re 2016-1, 9.928% (6 Month USD LIBOR +
841 bps), 1/8/20 (144A) (Cat Bond) 251,475
300,000(e) Galilei Re 2017-1, 8.068% (6 Month USD LIBOR +
653 bps), 1/8/21 (144A) (Cat Bond) 303,630
1,600,000+(i)(j) Gleneagles Re 2016, Variable Rate Notes, 11/30/20 187,520
250,000+(i)(j) Gleneagles Re 2018, Variable Rate Notes, 12/31/21 257,300
300,000+(i)(j) Gloucester Re 2018, Variable Rate Notes, 1/15/19 218,880
1,000,000+(i)(j) Harambee Re 2018, Variable Rate Notes, 12/31/21 1,003,900
250,000(e) International Bank for Reconstruction & Development,
7.593% (3 Month USD LIBOR + 600 bps), 2/15/21
(144A) (Cat Bond) 248,735
250,000(e) International Bank for Reconstruction & Development,
9.841% (3 Month USD LIBOR + 825 bps), 2/14/20 (144A)
(Cat Bond) 249,730
250,000+(e) International Bank for Reconstruction & Development,
13.126% (6 Month USD LIBOR + 1,150 bps), 7/15/20
(144A) (Cat Bond) 249,825
The accompanying notes are an integral part of these financial statements.
26 Pioneer Global High Yield Fund | Semiannual Report | 4/30/18
--------------------------------------------------------------------------------------------------------------
Principal
Amount USD ($) Value
--------------------------------------------------------------------------------------------------------------
Reinsurance (continued)
326,836+(i)(j) Kilarney Re 2018, Variable Rate Notes, 4/15/19 $ 336,968
500,000(e) Kilimanjaro II Re 2017, 11.672% (6 Month USD
LIBOR + 949 bps), 4/20/21 (144A) (Cat Bond) 503,850
300,000+(i)(j) Kingsbarns Re 2017, Variable Rate Notes, 5/15/18 206,190
250,000+(i)(j) Limestone Re 2016,Class A Non Voting, Variable Rate
Notes, 8/31/21 240,250
250,000+(i)(j) Limestone Re 2016, Class A Voting, Variable Rate
Notes, 8/31/21 240,250
1,100,000+(i)(j) Lorenz Re 2016, Variable Rate Notes, 3/31/19 14,960
450,000+(i)(j) Lorenz Re 2017, Variable Rate Notes, 3/31/20 390,420
490,000+(i)(j) Madison Re 2016, Variable Rate Notes, 3/31/19 31,115
300,000+(i)(j) Madison Re 2017, Variable Rate Notes, 3/31/19 79,170
250,000+(i)(j) Madison Re 2018, Variable Rate Notes, 12/31/21 258,225
250,000+(i)(j) Merion Re 2018, Variable Rate Notes, 12/31/21 217,975
600,000+(i)(j) Merion Re 2018-2, Variable Rate Notes, 12/31/21 633,000
400,000(e) Northshore Re II 2017, Ltd., 9.057% (3 Month U.S.
Treasury Bill + 725 bps), 7/6/20 (144A) (Cat Bond) 402,800
250,000+(i)(j) Oakmont Re 2017, Variable Rate Notes, 4/13/18 229,850
250,000+(i)(j) Old Head Re 2018, Variable Rate Notes, 12/31/21 213,675
250,000+(i)(j) Oyster Bay Re 2018, Variable Rate Notes, 1/15/19 228,150
3,900,000+(i)(j) Pangaea Re 2015-1, Variable Rate Notes, 2/1/19 8,001
3,500,000+(i)(j) Pangaea Re 2016-1, Variable Rate Notes, 11/30/20 33,416
1,000,000+(i)(j) Pangaea Re 2016-2, Variable Rate Notes, 11/30/20 65,800
300,000+(i)(j) Pangaea Re 2018-1, Variable Rate Notes, 12/31/21 315,240
600,000+(i)(j) Pinehurst 2018-1, Variable Rate Notes, 1/15/19 573,060
300,000+(i)(j) Portrush Re 2017, Variable Rate Notes, 6/15/18 279,420
1,300,000+(i)(j) Prestwick Re 2015-1, Variable Rate Notes, 7/1/18 22,100
500,000(e) Residential Reinsurance 2016, 7.177% (3 Month
U.S. Treasury Bill + 537 bps), 12/6/20 (144A) (Cat Bond) 494,750
400,000+(i)(j) Resilience Re, Variable Rate Notes, 1/8/19 (144A) 400,000
250,000+(i)(j) Resilience Re, Variable Rate Notes, 4/8/19 227,125
400,000+(i)(j) Resilience Re, Variable Rate Notes, 5/1/19 358,000
250,000+(i)(j) Seminole Re 2018, Variable Rate Notes, 1/15/19 224,150
500,000+(i)(j) St. Andrews Re 2017-1, Variable Rate Notes, 2/1/19 101,200
521,395+(i)(j) St. Andrews Re 2017-4, Variable Rate Notes, 6/1/19 572,700
250,000(e) Tailwind Re 2017, Ltd., 12.807% (3 Month U.S.
Treasury Bill + 1,100 bps), 1/8/22 (144A) (Cat Bond) 252,950
250,000+(i)(j) Thopas Re 2018, Variable Rates Notes, 12/31/21 255,975
250,000(e) Ursa Re 2017, 5.25% (3 Month U.S. Treasury Bill +
525 bps), 12/10/20 (144A) (Cat Bond) 251,675
600,000(e) Ursa Re 2017, 7.807% (3 Month U.S. Treasury Bill +
600 bps), 5/27/20 (144A) (Cat Bond) 605,100
3,000,000+(i)(j) Versutus 2016-A, Variable Rate Notes, 11/30/20 24,600
600,000+(i)(j) Versutus 2017-A, Variable Rate Notes, 11/30/21 41,400
The accompanying notes are an integral part of these financial statements.
Pioneer Global High Yield Fund | Semiannual Report | 4/30/18 27
Schedule of Investments | 4/30/18 (unaudited) (continued)
--------------------------------------------------------------------------------------------------------------
Principal
Amount USD ($) Value
--------------------------------------------------------------------------------------------------------------
Reinsurance (continued)
300,000+(i)(j) Versutus 2018-A, Variable Rate Notes, 12/31/21 $ 304,170
250,000+(i)(j) Viribus Re 2018, Variable Rate Notes, 12/31/21 260,950
250,000+(i)(j) Wentworth 2017, Variable Rate Notes, 7/13/18 244,800
250,000+(i)(j) Woburn Re 2018, Variable Rate Notes, 12/31/21 256,250
----------------
Total Insurance $ 18,350,114
--------------------------------------------------------------------------------------------------------------
MATERIALS -- 7.5%
Aluminum -- 0.4%
EUR 1,165,000 Constellium NV, 4.25%, 2/15/26 (144A) $ 1,422,707
375,000 Rusal Capital, DAC, 4.85%, 2/1/23 (144A) 120,000
2,650,000 Rusal Capital, DAC, 5.125%, 2/2/22 (144A) 848,000
----------------
$ 2,390,707
--------------------------------------------------------------------------------------------------------------
Commodity Chemicals -- 0.1%
603,000 Hexion, Inc., 6.625%, 4/15/20 $ 566,066
--------------------------------------------------------------------------------------------------------------
Construction Materials -- 0.2%
EUR 1,090,000 Cemex SAB de CV, 2.75%, 12/5/24 (144A) $ 1,308,625
--------------------------------------------------------------------------------------------------------------
Diversified Chemicals -- 1.4%
EUR 625,000 Avantor, Inc., 4.75%, 10/1/24 (144A) $ 754,338
460,000 Blue Cube Spinco, Inc., 9.75%, 10/15/23 529,000
EUR 628,000 INEOS Finance Plc, 4.0%, 5/1/23 (144A) 773,944
2,840,000 Koks OAO Via Koks Finance, DAC, 7.5%, 5/4/22 (144A) 2,876,454
2,750,000 Nufarm Australia, Ltd. / Nufarm Americas, Inc., 5.75%,
4/30/26 (144A) 2,743,125
----------------
$ 7,676,861
--------------------------------------------------------------------------------------------------------------
Diversified Metals & Mining -- 1.5%
810,000 Ausdrill Finance Pty, Ltd., 6.875%, 11/1/19 (144A) $ 818,100
1,080,000 Nexa Resources SA, 5.375%, 5/4/27 (144A) 1,082,700
1,218,000 Rain CII Carbon LLC / CII Carbon Corp., 7.25%,
4/1/25 (144A) 1,254,540
1,150,000 Vedanta Resources Plc, 6.375%, 7/30/22 (144A) 1,157,130
500,000 Vedanta Resources Plc, 7.125%, 5/31/23 510,000
3,045,000 Vedanta Resources Plc, 8.25%, 6/7/21 (144A) 3,269,721
----------------
$ 8,092,191
--------------------------------------------------------------------------------------------------------------
Fertilizers & Agricultural Chemicals -- 0.2%
EUR 729,000 OCI NV, 5.0%, 4/15/23 (144A) $ 896,482
--------------------------------------------------------------------------------------------------------------
Forest Products -- 0.4%
1,905,000 Eldorado Intl. Finance GmbH, 8.625%, 6/16/21 (144A) $ 2,019,300
--------------------------------------------------------------------------------------------------------------
Metal & Glass Containers -- 1.4%
EUR 700,000(g) ARD Finance SA, 6.625% (7.375% PIK 0.0% cash), 9/15/23 $ 889,011
700,000(g) ARD Finance SA, 7.125% (7.875% PIK 0.0% cash), 9/15/23 715,750
590,000 Ardagh Packaging Finance Plc / Ardagh Holdings USA, Inc.,
4.625%, 5/15/23 (144A) 591,475
The accompanying notes are an integral part of these financial statements.
28 Pioneer Global High Yield Fund | Semiannual Report | 4/30/18
--------------------------------------------------------------------------------------------------------------
Principal
Amount USD ($) Value
--------------------------------------------------------------------------------------------------------------
Metal & Glass Containers (continued)
EUR 410,000 Ardagh Packaging Finance Plc / Ardagh Holdings USA, Inc.,
6.75%, 5/15/24 (144A) $ 539,742
630,000 Ardagh Packaging Finance Plc / Ardagh Holdings USA, Inc.,
7.25%, 5/15/24 (144A) 664,650
EUR 1,390,000 Crown European Holdings SA, 2.875%, 2/1/26 (144A) 1,654,070
EUR 725,000 Horizon Holdings I SAS, 7.25%, 8/1/23 (144A) 916,087
EUR 950,000 Verallia Packaging SASU, 5.125%, 8/1/22 (144A) 1,185,867
----------------
$ 7,156,652
--------------------------------------------------------------------------------------------------------------
Silver -- 0.2%
1,040,000 Coeur Mining, Inc., 5.875%, 6/1/24 $ 1,024,400
--------------------------------------------------------------------------------------------------------------
Specialty Chemicals -- 0.1%
398,000 Ingevity Corp., 4.5%, 2/1/26 (144A) $ 383,573
--------------------------------------------------------------------------------------------------------------
Steel -- 1.6%
1,240,000 BlueScope Steel Finance, Ltd. / BlueScope Steel Finance
USA LLC, 6.5%, 5/15/21 (144A) $ 1,280,300
770,000 Commercial Metals Co., 5.375%, 7/15/27 750,750
618,000 Commercial Metals Co., 5.75%, 4/15/26 (144A) 618,772
2,848,000 Metinvest BV, 7.75%, 4/23/23 (144A) 2,768,826
1,153,000(h) Samarco Mineracao SA, 4.125%, 11/1/22 (144A) 838,807
670,000 SunCoke Energy Partners LP / SunCoke Energy Partners
Finance Corp., 7.5%, 6/15/25 (144A) 688,425
1,617,000 United States Steel Corp., 6.25%, 3/15/26 1,604,873
----------------
$ 8,550,753
----------------
Total Materials $ 40,065,610
--------------------------------------------------------------------------------------------------------------
MEDIA -- 3.1%
Advertising -- 0.2%
1,125,000 MDC Partners, Inc., 6.5%, 5/1/24 (144A) $ 1,106,719
--------------------------------------------------------------------------------------------------------------
Cable & Satellite -- 2.0%
320,000 Altice Financing SA, 6.625%, 2/15/23 (144A) $ 320,000
1,900,000 CCO Holdings LLC / CCO Holdings Capital Corp., 5.125%,
5/1/27 (144A) 1,780,243
1,580,000 CCO Holdings LLC / CCO Holdings Capital Corp., 5.75%,
2/15/26 (144A) 1,568,150
1,280,000 CSC Holdings LLC, 5.375%, 2/1/28 (144A) 1,196,800
575,000 CSC Holdings LLC, 5.5%, 4/15/27 (144A) 551,885
595,000 Videotron, Ltd., 5.125%, 4/15/27 (144A) 583,100
1,800,000 Videotron, Ltd., 5.375%, 6/15/24 (144A) 1,849,500
EUR 2,300,000 Ziggo Secured Finance BV, 4.25%, 1/15/27 (144A) 2,832,799
----------------
$ 10,682,477
--------------------------------------------------------------------------------------------------------------
Movies & Entertainment -- 0.9%
GBP 900,000 AMC Entertainment Holdings, Inc., 6.375%, 11/15/24 $ 1,256,945
979,000 Netflix, Inc., 4.375%, 11/15/26 915,062
The accompanying notes are an integral part of these financial statements.
Pioneer Global High Yield Fund | Semiannual Report | 4/30/18 29
Schedule of Investments | 4/30/18 (unaudited) (continued)
--------------------------------------------------------------------------------------------------------------
Principal
Amount USD ($) Value
--------------------------------------------------------------------------------------------------------------
Movies & Entertainment (continued)
807,000 VOC Escrow, Ltd., 5.0%, 2/15/28 (144A) $ 780,772
EUR 1,125,000 WMG Acquisition Corp., 4.125%, 11/1/24 (144A) 1,426,932
----------------
$ 4,379,711
----------------
Total Media $ 16,168,907
--------------------------------------------------------------------------------------------------------------
PHARMACEUTICALS, BIOTECHNOLOGY &
LIFE SCIENCES -- 2.3%
Biotechnology -- 0.1%
713,000 Charles River Laboratories International, Inc., 5.5%,
4/1/26 (144A) $ 725,264
--------------------------------------------------------------------------------------------------------------
Pharmaceuticals -- 2.2%
2,271,000 Endo Finance LLC / Endo Finco, Inc., 5.375%,
1/15/23 (144A) $ 1,643,636
750,000 Horizon Pharma, Inc., 6.625%, 5/1/23 750,000
225,000 Horizon Pharma, Inc. / Horizon Pharma USA, Inc., 8.75%,
11/1/24 (144A) 239,625
EUR 3,475,000 Valeant Pharmaceuticals International, Inc., 4.5%, 5/15/23 3,814,059
EUR 1,540,000 Valeant Pharmaceuticals International, Inc., 4.5%,
5/15/23 (144A) 1,690,259
2,062,000 Valeant Pharmaceuticals International, Inc., 5.875%,
5/15/23 (144A) 1,894,462
565,000 Valeant Pharmaceuticals International, Inc., 6.5%,
3/15/22 (144A) 586,188
755,000 Valeant Pharmaceuticals International, Inc., 7.0%,
3/15/24 (144A) 796,525
----------------
$ 11,414,754
----------------
Total Pharmaceuticals, Biotechnology & Life Sciences $ 12,140,018
--------------------------------------------------------------------------------------------------------------
REAL ESTATE -- 1.3%
Specialized REIT -- 1.3%
EUR 1,140,000 Equinix, Inc., 2.875%, 2/1/26 $ 1,327,874
919,000 Equinix, Inc., 5.375%, 4/1/23 944,272
2,000,000 Iron Mountain, Inc., 4.875%, 9/15/27 (144A) 1,882,500
2,870,000 Uniti Group LP / Uniti Group Finance, Inc. / CSL Capital
LLC, 6.0%, 4/15/23 (144A) 2,805,425
----------------
Total Real Estate $ 6,960,071
--------------------------------------------------------------------------------------------------------------
RETAILING -- 0.9%
Department Stores -- 0.5%
1,800,000 Grupo Kaltex SA de CV, 8.875%, 4/11/22 (144A) $ 1,566,000
EUR 1,025,000 Takko Lux 2 SCA, 5.375%, 11/15/23 (144A) 1,180,474
----------------
$ 2,746,474
--------------------------------------------------------------------------------------------------------------
Specialty Stores -- 0.4%
1,400,000 PetSmart, Inc., 5.875%, 6/1/25 (144A) $ 1,004,500
1,615,000 PetSmart, Inc., 7.125%, 3/15/23 (144A) 936,700
----------------
$ 1,941,200
----------------
Total Retailing $ 4,687,674
--------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
30 Pioneer Global High Yield Fund | Semiannual Report | 4/30/18
--------------------------------------------------------------------------------------------------------------
Principal
Amount USD ($) Value
--------------------------------------------------------------------------------------------------------------
SOFTWARE & SERVICES -- 2.3%
Data Processing & Outsourced Services -- 1.7%
EUR 1,250,000 Alliance Data Systems Corp., 4.5%, 3/15/22 (144A) $ 1,556,178
1,765,000 Alliance Data Systems Corp., 5.875%, 11/1/21 (144A) 1,795,887
3,100,000 Cardtronics, Inc., 5.125%, 8/1/22 3,007,000
1,460,000 Cardtronics, Inc. / Cardtronics USA, Inc., 5.5%, 5/1/25 (144A) 1,354,150
1,260,000 First Data Corp., 7.0%, 12/1/23 (144A) 1,318,439
----------------
$ 9,031,654
--------------------------------------------------------------------------------------------------------------
Internet Software & Services -- 0.3%
1,780,000 Cimpress NV, 7.0%, 4/1/22 (144A) $ 1,846,750
--------------------------------------------------------------------------------------------------------------
IT Consulting & Other Services -- 0.3%
1,455,000 Rackspace Hosting, Inc., 8.625%, 11/15/24 (144A) $ 1,475,006
----------------
Total Software & Services $ 12,353,410
--------------------------------------------------------------------------------------------------------------
TECHNOLOGY HARDWARE & EQUIPMENT -- 1.6%
Communications Equipment -- 0.1%
512,000 CommScope Technologies LLC, 6.0%, 6/15/25 (144A) $ 526,080
--------------------------------------------------------------------------------------------------------------
Electronic Components -- 1.1%
EUR 1,505,000 Belden, Inc., 2.875%, 9/15/25 (144A) $ 1,779,467
EUR 815,000 Belden, Inc., 3.375%, 7/15/27 (144A) 955,166
EUR 2,250,000 Belden, Inc., 3.875%, 3/15/28 2,648,475
EUR 250,000 Belden, Inc., 4.125%, 10/15/26 (144A) 317,171
----------------
$ 5,700,279
--------------------------------------------------------------------------------------------------------------
Technology Hardware, Storage & Peripherals -- 0.4%
1,910,000 Diebold Nixdorf, Inc., 8.5%, 4/15/24 $ 1,981,625
450,000 TTM Technologies, Inc., 5.625%, 10/1/25 (144A) 441,000
----------------
$ 2,422,625
----------------
Total Technology Hardware & Equipment $ 8,648,984
--------------------------------------------------------------------------------------------------------------
TELECOMMUNICATION SERVICES -- 5.9%
Integrated Telecommunication Services -- 1.4%
5,075,000 Frontier Communications Corp., 8.75%, 4/15/22 $ 4,224,937
2,100,000 Windstream Services LLC / Windstream Finance Corp.,
8.625%, 10/31/25 (144A) 1,926,750
1,889,000 Windstream Services LLC / Windstream Finance Corp.,
8.75%, 12/15/24 (144A) 1,128,678
----------------
$ 7,280,365
--------------------------------------------------------------------------------------------------------------
Wireless Telecommunication Services -- 4.5%
600,000 Altice Finco SA, 8.125%, 1/15/24 (144A) $ 615,750
1,767,000 CenturyLink, Inc., 5.625%, 4/1/25 1,625,640
3,320,000 Digicel, Ltd., 6.0%, 4/15/21 (144A) 3,158,150
775,000 Frontier Communications Corp., 11.0%, 9/15/25 594,812
4,325,000 MTN Mauritius Investment, Ltd., 5.373%, 2/13/22 (144A) 4,379,062
4,235,000 Sprint Corp., 7.25%, 9/15/21 4,494,394
The accompanying notes are an integral part of these financial statements.
Pioneer Global High Yield Fund | Semiannual Report | 4/30/18 31
Schedule of Investments | 4/30/18 (unaudited) (continued)
--------------------------------------------------------------------------------------------------------------
Principal
Amount USD ($) Value
--------------------------------------------------------------------------------------------------------------
Wireless Telecommunication Services (continued)
525,000 T-Mobile USA, Inc., 4.75%, 2/1/28 $ 505,208
1,155,000 T-Mobile USA, Inc., 6.0%, 4/15/24 1,209,863
2,750,000 Unison Ground Lease Funding LLC, 5.78%, 3/15/20 (144A) 2,728,903
EUR 1,455,000 Wind Tre S.p.A., 2.625%, 1/20/23 (144A) 1,597,563
EUR 1,972,000 Wind Tre S.p.A., 3.125%, 1/20/25 (144A) 2,097,441
980,000 Wind Tre S.p.A., 5.0%, 1/20/26 (144A) 822,612
----------------
$ 23,829,398
----------------
Total Telecommunication Services $ 31,109,763
--------------------------------------------------------------------------------------------------------------
TRANSPORTATION -- 2.1%
Airlines -- 0.7%
860,000 DAE Funding LLC, 5.0%, 8/1/24 (144A) $ 828,868
909,573 Guanay Finance, Ltd., 6.0%, 12/15/20 (144A) 925,490
1,585,000 Latam Finance, Ltd., 6.875%, 4/11/24 (144A) 1,630,807
----------------
$ 3,385,165
--------------------------------------------------------------------------------------------------------------
Highways & Railtracks -- 1.0%
2,645,000 Hidrovias International Finance S.a.r.l., 5.95%,
1/24/25 (144A) $ 2,578,875
MXN 27,000,000 Red de Carreteras de Occidente SAPIB de CV, 9.0%,
6/10/28 (144A) 1,375,901
1,320,000 Rumo Luxembourg S.a.r.l., 7.375%, 2/9/24 (144A) 1,401,180
----------------
$ 5,355,956
--------------------------------------------------------------------------------------------------------------
Marine -- 0.4%
2,225,000 Navios South American Logistics, Inc. / Navios Logistics
Finance US, Inc., 7.25%, 5/1/22 (144A) $ 2,136,000
--------------------------------------------------------------------------------------------------------------
Trucking -- 0.0%+
2,925,683(h) Inversiones Alsacia SA, 8.0%, 12/31/18 (144A) $ 80,456
----------------
Total Transportation $ 10,957,577
--------------------------------------------------------------------------------------------------------------
UTILITIES -- 4.4%
Electric Utilities -- 2.2%
1,150,000 Cemig Geracao e Transmissao SA, 9.25%, 12/5/24 (144A) $ 1,246,312
EUR 1,225,000 ContourGlobal Power Holdings SA, 5.125%, 6/15/21 (144A) 1,524,320
1,325,000(b)(c) Electricite de France SA, 5.25% (10 Year USD Swap
Rate + 371 bps) (144A) 1,328,525
1,120,000 Genneia SA, 8.75%, 1/20/22 (144A) 1,202,600
3,250,000 Light Servicos de Eletricidade SA / Light Energia SA,
7.25%, 5/3/23 (144A) 3,274,375
390,000 NextEra Energy Operating Partners LP, 4.25%, 9/15/24 (144A) 376,350
1,130,000 Stoneway Capital Corp., 10.0%, 3/1/27 (144A) 1,203,778
940,000 TerraForm Power Operating LLC, 4.25%, 1/31/23 (144A) 897,700
940,000 TerraForm Power Operating LLC, 5.0%, 1/31/28 (144A) 874,200
----------------
$ 11,928,160
--------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
32 Pioneer Global High Yield Fund | Semiannual Report | 4/30/18
--------------------------------------------------------------------------------------------------------------
Principal
Amount USD ($) Value
--------------------------------------------------------------------------------------------------------------
Gas Utilities -- 0.9%
2,133,000 DCP Midstream Operating LP, 5.6%, 4/1/44 $ 2,090,340
700,000 Ferrellgas LP / Ferrellgas Finance Corp., 6.5%, 5/1/21 670,250
2,175,000 Ferrellgas LP / Ferrellgas Finance Corp., 6.75%, 6/15/23 1,965,656
----------------
$ 4,726,246
--------------------------------------------------------------------------------------------------------------
Independent Power Producers & Energy Traders -- 1.3%
1,195,000 Calpine Corp., 5.25%, 6/1/26 (144A) $ 1,143,466
2,529,000 Calpine Corp., 5.75%, 1/15/25 2,320,610
940,000 Instituto Costarricense de Electricidad, 6.95%,
11/10/21 (144A) 999,690
1,105,000 NRG Energy, Inc., 6.625%, 1/15/27 1,136,769
1,113,000 Vistra Energy Corp., 8.0%, 1/15/25 (144A) 1,206,215
----------------
$ 6,806,750
----------------
Total Utilities $ 23,461,156
--------------------------------------------------------------------------------------------------------------
TOTAL CORPORATE BONDS
(Cost $439,706,841) $ 431,898,527
--------------------------------------------------------------------------------------------------------------
U.S. GOVERNMENT AND AGENCY OBLIGATIONS --
1.0% of Net Assets
2,600,000(f) U.S. Treasury Bills, 5/10/18 $ 2,599,002
2,800,000(f) U.S. Treasury Bills, 5/17/18 2,798,015
----------------
$ 5,397,017
--------------------------------------------------------------------------------------------------------------
TOTAL U.S. GOVERNMENT AND AGENCY OBLIGATIONS
(Cost $5,396,919) $ 5,397,017
--------------------------------------------------------------------------------------------------------------
FOREIGN GOVERNMENT BONDS -- 6.2% of Net Assets
Argentina -- 2.1%
1,125,000 Argentine Republic Government International Bond,
6.875%, 1/26/27 $ 1,120,511
1,850,000 Argentine Republic Government International Bond,
7.5%, 4/22/26 1,938,800
2,650,000 Autonomous City of Buenos Aires Argentina, 7.5%,
6/1/27 (144A) 2,736,655
668,536 Province of Salta Argentina, 9.5%, 3/16/22 (144A) 690,264
1,840,000 Provincia de Entre Rios Argentina, 8.75%, 2/8/25 (144A) 1,846,440
3,015,000 Provincia del Chubut Argentina, 7.75%, 7/26/26 (144A) 2,819,025
----------------
$ 11,151,695
--------------------------------------------------------------------------------------------------------------
Bahamas -- 0.2%
760,000 Bahamas Government International Bond, 6.0%,
11/21/28 (144A) $ 786,600
--------------------------------------------------------------------------------------------------------------
Bahrain -- 0.4%
2,200,000 Bahrain Government International Bond, 7.0%,
10/12/28 (144A) $ 2,097,621
--------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Global High Yield Fund | Semiannual Report | 4/30/18 33
Schedule of Investments | 4/30/18 (unaudited) (continued)
--------------------------------------------------------------------------------------------------------------
Principal
Amount USD ($) Value
--------------------------------------------------------------------------------------------------------------
Cote D'Ivoire -- 0.5%
EUR 725,000 Ivory Coast Government International Bond, 5.125%,
6/15/25 (144A) $ 925,210
EUR 1,400,000 Ivory Coast Government International Bond, 5.25%,
3/22/30 (144A) 1,712,922
----------------
$ 2,638,132
--------------------------------------------------------------------------------------------------------------
Dominican Republic -- 0.2%
DOP 57,750,000 Dominican Republic International Bond, 8.9%,
2/15/23 (144A) $ 1,204,265
--------------------------------------------------------------------------------------------------------------
Ecuador -- 0.1%
560,000 Ecuador Government International Bond, 10.5%,
3/24/20 (144A) $ 576,800
--------------------------------------------------------------------------------------------------------------
Egypt -- 0.3%
EGP 20,550,000(f) Egypt Treasury Bills, 5/15/18 $ 1,158,056
EGP 5,175,000(f) Egypt Treasury Bills, 9/11/18 275,989
----------------
$ 1,434,045
--------------------------------------------------------------------------------------------------------------
Gabon -- 0.1%
690,000 Gabon Government International Bond, 6.375%,
12/12/24 (144A) $ 672,468
--------------------------------------------------------------------------------------------------------------
Kenya -- 0.5%
1,535,000 Kenya Government International Bond, 5.875%,
6/24/19 (144A) $ 1,558,148
1,150,000 Kenya Government International Bond, 7.25%,
2/28/28 (144A) 1,187,002
----------------
$ 2,745,150
--------------------------------------------------------------------------------------------------------------
Nigeria -- 0.3%
1,845,000 Africa Finance Corp., 4.375%, 4/29/20 (144A) $ 1,843,838
--------------------------------------------------------------------------------------------------------------
Oman -- 0.5%
1,760,000 Oman Government International Bond, 5.375%,
3/8/27 (144A) $ 1,676,090
747,000 Oman Government International Bond, 5.625%,
1/17/28 (144A) 713,364
----------------
$ 2,389,454
--------------------------------------------------------------------------------------------------------------
South Korea -- 0.1%
INR 30,600,000 Export-Import Bank of Korea, 6.9%, 2/7/23 $ 452,436
--------------------------------------------------------------------------------------------------------------
Sri Lanka -- 0.5%
1,175,000 Sri Lanka Government International Bond, 5.75%,
4/18/23 (144A) $ 1,167,570
1,729,000 Sri Lanka Government International Bond, 6.2%,
5/11/27 (144A) 1,668,177
----------------
$ 2,835,747
--------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
34 Pioneer Global High Yield Fund | Semiannual Report | 4/30/18
--------------------------------------------------------------------------------------------------------------
Principal
Amount USD ($) Value
--------------------------------------------------------------------------------------------------------------
Uruguay -- 0.4%
UYU 24,033,000 Uruguay Government International Bond, 8.5%,
3/15/28 (144A) $ 806,163
UYU 37,635,000 Uruguay Government International Bond, 9.875%,
6/20/22 (144A) 1,375,478
----------------
$ 2,181,641
--------------------------------------------------------------------------------------------------------------
TOTAL FOREIGN GOVERNMENT BONDS
(Cost $32,938,603) $ 33,009,892
--------------------------------------------------------------------------------------------------------------
SENIOR SECURED FLOATING RATE
LOAN INTERESTS -- 2.9% of Net Assets*(e)
AUTOMOBILES & COMPONENTS -- 0.0%+
Auto Parts & Equipment -- 0.0%+
1,755 Allison Transmission, Inc., New Term Loan, 3.65%
(LIBOR + 175 bps), 9/23/22 $ 1,771
----------------
Total Automobiles & Components $ 1,771
--------------------------------------------------------------------------------------------------------------
CAPITAL GOODS -- 0.2%
Aerospace & Defense -- 0.2%
1,289,392 DynCorp International, Inc., Term Loan B2, 7.896%
(LIBOR + 600 bps), 7/7/20 $ 1,296,913
----------------
Total Capital Goods $ 1,296,913
--------------------------------------------------------------------------------------------------------------
COMMERCIAL SERVICES & SUPPLIES -- 0.1%
Diversified Support Services -- 0.1%
484,524 IAP Worldwide Services, Inc., Second Lien Term Loan,
8.802% (LIBOR + 650 bps), 7/18/19 $ 477,257
----------------
Total Commercial Services & Supplies $ 477,257
--------------------------------------------------------------------------------------------------------------
ENERGY -- 0.5%
Oil & Gas Drilling -- 0.5%
1,950,000 Gavilan Resources LLC, Second Lien Initial Term Loan,
7.897% (LIBOR + 600 bps), 3/1/24 $ 1,943,906
650,000 Traverse Midstream Partners LLC, Advance Term Loan,
5.85% (LIBOR + 400 bps), 9/27/24 654,368
----------------
Total Energy $ 2,598,274
--------------------------------------------------------------------------------------------------------------
HEALTH CARE EQUIPMENT & SERVICES -- 0.2%
Health Care Services -- 0.2%
869,531 Alliance HealthCare Services, Inc., First Lien Initial Term
Loan, 6.401% (LIBOR + 450 bps), 10/24/23 $ 876,415
----------------
Total Health Care Equipment & Services $ 876,415
--------------------------------------------------------------------------------------------------------------
HOUSEHOLD & PERSONAL PRODUCTS -- 0.4%
Personal Products -- 0.4%
2,545,909 Revlon Consumer Products Corp., Initial Term B Loan,
5.401% (LIBOR + 350 bps), 9/7/23 $ 1,997,344
----------------
Total Household & Personal Products $ 1,997,344
--------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Global High Yield Fund | Semiannual Report | 4/30/18 35
Schedule of Investments | 4/30/18 (unaudited) (continued)
--------------------------------------------------------------------------------------------------------------
Principal
Amount USD ($) Value
--------------------------------------------------------------------------------------------------------------
MATERIALS -- 0.7%
Paper Packaging -- 0.3%
1,598,850 Caraustar Industries, Inc., Refinancing Term Loan,
7.802% (LIBOR + 550 bps), 3/14/22 $ 1,604,846
--------------------------------------------------------------------------------------------------------------
Steel -- 0.4%
1,965,125 Zekelman Industries, Inc. (fka JMC Steel Group, Inc.),
Term Loan, 4.999% (LIBOR + 275 bps), 6/14/21 $ 1,977,816
----------------
Total Materials $ 3,582,662
--------------------------------------------------------------------------------------------------------------
RETAILING -- 0.7%
Automotive Retail -- 0.3%
1,384,806 CWGS Group LLC, Term Loan, 4.641% (LIBOR + 275/300 bps),
11/23/23 $ 1,394,326
--------------------------------------------------------------------------------------------------------------
Department Stores -- 0.2%
1,492,208 Neiman Marcus Group, Ltd., LLC, Other Term Loan, 5.141%
(LIBOR + 325 bps), 10/25/20 $ 1,316,341
--------------------------------------------------------------------------------------------------------------
Specialty Stores -- 0.2%
997,500 Staples, Inc., Closing Date Term Loan, 5.787%
(LIBOR + 400 bps), 9/12/24 $ 988,994
----------------
Total Retailing $ 3,699,661
--------------------------------------------------------------------------------------------------------------
UTILITIES -- 0.1%
Electric Utilities -- 0.1%
125,000 Vistra Operations Co., LLC (fka Tex Operations Co., LLC),
Initial Term C Loan, 4.401% (LIBOR + 250 bps), 8/4/23 $ 126,016
703,594 Vistra Operations Co., LLC (fka Tex Operations Co., LLC),
Initial Term Loan, 4.401% (LIBOR + 250 bps), 8/4/23 709,310
----------------
Total Utilities $ 835,326
--------------------------------------------------------------------------------------------------------------
TOTAL SENIOR SECURED FLOATING RATE LOAN INTERESTS
(Cost $15,643,090) $ 15,365,623
--------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------
Shares
--------------------------------------------------------------------------------------------------------------
RIGHTS/WARRANTS -- 0.0%+ of Net Assets
ENERGY -- 0.0%+
Coal & Consumable Fuels -- 0.0%+
61(d)(k) Contura Energy, Inc. $ 1,607
--------------------------------------------------------------------------------------------------------------
Oil & Gas Exploration & Production -- 0.0%+
7,597^(d)(l) Midstates Petroleum Co., Inc. $ --
----------------
Total Energy $ 1,607
--------------------------------------------------------------------------------------------------------------
MATERIALS -- 0.0%+
Steel -- 0.0%+
318,254(d)(m) ANR, Inc. $ 4,297
----------------
Total Materials $ 4,297
--------------------------------------------------------------------------------------------------------------
TOTAL RIGHTS/WARRANTS
(Cost $36,833) $ 5,904
--------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
36 Pioneer Global High Yield Fund | Semiannual Report | 4/30/18
--------------------------------------------------------------------------------------------------------------
Principal
Amount USD ($) Value
--------------------------------------------------------------------------------------------------------------
TEMPORARY CASH INVESTMENTS --
0.7% of Net Assets
REPURCHASE AGREEMENTS -- 0.7%
1,320,000 $1,320,000 ScotiaBank, 1.73%, dated 4/30/18 plus
accrued interest on 5/1/18 collateralized by the following:
$1,344,188 Federal National Mortgage Association,
4.0%, 7/1/26
$2,277 Government National Mortgage Association,
4.0%, 12/20/45. $ 1,320,000
1,320,000 $1,320,000 TD Securities USA LLC, 1.73%, dated
4/30/18 plus accrued interest on 5/1/18 collateralized
by $1,346,473 U.S. Treasury Notes, 2.0%, 4/30/24. 1,320,000
1,320,000 $1,320,000 TD Securities USA LLC, 1.75%, dated
4/30/18 plus accrued interest on 5/1/18 collateralized
by $1,346,473 U.S. Treasury Notes, 2.0%, 4/30/24. 1,320,000
----------------
$ 3,960,000
--------------------------------------------------------------------------------------------------------------
TOTAL TEMPORARY CASH INVESTMENTS
(Cost $3,960,000) $ 3,960,000
--------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------
Number of Strike Expiration
Contracts Description Counterparty Notional Price Date
--------------------------------------------------------------------------------------------------------------
OVER THE COUNTER (OTC) CALL OPTIONS PURCHASED -- 0.0%+
297,012^(n) Desarrolladora Bank of
Homex New York
SAB de CV Mellon Corp. MXN -- --(p) 10/23/22 $ --
297,012^(o) Desarrolladora Bank of
Homex New York
SAB de CV Mellon Corp. MXN -- --(p) 10/23/22 --
----------------
$ --
--------------------------------------------------------------------------------------------------------------
TOTAL OVER THE COUNTER (OTC) CALL OPTIONS PURCHASED
(Premiums paid $0) $ --
--------------------------------------------------------------------------------------------------------------
CURRENCY PUT OPTION PURCHASED -- 0.0%+
9,209,000 Put EUR Call USD Goldman Sachs
International EUR 82,982 EUR 1 6/1/18 $ 80,560
--------------------------------------------------------------------------------------------------------------
TOTAL CURRENCY PUT OPTION PURCHASED
(Premiums paid $82,982) $ 80,560
--------------------------------------------------------------------------------------------------------------
TOTAL OPTIONS PURCHASED
(Premiums paid $82,982) $ 80,560
--------------------------------------------------------------------------------------------------------------
TOTAL INVESTMENTS IN UNAFFILIATED ISSUERS -- 97.5%
(Cost $533,692,685) $ 515,861,022
--------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Global High Yield Fund | Semiannual Report | 4/30/18 37
Schedule of Investments | 4/30/18 (unaudited) (continued)
---------------------------------------------------------------------------------------------------------------
Number of Strike Expiration
Contracts Description Counterparty Notional Price Date Value
---------------------------------------------------------------------------------------------------------------
CURRENCY PUT OPTION WRITTEN -- 0.0%+
(9,209,000) Put EUR Call USD Goldman Sachs
International EUR 39,398 EUR 1 6/1/18 $ (24,078)
---------------------------------------------------------------------------------------------------------------
TOTAL CURRENCY PUT OPTION WRITTEN
(Premiums received $(39,398)) $ (24,078)
---------------------------------------------------------------------------------------------------------------
OTHER ASSETS AND LIABILITIES -- 2.5% $ 13,042,000
---------------------------------------------------------------------------------------------------------------
NET ASSETS -- 100.0% $ 528,878,944
===============================================================================================================
BADLARPP Argentine Deposit Rate Badlar Private Banks 30 - 35 Days.
bps Basis Point.
CMT Constant Maturity Treasury Index.
LIBOR London Interbank Offered Rate.
REIT Real Estate Investment Trust.
(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, 2018, the value of these securities
amounted to $317,920,768, or 60.1% of net assets.
(Cat Bond) Catastrophe or event-linked bond. At April 30, 2018,
the value of these securities amounted to $4,426,030, or 0.8% of
net assets. See Notes to Financial Statements -- Note 1I.
+ Amount rounds to less than 0.1%.
* Senior secured 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, (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 interest rate shown
is the rate accruing at April 30, 2018.
+ Securities that used significant unobservable inputs to determine
their value.
^ Security is valued using fair value methods (other than supplied
by independent pricing services). See Notes to Financial
Statements -- Note 1A.
(a) Debt obligation initially issued at one coupon which converts
to a higher coupon at a specific date. The rate shown is the rate
at April 30, 2018.
(b) The interest rate is subject to change periodically. The interest
rate, reference index and spread shown at April 30, 2018.
(c) Security is perpetual in nature and has no stated maturity
date.
(d) Non-income producing security.
(e) Floating rate note. Coupon rate, reference index and spread shown
at April 30, 2018.
(f) Security issued with a zero coupon. Income is recognized through
accretion of discount.
(g) Payment in Kind (PIK) security which may pay interest in the form
of additional principal amount.
(h) Security is in default.
(i) Structured reinsurance investment. At April 30, 2018, the value of
these securities amounted to $13,924,084, or 2.7% of net assets.
See Notes to Financial Statements -- Note 1I.
The accompanying notes are an integral part of these financial statements.
38 Pioneer Global High Yield Fund | Semiannual Report | 4/30/18
(j) Rate to be determined.
(k) Contura Energy, Inc. warrants are exercisable into 61 shares.
(l) Midstates Petroleum Co., Inc. warrants are exercisable into
7,415 shares.
(m) ANR, Inc. warrants are exercisable into 318,254 shares.
(n) Option does not become effective until underlying company's
outstanding common shares reach a market capitalization of MXN
12.5 billion.
(o) Option does not become effective until underlying company's
outstanding common shares reach a market capitalization of MXN
15.0 billion.
(p) Strike price is 1 Mexican Peso (MXN).
FORWARD FOREIGN CURRENCY CONTRACTS
-------------------------------------------------------------------------------------------------------------
In Unrealized
Currency Exchange Currency Settlement Appreciation
Purchased for Sold Deliver Counterparty Date (Depreciation)
-------------------------------------------------------------------------------------------------------------
MXN 8,970,000 USD (481,887) Citibank NA 5/16/18 $ (3,656)
NOK 20,938,362 EUR (2,158,674) Goldman Sachs 6/01/18 1,529
International
USD 10,129,642 EUR (8,347,593) Goldman Sachs 5/31/18 22,704
International
USD 1,338,959 MXN (25,416,124) Goldman Sachs 5/16/18 (16,089)
International
NOK 20,938,362 EUR (2,167,538) JPMorgan Chase 5/02/18 (5,979)
Bank NA
USD 5,760,240 INR (385,930,311) JPMorgan Chase 6/29/18 (12,709)
Bank NA
USD 572,804 MXN (10,839,827) State Street 5/16/18 (5,116)
Bank And Trust Co.
-------------------------------------------------------------------------------------------------------------
TOTAL FORWARD FOREIGN CURRENCY CONTRACTS $(19,316)
=============================================================================================================
SWAP CONTRACTS
CENTRALLY CLEARED CREDIT DEFAULT SWAP CONTRACTS -- SELL PROTECTION
------------------------------------------------------------------------------------------------------------
Obligation Annual
Notional Reference/ Pay/ Fixed Expiration Premiums Unrealized Market
Amount ($)(1) Index Receive(2) Rate Date Paid Appreciation Value
------------------------------------------------------------------------------------------------------------
4,238,400 Markit CDX Receive 5.00% 12/20/20 $235,043 $ 76,079 $311,122
North America
High Yield
Index Series 25
3,243,800 Markit CDX Receive 5.00% 6/20/21 226,321 27,412 253,733
North America
High Yield
Index Series 26
------------------------------------------------------------------------------------------------------------
$461,364 $103,491 $564,855
============================================================================================================
The accompanying notes are an integral part of these financial statements.
Pioneer Global High Yield Fund | Semiannual Report | 4/30/18 39
Schedule of Investments | 4/30/18 (unaudited) (continued)
OVER THE COUNTER (OTC) CREDIT DEFAULT SWAP CONTRACTS -- SELL PROTECTION
---------------------------------------------------------------------------------------------------------------------------
Obligation Annual
Notional Reference/ Pay/ Fixed Expiration Premiums Unrealized Market
Amount ($)(1) Counterparty Index Receive(2) Rate Date (Received) Appreciation Value
---------------------------------------------------------------------------------------------------------------------------
650,000 Goldman Sachs Chesapeake Receive 5.00% 6/20/22 $ (79,625) $ 67,736 $(11,889)
International Energy Corp.
415,000 Goldman Sachs Chesapeake Receive 5.00% 6/20/22 (50,837) 43,247 (7,590)
International Energy Corp.
690,000 Goldman Sachs Chesapeake Receive 5.00% 6/20/22 (77,625) 65,004 (12,621)
International Energy Corp.
---------------------------------------------------------------------------------------------------------------------------
$(208,087) $175,987 $(32,100)
---------------------------------------------------------------------------------------------------------------------------
TOTAL SWAP CONTRACTS $ 253,277 $279,478 $532,755
===========================================================================================================================
(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) Receives Quarterly.
Principal amounts are denominated in U.S. dollars ("USD") unless otherwise
noted.
ARS Argentine Peso
DOP Dominican Republic Peso
EGP Egyptian Pound
EUR Euro
GBP Great British Pound
IDR Indonesian Rupiah
INR Indian Rupee
MXN Mexican Peso
NOK Norwegian Krone
UYU Uruguayan Peso
Purchases and sales of securities (excluding temporary cash investments) for the
six months ended April 30, 2018, aggregated $161,029,719 and $222,032,617,
respectively.
The Fund is permitted to engage in purchase and sale transactions ("cross
trades") with certain funds and accounts for which Amundi Pioneer Asset
Management, Inc. (the "Adviser"), serves as the 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, 2018,
the Fund engaged in purchases and sales pursuant to these procedures amounting
to $871,626 and $2,528,872, respectively resulting in a net realized gain of
$47,583.
At April 30, 2018, the net unrealized depreciation on investments based on cost
for federal tax purposes of $536,482,026 was as follows:
Aggregate gross unrealized appreciation for all investments in which
there is an excess of value over tax cost $ 16,320,635
Aggregate gross unrealized depreciation for all investments in which
there is an excess of tax cost over value (36,452,278)
------------
Net unrealized depreciation $(20,131,643)
============
Various inputs are used in determining the value of the Fund's investments.
These inputs are summarized in the three broad levels 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
risks, etc.). See Notes to Financial Statements -- Note 1A.
The accompanying notes are an integral part of these financial statements.
40 Pioneer Global High Yield Fund | Semiannual Report | 4/30/18
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 following is a summary of the inputs used as of April 30, 2018, in valuing
the Fund's investments.
---------------------------------------------------------------------------------------------
Level 1 Level 2 Level 3 Total
---------------------------------------------------------------------------------------------
Convertible Corporate Bonds $ -- $ 9,661,295 $ -- $ 9,661,295
Preferred Stock 2,045,409 -- -- 2,045,409
Convertible Preferred Stocks 5,557,862 -- -- 5,557,862
Common Stocks
Capital Goods
Industrial Machinery -- -- 1,560 1,560
Energy
Oil & Gas Exploration &
Production 1,242,434 -- 1,233,057 2,475,491
Materials
Forest Products -- 36,759 -- 36,759
All Other Common Stocks 87,954 -- -- 87,954
Asset Backed Security -- 448,790 -- 448,790
Collateralized Mortgage
Obligations -- 5,828,379 -- 5,828,379
Corporate Bonds
Insurance
Reinsurance -- 4,176,205 14,173,909 18,350,114
All Other Corporate Bonds -- 413,548,413 -- 413,548,413
U.S. Government and Agency
Obligations -- 5,397,017 -- 5,397,017
Foreign Government Bonds -- 33,009,892 -- 33,009,892
Senior Secured Floating Rate
Loan Interests -- 15,365,623 -- 15,365,623
Rights/Warrants
Energy
Coal & Consumable Fuels 1,607 -- -- 1,607
All Other Rights/Warrants 4,297 -- 4,297
Repurchase Agreements -- 3,960,000 -- 3,960,000
Over The Counter (OTC) Call
Options Purchased -- --* -- --*
Currency Put Option Purchased -- 80,560 -- 80,560
---------------------------------------------------------------------------------------------
Total Investments in Securities $8,935,266 $491,517,230 $15,408,526 $515,861,022
=============================================================================================
Other Financial Instruments
Currency Put Option Written $ -- $ (24,078) $ -- $ (24,078)
Net unrealized depreciation
on forward foreign
currency contracts -- (19,316) -- (19,316)
Swap contracts, at value -- 532,755 -- 532,755
---------------------------------------------------------------------------------------------
Total Other Financial Instruments $ -- $ 489,361 $ -- $ 489,361
=============================================================================================
* Security valued at $0.
The accompanying notes are an integral part of these financial statements.
Pioneer Global High Yield Fund | Semiannual Report | 4/30/18 41
Schedule of Investments | 4/30/18 (unaudited) (continued)
The following is a reconciliation of assets valued using significant
unobservable inputs (Level 3):
----------------------------------------------------------------------------------------------------------
Common Corporate
Stocks Bonds Total
----------------------------------------------------------------------------------------------------------
Balance as of 10/31/17 $ 3,264,403 $ 9,573,017 $12,837,420
Realized gain (loss)(1) (2,598,135) (370,483) (2,968,618)
Change in unrealized appreciation (depreciation)(2) 2,823,668 (248,256) 2,575,412
Accrued discounts/premiums -- 1,337 1,337
Purchases -- 9,217,430 9,217,430
Sales (2,255,319) (4,248,991) (6,504,310)
Transfers in to Level 3* -- 249,855 249,855
Transfers out of Level 3* -- -- --
----------------------------------------------------------------------------------------------------------
Balance as of 4/30/18 $ 1,234,617 $14,173,909 $15,408,526
==========================================================================================================
(1) Realized gain (loss) on these securities is included in the realized gain
(loss) from investments on the Statement of Operations.
(2) Unrealized appreciation (depreciation) on these securities is included in
the change in unrealized appreciation (depreciation) from investments on
the Statement of Operations.
* Transfers are calculated on the beginning of period value. For the six
months ended April 30, 2018, securities with an aggregate market value of
$249,855 transferred from Level 2 to Level 3 due to the use of unobservable
inputs. A security valued at $1,403 transferred from Level 2 to Level 1 due
to the use of observable inputs. There were no other transfers between
Levels 1, 2 and 3.
Net change in unrealized appreciation (depreciation) of Level 3 investments
still held and considered Level 3 at April 30, 2018: $ (12,989)
---------
The accompanying notes are an integral part of these financial statements.
42 Pioneer Global High Yield Fund | Semiannual Report | 4/30/18
Statement of Assets and Liabilities | 4/30/18 (unaudited)
ASSETS:
Investments in unaffiliated issuers, at value (cost $533,692,685) $ 515,861,022
Cash 1,002,621
Foreign currencies, at value (cost $4,870,137) 4,894,695
Swap contracts, at value (net premiums paid $253,277) 532,755
Forwards collateral 80,000
Swaps collateral 448,160
Variation margin for centrally cleared swap contracts 475
Receivables --
Investment securities sold 7,187,377
Fund shares sold 789,561
Interest 7,575,907
Other assets 40,935
-------------------------------------------------------------------------------------------
Total assets $ 538,413,508
===========================================================================================
LIABILITIES:
Payables --
Investment securities purchased $ 6,206,165
Fund shares repurchased 2,113,631
Distributions 234,935
Trustees' fees 2,036
Due to broker for swap contracts 565,297
Net unrealized depreciation on forward foreign currency contracts 19,316
Written options outstanding (net premiums received $(39,398)) 24,078
Due to affiliates 72,957
Accrued expenses 296,149
-------------------------------------------------------------------------------------------
Total liabilities $ 9,534,564
===========================================================================================
NET ASSETS:
Paid-in capital $ 837,516,619
Distributions in excess of net investment income (1,752,460)
Accumulated net realized loss on investments (289,331,018)
Net unrealized depreciation on investments (17,554,197)
-------------------------------------------------------------------------------------------
Net assets $ 528,878,944
===========================================================================================
NET ASSET VALUE PER SHARE:
No par value (unlimited number of shares authorized)
Class A (based on $162,339,656/18,237,454 shares) $ 8.90
Class C (based on $121,699,618/13,709,124 shares) $ 8.88
Class Y (based on $244,839,670/28,008,085 shares) $ 8.74
MAXIMUM OFFERING PRICE:
Class A ($8.90 (divided by) 95.5%) $ 9.32
===========================================================================================
The accompanying notes are an integral part of these financial statements.
Pioneer Global High Yield Fund | Semiannual Report | 4/30/18 43
Statement of Operations (unaudited)
For the Six Months Ended 4/30/18
INVESTMENT INCOME:
Interest from unaffiliated issuers (net of
withholding tax of $114,534) $ 18,912,572
Dividends from unaffiliated issuers 237,166
--------------------------------------------------------------------------------------------------------
Total investment income $ 19,149,738
--------------------------------------------------------------------------------------------------------
EXPENSES:
Management fees $ 1,999,630
Administrative expense 99,721
Transfer agent fees
Class A 92,366
Class C 56,036
Class Y 137,000
Distribution fees
Class A 214,670
Class C 661,401
Shareowner communications expense 26,986
Custodian fees 40,445
Registration fees 31,912
Professional fees 34,763
Printing expense 6,849
Trustees' fees 11,025
Pricing expense 25,943
Insurance expense 6,385
Miscellaneous 43,724
--------------------------------------------------------------------------------------------------------
Total expenses $ 3,488,856
--------------------------------------------------------------------------------------------------------
Net investment income $ 15,660,882
--------------------------------------------------------------------------------------------------------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
Net realized gain (loss) on:
Investments in unaffiliated issuers $ 2,266,040
Swap contracts 543,717
Forward foreign currency contracts (467,423)
Other assets and liabilities denominated in
foreign currencies (5,325) $ 2,337,009
--------------------------------------------------------------------------------------------------------
Change in net unrealized appreciation (depreciation) on:
Investments in unaffiliated issuers $(16,280,499)
Written options 15,320
Swap contracts (377,707)
Forward foreign currency contracts (10,443)
Other assets and liabilities denominated
in foreign currencies (162,572) $(16,815,901)
--------------------------------------------------------------------------------------------------------
Net realized and unrealized gain (loss) on investments $(14,478,892)
--------------------------------------------------------------------------------------------------------
Net increase in net assets resulting from operations $ 1,181,990
========================================================================================================
The accompanying notes are an integral part of these financial statements.
44 Pioneer Global High Yield Fund | Semiannual Report | 4/30/18
Statements of Changes in Net Assets
-----------------------------------------------------------------------------------------------
Six Months
Ended
4/30/18 Year Ended
(unaudited) 10/31/17
-----------------------------------------------------------------------------------------------
FROM OPERATIONS:
Net investment income (loss) $ 15,660,882 $ 35,787,373
Net realized gain (loss) on investments 2,337,009 (20,834,494)
Change in net unrealized appreciation
(depreciation) on investments (16,815,901) 46,874,976
-----------------------------------------------------------------------------------------------
Net increase in net assets resulting
from operations $ 1,181,990 $ 61,827,855
-----------------------------------------------------------------------------------------------
DISTRIBUTIONS TO SHAREOWNERS:
Net investment income:
Class A ($0.23 and $0.42 per share, respectively) $ (4,345,475) $ (8,958,026)
Class C ($0.19 and $0.35 per share, respectively) (2,867,496) (6,590,456)
Class Y ($0.23 and $0.43 per share, respectively) (7,263,238) (14,231,124)
Tax return of capital:
Class A ($0.00 and $0.05 per share, respectively) -- (949,283)
Class C ($0.00 and $0.05 per share, respectively) -- (808,452)
Class Y ($0.00 and $0.05 per share, respectively) -- (1,479,883)
-----------------------------------------------------------------------------------------------
Total distributions to shareowners $ (14,476,209) $ (33,017,224)
-----------------------------------------------------------------------------------------------
FROM FUND SHARE TRANSACTIONS:
Net proceeds from sales of shares $ 46,812,044 $ 127,533,450
Reinvestment of distributions 12,583,975 28,716,717
Cost of shares repurchased (136,373,852) (231,073,307)
-----------------------------------------------------------------------------------------------
Net decrease in net assets resulting from
Fund share transactions $ (76,977,833) $ (74,823,140)
-----------------------------------------------------------------------------------------------
Net decrease in net assets $ (90,272,052) $ (46,012,509)
NET ASSETS:
Beginning of period $ 619,150,996 $ 665,163,505
-----------------------------------------------------------------------------------------------
End of period $ 528,878,944 $ 619,150,996
-----------------------------------------------------------------------------------------------
Distributions in excess of net investment income $ (1,752,460) $ (2,937,133)
===============================================================================================
The accompanying notes are an integral part of these financial statements.
Pioneer Global High Yield Fund | Semiannual Report | 4/30/18 45
Statements of Changes in Net Assets (continued)
-----------------------------------------------------------------------------------------------------
Six Months Six Months
Ended Ended
4/30/18 4/30/18 Year Ended Year Ended
Shares Amount 10/31/17 10/31/17
(unaudited) (unaudited) Shares Amount
-----------------------------------------------------------------------------------------------------
Class A
Shares sold 800,108 $ 7,248,595 2,627,008 $ 23,469,846
Reinvestment of
distributions 408,195 3,688,246 977,107 8,698,460
Less shares repurchased (3,035,268) (27,435,943) (6,668,959) (59,151,186)
-----------------------------------------------------------------------------------------------------
Net decrease (1,826,965) $(16,499,102) (3,064,844) $ (26,982,880)
=====================================================================================================
Class C
Shares sold 175,006 $ 1,582,573 572,332 $ 5,052,440
Reinvestment of
distributions 286,976 2,585,687 709,708 6,301,947
Less shares repurchased (2,547,596) (22,977,769) (6,615,650) (58,590,146)
-----------------------------------------------------------------------------------------------------
Net decrease (2,085,614) $(18,809,509) (5,333,610) $ (47,235,759)
=====================================================================================================
Class Y
Shares sold 4,258,497 $ 37,980,876 11,357,798 $ 99,011,164
Reinvestment of
distributions 711,004 6,310,042 1,567,203 13,716,310
Less shares repurchased (9,660,935) (85,960,140) (13,003,798) (113,331,975)
-----------------------------------------------------------------------------------------------------
Net decrease (4,691,434) $(41,669,222) (78,797) $ (604,501)
=====================================================================================================
The accompanying notes are an integral part of these financial statements.
46 Pioneer Global High Yield Fund | Semiannual Report | 4/30/18
Financial Highlights
------------------------------------------------------------------------------------------------------------------------------------
Six Months Year
Ended Year Year Year Year Ended
4/30/18 Ended Ended Ended Ended 10/31/13
(unaudited) 10/31/17 10/31/16* 10/31/15* 10/31/14* (Consolidated)
------------------------------------------------------------------------------------------------------------------------------------
Class A
Net asset value, beginning of period $ 9.12 $ 8.71 $ 8.64 $ 9.79 $ 10.13 $ 10.13
------------------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (loss) $ 0.25(a) $ 0.51(a) $ 0.54(a) $ 0.58(a) $ 0.66 $ 0.71
Net realized and unrealized gain (loss) on investments (0.24) 0.37 0.04(b) (1.19) (0.34) (0.02)
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 0.01 $ 0.88 $ 0.58 $ (0.61) $ 0.32 $ 0.69
------------------------------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income $ (0.23) $ (0.42) $ (0.47) $ (0.46) $ (0.63) $ (0.69)
Tax return of capital -- (0.05) (0.04) (0.08) (0.03) --
------------------------------------------------------------------------------------------------------------------------------------
Total distributions $ (0.23) $ (0.47) $ (0.51) $ (0.54) $ (0.66) $ (0.69)
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ (0.22) $ 0.41 $ 0.07 $ (1.15) $ (0.34) $ --
------------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 8.90 $ 9.12 $ 8.71 $ 8.64 $ 9.79 $ 10.13
====================================================================================================================================
Total return (c) 0.07%(d) 10.33% 7.14%(e) (6.36)% 3.16% 6.96%
Ratio of net expenses to average net assets 1.17%(f) 1.18% 1.19% 1.17% 1.13% 1.10%
Ratio of net investment income (loss) to average net assets 5.47%(f) 5.71% 6.50% 6.31% 6.62% 6.97%
Portfolio turnover rate 29%(d) 53% 40% 32% 32% 33%
Net assets, end of period (in thousands) $162,340 $182,900 $201,360 $254,056 $373,543 $531,829
====================================================================================================================================
* The Fund was audited by an independent registered public accounting firm
other than Ernst & Young LLP.
(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) 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 and no sales
charges. Total return would be reduced if sales charges were taken into
account.
(d) Not annualized.
(e) 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%.
(f) Annualized.
The accompanying notes are an integral part of these financial statements.
Pioneer Global High Yield Fund | Semiannual Report | 4/30/18 47
Financial Highlights (continued)
------------------------------------------------------------------------------------------------------------------------------------
Six Months Year
Ended Year Year Year Year Ended
4/30/18 Ended Ended Ended Ended 10/31/13
(unaudited) 10/31/17 10/31/16* 10/31/15* 10/31/14* (Consolidated)
------------------------------------------------------------------------------------------------------------------------------------
Class C
Net asset value, beginning of period $ 9.09 $ 8.69 $ 8.62 $ 9.76 $ 10.10 $ 10.10
------------------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (loss) $ 0.21(a) $ 0.44(a) $ 0.48(a) $ 0.51(a) $ 0.59 $ 0.63
Net realized and unrealized gain (loss)
on investments (0.23) 0.36 0.04(b) (1.17) (0.34) (0.01)
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ (0.02) $ 0.80 $ 0.52 $ (0.66) $ 0.25 $ 0.62
------------------------------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income $ (0.19) $ (0.35) $ (0.41) $ (0.40) $ (0.56) $ (0.62)
Tax return of capital -- (0.05) (0.04) (0.08) (0.03) --
------------------------------------------------------------------------------------------------------------------------------------
Total distributions $ (0.19) $ (0.40) $ (0.45) $ (0.48) $ (0.59) $ (0.62)
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ (0.21) $ 0.40 $ 0.07 $ (1.14) $ (0.34) $ --
------------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 8.88 $ 9.09 $ 8.69 $ 8.62 $ 9.76 $ 10.10
====================================================================================================================================
Total return (c) (0.19)%(d) 9.46% 6.40%(e) (6.96)% 2.43% 6.23%
Ratio of net expenses to average net assets 1.89%(f) 1.89% 1.90% 1.87% 1.83% 1.81%
Ratio of net investment income (loss)
to average net assets 4.75%(f) 5.01% 5.79% 5.61% 5.91% 6.26%
Portfolio turnover rate 29%(d) 53% 40% 32% 32% 33%
Net assets, end of period (in thousands) $121,700 $143,587 $183,542 $237,163 $354,162 $420,932
====================================================================================================================================
* The Fund was audited by an independent registered public accounting firm
other than Ernst & Young LLP.
(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) 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 and no sales
charges. Total return would be reduced if sales charges were taken into
account.
(d) Not annualized.
(e) 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%.
(f) Annualized.
The accompanying notes are an integral part of these financial statements.
48 Pioneer Global High Yield Fund | Semiannual Report | 4/30/18
------------------------------------------------------------------------------------------------------------------------------------
Six Months Year
Ended Year Year Year Year Ended
4/30/18 Ended Ended Ended Ended 10/31/13
(unaudited) 10/31/17 10/31/16* 10/31/15* 10/31/14* (Consolidated)
------------------------------------------------------------------------------------------------------------------------------------
Class Y
Net asset value, beginning of period $ 8.95 $ 8.55 $ 8.49 $ 9.62 $ 9.96 $ 9.96
------------------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (loss) $ 0.25(a) $ 0.52(a) $ 0.57(a) $ 0.60(a) $ 0.67 $ 0.72
Net realized and unrealized gain (loss)
on investments (0.23) 0.36 0.01(b) (1.17) (0.33) (0.01)
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 0.02 $ 0.88 $ 0.58 $ (0.57) $ 0.34 $ 0.71
------------------------------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income $ (0.23) $ (0.43) $ (0.48) $ (0.48) $ (0.65) $ (0.71)
Tax return of capital -- (0.05) (0.04) (0.08) (0.03) --
------------------------------------------------------------------------------------------------------------------------------------
Total distributions $ (0.23) $ (0.48) $ (0.52) $ (0.56) $ (0.68) $ (0.71)
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ (0.21) $ 0.40 $ 0.06 $ (1.13) $ (0.34) $ --
------------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 8.74 $ 8.95 $ 8.55 $ 8.49 $ 9.62 $ 9.96
====================================================================================================================================
Total return (c) 0.27%(d) 10.60% 7.34% (6.08)% 3.40% 7.27%
Ratio of net expenses to average net assets 0.90%(e) 0.91% 0.90% 0.87% 0.84% 0.82%
Ratio of net investment income (loss)
to average net assets 5.73%(e) 5.96% 6.93% 6.60% 6.88% 7.24%
Portfolio turnover rate 29%(d) 53% 40% 32% 32% 33%
Net assets, end of period (in thousands) $244,840 $292,664 $280,262 $485,344 $682,911 $780,656
====================================================================================================================================
* The Fund was audited by an independent registered public accounting firm
other than Ernst & Young LLP.
(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) 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.
(d) Not annualized.
(e) Annualized.
The accompanying notes are an integral part of these financial statements.
Pioneer Global High Yield Fund | Semiannual Report | 4/30/18 49
Notes to Financial Statements | 4/30/18 (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 five classes of shares designated as Class A, Class C, Class K,
Class T and Class Y shares. Class Z shares converted to Class Y shares as of the
close of business on August 7, 2015. Class K shares and Class T shares had not
commenced operations as of April 30, 2018. 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.
On July 3, 2017, Amundi acquired Pioneer Investments, a group of asset
management companies located throughout the world. Amundi, one of the world's
largest asset managers, is headquartered in Paris, France. As a result of the
transaction, Pioneer Investment Management, Inc., the Fund's investment adviser,
became an indirect wholly owned subsidiary of Amundi and Amundi's wholly owned
subsidiary, Amundi USA, Inc. Prior to July 3, 2017, Pioneer Investments was
owned by Pioneer Global Asset Management S.p.A., a wholly owned subsidiary of
UniCredit S.p.A.
In connection with the transaction, the names of the Fund's investment adviser
and principal underwriter changed. Effective July 3, 2017, the name of Pioneer
Investment Management, Inc. changed to Amundi Pioneer Asset Management, Inc.
(the "Adviser") and the name of Pioneer Funds Distributor, Inc. changed to
Amundi Pioneer Distributor, Inc. (the "Distributor").
50 Pioneer Global High Yield Fund | Semiannual Report | 4/30/18
In October 2016, the Securities and Exchange Commission ("SEC") released its
Final Rule on Investment Company Reporting Modernization. In addition to
introducing two new regulatory reporting forms (Form N-PORT and Form N-CEN), the
Final Rule amends Regulation S-X, which impacts financial statement
presentation, particularly related to the presentation of derivative
investments. The Fund's financial statements were prepared in compliance with
the amendments to Regulation S-X.
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.
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.
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
Pioneer Global High Yield Fund | Semiannual Report | 4/30/18 51
third party pricing service. When independent third party pricing services
are unable to supply prices, or when prices or 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.
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.
52 Pioneer Global High Yield Fund | Semiannual Report | 4/30/18
Options contracts are generally valued at the mean between the last bid and
ask prices on the principal exchange where they are traded.
Over-the-counter ("OTC") options and options on swaps ("swaptions") are
valued 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.
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 the Adviser pursuant to procedures adopted by the Fund's Board
of Trustees. The Adviser's fair valuation team uses fair value methods
approved by the Valuation Committee of the Board of Trustees. The Adviser'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, 2018, there were six securities that 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 pricing model) representing 0.4% of net assets. The value of
these fair valued securities was $2,038,081.
B. Investment Income and Transactions
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.
Pioneer Global High Yield Fund | Semiannual Report | 4/30/18 53
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
and net of income accrued on defaulted securities.
Interest and dividend income payable by delivery of additional shares is
reclassified as PIK (payment-in-kind) income upon receipt and is included
in interest and dividend income, respectively.
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.
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 on 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 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 7)
54 Pioneer Global High Yield Fund | Semiannual Report | 4/30/18
At April 30, 2018, 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
notional value of forward foreign currency contracts open during the six
months ended April 30, 2018 was $32,186,935.
Forward foreign currency contracts outstanding at April 30, 2018 are listed
in the Schedule of Investments.
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, 2017, 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 on 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 over distributions for financial
statement purposes resulting from differences in the recognition or
classification of income or distributions for financial statement and tax
purposes. Capital accounts within the financial statements are adjusted for
permanent book/tax differences to reflect tax character, but are not
adjusted for temporary differences.
The tax character of current year distributions payable will be determined
at the end of the current taxable year. The tax character of distributions
paid during the year ended October 31, 2017 was as follows:
---------------------------------------------------------------------------
2017
---------------------------------------------------------------------------
Distributions paid from:
Ordinary income $29,779,606
Tax return of capital 3,237,618
---------------------------------------------------------------------------
Total $33,017,224
===========================================================================
Pioneer Global High Yield Fund | Semiannual Report | 4/30/18 55
The following shows the components of distributable earnings on a federal
income tax basis at October 31, 2017:
---------------------------------------------------------------------------
2017
---------------------------------------------------------------------------
Distributable earnings:
Capital loss carryforward $(291,662,274)
Current year dividend payable (305,325)
Net unrealized depreciation (3,375,857)
---------------------------------------------------------------------------
Total $(295,343,456)
===========================================================================
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, 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. The
Distributor earned $5,467 in underwriting commissions on the sale of Class
A shares during the six months ended April 30, 2018.
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.
56 Pioneer Global High Yield Fund | Semiannual Report | 4/30/18
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 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 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.
With the increased use of technologies such as the Internet to conduct
business, the Fund is susceptible to operational, information security and
related risks. While the Fund's Adviser has established business continuity
plans in the event of, and risk management systems to prevent, limit or
mitigate, such cyber-attacks, there are inherent limitations in such plans
and systems including the possibility that certain risks have not been
identified. Furthermore, the Fund cannot control the cybersecurity plans
and systems put in place by service providers to the Fund such as Brown
Brothers Harriman & Co., the Fund's custodian and accounting agent, and DST
Asset Manager Solutions, Inc., the Fund's transfer agent. In addition, many
Pioneer Global High Yield Fund | Semiannual Report | 4/30/18 57
beneficial owners of Fund shares hold them through accounts at broker-
dealers, retirement platforms and other financial market participants over
which neither the Fund nor Amundi Pioneer exercises control. Each of these
may in turn rely on service providers to them, which are also subject to
the risk of cyber-attacks. Cybersecurity failures or breaches at Amundi
Pioneer or the Fund's service providers or intermediaries have the ability
to cause disruptions and impact business operations potentially resulting
in financial losses, interference with the Fund's ability to calculate its
net asset value, impediments to trading, the inability of Fund shareowners
to effect share purchases, redemptions or exchanges or receive
distributions, loss of or unauthorized access to private shareowner
information and violations of applicable privacy and other laws, regulatory
fines, penalties, reputational damage, or additional compliance costs. Such
costs and losses may not be covered under any insurance. In addition,
maintaining vigilance against cyber-attacks may involve substantial costs
over time, and system enhancements may themselves be subject to
cyber-attacks.
I. Insurance-Linked Securities ("ILS")
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 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.
58 Pioneer Global High Yield Fund | Semiannual Report | 4/30/18
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 the
Adviser 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 the Adviser 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. Credit Default Swap Contracts
A credit default swap is a contract between a buyer of protection and a
seller of protection against a pre-defined credit event on an underlying
reference obligation, which may be a single security or a basket or index
of securities. The Fund may buy or sell 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.
As a buyer of protection, the Fund 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 within the "Swap contracts, at value" line item on the Statement
of Assets and Liabilities. Periodic payments received or paid by the Fund
are recorded as realized gains or losses on the Statement of Operations.
Pioneer Global High Yield Fund | Semiannual Report | 4/30/18 59
Credit default swap contracts are marked-to-market daily using valuations
supplied by independent sources and the change in value, if any, is
recorded within the "Swap contracts, at value" line item on 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 on
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 for
centrally cleared swaps" on the Statement of Assets and Liabilities. Cash
received from or paid to the broker related to previous margin movement is
held in a segregated account at the broker and is recorded as either "Due
from broker for swaps" or "Due to broker for swaps" on the Statement of
Assets and Liabilities.
The amount of cash deposited with a broker as collateral at April 30, 2018,
is recorded as "Swaps collateral" on the Statement of Assets and
Liabilities.
Open credit default swap contracts at April 30, 2018, are listed in the
Schedule of Investments. The average notional value of credit default swap
contracts open during the six months ended April 30, 2018 was $9,731,498.
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
60 Pioneer Global High Yield Fund | Semiannual Report | 4/30/18
purchase of a call or put option, the premium paid by the Fund is included
on 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 call and put
options which have expired are treated as realized losses on investments on
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 market value of
contracts open during the six months ended April 30, 2018 was $18,049. Open
purchased options at April 30, 2018 are listed in the Fund's Schedule of
Investments.
L. Option Writing
The Fund may write put and covered call options to seek to increase total
return. When an option is written, the Fund receives a premium and becomes
obligated to purchase or sell the underlying security at a fixed price,
upon the exercise of the option. When the Fund writes an option, an amount
equal to the premium received by the Fund is recorded as a "Written options
outstanding" on the Statement of Assets and Liabilities and is subsequently
adjusted to the current value of the option written. Premiums received from
writing options that expire unexercised are treated by the Fund on the
expiration date as realized gains from investments. The difference between
the premium and the amount paid on effecting a closing purchase
transaction, including brokerage commissions, is also treated as a realized
gain on the Statement of Operations, or, if the premium is less than the
amount paid for the closing purchase transaction, as a realized loss on the
Statement of Operations. If a call option is exercised, the premium is
added to the proceeds from the sale of the underlying security in
determining whether the Fund has realized a gain or loss. The Fund as
writer of an option bears the market risk of an unfavorable change in the
price of the security underlying the written option. The average market
value of contracts open during the six months ended April 30, 2018 was
$5,892. Open written options at April 30, 2018 are listed in the Fund's
Schedule of Investments.
Pioneer Global High Yield Fund | Semiannual Report | 4/30/18 61
2. Management Agreement
The Adviser manages the Fund's portfolio. Management fees are calculated daily
at the annual rate of 0.70% of the Fund's average daily net assets up to $500
million; 0.65% of the next $500 million; 0.60% of the next $500 million; 0.55%
of the next $500 million; and 0.45% on assets over $2 billion. For the six
months ended April 30, 2018, the effective management fee (excluding waivers
and/or assumption of expenses) was equivalent to 0.69% (annualized) 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
$50,702 in management fees, administrative costs and certain other
reimbursements payable to the Adviser at April 30, 2018.
3. Transfer Agent
DST Asset Manager Solutions, Inc. 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 shareowner communications activities
such as proxy and statement mailings, outgoing phone calls. For the six months
ended April 30, 2018, such out-of-pocket expenses by class of shares were as
follows:
--------------------------------------------------------------------------------
Shareowner Communications
--------------------------------------------------------------------------------
Class A $14,028
Class C 6,035
Class Y 6,923
--------------------------------------------------------------------------------
Total $26,986
================================================================================
4. Distribution and Service Plans
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 the Distributor 0.25% of the average
daily net assets attributable to Class A shares as compensation for
62 Pioneer Global High Yield Fund | Semiannual Report | 4/30/18
personal services and/or account maintenance services or distribution
services with regard to Class A shares. Pursuant to the Plan, the Fund also
pays the Distributor 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 $22,255 in distribution fees payable to the Distributor at
April 30, 2018.
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 the Distributor. For the six months ended April 30, 2018, CDSCs in
the amount of $1,173 were paid to the Distributor.
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 Fund
participates in a credit facility that is in the amount of $195 million. Under
such credit 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, 2018, the Fund had no
borrowings under the credit facility.
Pioneer Global High Yield Fund | Semiannual Report | 4/30/18 63
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 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 on the Statement of Assets and Liabilities as "Swaps
collateral" and/or "Futures collateral". Securities pledged by the Fund as
collateral, if any, are identified as such in the Schedule of Investments.
64 Pioneer Global High Yield Fund | Semiannual Report | 4/30/18
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, 2018.
--------------------------------------------------------------------------------------------------------
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)
--------------------------------------------------------------------------------------------------------
Goldman Sachs
International $200,220 $(16,089) $ -- $ -- $184,131
--------------------------------------------------------------------------------------------------------
Total $200,220 $(16,089) $ -- $ -- $184,131
========================================================================================================
--------------------------------------------------------------------------------------------------------
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)
--------------------------------------------------------------------------------------------------------
Citibank NA $ 3,656 $ -- $ -- $ -- $3,656
Goldman Sachs
International 16,089 (16,089) -- -- --
JPMorgan Chase
Bank NA 18,688 -- -- (18,688) --
State Street
Bank and
Trust Co. 5,116 -- -- -- 5,116
--------------------------------------------------------------------------------------------------------
Total $43,549 $(16,089) $ -- $(18,688) $8,772
========================================================================================================
(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.
7. Additional Disclosures about Derivative Instruments and Hedging Activities
The Fund's use of derivatives may enhance or mitigate the Fund's exposure 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 rate 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.
Pioneer Global High Yield Fund | Semiannual Report | 4/30/18 65
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,
2018 was as follows:
---------------------------------------------------------------------------------------
Foreign
Statement of Interest Credit Exchange Equity Commodity
Assets and Liabilities Rate Risk Risk Rate Risk Risk Risk
---------------------------------------------------------------------------------------
Assets
Swap contracts, at value $ -- $532,755 $ -- $ -- $ --
---------------------------------------------------------------------------------------
Total Value $ -- $532,755 $ -- $ -- $ --
=======================================================================================
Liabilities
Net unrealized depreciation
on forward foreign
currency contracts $ -- $ -- $19,316 $ -- $ --
Written options
outstanding -- -- 24,078 -- --
---------------------------------------------------------------------------------------
Total Value $ -- $ -- $43,394 $ -- $ --
=======================================================================================
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, 2018 was as follows:
---------------------------------------------------------------------------------------
Foreign
Statement Interest Credit Exchange Equity Commodity
of Operations Rate Risk Risk Rate Risk Risk Risk
---------------------------------------------------------------------------------------
Net realized gain (loss) on
Forward foreign
currency contracts $ -- $ -- $(467,423) $ -- $ --
Swap contracts -- 543,717 -- -- --
---------------------------------------------------------------------------------------
Total Value $ -- $ 543,717 $(467,423) $ -- $ --
=======================================================================================
Change in net unrealized
appreciation
(depreciation) on
Written options $ -- $ -- $ 15,320 $ -- $ --
Forward foreign
currency contracts -- -- (10,443) -- --
Swap contracts -- (377,707) -- -- --
---------------------------------------------------------------------------------------
Total Value $ -- $(377,707) $ 4,877 $ -- $ --
=======================================================================================
66 Pioneer Global High Yield Fund | Semiannual Report | 4/30/18
8. Unfunded Loan Commitments
The Fund may enter into unfunded loan commitments. Unfunded loan commitments may
be partially or wholly unfunded. During the contractual period, the Fund is
obliged to provide funding to the borrower upon demand. A fee is earned by the
Fund on the unfunded commitment and is recorded as interest income on the
Statement of Operations.
As of April 30, 2018, the Fund had the following unfunded loan commitments
outstanding:
----------------------------------------------------------------------------------------
Unrealized
Appreciation/
Loan Principal Cost Value (Depreciation)
----------------------------------------------------------------------------------------
Centene Corporation,
Bridge Loan $4,490,000 $4,490,000 $4,490,000 $ --
Nationstar Mortgage
Holdings Inc.,
Bridge Loan 1,150,910 1,150,910 1,150,910 --
Nationstar Mortgage
Holdings Inc.,
Tranche A,
Bridge Loan 1,534,545 1,534,545 1,534,545 --
Nationstar Mortgage
Holdings Inc.,
Tranche B,
Bridge Loan 1,534,545 1,534,545 1,534,545
----------------------------------------------------------------------------------------
Total $8,710,000 $8,710,000 $8,710,000 $ --
========================================================================================
Pioneer Global High Yield Fund | Semiannual Report | 4/30/18 67
Additional Information
Change in Independent Registered Public Accounting Firm
Prior to July 3, 2017 Pioneer Investment Management, Inc. (the "Adviser"), the
Fund's investment adviser, was an indirect, wholly owned subsidiary of UniCredit
S.p.A. ("UniCredit"). On that date, UniCredit completed the sale of its Pioneer
Investments business, which includes the Adviser, to Amundi (the "Transaction").
As a result of the Transaction, the Adviser became an indirect, wholly owned
subsidiary of Amundi. Amundi is controlled by Credit Agricole S.A. Amundi is
headquartered in Paris, France, and, as of September 30, 2016, had more than
$1.1 trillion in assets under management worldwide. Deloitte & Touche LLP
("D&T"), the Fund's previous independent registered public accounting firm,
informed the Audit Committee and the Board that it would no longer be
independent with respect to the Fund upon the completion of the Transaction as a
result of certain services being provided to Amundi and Credit Agricole, and,
accordingly, that it intended to resign as the Fund's independent registered
public accounting firm upon the completion of the Transaction. D&T's resignation
was effective on July 3, 2017, when the Transaction was completed.
During the periods as to which D&T has served as the Fund's independent
registered public accounting firm, including the Fund's two most recent fiscal
years, D&T'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 D&T on any matter of accounting principles or
practices, financial statement disclosure, or auditing scope or procedure,
which, if not resolved to the satisfaction of D&T, would have caused D&T 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.
Effective immediately following the completion of the Transaction on July 3,
2017, the Board, acting upon the recommendation of the Audit Committee, engaged
a new independent registered public accounting firm, Ernst & Young LLP ("EY"),
for the Fund's fiscal year ended October 31, 2017.
Prior to its engagement, EY had advised the Fund's Audit Committee that EY had
identified the following matters, in each case relating to services rendered by
other member firms of Ernst & Young Global Limited, all of which are located
outside the United States, to UniCredit and certain of its subsidiaries during
the period commencing July 1, 2016, that it determined to be inconsistent with
the auditor independence rules set forth by the Securities and Exchange
Commission ("SEC"): (a) project management support services
68 Pioneer Global High Yield Fund | Semiannual Report | 4/30/18
to UniCredit in the Czech Republic, Germany, Italy, Serbia and Slovenia in
relation to twenty-two projects, that were determined to be inconsistent with
Rule 2-01(c)(4)(vi) of Regulation S-X (management functions); (b) two
engagements for UniCredit in Italy where fees were contingent/success based and
that were determined to be inconsistent with Rule 2-01(c)(5) of Regulation S-X
(contingent fees); (c) four engagements where legal and expert services were
provided to UniCredit in the Czech Republic and Germany, and twenty engagements
where the legal advisory services were provided to UniCredit in Austria, Czech
Republic, Italy and Poland, that were determined to be inconsistent with Rule
2-01(c)(4)(ix) and (x) of Regulation S-X (legal and expert services); and (d)
two engagements for UniCredit in Italy involving assistance in the sale of
certain assets, that were determined to be inconsistent with Rule
2-01(c)(4)(viii) of Regulation S-X (broker-dealer, investment adviser or
investment banking services). None of the foregoing services involved the Fund,
any of the other Funds in the Pioneer Family of Funds or any other Pioneer
entity sold by UniCredit in the Transaction.
EY advised the Audit Committee that it had considered the matters described
above and had concluded that such matters would not impair EY's ability to
exercise objective and impartial judgment in connection with the audits of the
financial statements of the Fund under the SEC and Public Company Accounting
Oversight Board independence rules, and that a reasonable investor with
knowledge of all relevant facts and circumstances would reach the same
conclusion. Management and the Audit Committee considered these matters and
discussed the matters with EY and, based upon EY's description of the matters
and statements made by EY, Management and the Audit Committee believe that EY
will be capable of exercising objective and impartial judgment in connection
with the audits of the financial statements of the Fund, and Management further
believes that a reasonable investor with knowledge of all relevant facts and
circumstances would reach the same conclusion.
Pioneer Global High Yield Fund | Semiannual Report | 4/30/18 69
Trustees, Officers and Service Providers
Trustees Officers
Thomas J. Perna, Chairman Lisa M. Jones, President and
David R. Bock Chief Executive Officer
Benjamin M. Friedman Mark E. Bradley, Treasurer and
Margaret B.W. Graham Chief Financial Officer
Lisa M. Jones Christopher J. Kelley, Secretary and
Lorraine H. Monchak Chief Legal Officer
Marguerite A. Piret
Fred J. Ricciardi
Kenneth J. Taubes
Investment Adviser and Administrator
Amundi Pioneer Asset Management, Inc.
Custodian and Sub-Administrator
Brown Brothers Harriman & Co.
Principal Underwriter
Amundi Pioneer Distributor, Inc.
Legal Counsel
Morgan, Lewis & Bockius LLP
Shareowner Services and Transfer Agent
DST Asset Manager Solutions, 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 www.amundipioneer.com. This information is also available on the Securities
and Exchange Commission's web site at www.sec.gov.
70 Pioneer Global High Yield Fund | Semiannual Report | 4/30/18
This page is for your notes.
Pioneer Global High Yield Fund | Semiannual Report | 4/30/18 71
This page is for your notes.
72 Pioneer Global High Yield Fund | Semiannual Report | 4/30/18
This page is for your notes.
Pioneer Global High Yield Fund | Semiannual Report | 4/30/18 73
This page is for your notes.
74 Pioneer Global High Yield Fund | Semiannual Report | 4/30/18
This page is for your notes.
Pioneer Global High Yield Fund | Semiannual Report | 4/30/18 75
This page is for your notes.
76 Pioneer Global High Yield Fund | Semiannual Report | 4/30/18
How to Contact Amundi 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:
--------------------------------------------------------------------------------
Amundi Pioneer
P.O. Box 55014
Boston, Massachusetts 02205-5014
Our toll-free fax 1-800-225-4240
Our internet e-mail address us.askamundipioneer@amundipioneer.com
(for general questions about Amundi Pioneer only)
Visit our web site: www.amundipioneer.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] Amundi Pioneer
==============
ASSET MANAGEMENT
Amundi Pioneer Asset Management, Inc.
60 State Street
Boston, MA 02109
www.amundipioneer.com
Securities offered through Amundi Pioneer Distributor, Inc.
60 State Street, Boston, MA 02109
Underwriter of Pioneer Mutual Funds, Member SIPC
(C) 2018 Amundi Pioneer Asset Management 19382-12-0618
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 Amudi Pioneer Asset Management, Inc, 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.
The Fund's audit committee of the Board of Trustees
has considered whether the provision of non-audit
services that were rendered to the Affiliates (as
defined) that were not pre- approved pursuant to
paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is
compatible with maintaining the principal accountant's
independence.
ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS
(a) If the registrant is a listed issuer as defined in Rule 10A-3
under the Exchange Act (17 CFR 240.10A-3), state whether
or not the registrant has a separately-designated standing
audit committee established in accordance with Section
3(a)(58)(A) of the Exchange Act (15 U.S.C. 78c(a)(58)(A)).
If the registrant has such a committee, however designated,
identify each committee member. If the entire board of directors
is acting as the 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. Disclosure of Securities Lending Activities for Closed-End
Management Investment Companies.
(a) If the registrant is a closed-end management investment company,
provide the following dollar amounts of income and compensation related
to the securities lending activities of the registrant during its most
recent fiscal year:
N/A
(1) Gross income from securities lending activities;
N/A
(2) All fees and/or compensation for each of the following securities
lending activities and related services: any share of revenue generated
by the securities lending program paid to the securities lending agent(s)
(revenue split); fees paid for cash collateral management services
(including fees deducted from a pooled cash collateral reinvestment
vehicle) that are not included in the revenue split; administrative
fees that are not included in the revenue split; fees for
indemnification that are not included in the revenue split; rebates
paid to borrowers; and any other fees relating to the securities lending
program that are not included in the revenue split, including a description
of those other fees;
N/A
(3) The aggregate fees/compensation disclosed pursuant to paragraph (2); and
N/A
(4) Net income from securities lending activities (i.e., the dollar amount in
paragraph (1) minus the dollar amount in paragraph (3)).
If a fee for a service is included in the revenue split, state that the fee
is included in the revenue split.
N/A
(b) If the registrant is a closed-end management investment company, describe
the services provided to the registrant by the securities lending agent in
the registrants most recent fiscal year.
N/A
ITEM 13. 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 28, 2018
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 28, 2018
By (Signature and Title)* /s/ Mark E. Bradley
Mark E. Bradley, Treasurer & Chief Accounting & Financial Officer
Date June 28, 2018
* Print the name and title of each signing officer under his or her signature.