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, 2018 through April 30, 2019
Form N-CSR is to be used by management investment companies to file reports with
the Commission not later than 10 days after the transmission to stockholders of
any report that is required to be transmitted to stockholders under Rule 30e-1
under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may
use the information provided on Form N-CSR in its regulatory, disclosure review,
inspection, and policymaking roles.
A registrant is required to disclose the information specified by Form N-CSR,
and the Commission will make this information public. A registrant is not
required to respond to the collection of information contained in Form N-CSR
unless the Form displays a currently valid Office of Management and Budget
("OMB") control number. Please direct comments concerning the accuracy of the
information collection burden estimate and any suggestions for reducing the
burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW,
Washington, DC 20549-0609. The OMB has reviewed this collection of information
under the clearance requirements of 44 U.S.C. ss. 3507.
ITEM 1. REPORTS TO STOCKHOLDERS.
Pioneer Global High
Yield Fund
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Semiannual Report | April 30, 2019
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Ticker Symbols:
Class A PGHYX
Class C PGYCX
Class Y GHYYX
Beginning in April 2021, as permitted by regulations adopted by the Securities
and Exchange Commission, paper copies of the Fund's shareholder reports like
this one will no longer be sent by mail, unless you specifically request paper
copies of the reports from the Fund or from your financial intermediary, such
as a broker-dealer, bank or insurance company. Instead, the reports will be
made available on the Fund's website, and you will be notified by mail each
time a report is posted and provided with a website link to access the report.
If you already elected to receive shareholder reports electronically, you will
not be affected by this change and you need not take any action. You may elect
to receive shareholder reports and other communications electronically by
contacting your financial intermediary or, if you invest directly with the
Fund, by calling 1-800-225-6292.
You may elect to receive all future reports in paper free of charge. If you
invest directly with the Fund, you can inform the Fund that you wish to
continue receiving paper copies of your shareholder reports by calling
1-800-225-6292. If you invest through a financial intermediary, you can contact
your financial intermediary to request that you continue to receive paper
copies of your shareholder reports. Your election to receive reports in paper
will apply to all funds held in your account if you invest through your
financial intermediary or all funds held within the Pioneer Fund complex if you
invest directly.
[LOGO] Amundi Pioneer
==============
ASSET MANAGEMENT
visit us: www.amundipioneer.com/us
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 39
Notes to Financial Statements 46
Trustees, Officers and Service Providers 63
Pioneer Global High Yield Fund | Semiannual Report | 4/30/19 1
President's Letter
Since 1928, active portfolio management based on in-depth, fundamental
research, has been the foundation of Amundi Pioneer's investment approach. We
believe an active management investment strategy is a prudent approach to
investing, especially during periods of market volatility, which can result
from any number of risk factors, including slow U.S. economic growth, rising
interest rates, and geopolitical factors. Of course, in today's global economy,
risk factors extend well beyond U.S. borders. In fact, it's not unusual for
political and economic issues on the international front to cause or contribute
to volatility in U.S. markets.
At Amundi Pioneer, each security under consideration is researched by our team
of experienced investment professionals, who visit companies and meet with
their management teams. At the end of this research process, if we have
conviction in a company's business model and management team, and regard the
security as a potentially solid investment opportunity, an Amundi Pioneer
portfolio manager makes an active decision to invest in that security. The
portfolio resulting from these decisions represents an expression of his or her
convictions, and strives to balance overall risk and return opportunity.
As an example, the Standard & Poor's 500 Index -- the predominant benchmark for
many U.S. Large-Cap Core Equity funds -- has 500 stocks. An Amundi Pioneer
portfolio manager chooses to invest in only those companies that he or she
believes can offer the most attractive opportunities to pursue the fund's
investment objective, thus potentially benefiting the fund's shareowners. This
process results in a portfolio that does not own all 500 stocks, but a much
narrower universe.
The same active decision to invest in a company is also applied when we decide
to sell a security, either due to changing fundamentals, valuation concerns, or
market risks. We apply this active decision-making across all of our equity,
fixed-income, and global portfolios.
Today, as investors, we have many options. It is our view that active
management can serve shareholders well not only when markets are thriving, but
also during periods of market volatility and uncertainty, thus making it a
compelling investment choice. As you consider the many choices today, 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.
2 Pioneer Global High Yield Fund | Semiannual Report | 4/30/19
We greatly appreciate the trust you have placed in us and look forward to
continuing to serve you in the future.
Sincerely,
/s/ Lisa M. Jones
Lisa M. Jones
Head of the Americas, President and CEO of U.S.
Amundi Pioneer Asset Management USA, Inc.
April 30, 2019
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 | 4/30/19 3
Portfolio Management Discussion | 4/30/19
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, 2019. Mr. Feltus, Managing Director, Co-Director of High Yield,
and a portfolio manager at Amundi Pioneer Asset Management, Inc. (Amundi
Pioneer) is the 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, 2019?
A Pioneer Global High Yield Fund's Class A shares returned 4.11% at net
asset value during the six-month period ended April 30, 2019, 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 5.41% and 5.55%, respectively. During
the same period, the average return of the 717 mutual funds in
Morningstar's High Yield Bond Funds category was 4.69%.
Q Could you please describe the market environment for global high-yield
investors during the six-month period ended April 30, 2019?
A Late 2018 saw investor sentiment for riskier assets weaken due to a range
of concerns, including U.S.-China trade tensions, softening economic
growth overseas, Italy's budget crisis, and political uncertainty. In
mid-December, the U.S. Federal Reserve (the Fed) met expectations and
raised its short- term rate target rate to the 2.25% to 2.50% range, its
fourth rate hike in calendar year 2018, while also noting the potential
for additional rate increases in 2019. In combination with signs of
slowing global economic growth and yet another setback in the "Brexit"
negotiations in the United Kingdom, fears that the Fed would overshoot on
interest rates led to a spike in volatility in the market for risk assets.
December 2018 saw the 10-year U.S. Treasury yield decline from 3.01% to
2.69%, as investors sought a safe haven from the market turmoil.
Energy-related issues declined sharply as crude oil prices plunged over
the fourth quarter, mainly due to concerns about a weaker demand outlook
and higher-than-expected supply driven in part by a loosening of U.S.
sanctions on Iran.
Risk-oriented assets rebounded sharply in January of 2019, however, as the
Fed pivoted on monetary policy and took on a less aggressive tone,
announcing an early end to its balance-sheet reduction program while also
4 Pioneer Global High Yield Fund | Semiannual Report | 4/30/19
indicating it would become more "data dependent" with regard to interest
rates, thus putting further increases on hold, at least temporarily. In
addition to the Fed's policy actions, weak economic data out of the euro
zone and China led to renewed monetary accommodations from both the
European Central Bank and the People's Bank of China. Modest progress on
trade matters, a firming in oil prices, and positive corporate earnings
reports also helped boost credit-market sentiment during the first quarter
of 2019. While the overall pace of gains moderated and there was some
interim market volatility over the final weeks of the period,
credit-sensitive assets continued to outperform interest-rate-sensitive
issues through the end of April.
Q What were the principal factors that affected the Fund's benchmark-
relative performance over the six-month period ended April 30, 2019?
A Within the U.S., high-yield corporate bond market, a portfolio overweight
to energy-related companies detracted from the Fund's benchmark-relative
returns, as energy issues struggled in the wake of late-2018's sharp
decline in crude oil prices. We have since moved the Fund closer to a
neutral weight in energy, given the volatility we have seen in that market
segment. Another detractor from the Fund's benchmark-relative performance
during the period was the portfolio's allocation to credit-default-swap
index securities. As part of our efforts to maintain an appropriate level
of portfolio liquidity, we utilized the swap indices to achieve a portion
of the Fund's U.S. high- yield exposure. In an environment that featured
declining Treasury yields over the six-month period, those instruments
acted as a modest drag on the Fund's relative returns due to their lack of
duration and corresponding interest-rate sensitivity. (Duration is a
measure of the sensitivity of the price, or the value of principal, of a
fixed-income investment to a change in interest rates, expressed as a
number of years.)
Modest out-of-benchmark positions in leveraged bank loans and insurance-
linked securities (ILS), the latter of which are sponsored by insurance
companies to help mitigate the risk of having to pay claims in the wake of
natural disasters, also detracted from the Fund's benchmark-relative
performance over the period. Despite the setback, we still like both bank
loans and ILS due to their potential to help mitigate the impact of any
rise in interest rates, as well as their relative lack of correlation with
traditional fixed-income instruments.
Positive contributors to the Fund's relative results during the period
included a modest underweight to the emerging markets and an underweight
to Europe. The portfolio's underweight to the emerging
Pioneer Global High Yield Fund | Semiannual Report | 4/30/19 5
markets -- where we have favored corporates over sovereign issues in order
to help manage exposure to idiosyncratic risk -- aided the Fund's
benchmark-relative performance, with contributions highlighted by a
position in Russian aluminum producer RUSAL, which saw its bond price
rebound as implementation of U.S. sanctions was cancelled in December of
2018. That positive was offset in part by the Fund's position in Nostrum
Oil & Gas, as the energy producer reported poor results over successive
quarters.
The Fund's underweight to Europe helped relative performance as a
weakening euro versus the U.S. dollar (USD) weighed on the region's
returns. Meanwhile, European high-yield bonds underperformed U.S. high
yield due to low coupons, slowing economic growth, and a volatile
political situation. In addition, our hedging of the Fund's exposure to
issues denominated in the euro and British pound benefited
benchmark-relative results over the six-month period.
With regard to individual portfolio holdings of U.S. high-yield
securities, the biggest detractors from the Fund's benchmark-relative
results for the period were primarily energy issuers. In particular, the
debt of Sanchez Energy hurt relative performance as the company reported a
series of poor quarterly results, which led to concerns about whether the
driller would have enough cash to complete its planned projects. We
trimmed the Fund's position during the period. Individual positions that
contributed positively to the Fund's benchmark-relative performance during
the period included the debt of Cardtronic and the convertible bonds of
Insmed. Cash management and ATM services company Cardtronic posted strong
results during the period, while biopharmaceutical firm Insmed saw rapid
uptake of its new treatment for a rare lung disease.
Q Did the Fund have any investments in derivative securities during the
six-month period ended April 30, 2019, and did the derivative positions
have an effect on benchmark-relative performance?
A Yes, as noted earlier, we invested in some credit-default-swap indices in
an attempt 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 experienced positive returns overall, but detracted slightly
from the Fund's relative returns. We also used forward foreign currency
contracts (currency forwards) and options on currencies to manage currency
risk in the portfolio. Both the currency forwards and the currency options
were small positive contributors to the Fund's relative returns, with the
forwards benefiting from the fact that the euro declined relative to the
USD over the six-month period.
6 Pioneer Global High Yield Fund | Semiannual Report | 4/30/19
Q Did the Fund's distributions* to shareholders change during the six-month
period ended April 30, 2019?
A The Fund's distributions remained relatively stable during the six months,
despite volatility in both Treasury yields and credit spreads. (Credit
spreads are commonly defined as the differences in yield between
Treasuries and other types of fixed-income securities with similar
maturities.)
Q What is your investment outlook?
A In our view, credit fundamentals remain largely supportive for the high-
yield market. The outlook for U.S. economic growth and corporate earnings
remains positive. Unemployment is low, wages have been trending modestly
higher, and consumer balance sheets are sound in aggregate. While economic
growth in 2019 is expected to be in the modest 2% to 2.5% range, we
believe that rate should be sufficient to maintain current fundamentals.
Risks to the outlook include slowing economic growth overseas, as the
economies of both China and Europe disappointed in 2018, leading to
central-bank easing that could help conditions going forward. In addition,
while the U.S.-China trade dispute does not appear to have weighed heavily
on the global economy to date, any adverse development on that front would
not be supportive of risk-market sentiment. The run-up to the 2020 U.S.
presidential election also has the potential to blur the outlook.
From a technical perspective, high-yield issuance has shown restraint with
respect to lower-rated deals in the CCC quality range as well as deals
designed to finance large leveraged buyouts or special
shareholder-friendly corporate actions.
In broad terms, the Fund is overweight to the U.S. market, while we've
maintained a conservative stance within high-yield corporates and moderate
exposure to bank loans and ILS. We view high-yield valuations in Europe as
somewhat inexpensive, but have kept an essentially neutral Fund
positioning with respect to our long-term target for the region, given
currency risk.
Relative to the benchmark Bloomberg Barclays Global High Yield Index, the
Fund is underweight in Europe, and we are underweighting the portfolio in
the emerging markets, with a focus on corporates that are less
interest-rate sensitive compared with sovereign issues.
* Distributions are not guaranteed.
Pioneer Global High Yield Fund | Semiannual Report | 4/30/19 7
Please refer to the Schedule of Investments on pages 16-38 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 held by the
Fund will generally fall. Conversely, when interest rates fall, the prices of
fixed-income securities held by 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 | 4/30/19
Portfolio Summary | 4/30/19
Portfolio Diversification
--------------------------------------------------------------------------------
(As a percentage of total investments)*
[THE FOLLOWING DATA WAS REPRESENTED AS A PIE CHART IN THE PRINTED MATERIAL]
Corporate Bonds 76.5%
Foreign Government Bonds 7.3%
Insurance-Linked Securities 4.5%
Senior Secured Floating Rate Loan Interests 3.2%
U.S. Government and Agency Obligations 3.1%
Convertible Corporate Bonds 1.8%
Collateralized Mortgage Obligations 1.6%
Convertible Preferred Stocks 0.8%
Common Stocks 0.7%
Supranational Bonds 0.2%
Over The Counter (OTC) Currency Put Options Purchased 0.2%
Asset Backed Securities 0.1%
Rights/Warrants 0.0%+
Over The Counter (OTC) Call Options Purchased 0.0%+
+ Amount rounds to less than 0.1%.
Geographical Distribution
--------------------------------------------------------------------------------
(As a percentage of total investments based on country of domicile)*
[THE FOLLOWING DATA WAS REPRESENTED AS A PIE CHART IN THE PRINTED MATERIAL]
United States 50.3%
Luxembourg 7.0%
Bermuda 4.3%
Netherlands 3.9%
Argentina 3.7%
Mexico 2.8%
France 2.6%
United Kingdom 2.3%
Canada 2.3%
Ireland 2.0%
Cayman Islands 1.9%
Turkey 1.7%
Egypt 1.5%
Brazil 1.2%
Uruguay 1.1%
Other (individually less than 1%) 11.4%
10 Largest Holdings
--------------------------------------------------------------------------------
(As a percentage of total investments)*
1. U.S. Treasury Bills, 5/21/19 3.06%
--------------------------------------------------------------------------------------------
2. Minerva Luxembourg SA, 5.875%, 1/19/28 (144A) 1.32
--------------------------------------------------------------------------------------------
3. Nationstar Mortgage LLC/Nationstar Capital Corp., 6.5%, 6/1/22 1.06
--------------------------------------------------------------------------------------------
4. Sprint Corp., 7.25%, 9/15/21 1.05
--------------------------------------------------------------------------------------------
5. Bausch Health Cos., Inc., 4.5%, 5/15/23 1.05
--------------------------------------------------------------------------------------------
6. YPF SA, 6.95%, 7/21/27 (144A) 1.02
--------------------------------------------------------------------------------------------
7. Platin 1426 GmbH, 5.375%, 6/15/23 (144A) 0.88
--------------------------------------------------------------------------------------------
8. eDreams ODIGEO SA, 5.5%, 9/1/23 (144A) 0.85
--------------------------------------------------------------------------------------------
9. Frontier Communications Corp., 8.75%, 4/15/22 0.83
--------------------------------------------------------------------------------------------
10. Hidrovias International Finance S.a.r.l., 5.95%, 1/24/25 (144A) 0.82
--------------------------------------------------------------------------------------------
* 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 securities.
Pioneer Global High Yield Fund | Semiannual Report | 4/30/19 9
Prices and Distributions | 4/30/19
Net Asset Value per Share
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--------------------------------------------------------------------------------
Class 4/30/19 10/31/18
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A $8.62 $8.51
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C $8.60 $8.49
--------------------------------------------------------------------------------
Y $8.47 $8.36
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Distributions per Share: 11/1/18-4/30/19
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--------------------------------------------------------------------------------
Net Investment Short-Term Long-Term Tax Return
Class Income Capital Gains Capital Gains of Capital
--------------------------------------------------------------------------------
A $0.2320 $ -- $ -- $ --
--------------------------------------------------------------------------------
C $0.1975 $ -- $ -- $ --
--------------------------------------------------------------------------------
Y $0.2373 $ -- $ -- $ --
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Index Definitions
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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 | 4/30/19
Performance Update | 4/30/19 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 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, 2019)
------------------------------------------------------
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 9.32% 8.81% 10.07% 10.19%
5 years 2.41 1.47 3.96 4.84
1 year 2.18 -2.42 3.48 6.71
------------------------------------------------------
Expense Ratio
(Per prospectus dated March 1, 2019)
------------------------------------------------------
Gross
------------------------------------------------------
1.17%
------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $10,000 Investment
Pioneer Global Bloomberg Barclays ICE BofA
High Yield Global High ML U.S. High
Fund Yield Index Yield Index
4/09 $ 9,550 $10,000 $10,000
4/10 $15,447 $14,498 $14,420
4/11 $17,806 $16,680 $16,350
4/12 $17,556 $17,422 $17,186
4/13 $19,826 $20,013 $19,599
4/14 $20,666 $21,496 $20,833
4/15 $20,288 $21,322 $21,368
4/16 $19,404 $21,657 $21,082
4/17 $21,735 $24,120 $23,962
4/18 $22,778 $25,229 $24,732
4/19 $23,274 $26,107 $26,391
Call 1-800-225-6292 or visit www.amundipioneer.com/us 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. POP
returns reflect deduction of maximum 4.50% sales charge. NAV returns would have
been lower had sales charge 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.
Pioneer Global High Yield Fund | Semiannual Report | 4/30/19 11
Performance Update | 4/30/19 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, 2019)
------------------------------------------------------
BBG ICE
Barclays BofA
Global ML U.S.
High High
If If Yield Yield
Period Held Redeemed Index Index
------------------------------------------------------
10 years 8.55% 8.55% 10.07% 10.19%
5 years 1.69 1.69 3.96 4.84
1 year 1.40 1.40 3.48 6.71
------------------------------------------------------
Expense Ratio
(Per prospectus dated March 1, 2019)
------------------------------------------------------
Gross
------------------------------------------------------
1.90%
------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $10,000 Investment
Pioneer Global Bloomberg Barclays ICE BofA
High Yield Global High ML U.S. High
Fund Yield Index Yield Index
4/09 $10,000 $10,000 $10,000
4/10 $16,076 $14,498 $14,420
4/11 $18,407 $16,680 $16,350
4/12 $18,055 $17,422 $17,186
4/13 $20,237 $20,013 $19,599
4/14 $20,894 $21,496 $20,833
4/15 $20,384 $21,322 $21,368
4/16 $19,333 $21,657 $21,082
4/17 $21,509 $24,120 $23,962
4/18 $22,407 $25,229 $24,732
4/19 $22,721 $26,107 $26,391
Call 1-800-225-6292 or visit www.amundipioneer.com/us 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. NAV 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 | 4/30/19
Performance Update | 4/30/19 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, 2019)
------------------------------------------------------
BBG ICE
Barclays BofA
Net Global ML U.S.
Asset High High
Value Yield Yield
Period (NAV) Index Index
------------------------------------------------------
10 years 9.58% 10.07% 10.19%
5 years 2.68 3.96 4.84
1 year 2.50 3.48 6.71
------------------------------------------------------
Expense Ratio
(Per prospectus dated March 1, 2019)
------------------------------------------------------
Gross
------------------------------------------------------
0.92%
------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $5 Million Investment
Pioneer Global Bloomberg Barclays ICE BofA
High Yield Global High ML U.S. High
Fund Yield Index Yield Index
4/09 $ 5,000,000 $ 5,000,000 $ 5,000,000
4/10 $ 8,100,039 $ 7,249,008 $ 7,210,199
4/11 $ 9,348,992 $ 8,340,098 $ 8,174,832
4/12 $ 9,253,519 $ 8,710,821 $ 8,593,176
4/13 $10,481,055 $10,006,453 $ 9,799,632
4/14 $10,935,660 $10,748,070 $10,416,630
4/15 $10,764,016 $10,661,235 $10,683,940
4/16 $10,307,764 $10,828,473 $10,541,165
4/17 $11,588,663 $12,060,094 $11,980,943
4/18 $12,177,649 $12,614,370 $12,366,040
4/19 $12,481,687 $13,053,394 $13,195,510
Call 1-800-225-6292 or visit www.amundipioneer.com/us 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 | 4/30/19 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, 2018, through April 30, 2019.
----------------------------------------------------------------------------------------
Share Class A C Y
----------------------------------------------------------------------------------------
Beginning Account $1,000.00 $1,000.00 $1,000.00
Value on 11/1/18
----------------------------------------------------------------------------------------
Ending Account Value (after expenses) $1,041.10 $1,037.00 $1,042.50
on 4/30/19
----------------------------------------------------------------------------------------
Expenses Paid During Period* $ 6.22 $ 9.90 $ 4.71
----------------------------------------------------------------------------------------
* Expenses are equal to the Fund's annualized net expense ratio of 1.23%,
1.96% and 0.93% 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 | 4/30/19
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, 2018, through April 30, 2019.
----------------------------------------------------------------------------------------
Share Class A C Y
----------------------------------------------------------------------------------------
Beginning Account $1,000.00 $1,000.00 $1,000.00
Value on 11/1/18
----------------------------------------------------------------------------------------
Ending Account Value (after expenses) $1,018.70 $1,015.08 $1,020.18
on 4/30/19
----------------------------------------------------------------------------------------
Expenses Paid During Period* $ 6.16 $ 9.79 $ 4.66
----------------------------------------------------------------------------------------
* Expenses are equal to the Fund's annualized net expense ratio of 1.23%,
1.96% and 0.93% 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 | 4/30/19 15
Schedule of Investments | 4/30/19 (unaudited)
-------------------------------------------------------------------------------------------------------------------------
Shares Value
-------------------------------------------------------------------------------------------------------------------------
UNAFFILIATED ISSUERS -- 97.1%
COMMON STOCKS -- 0.6% of Net Assets
Construction & Engineering -- 0.0%+
6,013,974(a) Abengoa SA, Class B $ 90,427
------------
Total Construction & Engineering $ 90,427
-------------------------------------------------------------------------------------------------------------------------
Household Durables -- 0.0%+
1,443,476(a) Desarrolladora Homex SAB de CV $ 9,449
------------
Total Household Durables $ 9,449
-------------------------------------------------------------------------------------------------------------------------
Oil, Gas & Consumable Fuels -- 0.6%
5,735,146^(a) Ascent CNR Corp. $ 1,290,408
74,262 Frontera Energy Corp. 656,053
------------
Total Oil, Gas & Consumable Fuels $ 1,946,461
-------------------------------------------------------------------------------------------------------------------------
Paper & Forest Products -- 0.0%+
459,481 Emerald Plantation Holdings, Ltd. $ 27,569
------------
Total Paper & Forest Products $ 27,569
-------------------------------------------------------------------------------------------------------------------------
TOTAL COMMON STOCKS
(Cost $11,902,006) $ 2,073,906
-------------------------------------------------------------------------------------------------------------------------
CONVERTIBLE PREFERRED STOCKS --
0.8% of Net Assets
Banks -- 0.8%
979(b) Bank of America Corp., 7.25% $ 1,292,779
1,033(b) Wells Fargo & Co., 7.5% 1,350,586
------------
Total Banks $ 2,643,365
-------------------------------------------------------------------------------------------------------------------------
TOTAL CONVERTIBLE PREFERRED STOCKS
(Cost $2,489,585) $ 2,643,365
-------------------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------------------
Principal
Amount USD ($)
-------------------------------------------------------------------------------------------------------------------------
ASSET BACKED SECURITY -- 0.1% of Net Assets
450,000 InSite Issuer LLC, Series 2016-1A, Class C, 6.414%,
11/15/46 (144A) $ 458,316
-------------------------------------------------------------------------------------------------------------------------
TOTAL ASSET BACKED SECURITY
(Cost $450,000) $ 458,316
-------------------------------------------------------------------------------------------------------------------------
COLLATERALIZED MORTGAGE OBLIGATIONS --
1.5% of Net Assets
630,000(c) BAMLL Commercial Mortgage Securities Trust, Series
2016-FR14, Class C, 1.347%, 2/27/48 (144A) $ 563,850
801,628(c) Banc of America Commercial Mortgage Trust, Series 2007-4,
Class H, 5.86%, 2/10/51 (144A) 765,555
997,162(c) COBALT CMBS Commercial Mortgage Trust, Series 2007-C3,
Class B, 5.802%, 5/15/46 1,000,377
71,211(c) COBALT CMBS Commercial Mortgage Trust, Series 2007-C3,
Class C, 5.802%, 5/15/46 73,269
750,000(d) COMM Mortgage Trust, Series 2014-FL5, Class D, 3.87%
(1 Month USD LIBOR + 400 bps), 10/15/31 (144A) 741,475
The accompanying notes are an integral part of these financial statements.
16 Pioneer Global High Yield Fund | Semiannual Report | 4/30/19
-------------------------------------------------------------------------------------------------------------------------
Principal
Amount USD ($) Value
-------------------------------------------------------------------------------------------------------------------------
COLLATERALIZED MORTGAGE OBLIGATIONS (continued)
400,000(c) JP Morgan Chase Commercial Mortgage Securities Trust,
Series 2013-LC11, Class D, 4.307%, 4/15/46 $ 353,385
750,000(c) Morgan Stanley Bank of America Merrill Lynch Trust, Series
2014-C17, Class D, 4.859%, 8/15/47 (144A) 714,427
500,000(c) Ready Capital Mortgage Trust, Series 2019-5, Class E,
5.647%, 2/25/52 (144A) 410,297
425,000(c) Wells Fargo Commercial Mortgage Trust, Series 2014-LC18,
Class D, 3.957%, 12/15/47 (144A) 391,048
100,000(c) WFRBS Commercial Mortgage Trust, Series 2011-C4,
Class E, 5.397%, 6/15/44 (144A) 98,523
-------------------------------------------------------------------------------------------------------------------------
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS
(Cost $4,904,657) $ 5,112,206
-------------------------------------------------------------------------------------------------------------------------
CONVERTIBLE CORPORATE BONDS --
1.8% of Net Assets
Airlines -- 0.1%
520,000 GOL Equity Finance SA, 3.75%, 7/15/24 (144A) $ 454,876
------------
Total Airlines $ 454,876
-------------------------------------------------------------------------------------------------------------------------
Banks -- 0.0%+
IDR 11,178,198,000^ PT Bakrie & Brothers Tbk, 0.0%, 12/22/22 $ 78,443
------------
Total Banks $ 78,443
-------------------------------------------------------------------------------------------------------------------------
Biotechnology -- 0.7%
353,000 Alder Biopharmaceuticals, Inc., 2.5%, 2/1/25 $ 338,582
945,000 Insmed, Inc., 1.75%, 1/15/25 983,391
700,000 Medicines Co., 2.75%, 7/15/23 640,219
229,000 Medicines Co., 3.5%, 1/15/24 (144A) 328,150
------------
Total Biotechnology $ 2,290,342
-------------------------------------------------------------------------------------------------------------------------
Building Materials -- 0.3%
850,000 Cemex SAB de CV, 3.72%, 3/15/20 $ 845,705
------------
Total Building Materials $ 845,705
-------------------------------------------------------------------------------------------------------------------------
Healthcare-Products -- 0.2%
618,000 Wright Medical Group, Inc., 1.625%, 6/15/23 (144A) $ 671,241
------------
Total Healthcare-Products $ 671,241
-------------------------------------------------------------------------------------------------------------------------
Media -- 0.2%
798,000 DISH Network Corp., 2.375%, 3/15/24 $ 693,629
------------
Total Media $ 693,629
-------------------------------------------------------------------------------------------------------------------------
Transportation -- 0.3%
875,000 Golar LNG, Ltd., 2.75%, 2/15/22 $ 820,312
------------
Total Transportation $ 820,312
-------------------------------------------------------------------------------------------------------------------------
TOTAL CONVERTIBLE CORPORATE BONDS
(Cost $6,632,181) $ 5,854,548
----------------------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Global High Yield Fund | Semiannual Report | 4/30/19 17
Schedule of Investments | 4/30/19 (unaudited) (continued)
-------------------------------------------------------------------------------------------------------------------------
Principal
Amount USD ($) Value
-------------------------------------------------------------------------------------------------------------------------
CORPORATE BONDS -- 74.4% of Net Assets
Advertising -- 0.6%
2,340,000 MDC Partners, Inc., 6.5%, 5/1/24 (144A) $ 1,977,300
------------
Total Advertising $ 1,977,300
-------------------------------------------------------------------------------------------------------------------------
Aerospace & Defense -- 0.5%
685,000 Bombardier, Inc., 7.5%, 3/15/25 (144A) $ 687,569
1,037,000 Bombardier, Inc., 7.875%, 4/15/27 (144A) 1,043,481
------------
Total Aerospace & Defense $ 1,731,050
-------------------------------------------------------------------------------------------------------------------------
Airlines -- 1.0%
596,036 Guanay Finance, Ltd., 6.0%, 12/15/20 (144A) $ 602,741
1,210,000 Latam Finance, Ltd., 6.875%, 4/11/24 (144A) 1,245,683
1,385,000 Latam Finance, Ltd., 7.0%, 3/1/26 (144A) 1,417,894
------------
Total Airlines $ 3,266,318
-------------------------------------------------------------------------------------------------------------------------
Apparel -- 0.3%
EUR 1,025,000 Takko Luxembourg 2 SCA, 5.375%, 11/15/23 (144A) $ 957,502
------------
Total Apparel $ 957,502
-------------------------------------------------------------------------------------------------------------------------
Auto Manufacturers -- 0.3%
825,000 Ford Motor Credit Co. LLC, 5.584%, 3/18/24 $ 867,507
------------
Total Auto Manufacturers $ 867,507
-------------------------------------------------------------------------------------------------------------------------
Auto Parts & Equipment -- 1.2%
EUR 1,070,000 Garrett LX I S.a.r.l./Garrett Borrowing LLC, 5.125%,
10/15/26 (144A) $ 1,173,632
EUR 919,000 LKQ European Holdings BV, 4.125%, 4/1/28 (144A) 1,081,523
EUR 925,000 Panther BF Aggregator 2 LP/Panther Finance Co., Inc.,
4.375%, 5/15/26 (144A) 1,065,188
733,000 Titan International, Inc., 6.5%, 11/30/23 703,680
------------
Total Auto Parts & Equipment $ 4,024,023
-------------------------------------------------------------------------------------------------------------------------
Banks -- 5.9%
1,150,000 Akbank TAS, 5.125%, 3/31/25 $ 989,863
2,000,000(b)(c) Alfa Bank AO Via Alfa Bond Issuance Plc, 8.0% (5 Year USD
Swap Rate + 666 bps) 1,958,400
ARS 8,000,000(d) Banco de la Ciudad de Buenos Aires, 49.577% (BADLARPP +
399 bps), 12/5/22 93,048
725,000(b)(c) Banco do Brasil SA, 9.0% (5 Year CMT Index + 636 bps) 772,125
1,400,000(b)(c) Barclays Plc, 7.75% (5 Year USD Swap Rate + 484 bps) 1,447,250
1,762,000(b)(c) BNP Paribas SA, 6.625% (5 Year USD Swap Rate +
415 bps) (144A) 1,797,240
410,000(b)(c) BNP Paribas SA, 7.625% (5 Year USD Swap Rate +
631 bps) (144A) 432,037
759,000(b)(c) Credit Suisse Group AG, 7.125% (5 Year USD Swap
Rate + 511 bps) 791,258
2,230,000 Freedom Mortgage Corp., 8.125%, 11/15/24 (144A) 1,979,125
1,565,000 Freedom Mortgage Corp., 8.25%, 4/15/25 (144A) 1,388,937
2,435,000(b)(c) ING Groep NV, 6.5% (5 Year USD Swap Rate + 445 bps) 2,464,707
The accompanying notes are an integral part of these financial statements.
18 Pioneer Global High Yield Fund | Semiannual Report | 4/30/19
-------------------------------------------------------------------------------------------------------------------------
Principal
Amount USD ($) Value
-------------------------------------------------------------------------------------------------------------------------
Banks (continued)
950,000(b)(c) Intesa Sanpaolo S.p.A., 7.7% (5 Year USD Swap Rate +
546 bps) (144A) $ 930,411
1,660,000(b)(c) Lloyds Banking Group Plc, 7.5% (5 Year USD Swap
Rate + 450 bps) 1,722,665
1,122,000 Provident Funding Associates LP/PFG Finance Corp., 6.375%,
6/15/25 (144A) 1,049,070
1,325,000 QNB Finansbank AS, 4.875%, 5/19/22 (144A) 1,248,283
465,000(b)(c) Societe Generale SA, 8.0% (5 Year USD 1100 Run ICE
Swap Rate + 587 bps) (144A) 503,944
9,000(c) Turkiye Vakiflar Bankasi TAO, 8.0% (5 Year USD Swap Rate +
585 bps), 11/1/27 (144A) 7,303
------------
Total Banks $ 19,575,666
-------------------------------------------------------------------------------------------------------------------------
Building Materials -- 0.6%
EUR 690,000 Cemex SAB de CV, 2.75%, 12/5/24 (144A) $ 790,702
EUR 954,000 Cemex SAB de CV, 3.125%, 3/19/26 (144A) 1,094,355
323,000 Summit Material LLC/Summit Materials Finance Corp.,
6.5%, 3/15/27 (144A) 333,901
------------
Total Building Materials $ 2,218,958
-------------------------------------------------------------------------------------------------------------------------
Chemicals -- 2.9%
1,275,000 Braskem Netherlands Finance BV, 4.5%, 1/10/28 (144A) $ 1,249,500
EUR 1,920,000 INEOS Finance Plc, 2.875%, 5/1/26 (144A) 2,143,660
EUR 1,335,000 Kraton Polymers LLC/Kraton Polymers Capital Corp., 5.25%,
5/15/26 (144A) 1,550,508
2,750,000 Nufarm Australia, Ltd./Nufarm Americas, Inc., 5.75%,
4/30/26 (144A) 2,557,500
EUR 729,000 OCI NV, 5.0%, 4/15/23 (144A) 863,083
1,218,000 Rain CII Carbon LLC/CII Carbon Corp., 7.25%,
4/1/25 (144A) 1,151,010
------------
Total Chemicals $ 9,515,261
-------------------------------------------------------------------------------------------------------------------------
Coal -- 0.2%
670,000 SunCoke Energy Partners LP/SunCoke Energy Partners
Finance Corp., 7.5%, 6/15/25 (144A) $ 675,862
------------
Total Coal $ 675,862
-------------------------------------------------------------------------------------------------------------------------
Commercial Services -- 3.1%
EUR 1,355,000 Avis Budget Finance Plc, 4.75%, 1/30/26 (144A) $ 1,581,263
860,000 Cardtronics, Inc./Cardtronics USA, Inc., 5.5%,
5/1/25 (144A) 847,100
EUR 695,000 Intertrust Group BV, 3.375%, 11/15/25 (144A) 814,953
EUR 705,000 Loxam SAS, 6.0%, 4/15/25 (144A) 836,125
560,000 Prime Security Services Borrower LLC/Prime Finance, Inc.,
5.25%, 4/15/24 (144A) 561,400
590,000 Prime Security Services Borrower LLC/Prime Finance, Inc.,
5.75%, 4/15/26 (144A) 596,018
1,237,000 Prime Security Services Borrower LLC/Prime Finance, Inc.,
9.25%, 5/15/23 (144A) 1,303,736
The accompanying notes are an integral part of these financial statements.
Pioneer Global High Yield Fund | Semiannual Report | 4/30/19 19
Schedule of Investments | 4/30/19 (unaudited) (continued)
-------------------------------------------------------------------------------------------------------------------------
Principal
Amount USD ($) Value
-------------------------------------------------------------------------------------------------------------------------
Commercial Services (continued)
MXN 14,000,000 Red de Carreteras de Occidente SAPIB de CV, 9.0%,
6/10/28 (144A) $ 708,187
1,430,000 Team Health Holdings, Inc., 6.375%, 2/1/25 (144A) 1,215,500
315,000 United Rentals North America, Inc., 5.25%, 1/15/30 316,575
460,000 United Rentals North America, Inc., 6.5%, 12/15/26 492,200
979,000 Verscend Escrow Corp., 9.75%, 8/15/26 (144A) 1,035,293
------------
Total Commercial Services $ 10,308,350
-------------------------------------------------------------------------------------------------------------------------
Distribution & Wholesale -- 0.5%
1,820,000 Global Partners LP/GLP Finance Corp., 7.0%, 6/15/23 $ 1,820,000
------------
Total Distribution & Wholesale $ 1,820,000
-------------------------------------------------------------------------------------------------------------------------
Diversified Financial Services -- 4.0%
EUR 1,250,000 Alliance Data Systems Corp., 4.5%, 3/15/22 (144A) $ 1,434,762
471,000 Alpha Holding SA de CV, 10.0%, 12/19/22 (144A) 450,982
700,000 Avation Capital SA, 6.5%, 5/15/21 (144A) 700,000
1,644,000 Banco BTG Pactual SA, 5.5%, 1/31/23 (144A) 1,657,358
1,525,000 Credito Real SAB de CV SOFOM ER, 7.25%, 7/20/23 (144A) 1,578,375
2,615,000 Financiera Independencia SAB de CV SOFOM ENR, 8.0%,
7/19/24 (144A) 2,297,931
900,000 Mongolian Mortgage Corp. Hfc LLC, 9.75%, 1/29/22 (144A) 913,500
3,470,000 Nationstar Mortgage LLC/Nationstar Capital Corp.,
6.5%, 6/1/22 3,416,909
900,000 Oxford Finance LLC/Oxford Finance Co-Issuer II, Inc.,
6.375%, 12/15/22 (144A) 929,250
------------
Total Diversified Financial Services $ 13,379,067
-------------------------------------------------------------------------------------------------------------------------
Electric -- 1.8%
530,000(c) AES Gener SA, 7.125% (5 Year USD Swap Rate +
464 bps), 3/26/79 (144A) $ 555,175
1,150,000 Cemig Geracao e Transmissao SA, 9.25%, 12/5/24 (144A) 1,265,000
587,000 Clearway Energy Operating LLC, 5.75%, 10/15/25 (144A) 600,207
425,000(b)(c) Electricite de France SA, 5.25% (10 Year USD Swap Rate +
371 bps) (144A) 429,250
1,120,000 Genneia SA, 8.75%, 1/20/22 (144A) 887,040
1,350,000 Light Servicos de Eletricidade SA/Light Energia SA, 7.25%,
5/3/23 (144A) 1,370,250
1,045,821 Stoneway Capital Corp., 10.0%, 3/1/27 (144A) 894,177
16,000 Talen Energy Supply LLC, 4.6%, 12/15/21 15,440
------------
Total Electric $ 6,016,539
-------------------------------------------------------------------------------------------------------------------------
Electrical Components & Equipment -- 1.6%
EUR 1,505,000 Belden, Inc., 2.875%, 9/15/25 (144A) $ 1,727,163
EUR 815,000 Belden, Inc., 3.375%, 7/15/27 (144A) 937,338
EUR 2,250,000 Belden, Inc., 3.875%, 3/15/28 (144A) 2,610,035
------------
Total Electrical Components & Equipment $ 5,274,536
-------------------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
20 Pioneer Global High Yield Fund | Semiannual Report | 4/30/19
-------------------------------------------------------------------------------------------------------------------------
Principal
Amount USD ($) Value
-------------------------------------------------------------------------------------------------------------------------
Engineering & Construction -- 0.4%
EUR 1,200,000 Novafives SAS, 5.0%, 6/15/25 (144A) $ 1,261,029
------------
Total Engineering & Construction $ 1,261,029
-------------------------------------------------------------------------------------------------------------------------
Entertainment -- 3.8%
GBP 900,000 AMC Entertainment Holdings, Inc., 6.375%, 11/15/24 $ 1,173,256
EUR 1,175,000 Cirsa Finance International S.a.r.l., 6.25%, 12/20/23 (144A) 1,399,044
EUR 1,870,000 Codere Finance 2 Luxembourg SA, 6.75%, 11/1/21 (144A) 2,007,448
1,330,000 Codere Finance 2 Luxembourg SA, 7.625%, 11/1/21 (144A) 1,235,687
1,373,000 Enterprise Development Authority, 12.0%, 7/15/24 (144A) 1,407,325
EUR 2,125,000 Intralot Capital Luxembourg SA, 5.25%, 9/15/24 (144A) 1,201,569
EUR 1,124,000 Scientific Games International, Inc., 3.375%, 2/15/26 (144A) 1,241,300
EUR 1,312,000 Scientific Games International, Inc., 5.5%, 2/15/26 (144A) 1,427,588
506,000 Scientific Games International, Inc., 8.25%, 3/15/26 (144A) 524,343
809,000 Scientific Games International, Inc., 10.0%, 12/1/22 851,473
------------
Total Entertainment $ 12,469,033
-------------------------------------------------------------------------------------------------------------------------
Environmental Control -- 0.9%
957,000 Covanta Holding Corp., 6.0%, 1/1/27 $ 973,748
945,000 GFL Environmental, Inc., 8.5%, 5/1/27 (144A) 984,463
1,081,000 Tervita Escrow Corp., 7.625%, 12/1/21 (144A) 1,094,513
------------
Total Environmental Control $ 3,052,724
-------------------------------------------------------------------------------------------------------------------------
Food -- 4.2%
754,000 Albertsons Cos. LLC/Safeway, Inc./New Albertsons
LP/Albertson's LLC, 5.75%, 3/15/25 $ 748,345
266,000 Albertsons Cos. LLC/Safeway, Inc./New Albertsons
LP/Albertson's LLC, 7.5%, 3/15/26 (144A) 281,960
1,285,000 C&S Group Enterprises LLC, 5.375%, 7/15/22 (144A) 1,281,787
1,635,000 JBS USA LUX SA/JBS USA Finance, Inc., 5.75%,
6/15/25 (144A) 1,671,787
2,100,000 JBS USA LUX SA/JBS USA Finance, Inc., 6.75%,
2/15/28 (144A) 2,220,750
505,000 JBS USA LUX SA/JBS USA Food Co./JBS USA Finance, Inc.,
6.5%, 4/15/29 (144A) 535,300
4,591,000 Minerva Luxembourg SA, 5.875%, 1/19/28 (144A) 4,264,259
660,000 Minerva Luxembourg SA, 6.5%, 9/20/26 (144A) 652,245
1,250,000 Nova Austral SA, 8.25%, 5/26/21 (144A) 1,178,125
713,000 Pilgrim's Pride Corp., 5.875%, 9/30/27 (144A) 736,173
555,000 Simmons Foods, Inc., 5.75%, 11/1/24 (144A) 510,600
------------
Total Food $ 14,081,331
-------------------------------------------------------------------------------------------------------------------------
Forest Products & Paper -- 0.5%
1,659,000 Schweitzer-Mauduit International, Inc., 6.875%,
10/1/26 (144A) $ 1,704,623
------------
Total Forest Products & Paper $ 1,704,623
-------------------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Global High Yield Fund | Semiannual Report | 4/30/19 21
Schedule of Investments | 4/30/19 (unaudited) (continued)
-------------------------------------------------------------------------------------------------------------------------
Principal
Amount USD ($) Value
-------------------------------------------------------------------------------------------------------------------------
Healthcare-Services -- 1.7%
1,043,000 Centene Corp., 5.625%, 2/15/21 $ 1,059,949
495,000 CHS/Community Health Systems, Inc., 6.25%, 3/31/23 482,006
488,000 HCA, Inc., 5.625%, 9/1/28 519,720
324,000 HCA, Inc., 5.875%, 2/1/29 348,705
1,887,000 Rede D'or Finance S.a.r.l., 4.95%, 1/17/28 (144A) 1,773,780
787,000 Surgery Centre Holdings, Inc., 10.0%, 4/15/27 (144A) 808,643
755,000 WellCare Health Plans, Inc., 5.25%, 4/1/25 779,537
------------
Total Healthcare-Services $ 5,772,340
-------------------------------------------------------------------------------------------------------------------------
Home Builders -- 2.5%
750,000 Beazer Homes USA, Inc., 5.875%, 10/15/27 $ 676,875
1,984,000 Beazer Homes USA, Inc., 6.75%, 3/15/25 1,914,560
637,000 KB Home, 6.875%, 6/15/27 664,869
2,079,000 Lennar Corp., 4.75%, 11/15/22 2,127,960
810,000 Lennar Corp., 4.75%, 11/29/27 825,755
870,000 Meritage Homes Corp., 6.0%, 6/1/25 922,200
1,325,000 Taylor Morrison Communities, Inc./Taylor Morrison
Holdings II, Inc., 5.875%, 4/15/23 (144A) 1,363,201
------------
Total Home Builders $ 8,495,420
-------------------------------------------------------------------------------------------------------------------------
Home Furnishings -- 0.6%
EUR 1,695,000 International Design Group S.p.A., 6.5%, 11/15/25 (144A) $ 1,899,297
------------
Total Home Furnishings $ 1,899,297
-------------------------------------------------------------------------------------------------------------------------
Household Products & Wares -- 0.4%
EUR 1,400,000 Diamond BC BV, 5.625%, 8/15/25 (144A) $ 1,506,531
------------
Total Household Products & Wares $ 1,506,531
-------------------------------------------------------------------------------------------------------------------------
Internet -- 1.4%
EUR 2,390,000 eDreams ODIGEO SA, 5.5%, 9/1/23 (144A) $ 2,725,479
EUR 1,250,000 Netflix, Inc., 3.875%, 11/15/29 (144A) 1,435,993
408,000 Netflix, Inc., 4.375%, 11/15/26 403,410
------------
Total Internet $ 4,564,882
-------------------------------------------------------------------------------------------------------------------------
Iron & Steel -- 1.2%
770,000 Commercial Metals Co., 5.375%, 7/15/27 $ 758,450
758,000 Commercial Metals Co., 5.75%, 4/15/26 765,580
2,598,000 Metinvest BV, 7.75%, 4/23/23 (144A) 2,543,562
------------
Total Iron & Steel $ 4,067,592
-------------------------------------------------------------------------------------------------------------------------
Leisure Time -- 0.6%
2,027,000 Viking Cruises, Ltd., 5.875%, 9/15/27 (144A) $ 2,016,865
------------
Total Leisure Time $ 2,016,865
-------------------------------------------------------------------------------------------------------------------------
Lodging -- 0.7%
1,315,000 Grupo Posadas SAB de CV, 7.875%, 6/30/22 (144A) $ 1,298,563
883,000 MGM Resorts International, 5.5%, 4/15/27 910,594
------------
Total Lodging $ 2,209,157
-------------------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
22 Pioneer Global High Yield Fund | Semiannual Report | 4/30/19
-------------------------------------------------------------------------------------------------------------------------
Principal
Amount USD ($) Value
-------------------------------------------------------------------------------------------------------------------------
Machinery-Diversified -- 0.9%
EUR 2,542,000 Platin 1426 GmbH, 5.375%, 6/15/23 (144A) $ 2,838,116
------------
Total Machinery-Diversified $ 2,838,116
-------------------------------------------------------------------------------------------------------------------------
Media -- 1.7%
600,000 Altice Finco SA, 8.125%, 1/15/24 (144A) $ 621,000
850,000 Altice Luxembourg SA, 7.75%, 5/15/22 (144A) 865,937
1,400,000 CCO Holdings LLC/CCO Holdings Capital Corp., 5.125%,
5/1/27 (144A) 1,421,000
541,000 Clear Channel Worldwide Holdings, Inc., 9.25%,
2/15/24 (144A) 582,251
575,000 CSC Holdings LLC, 5.5%, 4/15/27 (144A) 592,325
515,000 Sinclair Television Group, Inc., 5.875%, 3/15/26 (144A) 517,575
EUR 800,000 Ziggo BV, 4.25%, 1/15/27 (144A) 935,705
------------
Total Media $ 5,535,793
-------------------------------------------------------------------------------------------------------------------------
Metal Fabricate & Hardware -- 0.3%
900,000 Novelis Corp., 5.875%, 9/30/26 (144A) $ 914,625
------------
Total Metal Fabricate & Hardware $ 914,625
-------------------------------------------------------------------------------------------------------------------------
Mining -- 2.0%
745,000 Coeur Mining, Inc., 5.875%, 6/1/24 $ 707,750
1,430,000 First Quantum Minerals, Ltd., 6.875%, 3/1/26 (144A) 1,338,837
931,000 Hudbay Minerals, Inc., 7.25%, 1/15/23 (144A) 965,913
375,000 Rusal Capital, DAC, 4.85%, 2/1/23 (144A) 363,413
2,650,000 Rusal Capital, DAC, 5.125%, 2/2/22 (144A) 2,614,384
500,000 Vedanta Resources Ltd., 6.375%, 7/30/22 (144A) 487,750
------------
Total Mining $ 6,478,047
-------------------------------------------------------------------------------------------------------------------------
Miscellaneous Manufacturers -- 0.8%
1,725,000 Amsted Industries, Inc., 5.375%, 9/15/24 (144A) $ 1,725,000
951,000 EnPro Industries, Inc., 5.75%, 10/15/26 (144A) 977,153
------------
Total Miscellaneous Manufacturers $ 2,702,153
-------------------------------------------------------------------------------------------------------------------------
Multi-National -- 0.2%
IDR 8,430,000,000 Inter-American Development Bank, 7.875%, 3/14/23 $ 596,223
------------
Total Multi-National $ 596,223
-------------------------------------------------------------------------------------------------------------------------
Oil & Gas -- 7.6%
332,000 Calumet Specialty Products Partners LP/Calumet Finance
Corp., 6.5%, 4/15/21 $ 321,210
714,000 Centennial Resource Production LLC, 6.875%, 4/1/27 (144A) 739,882
1,144,000 Ensign Drilling, Inc., 9.25%, 4/15/24 (144A) 1,145,899
264,211(d) EP PetroEcuador via Noble Sovereign Funding I, Ltd., 8.24%
(3 Month USD LIBOR + 563 bps), 9/24/19 264,211
880,000 Great Western Petroleum LLC/Great Western Finance Corp.,
9.0%, 9/30/21 (144A) 715,000
1,055,000 Gulfport Energy Corp., 6.0%, 10/15/24 925,108
587,000 Halcon Resources Corp., 6.75%, 2/15/25 377,147
The accompanying notes are an integral part of these financial statements.
Pioneer Global High Yield Fund | Semiannual Report | 4/30/19 23
Schedule of Investments | 4/30/19 (unaudited) (continued)
-------------------------------------------------------------------------------------------------------------------------
Principal
Amount USD ($) Value
-------------------------------------------------------------------------------------------------------------------------
Oil & Gas (continued)
1,040,000 Hilcorp Energy I LP/Hilcorp Finance Co., 5.0%,
12/1/24 (144A) $ 1,032,200
901,000 Indigo Natural Resources LLC, 6.875%, 2/15/26 (144A) 835,678
175,000 MEG Energy Corp., 7.0%, 3/31/24 (144A) 165,977
1,135,000 Neptune Energy Bondco Plc, 6.625%, 5/15/25 (144A) 1,143,512
1,765,000 Nostrum Oil & Gas Finance BV, 7.0%, 2/16/25 (144A) 1,185,197
1,965,000 Nostrum Oil & Gas Finance BV, 8.0%, 7/25/22 (144A) 1,402,126
1,434,000 Oasis Petroleum, Inc., 6.875%, 3/15/22 1,439,378
1,460,000 Parsley Energy LLC/Parsley Finance Corp., 5.375%,
1/15/25 (144A) 1,483,269
250,000 Parsley Energy LLC/Parsley Finance Corp., 6.25%,
6/1/24 (144A) 259,375
415,000 PBF Holding Co. LLC/PBF Finance Corp., 7.0%, 11/15/23 426,931
1,100,000 Petroleum Co. of Trinidad & Tobago, Ltd., 9.75%,
8/14/19 (144A) 1,078,275
1,873,000 SEPLAT Petroleum Development Co. Plc, 9.25%,
4/1/23 (144A) 1,947,920
2,070,000 Shelf Drilling Holdings, Ltd., 8.25%, 2/15/25 (144A) 2,028,600
150,000 SM Energy Co., 6.125%, 11/15/22 151,500
945,000 SM Energy Co., 6.75%, 9/15/26 904,838
1,590,000 Transocean, Inc., 7.25%, 11/1/25 (144A) 1,574,100
3,875,000 YPF SA, 6.95%, 7/21/27 (144A) 3,294,525
ARS 22,125,000 YPF SA, 16.5%, 5/9/22 (144A) 321,892
------------
Total Oil & Gas $ 25,163,750
-------------------------------------------------------------------------------------------------------------------------
Oil & Gas Services -- 1.5%
1,000,000 Archrock Partners LP/Archrock Partners Finance Corp.,
6.0%, 10/1/22 $ 1,007,500
730,000 Archrock Partners LP/Archrock Partners Finance Corp.,
6.875%, 4/1/27 (144A) 760,112
402,000 Calfrac Holdings LP, 8.5%, 6/15/26 (144A) 333,660
1,015,000 Exterran Energy Solutions LP/EES Finance Corp.,
8.125%, 5/1/25 1,050,525
778,000 FTS International, Inc., 6.25%, 5/1/22 764,385
505,000 SESI LLC, 7.75%, 9/15/24 372,437
573,000 USA Compression Partners LP/USA Compression Finance
Corp., 6.875%, 9/1/27 (144A) 603,083
------------
Total Oil & Gas Services $ 4,891,702
-------------------------------------------------------------------------------------------------------------------------
Packaging & Containers -- 0.9%
EUR 700,000(e) ARD Finance SA, 6.625% (7.375% PIK 6.625%
cash), 9/15/23 $ 796,482
EUR 410,000 Ardagh Packaging Finance Plc/Ardagh Holdings USA, Inc.,
6.75%, 5/15/24 (144A) 485,291
630,000 Ardagh Packaging Finance Plc/Ardagh Holdings USA, Inc.,
7.25%, 5/15/24 (144A) 663,736
EUR 890,000 Crown European Holdings SA, 2.875%, 2/1/26 (144A) 1,043,789
------------
Total Packaging & Containers $ 2,989,298
-------------------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
24 Pioneer Global High Yield Fund | Semiannual Report | 4/30/19
-------------------------------------------------------------------------------------------------------------------------
Principal
Amount USD ($) Value
-------------------------------------------------------------------------------------------------------------------------
Pharmaceuticals -- 2.2%
370,000 Bausch Health Americas, Inc., 8.5%, 1/31/27 (144A) $ 403,069
EUR 2,975,000 Bausch Health Cos., Inc., 4.5%, 5/15/23 3,366,769
511,000 Bausch Health Cos., Inc., 5.875%, 5/15/23 (144A) 514,935
755,000 Bausch Health Cos., Inc., 7.0%, 3/15/24 (144A) 795,581
354,000 Horizon Pharma USA, Inc., 6.625%, 5/1/23 364,620
318,000 Par Pharmaceutical, Inc., 7.5%, 4/1/27 (144A) 329,861
EUR 1,315,000 Rossini S.a.r.l., 6.75%, 10/30/25 (144A) 1,591,378
------------
Total Pharmaceuticals $ 7,366,213
-------------------------------------------------------------------------------------------------------------------------
Pipelines -- 3.2%
750,000 American Midstream Partners LP/American Midstream
Finance Corp., 9.5%, 12/15/21 (144A) $ 721,875
1,233,000 Cheniere Corpus Christi Holdings LLC, 5.125%, 6/30/27 1,285,402
745,000 Cheniere Energy Partners LP, 5.25%, 10/1/25 759,900
1,033,000 DCP Midstream Operating LP, 5.6%, 4/1/44 981,350
1,500,000 Delek Logistics Partners LP/Delek Logistics Finance Corp.,
6.75%, 5/15/25 1,500,000
868,000 Energy Transfer Operating LP, 5.5%, 6/1/27 943,101
1,085,000 Energy Transfer Operating LP, 5.875%, 1/15/24 1,184,354
1,110,000 Genesis Energy LP/Genesis Energy Finance Corp.,
6.25%, 5/15/26 1,098,900
1,395,000 Genesis Energy LP/Genesis Energy Finance Corp.,
6.5%, 10/1/25 1,401,557
850,000 Targa Resources Partners LP/Targa Resources Partners
Finance Corp., 4.25%, 11/15/23 848,961
------------
Total Pipelines $ 10,725,400
-------------------------------------------------------------------------------------------------------------------------
REITS -- 1.0%
EUR 1,140,000 Equinix, Inc., 2.875%, 2/1/26 $ 1,316,048
1,970,000 Uniti Group LP/Uniti Group Finance, Inc./CSL Capital LLC,
6.0%, 4/15/23 (144A) 1,891,200
------------
Total REITS $ 3,207,248
-------------------------------------------------------------------------------------------------------------------------
Retail -- 0.4%
995,000 Golden Nugget, Inc., 8.75%, 10/1/25 (144A) $ 1,042,262
525,000 JC Penney Corp., Inc., 5.875%, 7/1/23 (144A) 448,875
------------
Total Retail $ 1,491,137
-------------------------------------------------------------------------------------------------------------------------
Software -- 0.5%
589,000 Rackspace Hosting, Inc., 8.625%, 11/15/24 (144A) $ 549,242
961,000 SS&C Technologies, Inc., 5.5%, 9/30/27 (144A) 985,626
------------
Total Software $ 1,534,868
-------------------------------------------------------------------------------------------------------------------------
Telecommunications -- 5.8%
800,000 Altice France SA, 6.25%, 5/15/24 (144A) $ 820,000
1,047,000 Altice France SA, 8.125%, 2/1/27 (144A) 1,094,115
1,267,000 CenturyLink, Inc., 5.625%, 4/1/25 1,247,995
2,820,000 Digicel, Ltd., 6.0%, 4/15/21 (144A) 2,483,010
The accompanying notes are an integral part of these financial statements.
Pioneer Global High Yield Fund | Semiannual Report | 4/30/19 25
Schedule of Investments | 4/30/19 (unaudited) (continued)
-------------------------------------------------------------------------------------------------------------------------
Principal
Amount USD ($) Value
-------------------------------------------------------------------------------------------------------------------------
Telecommunications (continued)
3,875,000 Frontier Communications Corp., 8.75%, 4/15/22 $ 2,683,437
775,000 Frontier Communications Corp., 11.0%, 9/15/25 501,812
1,233,000 Millicom International Cellular SA, 6.25%, 3/25/29 (144A) 1,276,155
2,090,000 MTN Mauritius Investments, Ltd., 5.373%, 2/13/22 (144A) 2,113,015
3,235,000 Sprint Corp., 7.25%, 9/15/21 3,388,663
860,000 Sprint Corp., 7.625%, 3/1/26 860,000
2,100,000(f) Windstream Services LLC/Windstream Finance Corp.,
8.625%, 10/31/25 (144A) 2,068,500
312,000(f) Windstream Services LLC/Windstream Finance Corp.,
8.75%, 12/15/24 (144A) 68,640
------------
Total Telecommunications $ 18,605,342
-------------------------------------------------------------------------------------------------------------------------
Transportation -- 1.6%
1,000,000(d) Golar LNG Partners LP, 8.934% (3 Month USD LIBOR +
625 bps), 5/18/21 (144A) $ 1,010,000
2,645,000 Hidrovias International Finance S.a.r.l., 5.95%,
1/24/25 (144A) 2,627,014
2,905,025(f) Inversiones Alsacia SA, 8.0%, 12/31/18 (144A) 72,626
1,725,000 Navios South American Logistics, Inc./Navios Logistics
Finance US, Inc., 7.25%, 5/1/22 (144A) 1,582,687
------------
Total Transportation $ 5,292,327
-------------------------------------------------------------------------------------------------------------------------
Water -- 0.4%
1,350,000 Aegea Finance S.a.r.l., 5.75%, 10/10/24 (144A) $ 1,354,725
------------
Total Water $ 1,354,725
-------------------------------------------------------------------------------------------------------------------------
TOTAL CORPORATE BONDS
(Cost $256,784,829) $246,395,730
-------------------------------------------------------------------------------------------------------------------------
FOREIGN GOVERNMENT BONDS -- 7.0% of Net Assets
Angola -- 0.4%
1,132,000 Angolan Government International Bond, 8.25%,
5/9/28 (144A) $ 1,183,544
------------
Total Angola $ 1,183,544
-------------------------------------------------------------------------------------------------------------------------
Argentina -- 2.0%
875,000 Argentine Republic Government International Bond,
6.875%, 1/26/27 $ 627,375
1,850,000 Argentine Republic Government International Bond,
7.5%, 4/22/26 1,387,500
2,000,000 Autonomous City of Buenos Aires Argentina, 7.5%,
6/1/27 (144A) 1,605,000
501,544 Province of Salta Argentina, 9.5%, 3/16/22 (144A) 485,244
1,840,000 Provincia de Entre Rios Argentina, 8.75%, 2/8/25 (144A) 1,184,776
1,665,000 Provincia del Chubut Argentina, 7.75%, 7/26/26 (144A) 1,286,212
------------
Total Argentina $ 6,576,107
-------------------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
26 Pioneer Global High Yield Fund | Semiannual Report | 4/30/19
-------------------------------------------------------------------------------------------------------------------------
Principal
Amount USD ($) Value
-------------------------------------------------------------------------------------------------------------------------
Bahrain -- 0.3%
780,000 Bahrain Government International Bond, 7.0%,
10/12/28 (144A) $ 842,400
------------
Total Bahrain $ 842,400
-------------------------------------------------------------------------------------------------------------------------
Cote D'Ivoire -- 0.2%
EUR 725,000 Ivory Coast Government International Bond, 5.125%,
6/15/25 (144A) $ 831,534
------------
Total Cote D'Ivoire $ 831,534
-------------------------------------------------------------------------------------------------------------------------
Dominican Republic -- 0.3%
DOP 57,750,000 Dominican Republic International Bond, 8.9%,
2/15/23 (144A) $ 1,121,099
------------
Total Dominican Republic $ 1,121,099
-------------------------------------------------------------------------------------------------------------------------
Egypt -- 1.4%
EUR 1,100,000 Egypt Government International Bond, 4.75%,
4/11/25 (144A) $ 1,229,289
1,658,000 Egypt Government International Bond, 7.6%, 3/1/29 (144A) 1,670,766
EGP 28,275,000(g) Egypt Treasury Bills, 2/4/20 1,456,798
EGP 7,675,000(g) Egypt Treasury Bills, 3/3/20 391,026
------------
Total Egypt $ 4,747,879
-------------------------------------------------------------------------------------------------------------------------
Oman -- 0.3%
1,010,000 Oman Government International Bond, 5.375%,
3/8/27 (144A) $ 949,400
------------
Total Oman $ 949,400
-------------------------------------------------------------------------------------------------------------------------
Sri Lanka -- 0.2%
575,000 Sri Lanka Government International Bond, 7.85%,
3/14/29 (144A) $ 591,273
------------
Total Sri Lanka $ 591,273
-------------------------------------------------------------------------------------------------------------------------
Turkey -- 1.0%
2,550,000 Turkey Government International Bond, 3.25%, 3/23/23 $ 2,232,489
EUR 1,005,000 Turkey Government International Bond, 4.625%, 3/31/25 1,087,564
------------
Total Turkey $ 3,320,053
-------------------------------------------------------------------------------------------------------------------------
Ukraine -- 0.3%
1,175,000 Ukraine Government International Bond, 8.994%,
2/1/24 (144A) $ 1,171,029
------------
Total Ukraine $ 1,171,029
-------------------------------------------------------------------------------------------------------------------------
Uruguay -- 0.6%
UYU 38,800,000 Uruguay Government International Bond, 8.5%,
3/15/28 (144A) $ 951,694
UYU 37,635,000 Uruguay Government International Bond, 9.875%,
6/20/22 (144A) 1,074,110
------------
Total Uruguay $ 2,025,804
-------------------------------------------------------------------------------------------------------------------------
TOTAL FOREIGN GOVERNMENT BONDS
(Cost $26,016,247) $ 23,360,122
-------------------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Global High Yield Fund | Semiannual Report | 4/30/19 27
Schedule of Investments | 4/30/19 (unaudited) (continued)
-------------------------------------------------------------------------------------------------------------------------
Principal
Amount USD ($) Value
-------------------------------------------------------------------------------------------------------------------------
INSURANCE-LINKED SECURITIES --
4.4% of Net Assets(h)
Catastrophe Linked Bonds -- 1.4%
Earthquakes - California -- 0.3%
600,000(d) Ursa Re, 6.0% (ZERO + 600 bps), 5/27/20 (144A) $ 595,200
250,000(d) Ursa Re, 7.785% (3 Month U.S. Treasury Bill +
537 bps), 12/10/20 (144A) 248,275
------------
$ 843,475
-------------------------------------------------------------------------------------------------------------------------
Earthquakes - Mexico -- 0.1%
250,000(d) International Bank for Reconstruction & Development,
10.734% (3 Month USD LIBOR + 825 bps), 2/14/20 (144A) $ 248,675
-------------------------------------------------------------------------------------------------------------------------
Earthquakes - Peru -- 0.1%
250,000(d) International Bank for Reconstruction & Development, 8.484%
(3 Month USD LIBOR + 600 bps), 2/15/21 (144A) $ 249,600
-------------------------------------------------------------------------------------------------------------------------
Multiperil - U.S. -- 0.5%
500,000(d) Caelus Re V, 2.92% (1 Month U.S. Treasury Bill +
50 bps), 6/5/20 (144A) $ 50
250,000(d) Caelus Re V, 9.92% (3 Month U.S. Treasury Bill +
750 bps), 6/7/21 (144A) 208,600
500,000(d) Kilimanjaro II Re, 12.941% (6 Month USD LIBOR +
949 bps), 4/20/21 (144A) 496,650
400,000(d) Northshore Re II 2017 A, 9.625% (3 Month U.S. Treasury
Bill + 721 bps), 7/6/20 (144A) 397,360
500,000(d) Residential Reinsurance 2016, 7.615% (3 Month U.S.
Treasury Bill + 520 bps), 12/6/20 (144A) 484,750
250,000(d) Tailwind Re, 13.005% (3 Month U.S. Treasury Bill +
1,059 bps), 1/8/22 (144A) 248,425
------------
$ 1,835,835
-------------------------------------------------------------------------------------------------------------------------
Multiperil - Worldwide -- 0.3%
300,000(d) Galilei Re, 8.116% (6 Month USD LIBOR + 560 bps),
1/8/20 (144A) $ 297,780
300,000(d) Galilei Re, 9.296% (6 Month USD LIBOR + 678 bps),
1/8/20 (144A) 298,260
300,000(d) Galilei Re, 9.316% (6 Month USD LIBOR + 678 bps),
1/8/21 (144A) 299,880
250,000(d) Galilei Re, 11.146% (6 Month USD LIBOR + 863 bps),
1/8/20 (144A) 248,875
------------
$ 1,144,795
-------------------------------------------------------------------------------------------------------------------------
Pandemic - Worldwide -- 0.1%
250,000(d) International Bank for Reconstruction & Development,
13.965% (6 Month USD LIBOR + 1,150 bps),
7/15/20 (144A) $ 193,750
------------
Total Catastrophe Linked Bonds $ 4,516,130
-------------------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
28 Pioneer Global High Yield Fund | Semiannual Report | 4/30/19
-------------------------------------------------------------------------------------------------------------------------
Face
Amount USD ($) Value
-------------------------------------------------------------------------------------------------------------------------
Collateralized Reinsurance -- 1.0%
Multiperil - U.S. -- 0.0%+
300,000+(a)(x) Kingsbarns Re 2017, 5/19/20 $ 45,960
-------------------------------------------------------------------------------------------------------------------------
Multiperil - Worldwide -- 0.8%
345,430+(a)(x) Clarendon Re 2018, 1/15/20 $ 307,544
600,000+(a)(x) Cypress Re 2017, 1/10/20 51,960
300,442+(a)(x) Dartmouth Re 2018, 1/15/20 162,359
115,581+(a)(x) Dartmouth Re 2019, 1/31/20 93,676
250,000+(a)(x) Dingle Re 2019, 2/1/20 230,264
389,876+(a)(x) Gloucester Re 2018, 1/15/20 302,520
368,836+(x) Kilarney Re 2018, 4/15/20 312,588
12,000+(x) Limestone Re, 8/31/21 44,274
12,000+(x) Limestone Re 2016-1, 8/31/21 44,274
250,000+(x) Merion Re 2018, 12/31/21 15,875
259,644+(x) Merion Re 2019-1, 12/31/22 220,743
277,770+(a)(x) Oyster Bay Re 2018, 1/15/20 252,104
250,000+(a)(x) Resilience Re, 4/6/20 256,200
400,000+(a)(x) Resilience Re, 5/1/19 40
283,700+(a)(x) Seminole Re 2018, 1/15/20 117,026
71,428+(x) Seminole Re 2019, 1/31/20 56,021
276,582+(a)(x) Walton Health Re 2018, 6/15/19 138,291
------------
$ 2,605,759
-------------------------------------------------------------------------------------------------------------------------
Windstorm - Florida -- 0.2%
250,000+(x) Formby Re 2018, 6/15/19 $ 255,968
86,906+(a)(x) Formby Re 2018-2, 6/30/19 712
300,000+(a)(x) Portrush Re 2017, 6/15/19 198,870
------------
$ 455,550
-------------------------------------------------------------------------------------------------------------------------
Windstorm - U.S. Regional -- 0.0%+
250,000+(a)(x) Oakmont Re 2017, 4/15/20 $ 7,350
250,000+(a)(y) Promissum Re 2018, 6/15/19 18,300
------------
$ 25,650
------------
Total Collateralized Reinsurance $ 3,132,919
-------------------------------------------------------------------------------------------------------------------------
Industry Loss Warranties -- 0.1%
Multiperil - U.S. -- 0.1%
319,300+(x) Cypress Re 2018, 7/15/19 $ 23,309
500,000+(x) Cypress Re 2019, 1/31/20 465,779
------------
Total Industry Loss Warranties $ 489,088
-------------------------------------------------------------------------------------------------------------------------
Reinsurance Sidecars -- 1.9%
All Natural Peril - Worldwide -- 0.1%
250,000+(a)(z) Thopas Re 2019, 12/31/22 $ 255,625
264,763+(a)(x) Versutus Re 2019-A, 12/31/21 268,311
------------
$ 523,936
-------------------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Global High Yield Fund | Semiannual Report | 4/30/19 29
Schedule of Investments | 4/30/19 (unaudited) (continued)
-------------------------------------------------------------------------------------------------------------------------
Face
Amount USD ($) Value
-------------------------------------------------------------------------------------------------------------------------
Multiperil - U.S. -- 0.4%
3,900,000+(a)(x) Carnoustie Re 2015, 7/1/19 $ 12,480
2,600,000+(a)(x) Carnoustie Re 2016, 11/30/20 70,200
800,000+(a)(x) Carnoustie Re 2017, 11/30/21 203,360
250,000+(a)(x) Carnoustie Re 2018, 12/31/21 24,950
1,000,000+(a)(z) Harambee Re 2018, 12/31/21 185,837
695,349+(a)(z) Harambee Re 2019, 12/31/22 703,554
1,300,000+(a)(x) Prestwick Re 2015-1, 7/1/19 22,100
------------
$ 1,222,481
-------------------------------------------------------------------------------------------------------------------------
Multiperil - Worldwide -- 1.4%
250,000+(a)(x) Alturas Re 2019-2, 3/10/22 $ 252,650
1,300,000+(a)(x) Arlington Re 2015, 2/1/20 63,180
490,000+(a)(x) Bantry Re 2016, 3/31/20 39,494
300,000+(a)(x) Bantry Re 2017, 3/31/20 95,130
250,000+(a)(x) Bantry Re 2018, 12/31/21 15,350
250,000+(a)(x) Bantry Re 2019, 12/31/22 254,426
1,422,258+(x) Berwick Re 2018-1, 12/31/21 234,815
600,000+(a)(x) Berwick Re 2019-1, 12/31/22 613,680
250,000+(a)(z) Blue Lotus Re 2018, 12/31/21 266,650
22,500+(a)(x) Eden Re II, 3/22/22 (144A) 53,037
12,500+(a)(x) Eden Re II, 3/22/22 (144A) 30,377
1,600,000+(a)(x) Gleneagles Re 2016, 11/30/20 99,200
250,000+(a)(x) Gleneagles Re 2018, 12/31/21 29,575
250,000+(a)(x) Limestone Re, 3/1/22 262,750
450,000+(a)(z) Lorenz Re 2017, 3/31/20 26,820
450,000+(a)(z) Lorenz Re 2018, 7/1/21 332,505
600,000+(a)(x) Merion Re 2018-2, 12/31/21 596,940
3,900,000+(a)(x) Pangaea Re 2015-1, 2/1/20 7,020
3,500,000+(x) Pangaea Re 2016-1, 11/30/20 4,550
1,000,000+(x) Pangaea Re 2016-2, 11/30/20 3,900
300,000+(a)(x) Pangaea Re 2018-1, 12/31/21 17,640
300,000+(a)(x) Pangaea Re 2018-3, 7/1/22 255,990
245,774+(a)(x) Pangaea Re 2019-1, 2/1/23 249,338
500,000+(a)(x) St. Andrews Re 2017-1, 2/1/20 33,900
521,395+(a)(x) St. Andrews Re 2017-4, 6/1/19 51,305
250,000+(a)(z) Thopas Re 2018, 12/31/21 42,175
600,000+(a)(x) Versutus Re 2017, 11/30/21 2,880
300,000+(a)(x) Versutus Re 2018, 12/31/21 20,970
35,236+(a)(x) Versutus Re 2019-B, 12/31/21 35,708
250,000+(a)(z) Viribus Re 2018, 12/31/21 78,950
106,153+(a)(z) Viribus Re 2019, 12/31/22 111,599
253,645+(a)(x) Woburn Re 2018, 12/31/21 107,799
244,914+(a)(x) Woburn Re 2019, 12/31/22 252,074
------------
$ 4,542,377
------------
Total Reinsurance Sidecars $ 6,288,794
-------------------------------------------------------------------------------------------------------------------------
TOTAL INSURANCE-LINKED SECURITIES
(Cost $15,353,564) $ 14,426,931
-------------------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
30 Pioneer Global High Yield Fund | Semiannual Report | 4/30/19
-------------------------------------------------------------------------------------------------------------------------
Principal
Amount USD ($) Value
-------------------------------------------------------------------------------------------------------------------------
SENIOR SECURED FLOATING RATE LOAN
INTERESTS -- 3.2% of Net Assets*(d)
Automobile -- 0.0%+
969 Allison Transmission, Inc., Initial Term Loan, 4.479%
(LIBOR + 200 bps), 3/29/26 $ 979
------------
Total Automobile $ 979
-------------------------------------------------------------------------------------------------------------------------
Diversified & Conglomerate Service -- 0.1%
479,490 IAP Worldwide Services, Inc., Second Lien Term Loan,
9.101% (LIBOR + 650 bps), 7/18/19 $ 480,689
------------
Total Diversified & Conglomerate Service $ 480,689
-------------------------------------------------------------------------------------------------------------------------
Healthcare, Education & Childcare -- 0.7%
847,656 Alliance HealthCare Services, Inc., First Lien Initial Term
Loan, 6.983% (LIBOR + 450 bps), 10/24/23 $ 852,954
1,170,573 Regionalcare Hospital Partners Holdings, Inc., First Lien
Term B Loan, 6.987% (LIBOR + 450 bps), 11/16/25 1,179,718
------------
Total Healthcare, Education & Childcare $ 2,032,672
-------------------------------------------------------------------------------------------------------------------------
Metals & Mining -- 0.4%
1,389,500 Aleris International, Inc., Initial Term Loan, 7.233%
(LIBOR + 475 bps), 2/27/23 $ 1,395,362
------------
Total Metals & Mining $ 1,395,362
-------------------------------------------------------------------------------------------------------------------------
Oil & Gas -- 0.1%
248,554 Gavilan Resources LLC, Second Lien Initial Term Loan,
8.477% (LIBOR + 600 bps), 3/1/24 $ 187,451
------------
Total Oil & Gas $ 187,451
-------------------------------------------------------------------------------------------------------------------------
Personal, Food & Miscellaneous Services -- 0.6%
2,520,062 Revlon Consumer Products Corp., Initial Term B Loan, 6.129%
(LIBOR + 350 bps), 9/7/23 $ 1,980,769
------------
Total Personal, Food & Miscellaneous Services $ 1,980,769
-------------------------------------------------------------------------------------------------------------------------
Retail -- 0.4%
1,476,623 Neiman Marcus Group, Ltd. LLC, Other Term Loan, 5.724%
(LIBOR + 325 bps), 10/25/20 $ 1,372,733
------------
Total Retail $ 1,372,733
-------------------------------------------------------------------------------------------------------------------------
Telecommunications -- 0.5%
1,660,000 Commscope, Inc., Initial Term Loan, 5.733% (LIBOR +
325 bps), 4/6/26 $ 1,676,807
------------
Total Telecommunications $ 1,676,807
-------------------------------------------------------------------------------------------------------------------------
Transportation -- 0.2%
602,922 DynCorp International, Inc., Term Loan B2, 8.48% (LIBOR +
600 bps), 7/7/20 $ 599,907
------------
Total Transportation $ 599,907
-------------------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Global High Yield Fund | Semiannual Report | 4/30/19 31
Schedule of Investments | 4/30/19 (unaudited) (continued)
-------------------------------------------------------------------------------------------------------------------------
Principal
Amount USD ($) Value
-------------------------------------------------------------------------------------------------------------------------
Utilities -- 0.2%
696,469 Vistra Operations Co. LLC (fka Tex Operations Co., LLC),
Initial Term Loan, 4.483% (LIBOR + 200 bps), 8/4/23 $ 697,973
------------
Total Utilities $ 697,973
-------------------------------------------------------------------------------------------------------------------------
TOTAL SENIOR SECURED FLOATING RATE LOAN INTERESTS
(Cost $10,819,971) $ 10,425,342
-------------------------------------------------------------------------------------------------------------------------
SUPRANATIONAL BOND -- 0.2% of Net Assets
IDR 11,423,400,000 International Bank for Reconstruction & Development,
7.45%, 8/20/21 $ 801,563
-------------------------------------------------------------------------------------------------------------------------
TOTAL SUPRANATIONAL BOND
(Cost $815,199) $ 801,563
-------------------------------------------------------------------------------------------------------------------------
U.S. GOVERNMENT AND AGENCY OBLIGATIONS --
2.9% of Net Assets
9,602,300(g) U.S. Treasury Bills, 5/21/19 $ 9,589,527
266,000(g)(p) U.S. Treasury Notes, 2/29/24 264,480
-------------------------------------------------------------------------------------------------------------------------
TOTAL U.S. GOVERNMENT AND AGENCY OBLIGATIONS
(Cost $9,854,083) $ 9,854,007
-------------------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------------------
Shares
-------------------------------------------------------------------------------------------------------------------------
RIGHTS/WARRANTS -- 0.0%+ of Net Assets
Machinery -- 0.0%+
747^(a)(i) LTR Intermediate Holdings, Inc. $ --
------------
Total Machinery $ --
-------------------------------------------------------------------------------------------------------------------------
Metals & Mining -- 0.0%+
318,254(j) ANR, Inc. $ 3,819
------------
Total Metals & Mining $ 3,819
-------------------------------------------------------------------------------------------------------------------------
Oil, Gas & Consumable Fuels -- 0.0%+
61(a)(k) Contura Energy, Inc. $ 1,220
7,597^(a)(l) Midstates Petroleum Co., Inc. --
------------
Total Oil, Gas & Consumable Fuels $ 1,220
-------------------------------------------------------------------------------------------------------------------------
TOTAL RIGHTS/WARRANTS
(Cost $36,833) $ 5,039
-------------------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
32 Pioneer Global High Yield Fund | Semiannual Report | 4/30/19
--------------------------------------------------------------------------------------------------------------------------
Number of Strike Expiration
Contracts Description Counterparty Notional Price Date Value
--------------------------------------------------------------------------------------------------------------------------
OVER THE COUNTER (OTC) CALL OPTIONS
PURCHASED -- 0.0%+
297,012^(m) Desarrolladora Bank of
Homex New York
SAB de CV Mellon Corp. MXN -- MXN --(o) 10/23/22 $ --
297,012^(n) Desarrolladora Bank of
Homex New York
SAB de CV Mellon Corp. MXN -- MXN --(o) 10/23/22 --
-------------
$ --
--------------------------------------------------------------------------------------------------------------------------
TOTAL OVER THE COUNTER (OTC) CALL OPTIONS
PURCHASED
(Premiums paid $0) $ --
--------------------------------------------------------------------------------------------------------------------------
OVER THE COUNTER (OTC) CURRENCY PUT
OPTIONS PURCHASED -- 0.2%
21,795,000 Put EUR Bank of
Call USD America NA EUR 303,808 EUR 1.15 5/27/19 $ 523,104
3,900,000 Put EUR Bank of
Call USD America NA EUR 58,449 EUR 1.15 9/23/19 95,088
5,925,000 Put EUR Bank of
Call USD America NA EUR 81,546 EUR 1.13 1/9/20 94,796
-------------
$ 712,988
--------------------------------------------------------------------------------------------------------------------------
TOTAL OVER THE COUNTER (OTC) CURRENCY PUT
OPTIONS PURCHASED
(Premiums paid $443,803) $ 712,988
--------------------------------------------------------------------------------------------------------------------------
TOTAL OPTIONS PURCHASED
(Premiums paid $443,803) $ 712,988
--------------------------------------------------------------------------------------------------------------------------
TOTAL INVESTMENTS IN UNAFFILIATED ISSUERS -- 97.1%
(Cost $346,502,958) $322,124,063
--------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------
Number of Strike Expiration
Contracts Description Counterparty Notional Price Date
--------------------------------------------------------------------------------------------------------------------------
OVER THE COUNTER (OTC) CURRENCY CALL
OPTIONS WRITTEN -- (0.0)%+
(21,795,000) Call EUR Bank of
Put USD America NA EUR 303,808 EUR 1.27 5/29/19 $ --
(3,900,000) Call EUR Bank of
Put USD America NA EUR 58,449 EUR 1.27 9/23/19 (398)
(5,925,000) Call EUR Bank of
Put USD America NA EUR 81,546 EUR 1.25 1/9/20 (11,837)
-------------
$ (12,235)
--------------------------------------------------------------------------------------------------------------------------
TOTAL OVER THE COUNTER (OTC) CURRENCY CALL
OPTIONS WRITTEN
(Premiums received $(443,803)) $ (12,235)
--------------------------------------------------------------------------------------------------------------------------
OTHER ASSETS AND LIABILITIES -- 2.9% $ 9,636,554
--------------------------------------------------------------------------------------------------------------------------
NET ASSETS -- 100.0% $331,748,382
==========================================================================================================================
The accompanying notes are an integral part of these financial statements.
Pioneer Global High Yield Fund | Semiannual Report | 4/30/19 33
Schedule of Investments | 4/30/19 (unaudited) (continued)
BADLARPP Argentine Deposit Rate Badlar Private Banks 30-35 Days.
bps Basis Points.
CMT Constant Maturity Treasury Index.
ICE Intercontinental Exchange.
LIBOR London Interbank Offered Rate.
REIT Real Estate Investment Trust.
ZERO Zero Constant Index.
(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, 2019, the value of these securities
amounted to $204,153,289, or 61.5% of net assets.
+ 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, 2019.
+ Securities that used significant unobservable inputs to determine
their value.
^ Security is valued using fair value methods (other than supplied by
independent pricing services).
(a) Non-income producing security.
(b) Security is perpetual in nature and has no stated maturity date.
(c) The interest rate is subject to change periodically. The interest
rate and/or reference index and spread shown at April 30, 2019.
(d) Floating rate note. Coupon rate, reference index and spread shown at
April 30, 2019.
(e) Payment-in-kind (PIK) security which may pay interest in the form of
additional principal amount.
(f) Security is in default.
(g) Security issued with a zero coupon. Income is recognized through
accretion of discount.
(h) Securities are restricted as to resale.
(i) LTR Intermediate Holdings, Inc. warrants are exercisable into 747
shares.
(j) ANR, Inc. warrants are exercisable into 318,254 shares.
(k) Contura Energy, Inc. warrants are exercisable into 61 shares.
(l) Midstates Petroleum Co., Inc. warrants are exercisable into 7,597
shares.
(m) Option does not become effective until underlying company's
outstanding common shares reach a market capitalization of MXN 12.5
Billion.
(n) Option does not become effective until underlying company's
outstanding common shares reach a market capitalization of MXN 15.0
Billion.
(o) Strike price is 1 Mexican Peso (MXN).
(p) Security collateralized by $264,480.
(x) Issued as participation notes.
(y) Issued as participation shares.
(z) Issued as preference shares.
The accompanying notes are an integral part of these financial statements.
34 Pioneer Global High Yield Fund | Semiannual Report | 4/30/19
FORWARD FOREIGN CURRENCY CONTRACTS
--------------------------------------------------------------------------------------------------------
In Unrealized
Currency Exchange Currency Settlement Appreciation
Purchased for Sold Deliver Counterparty Date (Depreciation)
--------------------------------------------------------------------------------------------------------
USD 703,641 MXN (13,498,708) Citibank NA 5/24/19 $ (6,390)
NOK 20,938,362 EUR (2,156,733) Goldman Sachs
International 5/28/19 4,496
EUR 3,880,102 USD (4,411,229) State Street
Bank & Trust Co. 5/24/19 (48,824)
USD 2,123,329 EUR (1,881,304) State Street
Bank & Trust Co. 5/24/19 8,177
USD 1,565,955 EUR (1,392,259) State Street
Bank & Trust Co. 6/25/19 (3,780)
--------------------------------------------------------------------------------------------------------
TOTAL FORWARD FOREIGN CURRENCY CONTRACTS $(46,321)
========================================================================================================
SWAP CONTRACTS
CENTRALLY CLEARED CREDIT DEFAULT SWAP CONTRACTS -- SELL PROTECTION
-------------------------------------------------------------------------------------------------------------------------------
Obligation Annual
Notional Reference/ Pay/ Fixed Expiration Premiums Unrealized Market
Amount ($)(1) Index Receive(2) Rate Date Paid Appreciation Value
-------------------------------------------------------------------------------------------------------------------------------
4,105,950 Markit CDX Receive 5.00% 12/20/20 $227,698 $24,572 $252,270
North America
High Yield Index
Series 25
3,144,500 Markit CDX Receive 5.00% 6/20/21 219,393 6,282 225,675
North America
High Yield Index
Series 26
-------------------------------------------------------------------------------------------------------------------------------
TOTAL CENTRALLY CLEARED CREDIT DEFAULT
SWAP CONTRACTS -- SELL PROTECTION $447,091 $30,854 $477,945
===============================================================================================================================
OVER THE COUNTER (OTC) CREDIT DEFAULT SWAP CONTRACTS -- SELL PROTECTION
-----------------------------------------------------------------------------------------------------------------------------------
Obligation Annual
Notional Reference/ Pay/ Fixed Expiration Premiums Unrealized Market
Amount ($)(1) Counterparty Index Receive(2) Rate Date (Received) Appreciation Value
-----------------------------------------------------------------------------------------------------------------------------------
690,000 Goldman Sachs Chesapeake Receive 5.00% 6/20/22 $ (77,625) $109,982 $ 32,357
International Energy Corp.
415,000 Goldman Sachs Chesapeake Receive 5.00% 6/20/22 (50,838) 70,299 19,461
International Energy Corp.
650,000 Goldman Sachs Chesapeake
International Energy Corp. Receive 5.00% 6/20/22 (79,625) 110,106 30,481
-----------------------------------------------------------------------------------------------------------------------------------
TOTAL OVER THE COUNTER (OTC) CREDIT DEFAULT SWAP CONTRACTS --
SELL PROTECTION $(208,088) $290,387 $ 82,299
-----------------------------------------------------------------------------------------------------------------------------------
TOTAL SWAP CONTRACTS $ 239,003 $321,241 $560,244
===================================================================================================================================
(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 High Yield Fund | Semiannual Report | 4/30/19 35
Schedule of Investments | 4/30/19 (unaudited) (continued)
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
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, 2019, aggregated $65,016,718 and $115,199,143,
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, 2019, the Fund engaged in purchases of $2,029,775 which resulted in a net
realized gain/(loss) of $0. During the six months ended April 30, 2019, the
Fund did not engage in sales pursuant to these procedures.
At April 30, 2019, the net unrealized depreciation on investments based on cost
for federal tax purposes of $347,339,011 was as follows:
Aggregate gross unrealized appreciation for all investments in which
there is an excess of value over tax cost $ 9,108,750
Aggregate gross unrealized depreciation for all investments in which
there is an excess of tax cost over value (33,822,010)
------------
Net unrealized depreciation $(24,713,260)
============
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). See Notes to
Financial Statements -- Note 1A.
The accompanying notes are an integral part of these financial statements.
36 Pioneer Global High Yield Fund | Semiannual Report | 4/30/19
The following is a summary of the inputs used as of April 30, 2019, in valuing
the Fund's investments:
-------------------------------------------------------------------------------------------------------------------
Level 1 Level 2 Level 3 Total
-------------------------------------------------------------------------------------------------------------------
Common Stocks
Oil, Gas & Consumable Fuels $ 656,053 $ -- $ 1,290,408 $ 1,946,461
Paper & Forest Products -- 27,569 -- 27,569
All Other Common Stocks 99,876 -- -- 99,876
Convertible Preferred Stocks 2,643,365 -- -- 2,643,365
Asset Backed Security -- 458,316 -- 458,316
Collateralized Mortgage
Obligations -- 5,112,206 -- 5,112,206
Convertible Corporate Bonds -- 5,854,548 -- 5,854,548
Corporate Bonds -- 246,395,730 -- 246,395,730
Foreign Government Bonds -- 23,360,122 -- 23,360,122
Insurance-Linked Securities
Collateralized Reinsurance
Multiperil - U.S. -- -- 45,960 45,960
Multiperil - Worldwide -- -- 2,605,759 2,605,759
Windstorm - Florida -- -- 455,550 455,550
Windstorm - U.S. Regional -- -- 25,650 25,650
Industry Loss Warranties
Multiperil - U.S. -- -- 489,088 489,088
Reinsurance Sidecars
All Natural Peril - Worldwide -- -- 523,936 523,936
Multiperil - U.S. -- -- 1,222,481 1,222,481
Multiperil - Worldwide -- -- 4,542,377 4,542,377
All Other Insurance-Linked
Securities -- 4,516,130 -- 4,516,130
Senior Secured Floating Rate
Loan Interests -- 10,425,342 -- 10,425,342
Supranational Bond -- 801,563 -- 801,563
U.S. Government and Agency
Obligations -- 9,854,007 -- 9,854,007
Rights/Warrants
Machinery -- --* --* --*
Metals & Mining -- 3,819 -- 3,819
Oil, Gas & Consumable Fuels 1,220 -- --* 1,220
Over The Counter (OTC) Call
Options Purchased -- --* -- --*
Over The Counter (OTC) Currency
Put Options Purchased -- 712,988 -- 712,988
-------------------------------------------------------------------------------------------------------------------
Total Investments in Securities $3,400,514 $307,522,340 $11,201,209 $322,124,063
===================================================================================================================
Other Financial Instruments
Over The Counter (OTC)
Currency Call Option Written $ -- $ (12,235) $ -- $ (12,235)
Net unrealized depreciation
on forward foreign
currency contracts -- (46,321) -- (46,321)
Swap contracts, at value -- 560,244 -- 560,244
-------------------------------------------------------------------------------------------------------------------
Total Other
Financial Instruments $ -- $ 501,688 $ -- $ 501,688
===================================================================================================================
* Security is valued at $0.
The accompanying notes are an integral part of these financial statements.
Pioneer Global High Yield Fund | Semiannual Report | 4/30/19 37
Schedule of Investments | 4/30/19 (unaudited) (continued)
The following is a reconciliation of assets valued using significant
unobservable inputs (Level 3):
----------------------------------------------------------------------------------------------------------
Insurance
Common Linked
Stocks Securities Total
----------------------------------------------------------------------------------------------------------
Balance as of 10/31/18 $1,233,056 $13,830,093 $15,063,149
Realized gain (loss)(1) -- (100,098) (100,098)
Change in unrealized appreciation (depreciation)(2) 57,352 (928,698) (871,346)
Accrued discounts/premiums -- (64) (64)
Purchases -- 4,723,750 4,723,750
Sales -- (7,614,182) (7,614,182)
Transfers in to Level 3* -- -- --
Transfers out of Level 3* -- -- --
Transfers in and out of Level 3 categories* -- -- --
----------------------------------------------------------------------------------------------------------
Balance as of 4/30/19 $1,290,408 $ 9,910,801 $11,201,209
==========================================================================================================
(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, 2019, there were no 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, 2019: $ (808,949)
----------
The accompanying notes are an integral part of these financial statements.
38 Pioneer Global High Yield Fund | Semiannual Report | 4/30/19
Statement of Assets and Liabilities | 4/30/19 (unaudited)
ASSETS:
Investments in unaffiliated issuers, at value (cost $346,502,958) $ 322,124,063
Cash 2,026,377
Foreign currencies, at value (cost $1,654,535) 1,640,537
Swap contracts, at value (net premiums paid $239,003) 560,244
Swaps collateral 325,165
Receivables --
Investment securities sold 4,643,583
Fund shares sold 278,943
Dividends 7,777
Interest 4,565,542
Other assets 34,341
----------------------------------------------------------------------------------------------
Total assets $ 336,206,572
==============================================================================================
LIABILITIES:
Payables --
Investment securities purchased $ 1,850,083
Fund shares repurchased 1,668,604
Distributions 172,902
Trustees' fees 1,196
Variation margin for swap contracts 481
Due to broker for swaps 480,473
Net unrealized depreciation on forward foreign currency contracts 46,321
Written options outstanding (net premiums received $(443,803)) 12,235
Due to affiliates 43,991
Accrued expenses 181,904
----------------------------------------------------------------------------------------------
Total liabilities $ 4,458,190
==============================================================================================
NET ASSETS:
Paid-in capital $ 631,534,400
Distributable earnings (loss) (299,786,018)
----------------------------------------------------------------------------------------------
Net assets $ 331,748,382
==============================================================================================
NET ASSET VALUE PER SHARE:
No par value (unlimited number of shares authorized)
Class A (based on $163,329,287/18,948,827 shares) $ 8.62
Class C (based on $48,769,532/5,671,505 shares) $ 8.60
Class Y (based on $119,649,563/14,132,503 shares) $ 8.47
MAXIMUM OFFERING PRICE PER SHARE:
Class A (based on $8.62 net asset value per share/100%-4.50%
maximum sales charge) $ 9.03
==============================================================================================
The accompanying notes are an integral part of these financial statements.
Pioneer Global High Yield Fund | Semiannual Report | 4/30/19 39
Statement of Operations (unaudited)
For the Six Months Ended 4/30/19
INVESTMENT INCOME:
Interest from unaffiliated issuers $11,367,575
Dividends from unaffiliated issuers (net of withholding
tax of $5,457) 485,133
-----------------------------------------------------------------------------------------------------
Total investment income $11,852,708
-----------------------------------------------------------------------------------------------------
EXPENSES:
Management fees $ 1,188,845
Administrative expense 78,516
Transfer agent fees
Class A 97,672
Class C 30,057
Class Y 53,478
Distribution fees
Class A 205,266
Class C 267,699
Shareowner communications expense 21,208
Custodian fees 16,008
Registration fees 26,689
Professional fees 25,539
Printing expense 24,257
Trustees' fees 5,098
Pricing expense 13,389
Insurance expense 3,132
Miscellaneous 41,803
-----------------------------------------------------------------------------------------------------
Total expenses $ 2,098,656
-----------------------------------------------------------------------------------------------------
Net investment income $ 9,754,052
-----------------------------------------------------------------------------------------------------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
Net realized gain (loss) on:
Investments in unaffiliated issuers $(5,455,262)
Forward foreign currency contracts (110,430)
Swap contracts 102,064
Other assets and liabilities denominated in
foreign currencies (41,060) $(5,504,688)
-----------------------------------------------------------------------------------------------------
Change in net unrealized appreciation (depreciation) on:
Investments in unaffiliated issuers $ 8,662,156
Written options 118,558
Forward foreign currency contracts (10,702)
Swap contracts (10,290)
Other assets and liabilities denominated in
foreign currencies 10,131 $ 8,769,853
-----------------------------------------------------------------------------------------------------
Net realized and unrealized gain (loss) on investments $ 3,265,165
-----------------------------------------------------------------------------------------------------
Net increase in net assets resulting from operations $13,019,217
=====================================================================================================
The accompanying notes are an integral part of these financial statements.
40 Pioneer Global High Yield Fund | Semiannual Report | 4/30/19
Statements of Changes in Net Assets
--------------------------------------------------------------------------------------------------
Six Months
Ended
4/30/19 Year Ended
(unaudited) 10/31/18
--------------------------------------------------------------------------------------------------
FROM OPERATIONS:
Net investment income (loss) $ 9,754,052 $ 28,464,225
Net realized gain (loss) on investments (5,504,688) (4,779,834)
Change in net unrealized appreciation (depreciation)
on investments 8,769,853 (31,734,115)
--------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets resulting
from operations $ 13,019,217 $ (8,049,724)
--------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO SHAREOWNERS:
Class A ($0.23 and $0.45 per share, respectively) $ (4,549,728) $ (8,507,743)
Class C ($0.20 and $0.39 per share, respectively) (1,266,626) (5,087,160)
Class Y ($0.24 and $0.47 per share, respectively) (3,517,018) (12,802,730)
--------------------------------------------------------------------------------------------------
Total distributions to shareowners $ (9,333,372) $ (26,397,633)
--------------------------------------------------------------------------------------------------
FROM FUND SHARE TRANSACTIONS:
Net proceeds from sales of shares $ 20,456,031 $ 128,334,116
Reinvestment of distributions 7,944,773 22,985,297
Cost of shares repurchased (67,641,862) (368,719,457)
--------------------------------------------------------------------------------------------------
Net decrease in net assets resulting from
Fund share transactions $(39,241,058) $(217,400,044)
--------------------------------------------------------------------------------------------------
Net decrease in net assets $(35,555,213) $(251,847,401)
NET ASSETS:
Beginning of period $367,303,595 $ 619,150,996
--------------------------------------------------------------------------------------------------
End of period $331,748,382 $ 367,303,595
==================================================================================================
The accompanying notes are an integral part of these financial statements.
Pioneer Global High Yield Fund | Semiannual Report | 4/30/19 41
Statements of Changes in Net Assets (continued)
----------------------------------------------------------------------------------------------------------
Six Months Six Months
Ended Ended
4/30/19 4/30/19 Year Ended Year Ended
Shares Amount 10/31/18 10/31/18
(unaudited) (unaudited) Shares Amount
----------------------------------------------------------------------------------------------------------
Class A
Shares sold 1,210,145 $ 10,215,168 7,151,862 $ 61,978,329
Reinvestment of
distributions 475,561 4,014,237 825,177 7,294,518
Less shares repurchased (3,128,453) (26,352,006) (7,649,884) (67,507,298)
----------------------------------------------------------------------------------------------------------
Net increase
(decrease) (1,442,747) $(12,122,601) 327,155 $ 1,765,549
==========================================================================================================
Class C
Shares sold 68,146 $ 564,398 1,264,768 $ 10,969,813
Reinvestment of
distributions 128,937 1,083,800 517,538 4,577,234
Less shares repurchased (1,675,716) (14,091,885) (10,426,906) (90,716,240)
----------------------------------------------------------------------------------------------------------
Net decrease (1,478,633) $(12,443,687) (8,644,600) $ (75,169,193)
==========================================================================================================
Class Y
Shares sold 1,167,727 $ 9,676,465 6,297,721 $ 55,385,974
Reinvestment of
distributions 343,608 2,846,736 1,275,654 11,113,545
Less shares repurchased (3,292,053) (27,197,971) (24,359,673) (210,495,919)
----------------------------------------------------------------------------------------------------------
Net decrease (1,780,718) $(14,674,770) (16,786,298) $(143,996,400)
==========================================================================================================
The accompanying notes are an integral part of these financial statements.
42 Pioneer Global High Yield Fund | Semiannual Report | 4/30/19
Financial Highlights
------------------------------------------------------------------------------------------------------------------------------------
Six Months
Ended Year Year Year Year Year
4/30/19 Ended Ended Ended Ended Ended
(unaudited) 10/31/18 10/31/17 10/31/16* 10/31/15* 10/31/14*
------------------------------------------------------------------------------------------------------------------------------------
Class A
Net asset value, beginning of period $ 8.51 $ 9.12 $ 8.71 $ 8.64 $ 9.79 $ 10.13
------------------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (loss) $ 0.24(a) $ 0.49(a) $ 0.51(a) $ 0.54(a) $ 0.58(a) $ 0.66
Net realized and unrealized gain (loss) on investments 0.10 (0.65) 0.37 0.04(b) (1.19) (0.34)
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 0.34 $ (0.16) $ 0.88 $ 0.58 $ (0.61) $ 0.32
------------------------------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income $ (0.23) $ (0.45) $ (0.42) $ (0.47) $ (0.46) $ (0.63)
Tax return of capital -- -- (0.05) (0.04) (0.08) (0.03)
------------------------------------------------------------------------------------------------------------------------------------
Total distributions $ (0.23) $ (0.45) $ (0.47) $ (0.51) $ (0.54) $ (0.66)
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ 0.11 $ (0.61) $ 0.41 $ 0.07 $ (1.15) $ (0.34)
------------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 8.62 $ 8.51 $ 9.12 $ 8.71 $ 8.64 $ 9.79
====================================================================================================================================
Total return (c) 4.11%(d) (1.78)% 10.33% 7.14%(e) (6.36)% 3.16%
Ratio of net expenses to average net assets 1.23%(f) 1.17% 1.18% 1.19% 1.17% 1.13%
Ratio of net investment income (loss) to average net assets 5.75%(f) 5.56% 5.71% 6.50% 6.31% 6.62%
Portfolio turnover rate 20%(d) 48% 53% 40% 32% 32%
Net assets, end of period (in thousands) $163,329 $173,588 $182,900 $201,360 $254,056 $373,543
====================================================================================================================================
* 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, 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 | 4/30/19 43
Financial Highlights (continued)
------------------------------------------------------------------------------------------------------------------------------------
Six Months
Ended Year Year Year Year Year
4/30/19 Ended Ended Ended Ended Ended
(unaudited) 10/31/18 10/31/17 10/31/16* 10/31/15* 10/31/14*
------------------------------------------------------------------------------------------------------------------------------------
Class C
Net asset value, beginning of period $ 8.49 $ 9.09 $ 8.69 $ 8.62 $ 9.76 $ 10.10
------------------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (loss) $ 0.21(a) $ 0.42(a) $ 0.44(a) $ 0.48(a) $ 0.51(a) $ 0.59
Net realized and unrealized gain (loss) on investments 0.10 (0.63) 0.36 0.04(b) (1.17) (0.34)
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 0.31 $ (0.21) $ 0.80 $ 0.52 $ (0.66) $ 0.25
------------------------------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income $ (0.20) $ (0.39) $ (0.35) $ (0.41) $ (0.40) $ (0.56)
Tax return of capital -- -- (0.05) (0.04) (0.08) (0.03)
------------------------------------------------------------------------------------------------------------------------------------
Total distributions $ (0.20) $ (0.39) $ (0.40) $ (0.45) $ (0.48) $ (0.59)
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ 0.11 $ (0.60) $ 0.40 $ 0.07 $ (1.14) $ (0.34)
------------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 8.60 $ 8.49 $ 9.09 $ 8.69 $ 8.62 $ 9.76
====================================================================================================================================
Total return (c) 3.70%(d) (2.39)% 9.46% 6.40%(e) (6.96)% 2.43%
Ratio of net expenses to average net assets 1.96%(f) 1.90% 1.89% 1.90% 1.87% 1.83%
Ratio of net investment income (loss) to average net assets 5.01%(f) 4.75% 5.01% 5.79% 5.61% 5.91%
Portfolio turnover rate 20%(d) 48% 53% 40% 32% 32%
Net assets, end of period (in thousands) $48,770 $60,700 $143,587 $183,542 $237,163 $354,162
====================================================================================================================================
* 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.
44 Pioneer Global High Yield Fund | Semiannual Report | 4/30/19
------------------------------------------------------------------------------------------------------------------------------------
Six Months
Ended Year Year Year Year Year
4/30/19 Ended Ended Ended Ended Ended
(unaudited) 10/31/18 10/31/17 10/31/16* 10/31/15* 10/31/14*
------------------------------------------------------------------------------------------------------------------------------------
Class Y
Net asset value, beginning of period $ 8.36 $ 8.95 $ 8.55 $ 8.49 $ 9.62 $ 9.96
------------------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (loss) $ 0.25(a) $ 0.50(a) $ 0.52(a) $ 0.57(a) $ 0.60(a) $ 0.67
Net realized and unrealized gain (loss) on investments 0.10 (0.62) 0.36 0.01(b) (1.17) (0.33)
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 0.35 $ (0.12) $ 0.88 $ 0.58 $ (0.57) $ 0.34
------------------------------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income $ (0.24) $ (0.47) $ (0.43) $ (0.48) $ (0.48) $ (0.65)
Tax return of capital -- -- (0.05) (0.04) (0.08) (0.03)
------------------------------------------------------------------------------------------------------------------------------------
Total distributions $ (0.24) $ (0.47) $ (0.48) $ (0.52) $ (0.56) $ (0.68)
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ 0.11 $ (0.59) $ 0.40 $ 0.06 $ (1.13) $ (0.34)
------------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 8.47 $ 8.36 $ 8.95 $ 8.55 $ 8.49 $ 9.62
====================================================================================================================================
Total return (c) 4.25%(d) (1.41)% 10.60% 7.34% (6.08)% 3.40%
Ratio of net expenses to average net assets 0.93%(e) 0.92% 0.91% 0.90% 0.87% 0.84%
Ratio of net investment income (loss) to average net assets 6.05%(e) 5.73% 5.96% 6.93% 6.60% 6.88%
Portfolio turnover rate 20%(d) 48% 53% 40% 32% 32%
Net assets, end of period (in thousands) $119,650 $133,015 $292,664 $280,262 $485,344 $682,911
====================================================================================================================================
* 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 | 4/30/19 45
Notes to Financial Statements | 4/30/19 (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 four classes of shares designated as Class A, Class C, Class K
and Class Y shares. Class K shares had not commenced operations as of
April 30, 2019. 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.
Amundi Pioneer Asset Management, Inc., an indirect, wholly owned subsidiary of
Amundi and Amundi's wholly owned subsidiary, Amundi USA, Inc., serves as the
Fund's investment adviser (the "Adviser"). Amundi Pioneer Distributor, Inc., an
affiliate of Amundi Pioneer Asset Management, Inc., serves as the Fund's
distributor (the "Distributor").
In August 2018, the Securities and Exchange Commission ("SEC") released a
Disclosure Update and Simplification Final Rule. The Final Rule amends
Regulation S-X disclosures requirements to conform them to U.S. Generally
Accepted Accounting Principles ("U.S. GAAP") for investment companies. The
Fund's financial statements were prepared in compliance with the new amendments
to Regulation S-X.
46 Pioneer Global High Yield Fund | Semiannual Report | 4/30/19
The Fund is an investment company and follows investment company accounting and
reporting guidance under U.S. GAAP. U.S. GAAP requires 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 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.
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
Pioneer Global High Yield Fund | Semiannual Report | 4/30/19 47
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.
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.
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.
Repurchase agreements are valued at par. Cash may include overnight time
deposits at approved financial institutions.
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.
48 Pioneer Global High Yield Fund | Semiannual Report | 4/30/19
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, 2019, six securities were valued using fair value methods (in
addition to securities valued using prices supplied by independent pricing
services, broker-dealers or using a third party insurance pricing model)
representing 0.41% of net assets. The value of this fair valued security
was $1,368,851.
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.
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
Pioneer Global High Yield Fund | Semiannual Report | 4/30/19 49
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. 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, 2018, 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.
50 Pioneer Global High Yield Fund | Semiannual Report | 4/30/19
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, 2018 was as follows:
--------------------------------------------------------------------------
2018
--------------------------------------------------------------------------
Distributions paid from:
Ordinary income $26,397,633
--------------------------------------------------------------------------
Total $26,397,633
==========================================================================
The following shows the components of distributable earnings on a federal
income tax basis at October 31, 2018:
--------------------------------------------------------------------------
2018
--------------------------------------------------------------------------
Distributable earnings:
Capital loss carryforward $(269,396,585)
Dividend payable (195,768)
Net unrealized depreciation (33,879,510)
--------------------------------------------------------------------------
Total $(303,471,863)
==========================================================================
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 and swaps.
E. Fund Shares
The Fund records sales and repurchases of its shares as of trade date. The
Distributor earned $3,400 in underwriting commissions on the sale of Class
A shares during the six months ended April 30, 2019.
F. Class Allocations
Income, common expenses and realized and unrealized gains and losses are
calculated at the Fund level and allocated daily to each class of shares
based on its respective percentage of adjusted net assets at the beginning
of the day.
Distribution fees are calculated based on the average daily net asset
value attributable to Class A and Class C shares of the Fund, respectively
(see Note 4). Class Y shares do not pay distribution fees. All expenses
and fees paid to the 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
Pioneer Global High Yield Fund | Semiannual Report | 4/30/19 51
the Fund with respect to each class of shares are calculated in the same
manner and at the same time, except that net investment income dividends
to Class A, Class C and Class Y shares can reflect different transfer
agent and distribution expense rates.
G. Risks
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. 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.
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 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
52 Pioneer Global High Yield Fund | Semiannual Report | 4/30/19
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.
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.
H. Insurance-Linked Securities ("ILS")
The Fund invests in ILS. The Fund could lose a portion or all of the
principal it has invested in an ILS, and the right to additional interest
or dividend payments with respect to the security, upon the occurrence of
one or more trigger events, as defined within the terms of an
insurance-linked security. Trigger events, generally, are hurricanes,
earthquakes, or other natural events of a specific size or magnitude that
occur in a designated geographic region during a specified time period,
and/or that involve losses or other metrics that exceed a specific amount.
There is no way to accurately predict whether a trigger event will occur,
and accordingly, ILS carry significant risk. The Fund is entitled to
receive principal, and interest and/or dividend payments so long as no
trigger event occurs of the description and magnitude specified by the
instrument. In addition to the specified trigger events, ILS 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 event-linked bonds. ILS also 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
Pioneer Global High Yield Fund | Semiannual Report | 4/30/19 53
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.
Where the ILS 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.
I. Repurchase Agreements
Repurchase agreements are arrangements under which the Fund purchases
securities from a broker-dealer or a bank, called the counterparty, upon
the agreement of the counterparty to repurchase the securities from the
Fund at a later date, and at a specific price, which is typically higher
than the purchase price paid by the Fund. The securities purchased serve
as the Fund's collateral for the obligation of the counterparty to
repurchase the securities. The value of the collateral, including accrued
interest, is required to be equal to or in excess of the repurchase price.
The collateral for all repurchase agreements is held in safekeeping in the
customer-only account of the Fund's custodian or a sub-custodian of the
Fund. The Adviser is responsible for determining that the value of the
collateral remains at least equal to the repurchase price. In the event of
a default by the counterparty, the Fund is entitled to sell the
securities, but the Fund may not be able to sell them for the price at
which they were purchased, thus causing a loss to the Fund. Additionally,
if the counterparty becomes insolvent, there is some risk that the Fund
will not have a right to the securities, or the immediate right to sell
the securities.
As of April 30, 2019, the Fund had no open repurchase agreements.
J. 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
54 Pioneer Global High Yield Fund | Semiannual Report | 4/30/19
the Statement of Assets and Liabilities as an investment. All premiums are
marked-to-market daily, and any unrealized appreciation or depreciation is
recorded on the Fund's Statement of Operations. 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 purchased options contracts open during the
six months ended April 30, 2019, was $575,148. Open purchased options at
April 30, 2019, are listed in the Fund's Schedule of Investments.
K. 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 "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 on the
Statement of Operations. 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 written options for the six months ended April
30, 2019, was $(37,061). Open written options contracts at April 30, 2019,
are listed in the Fund's Schedule of Investments.
Pioneer Global High Yield Fund | Semiannual Report | 4/30/19 55
L. 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 X).
At April 30, 2019, the Fund had entered into various forward foreign
currency contracts that obligated 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 market value of forward foreign currency contracts open during
the six months ended April 30, 2019, was $1,241,250. Open forward foreign
currency contracts outstanding at April 30, 2019, are listed in the
Schedule of Investments.
M. 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 or 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.
56 Pioneer Global High Yield Fund | Semiannual Report | 4/30/19
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 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. In
addition, obligations under sell protection credit default swaps may be
partially offset by net amounts received from settlement of buy protection
credit default swaps entered into by the Fund for the same reference
obligation with the same counterparty.
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, 2019, is recorded as
"Swaps collateral" on the Statement of Assets and Liabilities.
The average market value of credit default swap contracts open during the
six months ended April 30, 2019, was $425,573. Open credit default swap
contracts at April 30, 2019, are listed in the Schedule of Investments.
Pioneer Global High Yield Fund | Semiannual Report | 4/30/19 57
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, 2019, the effective management fee (excluding waivers
and/or assumption of expenses) was equivalent to 0.70% 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
$31,711 in management fees, administrative costs and certain other
reimbursements payable to the Adviser at April 30, 2019.
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, and outgoing phone calls. For the six
months ended April 30, 2019, such out-of-pocket expenses by class of shares
were as follows:
--------------------------------------------------------------------------------
Shareowner Communications
--------------------------------------------------------------------------------
Class A $15,807
Class C 3,725
Class Y 1,676
--------------------------------------------------------------------------------
Total $21,208
================================================================================
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
58 Pioneer Global High Yield Fund | Semiannual Report | 4/30/19
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 $12,280 in
distribution fees payable to the Distributor at April 30, 2019.
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, 2019, CDSCs in the
amount of $828 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.
Effective August 1, 2018, the Fund participates in a credit facility in the
amount of $250 million. Prior to August 1, 2018, the credit facility was 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 0.90% on an annualized basis, or the Alternate Base Rate, which
is the greater of (a) the facility's administrative agent's daily announced
prime rate on the borrowing date, or (b) 2% plus the Federal Funds Rate on the
borrowing date or, (c) 2% plus the overnight Eurodollar rate on the borrowing
date. The Fund pays 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, 2019, the Fund had no borrowings under the credit facility.
6. Master Netting Agreement
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
Pioneer Global High Yield Fund | Semiannual Report | 4/30/19 59
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". 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, 2019.
-----------------------------------------------------------------------------------------------------------------
Derivative Assets Derivatives Non-Cash Cash Net Amount
Subject to Master Available for Collateral Collateral of Derivative
Counterparty Netting Agreement Offset Received (a) Received (a) Assets (b)
-----------------------------------------------------------------------------------------------------------------
Bank of
America NA $ 712,988 $(12,235) $ -- $ -- $700,753
Bank of
New York
Mellon Corp. -- -- -- -- --
Citibank N.A. -- -- -- -- --
Goldman Sachs
International 294,883 -- -- -- 294,883
State Street
Bank &
Trust Co. 8,177 (8,177) -- -- --
-----------------------------------------------------------------------------------------------------------------
Total $1,016,048 $(20,412) $ -- $ -- $995,636
=================================================================================================================
60 Pioneer Global High Yield Fund | Semiannual Report | 4/30/19
------------------------------------------------------------------------------------------------------------------
Derivative Liabilities Derivatives Non-Cash Cash Net Amount
Subject to Master Available for Collateral Collateral of Derivative
Counterparty Netting Agreement Offset Pledged (a) Pledged (a) Liabilities (c)
------------------------------------------------------------------------------------------------------------------
Bank of
America NA $12,235 $(12,235) $ -- $ -- $ --
Bank of
New York
Mellon Corp. -- -- -- -- --
Citibank N.A. 6,390 -- -- -- 6,390
Goldman Sachs
International -- -- -- -- --
State Street
Bank &
Trust Co. 52,604 (8,177) -- -- 44,427
------------------------------------------------------------------------------------------------------------------
Total $71,229 $(20,412) $ -- $ -- $50,817
==================================================================================================================
(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.
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.
Pioneer Global High Yield Fund | Semiannual Report | 4/30/19 61
The fair value of open derivative instruments (not considered to be hedging
instruments for accounting disclosure purposes) by risk exposure at April 30,
2019, was as follows:
---------------------------------------------------------------------------------------------
Foreign
Statement of Interest Credit Exchange Equity Commodity
Assets and Liabilities Rate Risk Risk Rate Risk Risk Risk
---------------------------------------------------------------------------------------------
Assets
Currency put options
purchased* $ -- $ -- $712,988 $ -- $ --
Swap contracts, at value -- 560,244 -- -- --
---------------------------------------------------------------------------------------------
Total Value $ -- $560,244 $712,988 $ -- $ --
=============================================================================================
Liabilities
Written options
outstanding $ -- $ -- $ 12,235 $ -- $ --
Net unrealized depreciation
on forward foreign
currency contracts -- -- 46,321 -- --
---------------------------------------------------------------------------------------------
Total Value $ -- $ -- $ 58,556 $ -- $ --
=============================================================================================
* Reflects the market value of purchased option contracts (see Note 1J.).
These amounts are included in investments in unaffiliated issuers, at
value, on the Statement of Assets and Liabilities.
The effect of derivative instruments (not considered to be hedging instruments
for accounting disclosure purposes) on the Statement of Operations by risk
exposure at April 30, 2019, 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 $ -- $ -- $(110,430) $ -- $ --
Swap contracts -- 102,064 -- -- --
------------------------------------------------------------------------------------------------
Total Value $ -- $102,064 $(110,430) $ -- $ --
================================================================================================
Change in net unrealized
appreciation
(depreciation) on:
Currency put options
purchased** $ -- $ -- $ 9,440 $ -- $ --
Written options -- -- 118,558 -- --
Forward foreign
currency contracts -- -- (10,702) -- --
Swap contracts -- (10,290) -- -- --
------------------------------------------------------------------------------------------------
Total Value $ -- $(10,290) $ 117,296 $ -- $ --
================================================================================================
** Reflects the change in net unrealized appreciation (depreciation) on
purchased option contracts (see Note 1J). These amounts are included in
change in net unrealized appreciation (depreciation) on Investments in
unaffiliated issuers, on the Statements of Operations.
62 Pioneer Global High Yield Fund | Semiannual Report | 4/30/19
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 and
Lisa M. Jones Accounting Officer
Lorraine H. Monchak Christopher J. Kelley, Secretary and
Marguerite A. Piret Chief Legal Officer
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
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/us. This information is also available on
the Securities and Exchange Commission's web site at www.sec.gov.
Pioneer Global High Yield Fund | Semiannual Report | 4/30/19 63
This page is for your notes.
64 Pioneer Global High Yield Fund | Semiannual Report | 4/30/19
This page is for your notes.
Pioneer Global High Yield Fund | Semiannual Report | 4/30/19 65
This page is for your notes.
66 Pioneer Global High Yield Fund | Semiannual Report | 4/30/19
This page is for your notes.
Pioneer Global High Yield Fund | Semiannual Report | 4/30/19 67
This page is for your notes.
68 Pioneer Global High Yield Fund | Semiannual Report | 4/30/19
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
FactFoneSM 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 219427
Kansas City, MO 64121-9427
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/us
This report must be preceded or accompanied by a prospectus.
The Fund files a complete schedule of portfolio holdings with the Securities
and Exchange Commission for the first and third quarters of each fiscal year as
an exhibit to its reports on Form N-PORT. Shareholders may view the filed Form
N-PORT by visiting the Commission's web site at https://www.sec.gov.
[LOGO] Amundi Pioneer
==============
ASSET MANAGEMENT
Amundi Pioneer Asset Management, Inc.
60 State Street
Boston, MA 02109
www.amundipioneer.com/us
Securities offered through Amundi Pioneer Distributor, Inc.
60 State Street, Boston, MA 02109
Underwriter of Pioneer Mutual Funds, Member SIPC
[C] 2019 Amundi Pioneer Asset Management 19382-13-0619
Pioneer Global Multisector
Income Fund
--------------------------------------------------------------------------------
Semiannual Report | April 30, 2019
--------------------------------------------------------------------------------
Ticker Symbols:
Class A PGABX
Class C PGCBX
Class Y PGYBX
Beginning in April 2021, as permitted by regulations adopted by the Securities
and Exchange Commission, paper copies of the Fund's shareholder reports like
this one will no longer be sent by mail, unless you specifically request paper
copies of the reports from the Fund or from your financial intermediary, such
as a broker-dealer, bank or insurance company. Instead, the reports will be
made available on the Fund's website, and you will be notified by mail each
time a report is posted and provided with a website link to access the report.
If you already elected to receive shareholder reports electronically, you will
not be affected by this change and you need not take any action. You may elect
to receive shareholder reports and other communications electronically by
contacting your financial intermediary or, if you invest directly with the
Fund, by calling 1-800-225-6292.
You may elect to receive all future reports in paper free of charge. If you
invest directly with the Fund, you can inform the Fund that you wish to
continue receiving paper copies of your shareholder reports by calling
1-800-225-6292. If you invest through a financial intermediary, you can contact
your financial intermediary to request that you continue to receive paper
copies of your shareholder reports. Your election to receive reports in paper
will apply to all funds held in your account if you invest through your
financial intermediary or all funds held within the Pioneer Fund complex if you
invest directly.
[LOGO] Amundi Pioneer
==============
ASSET MANAGEMENT
visit us: www.amundipioneer.com/us
Table of Contents
President's Letter 2
Portfolio Management Discussion 4
Portfolio Summary 10
Prices and Distributions 11
Performance Update 12
Comparing Ongoing Fund Expenses 15
Schedule of Investments 17
Financial Statements 42
Notes to Financial Statements 49
Trustees, Officers and Service Providers 68
Pioneer Global Multisector Income Fund | Semiannual Report | 4/30/19 1
President's Letter
Since 1928, active portfolio management based on in-depth, fundamental
research, has been the foundation of Amundi Pioneer's investment approach. We
believe an active management investment strategy is a prudent approach to
investing, especially during periods of market volatility, which can result
from any number of risk factors, including slow U.S. economic growth, rising
interest rates, and geopolitical factors. Of course, in today's global economy,
risk factors extend well beyond U.S. borders. In fact, it's not unusual for
political and economic issues on the international front to cause or contribute
to volatility in U.S. markets.
At Amundi Pioneer, each security under consideration is researched by our team
of experienced investment professionals, who visit companies and meet with
their management teams. At the end of this research process, if we have
conviction in a company's business model and management team, and regard the
security as a potentially solid investment opportunity, an Amundi Pioneer
portfolio manager makes an active decision to invest in that security. The
portfolio resulting from these decisions represents an expression of his or her
convictions, and strives to balance overall risk and return opportunity.
As an example, the Standard & Poor's 500 Index -- the predominant benchmark for
many U.S. Large-Cap Core Equity funds -- has 500 stocks. An Amundi Pioneer
portfolio manager chooses to invest in only those companies that he or she
believes can offer the most attractive opportunities to pursue the fund's
investment objective, thus potentially benefiting the fund's shareowners. This
process results in a portfolio that does not own all 500 stocks, but a much
narrower universe.
The same active decision to invest in a company is also applied when we decide
to sell a security, either due to changing fundamentals, valuation concerns, or
market risks. We apply this active decision-making across all of our equity,
fixed-income, and global portfolios.
Today, as investors, we have many options. It is our view that active
management can serve shareholders well not only when markets are thriving, but
also during periods of market volatility and uncertainty, thus making it a
compelling investment choice. As you consider the many choices today, 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.
2 Pioneer Global Multisector Income Fund | Semiannual Report | 4/30/19
We greatly appreciate the trust you have placed in us and look forward to
continuing to serve you in the future.
Sincerely,
/s/ Lisa M. Jones
Lisa M. Jones
Head of the Americas, President and CEO of U.S.
Amundi Pioneer Asset Management USA, Inc.
April 30, 2019
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 | 4/30/19 3
Portfolio Management Discussion | 4/30/19
In the following interview, Andrew Feltus, Paresh Upadhyaya, and Bradley R.
Komenda, discuss the factors that affected the performance of Pioneer Global
Multisector Income Fund during the six-month period ended April 30, 2019.
Mr. Feltus, CFA, Managing Director, Co-Director of High Yield, and a portfolio
manager at Amundi Pioneer Asset Management, Inc. (Amundi Pioneer);
Mr. Upadhyaya, Director of Currency Strategy, U.S., a senior vice president,
and a portfolio manager at Amundi Pioneer; and Mr. Komenda, Deputy Director of
Investment-Grade Corporates, a senior vice president, and a portfolio manager
at Amundi Pioneer, are responsible for the day-to-day management of the Fund,
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, 2019?
A Pioneer Global Multisector Income Fund's Class A shares returned 2.91% at
net asset value during the six-month period ended April 30, 2019, while
the Fund's benchmark, the Bloomberg Barclays Global Aggregate Bond Index
(the Bloomberg Barclays Index), returned 4.28% . During the same period,
the average return of the 227 mutual funds in Morningstar's World Bond
Funds category was 3.80%.
Q How would you describe the investment environment for fixed-income
securities during the six-month period ended April 30, 2019?
A The world's bond markets delivered strong, broad-based gains during the
period, reflecting a general shift in global central-bank policies toward
a more accommodative stance.
When the reporting period began on November 1, 2018, the financial markets
were still under pressure from expectations that the U.S. Federal Reserve
(the Fed) would continue to raise interest rates in the year ahead. The
adverse outlook stemmed from both strong economic growth in the middle
part of 2018, particularly in the U.S., as well as Fed Chairman Jerome
Powell's October statement that interest-rate policy was "a long way from
neutral." The backdrop changed considerably late in the year, however,
thus setting the stage for an unusually strong rally. Economic data began
to show weakness across the globe, especially in Europe and China, dashing
hopes that the rapid expansion of mid-2018 would prove sustainable. In
turn, the downshift in the growth outlook prompted the Fed - after
increasing rates for the fourth time in 2018 at its December meeting - to
indicate it would take a more "data dependent" approach going forward,
4 Pioneer Global Multisector Income Fund | Semiannual Report | 4/30/19
and would likely "pause" on further rate hikes, if not rule them out
entirely. Foreign central banks also pivoted to a more accommodative
posture, which ran contrary to earlier expectations that the European
Central Bank (ECB) and its developed-market peers were set to tighten
monetary policy in 2019.
The sudden shift in the investment backdrop sparked robust gains across
the interest-rate-sensitive segments of the bond market for the six-month
period. The yield on the 10-year U.S. Treasury note, which had stood at
3.24% at its most recent peak in early November 2018, fell to 2.39% at its
March 2019 low. (Bond prices and yields move in opposite directions.) The
Fed's shift to a neutral policy stance helped fuel strong returns for
securitized assets, higher-rated corporate debt, and international
government bonds, and led to a revival in investors' appetite for risk,
which drove sizable gains for credit-sensitive assets such as domestic
high-yield bonds and emerging markets debt. The rally resulted in all
major market segments within fixed income finishing the six-month period
in positive territory, with the best returns occurring among long-term
bonds and lower-rated securities.
The U.S. dollar (USD) gained ground against the majority of foreign
currencies over the period, as the Fed's more accommodative approach did
not lead to protracted weakness in the USD (as would ordinarily be
expected), since other central banks generally followed the Fed's lead. In
addition, the USD benefited from the ongoing strength in the U.S. economy
compared with the rest of the world.
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, 2019?
A The Fund's currency positioning was the primary cause of its
benchmark-relative underperformance for the period. We believed there
would be a convergence in economic growth rates and interest-rate policies
between Europe and the United States, which we expected would support the
euro against the USD. We therefore established a long position in the
Swedish krona, which we saw as a better way to capture the theme, given
that the krona tends to be more volatile than the euro (and thus likely to
experience larger gains in the event of a rally.) The USD in fact moved
steadily higher throughout the period, however, causing the Fund's
positioning to detract from performance. Long positions in the Uruguay
peso and South African rand further detracted from benchmark-relative
results.
Pioneer Global Multisector Income Fund | Semiannual Report | 4/30/19 5
The Fund's duration positioning also weighed on benchmark-relative
performance. We kept the portfolio's duration below that of the Bloomberg
Barclays Index, meaning the Fund had a lower degree of interest-rate
sensitivity. During a time that saw yields decline as prices rose, the
duration element of our investment strategy prevented the Fund from
gaining the full benefit of the rally in the bond market. (Duration is a
measure of the sensitivity of the price, or the value of principal, of a
fixed-income investment to a change in interest rates, expressed as a
number of years.)
Our allocation decisions had a neutral effect on the Fund's
benchmark-relative results. On the positive side, the Fund's performance
benefited from our emphasis on investments in the credit-sensitive
sectors, including high-yield bonds and the emerging markets. Conversely,
the Fund lost some ground from an allocation to insurance-linked
securities (ILS). ILS, which are sponsored by insurance companies to help
mitigate the risk of having to pay claims in the wake of natural
disasters, finished the six-month period in the red largely due to the
claims generated by the California wildfires in late 2018. The Fund held a
position in ILS based on our view that the securities offered both
above-average yield potential as well as a source of portfolio
diversification*. Unfortunately, those traits were not reflected in the
performance of ILS in the environment we experienced over the six-month
period. We significantly reduced the Fund's weighting in ILS before
period-end, as we saw better opportunities elsewhere.
Security selection was a net positive for the Fund's performance during
the period, with the best results coming from the emerging markets, where
portfolio positions in Buenos Aires (both the province and the city) were
the strongest contributors. The Fund's investments in Bahrain, Senegal,
Sri Lanka, and Uruguay also added value.
Q Did the Fund invest in any derivative securities during the six-month
period ended April 30, 2019? If so, did the derivatives have a material
impact on benchmark-relative performance?
A We invested the Fund in three types of derivatives during the period:
forward foreign currency transactions (forwards), U.S. Treasury futures,
and credit default swaps (CDS). Since we have typically achieved our
desired currency positioning for the Fund by using derivatives, the
forwards had a negative effect on benchmark-relative returns due to our
bias towards a lower USD, as we discussed earlier. We invested in Treasury
futures to
* Diversification does not assure a profit nor protect against loss.
6 Pioneer Global Multisector Income Fund | Semiannual Report | 4/30/19
help manage the portfolio's interest-rate risk, and they had a slight
positive effect on benchmark-relative returns. The investments in CDS had
a neutral impact on the Fund's relative performance.
Q Were there any changes in the Fund's distributions** to shareholders
during the six-month period ended April 30, 2019?
A The Fund's distributions increased over the six-month period compared with
the level on October 31, 2018.
Q How was the Fund positioned as of period end, and how does the positioning
reflect your broader outlook?
A Global economic growth experienced a soft patch in late 2018, but in our
view, more recent data reveals that growth remains on a positive track,
with a low probability of recession. Developments in China have been
particularly encouraging, led by data related to industrial production,
consumer spending, and credit growth. While a great deal of uncertainty
continues to surround the European economy, we believe the overall outlook
there remains favorable. With that said, we think careful security
selection will remain essential given the lingering questions, such as
trade-related issues, that continue to affect the broader outlook.
Within the credit-sensitive sectors, we have been gradually reducing the
Fund's allocations to high-yield bonds and investment-grade corporates, as
those market segments appear to offer less value after their strong
rallies thus far in 2019. We have also become more cautious on bank loans,
given that their floating-rate features could experience lower investor
demand now that the Fed has paused its interest-rate increases. We believe
relative values are more attractive in the structured credit sectors --
including non-agency mortgage-backed securities and asset-backed
securities -- due to the stronger credit protections the securities offer
in relation to their quality ratings. We believe both areas also have the
ability to benefit from the current strength of the U.S. consumer.
We have not been finding an abundance of opportunities in
developed-market, non-U.S. sovereigns, where many issues have negative
nominal yields and nearly all have negative real (inflation-adjusted)
yields. Even so, we remain on the lookout for securities that can
potentially benefit from a weaker USD. Although the USD has performed very
well in recent years, we see latitude for the currency to give back some
ground if overseas
** Distributions are not guaranteed.
Pioneer Global Multisector Income Fund | Semiannual Report | 4/30/19 7
economic growth picks up steam and foreign central banks are compelled to
adopt monetary policies that are more aggressive than investors currently
anticipate. For the same reason, we also see opportunities in emerging
markets debt and currencies.
In total, we believe the various aspects of the Fund's positioning help to
underscore the value of a flexible, selective investment approach that
seeks to manage portfolio risk and capitalize on potential value
opportunities as they emerge.
Please refer to the Schedule of Investments on pages 17-41 for a full listing
of Fund securities.
All investments are subject to risk, including the possible loss of principal.
In the past several years, financial markets have experienced increased
volatility, depressed valuations, decreased liquidity and heightened
uncertainty. These conditions may continue, recur, worsen or spread.
Investing in foreign and/or emerging markets securities involves risks relating
to interest rates, currency exchange rates, and economic and political
conditions.
When interest rates rise, the prices of fixed income securities held by the
Fund will generally fall. Conversely, when interest rates fall, the prices of
fixed income securities held by 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 | 4/30/19
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 | 4/30/19 9
Portfolio Summary | 4/30/19
Portfolio Diversification
--------------------------------------------------------------------------------
(As a percentage of total investments)*
[THE FOLLOWING DATA WAS REPRESENTED AS A PIE CHART IN THE PRINTED MATERIAL]
Corporate Bonds 39.4%
Foreign Government Bonds 22.3%
U.S. Government and Agency Obligations 17.0%
Senior Secured Floating Rate Loan Interests 8.3%
Collateralized Mortgage Obligations 6.9%
Affiliated Closed-End Fund(j) 3.8%
Convertible Preferred Stocks 0.6%
Municipal Bonds 0.6%
Asset Backed Securities 0.4%
Supranational Bond 0.3%
Over The Counter (OTC) Currency Put Options Purchased 0.2%
Insurance-Linked Securities 0.2%
Geographical Distribution
--------------------------------------------------------------------------------
(As a percentage of total investments)*
[THE FOLLOWING DATA WAS REPRESENTED AS A BAR CHART IN THE PRINTED MATERIAL]
United States 51.8%
United Kingdom 8.1%
Japan 4.5%
France 4.0%
Netherlands 3.5%
Argentina 1.9%
Italy 1.8%
Mexico 1.7%
Switzerland 1.7%
Uruguay 1.6%
Luxembourg 1.5%
Nigeria 1.4%
Austria 1.2%
Turkey 1.0%
Ireland 1.0%
Sweden 1.0%
Oman 1.0%
Other (individually less than 1%) 11.3%
10 Largest Holdings
--------------------------------------------------------------------------------
(As a percentage of total investments)*
1. Pioneer ILS Interval Fund(j) 3.74%
--------------------------------------------------------------------------------------
2. Japan Government Twenty Year Bond, 0.6%, 12/20/37 2.62
--------------------------------------------------------------------------------------
3. United Kingdom Gilt, 3.5%, 1/22/45 2.04
--------------------------------------------------------------------------------------
4. Japan Government Thirty Year Bond, 0.8%, 12/20/47 1.82
--------------------------------------------------------------------------------------
5. United Kingdom Gilt, 0.5%, 7/22/22 1.55
--------------------------------------------------------------------------------------
6. Mexican Bonos, 8.0%, 12/7/23 1.20
--------------------------------------------------------------------------------------
7. U.S. Treasury Inflation Indexed Bonds, 1.0%, 2/15/48 1.09
--------------------------------------------------------------------------------------
8. U.S. Treasury Inflation Indexed Bonds, 0.875%, 2/15/47 0.96
--------------------------------------------------------------------------------------
9. Uruguay Government International Bond, 8.5%, 3/15/28 (144A) 0.93
--------------------------------------------------------------------------------------
10. Africa Finance Corp., 4.375%, 4/17/26 (144A) 0.86
--------------------------------------------------------------------------------------
* 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 securities.
(j) Pioneer ILS Interval Fund is an affiliated fund managed by Amundi Pioneer
Asset Management, Inc., (the "Adviser").
10 Pioneer Global Multisector Income Fund | Semiannual Report | 4/30/19
Prices and Distributions | 4/30/19
Net Asset Value per Share
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Class 4/30/19 10/31/18
--------------------------------------------------------------------------------
A $10.17 $10.00
--------------------------------------------------------------------------------
C $10.20 $10.03
--------------------------------------------------------------------------------
Y $10.26 $10.08
--------------------------------------------------------------------------------
Distributions per Share: 11/1/18-4/30/19
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Net Investment Short-Term Long-Term
Class Income Capital Gains Capital Gains
--------------------------------------------------------------------------------
A $0.1200 $ -- $ --
--------------------------------------------------------------------------------
C $0.0803 $ -- $ --
--------------------------------------------------------------------------------
Y $0.1336 $ -- $ --
--------------------------------------------------------------------------------
Index Definitions
--------------------------------------------------------------------------------
The Bloomberg Barclays Global Aggregate Bond Index is an unmanaged index that
provides a broad-based measure of the global investment-grade fixed-income
markets. Index returns are calculated monthly, assume reinvestment of dividends
and, unlike Fund returns, do not reflect any fees, expenses or sales charges.
It is not possible to invest directly in an index.
The index defined here pertains to the "Value of $10,000 Investment" and "Value
of $5 Million Investment" charts appearing on pages 12-14.
Pioneer Global Multisector Income Fund | Semiannual Report | 4/30/19 11
Performance Update | 4/30/19 Class A Shares
Investment Returns
--------------------------------------------------------------------------------
The mountain chart on the right shows the change in value of a $10,000
investment made in Class A shares of Pioneer Global Multisector Income Fund at
public offering price during the periods shown, compared to that of the
Bloomberg Barclays Global Aggregate Bond Index.
Average Annual Total Returns
(As of April 30, 2019)
----------------------------------------------------
BBG
Barclays
Net Public Global
Asset Offering Aggregate
Value Price Bond
Period (NAV) (POP) Index
----------------------------------------------------
10 years 3.96% 3.48% 2.93%
5 years 1.56 0.62 0.75
1 year -1.42 -5.85 0.94
----------------------------------------------------
Expense Ratio
(Per prospectus dated March 1, 2019)
----------------------------------------------------
Gross Net
----------------------------------------------------
2.06% 1.04%
----------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $10,000 Investment
Pioneer Global Multisector Bloomberg Barclays Global
Income Fund Aggregate Bond Index
4/09 $ 9,550 $10,000
4/10 $10,911 $10,926
4/11 $12,019 $12,068
4/12 $12,385 $12,466
4/13 $13,150 $12,648
4/14 $13,032 $12,852
4/15 $13,288 $12,373
4/16 $13,422 $12,973
4/17 $13,921 $12,700
4/18 $14,280 $13,219
4/19 $14,078 $13,344
Call 1-800-225-6292 or visit www.amundipioneer.com/us 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. POP
returns reflect deduction of maximum 4.50% sales charge. NAV 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, 2020, 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 | 4/30/19
Performance Update | 4/30/19 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, 2019)
----------------------------------------------------
BBG
Barclays
Global
Aggregate
If If Bond
Period Held Redeemed Index
----------------------------------------------------
10 years 3.10% 3.10% 2.93%
5 years 0.67 0.67 0.75
1 year -2.21 -2.21 0.94
----------------------------------------------------
Expense Ratio
(Per prospectus dated March 1, 2019)
----------------------------------------------------
Gross Net
----------------------------------------------------
2.21% 1.94%
----------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $10,000 Investment
Pioneer Global Multisector Bloomberg Barclays Global
Income Fund Aggregate Bond Index
4/09 $10,000 $10,000
4/10 $11,337 $10,926
4/11 $12,401 $12,068
4/12 $12,671 $12,466
4/13 $13,333 $12,648
4/14 $13,120 $12,852
4/15 $13,247 $12,373
4/16 $13,262 $12,973
4/17 $13,637 $12,700
4/18 $13,873 $13,219
4/19 $13,567 $13,344
Call 1-800-225-6292 or visit www.amundipioneer.com/us 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. NAV 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, 2020, 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 | 4/30/19 13
Performance Update | 4/30/19 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, 2019)
----------------------------------------------------
BBG
Barclays
Net Global
Asset Aggregate
Value Bond
Period (NAV) Index
----------------------------------------------------
10 years 4.23% 2.93%
5 years 1.80 0.75
1 year -1.05 0.94
----------------------------------------------------
Expense Ratio
(Per prospectus dated March 1, 2019)
----------------------------------------------------
Gross Net
----------------------------------------------------
1.21% 0.79%
----------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $5 Million Investment
Pioneer Global Multisector Bloomberg Barclays Global
Income Fund Aggregate Bond Index
4/09 $5,000,000 $5,000,000
4/10 $5,728,628 $5,463,093
4/11 $6,314,596 $6,034,112
4/12 $6,540,686 $6,232,984
4/13 $6,957,875 $6,323,838
4/14 $6,921,384 $6,426,233
4/15 $7,075,580 $6,186,732
4/16 $7,166,683 $6,486,397
4/17 $7,444,066 $6,350,235
4/18 $7,647,740 $6,609,707
4/19 $7,567,706 $6,671,921
Call 1-800-225-6292 or visit www.amundipioneer.com/us 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, 2020, 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 | 4/30/19
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, 2018, through April 30, 2019.
--------------------------------------------------------------------------------
Share Class A C Y
--------------------------------------------------------------------------------
Beginning Account Value on 11/1/18 $1,000.00 $1,000.00 $1,000.00
--------------------------------------------------------------------------------
Ending Account Value (after expenses) $1,029.10 $1,025.00 $1,031.30
on 4/30/19
--------------------------------------------------------------------------------
Expenses Paid During Period* $ 5.03 $ 9.29 $ 3.78
--------------------------------------------------------------------------------
* Expenses are equal to the Fund's annualized expense ratio of 1.00%, 1.85%,
and 0.75% for Class A, Class C, and Class Y respectively, multiplied by
the average account value over the period, multiplied by 181/365.
Pioneer Global Multisector Income Fund | Semiannual Report | 4/30/19 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, 2018, through April 30, 2019.
--------------------------------------------------------------------------------
Share Class A C Y
--------------------------------------------------------------------------------
Beginning Account Value on 11/1/18 $1,000.00 $1,000.00 $1,000.00
--------------------------------------------------------------------------------
Ending Account Value (after expenses) $1,019.84 $1,015.62 $1,021.08
on 4/30/19
--------------------------------------------------------------------------------
Expenses Paid During Period* $ 5.01 $ 9.25 $ 3.76
--------------------------------------------------------------------------------
* Expenses are equal to the Fund's annualized expense ratio of 1.00%, 1.85%,
and 0.75% for Class A, Class C, and Class Y respectively, multiplied by
the average account value over the period, multiplied by 181/365.
16 Pioneer Global Multisector Income Fund | Semiannual Report | 4/30/19
Schedule of Investments | 4/30/19 (unaudited)
------------------------------------------------------------------------------------------------------------------
Shares Value
------------------------------------------------------------------------------------------------------------------
UNAFFILIATED ISSUERS -- 93.2%
CONVERTIBLE PREFERRED STOCKS --
0.6% of Net Assets
Banks -- 0.6%
94(a) Bank of America Corp., 7.25% $ 124,128
95(a) Wells Fargo & Co., 7.5% 124,207
-----------
Total Banks $ 248,335
------------------------------------------------------------------------------------------------------------------
TOTAL CONVERTIBLE PREFERRED STOCKS
(Cost $238,057) $ 248,335
------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------
Principal
Amount USD ($)
------------------------------------------------------------------------------------------------------------------
ASSET BACKED SECURITIES --
0.4% of Net Assets
69,650 Hardee's Funding LLC, Series 2018-1A, Class A2II,
4.959%, 6/20/48 (144A) $ 72,315
100,000 Progress Residential Trust, Series 2017-SFR1, Class E,
4.261%, 8/17/34 (144A) 101,111
145(b) Structured Asset Securities Corp., Series 2004-19XS,
Class A6B, 4.883%, 10/25/34 149
------------------------------------------------------------------------------------------------------------------
TOTAL ASSET BACKED SECURITIES
(Cost $169,796) $ 173,575
------------------------------------------------------------------------------------------------------------------
COLLATERALIZED MORTGAGE OBLIGATIONS --
6.7% of Net Assets
44,279(c) Agate Bay Mortgage Trust, Series 2015-1, Class A13,
3.5%, 1/25/45 (144A) $ 44,019
239(d) Alternative Loan Trust, Series 2003-14T1, Class A9,
2.927% (1 Month USD LIBOR + 45 bps), 8/25/18 148
100,000(d) Arbor Realty Commercial Real Estate Notes, Ltd.,
Series 2017-FL1, Class B, 4.973% (1 Month USD
LIBOR + 250 bps), 4/15/27 (144A) 103,000
80,000 BANK, Series 2017-BNK5, Class AS, 3.624%, 6/15/60 80,812
50,000(c) BANK, Series 2017-BNK8, Class B, 3.931%, 11/15/50 51,426
59,223 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%, 2/15/51 154,877
2,657(c) CHL Mortgage Pass-Through Trust, Series 2003-56,
Class 4A2, 4.528%, 12/25/33 2,735
100,000(c) Citigroup Commercial Mortgage Trust, Series 2014-GC19,
Class B, 4.805%, 3/10/47 106,188
75,000(c) Citigroup Commercial Mortgage Trust, Series 2014-GC25,
Class B, 4.345%, 10/10/47 78,373
100,000 Citigroup Commercial Mortgage Trust, Series 2015-GC27,
Class A5, 3.137%, 2/10/48 100,734
250,000 Citigroup Commercial Mortgage Trust, Series 2016-P5,
Class D, 3.0%, 10/10/49 (144A) 213,246
The accompanying notes are an integral part of these financial statements.
Pioneer Global Multisector Income Fund | Semiannual Report | 4/30/19 17
Schedule of Investments | 4/30/19 (unaudited) (continued)
------------------------------------------------------------------------------------------------------------------
Principal
Amount USD ($) Value
------------------------------------------------------------------------------------------------------------------
COLLATERALIZED MORTGAGE OBLIGATIONS -- (continued)
100,000(d) CLNS Trust, Series 2017-IKPR, Class C, 3.584% (1 Month
USD LIBOR + 110 bps), 6/11/32 (144A) $ 99,874
100,000(d) Cold Storage Trust, Series 2017-ICE3, Class C, 3.823%
(1 Month USD LIBOR + 135 bps), 4/15/36 (144A) 100,029
88,219 COMM Mortgage Trust, Series 2012-CR3, Class A3,
2.822%, 10/15/45 87,952
50,000 COMM Mortgage Trust, Series 2013-LC6, Class A4,
2.941%, 1/10/46 50,117
100,000(c) COMM Mortgage Trust, Series 2015-CR23, Class CMD,
3.807%, 5/10/48 (144A) 99,932
100,000(c) COMM Mortgage Trust, Series 2015-CR25, Class B,
4.695%, 8/10/48 104,601
240,370 Commercial Mortgage Pass Through Certificates, Series
2016-CR28, Class AHR, 3.651%, 2/10/49 245,170
50,000(c) CSAIL Commercial Mortgage Trust, Series 2016-C5,
Class C, 4.687%, 11/15/48 51,155
4,295 Federal National Mortgage Association REMICS,
Series 2009-36, Class HX, 4.5%, 6/25/29 4,433
45,000(c) FREMF Mortgage Trust, Series 2010-K9, Class B, 5.374%,
9/25/45 (144A) 46,137
50,000(c) FREMF Mortgage Trust, Series 2015-K51, Class B, 4.088%,
10/25/48 (144A) 51,036
20,461 Government National Mortgage Association, Series 2005-61,
Class UZ, 5.25%, 8/16/35 21,388
17,703 Government National Mortgage Association, Series 2009-83,
Class EB, 4.5%, 9/20/39 18,848
193,359 Government National Mortgage Association, Series 2018-20,
Class A, 2.5%, 9/16/49 189,672
71,070(c) GS Mortgage Securities RE-Remic Trust, Series 2015-FRR1,
Class K3A, 3.409%, 6/27/41 70,855
100,000(d) IMT Trust, Series 2017-APTS, Class BFL, 3.423% (1 Month
USD LIBOR + 95 bps), 6/15/34 (144A) 99,670
40,229(d) Interstar Millennium Trust, Series 2003-3G, Class A2,
3.109% (3 Month USD LIBOR + 50 bps), 9/27/35 38,866
19,896 JP Morgan Chase Commercial Mortgage Securities Trust,
Series 2011-C5, Class A3, 4.171%, 8/15/46 20,391
75,000 JP Morgan Chase Commercial Mortgage Securities Trust,
Series 2012-LC9, Class A5, 2.84%, 12/15/47 75,140
50,000(c) Morgan Stanley Bank of America Merrill Lynch Trust, Series
2015-C22, Class D, 4.378%, 4/15/48 (144A) 45,409
105,000 Morgan Stanley Capital I Trust, Series 2016-UBS9,
Class D, 3.0%, 3/15/49 (144A) 92,395
68(d) RALI Trust, Series 2002-QS16, Class A2, 3.027% (1 Month
USD LIBOR + 55 bps), 10/25/17 69
198,661(c) Sequoia Mortgage Trust, Series 2013-4, Class A2,
2.5%, 4/25/43 191,142
------------------------------------------------------------------------------------------------------------------
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS
(Cost $2,726,591) $ 2,739,839
------------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
18 Pioneer Global Multisector Income Fund | Semiannual Report | 4/30/19
------------------------------------------------------------------------------------------------------------------
Principal
Amount USD ($) Value
------------------------------------------------------------------------------------------------------------------
CORPORATE BONDS -- 38.2% of Net Assets
Aerospace/Defense -- 0.1%
40,000 United Technologies Corp., 4.125%, 11/16/28 $ 41,727
-----------
Total Aerospace/Defense $ 41,727
------------------------------------------------------------------------------------------------------------------
Agriculture -- 1.1%
EUR 160,000 Altria Group, Inc., 3.125%, 6/15/31 $ 188,205
EUR 100,000 BAT Capital Corp., 1.125%, 11/16/23 115,176
EUR 100,000 Imperial Brands Finance Plc, 2.25%, 2/26/21 116,260
-----------
Total Agriculture $ 419,641
------------------------------------------------------------------------------------------------------------------
Airlines -- 0.0%+
1,696 Delta Air Lines 2010-2 Class A Pass Through Trust,
4.95%, 5/23/19 $ 1,698
-----------
Total Airlines $ 1,698
------------------------------------------------------------------------------------------------------------------
Auto Manufacturers -- 0.5%
110,000 Ford Motor Co., 4.346%, 12/8/26 $ 108,244
90,000 General Motors Co., 6.6%, 4/1/36 98,536
-----------
Total Auto Manufacturers $ 206,780
------------------------------------------------------------------------------------------------------------------
Banks -- 9.1%
200,000 Access Bank Plc, 10.5%, 10/19/21 (144A) $ 217,612
EUR 200,000(c) Barclays Plc, 2.625% (5 Year EUR Swap Rate +
245 bps), 11/11/25 227,914
EUR 150,000 BNP Paribas SA, 2.375%, 2/17/25 179,411
EUR 200,000 BPCE SA, 2.875%, 4/22/26 248,712
75,000 Cooperatieve Rabobank UA, 3.875%, 2/8/22 77,163
200,000(a)(c) Credit Suisse Group AG, 7.125% (5 Year USD Swap
Rate + 511 bps) 208,500
EUR 200,000(a)(c) Erste Group Bank AG, 8.875% (5 Year EUR Swap
Rate + 902 bps) 258,644
150,000 Freedom Mortgage Corp., 8.125%, 11/15/24 (144A) 133,125
EUR 100,000 Goldman Sachs Group, Inc., 1.625%, 7/27/26 115,933
105,000(c) Goldman Sachs Group, Inc., 4.223% (3 Month USD
LIBOR + 130 bps), 5/1/29 107,267
EUR 100,000 HSBC Holdings Plc, 0.875%, 9/6/24 114,038
EUR 200,000(c) ING Groep NV, 3.0% (5 Year EUR Swap Rate + 285
bps), 4/11/28 240,115
EUR 200,000(a)(c) Intesa Sanpaolo S.p.A., 7.75% (5 Year EUR Swap
Rate + 719 bps) 252,306
EUR 200,000(a)(c) Lloyds Banking Group Plc, 6.375% (5 Year EUR Swap
Rate + 529 bps) 234,238
EUR 100,000(d) Mediobanca Banca di Credito Finanziario S.p.A., 0.492%
(3 Month EURIBOR + 80 bps), 5/18/22 111,251
EUR 100,000 Nykredit Realkredit AS, 0.75%, 7/14/21 113,379
200,000 QNB Finansbank AS, 4.875%, 5/19/22 (144A) 188,420
200,000(a)(c) Societe Generale SA, 7.375% (5 Year USD Swap
Rate + 624 bps) (144A) 208,000
The accompanying notes are an integral part of these financial statements.
Pioneer Global Multisector Income Fund | Semiannual Report | 4/30/19 19
Schedule of Investments | 4/30/19 (unaudited) (continued)
------------------------------------------------------------------------------------------------------------------
Principal
Amount USD ($) Value
------------------------------------------------------------------------------------------------------------------
Banks -- (continued)
EUR 200,000 UBS Group Funding Switzerland AG, 1.75%, 11/16/22 $ 236,285
200,000(a)(c) UBS Group Funding Switzerland AG, 7.0% (5 Year USD
Swap Rate + 434 bps) (144A) 208,494
-----------
Total Banks $ 3,680,807
------------------------------------------------------------------------------------------------------------------
Beverages -- 0.5%
115,000 Anheuser-Busch InBev Worldwide, Inc., 5.55%, 1/23/49 $ 127,728
100,000 Bacardi, Ltd., 5.3%, 5/15/48 (144A) 97,064
-----------
Total Beverages $ 224,792
------------------------------------------------------------------------------------------------------------------
Biotechnology -- 0.3%
115,000 Biogen, Inc., 5.2%, 9/15/45 $ 122,479
-----------
Total Biotechnology $ 122,479
------------------------------------------------------------------------------------------------------------------
Building Materials -- 1.1%
EUR 100,000 Buzzi Unicem S.p.A., 2.125%, 4/28/23 $ 116,327
EUR 100,000 HeidelbergCement AG, 2.25%, 6/3/24 120,981
EUR 100,000 Holcim Finance Luxembourg SA, 2.25%, 5/26/28 120,269
35,000 Owens Corning, 3.4%, 8/15/26 33,280
27,000 Owens Corning, 4.3%, 7/15/47 22,126
20,000 Owens Corning, 4.4%, 1/30/48 16,342
-----------
Total Building Materials $ 429,325
------------------------------------------------------------------------------------------------------------------
Chemicals -- 0.3%
EUR 100,000 Arkema SA, 1.5%, 1/20/25 $ 118,438
-----------
Total Chemicals $ 118,438
------------------------------------------------------------------------------------------------------------------
Commercial Services -- 0.3%
EUR 100,000 Brisa Concessao Rodoviaria SA, 2.0%, 3/22/23 $ 119,420
-----------
Total Commercial Services $ 119,420
------------------------------------------------------------------------------------------------------------------
Diversified Financial Services -- 0.4%
56,000 Cantor Fitzgerald LP, 7.875%, 10/15/19 (144A) $ 57,160
125,000 Capital One Financial Corp., 4.25%, 4/30/25 130,375
-----------
Total Diversified Financial Services $ 187,535
------------------------------------------------------------------------------------------------------------------
Electric -- 1.6%
GBP 125,000 Cadent Finance Plc, 2.125%, 9/22/28 $ 158,368
EUR 100,000 Coentreprise de Transport d'Electricite SA, 0.875%, 9/29/24 115,192
5,000 Edison International, 2.4%, 9/15/22 4,752
EUR 100,000 EDP Finance BV, 1.875%, 9/29/23 119,273
GBP 75,000 innogy Finance BV, 5.625%, 12/6/23 114,387
85,000 NextEra Energy Capital Holdings, Inc., 3.55%, 5/1/27 86,060
65,000 Sempra Energy, 3.4%, 2/1/28 63,103
-----------
Total Electric $ 661,135
------------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
20 Pioneer Global Multisector Income Fund | Semiannual Report | 4/30/19
------------------------------------------------------------------------------------------------------------------
Principal
Amount USD ($) Value
------------------------------------------------------------------------------------------------------------------
Electrical Components & Equipment -- 0.6%
EUR 100,000 Belden, Inc., 2.875%, 9/15/25 (144A) $ 114,762
EUR 100,000 Legrand SA, 1.875%, 7/6/32 121,678
-----------
Total Electrical Components & Equipment $ 236,440
------------------------------------------------------------------------------------------------------------------
Electronics -- 0.5%
41,000 Amphenol Corp., 3.2%, 4/1/24 $ 41,385
63,000 Amphenol Corp., 4.35%, 6/1/29 67,122
100,000 Flex, Ltd., 4.625%, 2/15/20 101,110
-----------
Total Electronics $ 209,617
------------------------------------------------------------------------------------------------------------------
Engineering & Construction -- 0.2%
EUR 100,000(a)(c) Ferrovial Netherlands BV, 2.124% (5 Year EUR Swap
Rate + 213 bps) $ 101,270
-----------
Total Engineering & Construction $ 101,270
------------------------------------------------------------------------------------------------------------------
Entertainment -- 0.4%
28,000 Scientific Games International, Inc., 10.0%, 12/1/22 $ 29,470
EUR 90,000 WMG Acquisition Corp., 4.125%, 11/1/24 (144A) 105,634
-----------
Total Entertainment $ 135,104
------------------------------------------------------------------------------------------------------------------
Forest Products & Paper -- 0.1%
50,000 International Paper Co., 4.8%, 6/15/44 $ 49,664
5,000 International Paper Co., 6.0%, 11/15/41 5,601
-----------
Total Forest Products & Paper $ 55,265
------------------------------------------------------------------------------------------------------------------
Gas -- 0.3%
15,000 Boston Gas Co., 3.15%, 8/1/27 (144A) $ 14,704
78,838 Nakilat, Inc., 6.267%, 12/31/33 (144A) 88,511
-----------
Total Gas $ 103,215
------------------------------------------------------------------------------------------------------------------
Healthcare-Products -- 0.3%
24,000 Abbott Laboratories, 3.75%, 11/30/26 $ 25,010
100,000 Boston Scientific Corp., 4.0%, 3/1/28 102,882
-----------
Total Healthcare-Products $ 127,892
------------------------------------------------------------------------------------------------------------------
Healthcare-Services -- 0.9%
38,000 Anthem, Inc., 3.35%, 12/1/24 $ 38,252
40,000 Anthem, Inc., 3.65%, 12/1/27 39,651
6,000 Anthem, Inc., 4.101%, 3/1/28 6,137
30,000 Centene Corp., 5.625%, 2/15/21 30,487
80,000 Humana, Inc., 3.95%, 3/15/27 80,263
173,000 Rede D'or Finance S.a.r.l., 4.95%, 1/17/28 (144A) 162,620
-----------
Total Healthcare-Services $ 357,410
------------------------------------------------------------------------------------------------------------------
Insurance -- 3.8%
EUR 100,000(a)(c) Allianz SE, 3.375% (EUAMDB10 + 320 bps) $ 121,027
EUR 200,000 Assicurazioni Generali S.p.A., 4.125%, 5/4/26 243,825
EUR 100,000(c) Aviva Plc, 6.125% (5 Year EUR Swap Rate +
513 bps), 7/5/43 131,424
The accompanying notes are an integral part of these financial statements.
Pioneer Global Multisector Income Fund | Semiannual Report | 4/30/19 21
Schedule of Investments | 4/30/19 (unaudited) (continued)
------------------------------------------------------------------------------------------------------------------
Principal
Amount USD ($) Value
------------------------------------------------------------------------------------------------------------------
Insurance -- (continued)
EUR 100,000(a)(c) AXA SA, 3.875% (EUR Swap Rate + 325 bps) $ 122,028
60,000 AXA SA, 8.6%, 12/15/30 80,700
EUR 100,000(c) CNP Assurances, 6.0% (3 Month EURIBOR + 447
bps), 9/14/40 121,035
35,000 Delphi Financial Group, Inc., 7.875%, 1/31/20 36,203
100,000(c) Farmers Insurance Exchange, 4.747% (3 Month USD
LIBOR + 323 bps), 11/1/57 (144A) 87,125
100,000 Liberty Mutual Insurance Co., 7.697%, 10/15/97 (144A) 131,727
EUR 100,000(c) Muenchener Rueckversicherungs-Gesellschaft AG in
Muenchen, 6.25% (3 Month EURIBOR + 495 bps), 5/26/42 131,547
EUR 100,000(a)(c) NN Group NV, 4.375% (3 Month EURIBOR + 390 bps) 121,322
60,000 Protective Life Corp., 4.3%, 9/30/28 (144A) 60,650
100,000 Teachers Insurance & Annuity Association of America, 4.9%,
9/15/44 (144A) 112,503
65,000 Torchmark Corp., 4.55%, 9/15/28 68,744
-----------
Total Insurance $ 1,569,860
------------------------------------------------------------------------------------------------------------------
Internet -- 0.4%
125,000 Booking Holdings, Inc., 3.55%, 3/15/28 $ 126,232
50,000 Expedia Group, Inc., 3.8%, 2/15/28 49,239
-----------
Total Internet $ 175,471
------------------------------------------------------------------------------------------------------------------
Iron & Steel -- 0.5%
200,000 Gerdau Trade, Inc., 4.875%, 10/24/27 (144A) $ 204,052
-----------
Total Iron & Steel $ 204,052
------------------------------------------------------------------------------------------------------------------
Lodging -- 0.3%
EUR 100,000 Accor SA, 1.25%, 1/25/24 $ 114,687
-----------
Total Lodging $ 114,687
------------------------------------------------------------------------------------------------------------------
Media -- 1.2%
60,000 Comcast Corp., 4.15%, 10/15/28 $ 63,508
50,000 Comcast Corp., 4.25%, 10/15/30 53,188
200,000 CSC Holdings LLC, 5.375%, 2/1/28 (144A) 203,250
EUR 150,000 Sky, Ltd., 1.5%, 9/15/21 174,273
-----------
Total Media $ 494,219
------------------------------------------------------------------------------------------------------------------
Mining -- 0.3%
EUR 100,000 Anglo American Capital Plc, 3.25%, 4/3/23 $ 123,272
-----------
Total Mining $ 123,272
------------------------------------------------------------------------------------------------------------------
Multi-National -- 1.1%
340,000 Africa Finance Corp., 4.375%, 4/17/26 (144A) $ 340,483
TRY 170,000 European Bank for Reconstruction & Development,
27.5%, 10/2/19 28,118
IDR 1,160,000,000 Inter-American Development Bank, 7.875%, 3/14/23 82,042
-----------
Total Multi-National $ 450,643
------------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
22 Pioneer Global Multisector Income Fund | Semiannual Report | 4/30/19
------------------------------------------------------------------------------------------------------------------
Principal
Amount USD ($) Value
------------------------------------------------------------------------------------------------------------------
Oil & Gas -- 1.6%
37,000 Apache Corp., 4.375%, 10/15/28 $ 37,629
90,000 Continental Resources, Inc., 4.375%, 1/15/28 92,361
95,000 EQT Corp., 3.9%, 10/1/27 89,660
80,000 Marathon Petroleum Corp., 5.375%, 10/1/22 (144A) 81,507
45,000 Noble Energy, Inc., 5.25%, 11/15/43 47,287
EUR 200,000(c) Repsol International Finance BV, 4.5% (EUR Swap
Rate + 420 bps), 3/25/75 251,631
29,000 Valero Energy Corp., 6.625%, 6/15/37 35,548
ARS 2,154,200 YPF SA, 16.5%, 5/9/22 (144A) 31,341
-----------
Total Oil & Gas $ 666,964
------------------------------------------------------------------------------------------------------------------
Pharmaceuticals -- 1.6%
EUR 100,000 Bausch Health Cos., Inc., 4.5%, 5/15/23 $ 113,169
116,000 Cardinal Health, Inc., 3.079%, 6/15/24 113,772
45,000 Cigna Corp., 4.375%, 10/15/28 (144A) 46,417
11,404 CVS Pass-Through Trust, 5.773%, 1/10/33 (144A) 12,271
200,000 Perrigo Finance Unlimited Co., 3.9%, 12/15/24 194,262
206,000 Shire Acquisitions Investments Ireland, DAC,
2.875%, 9/23/23 203,253
-----------
Total Pharmaceuticals $ 683,144
------------------------------------------------------------------------------------------------------------------
Pipelines -- 3.3%
45,000 Cheniere Energy Partners LP, 5.25%, 10/1/25 $ 45,900
100,000 Enable Midstream Partners LP, 4.4%, 3/15/27 98,579
75,000 Enable Midstream Partners LP, 4.95%, 5/15/28 76,411
100,000 Energy Transfer Operating LP, 5.875%, 1/15/24 109,157
60,000 Energy Transfer Operating LP, 6.0%, 6/15/48 65,138
155,000 EnLink Midstream Partners LP, 5.45%, 6/1/47 136,787
20,000 EnLink Midstream Partners LP, 5.6%, 4/1/44 18,025
185,000 Kinder Morgan, Inc., 5.55%, 6/1/45 201,500
125,000 MPLX LP, 4.875%, 12/1/24 133,467
125,000 Phillips 66 Partners LP, 3.75%, 3/1/28 123,731
34,000 Plains All American Pipeline LP/PAA Finance Corp.,
4.9%, 2/15/45 32,736
60,000 Sabine Pass Liquefaction LLC, 5.0%, 3/15/27 63,899
60,000 Sunoco Logistics Partners Operations LP, 6.1%, 2/15/42 64,458
90,000 Texas Eastern Transmission LP, 3.5%, 1/15/28 (144A) 87,512
57,000 Williams Cos., Inc., 5.75%, 6/24/44 62,060
13,000 Williams Cos., Inc., 7.75%, 6/15/31 16,441
-----------
Total Pipelines $ 1,335,801
------------------------------------------------------------------------------------------------------------------
Real Estate -- 0.9%
EUR 100,000 Akelius Residential Property AB, 1.125%, 3/14/24 $ 112,243
EUR 100,000 Annington Funding Plc, 1.65%, 7/12/24 113,436
EUR 100,000(a)(c) ATF Netherlands BV, 3.75% (5 Year EUR Swap Rate + 438 bps) 114,948
-----------
Total Real Estate $ 340,627
------------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Global Multisector Income Fund | Semiannual Report | 4/30/19 23
Schedule of Investments | 4/30/19 (unaudited) (continued)
------------------------------------------------------------------------------------------------------------------
Principal
Amount USD ($) Value
------------------------------------------------------------------------------------------------------------------
REITS -- 1.8%
25,000 Alexandria Real Estate Equities, Inc., 3.9%, 6/15/23 $ 25,855
55,000 Essex Portfolio LP, 3.625%, 5/1/27 55,140
EUR 200,000 GELF Bond Issuer I SA, 0.875%, 10/20/22 226,815
60,000 Healthcare Trust of America Holdings LP, 3.75%, 7/1/27 59,387
35,000 Highwoods Realty LP, 3.625%, 1/15/23 35,278
23,000 Hudson Pacific Properties LP, 4.65%, 4/1/29 23,700
EUR 100,000 Merlin Properties Socimi SA, 2.225%, 4/25/23 118,405
50,000 SBA Tower Trust, 2.877%, 7/9/21 (144A) 49,724
27,000 UDR, Inc., 4.0%, 10/1/25 27,749
25,000 UDR, Inc., 4.4%, 1/26/29 26,232
100,000 Uniti Group LP/Uniti Group Finance, Inc./CSL Capital LLC,
6.0%, 4/15/23 (144A) 96,000
-----------
Total REITS $ 744,285
------------------------------------------------------------------------------------------------------------------
Retail -- 0.2%
75,000 Alimentation Couche-Tard, Inc., 3.55%, 7/26/27 (144A) $ 73,641
-----------
Total Retail $ 73,641
------------------------------------------------------------------------------------------------------------------
Savings & Loans -- 0.3%
EUR 100,000 Leeds Building Society, 1.375%, 5/5/22 $ 114,406
-----------
Total Savings & Loans $ 114,406
------------------------------------------------------------------------------------------------------------------
Software -- 0.3%
EUR 100,000 IQVIA, Inc., 2.875%, 9/15/25 (144A) $ 113,893
-----------
Total Software $ 113,893
------------------------------------------------------------------------------------------------------------------
Telecommunications -- 1.7%
200,000 Digicel, Ltd., 6.0%, 4/15/21 (144A) $ 176,100
40,000 Frontier Communications Corp., 7.125%, 1/15/23 24,900
GBP 100,000 Koninklijke KPN NV, 5.0%, 11/18/26 143,443
EUR 125,000(a)(c) Orange SA, 5.0% (5 Year EUR Swap Rate + 399 bps) 162,196
50,000 Sprint Corp., 7.25%, 9/15/21 52,375
20,000 Sprint Corp., 7.625%, 3/1/26 20,000
EUR 100,000 Telekom Finanzmanagement GmbH, 3.5%, 7/4/23 127,721
-----------
Total Telecommunications $ 706,735
------------------------------------------------------------------------------------------------------------------
Water -- 0.3%
EUR 100,000 FCC Aqualia SA, 1.413%, 6/8/22 $ 114,706
-----------
Total Water $ 114,706
------------------------------------------------------------------------------------------------------------------
TOTAL CORPORATE BONDS
(Cost $15,640,632) $15,566,396
------------------------------------------------------------------------------------------------------------------
FOREIGN GOVERNMENT BONDS --
21.5% of Net Assets
Angola -- 0.5%
200,000 Angolan Government International Bond, 8.25%,
5/9/28 (144A) $ 209,107
-----------
Total Angola $ 209,107
------------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
24 Pioneer Global Multisector Income Fund | Semiannual Report | 4/30/19
------------------------------------------------------------------------------------------------------------------
Principal
Amount USD ($) Value
------------------------------------------------------------------------------------------------------------------
Argentina -- 1.8%
100,000 Argentine Republic Government International Bond,
6.875%, 1/26/27 $ 71,700
300,000 Argentine Republic Government International Bond,
7.5%, 4/22/26 225,000
250,000 Autonomous City of Buenos Aires Argentina, 7.5%,
6/1/27 (144A) 200,625
300,000 Provincia de Buenos Aires, 9.125%, 3/16/24 (144A) 226,125
-----------
Total Argentina $ 723,450
------------------------------------------------------------------------------------------------------------------
Austria -- 0.2%
EUR 50,000 Republic of Austria Government Bond, 4.15%,
3/15/37 (144A) $ 87,795
-----------
Total Austria $ 87,795
------------------------------------------------------------------------------------------------------------------
Bahrain -- 0.5%
200,000 Bahrain Government International Bond, 7.0%,
10/12/28 (144A) $ 216,000
-----------
Total Bahrain $ 216,000
------------------------------------------------------------------------------------------------------------------
Dominican Republic -- 0.4%
DOP 8,000,000 Dominican Republic International Bond, 8.9%,
2/15/23 (144A) $ 155,304
-----------
Total Dominican Republic $ 155,304
------------------------------------------------------------------------------------------------------------------
Ecuador -- 0.1%
26,316(d) EP PetroEcuador via Noble Sovereign Funding I, Ltd., 8.24%
(3 Month USD LIBOR + 563 bps), 9/24/19 $ 26,316
-----------
Total Ecuador $ 26,316
------------------------------------------------------------------------------------------------------------------
Egypt -- 0.6%
EGP 1,050,000 Egypt Treasury Bills, 17.5%, 3/3/20 $ 53,495
EGP 3,875,000 Egypt Treasury Bills, 18.061%, 2/4/20 199,650
-----------
Total Egypt $ 253,145
------------------------------------------------------------------------------------------------------------------
Egypt -- 0.6%
269,000 Egypt Government International Bond, 7.6%,
3/1/29 (144A) $ 271,071
-----------
Total Egypt $ 271,071
------------------------------------------------------------------------------------------------------------------
Indonesia -- 0.6%
IDR 3,744,000,000 Indonesia Treasury Bond, 6.125%, 5/15/28 $ 235,806
-----------
Total Indonesia $ 235,806
------------------------------------------------------------------------------------------------------------------
Japan -- 4.3%
JPY 75,000,000 Japan Government Thirty Year Bond, 0.8%, 12/20/47 $ 720,773
JPY 110,000,000 Japan Government Twenty Year Bond, 0.6%, 12/20/37 1,036,032
-----------
Total Japan $ 1,756,805
------------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Global Multisector Income Fund | Semiannual Report | 4/30/19 25
Schedule of Investments | 4/30/19 (unaudited) (continued)
------------------------------------------------------------------------------------------------------------------
Principal
Amount USD ($) Value
------------------------------------------------------------------------------------------------------------------
Kenya -- 0.5%
200,000 Kenya Government International Bond, 7.25%,
2/28/28 (144A) $ 198,290
-----------
Total Kenya $ 198,290
------------------------------------------------------------------------------------------------------------------
Mexico -- 1.6%
MXN 300,000 Mexican Bonos, 7.5%, 6/3/27 $ 15,272
MXN 8,955,000 Mexican Bonos, 8.0%, 12/7/23 473,532
MXN 3,606,251 Mexican Udibonos, 2.0%, 6/9/22 179,240
-----------
Total Mexico $ 668,044
------------------------------------------------------------------------------------------------------------------
Oman -- 0.9%
200,000 Oman Government International Bond, 5.375%,
3/8/27 (144A) $ 188,000
200,000 Oman Government International Bond, 5.625%,
1/17/28 (144A) 190,037
-----------
Total Oman $ 378,037
------------------------------------------------------------------------------------------------------------------
Portugal -- 0.3%
EUR 100,000 Portugal Obrigacoes do Tesouro OT, 4.95%,
10/25/23 (144A) $ 137,325
-----------
Total Portugal $ 137,325
------------------------------------------------------------------------------------------------------------------
Senegal -- 0.5%
200,000 Senegal Government International Bond, 6.25%,
5/23/33 (144A) $ 192,541
-----------
Total Senegal $ 192,541
------------------------------------------------------------------------------------------------------------------
Sri Lanka -- 0.6%
225,000 Sri Lanka Government International Bond, 7.85%,
3/14/29 (144A) $ 231,367
-----------
Total Sri Lanka $ 231,367
------------------------------------------------------------------------------------------------------------------
Sweden -- 0.7%
SEK 2,300,000 Sweden Government Bond, 2.5%, 5/12/25 $ 280,996
-----------
Total Sweden $ 280,996
------------------------------------------------------------------------------------------------------------------
Turkey -- 0.5%
250,000 Turkey Government International Bond, 3.25%, 3/23/23 $ 218,872
-----------
Total Turkey $ 218,872
------------------------------------------------------------------------------------------------------------------
Ukraine -- 0.5%
200,000 Ukraine Government International Bond, 8.994%,
2/1/24 (144A) $ 199,324
-----------
Total Ukraine $ 199,324
------------------------------------------------------------------------------------------------------------------
United Kingdom -- 4.2%
GBP 475,000 United Kingdom Gilt, 0.5%, 7/22/22 $ 613,760
GBP 450,000 United Kingdom Gilt, 3.5%, 1/22/45 806,386
GBP 150,000 United Kingdom Gilt, 4.25%, 9/7/39 283,998
-----------
Total United Kingdom $ 1,704,144
------------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
26 Pioneer Global Multisector Income Fund | Semiannual Report | 4/30/19
------------------------------------------------------------------------------------------------------------------
Principal
Amount USD ($) Value
------------------------------------------------------------------------------------------------------------------
Uruguay -- 1.6%
UYU 15,035,000 Uruguay Government International Bond, 8.5%,
3/15/28 (144A) $ 368,782
UYU 9,771,000 Uruguay Government International Bond, 9.875%,
6/20/22 (144A) 278,866
-----------
Total Uruguay $ 647,648
------------------------------------------------------------------------------------------------------------------
TOTAL FOREIGN GOVERNMENT BONDS
(Cost $9,068,211) $ 8,791,387
------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------
Face
Amount USD ($)
------------------------------------------------------------------------------------------------------------------
INSURANCE-LINKED SECURITIES -- 0.2%
of Net Assets(e)
Reinsurance Sidecars -- 0.2%
Multiperil -- Worldwide -- 0.2%
30,000+(f) Lorenz Re 2017, 3/31/20 $ 1,788
30,000+(f) Lorenz Re 2018, 7/1/21 22,167
30,000+ Pangaea Re 2015-2, 11/30/19 27
30,000+ Pangaea Re 2016-1, 11/30/20 39
50,000+(f) Pangaea Re 2017-1, 11/30/21 --
50,000+(f) Pangaea Re 2018-1, 12/31/21 2,940
40,962+(f) Pangaea Re 2019-1, 2/1/23 41,556
-----------
Total Reinsurance Sidecars $ 68,517
------------------------------------------------------------------------------------------------------------------
TOTAL INSURANCE-LINKED SECURITIES
(Cost $91,920) $ 68,517
------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------
Principal
Amount USD ($)
------------------------------------------------------------------------------------------------------------------
MUNICIPAL BONDS -- 0.6% of Net Assets(g)
Municipal General Obligation -- 0.3%
50,000(h) State of Texas, Transportation Commission Mobility Fund,
Series A, 4.0%, 10/1/44 $ 52,475
30,000 Virginia Commonwealth Transportation Board, Transportation
Capital Projects, 4.0%, 5/15/31 32,118
30,000 Virginia Commonwealth Transportation Board, Transportation
Capital Projects, 4.0%, 5/15/33 32,424
-----------
Total Municipal General Obligation $ 117,017
------------------------------------------------------------------------------------------------------------------
Municipal Higher Education -- 0.1%
15,000 Massachusetts Development Finance Agency, Harvard
University, Series A, 5.0%, 7/15/40 $ 20,281
50,000 University of Virginia, Refunding General Green, Series A-2,
5.0%, 4/1/45 57,296
-----------
Total Municipal Higher Education $ 77,577
------------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Global Multisector Income Fund | Semiannual Report | 4/30/19 27
Schedule of Investments | 4/30/19 (unaudited) (continued)
------------------------------------------------------------------------------------------------------------------
Principal
Amount USD ($) Value
------------------------------------------------------------------------------------------------------------------
Municipal School District -- 0.2%
25,000(h) Frisco Independent School District, 4.0%, 8/15/40 $ 26,531
25,000(h) Frisco Independent School District, 4.0%, 8/15/45 26,430
-----------
Total Municipal School District $ 52,961
------------------------------------------------------------------------------------------------------------------
TOTAL MUNICIPAL BONDS
(Cost $237,879) $ 247,555
------------------------------------------------------------------------------------------------------------------
SENIOR SECURED FLOATING RATE LOAN
INTERESTS -- 8.1% of Net Assets*(d)
Automobile -- 0.5%
97,990 American Axle & Manufacturing, Inc., Tranche B Term Loan,
4.767% (LIBOR + 225 bps), 4/6/24 $ 96,980
147,862 CWGS Group LLC, Term Loan, 5.229% (LIBOR +
275 bps), 11/8/23 137,364
-----------
Total Automobile $ 234,344
------------------------------------------------------------------------------------------------------------------
Beverage, Food & Tobacco -- 0.3%
110,134 JBS USA Lux SA (fka JBS USA LLC), Initial Term Loan, 4.98%
(LIBOR + 250 bps), 10/30/22 $ 110,321
-----------
Total Beverage, Food & Tobacco $ 110,321
------------------------------------------------------------------------------------------------------------------
Broadcasting & Entertainment -- 0.3%
98,987 Sinclair Television Group, Inc., Tranche B Term Loan, 4.74%
(LIBOR + 225 bps), 1/3/24 $ 99,111
40,813 UPC Financing Partnership, Facility AR, 4.973% (LIBOR +
250 bps), 1/15/26 40,875
-----------
Total Broadcasting & Entertainment $ 139,986
------------------------------------------------------------------------------------------------------------------
Chemicals, Plastics & Rubber -- 0.4%
99,000 Axalta Coating Systems Dutch Holding B BV (Axalta Coating
Systems US Holdings, Inc.), Term B-3 Dollar Loan,
4.351% (LIBOR + 175 bps), 6/1/24 $ 98,602
45,679 PQ Corp., Third Amendment Tranche B-1 Term Loan, 5.083%
(LIBOR + 250 bps), 2/8/25 45,720
-----------
Total Chemicals, Plastics & Rubber $ 144,322
------------------------------------------------------------------------------------------------------------------
Computers & Electronics -- 0.6%
25,888 Energy Acquisition LP, (aka Electrical Components
International), First Lien Initial Term Loan,
6.851% (LIBOR + 425 bps), 6/26/25 $ 25,241
123,750 Iron Mountain Information Management LLC, Incremental
Term B Loan, 4.233% (LIBOR + 175 bps), 1/2/26 121,739
60,324 Microchip Technology, Inc., Initial Term Loan, 4.49%
(LIBOR + 200 bps), 5/29/25 60,513
-----------
Total Computers & Electronics $ 207,493
------------------------------------------------------------------------------------------------------------------
Diversified & Conglomerate Service -- 1.1%
95,742 ASGN, Inc. (fka On Assignment, Inc.), Initial Term B-2 Loan,
4.483% (LIBOR + 200 bps), 4/2/25 $ 95,817
24,000 Change Healthcare Holdings, Inc. (fka Emdeon, Inc.), Closing
Date Term Loan, 5.233% (LIBOR + 275 bps), 3/1/24 24,024
The accompanying notes are an integral part of these financial statements.
28 Pioneer Global Multisector Income Fund | Semiannual Report | 4/30/19
------------------------------------------------------------------------------------------------------------------
Principal
Amount USD ($) Value
------------------------------------------------------------------------------------------------------------------
Diversified & Conglomerate Service -- (continued)
49,520 DG Investment Intermediate Holdings 2, Inc. (aka
Convergint Technologies Holdings LLC), First Lien Initial
Term Loan, 5.483% (LIBOR + 300 bps), 2/3/25 $ 49,149
49,501 NVA Holdings, Inc., First Lien Term B-3 Loan, 5.233%
(LIBOR + 275 bps), 2/2/25 48,800
99,250 West Corp., Incremental Term B-1 Loan, 6.129%
(LIBOR + 350 bps), 10/10/24 95,120
152,460 Worldplay LLC, New Term B-4 Loan (2018), 4.208%
(LIBOR + 175 bps), 8/9/24 152,584
-----------
Total Diversified & Conglomerate Service $ 465,494
------------------------------------------------------------------------------------------------------------------
Electric & Electrical -- 0.2%
98,982 Micron Technology, Inc., Term Loan, 4.24% (LIBOR +
175 bps), 4/26/22 $ 99,254
7,918 Rackspace Hosting, Inc., First Lien Term B Loan, 5.738%
(LIBOR + 300 bps), 11/3/23 7,528
-----------
Total Electric & Electrical $ 106,782
------------------------------------------------------------------------------------------------------------------
Electronics -- 0.3%
100,000 First Data Corp., 2024A New Dollar Term Loan, 4.481%
(LIBOR + 200 bps), 4/26/24 $ 100,101
49,500 Scientific Games International, Inc., Initial Term B-5 Loan,
5.233% (LIBOR + 275 bps), 8/14/24 49,479
-----------
Total Electronics $ 149,580
------------------------------------------------------------------------------------------------------------------
Environmental Services -- 0.3%
99,277 GFL Environmental, Inc., Effective Date Incremental Term
Loan, 5.483% (LIBOR + 300 bps), 5/30/25 $ 98,645
-----------
Total Environmental Services $ 98,645
------------------------------------------------------------------------------------------------------------------
Financial Services -- 0.1%
47,189 RPI Finance Trust, Initial Term Loan B-6, 4.483%
(LIBOR + 200 bps), 3/27/23 $ 47,307
-----------
Total Financial Services $ 47,307
------------------------------------------------------------------------------------------------------------------
Healthcare & Pharmaceuticals -- 0.6%
98,250 Endo Luxembourg Finance Co. I S.a r.l., Initial Term Loan,
6.75% (LIBOR + 425 bps), 4/29/24 $ 97,635
36,359 Gentiva Health Services, Inc., First Lien Closing Date
Initial Term Loan, 6.25% (LIBOR + 375 bps), 7/2/25 36,518
99,000 Prospect Medical Holdings, Inc., Term B-1 Loan, 8.0%
(LIBOR + 550 bps), 2/22/24 93,184
-----------
Total Healthcare & Pharmaceuticals $ 227,337
------------------------------------------------------------------------------------------------------------------
Healthcare, Education & Childcare -- 0.5%
49,491 ATI Holdings Acquisition, Inc., First Lien Initial Term
Loan, 5.987% (LIBOR + 350 bps), 5/10/23 $ 48,666
48,879 KUEHG Corp. (fka KC MergerSub, Inc.) (aka KinderCare),
Term B-3 Loan, 6.351% (LIBOR + 375 bps), 2/21/25 48,989
98,747 Life Time Fitness, Inc., 2017 Refinancing Term Loan,
5.379% (LIBOR + 275 bps), 6/10/22 98,716
-----------
Total Healthcare, Education & Childcare $ 196,371
------------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Global Multisector Income Fund | Semiannual Report | 4/30/19 29
Schedule of Investments | 4/30/19 (unaudited) (continued)
------------------------------------------------------------------------------------------------------------------
Principal
Amount USD ($) Value
------------------------------------------------------------------------------------------------------------------
Hotel, Gaming & Leisure -- 0.1%
49,000 1011778 BC Unlimited Liability Co. (New Red Finance, Inc.)
(aka Burger King/Tim Hortons), Term B-3 Loan,
4.733% (LIBOR + 225 bps), 2/16/24 $ 49,000
-----------
Total Hotel, Gaming & Leisure $ 49,000
------------------------------------------------------------------------------------------------------------------
Insurance -- 0.3%
45,886 Asurion LLC (fka Asurion Corp.), New B-7 Term Loan, 5.483%
(LIBOR + 300 bps), 11/3/24 $ 46,096
49,112 Integro Parent, Inc., First Lien Initial Term Loan, 8.368%
(LIBOR + 575 bps), 10/31/22 48,989
49,497 USI, Inc. (fka Compass Investors, Inc.), 2017 New Term
Loan, 5.601% (LIBOR + 300 bps), 5/16/24 49,176
-----------
Total Insurance $ 144,261
------------------------------------------------------------------------------------------------------------------
Leasing -- 0.5%
106,644 Avolon TLB Borrower 1 (US) LLC, Term B-3 Loan, 4.487%
(LIBOR + 200 bps), 1/15/25 $ 106,769
74,250 IBC Capital I, Ltd. (aka Goodpack, Ltd.), First Lien Tranche
B-1 Term Loan, 6.365% (LIBOR + 375 bps), 9/11/23 73,461
-----------
Total Leasing $ 180,230
------------------------------------------------------------------------------------------------------------------
Leisure & Entertainment -- 0.1%
48,620 Six Flags Theme Parks, Inc., Tranche B Term Loan,
4.59%, 4/17/26 $ 48,803
-----------
Total Leisure & Entertainment $ 48,803
------------------------------------------------------------------------------------------------------------------
Manufacturing -- 0.2%
69,477 Aristocrat Leisure, Ltd., Term B-3 Loan, 4.342%
(LIBOR + 175 bps), 10/19/24 $ 69,446
-----------
Total Manufacturing $ 69,446
------------------------------------------------------------------------------------------------------------------
Media -- 0.2%
49,500 CSC Holdings LLC (fka CSC Holdings, Inc. (Cablevision)),
January 2018 Incremental Term Loan, 4.973%
(LIBOR + 250 bps), 1/25/26 $ 49,562
31,694 CSC Holdings LLC (fka CSC Holdings, Inc. (Cablevision)),
October 2018 Incremental Term Loan, 4.723%
(LIBOR + 225 bps), 1/15/26 31,693
-----------
Total Media $ 81,255
------------------------------------------------------------------------------------------------------------------
Metals & Mining -- 0.2%
48,484 Atkore International, Inc., First Lien Initial Incremental
Term Loan, 5.36% (LIBOR + 275 bps), 12/22/23 $ 48,575
48,265 Zekelman Industries, Inc. (fka JMC Steel Group, Inc.),
Term Loan, 4.734% (LIBOR + 225 bps), 6/14/21 48,310
-----------
Total Metals & Mining $ 96,885
------------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
30 Pioneer Global Multisector Income Fund | Semiannual Report | 4/30/19
------------------------------------------------------------------------------------------------------------------
Principal
Amount USD ($) Value
------------------------------------------------------------------------------------------------------------------
Personal, Food & Miscellaneous Services -- 0.2%
97,990 Revlon Consumer Products Corp., Initial Term B Loan, 6.129%
(LIBOR + 350 bps/PRIME + 350 bps), 9/7/23 $ 77,020
-----------
Total Personal, Food & Miscellaneous Services $ 77,020
------------------------------------------------------------------------------------------------------------------
Professional & Business Services -- 0.3%
99,000 Lamar Media Corp., Term B Loan, 4.25% (LIBOR +
175 bps), 3/14/25 $ 99,309
-----------
Total Professional & Business Services $ 99,309
------------------------------------------------------------------------------------------------------------------
Telecommunications -- 0.5%
24,536 Go Daddy Operating Co., LLC (GD Finance Co., Inc.),
Tranche B-1 Term Loan, 4.483% (LIBOR +
200 bps), 2/15/24 $ 24,606
99,250 SBA Senior Finance II LLC, Initial Term Loan, 4.49%
(LIBOR + 200 bps), 4/11/25 98,800
98,495 Sprint Communications, Inc., Initial Term Loan, 5.0%
(LIBOR + 250 bps), 2/2/24 95,786
-----------
Total Telecommunications $ 219,192
------------------------------------------------------------------------------------------------------------------
Utilities -- 0.3%
99,239 Vistra Operations Co. LLC (fka Tex Operations Co. LLC),
Initial Term Loan, 4.483% (LIBOR + 200 bps), 8/4/23 $ 99,453
-----------
Total Utilities $ 99,453
------------------------------------------------------------------------------------------------------------------
TOTAL SENIOR SECURED FLOATING RATE LOAN INTERESTS
(Cost $3,338,077) $ 3,292,836
------------------------------------------------------------------------------------------------------------------
SUPRANATIONAL BOND -- 0.3% of Net Assets
AUD 185,000 International Bank for Reconstruction & Development, 5.75%,
10/21/19 $ 132,951
------------------------------------------------------------------------------------------------------------------
TOTAL SUPRANATIONAL BOND
(Cost $181,395) $ 132,951
------------------------------------------------------------------------------------------------------------------
U.S. GOVERNMENT AND AGENCY OBLIGATIONS --
16.4% of Net Assets
20,105 Fannie Mae, 3.0%, 5/1/31 $ 20,257
37,663 Fannie Mae, 3.0%, 2/1/43 37,415
25,282 Fannie Mae, 3.0%, 3/1/43 25,114
24,377 Fannie Mae, 3.0%, 5/1/43 24,216
28,327 Fannie Mae, 3.0%, 5/1/43 28,140
27,778 Fannie Mae, 3.0%, 6/1/45 27,615
21,106 Fannie Mae, 3.0%, 9/1/46 20,888
41,336 Fannie Mae, 3.0%, 10/1/46 40,909
57,960 Fannie Mae, 3.0%, 11/1/46 57,362
41,267 Fannie Mae, 3.0%, 1/1/47 40,995
31,539 Fannie Mae, 3.0%, 3/1/47 31,214
41,147 Fannie Mae, 3.5%, 6/1/42 41,908
110,081 Fannie Mae, 3.5%, 9/1/42 111,948
The accompanying notes are an integral part of these financial statements.
Pioneer Global Multisector Income Fund | Semiannual Report | 4/30/19 31
Schedule of Investments | 4/30/19 (unaudited) (continued)
------------------------------------------------------------------------------------------------------------------
Principal
Amount USD ($) Value
------------------------------------------------------------------------------------------------------------------
U.S. GOVERNMENT AND AGENCY
OBLIGATIONS -- (continued)
123,723 Fannie Mae, 3.5%, 5/1/44 $ 125,798
29,341 Fannie Mae, 3.5%, 2/1/45 29,906
77,567 Fannie Mae, 3.5%, 2/1/45 79,167
18,885 Fannie Mae, 3.5%, 6/1/45 19,157
16,036 Fannie Mae, 3.5%, 8/1/45 16,243
38,422 Fannie Mae, 3.5%, 8/1/45 38,919
18,605 Fannie Mae, 3.5%, 9/1/45 18,989
55,334 Fannie Mae, 3.5%, 9/1/45 56,033
85,144 Fannie Mae, 3.5%, 10/1/45 86,374
18,677 Fannie Mae, 3.5%, 1/1/46 18,916
20,445 Fannie Mae, 3.5%, 7/1/46 20,676
33,407 Fannie Mae, 3.5%, 9/1/46 33,797
63,259 Fannie Mae, 3.5%, 12/1/46 63,982
32,714 Fannie Mae, 3.5%, 1/1/47 33,180
39,446 Fannie Mae, 3.5%, 1/1/47 40,161
41,714 Fannie Mae, 3.5%, 1/1/47 42,186
33,092 Fannie Mae, 4.0%, 10/1/40 34,555
66,545 Fannie Mae, 4.0%, 1/1/42 68,875
14,056 Fannie Mae, 4.0%, 2/1/42 14,548
24,445 Fannie Mae, 4.0%, 5/1/42 25,301
36,128 Fannie Mae, 4.0%, 11/1/43 37,621
14,564 Fannie Mae, 4.0%, 10/1/44 15,025
72,185 Fannie Mae, 4.0%, 11/1/44 74,503
58,533 Fannie Mae, 4.0%, 10/1/45 60,400
44,807 Fannie Mae, 4.0%, 12/1/45 46,236
32,638 Fannie Mae, 4.0%, 6/1/46 33,669
31,735 Fannie Mae, 4.0%, 8/1/46 32,731
18,982 Fannie Mae, 4.0%, 11/1/46 19,575
20,444 Fannie Mae, 4.0%, 11/1/46 21,086
137,329 Fannie Mae, 4.0%, 1/1/47 141,410
20,708 Fannie Mae, 4.0%, 4/1/47 21,438
34,265 Fannie Mae, 4.0%, 4/1/47 35,336
36,164 Fannie Mae, 4.0%, 4/1/47 37,439
21,386 Fannie Mae, 4.0%, 6/1/47 22,055
65,069 Fannie Mae, 4.0%, 6/1/47 67,103
19,199 Fannie Mae, 4.0%, 7/1/47 19,799
35,153 Fannie Mae, 4.0%, 8/1/47 36,252
40,461 Fannie Mae, 4.0%, 12/1/47 41,705
142,778 Fannie Mae, 4.0%, 4/1/48 147,011
191,000 Fannie Mae, 4.0%, 5/1/49 (TBA) 196,006
28,000 Fannie Mae, 4.0%, 6/1/49 (TBA) 28,716
11,682 Fannie Mae, 4.5%, 4/1/41 12,380
9,060 Fannie Mae, 4.5%, 5/1/41 9,604
The accompanying notes are an integral part of these financial statements.
32 Pioneer Global Multisector Income Fund | Semiannual Report | 4/30/19
------------------------------------------------------------------------------------------------------------------
Principal
Amount USD ($) Value
------------------------------------------------------------------------------------------------------------------
U.S. GOVERNMENT AND AGENCY
OBLIGATIONS -- (continued)
24,228 Fannie Mae, 4.5%, 11/1/43 $ 25,494
30,081 Fannie Mae, 4.5%, 2/1/44 31,656
36,161 Fannie Mae, 4.5%, 2/1/44 38,051
28,144 Fannie Mae, 4.5%, 5/1/46 29,469
35,988 Fannie Mae, 4.5%, 2/1/47 37,625
18,000 Fannie Mae, 4.5%, 5/1/49 (TBA) 18,729
28,179 Fannie Mae, 5.0%, 8/1/31 29,714
13,083 Fannie Mae, 5.0%, 6/1/40 14,072
8,235 Fannie Mae, 5.5%, 10/1/35 9,012
12,339 Federal Home Loan Mortgage Corp., 3.0%, 9/1/42 12,259
13,938 Federal Home Loan Mortgage Corp., 3.0%, 1/1/43 13,847
26,929 Federal Home Loan Mortgage Corp., 3.0%, 2/1/43 26,754
31,529 Federal Home Loan Mortgage Corp., 3.0%, 4/1/43 31,324
53,042 Federal Home Loan Mortgage Corp., 3.0%, 4/1/43 52,697
14,441 Federal Home Loan Mortgage Corp., 3.0%, 5/1/43 14,347
20,905 Federal Home Loan Mortgage Corp., 3.0%, 9/1/46 20,691
20,957 Federal Home Loan Mortgage Corp., 3.0%, 12/1/46 20,738
62,555 Federal Home Loan Mortgage Corp., 3.0%, 2/1/47 61,911
14,891 Federal Home Loan Mortgage Corp., 3.5%, 10/1/42 15,154
78,362 Federal Home Loan Mortgage Corp., 3.5%, 6/1/45 79,876
95,314 Federal Home Loan Mortgage Corp., 3.5%, 11/1/45 96,769
16,893 Federal Home Loan Mortgage Corp., 3.5%, 3/1/46 17,096
70,180 Federal Home Loan Mortgage Corp., 3.5%, 7/1/46 71,566
29,942 Federal Home Loan Mortgage Corp., 3.5%, 8/1/46 30,451
80,638 Federal Home Loan Mortgage Corp., 3.5%, 8/1/46 82,071
98,101 Federal Home Loan Mortgage Corp., 3.5%, 8/1/46 99,996
61,434 Federal Home Loan Mortgage Corp., 3.5%, 12/1/46 62,598
93,622 Federal Home Loan Mortgage Corp., 4.0%, 1/1/44 96,814
156,445 Federal Home Loan Mortgage Corp., 4.0%, 5/1/44 161,613
12,159 Federal Home Loan Mortgage Corp., 4.0%, 12/1/44 12,533
18,824 Federal Home Loan Mortgage Corp., 4.0%, 1/1/46 19,401
29,982 Federal Home Loan Mortgage Corp., 4.0%, 2/1/46 30,898
20,968 Federal Home Loan Mortgage Corp., 4.0%, 4/1/47 21,723
21,691 Federal Home Loan Mortgage Corp., 4.0%, 4/1/47 22,472
41,001 Federal Home Loan Mortgage Corp., 4.0%, 4/1/47 42,238
43,925 Federal Home Loan Mortgage Corp., 4.0%, 4/1/47 45,507
91,458 Federal Home Loan Mortgage Corp., 4.0%, 4/1/47 94,216
104,934 Federal Home Loan Mortgage Corp., 4.0%, 5/1/47 108,179
193,851 Federal Home Loan Mortgage Corp., 4.0%, 10/1/47 199,695
137,069 Federal Home Loan Mortgage Corp., 4.0%, 12/1/47 141,191
36,681 Federal Home Loan Mortgage Corp., 4.5%, 6/1/41 38,979
59,731 Federal Home Loan Mortgage Corp., 4.5%, 5/1/47 62,537
18,007 Federal Home Loan Mortgage Corp., 5.0%, 9/1/38 19,345
The accompanying notes are an integral part of these financial statements.
Pioneer Global Multisector Income Fund | Semiannual Report | 4/30/19 33
Schedule of Investments | 4/30/19 (unaudited) (continued)
------------------------------------------------------------------------------------------------------------------
Principal
Amount USD ($) Value
------------------------------------------------------------------------------------------------------------------
U.S. GOVERNMENT AND AGENCY
OBLIGATIONS -- (continued)
20,942 Federal Home Loan Mortgage Corp., 5.0%, 10/1/38 $ 22,498
3,249 Federal Home Loan Mortgage Corp., 5.0%, 5/1/39 3,494
6,043 Federal Home Loan Mortgage Corp., 5.0%, 12/1/39 6,508
10,266 Federal Home Loan Mortgage Corp., 6.0%, 8/1/37 11,139
14,428 Federal Home Loan Mortgage Corp., 6.5%, 1/1/38 16,599
23,717 Federal Home Loan Mortgage Corp., 6.5%, 4/1/38 26,190
45,526 Government National Mortgage Association I,
3.5%, 11/15/41 46,512
8,606 Government National Mortgage Association I,
3.5%, 10/15/42 8,810
28,101 Government National Mortgage Association I,
3.5%, 8/15/46 28,579
32,347 Government National Mortgage Association I,
4.0%, 4/15/45 33,362
45,367 Government National Mortgage Association I,
4.0%, 6/15/45 46,776
24,169 Government National Mortgage Association I,
4.5%, 1/15/40 25,543
19,825 Government National Mortgage Association I,
4.5%, 9/15/40 20,878
7,908 Government National Mortgage Association I,
4.5%, 10/15/40 8,326
17,258 Government National Mortgage Association I,
4.5%, 7/15/41 18,164
30,199 Government National Mortgage Association II,
3.0%, 9/20/46 30,206
26,622 Government National Mortgage Association II,
4.5%, 9/20/41 27,991
59,493 Government National Mortgage Association II,
4.5%, 9/20/44 61,449
16,934 Government National Mortgage Association II,
4.5%, 10/20/44 17,798
35,887 Government National Mortgage Association II,
4.5%, 11/20/44 37,709
144,882 Government National Mortgage Association II,
4.5%, 4/20/48 151,047
387,449 U.S. Treasury Inflation Indexed Bonds, 0.875%, 2/15/47 380,064
240,035 U.S. Treasury Inflation Indexed Bonds, 1.0%, 2/15/46 242,577
425,400 U.S. Treasury Inflation Indexed Bonds, 1.0%, 2/15/48 430,207
300,000(i) United States Treasury Bill, 5/28/19 299,463
------------------------------------------------------------------------------------------------------------------
TOTAL U.S. GOVERNMENT AND AGENCY OBLIGATIONS
(Cost $6,720,781) $ 6,695,041
------------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
34 Pioneer Global Multisector Income Fund | Semiannual Report | 4/30/19
------------------------------------------------------------------------------------------------------------------
Number of Strike Expiration
Contracts Description Counterparty Notional Price Date Value
------------------------------------------------------------------------------------------------------------------
OVER THE COUNTER (OTC) CURRENCY PUT
OPTIONS PURCHASED -- 0.2%
1,566,000 Put EUR Bank of
Call USD America NA EUR 22,307 EUR 1.15 5/27/19 $ 37,586
1,000,000 Put EUR Bank of
Call USD America NA EUR 14,987 EUR 1.15 9/23/19 24,382
825,000 Put EUR Bank of
Call USD America NA EUR 11,993 EUR 1.12 1/17/20 10,665
1,230,000 Put EUR Bank of
Call USD America NA EUR 16,929 EUR 1.13 1/9/20 19,679
-----------
$ 92,312
------------------------------------------------------------------------------------------------------------------
TOTAL OVER THE COUNTER (OTC) CURRENCY PUT
OPTIONS PURCHASED
(Premiums paid $66,215) $ 92,312
------------------------------------------------------------------------------------------------------------------
TOTAL OPTIONS PURCHASED
(Premiums paid $66,215) $ 92,312
------------------------------------------------------------------------------------------------------------------
TOTAL INVESTMENTS IN UNAFFILIATED ISSUERS -- 93.2%
(Cost $38,479,554) $38,048,744
------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------
Net Change in Net
Realized Unrealized
Dividend Gain Appreciation
Shares Income (Loss) (Depreciation)
------------------------------------------------------------------------------------------------------------------
AFFILIATED ISSUER -- 3.6%
CLOSED-END FUNDS -- 3.6% of Net Assets
171,396(j) Pioneer ILS
Interval Fund $94,988 $ -- $(229,671) $ 1,479,151
------------------------------------------------------------------------------------------------------------------
TOTAL CLOSED-END FUNDS
(Cost $1,707,478) $ 1,479,151
------------------------------------------------------------------------------------------------------------------
TOTAL INVESTMENTS IN AFFILIATED ISSUER -- 3.6%
(Cost $1,707,478) $ 1,479,151
------------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Global Multisector Income Fund | Semiannual Report | 4/30/19 35
Schedule of Investments | 4/30/19 (unaudited) (continued)
-------------------------------------------------------------------------------------------------------------------
Number of Strike Expiration
Contracts Description Counterparty Notional Price Date Value
-------------------------------------------------------------------------------------------------------------------
OVER THE COUNTER (OTC) CURRENCY CALL
OPTIONS WRITTEN -- (0.0)%+
(1,566,000) Call EUR Bank of
Put USD America NA EUR 22,307 EUR 1.27 5/27/19 $ --
(1,000,000) Call EUR Bank of
Put USD America NA EUR 14,987 EUR 1.27 9/23/19 (102)
(825,000) Call EUR Bank of
Put USD America NA EUR 11,993 EUR 1.23 1/17/20 (2,952)
(1,230,000) Call EUR Bank of
Put USD America NA EUR 16,929 EUR 1.25 1/9/20 (2,457)
------------
$ (5,511)
-------------------------------------------------------------------------------------------------------------------
TOTAL OVER THE COUNTER (OTC) CURRENCY CALL
OPTIONS WRITTEN
(Premiums received $(66,215)) $ (5,511)
-------------------------------------------------------------------------------------------------------------------
OTHER ASSETS AND LIABILITIES -- 3.2% $ 1,284,815
-------------------------------------------------------------------------------------------------------------------
NET ASSETS -- 100.0% $40,807,199
===================================================================================================================
bps Basis Points.
FREMF Freddie Mac Multifamily Fixed-Rate Mortgage Loans.
GO General Obligation.
LIBOR London Interbank Offered Rate.
PRIME U.S. Federal Funds Rate.
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, 2019, the value of these securities
amounted to $8,023,034, or 19.7% of net assets.
(TBA) "To Be Announced" Securities.
+ 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, 2019.
+ Security that used significant unobservable inputs to determine its
value.
(a) Security is perpetual in nature and has no stated maturity date.
(b) 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, 2019.
(c) The interest rate is subject to change periodically. The interest
rate and/or reference index and spread shown at April 30, 2019.
(d) Floating rate note. Coupon rate, reference index and spread shown at
April 30, 2019.
(e) Securities are restricted as to resale.
The accompanying notes are an integral part of these financial statements.
36 Pioneer Global Multisector Income Fund | Semiannual Report | 4/30/19
(f) Non-income producing security.
(g) Consists of Revenue Bonds unless otherwise indicated.
(h) Represents a General Obligation Bond.
(i) Security issued with a zero coupon. Income is recognized through
accretion of discount.
(j) Affiliated fund managed by Amundi Pioneer Asset Management, Inc.,
(the "Adviser").
FORWARD FOREIGN CURRENCY CONTRACTS
---------------------------------------------------------------------------------------------------------------------
Unrealized
Currency Currency Settlement Appreciation
Purchased In Exchange for Sold Deliver Counterparty Date (Depreciation)
---------------------------------------------------------------------------------------------------------------------
AUD 575,000 NZD (605,375) Goldman Sachs 6/26/19 $ 1,290
International
COP 639,775,000 USD (205,798) Goldman Sachs 5/24/19 (8,150)
International
CZK 11,565,370 USD (509,333) Goldman Sachs 5/24/19 (2,760)
International
SEK 3,358,005 EUR (321,812) Goldman Sachs 5/28/19 (7,212)
International
NOK 5,313,912 USD (618,904) HSBC Bank NA 6/25/19 (1,482)
USD 173,001 MXN (3,314,602) JPMorgan Chase 5/24/19 (1,347)
Bank NA
USD 468,688 TWD (14,392,464) JPMorgan Chase 5/24/19 2,230
Bank NA
AUD 289,392 USD (205,648) State Street Bank 5/24/19 (1,484)
& Trust Co.
CHF 410,623 USD (416,139) State Street Bank 5/24/19 (12,161)
& Trust Co.
EUR 4,808,558 USD (5,470,007) State Street Bank 5/24/19 (63,737)
& Trust Co.
INR 16,386,000 USD (236,782) State Street Bank 5/24/19 (2,195)
& Trust Co.
JPY 477,677,018 USD (4,358,531) State Street Bank 5/24/19 (60,257)
& Trust Co.
JPY 20,700,318 USD (186,131) State Street Bank 6/25/19 622
& Trust Co.
SEK 4,144,917 USD (443,085) State Street Bank 6/25/19 (4,241)
& Trust Co.
USD 101,427 GBP (76,651) State Street Bank 5/24/19 1,365
& Trust Co.
---------------------------------------------------------------------------------------------------------------------
TOTAL FORWARD FOREIGN CURRENCY CONTRACTS $(159,519)
=====================================================================================================================
The accompanying notes are an integral part of these financial statements.
Pioneer Global Multisector Income Fund | Semiannual Report | 4/30/19 37
Schedule of Investments | 4/30/19 (unaudited) (continued)
FUTURES CONTRACTS
FIXED INCOME INDEX FUTURES CONTRACTS
------------------------------------------------------------------------------------------------
Number of
Contracts Expiration Notional Market Unrealized
Long Description Date Amount Value Appreciation
------------------------------------------------------------------------------------------------
11 Australia 6/17/19 $1,042,187 $1,072,513 $30,326
10-Year Bond
6 Canada 6/19/19 610,707 619,040 8,333
10-Year Bond
5 Euro BUXL 6/6/19 1,024,590 1,058,926 34,336
30 Year Bond
4 Euro-Bund 6/6/19 731,968 741,977 10,009
1 U.S. Ultra Bond 6/19/19 161,331 164,281 2,950
------------------------------------------------------------------------------------------------
$3,570,783 $3,656,737 $85,954
================================================================================================
-------------------------------------------------------------------------------------------------
Number of
Contracts Expiration Notional Market Unrealized
Short Description Date Amount Value (Depreciation)
-------------------------------------------------------------------------------------------------
17 Euro-Bobl 6/6/19 $ 2,519,137 $ 2,535,733 $(16,596)
10 U.S. 5 Year Note 6/28/19 1,147,021 1,156,406 (9,385)
18 U.S. 10 Year Note 6/19/19 2,201,071 2,226,094 (25,023)
17 U.S. 10 Year Ultra 6/19/19 2,208,273 2,240,281 (32,008)
6 U.S. Long Bond 6/19/19 872,625 884,812 (12,187)
-------------------------------------------------------------------------------------------------
$ 8,948,127 $ 9,043,326 $(95,199)
-------------------------------------------------------------------------------------------------
TOTAL FUTURES CONTRACTS $(5,377,344) $(5,386,589) $ (9,245)
=================================================================================================
SWAP CONTRACTS
CENTRALLY CLEARED CREDIT DEFAULT SWAP CONTRACT -- SELL PROTECTION
--------------------------------------------------------------------------------------------------------------------------
Annual
Notional Pay/ Fixed Expiration Premiums Unrealized Market
Amount ($)(1) Obligation Reference/Index Receive(2) Rate Date Paid Appreciation Value
--------------------------------------------------------------------------------------------------------------------------
597,523 Markit CDX North America
High Yield Index Series 32 Receive 5.00% 6/20/24 $39,274 $ 9,772 $ 49,046
==========================================================================================================================
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) $ 2,087 $ 214
==================================================================================================================================
TOTAL SWAP CONTRACTS $37,401 $11,859 $49,260
==================================================================================================================================
(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.
38 Pioneer Global Multisector Income Fund | Semiannual Report | 4/30/19
Principal amounts are denominated in U.S. dollars ("USD") unless otherwise
noted.
ARS Argentine Peso
AUD Australian Dollar
CHF Swiss Franc
COP Colombian Peso
CZK Czech Koruna
DOP Dominican Republic Peso
EGP Egyptian Pound
EUR Euro
GBP Great British Pound
IDR Indonesian Rupiah
INR Indian Rupee
JPY Japanese Yen
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, 2019, were as follows:
--------------------------------------------------------------------------------
Purchases Sales
--------------------------------------------------------------------------------
Long-Term U.S. Government $ 394,635 $ 1,909,347
Other Long-Term Securities $2,788,147 $10,583,235
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 effected at current market prices.
During the six months ended April 30, 2019, the Fund did not engage in cross
trade activity.
At April 30, 2019, the net unrealized depreciation on investments based on cost
for federal tax purposes of $40,000,066 was as follows:
Aggregate gross unrealized appreciation for all investments in which
there is an excess of value over tax cost $ 1,117,326
Aggregate gross unrealized depreciation for all investments in which
there is an excess of tax cost over value (1,714,512)
-----------
Net unrealized depreciation $ (597,186)
===========
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). See Notes to
Financial Statements -- Note 1A.
The accompanying notes are an integral part of these financial statements.
Pioneer Global Multisector Income Fund | Semiannual Report | 4/30/19 39
Schedule of Investments | 4/30/19 (unaudited) (continued)
The following is a summary of the inputs used as of April 30, 2019, in valuing
the Fund's investments:
-----------------------------------------------------------------------------------------------------
Level 1 Level 2 Level 3 Total
-----------------------------------------------------------------------------------------------------
Convertible Preferred Stocks $248,335 $ -- $ -- $ 248,335
Asset Backed Securities -- 173,575 -- 173,575
Collateralized Mortgage Obligations -- 2,739,839 -- 2,739,839
Corporate Bonds -- 15,566,396 -- 15,566,396
Foreign Government Bonds -- 8,791,387 -- 8,791,387
Insurance-Linked Securities
Reinsurance Sidecars
Multiperil -- Worldwide -- -- 68,517 68,517
Municipal Bonds -- 247,555 -- 247,555
Senior Secured Floating Rate
Loan Interests -- 3,292,836 -- 3,292,836
Supranational Bond -- 132,951 -- 132,951
U.S. Government and
Agency Obligations -- 6,695,041 -- 6,695,041
Over The Counter (OTC) Currency
Put Options Purchased -- 92,312 -- 92,312
Affiliated Closed-End Fund -- 1,479,151 -- 1,479,151
-----------------------------------------------------------------------------------------------------
Total Investments in Securities $248,335 $39,211,043 $68,517 $39,527,895
=====================================================================================================
Other Financial Instruments
Over The Counter (OTC) Currency
Call Option Written $ -- $ (5,511) $ -- $ (5,511)
Net unrealized depreciation on
forward foreign currency contracts -- (159,519) -- (159,519)
Net unrealized depreciation
on futures contracts (9,245) -- -- (9,245)
Swap contracts, at value -- 49,260 -- 49,260
-----------------------------------------------------------------------------------------------------
Total Other Financial Instruments $ (9,245) $ (115,770) $ -- $ (125,015)
=====================================================================================================
The accompanying notes are an integral part of these financial statements.
40 Pioneer Global Multisector Income Fund | Semiannual Report | 4/30/19
The following is a reconciliation of assets valued using significant
unobservable inputs (Level 3):
------------------------------------------------------------------------------------
Insurance-
Linked
Securities
------------------------------------------------------------------------------------
Balance as of 10/31/18 $ 87,326
Realized gain (loss)(1) --
Change in unrealized appreciation (depreciation)(2) (12,741)
Accrued discounts/premiums --
Purchases 40,962
Sales (47,030)
Transfer in to Level 3* --
Transfer out of Level 3* --
------------------------------------------------------------------------------------
Balance as of 4/30/19 $ 68,517
====================================================================================
(1) Realized gain (loss) on these securities is included in net realized gain
(loss) on 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 values. For the six
months ended April 30, 2019, there were no 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, 2019: $(12,741)
--------
The accompanying notes are an integral part of these financial statements.
Pioneer Global Multisector Income Fund | Semiannual Report | 4/30/19 41
Statement of Assets and Liabilities | 4/30/19 (unaudited)
ASSETS:
Investments in unaffiliated securities, at value (cost $38,479,554) $38,048,744
Investments in affiliated securities, at value (cost $1,707,478) 1,479,151
Cash 539,040
Foreign currencies, at value (cost $412,520) 410,286
Futures collateral 133,256
Swaps collateral 69,884
Due from broker for futures 31,768
Variation margin for centrally cleared swap contracts 376
Swap contracts, at value (net premiums paid $37,401) 49,260
Receivables --
Investment securities sold 373,403
Fund shares sold 14,801
Interest 338,474
Due from the Adviser 52,219
Other assets 28,921
---------------------------------------------------------------------------------------------
Total assets $41,569,583
=============================================================================================
LIABILITIES:
Payables --
Investment securities purchased $ 325,778
Fund shares repurchased 14,898
Distributions 51,343
Trustees' fees 563
Professional fees 31,401
Transfer Agent fees 24,636
Pricing fees 12,862
Administrative fees 11,235
Variation margin for futures contracts 14,948
Due to broker for swaps 49,097
Written options outstanding (net premiums received $(66,215)) 5,511
Net unrealized depreciation on forward foreign currency contracts 159,519
Net unrealized depreciation on futures contracts 9,245
Due to affiliates 18,857
Accrued expenses 32,491
---------------------------------------------------------------------------------------------
Total liabilities $ 762,384
=============================================================================================
NET ASSETS:
Paid-in capital $42,304,925
Distributable earnings (loss) (1,497,726)
---------------------------------------------------------------------------------------------
Net assets $40,807,199
=============================================================================================
NET ASSET VALUE PER SHARE:
No par value (unlimited number of shares authorized)
Class A (based on $18,545,023/1,822,956 shares) $ 10.17
Class C (based on $8,754,383/858,328 shares) $ 10.20
Class Y (based on $13,507,793/1,316,514 shares) $ 10.26
MAXIMUM OFFERING PRICE PER SHARE:
Class A (based on $10.17 net assets value per
share/100%-4.50% maximum sales charge) $ 10.65
=============================================================================================
The accompanying notes are an integral part of these financial statements.
42 Pioneer Global Multisector Income Fund | Semiannual Report | 4/30/19
Statement of Operations (unaudited)
For the Six Months Ended 4/30/19
INVESTMENT INCOME:
Interest from unaffiliated issuers $ 778,535
Dividends from affiliated issuers 94,988
Dividends from unaffiliated issuers 9,477
----------------------------------------------------------------------------------------------------------
Total investment income $ 883,000
----------------------------------------------------------------------------------------------------------
EXPENSES:
Management fees $ 111,963
Administrative expense 36,460
Transfer agent fees
Class A 49,147
Class C 1,706
Class Y 7,007
Distribution fees
Class A 23,218
Class C 43,440
Shareowner communications expense 3,643
Custodian fees 31,564
Registration fees 28,436
Professional fees 31,253
Printing expense 30,250
Pricing fees 21,629
Trustees' fees 3,444
Insurance expense 417
Miscellaneous 16,184
----------------------------------------------------------------------------------------------------------
Total expenses $ 439,761
Less fees waived and expenses reimbursed
by the Adviser (200,855)
----------------------------------------------------------------------------------------------------------
Net expenses $ 238,906
----------------------------------------------------------------------------------------------------------
Net investment income $ 644,094
----------------------------------------------------------------------------------------------------------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
Net realized gain (loss) on:
Investments in unaffiliated issuers $ (584,158)
Forward foreign currency contracts (362,910)
Futures contracts 39,455
Swap contracts 44,937
Other assets and liabilities denominated in foreign currencies (69,308) $ (931,984)
----------------------------------------------------------------------------------------------------------
Change in net unrealized appreciation (depreciation) on:
Investments in unaffiliated issuers $1,834,881
Investments in affiliated issuers (229,671)
Written options 30,747
Forward foreign currency contracts 60,670
Futures contracts (113,971)
Swap contracts 9,542
Other assets and liabilities denominated in foreign currencies 6,692 $1,598,890
----------------------------------------------------------------------------------------------------------
Net realized and unrealized gain (loss) on investments $ 666,906
----------------------------------------------------------------------------------------------------------
Net increase in net assets resulting from operations $1,311,000
==========================================================================================================
The accompanying notes are an integral part of these financial statements.
Pioneer Global Multisector Income Fund | Semiannual Report | 4/30/19 43
Statements of Changes in Net Assets
-----------------------------------------------------------------------------------------------------
Six Months
Ended
4/30/19 Year Ended
(unaudited) 10/31/18
-----------------------------------------------------------------------------------------------------
FROM OPERATIONS:
Net investment income (loss) $ 644,094 $ 1,416,690
Net realized gain (loss) on investments (931,984) (1,518,415)
Change in net unrealized appreciation (depreciation)
on investments 1,598,890 (3,298,829)
-----------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets resulting
from operations $ 1,311,000 $ (3,400,554)
-----------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO SHAREOWNERS:
Class A ($0.12 and $0.05 per share, respectively) $ (222,730) $ (114,781)
Class C ($0.08 and $0.04 per share, respectively) (69,520) (35,907)
Class Y ($0.13 and $0.06 per share, respectively) (231,082) (78,523)
Tax return of capital:
Class A ($-- and $0.19 per share, respectively) -- (469,180)
Class C ($-- and $0.11 per share, respectively) -- (102,276)
Class Y ($-- and $0.21 per share, respectively) -- (568,688)
-----------------------------------------------------------------------------------------------------
Total distributions to shareowners $ (523,332) $ (1,369,355)
-----------------------------------------------------------------------------------------------------
FROM FUND SHARE TRANSACTIONS:
Net proceeds from sales of shares $ 1,334,653 $ 78,877,441
Reinvestment of distributions 237,373 735,353
Cost of shares repurchased (10,482,825) (73,833,356)
-----------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets from Fund
share transactions $ (8,910,799) $ 5,779,438
-----------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets $ (8,123,131) $ 1,009,529
-----------------------------------------------------------------------------------------------------
NET ASSETS:
Beginning of period $ 48,930,330 $ 47,920,801
-----------------------------------------------------------------------------------------------------
End of period $ 40,807,199 $ 48,930,330
=====================================================================================================
The accompanying notes are an integral part of these financial statements.
44 Pioneer Global Multisector Income Fund | Semiannual Report | 4/30/19
------------------------------------------------------------------------------------------------------------
Six Months Six Months
Ended Ended
4/30/19 4/30/19 Year Ended Year Ended
Shares Amount 10/31/18 10/31/18
(unaudited) (unaudited) Shares Amount
------------------------------------------------------------------------------------------------------------
Class A
Shares sold 75,768 $ 764,592 1,975,874 $ 21,070,396
Reinvestment of distributions 13,334 134,763 32,537 341,157
Less shares repurchased (161,174) (1,626,684) (2,286,732) (23,964,912)
------------------------------------------------------------------------------------------------------------
Net decrease (72,072) $ (727,329) (278,321) $ (2,553,359)
============================================================================================================
Class C
Shares sold 33,460 $ 335,680 782,897 $ 8,390,073
Reinvestment of distributions 1,876 19,014 4,183 44,184
Less shares repurchased (52,430) (527,218) (845,759) (9,033,239)
------------------------------------------------------------------------------------------------------------
Net decrease (17,094) $ (172,524) (58,679) $ (598,982)
============================================================================================================
Class Y
Shares sold 23,224 $ 234,381 4,588,417 $ 49,416,972
Reinvestment of distributions 8,234 83,596 32,990 350,012
Less shares repurchased (817,790) (8,328,923) (3,874,730) (40,835,205)
------------------------------------------------------------------------------------------------------------
Net increase
(decrease) (786,332) $(8,010,946) 746,677 $ 8,931,779
============================================================================================================
The accompanying notes are an integral part of these financial statements.
Pioneer Global Multisector Income Fund | Semiannual Report | 4/30/19 45
Financial Highlights
------------------------------------------------------------------------------------------------------------------------------------
Six Months
Ended Year Year Year Year Year
4/30/19 Ended Ended Ended Ended Ended
(unaudited) 10/31/18 10/31/17 10/31/16* 10/31/15* 10/31/14*
------------------------------------------------------------------------------------------------------------------------------------
Class A
Net asset value, beginning of period $ 10.00 $ 10.70 $ 10.60 $ 10.40 $ 10.91 $ 10.98
------------------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (loss) $ 0.15(a) $ 0.24(a) $ 0.30(a) $ 0.31(a) $ 0.31(a) $ 0.38
Net realized and unrealized gain (loss) on investments 0.14 (0.70) 0.09 0.25 (0.41) (0.04)
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 0.29 $ (0.46) $ 0.39 $ 0.56 $ (0.10) $ 0.34
------------------------------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income $ (0.12) $ (0.05) $ (0.19) $ (0.28) $ (0.31) $ (0.35)
Net realized gain -- -- (0.06) -- (0.10) (0.06)
Tax return of capital -- (0.19) (0.04) (0.08) -- --
------------------------------------------------------------------------------------------------------------------------------------
Total distributions $ (0.12) $ (0.24) $ (0.29) $ (0.36) $ (0.41) (0.41)
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ 0.17 $ (0.70) $ 0.10 $ 0.20 $ (0.51) $ (0.07)
------------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 10.17 $ 10.00 $ 10.70 $ 10.60 $ 10.40 $ 10.91
====================================================================================================================================
Total return (b) 2.91%(c) (4.41)% 3.75% 5.59% (1.00)% 3.16%
Ratio of net expenses to average net assets 1.00%(d) 1.00% 1.00% 1.00% 1.00% 1.01%
Ratio of net investment income (loss) to average net assets 2.93%(d) 2.31% 2.83% 2.99% 2.87% 3.57%
Portfolio turnover rate 7%(c) 64% 70% 37% 34% 51%
Net assets, end of period (in thousands) $18,545 $18,954 $23,252 $13,579 $12,737 $11,601
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 2.21%(d) 1.99% 2.13% 2.67% 2.67% 2.52%
Net investment income (loss) to average net assets 1.72%(d) 1.32% 1.70% 1.32% 1.20% 2.06%
====================================================================================================================================
* 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 upon 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) Annualized.
The accompanying notes are an integral part of these financial statements.
46 Pioneer Global Multisector Income Fund | Semiannual Report | 4/30/19
------------------------------------------------------------------------------------------------------------------------------------
Six Months
Ended Year Year Year Year Year
4/30/19 Ended Ended Ended Ended Ended
(unaudited) 10/31/18 10/31/17 10/31/16* 10/31/15* 10/31/14*
------------------------------------------------------------------------------------------------------------------------------------
Class C
Net asset value, beginning of period $10.03 $10.73 $ 10.63 $10.43 $10.94 $11.01
------------------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (loss) $ 0.10(a) $ 0.16(a) $ 0.21(a) $ 0.22(a) $ 0.21(a) $ 0.29
Net realized and unrealized gain (loss) on investments 0.15 (0.71) 0.09 0.25 (0.41) (0.05)
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 0.25 $(0.55) $ 0.30 $ 0.47 $(0.20) $ 0.24
------------------------------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income $(0.08) $(0.04) $ (0.10) $(0.19) $(0.21) $(0.25)
Net realized gain -- -- (0.06) -- (0.10) (0.06)
Tax return of capital -- (0.11) (0.04) (0.08) -- --
------------------------------------------------------------------------------------------------------------------------------------
Total distributions $(0.08) $(0.15) $ (0.20) $(0.27) $(0.31) $(0.31)
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ 0.17 $(0.70) $ 0.10 $ 0.20 $(0.51) $(0.07)
------------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $10.20 $10.03 $ 10.73 $10.63 $10.43 $10.94
====================================================================================================================================
Total return (b) 2.50%(c) (5.19)% 2.88% 4.67% (1.87)% 2.24%
Ratio of net expenses to average net assets 1.85%(d) 1.81% 1.81% 1.90% 1.90% 1.91%
Ratio of net investment income (loss) to average net assets 2.09%(d) 1.53% 2.00% 2.10% 1.96% 2.67%
Portfolio turnover rate 7%(c) 64% 70% 37% 34% 51%
Net assets, end of period (in thousands) $8,754 $8,781 $10,024 $4,370 $4,113 $4,156
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 2.47%(d) 2.14% 2.21% 2.53% 2.56% 2.71%
Net investment income (loss) to average net assets 1.47%(d) 1.20% 1.60% 1.46% 1.30% 1.87%
====================================================================================================================================
* 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 upon 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) Annualized.
The accompanying notes are an integral part of these financial statements.
Pioneer Global Multisector Income Fund | Semiannual Report | 4/30/19 47
Financial Highlights (continued)
------------------------------------------------------------------------------------------------------------------------------------
Six Months
Ended Year Year Year Year Year
4/30/19 Ended Ended Ended Ended Ended
(unaudited) 10/31/18 10/31/17 10/31/16* 10/31/15* 10/31/14*
------------------------------------------------------------------------------------------------------------------------------------
Class Y
Net asset value, beginning of period $ 10.08 $ 10.80 $ 10.69 $ 10.50 $ 11.00 $ 11.07
------------------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (loss) $ 0.16(a) $ 0.26(a) $ 0.33(a) $ 0.34(a) $ 0.33(a) 0.42
Net realized and unrealized gain (loss) on investments 0.15 (0.71) 0.10 0.24 (0.39) (0.05)
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 0.31 $ (0.45) $ 0.43 $ 0.58 $ (0.06) 0.37
------------------------------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income $ (0.13) $ (0.06) $ (0.22) $ (0.31) $ (0.34) $ (0.38)
Net realized gain -- -- (0.06) -- (0.10) (0.06)
Tax return of capital -- (0.21) (0.04) (0.08) -- --
------------------------------------------------------------------------------------------------------------------------------------
Total distributions $ (0.13) $ (0.27) $ (0.32) $ (0.39) $ (0.44) $ (0.44)
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ 0.18 $ (0.72) $ 0.11 $ 0.19 $ (0.50) (0.07)
------------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 10.26 $ 10.08 $ 10.80 $ 10.69 $ 10.50 $ 11.00
====================================================================================================================================
Total return (b) 3.13%(c) (4.29)% 4.10% 5.73% (0.62)% 3.42%
Ratio of net expenses to average net assets 0.75%(d) 0.75% 0.75% 0.75% 0.75% 0.76%
Ratio of net investment income (loss) to average net assets 3.21%(d) 2.46% 3.10% 3.24% 3.12% 3.81%
Portfolio turnover rate 7%(c) 64% 70% 37% 34% 51%
Net assets, end of period (in thousands) $13,508 $21,195 $14,645 $10,767 $12,178 $12,525
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 1.45%(d) 1.14% 1.17% 1.41% 1.39% 1.50%
Net investment income (loss) to average net assets 2.51%(d) 2.07% 2.68% 2.59% 2.48% 3.07%
====================================================================================================================================
* 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 upon 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) Annualized.
The accompanying notes are an integral part of these financial statements.
48 Pioneer Global Multisector Income Fund | Semiannual Report | 4/30/19
Notes to Financial Statements | 4/30/19 (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 four classes of shares designated as Class A, Class C, Class K
and Class Y shares. Class K shares had not commenced operations as of
April 30, 2019. 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.
Amundi Pioneer Asset Management, Inc., an indirect, wholly owned subsidiary of
Amundi and Amundi's wholly owned subsidiary, Amundi USA, Inc., serves as the
Fund's investment adviser (the "Adviser"). Amundi Pioneer Distributor, Inc., an
affiliate of Amundi Pioneer Asset Management, Inc., serves as the Fund's
distributor (the "Distributor").
In August 2018, the Securities and Exchange Commission ("SEC") released a
Disclosure Update and Simplification Final Rule. The Final Rule amends
Regulation S-X disclosures requirements to conform them to U.S. Generally
Accepted Accounting Principles ("U.S. GAAP") for investment companies. The
Fund's financial statements were prepared in compliance with the new amendments
to Regulation S-X.
The Fund is an investment company and follows investment company accounting and
reporting guidance under U.S. GAAP. U.S. GAAP requires the management of the
Fund to make estimates and assumptions that affect the
Pioneer Global Multisector Income Fund | Semiannual Report | 4/30/19 49
reported amounts of assets and liabilities, the disclosure of contingent assets
and liabilities at the date of the financial statements, and the reported
amounts of income, expenses and gain or loss on investments during the
reporting period. Actual results could differ from those estimates.
The following is a summary of significant accounting policies followed by the
Fund in the preparation of its financial statements:
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.
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.
50 Pioneer Global Multisector Income Fund | Semiannual Report | 4/30/19
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.
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.
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.
Futures contracts are generally valued at the closing settlement price
established by the exchange on which they are traded.
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.
Shares of open-end registered investment companies (including money market
mutual funds) are valued at such funds' net asset value. Shares of
exchange-listed closed-end funds are valued by using the last sale price
on the principal exchange where they are traded.
Pioneer Global Multisector Income Fund | Semiannual Report | 4/30/19 51
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, 2019, 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.
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.
52 Pioneer Global Multisector Income Fund | Semiannual Report | 4/30/19
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. 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, 2018, 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.
Pioneer Global Multisector Income Fund | Semiannual Report | 4/30/19 53
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, 2018 was as follows:
--------------------------------------------------------------------------
2018
--------------------------------------------------------------------------
Distributions paid from:
Distribution in excess $ 229,221
Return of capital 1,140,144
--------------------------------------------------------------------------
Total $1,369,355
==========================================================================
The following shows the components of distributable losses on a federal
income tax basis at October 31, 2018:
--------------------------------------------------------------------------
2018
--------------------------------------------------------------------------
Distributable earnings:
Current year dividend payable $ (43,968)
Unrealized depreciation (2,241,426)
--------------------------------------------------------------------------
Total $(2,285,394)
==========================================================================
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.
E. Fund Shares
The Fund records sales and repurchases of its shares as of trade date. The
Distributor earned $244 in underwriting commissions on the sale of Class A
shares during the six months ended April 30, 2019.
F. Class Allocations
Income, common expenses and realized and unrealized gains and losses are
calculated at the Fund level and allocated daily to each class of shares
based on its respective percentage of adjusted net assets at the beginning
of the day.
Distribution fees are calculated based on the average daily net asset
value attributable to Class A and Class C shares of the Fund, respectively
(see Note 4). Class Y shares do not pay distribution fees. All expenses
and fees paid to the 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
54 Pioneer Global Multisector Income Fund | Semiannual Report | 4/30/19
to shareowners are recorded as of the ex-dividend date. Distributions paid
by the Fund with respect to each class of shares are calculated in the
same manner and at the same time, except that net investment income
dividends to Class A, Class C and Class Y shares can reflect different
transfer agent and distribution expense rates.
G. Risks
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. 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.
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 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
Pioneer Global Multisector Income Fund | Semiannual Report | 4/30/19 55
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 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.
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.
H. Insurance-Linked Securities ("ILS")
The Fund invests in ILS. The Fund could lose a portion or all of the
principal it has invested in an ILS, and the right to additional interest
or dividend payments with respect to the security, upon the occurrence of
one or more trigger events, as defined within the terms of an
insurance-linked security. Trigger events, generally, are hurricanes,
earthquakes, or other natural events of a specific size or magnitude that
occur in a designated geographic region during a specified time period,
and/or that involve losses or other metrics that exceed a specific amount.
There is no way to accurately predict whether a trigger event will occur
and, accordingly, ILS carry significant risk. The Fund is entitled to
receive principal, and interest and/or dividend payments so long as no
trigger event occurs of the description and magnitude specified by the
instrument. In addition to the specified trigger events, ILS 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 event-linked bonds. ILS also 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),
56 Pioneer Global Multisector Income Fund | Semiannual Report | 4/30/19
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.
Where the ILS 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.
Additionally, the Fund may gain exposure to 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,
2019, is listed in the Schedule of Investments.
I. 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 is recorded on the Fund's Statement of
Operations. 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
Pioneer Global Multisector Income Fund | Semiannual Report | 4/30/19 57
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 purchased options contracts open during the
six months ended April 30, 2019, was $71,245. Open purchased options at
April 30, 2019, are listed in the Fund's Schedule of Investments.
J. 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 "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 on the
Statement of Operations. 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 written options for the six months ended April
30, 2019, was $(10,611). Open written options contracts at April 30, 2019,
are listed in the Fund's Schedule of Investments.
K. 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).
58 Pioneer Global Multisector Income Fund | Semiannual Report | 4/30/19
At April 30, 2019, the Fund had entered into various forward foreign
currency contracts that obligated 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 market value of forward foreign currency contracts open during
the six months ended April 30, 2019, was $11,703,734. Open forward foreign
currency contracts outstanding at April 30, 2019, are listed in the
Schedule of Investments.
L. 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, 2019, 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
reduced 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 market value of contracts open during the six months ended
April 30, 2019, was $(4,488,207). Open futures contracts outstanding at
April 30, 2019, are listed in the Schedule of Investments.
Pioneer Global Multisector Income Fund | Semiannual Report | 4/30/19 59
M. 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 or 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.
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
60 Pioneer Global Multisector Income Fund | Semiannual Report | 4/30/19
received, may be less than the amount the Fund pays to the protection
buyer, resulting in a loss to the Fund. In addition, obligations under
sell protection credit default swaps may be partially offset by net
amounts received from settlement of buy protection credit default swaps
entered into by the Fund for the same reference obligation with the same
counterparty.
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, 2019, is recorded as
"Swaps collateral" on the Statement of Assets and Liabilities.
The average market value of credit default swap contracts open during the
six months ended April 30, 2019, was $38,257. Open credit default swap
contracts at April 30, 2019, are listed in the Schedule of Investments.
2. Management Agreement
The Adviser manages the Fund's portfolio. Effective October 1, 2018, Management
fees are calculated daily at the annual rate of 0.50% of the Fund's average
daily net assets up to $1 billion and 0.45% of the of the Fund's average daily
net assets over $1 billion. Prior to October 1, 2018, Management fees were
calculated daily at the annual rate of 0.50% of the Fund's average daily net
assets. For the six months ended April 30, 2019, the effective management fee
(excluding waivers and/or assumption of expenses) was equivalent to 0.50% of
the Fund's average daily net assets.
The Adviser has agreed to waive its management fee with respect to any portion
of the Portfolio's assets invested in Pioneer ILS Interval Fund, an affiliated
fund managed by the Adviser. For the six months ended April 30, 2019, the
Adviser waived $13,208 in management fees with respect to the Portfolio, which
is reflected on the Statement of Operations as an expense waiver.
Pioneer Global Multisector Income Fund | Semiannual Report | 4/30/19 61
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. These expense limitations are in
effect through March 1, 2020. There can be no assurance that the Adviser will
extend the expense limitation agreement beyond the date referred to above. Fees
waived and expenses reimbursed during the six months ended April 30, 2019, are
reflected on the Statement of Operations.
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
$17,028 in management fees, administrative costs and certain other
reimbursements payable to the Adviser at April 30, 2019.
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, and outgoing phone calls. For the
six months ended April 30, 2019, such out-of-pocket expenses by class of
shares were as follows:
--------------------------------------------------------------------------------
Shareowner Communications:
--------------------------------------------------------------------------------
Class A $2,397
Class C 1,108
Class Y 138
--------------------------------------------------------------------------------
Total $3,643
================================================================================
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
62 Pioneer Global Multisector Income Fund | Semiannual Report | 4/30/19
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 $1,829 in distribution fees payable to the Distributor at
April 30, 2019.
In addition, redemptions of Class A and Class C 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, 2019, CDSCs in the amount of
$20 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.
Effective August 1, 2018, the Fund participates in a credit facility in the
amount of $250 million. Prior to August 1, 2018, the credit facility was 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 0.90% on an annualized basis, or the Alternate Base Rate, which
is the greater of (a) the facility's administrative agent's daily announced
prime rate on the borrowing date, (b) 2% plus the Federal Funds Rate on the
borrowing date or (c) 2% plus the overnight Eurodollar rate on the borrowing
date. The Funds pays 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, 2019, the Fund had no borrowings under the credit facility.
Pioneer Global Multisector Income Fund | Semiannual Report | 4/30/19 63
6. Master Netting Agreements
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 set-off may be restricted or prohibited by the bankruptcy
or insolvency laws of the particular jurisdiction to which each specific ISDA
Master Agreement 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". 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 been offset on the Statement of Assets and
Liabilities. The following charts show gross assets and liabilities of the Fund
as of April 30, 2019.
64 Pioneer Global Multisector Income Fund | Semiannual Report | 4/30/19
----------------------------------------------------------------------------------------------------------------
Derivative
Assets
Subject to Derivatives Non-Cash Cash Net Amount
Master Netting Available Collateral Collateral of Derivative
Counterparty Agreement for Offset Received (a) Received (a) Assets (b)
----------------------------------------------------------------------------------------------------------------
Bank of America NA $92,312 $ (5,511) $ -- $ -- $86,801
Goldman Sachs
International 1,290 (1,290) -- -- --
HSBC Bank NA -- -- -- -- --
JPMorgan Chase
Bank NA 2,230 (1,347) -- -- 883
Morgan Stanley
Capital Services LLC 2,087 -- -- -- 2,087
State Street Bank &
Trust Co. 1,987 (1,987) -- -- --
----------------------------------------------------------------------------------------------------------------
Total $99,906 $(10,135) $ -- $ -- $89,771
================================================================================================================
------------------------------------------------------------------------------------------------------------
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 America NA $ 5,511 $ (5,511) $ -- $ -- $ --
Goldman Sachs
International 18,122 (1,290) -- -- 16,832
HSBC Bank NA 1,482 -- -- -- 1,482
JPMorgan Chase
Bank NA 1,347 (1,347) -- -- --
Morgan Stanley
Capital Services LLC -- -- -- -- --
State Street Bank &
Trust Co. 144,075 (1,987) -- -- 142,088
------------------------------------------------------------------------------------------------------------
Total $170,537 $(10,135) $ -- $ -- $160,402
============================================================================================================
(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.
Pioneer Global Multisector Income Fund | Semiannual Report | 4/30/19 65
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.
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,
2019 was as follows:
------------------------------------------------------------------------------------------------
Foreign
Statement of Assets Interest Credit Exchange Equity Commodity
and Liabilities Rate Risk Risk Rate Risk Risk Risk
------------------------------------------------------------------------------------------------
Assets
Options purchased* $ -- $ -- $ 92,312 $ -- $ --
Swap contracts, at value -- 49,260 -- -- --
------------------------------------------------------------------------------------------------
Total Value $ -- $49,260 $ 92,312 $ -- $ --
================================================================================================
Liabilities
Written options outstanding $ -- $ -- $ 5,511 $ -- $ --
Net unrealized depreciation
on forward foreign
currency contracts -- -- 159,519 -- --
Net unrealized depreciation
on futures contracts 9,245 -- -- -- --
------------------------------------------------------------------------------------------------
Total Value $9,245 $ -- $165,030 $ -- $ --
================================================================================================
* Reflects the market value of purchased option contracts (see Note 1I.).
These amounts are included in investments in unaffiliated issuers, at
value, on the statement of assets and liabilities.
66 Pioneer Global Multisector Income Fund | Semiannual Report | 4/30/19
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, 2019 was as follows:
-----------------------------------------------------------------------------------------------------
Foreign
Statement of Interest Credit Exchange Equity Commodity
Operations Rate Risk Risk Rate Risk Risk Risk
-----------------------------------------------------------------------------------------------------
Net realized gain (loss) on:
Forward foreign
currency contracts $ -- $ -- $(362,910) $ -- $ --
Futures contracts 39,455 -- -- -- --
Swap contracts -- 44,937 -- -- --
-----------------------------------------------------------------------------------------------------
Total Value $ 39,455 $44,937 $(362,910) $ -- $ --
=====================================================================================================
Change in net unrealized
appreciation
(depreciation) on:
Options purchased* $ -- $ -- $ (435) $ -- $ --
Written options -- -- 30,747 -- --
Forward foreign
currency contracts -- -- 60,670 -- --
Futures contracts (113,971) -- -- -- --
Swap contracts -- (9,542) -- -- --
-----------------------------------------------------------------------------------------------------
Total Value $(113,971) $(9,542) $ 90,982 $ -- $ --
=====================================================================================================
* Reflects the change in net unrealized appreciation (depreciation) on
purchased option contracts (see Note 1I.). These amounts are included in
change in net unrealized appreciation (depreciation) on Investments in
unaffiliated issuers, on the statements of operations.
Pioneer Global Multisector Income Fund | Semiannual Report | 4/30/19 67
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 and
Lisa M. Jones Accounting Officer
Lorraine H. Monchak Christopher J. Kelley, Secretary and
Marguerite A. Piret Chief Legal Officer
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
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/us. This information is also available on
the Securities and Exchange Commission's web site at www.sec.gov.
68 Pioneer Global Multisector Income Fund | Semiannual Report | 4/30/19
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
FactFoneSM 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 219427
Kansas City, MO 64121-9427
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/us
This report must be preceded or accompanied by a prospectus.
The Fund files a complete schedule of portfolio holdings with the Securities
and Exchange Commission for the first and third quarters of each fiscal year as
an exhibit to its reports on Form N-PORT. Shareholders may view the filed Form
N-PORT by visiting the Commission's web site at https://www.sec.gov.
[LOGO] Amundi Pioneer
==============
ASSET MANAGEMENT
Amundi Pioneer Asset Management, Inc.
60 State Street
Boston, MA 02109
www.amundipioneer.com/us
Securities offered through Amundi Pioneer Distributor, Inc.
60 State Street, Boston, MA 02109
Underwriter of Pioneer Mutual Funds, Member SIPC
[C] 2019 Amundi Pioneer Asset Management 21910-11-0619
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)).
Mr. David R. Bock, 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 July 1, 2019
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 July 1, 2019
By (Signature and Title)* /s/ Mark E. Bradley
Mark E. Bradley, Treasurer & Chief Accounting & Financial Officer
Date July 1, 2019
* Print the name and title of each signing officer under his or her signature.