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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-10455
Pioneer Global High Yield Fund
(Exact name of registrant as specified in charter)
60 State Street, Boston, MA 02109
(Address of principal executive offices) (ZIP code)
Dorothy E. Bourassa, Pioneer Investment Management, Inc.,
60 State Street, Boston, MA 02109
(Name and address of agent for service)
Registrant's telephone number, including area code: (617) 742-7825
Date of fiscal year end: October 31
Date of reporting period: November 1, 2004 through October 31, 2005
Form N-CSR is to be used by management investment companies to file reports with
the Commission not later than 10 days after the transmission to stockholders of
any report that is required to be transmitted to stockholders under Rule 30e-1
under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may
use the information provided on Form N-CSR in its regulatory, disclosure review,
inspection, and policymaking roles.
A registrant is required to disclose the information specified by Form N-CSR,
and the Commission will make this information public. A registrant is not
required to respond to the collection of information contained in Form N-CSR
unless the Form displays a currently valid Office of Management and Budget
("OMB") control number. Please direct comments concerning the accuracy of the
information collection burden estimate and any suggestions for reducing the
burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW,
Washington, DC 20549-0609. The OMB has reviewed this collection of information
under the clearance requirements of 44 U.S.C. ss. 3507.
ITEM 1. REPORTS TO SHAREOWNERS.
PIONEER
-----------------------
GLOBAL
HIGH YIELD
FUND
Annual
Report
10/31/05
[LOGO] PIONEER
Investments(R)
Table of Contents
- --------------------------------------------------------------------------------
Letter to Shareowners 1
Portfolio Summary 2
Prices and Distributions 3
Performance Update 4
Comparing Ongoing Fund Expenses 7
Portfolio Management Discussion 9
Schedule of Investments 13
Financial Statements 27
Notes to Financial Statements 34
Report of Independent Registered Public Accounting Firm 41
Trustees, Officers and Service Providers 42
The Pioneer Family of Mutual Funds 49
Pioneer Global High Yield Fund
- --------------------------------------------------------------------------------
LETTER TO SHAREOWNERS 10/31/05
- --------------------------------------------------------------------------------
Dear Shareowner,
- --------------------------------------------------------------------------------
Questions about the economic outlook moved from theoretical to real when
Hurricanes Katrina and Rita wreaked devastation on people and property across
much of the Gulf Coast. Before the storms struck, the economy had been motoring
forward, with strong profit growth and good jobs numbers being reported across a
range of sectors. Despite 12 straight hikes by the Federal Reserve Board,
interest rates were at tolerable levels, and businesses and households were
managing to live with rising energy costs. The Fed raised rates again on
November 1, 2005, suggesting continued concern that inflationary fires are
merely banked, not extinguished. The stimulative effect of massive recovery
spending may have been a factor in the Fed's decision. Damage to many Gulf area
facilities may also keep oil and gasoline supplies tight and restrain GDP growth
for a time. By late in the third quarter, energy prices had backed off peak
levels, but remained high enough to prompt worries over their impact on
consumers and the economy in general.
Consumers are key to the economy's direction. The national savings rate stands
near zero, leaving households with little financial slack to continue absorbing
punishing prices at the pump and in their heating and utility bills; confidence
understandably sagged after the storms. However, U.S. consumers are notably
resilient. If conditions in the job market rebound from storm-induced
disruptions, their behavior seems unlikely to change very much.
Barring surprises, the hurricanes have not undercut our favorable expectations
for the rest of the year. We believe carefully selected, high-quality stocks and
bonds still show potential for solid results even in a slower-growth
environment. With that in mind, our global investment experts are well
positioned to seek attractive opportunities around the world.
Another Fund Group Joins the Pioneer Family
Pioneer Investment Management recently completed the acquisition of AmSouth
Bancorporation's mutual fund management business. This transaction, our fifth in
two years, adds seven new funds to our lineup and expands assets under
management by over $5 billion. Transactions such as these increase our ability
to offer competitively priced products to our shareholders and other investors
through the services of their financial advisors.
Respectfully,
/s/ Osbert M. Hood
Osbert M. Hood, President
Pioneer Investment Management, Inc.
Any information in this shareholder report regarding market or economic trends
or the factors influencing the Fund historical or future performance are
statements of the opinion of Fund management as of the date of this report.
These statements should not be relied upon for any other purposes. Past
performance is no guarantee of future results, and there is no guarantee that
market forecasts discussed will be realized.
Please consider the Fund investment objectives, risks, charges and expenses.
Contact your advisor or Pioneer investments for a prospectus containing this
information. Please read the information carefully.
1
Pioneer Global High Yield Fund
- --------------------------------------------------------------------------------
PORTFOLIO SUMMARY 10/31/05
- --------------------------------------------------------------------------------
Portfolio Diversification
- --------------------------------------------------------------------------------
(As a percentage of total investment portfolio)
[THE FOLLOWING DATA WAS REPRESENTED AS A PIE CHART IN THE PRINTED MATERIAL]
Collateralized Mortgage Obligations 0.3%
Convertible Corporate Bonds 1.5%
Foreign Government Bonds 2.7%
Asset Backed Securities 2.9%
Temporary Cash Investment 3.0%
Corporate Bonds 89.6%
10 Largest Holdings
- --------------------------------------------------------------------------------
(As a percentage of total long-term securities)*
1. Noble Group, Ltd., 6.625%, 3/17/15 (144A) 1.63%
2. Kvaerner ASA, 0.0%, 10/30/11 1.62
3. Braskem SA, 11.75%, 1/22/14 1.61
4. J Ray McDermott SA, 11.0%, 12/15/13 (144A) 1.56
5. Corp Interamer De Entret, 8.875%, 6/14/15 (144A) 1.46
6. Continental Air, Inc., 7.568%, 12/1/06 1.32
7. Invista, 9.25%, 5/1/12 (144A) 1.29
8. Goodyear Tire & Rubber, 9.0%, 7/1/15 (144A) 1.20
9. Asia Aluminum Holdings, 8.0%, 12/23/11 (144A) 1.14
10. Crystal US Holdings, Inc., Floating Rate Note, 10/1/14 1.13
*This list excludes temporary cash and derivative instruments. The portfolio is
actively managed, and current holdings may be different.
2
Pioneer Global High Yield Fund
- --------------------------------------------------------------------------------
PRICES AND DISTRIBUTIONS
- --------------------------------------------------------------------------------
Net Asset Value Per Share
- --------------------------------------------------------------------------------
Class 10/31/05 10/31/04
- ------- ---------- ---------
A $11.88 $11.79
B $11.85 $11.76
C $11.82 $11.74
Distributions Per Share
- --------------------------------------------------------------------------------
11/1/04 - 10/31/05
-------------------------------------------
Net
Investment Short-Term Long-Term
Class Income Capital Gains Capital Gains
- ------- ------------ --------------- --------------
A $0.8982 $ - $ -
B $0.7950 $ - $ -
C $0.8012 $ - $ -
- --------------------------------------------------------------------------------
INDEX DEFINITIONS
- --------------------------------------------------------------------------------
The Merrill Lynch (ML) Global High Yield and Emerging Markets Plus Index tracks
the performance of the below and border-line investment-grade global debt
markets denominated in the major developed market currencies. The Index includes
sovereign issuers rated BBB1 and lower along with corporate issuers rated BB1
and lower. There are no restrictions on issuer country of domicile. However, the
bonds must be publicly issued in a developed market (i.e., investment-grade
country). Index returns are calculated monthly, assume reinvestment of dividends
and, unlike Fund returns, do not reflect any fees, expenses or sales charges.
You cannot invest directly in an Index.
The Index defined here pertain to the Value of $10,000 Investment charts
appearing on pages four to six.
3
Pioneer Global High Yield Fund
- --------------------------------------------------------------------------------
PERFORMANCE UPDATE 10/31/05 CLASS A SHARES
- --------------------------------------------------------------------------------
Investment Returns
- --------------------------------------------------------------------------------
The mountain chart on the right shows the change in value of a $10,000
investment made in Pioneer Global High Yield Fund at public offering price,
compared to that of the Merrill Lynch (ML) Global High Yield and Emerging
Markets Plus Index.
Average Annual Total Returns
(As of October 31, 2005)
Net Asset Public
Value Offering
Period (NAV) Price (POP)
Life-of-Class
(8/23/01) 14.34% 13.10%
1 Year 8.52 3.60
[THE FOLLOWING DATA WAS REPRESENTED AS MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $10,000 Investment
ML Global
Pioneer High Yield
Global and Emerging
High Yield Markets
Fund Plus Index
8/01 9550 10000
10/01 9245 9591
9273 9430
10/03 13501 12702
15502 14465
10/05 16822 15317
Index comparison begins August 31, 2001.
Call 1-800-225-6292 or visit www.pioneerfunds.com for the most recent month-end
performance results. Current performance may be lower or higher than the
performance data quoted.
The performance data quoted represents past performance, which is no guarantee
of future results. Investment return and principal value will fluctuate, and
shares, when redeemed, may be worth more or less than their original cost.
NAV results represent the percent change in net asset value per share. Returns
would have been lower had charges been reflected. POP returns reflect deduction
of maximum 4.5% sales charge. All results are historical and assume the
reinvestment of dividends and capital gains. Other share classes are available
for which performance and expenses will differ.
The Fund will charge a 2% redemption fee on proceeds from shares redeemed or
exchanged within 30 days of acquiring (either by purchasing or exchanging) Fund
shares. See the prospectus for complete details.
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.
The Fund investment advisor, Pioneer Investment Management, Inc., reduced its
management fee and subsidized other Fund expenses; otherwise, returns would have
been lower.
4
Pioneer Global High Yield Fund
- --------------------------------------------------------------------------------
PERFORMANCE UPDATE 10/31/05 CLASS B SHARES
- --------------------------------------------------------------------------------
Investment Returns
- --------------------------------------------------------------------------------
The mountain chart on the right shows the change in value of a $10,000
investment made in Pioneer Global High Yield Fund, compared to that of the
Merrill Lynch (ML) Global High Yield and Emerging Markets Plus Index.
Average Annual Total Returns
(As of October 31, 2005)
If If
Period Held Redeemed
Life-of-Class
(11/21/03) 10.14% 8.24%
1 Year 7.62 3.61
[THE FOLLOWING DATA WAS REPRESENTED AS MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $10,000 Investment
ML Global
Pioneer High Yield
Global and Emerging
High Yield Markets
Fund Plus Index
11/03 10000 10000
11146 11191
10/05 11595 11854
Index comparison begins November 30, 2003.
Call 1-800-225-6292 or visit www.pioneerfunds.com for the most recent month-end
performance results. Current performance may be lower or higher than the
performance data quoted.
The performance data quoted represents past performance, which is no guarantee
of future results. Investment return and principal value will fluctuate, and
shares, when redeemed, may be worth more or less than their original cost.
"If Held" results represent the percent change in net asset value per share.
Returns would have been lower had sales charges been reflected. "If redeemed"
returns reflect the deduction of applicable contingent deferred sales charge
(CDSC). Effective December 1, 2004, the period during which a CDSC is applied to
withdrawals was shortened to 5 years. The maximum CDSC for class B shares
continues to be 4%. For more complete information, please see the prospectus for
details. Note: Shares purchased prior to December 1, 2004 remain subject to the
CDSC in effect at the time you purchased those shares. For performance
information for shares purchased prior to December 1, 2004, please visit
www.pioneerfunds.com/bshares.
All results are historical and assume the reinvestment of dividends and capital
gains. Other share classes are available for which performance and expenses will
differ.
The Fund will charge a 2% redemption fee on proceeds from shares redeemed or
exchanged within 30 days of acquiring (either by purchasing or exchanging) Fund
shares. See the prospectus for complete details.
Performance results reflect any applicable expense waivers in effect during the
periods shown. Without such waivers Fund performance would be lower. Waivers may
not be in effect for all funds. Certain fee waivers are contractual through a
specified period. Otherwise, fee waivers can be rescinded at any time. See the
prospectus and financial statements for more information.
The performance table and graph do not reflect the deduction of fees and taxes
that a shareowner would pay on Fund distributions or the redemption of Fund
shares.
During the period, the investment advisor waived or reimbursed certain expenses.
Without this waiver, returns would have been lower.
5
Pioneer Global High Yield Fund
- --------------------------------------------------------------------------------
PERFORMANCE UPDATE 10/31/05 CLASS C SHARES
- --------------------------------------------------------------------------------
Investment Returns
- --------------------------------------------------------------------------------
The mountain chart on the right shows the change in value of a $10,000
investment made in Pioneer Global High Yield Fund, compared to that of the
Merrill Lynch (ML) Global High Yield and Emerging Markets Plus Index.
Average Annual Total Returns
(As of October 31, 2005)
If If
Period Held Redeemed
Life-of-Class
(11/21/03) 9.79% 9.79%
1 Year 7.60 7.60
[THE FOLLOWING DATA WAS REPRESENTED AS MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $10,000 Investment
ML Global
Pioneer High Yield
Global and Emerging
High Yield Markets
Fund Plus Index
11/03 10000 10000
11079 11191
10/05 11921 11854
Index comparison begins November 30, 2003.
Call 1-800-225-6292 or visit www.pioneerfunds.com for the most recent month-end
performance results. Current performance may be lower or higher than the
performance data quoted.
The performance data quoted represents past performance, which is no guarantee
of future results. Investment return and principal value will fluctuate, and
shares, when redeemed, may be worth more or less than their original cost.
Class C shares held for less than one year are also subject to a 1% contingent
deferred sales charge (CDSC). The performance of Class C shares does not reflect
the 1% front-end sales charge in effect prior to February 1, 2004. If you paid a
1% sales charge, your returns would be lower than those shown above. "If Held"
results represent the percent change in net asset value per share. Returns would
have been lower had sales charges been reflected. All results are historical and
assume the reinvestment of dividends and capital gains. Other share classes are
available for which performance and expenses will differ.
The Fund will charge a 2% redemption fee on proceeds from shares redeemed or
exchanged within 30 days of acquiring (either by purchasing or exchanging) Fund
shares. See the prospectus for complete details.
Performance results reflect any applicable expense waivers in effect during the
periods shown. Without such waivers Fund performance would be lower. Waivers may
not be in effect for all funds. Certain fee waivers are contractual through a
specified period. Otherwise, fee waivers can be rescinded at any time. See the
prospectus and financial statements for more information.
The performance table and graph do not reflect the deduction of fees and taxes
that a shareowner would pay on Fund distributions or the redemption of Fund
shares.
During the period, the investment advisor waived or reimbursed certain expenses.
Without this waiver, returns would have been lower.
6
Pioneer Global High Yield Fund
- --------------------------------------------------------------------------------
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 latest six-month period and held
throughout the six months.
Using the Tables
Actual Expenses
The first table below provides information about actual account values and
actual expenses. You may use the information in this table, together with the
amount you invested, to estimate the expenses that you paid over the period as
follows:
1. Divide your account value by $1,000
Example: an $8,600 account value [DIVIDED BY] $1,000 = 8.6
2. Multiply the result in (1) above by the corresponding share class's number
in the third row under the heading entitled "Expenses Paid During Period"
to estimate the expenses you paid on your account during this period.
Expenses Paid on a $1,000 Investment in Pioneer Global High Yield Fund
Based on actual returns from May 1, 2005 through October 31, 2005
Share Class A B C
- --------------------------------------------------------------------------------
Beginning Account Value $1,000.00 $1,000.00 $1,000.00
On 5/1/05
Ending Account Value $1,041.76 $1,037.40 $1,037.81
On 10/31/05
Expenses Paid During Period* $ 5.35 $ 9.81 $ 9.45
* Expenses are equal to the Fund annualized expense ratio of 1.04%, 1.91%
and 1.84% for Class A, Class B and Class C shares, respectively, multiplied
by the average account value over the period, multiplied by 184/365 (to
reflect the partial year period).
7
Pioneer Global High Yield Fund
- --------------------------------------------------------------------------------
COMPARING ONGOING FUND EXPENSES (continued)
- --------------------------------------------------------------------------------
Hypothetical Example for Comparison Purposes
The table below provides information about hypothetical account values and
hypothetical expenses based on the Fund actual expense ratio and an assumed
rate of return of 5% per year before expenses, which is not the Fund actual
return. The hypothetical account values and expenses may not be used to estimate
the actual ending account balance or expenses you paid for the period.
You may use this information to compare the ongoing costs of investing in the
Fund and other funds. To do so, compare this 5% hypothetical example with the 5%
hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the tables are meant to highlight your
ongoing costs only and do not reflect any transaction costs, such as sales
charges (loads) that are charged at the time of the transaction. Therefore, the
table below is useful in comparing ongoing costs only and will not help you
determine the relative total costs of owning different funds. In addition, if
these transaction costs were included, your costs would have been higher.
Expenses Paid on a $1,000 Investment in Pioneer Global High Yield Fund
Based on a hypothetical 5% per year return before expenses, reflecting the
period from May 1, 2005 through October 31, 2005
Share Class A B C
- --------------------------------------------------------------------------------
Beginning Account Value $1,000.00 $1,000.00 $1,000.00
On 5/1/05
Ending Account Value $1,019.96 $1,015.58 $1,015.93
On 10/31/05
Expenses Paid During Period* $ 5.30 $ 9.70 $ 9.35
* Expenses are equal to the Fund annualized expense ratio of 1.04%, 1.91%
and 1.84% for Class A, Class B and Class C shares, respectively, multiplied
by the average account value over the period, multiplied by 184/365 (to
reflect the partial year period).
8
Pioneer Global High Yield Fund
- --------------------------------------------------------------------------------
PORTFOLIO MANAGEMENT DISCUSSION 10/31/05
- --------------------------------------------------------------------------------
Persistent growth in most parts of the world economy supported corporate profit
growth, helping the performance of lower-rated high-yield bonds during the 12
months ended October 31, 2005. In the United States, however, the general
backdrop for fixed-income investing was heavily influenced by the actions of the
Federal Reserve Board. The Fed raised short-term interest rates throughout the
12 months in an effort to stem potential inflationary pressures. In the
following discussion, Andrew D. Feltus, CFA, leader of the team managing Pioneer
Global High Yield Fund, provides an update on the Fund, its investment
strategies and the investment environment for the past 12 months.
Q: How did the Fund perform?
A: The Fund performed well, with stronger results than either its benchmarks
or its competitive mutual fund peer group average. For the 12 months ended
October 31, 2005, the Fund Class A shares had a total return of 8.52%, at
net asset value. During the same 12 months, the Merrill Lynch Global High
Yield and Emerging Markets Plus Index returned 5.92%, while the Merrill
Lynch High Yield Master II Index, a benchmark for U.S. high-yield
investments, returned 3.92%. The average return of the 426 funds in
Lipper's High Current Yield Fund category for the 12 months was 3.25%.
The Fund also continued to provide shareholders with attractive current
income. The 30-day SEC yield for Class A shares, for example, was 6.67% on
October 31, 2005.
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.
Call 1-800-225-6292 or visit www.pioneerfunds.com for the most recent
month-end performance results. Current performance may be lower or higher
than the performance data quoted.
The performance data quoted represents past performance, which is no
guarantee of future results. Investment return and principal value will
fluctuate, and shares, when redeemed, may be worth more or less than their
original cost.
9
Pioneer Global High Yield Fund
- --------------------------------------------------------------------------------
PORTFOLIO MANAGEMENT DISCUSSION 10/31/05 (continued)
- --------------------------------------------------------------------------------
Q: What were the principal factors affecting Fund performance?
A: The global economy continued to expand throughout 2005, maintaining the
growth momentum of the previous year.
In the United States, corporate profits grew steadily and balance sheets
generally strengthened, supporting high-yield investments. However, the
fixed-income markets were also influenced by the repeated actions of the
Federal Reserve Board in raising short-term interest rates to thwart
inflationary pressures. With these general factors as a backdrop, domestic
high-yield bonds performed well early in the period. In the spring of 2005,
however, the high-yield market slumped as investors reacted to the news
about the financial troubles of auto makers General Motors and Ford. The
problems eventually led to the downgrading of the credit ratings of both
companies to below investment-grade, or high-yield. Later, during the
summer, high-yield performance also was negatively affected by the new
federal bankruptcy law. In anticipation of its taking effect, several large
corporations filed for bankruptcy protection. While those events were
occurring, the Federal Reserve kept raising short-term interest rates,
contributing to volatility in the bond market. Partly as a result, the
yields of 10-year Treasuries climbed by 55 basis points - or .55 of one
percentage point - over the 12 months, while the yields of short-maturity
securities rose even more.
Outside the United States, emerging market bonds performed better than
domestic high-yield corporate bonds. In Europe, high-yield corporate bonds
performed well, but the returns from investing in Europe were restrained by
new weakness in the euro currency, which declined in value against the U.S.
dollar.
Throughout the period, we tended to emphasize domestic high-yield bonds
relative to both emerging market debt and foreign high-yield corporate
bonds. We did not have great confidence in the growth prospects of the
European economies, and we thought the current yields did not compensate
investors adequately for the risks of investing in emerging market
securities. However, we did look aggressively for opportunities in Brazil,
where the economy was growing after weathering a period of political
turmoil, and in Russia, which benefited from rising oil and natural gas
prices.
At the end of the fiscal year, 55.8% of Fund assets were invested in
domestic high-yield bonds, 29.5% in emerging market debt, and 9.6% in
high-yield bonds issued by foreign companies in developed nations. The
average credit rating of the portfolio's holdings was B.
10
Pioneer Global High Yield Fund
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Q: What were some of the investments that had the most significant impact on
performance results?
A: Several of our domestic high-yield holdings rose in value either because
the issuing companies were acquired by other corporations or because the
issuing companies decided to retire some or all of their debt. Among
companies that were acquired were shipping and oil services company Seabulk
and pet food company Doane Pet Care. Several companies tendered for
existing debt they had issued. They included: Mayne, a pharmaceutical
company; Metro PCS, a wireless telecommunications provider; Eschelon, a
telecommunications service provider for small businesses, which had an
initial public stock offering; and Shaw Group, a construction engineering
company.
In Brazil, investments that performed particularly well included bonds of
Braskem, a diversified chemical company, and CSN, a steel corporation.
Russian bonds that helped support the Fund performance included those of
Gazprom, an energy company, ALROSA, the nation's largest diamond miner, and
wireless telecommunications service providers MTS and Vimpelcom.
Performance also was helped by the general upgrade in the credit ratings of
several banks in Kazakhstan.
Several investments had disappointing results, however, including those of
three companies that filed for bankruptcy protection during the period:
Northwest Airlines; Anchor Glass Container; and Delphi, a major auto parts
manufacturer. Another company whose bonds performed poorly was Duane Reade,
a New York-based pharmaceutical retail chain.
11
Pioneer Global High Yield Fund
- --------------------------------------------------------------------------------
PORTFOLIO MANAGEMENT DISCUSSION 10/31/05 (continued)
- --------------------------------------------------------------------------------
Q: What is your investment outlook?
A: We think the domestic high-yield market should continue to offer
opportunities as long as the economic recovery continues. With a backdrop
of persistent growth, corporate profits should rise and overall credit
quality of bond issuers should be strong. In addition, yields have moved
higher in recent months, giving investors more compensation for the risks
of high-yield bonds. At the same time, as long as the Federal Reserve
raises short-term interest rates, the overall fixed-income market may be
volatile. We expect to be less optimistic about Europe until we see an
acceleration of economic growth, which has been sluggish. In the emerging
markets, we expect to de-emphasize Latin America because of high bond
prices and rising political risk, and we anticipate taking a more
cautious attitude toward Eastern European bonds, which have become more
expensive. The only area in the emerging markets that we expect to
emphasize will be those Asian markets that can benefit from the rapid
growth of China. Bond investments would include those of materials
companies whose commodity products are sought by China.
Investing in foreign and/or emerging markets securities involves risks relating
to interest rates, currency exchange rates, economic, and political conditions.
Investments in high-yield or lower-rated securities are subject to
greater-than-average risk. When interest rates rise, the prices of fixed-income
securities in the Fund will generally fall. Conversely, when interest rates
fall, the prices of fixed-income securities in the Fund will generally rise.
Because the portfolio invests in a limited number of companies, a change in one
security's value may have a more significant effect on the portfolio's value.
Investments in the Fund are subject to possible loss due to the financial
failure of underlying securities and their inability to meet their debt
obligations. At times, the Fund investments may represent industries or
industry sectors that are interrelated or have common risks, making it more
susceptible to any economic, political, or regulatory developments or other
risks affecting those industries and sectors. These risks may increase share
price volatility.
Any information in this shareholder report regarding market or economic trends
or the factors influencing the Fund historical or future performance are
statements of the opinion of Fund management as of the date of this report.
These statements should not be relied upon for any other purposes. Past
performance is no guarantee of future results, and there is no guarantee that
market forecasts discussed will be realized.
12
Pioneer Global High Yield Fund
- --------------------------------------------------------------------------------
SCHEDULE OF INVESTMENTS 10/31/05
- --------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
CONVERTIBLE CORPORATE BONDS - 1.5%
Transportation - 0.8%
Marine - 0.8%
$ 1,600,000 CP Ships, Ltd., 4.0%, 6/30/24 (c) $ 1,596,000
4,500,000 CP Ships, Ltd., 4.0%, 6/30/24 (144A) 4,488,750
------------
$ 6,084,750
------------
Total Transportation $ 6,084,750
------------
Pharmaceuticals & Biotechnology - 0.6%
Biotechnology - 0.0%
10,000 Cubist Pharmaceuticals, 5.5%, 11/1/08 $ 9,700
------------
Pharmaceuticals - 0.6%
5,710,000 Pharmaceutical Resources, 2.875%, 9/30/10 $ 4,696,475
------------
Total Pharmaceuticals & Biotechnology $ 4,706,175
------------
TOTAL CONVERTIBLE BONDS
(Cost $10,505,097) $ 10,790,925
------------
ASSET BACKED SECURITIES - 3.0%
Transportation - 0.5%
Airlines - 0.5%
1,437,788 American Airlines, Inc., 7.377%, 5/23/19 $ 945,954
1,888,654 American Airlines, Inc., 8.97%, 3/29/08 1,619,483
1,093,916 American Airlines, Inc., 9.71%, 1/30/07 1,039,220
358,445 Continental Airlines, Inc., 8.312%, 4/2/11 307,685
------------
$ 3,912,342
------------
Total Transportation $ 3,912,342
------------
Retailing - 0.6%
Distributors - 0.6%
4,500,000 NTComex, Inc., 11.75%, 1/15/11 (144A) $ 4,477,500
------------
Total Retailing $ 4,477,500
------------
Diversified Financials - 0.5%
Diversified Financial Services - 0.5%
3,360,000 Caithness Coso Fund Corp., 6.263%,
6/15/14 (144A) $ 3,406,132
------------
Total Diversified Financials $ 3,406,132
------------
The accompanying notes are an integral part of these financial statements. 13
Pioneer Global High Yield Fund
- --------------------------------------------------------------------------------
SCHEDULE OF INVESTMENTS 10/31/05 (continued)
- --------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
Utilities - 1.4%
Electric Utilities - 1.4%
$ 1,816,324 FPL Energy National Wind, 6.125%,
3/25/19 (144A) $ 1,764,286
2,147,015 FPL Energy Wind Funding, 6.876%,
6/27/17 (144A) 2,171,169
5,865,124 Ormat Funding Corp., 8.25%, 12/30/20 5,894,450
------------
$ 9,829,905
------------
Total Utilities $ 9,829,905
------------
TOTAL ASSET BACKED SECURITIES
(Cost $21,713,976) $ 21,625,879
------------
COLLATERALIZED MORTGAGE OBLIGATIONS - 0.3%
Diversified Financials - 0.3%
2,500,000 Tower 2004-2A F, 6.376%, 12/15/14 (144A) $ 2,464,512
------------
Total Diversified Financials $ 2,464,512
------------
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS
(Cost $2,500,000) $ 2,464,512
------------
CORPORATE BONDS - 90.9%
Energy - 7.6%
Coal & Consumable Fuels - 1.0%
7,512,523 Indocoal Exports Cayman, 7.134%, 7/6/12 (144A) $ 7,300,940
------------
Oil & Gas Drilling - 0.8%
3,300,000 Ocean Rig Norway AS, 8.375%, 7/1/13 (144A) $ 3,543,375
17,000,000 Thule Drilling, 10.0%, 5/10/07 2,673,452
------------
$ 6,216,827
------------
Oil & Gas Equipment & Services - 2.9%
1,059,000 Holly Energy Partners LP, 6.25%, 3/1/15 $ 1,027,230
9,793,000 J Ray McDermott SA, 11.0%, 12/15/13 (144A) 11,212,985
NOK 43,000,000 Sevan Marine, 9.0%, 3/31/08 6,775,141
1,865,000 Targa Resources, Inc., 8.5%, 11/1/13 (144A) 1,892,975
------------
$ 20,908,331
------------
Oil & Gas Exploration & Production - 2.9%
4,735,000 Baytex Energy, Ltd., 9.625%, 7/15/10 $ 4,936,238
60,000 Baytex Energy, Ltd., 9.625%, 7/15/10 (144A) 62,550
2,230,000 Clayton Williams Energy, 7.75%, 8/1/13 (144A) 2,151,950
4,100,000 Delta Petroleum Corp., 7.0%, 4/1/15 3,874,500
15,000 Energy Partners, Ltd., 8.75%, 8/1/10 15,600
2,000,000 Gazprom International SA., 7.201%,
2/1/20 (144A) 2,127,500
14 The accompanying notes are an integral part of these financial statements.
Pioneer Global High Yield Fund
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
Oil & Gas Exploration & Production - continued
$ 6,200,000 Petroquest Energy, Inc., 10.375%, 5/15/12 $ 6,556,500
1,335,000 Stone Energy Corp., 6.75%, 12/15/14 1,268,250
------------
$ 20,993,088
------------
Total Energy $ 55,419,186
------------
Materials - 20.3%
Aluminum - 1.1%
8,360,000 Asia Aluminum Holdings, 8.0%, 12/23/11 (144A) $ 8,171,900
------------
Commodity Chemicals - 2.2%
515,000 Arco Chemical Co., 9.8%, 2/1/20 $ 574,225
5,620,000 Aventine Renewable Energy, Floating Rate Note,
12/15/11 (144A) 5,844,800
8,625,000 Invista, 9.25%, 5/1/12 (144A) 9,271,875
------------
$ 15,690,900
------------
Construction Materials - 0.6%
3,750,000 RMCC Acquisition Co., 9.5%, 11/1/12 (144A) $ 3,806,250
583,000 Texas Industries, Inc., 7.25% 7/15/13 (144A) 606,320
------------
$ 4,412,570
------------
Diversified Chemical - 2.9%
615,000 Ashtead Holdings Plc, 8.625%, 8/1/15 (144A) $ 634,988
1,770,000 Braskem International, Ltd., 9.375%,
6/1/15 (144A) 1,924,875
950,000 Braskem SA, 9.75%, 6/1/49 (144A) 988,000
9,570,000 Braskem SA, 11.75%, 1/22/14 11,579,700
780,000 Braskem SA, 11.75%, 1/22/14 (144A) 943,800
EURO 652,000 Huntsman International LLC., 10.125%, 7/1/09 809,244
EURO 3,565,000 Nell AF Sarl, 8.375%, 8/15/15 (144A) 4,275,149
------------
$ 21,155,756
------------
Diversified Metals & Mining - 1.5%
2,900,000 Freeport-McMoran Copper & Gold, 6.875%,
2/1/14 $ 2,856,500
2,550,000 Vale Overseas, Ltd., 8.25%, 1/17/34 2,754,000
5,295,000 Vedenta Resources Plc, 6.625%, 2/22/10 (144A) 5,123,299
------------
$ 10,733,799
------------
Forest Products - 1.8%
4,820,000 Ainsworth Lumber, 6.75%, 3/15/14 $ 4,100,250
3,250,000 Mandra Foresty, 12.0%, 5/15/13 (144A) 3,274,375
5,325,000 Sino Forest Corp., 9.125%, 8/17/11 (144A) 5,657,813
------------
$ 13,032,438
------------
The accompanying notes are an integral part of these financial statements. 15
Pioneer Global High Yield Fund
- --------------------------------------------------------------------------------
SCHEDULE OF INVESTMENTS 10/31/05 (continued)
- --------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
Metal & Glass Containers - 0.7%
$ 3,885,000 Anchor Glass Container, 11.0%, 2/15/13 $ 2,466,974
2,885,000 Vitro Envases Norteamerica, 10.75%,
7/23/11 (144A) 2,856,150
------------
$ 5,323,124
------------
Paper Packaging - 2.0%
8,355,000 Graham Packaging Co., 9.875%, 10/15/14 $ 7,811,925
7,880,000 Graphic Packaging International, 9.5%, 8/15/13 7,072,300
------------
$ 14,884,225
------------
Paper Products - 0.1%
1,060,000 Mercer International, Inc., 9.25%, 2/15/13 $ 890,400
------------
Environmental & Facilities Services - 2.5%
4,375,000 Alrosa Finance SA, 8.875%, 11/17/14 (144A) $ 5,020,313
------------
Specialty Chemicals - 4.6%
5,525,000 Basell Finance Co., 8.1%, 3/15/27 (144A) $ 5,193,500
11,705,000 Crystal US Holdings, Inc., Floating Rate
Note, 10/1/14 8,134,975
5,000,000 Ferro Corp., 7.625%, 5/1/13 5,061,225
1,329,000 OM Group, Inc., 9.25%, 12/15/11 1,279,163
2,570,000 Polyone Corp., 8.875%, 5/1/12 2,280,875
7,050,000 Resolution Performance Products,
13.5%, 11/15/10 7,455,375
EURO 1,000,000 Rhodia SA, 8.0%, 6/1/10 (144A) 1,214,190
EURO 2,480,000 Rhodia SA, 9.25%, 6/1/11 3,018,627
------------
$ 33,637,930
------------
Steel - 2.1%
6,210,000 CSN Islands IX Corp., 10.0%, 1/15/15 (144A) $ 6,784,425
2,990,000 CSN Islands X Corp., 9.5%, 7/1/49 (144A) 3,042,325
2,410,000 Edgen Acquisition Corp., 9.875%, 2/1/11 2,410,000
2,950,000 International Steel Group, 6.5%, 4/15/14 2,898,375
------------
$ 15,135,125
------------
Total Materials $148,088,480
------------
Capital Goods - 7.0%
Building Products - 3.0%
6,715,000 Builders Firstsource, Inc., Floating Rate
Note, 2/15/12 $ 6,748,575
2,990,000 Caue Finance, Ltd., 8.875%, 8/1/15 (144A) 3,087,175
4,805,000 Desarrolladora Homex SA, 7.5%, 9/28/15 (144A) 4,636,825
7,400,000 US Concrete, Inc., 8.375%, 4/1/14 7,390,750
------------
$ 21,863,325
------------
16 The accompanying notes are an integral part of these financial statements.
Pioneer Global High Yield Fund
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
Construction & Engineering - 0.5%
$ 4,000,000 Dycom Industries, Inc., 8.125%, 10/15/15 (144A) $ 4,010,000
------------
Construction & Farm Machinery & Heavy Trucks - 0.8%
20,000 Hines Nurseries, Inc., 10.25%, 10/1/11 $ 19,800
2,070,000 Navistar International, 6.25%, 3/1/12 1,857,825
3,875,000 Navistar International, 7.5%, 6/15/11 3,681,250
------------
$ 5,558,875
------------
Heavy Electrical Equipment - 1.1%
3,030,000 Altra Industrial Motion, 9.0%, 12/1/11 (144A) $ 2,939,100
4,750,000 Hawk Corp., 8.75%, 11/1/14 4,797,500
------------
$ 7,736,600
------------
Trading Companies & Distributors - 1.6%
12,975,000 Noble Group, Ltd., 6.625%, 3/17/15 (144A) $ 11,749,823
------------
Total Capital Goods $ 50,918,623
------------
Commercial Services & Supplies - 6.6%
Diversified Commercial Services - 3.6%
7,055,000 Cardtronics, Inc., 9.25%, 8/15/13 (144A) $ 7,125,550
1,500,000 Cornell Co's, Inc., 10.75%, 7/1/12 1,526,250
5,355,000 FTI Consulting, 7.625%, 6/15/13 (144A) 5,462,100
5,720,000 Park-Ohio Industries, Inc., 8.375%, 11/15/14 5,005,000
7,475,000 United Rentals, Inc., 7.75%, 11/15/13 (c) 7,101,250
------------
$ 26,220,150
------------
Environmental & Facilities Services - 2.5%
5,885,000 Clean Harbors, Inc., 11.25%, 7/15/12 (144A) $ 6,591,200
6,880,000 Hydrochem Industrial Service, 9.25%,
2/15/13 (144A) 6,295,200
5,300,000 Waste Services, Inc., 9.5%, 04/15/14 5,247,000
------------
$ 18,133,400
------------
Human Resource & Employment Services - 0.5%
4,185,000 Knowledge Learning Center, 7.25%, 2/1/15 (144A) $ 3,892,050
------------
Total Commercial Services & Supplies $ 48,245,600
------------
Transportation - 7.8%
Airlines - 1.9%
810,000 AMR Corp., 9.0%, 8/1/12 (c) $ 558,900
3,558,000 AMR Corp., 9.0%, 9/15/16 2,419,440
275,000 AMR Corp., 9.8%, 10/1/21 155,375
10,885,000 Continental Air, Inc., 7.568%, 12/1/06 9,491,589
250,000 Northwest Airlines, Inc., 7.875%, 3/15/08 (c) (d) 72,500
The accompanying notes are an integral part of these financial statements. 17
Pioneer Global High Yield Fund
- --------------------------------------------------------------------------------
SCHEDULE OF INVESTMENTS 10/31/05 (continued)
- --------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
Airlines - continued
$ 3,100,000 Northwest Airlines, Inc., 10.0%, 2/1/09 (d) $ 883,500
------------
$ 13,581,304
------------
Airport Services - 0.0%
275,000 K&F Acquisition, Inc., 7.75%, 11/15/14 $ 275,000
------------
Marine - 4.2%
NOK 85,428,200 Kvaerner ASA, 0.0%, 10/30/11 $ 11,621,723
3,251,000 H-Lines Finance Holding, Floating Rate
Note, 4/1/13 2,673,948
1,500,000 Seabulk International, Inc., 9.5%, 8/15/13 1,685,625
6,375,000 Ship Finance International, Ltd., 8.5%, 12/15/13 6,080,155
6,435,000 Stena AB, 7.0%, 12/1/16 5,791,500
2,660,000 Trailer Bridge, Inc., 9.25%, 11/15/11 2,733,150
------------
$ 30,586,101
------------
Railroads - 1.3%
5,250,000 Atlantic Express Transportation, 12.0%, 4/15/08 $ 4,620,000
4,980,000 TFM SA DE CV, 9.375%, 5/1/12 (144A) 5,403,300
------------
$ 10,023,300
------------
Trucking - 0.4%
2,700,000 Greenbrier Companies, Inc., 8.375%, 5/15/15 $ 2,774,250
------------
Total Transportation $ 57,239,955
------------
Automobiles & Components - 5.6%
Auto Parts & Equipment - 2.6%
1,280,000 Accuride Corp., 8.5%, 2/1/15 $ 1,209,600
1,435,000 Commercial Vehicle Group, 8.0%, 7/1/13 (144A) 1,406,300
3,890,000 Cooper Standard Auto, 8.375%, 12/15/14 2,917,500
3,340,000 Stanadyne Corp., 10.0%, 8/15/14 3,256,500
13,800,000 Stanadyne Corp., Floating Rate Note, 2/15/15 7,314,000
1,005,000 Sun Sage BV, 8.25%, 3/26/09 (144A) 1,060,274
1,400,000 UGS Corp., 10.0%, 6/1/12 1,529,500
------------
$ 18,693,674
------------
Automobile Manufacturers - 1.8%
7,155,000 Ford Motor Credit Corp., 7.375%, 10/28/09 $ 6,827,122
EURO 7,220,000 General Motors, 7.25%, 7/3/13 6,723,979
------------
$ 13,551,101
------------
Tires & Rubber - 1.2%
8,965,000 Goodyear Tire & Rubber, 9.0%, 7/1/15 (144A) $ 8,651,225
------------
Total Automobiles & Components $ 40,896,000
------------
18 The accompanying notes are an integral part of these financial statements.
Pioneer Global High Yield Fund
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
Consumer Durables & Apparel - 1.2%
Homebuilding - 1.2%
$ 4,000,000 WCI Communities, Inc., 6.625%, 3/15/15 $ 3,430,000
1,820,000 WCI Communities, Inc., 7.875%, 10/1/13 1,724,450
1,800,000 William Lyon Homes, 7.5%, 2/15/14 1,566,000
2,480,000 William Lyon Homes, 7.625%, 12/15/12 2,207,200
------------
$ 8,927,650
------------
Total Consumer Durables & Apparel $ 8,927,650
------------
Consumer Services - 1.3%
Casinos & Gaming - 0.5%
1,705,000 MTR Gaming Group., 9.75%, 4/1/10 $ 1,794,513
2,105,000 San Pasqual Casino, 8.0%, 9/15/13 (144A) 2,094,475
------------
$ 3,888,988
------------
Hotels, Resorts & Cruise Lines - 0.8%
1,400,000 Grupo Posadas Sa De CV, 8.75%,
10/4/11 (144A) $ 1,470,000
10,000 Meristar Hospitality Operations Finance Corp.,
10.5%, 6/15/09 10,563
4,050,000 Trump Entertainment Resorts, 8.5%, 6/1/15 3,923,438
------------
$ 5,404,001
------------
Total Consumer Services $ 9,292,989
------------
Media - 4.1%
Broadcasting & Cable Television - 1.9%
1,510,000 Innova S De R.L., 9.375%, 9/19/13 $ 1,672,325
EURO 1,875,000 Kabel BW Holdings GMBH, Floating Rate
Note, 2/3/15 2,265,364
EURO 1,055,528 Kabel Deutsch Holdings, Floating Rate Note,
12/15/14 (144A) 1,300,599
5,000,000 Kabel Deutschland GMBH, 10.625%,
7/1/14 (144A) 5,381,250
EURO 2,585,000 NTL Cable Plc, 8.75%, 4/15/14 3,316,928
------------
$ 13,936,466
------------
Movies & Entertainment - 1.5%
10,970,000 Interamer De Entret Corp., 8.875%,
6/14/15 (144A) $ 10,531,200
------------
Publishing - 0.7%
2,665,000 Sheridan Acquisition Corp., 10.25%, 8/15/11 $ 2,771,600
3,580,000 Visant Holding Corp., 10.25%, 12/1/13 (STEP) 2,586,550
------------
$ 5,358,150
------------
Total Media $ 29,825,816
------------
The accompanying notes are an integral part of these financial statements. 19
Pioneer Global High Yield Fund
- --------------------------------------------------------------------------------
SCHEDULE OF INVESTMENTS 10/31/05 (continued)
- --------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
Retailing - 1.4%
Computer & Electronics Retail - 0.3%
$ 2,710,000 GSC Holdings Corp., 8.0%, 10/1/12 (144A) $ 2,635,475
------------
Distributors - 0.4%
EURO 2,400,000 Central Eur Distribution Corp., 8.0%,
7/25/12 (144A) $ 3,079,547
------------
General Merchandise Stores - 0.6%
EURO 3,500,000 Ray Acquisition, 9.375%, 3/16/15 (144A) $ 4,302,131
------------
Specialty Stores - 0.1%
590,000 Asbury Automotive Group, 8.0%, 3/15/14 $ 542,800
------------
Total Retailing $ 10,559,953
------------
Food & Drug Retailing - 2.2%
Drug Retail - 0.6%
5,310,000 Duane Reade, Inc., 9.75%, 8/1/11 (c) $ 3,902,850
375,000 Duane Reade, Inc., Floating Rate Note, 12/15/10 356,250
------------
$ 4,259,100
------------
Food Distributors - 1.6%
4,730,000 Doane Pet Care Co., 9.75%, 5/15/07 $ 4,735,913
3,200,000 Doane Pet Care Co., 10.625%, 11/15/15 (144A) 3,240,000
4,095,000 Wornick Co., 10.875%, 7/15/11 4,197,375
------------
$ 12,173,288
------------
Total Food & Drug Retailing $ 16,432,388
------------
Food, Beverage & Tobacco - 0.6%
Brewers - 0.6%
4,519,000 Argentine Beverages, 7.375%, 3/22/12 (144A) $ 4,519,000
120,000 Cia Brasileira de Bebida, 8.75%, 9/15/13 140,400
------------
$ 4,659,400
------------
Total Food, Beverage & Tobacco $ 4,659,400
------------
Health Care Equipment & Services - 2.8%
Health Care Distributors - 0.9%
6,925,000 AEP Industries, Inc., 7.875%, 3/15/13 $ 6,582,995
------------
Health Care Equipment - 1.1%
5,989,000 Hanger Orthopedic Group, 10.375%, 2/15/09 (c) $ 5,914,138
2,900,000 Medical Services Co., Floating Rate Note,
10/15/11 (144A) 2,610,000
------------
$ 8,524,138
------------
20 The accompanying notes are an integral part of these financial statements.
Pioneer Global High Yield Fund
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
Health Care Services - 0.8%
$ 1,760,000 AMR Holdco/Emcar Holdco, 10.0%,
2/15/15 (144A) $ 1,918,400
3,665,000 Rural/Metro Corp., 9.875%, 3/15/15 (144A) 3,701,650
------------
$ 5,620,050
------------
Total Health Care Equipment & Services $ 20,727,183
------------
Pharmaceuticals & Biotechnology - 1.8%
Pharmaceuticals - 1.8%
5,350,000 Mayne Group, Ltd., 5.875%, 12/1/11 (144A) $ 5,624,188
8,140,000 Warner Chilcott Corp., 8.75%, 2/1/15 (144A) 7,488,800
------------
$ 13,112,988
------------
Total Pharmaceuticals & Biotechnology $ 13,112,988
------------
Banks - 3.2%
Diversified Banks - 3.2%
6,575,000 ATF Bank JSC, 9.25%, 4/12/12 (144A) $ 6,747,265
3,750,000 Kazkommerts Finance BV, Floating Rate Note,
11/29/49 (144A) 3,778,124
1,900,000 Kazkommerts International BV, 8.0%,
11/3/15 (144A) 1,892,704
3,495,000 Russian Stand Bank, 7.5%, 10/7/10 (144A) 3,438,206
7,070,000 Turanalem Finance BV, 8.5%, 2/10/15 (144A) 7,193,725
------------
$ 23,050,024
------------
Total Banks $ 23,050,024
------------
Diversified Financials - 3.2%
Investment Banking & Brokerage - 0.5%
1,255,000 E*Trade Financial Corp., 7.375%, 9/15/13 (144A) $ 1,236,175
2,100,000 Sistema Finance SA, 10.25%, 4/14/08 2,232,300
------------
$ 3,468,475
------------
Diversified Financial Services - 2.3%
1,625,000 Bombardier Capital, Inc., 7.09%, 3/30/07 $ 1,629,063
5,640,000 Dollar Financial Group, 9.75%, 11/15/11 5,752,800
5,225,000 Glencore Funding LLC, 6.0%, 4/15/14 (144A) 4,812,908
4,570,000 Harvest Operations Corp., 7.875%, 10/15/11 4,432,900
EURO 10,000 MDP Acquisitions Plc, 10.125%, 10/1/12 (144A) 12,592
------------
$ 16,640,263
------------
Specialized Finance - 0.4%
3,300,000 Digicel, Ltd., 9.25%, 9/1/12 (144A) $ 3,399,000
------------
Total Diversified Financials $ 23,507,738
------------
The accompanying notes are an integral part of these financial statements. 21
Pioneer Global High Yield Fund
- --------------------------------------------------------------------------------
SCHEDULE OF INVESTMENTS 10/31/05 (continued)
- --------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
Insurance - 1.7%
Life & Health Insurance - 0.5%
$ 4,191,000 Presidential Life Corp., 7.875%, 2/15/09 $ 4,107,180
------------
Multi-Line Insurance - 0.1%
600,000 Allmerica Financial Corp., 7.625%, 10/15/25 $ 601,184
------------
Property & Casualty Insurance - 0.3%
2,000,000 Kingsway America, Inc., 7.5%, 2/1/14 $ 2,041,466
------------
Reinsurance - 0.8%
6,055,000 Platinum Underwriters HD, 6.371%,
11/16/07 (144A) $ 5,935,547
------------
Total Insurance $ 12,685,377
------------
Real Estate - 1.1%
Real Estate Investment Trusts - 1.1%
2,718,000 Host Marriott LP, 6.375%, 3/15/15 $ 2,636,460
3,750,000 Trustreet Properties, Inc., 7.5%, 4/1/15 3,796,874
1,275,000 Trustreet Properties, Inc., 7.5%, 4/1/15 (144A) 1,290,938
------------
$ 7,724,272
------------
Total Real Estate $ 7,724,272
------------
Software & Services - 1.0%
Application Software - 0.6%
EURO 3,445,000 Riverdeep Group, Ltd., 9.25%, 4/15/11 (144A) $ 4,652,815
------------
Internet Software & Services - 0.4%
2,850,000 Hanarotelecom, Inc., 7.0%, 2/1/12 (144A) $ 2,772,762
------------
Total Software & Services $ 7,425,577
------------
Technology Hardware & Equipment - 0.8%
Electronic Equipment & Instruments - 0.0%
15,000 General Cable Corp., 9.5%, 11/15/10 $ 15,824
------------
Electronic Manufacturing Services - 0.8%
5,760,000 Sanmina-Sci Corp., 6.75%, 3/1/13 (c) $ 5,385,600
------------
Office Electronics - 0.0%
100,000 Xerox Corp., 8.0%, 2/1/27 $ 103,000
------------
Total Technology Hardware & Equipment $ 5,504,424
------------
Semiconductors - 0.9%
Semiconductors - 0.9%
4,845,000 Chartered Semiconductor, 6.375%, 8/3/15 $ 4,629,964
1,875,000 Magnachip Semiconductor, 8.0%, 12/15/14 1,715,625
------------
$ 6,345,589
------------
Total Semiconductors $ 6,345,589
------------
22 The accompanying notes are an integral part of these financial statements.
Pioneer Global High Yield Fund
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
Telecommunication Services - 6.5%
Integrated Telecommunication Services - 1.8%
$ 3,115,000 Eschelon Operating Co., 8.375%, 3/15/10 $ 2,896,950
2,824,000 Eschelon Operating Co., 8.375%, 3/15/10 2,626,320
900,000 Ntelos Holding Corp., Floating Rate Note,
10/15/13 (144A) 895,500
9,860,000 Zeus Special Sub, Ltd., Floating Rate Note,
2/1/15 (144A) 6,482,950
------------
$ 12,901,720
------------
Wireless Telecommunication Services - 4.7%
EURO 1,885,000 Cell C Pty, Ltd., 8.625%, 7/1/12 (144A) $ 2,294,400
2,350,000 Horizon PCS, Inc., 11.375%, 7/15/12 2,643,750
5,470,000 Inmarsat Finance Plc, Floating Rate
Note, 11/15/12 4,471,724
3,000,000 Mobile Telesystems Finance, 8.0%,
1/28/12 (144A) 3,090,000
1,889,000 Mobile Telesystems Finance, 8.375%,
10/14/10 (144A) 1,974,005
CAD 10,000 Rogers Cantel, Inc., 10.5%, 6/1/06 8,901
CAD 8,200,000 Rogers Wireless, Inc., 7.625%, 12/15/11 7,420,187
5,245,000 Tele Norte Leste Participacoes, 8.0%, 12/18/13 5,585,925
850,000 UBS Vimpelcom, 10.0%, 6/16/09 918,595
1,750,000 UBS Vimpelcom, 10.0%, 6/16/09 (144A) 1,894,375
1,980,000 UBS Vimpelcom, 8.0%, 2/11/10 (144A) 2,014,650
1,850,000 UBS Vimpelcom, 8.375%, 10/22/11 (144A) 1,916,600
------------
$ 34,233,112
------------
Total Telecommunication Services $ 47,134,832
------------
Utilities - 2.2%
Electric Utilities - 1.4%
6,907,000 AES Chivor, 9.75%, 12/30/14 (144A) $ 7,511,363
2,701,563 Juniper Generation, 6.79%, 12/31/14 (144A) 2,621,624
------------
$ 10,132,987
------------
Multi-Utilities - 0.3%
2,260,000 Reliant Energy, Inc., 6.75%, 12/15/14 $ 2,101,800
------------
Water Utilities - 0.5%
EURO 2,950,000 FG4 SA, 8.375%, 4/30/15 (144A) $ 4,015,223
------------
Total Utilities $ 16,250,010
------------
TOTAL CORPORATE BONDS
(Cost $672,400,999) $663,974,054
------------
The accompanying notes are an integral part of these financial statements. 23
Pioneer Global High Yield Fund
- --------------------------------------------------------------------------------
SCHEDULE OF INVESTMENTS 10/31/05 (continued)
- --------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
FOREIGN GOVERNMENT BONDS - 2.8%
ITL 2,100,000,000 Banco Nac De Desen Econo, 8.0% 4/28/10 $ 1,401,635
2,405,000 Federal Republic of Brazil, 7.875%, 3/7/15 2,443,480
935,000 Republic of Columbia, 8.25% 12/22/14 1,011,670
4,150,000 Republic of Columbia, 10.75% 1/15/13 5,042,250
COP 2,510,000,000 Republic of Columbia, 11.75%, 3/1/10 1,215,322
COP 10,258,000,000 Republic of Columbia, 12.0%, 10/22/15 5,143,334
285,000 Republic of Ecuador, Floating Rate Note, 8/15/30 (e) 252,938
2,330,000 Republic of Panama, 7.25%, 3/15/15 2,446,500
EURO 1,000,000 United Mexican States, 5.5%, 2/17/20 1,268,754
------------
$ 20,225,883
------------
TOTAL FOREIGN GOVERNMENT BONDS
(Cost $18,737,649) $ 20,225,883
------------
MUNICIPAL BONDS - 0.0%
Municipal Airport - 0.0%
15,000 New Jersey Economic Development Authority
Special Facility Revenue, 7.0%, 11/15/30 $ 12,921
------------
Municipal Facilities - 0.0%
250,000 East Chicago Industry Exempt Facilities,
7.0%, 1/1/14 $ 263,618
------------
TOTAL MUNICIPAL BONDS
(Cost $229,881) $ 276,539
------------
Shares
RIGHTS/WARRANTS - 0.0%
Materials - 0.0%
Forest Products - 0.0%
3,250 Mandra Forestry, Exp. 5/15/13* $ 0
------------
Total Materials $ 0
------------
Capital Goods - 0.0%
Building Products - 0.0%
133,000 Thule Drilling ASA* $ 0
------------
Total Capital Goods $ 0
------------
Transportation - 0.0%
Railroads - 0.0%
5,250 Atlantic Express Transportation, Exp. 4/15/08* $ 0
------------
Total Transportation $ 0
------------
TOTAL RIGHT/WARRANTS
(Cost $0) $ 0
------------
24 The accompanying notes are an integral part of these financial statements.
Pioneer Global High Yield Fund
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Shares Value
TEMPORARY CASH INVESTMENTS - 3.0%
Securities Lending Collateral - 3.0%
22,052,142 Securities Lending Investment Fund, 3.89% $ 22,052,142
------------
TOTAL TEMPORARY CASH INVESTMENTS
(Cost $22,052,142) $ 22,052,142
------------
TOTAL INVESTMENT IN SECURITIES - 101.5%
(Cost 748,139,744) (a) (b) $741,409,934
------------
OTHER ASSETS AND LIABILITIES - (1.5)% $(10,747,862)
------------
TOTAL NET ASSETS - 100% $730,662,072
============
* Non-income producing security
144A Security is exempt from registration under Rule 144A of the Securities Act
of 1933. Such securities may be resold normally to qualified institutional
buyers in a transaction exempt from registration. At October 31, 2005, the
value of these securities amounted to $335,766,668 or 46.0% of total net
assets.
STEP Debt obligation initially issued at one coupon which converts to another
couple at a specific date. The rate shown is the rate at the end of the
period.
(a) At October 31, 2005, the net unrealized gain on investments based on cost
for federal income tax purposes of $748,309,280 was as follows:
Aggregate gross unrealized gain for all investments in which there is
an excess of value over tax cost $14,103,168
Aggregate gross unrealized loss for all investments in which there is
an excess of tax cost over value (21,002,514)
-----------
Net unrealized loss $(6,899,346)
===========
(b) Distribution of investment by country of issue, as a percentage of total
investment in securities (excluding temporary cash investments), is as
follows:
United States 55.8%
Canada 4.5
Brazil 3.9
Mexico 3.9
Luxembourg 3.7
Norway 3.4
Columbia 2.8
Cayman Islands 2.8
Netherlands 2.7
Bermuda 2.0
Panama 1.9
United Kingdom 1.9
France 1.7
Hong Kong 1.6
Germany 1.2
Other (Individually less than 1%) 6.2
-----
100.0%
=====
The accompanying notes are an integral part of these financial statements. 25
Pioneer Global High Yield Fund
- --------------------------------------------------------------------------------
SCHEDULE OF INVESTMENTS 10/31/05 (continued)
- --------------------------------------------------------------------------------
(c) At October 31, 2005, the following securities were out on loan:
Principal
Amount
USD ($) Description Value
$ 809,000 AMR Corp., 9.0%, 8/1/12 $ 558,210
1,045,000 CP Ships, Ltd., 4.0%, 6/30/24 1,042,388
1,500,000 Delphi Corp., 6.5%, 5/1/9+ 1,087,500
2,565,000 Delphi Corp., 6.55%, 6/15/06+ 1,839,731
3,982,500 Duane Reade, Inc., 9.75%, 8/1/11 2,947,050
4,477,250 Hanger Orthopedic Group, 10.375%, 2/15/09 4,432,478
150,000 Northwest Airlines, Inc., 7.875%, 3/15/08 (d) 43,500
4,320,000 Sanmina-Sci Corp., 6.75%, 3/1/13 4,060,800
5,606,250 United Rentals, Inc., 7.75%, 11/15/13 5,325,938
-----------
Total $21,337,595
===========
+ Indicated unsettled sale as of 10/31/05
(d) Security is in default and is non-income producing
(e) Debt obligation initially issued at on coupon which converts to a higher
coupon at a specified date. The rate shown is the rate at period end.
Note: Principal amounts are denominated in U.S. dollars unless otherwise
denoted:
EURO Euro Dollar
COP Columbian Peso
ITL Italian Lira
NOK Norwegian Kroner
CAD Canadian Dollar
Purchases and sales of securities (excluding temporary cash investments) for the
year ended October 31, 2005 aggregated $725,970,355 and $178,401,356,
respectively.
26 The accompanying notes are an integral part of these financial statements.
Pioneer Global High Yield Fund
- --------------------------------------------------------------------------------
STATEMENT OF ASSETS AND LIABILITIES 10/31/05
- --------------------------------------------------------------------------------
ASSETS:
Investment in securities (including securities loaned of
$21,337,595) (cost $748,139,744) $741,409,934
Foreign currencies, at value (cost $1,051,421) 1,046,414
Receivables -
Investment securities sold 5,119,561
Fund shares sold 4,920,168
Interest 15,374,007
Due from Pioneer Investment Management, Inc. 14,077
------------
Total assets $767,884,161
------------
LIABILITIES:
Payables -
Investment securities purchased $ 7,950,064
Fund shares repurchased 2,572,781
Dividends 2,128,749
Upon return of securities loaned 22,052,142
Due to bank 2,145,626
Due to affiliates 232,932
Accrued expenses 139,795
------------
Total liabilities $ 37,222,089
------------
NET ASSETS:
Paid-in capital $734,784,221
Undistributed net investment income 527,291
Accumulated net realized gain on investments and foreign
currency transactions 2,101,843
Net unrealized loss on investments (6,729,810)
Net unrealized loss on other assets and liabilities
denominated in foreign currencies (21,473)
------------
Total net assets $730,662,072
============
NET ASSET VALUE PER SHARE:
(No par value, unlimited number of shares authorized)
Class A (based on $343,885,824/28,940,572 shares) $ 11.88
============
Class B (based on $98,462,308/8,305,651 shares) $ 11.85
============
Class C (based on $288,313,940/24,386,299 shares) $ 11.82
============
MAXIMUM OFFERING PRICE:
Class A ($11.88 [divided by] 95.5%) $ 12.44
============
The accompanying notes are an integral part of these financial statements. 27
Pioneer Global High Yield Fund
- --------------------------------------------------------------------------------
STATEMENT OF OPERATIONS
- --------------------------------------------------------------------------------
For the Year Ended 10/31/05
INVESTMENT INCOME:
Interest $ 43,452,512
Income from securities loaned, net 193,036
------------
Total investment income $ 43,645,548
------------
EXPENSES:
Management fees $ 3,573,337
Transfer agent fees and expenses
Class A 342,862
Class B 121,047
Class C 282,983
Distribution fees
Class A 583,093
Class B 660,408
Class C 2,170,630
Administrative reimbursements 93,439
Custodian fees 38,005
Registration fees 225,194
Professional fees 48,637
Printing expense 37,893
Fees and expenses of nonaffiliated trustees 12,789
Miscellaneous 10,367
------------
Total expenses $ 8,200,684
Less management fees waived and expenses
reimbursed by Pioneer Investment
Management, Inc. (514,809)
Less fees paid indirectly (9,105)
------------
Net expenses $ 7,676,770
------------
Net investment income $ 35,968,778
------------
REALIZED AND UNREALIZED GAIN (LOSS) ON
INVESTMENTS AND FOREIGN CURRENCY TRANSACTIONS:
Net realized gain on:
Investments $ 2,142,675
Forward foreign currency contract and other assets
and liabilities denominated in foreign currencies 218,096 $ 2,360,771
------------ ------------
Change in net unrealized loss on:
Investments $(12,139,590)
Other assets and liabilities denominated in
foreign currencies (11,297) $(12,150,887)
------------ ------------
Net loss on investments $ (9,790,116)
------------
Net increase in net assets resulting from operations $ 26,178,662
============
28 The accompanying notes are an integral part of these financial statements.
Pioneer Global High Yield Fund
- --------------------------------------------------------------------------------
STATEMENTS OF CHANGES IN NET ASSETS
- --------------------------------------------------------------------------------
For the Years Ended 10/31/05 and 10/31/04, respectively.
Year Ended Year Ended
10/31/05 10/31/04
FROM OPERATIONS:
Net investment income $ 35,968,778 $ 6,189,994
Net realized gain (loss) on investments and foreign
currency transactions 2,360,771 (145,194)
Change in net unrealized gain (loss) on investments
and foreign currency transactions (12,150,887) 5,332,646
------------- ------------
Net increase in net assets resulting from
operations $ 26,178,662 $ 11,377,446
------------- ------------
DISTRIBUTIONS TO SHAREOWNERS:
Net investment income:
Class A ($0.90 and $0.89 per share, respectively) $ (17,088,531) $ (2,348,993)
Class B ($0.80 and $0.81 per share, respectively) (4,312,340) (703,070)
Class C ($0.80 and $0.76 per share, respectively) (14,293,466) (3,014,693)
Net realized gain:
Class A ($0.00 and $0.21 per share, respectively) $ - $ (15,555)
Class B ($0.00 and $0.21 per share, respectively) - (18)
Class C ($0.00 and $0.21 per share, respectively) - (18)
------------- ------------
Total distributions to shareowners $ (35,694,337) $ (6,082,347)
------------- ------------
FROM FUND SHARE TRANSACTIONS:
Net proceeds from sale of shares $ 674,647,326 $187,814,852
Reinvestment of distributions 16,405,125 2,242,239
Cost of shares repurchased (133,942,624) (13,228,162)
Redemption Fees 95,912
-------------
Net increase in net assets resulting from fund
share transactions $ 557,205,739 $176,828,929
------------- ------------
Net increase in net assets $ 547,690,064 $182,124,028
NET ASSETS:
Beginning of year 182,972,008 847,980
------------- ------------
End of year (including undistributed net investment
income of $527,291 and $76,261 respectively) $ 730,662,072 $182,972,008
------------- ------------
The accompanying notes are an integral part of these financial statements. 29
Pioneer Global High Yield Fund
- --------------------------------------------------------------------------------
STATEMENTS OF CHANGES IN NET ASSETS (continued)
- --------------------------------------------------------------------------------
'05 Shares '05 Amount '04 Shares '04 Amount
CLASS A
Shares sold 28,487,580 $344,805,683 6,555,677 $74,330,596
Reinvestment of distributions 725,075 8,745,645 77,768 885,202
Less shares repurchased (6,212,612) (74,793,960) (767,916) (7,819,960)
---------- ------------ --------- -----------
Net increase 23,000,043 $278,757,368 5,865,529 $67,395,838
========== ============ ========= ===========
CLASS B
Shares sold 7,207,460 $ 87,051,659 1,824,415 $20,850,138
Reinvestment of distributions 148,205 1,783,405 21,373 242,401
Less shares repurchased (785,108) (9,433,668) (110,694) (1,251,239)
---------- ------------ --------- -----------
Net increase 6,570,557 $ 79,401,396 1,735,094 $19,841,300
========== ============ ========= ===========
CLASS C
Shares sold 20,153,947 $242,885,896 8,154,427 $92,634,118
Reinvestment of distributions 489,403 5,876,075 98,280 1,114,636
Less shares repurchased (4,138,449) (49,714,996) (371,309) (4,156,963)
---------- ------------ --------- -----------
Net increase 16,504,901 $199,046,975 7,881,398 $89,591,791
========== ============ ========= ===========
30 The accompanying notes are an integral part of these financial statements.
Pioneer Global High Yield Fund
- --------------------------------------------------------------------------------
FINANCIAL HIGHLIGHTS
- --------------------------------------------------------------------------------
Year Ended Year Ended
CLASS A 10/31/05 10/31/04 (a)
Net asset value, beginning of period $ 11.79 $ 11.31
-------- -------
Increase (decrease) from investment operations:
Net investment income $ 0.90 $ 0.69
Net realized and unrealized gain (loss) on investments and
foreign currency transactions 0.09 0.89
-------- -------
Net increase (decrease) from investment operations $ 0.99 $ 1.58
Distributions to shareowners:
Net investment income (0.90) (0.89)
Net realized gain - (0.21)
-------- -------
Total distributions $ 0.90 $ (1.10)
-------- -------
Redemption Fee $ -(c) $ -
-------- -------
Net increase (decrease) in net asset value $ 0.09 $ 0.48
-------- -------
Net asset value, end of period $ 11.88 $ 11.79
======== =======
Total return* 8.52% 14.82%
Ratio of net expenses to average net assets+ 1.04% 0.75%
Ratio of net investment income to average net assets+ 7.40% 8.02%
Portfolio turnover rate 36% 50%
Net assets, end of period (in thousands) $343,886 $70,063
Ratios with no waiver of management fees and assumption of
expenses by PIM and no reduction for fees paid indirectly:
Net expenses 1.18% 1.41%
Net investment income (loss) 7.26% 7.36%
Ratios with waiver of management fees by PIM and reduction for
fees paid indirectly:
Net expenses 1.04% 0.75%
Net investment income 7.40% 8.02%
Year Ended Year Ended 8/27/01 (a)
CLASS A 10/31/03 (a) 10/31/02 (a) to 10/31/01
Net asset value, beginning of period $ 8.56 $ 9.51 $ 10.00
------ ------ -------
Increase (decrease) from investment operations:
Net investment income $ 1.00 $ 1.02 $ 0.12
Net realized and unrealized gain (loss) on investments and
foreign currency transactions 2.75 (0.95) (0.49)
------ ------ -------
Net increase (decrease) from investment operations $ 3.75 $ 0.07 $ (0.37)
Distributions to shareowners:
Net investment income (1.00) (1.02) (0.12)
Net realized gain - - -
------ ------ -------
Total distributions $(1.00) $(1.02) $ (0.12)
------ ------ -------
Redemption Fee $ - $ - $ -
------ ------ -------
Net increase (decrease) in net asset value $ 2.75 $(0.95) $ (0.49)
------ ------ -------
Net asset value, end of period $11.31 $ 8.56 $ 9.51
====== ====== =======
Total return* 45.58% 0.31% (3.65)%
Ratio of net expenses to average net assets+ 0.75% 0.75% 0.75%**
Ratio of net investment income to average net assets+ 9.76% 10.79% 7.17%**
Portfolio turnover rate 124% 47% 89%**
Net assets, end of period (in thousands) $ 848 $ 642 $ 713
Ratios with no waiver of management fees and assumption of
expenses by PIM and no reduction for fees paid indirectly:
Net expenses 14.37% 18.70% 30.55%**
Net investment income (loss) (3.68)% (7.16)% (22.63)%**
Ratios with waiver of management fees by PIM and reduction for
fees paid indirectly:
Net expenses 0.75% 0.75% 0.75%**
Net investment income 9.76% 10.79% 7.17%**
(a) The Fund Commenced operations on 8/27/01 and was first publicly offered on
December 1, 2003.
(c) Amount rounds to less than one cent per share.
* Assumes initial investment at net asset value at the beginning of the
period, reinvestment of all distributions and the complete redemption of
the investment at net asset value at the end of the period, and no sales
charges. Total return would be reduced if sales charges were taken into
account.
** Annualized
+ Ratios with no reduction for fees paid indirectly.
The accompanying notes are an integral part of these financial statements. 31
Pioneer Global High Yield Fund
- --------------------------------------------------------------------------------
FINANCIAL HIGHLIGHTS
- --------------------------------------------------------------------------------
Year Ended 12/1/03 (a)
10/31/05 to 10/31/04
CLASS B
Net asset value, beginning of period $ 11.76 $ 11.47
------- -------
Increase from investment operations:
Net investment income $ 0.80 $ 0.82
Net realized and unrealized gain on investments
and foreign currency transactions 0.09 0.49
------- -------
Net increase from investment operations $ 0.89 $ 1.31
Distributions to shareowners:
Net investment income (0.80) (0.81)
Net realized gain - (0.21)
------ -------
Total distributions $ (0.80) $ (1.02)
------- -------
Redemption Fee $ -(c) $ -
------- -------
Net increase in net asset value $ 0.09 $ 0.29
------- -------
Net asset value, end of period $ 11.85 $ 11.76
======= =======
Total return* 7.62% 12.12%
Ratio of net expenses to average net assets+ 1.91% 1.58%**
Ratio of net investment income to average
net assets+ 6.57% 7.26%**
Portfolio turnover rate 36% 50%
Net assets, end of period (in thousands) $98,462 $20,408
Ratios with no waiver of management fees and
assumption of expenses by PIM and no reduction
for fees paid indirectly:
Net expenses 1.97% 2.20%**
Net investment income 6.51% 6.64%**
Ratios with waiver of management fees paid by PIM
and reduction for fees paid indirectly:
Net expenses 1.91% 1.58%**
Net investment income 6.57% 7.26%**
(a) Class B shares were first publicly offered on December 1, 2003.
(c) Amount rounds to less than one cent per share.
* Assumes initial investment at net asset value at the beginning of the
period, reinvestment of all distributions and the complete redemption of
the investment at net asset value at the end of the period, and no sales
charges. Total return would be reduced if sales charges were taken into
account.
** Annualized.
+ Ratios with no reduction for fees paid indirectly.
32 The accompanying notes are an integral part of these financial statements.
Pioneer Global High Yield Fund
- --------------------------------------------------------------------------------
FINANCIAL HIGHLIGHTS
- --------------------------------------------------------------------------------
Year Ended 12/1/03 (a)
10/31/05 to 10/31/04
CLASS C
Net asset value, beginning of period $ 11.74 $ 11.47
-------- -------
Increase from investment operations:
Net investment income $ 0.80 $ 0.77
Net realized and unrealized gain on investments
and foreign currency transactions 0.08 0.47
-------- -------
Net increase from investment operations $ 0.88 $ 1.24
Distributions to shareowners:
Net investment income (0.80) (0.76)
Net realized gain - (0.21)
-------- -------
Total distributions $ (0.80) $ (0.97)
-------- -------
Redemption Fee $ -(c) $ -
-------- -------
Net increase in net asset value $ 0.08 $ 0.27
-------- -------
Net asset value, end of period $ 11.82 $ 11.74
======== =======
Total return* 7.60% 11.45%
Ratio of net expenses to average net assets+ 1.84% 1.51%**
Ratio of net investment income to average
net assets+ 6.63% 7.30%**
Portfolio turnover rate 36% 50%
Net assets, end of period (in thousands) $288,314 $92,501
Ratios with no waiver of management fees and
assumption of expenses by PIM and no reduction
for fees paid indirectly:
Net expenses 1.91% 2.11%**
Net investment income 6.56% 6.70%**
Ratios with waiver of management fees by PIM and
reduction for fees paid indirectly:
Net expenses 1.84% 1.51%**
Net investment income 6.63% 7.30%**
(a) Class C shares were first publicly offered on December 1, 2003.
(c) Amount rounds to less than one cent per share.
* Assumes initial investment at net asset value at the beginning of the
period, reinvestment of all distributions and the complete redemption of
the investment at net asset value at the end of the period, and no sales
charges. Total return would be reduced if sales charges were taken into
account.
** Annualized.
+ Ratios with no reduction for fees paid indirectly.
The accompanying notes are an integral part of these financial statements. 33
Pioneer Global High Yield Fund
- --------------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS 10/31/05
- --------------------------------------------------------------------------------
1. Organization and Significant Accounting Policies
Pioneer Global High Yield Fund (the Fund) is a Delaware statutory trust
registered under the Investment Company Act of 1940 as a non-diversified,
open-end management investment company. The Fund was organized on May 5, 2001
and commenced operations on August 27, 2001. Prior to August 27, 2001 the Fund
had no operations other than those relating to organizational matters and the
initial capitalization of the Fund by Pioneer Funds Distributor, Inc. (PFD). The
Fund shares, including Class A Shares, were first publicly offered on December
1, 2003. Prior to December 1, 2003, the Fund shares outstanding were owned by
PFD. The investment objective of the Fund is to maximize total return through a
combination of income and capital appreciation.
The Fund offers three classes of shares - Class A, Class B, and Class C shares.
Each class of shares represents an interest in the same portfolio of investments
of the Fund and has equal rights to voting, redemptions, dividends and
liquidation, except that each class of shares can bear different transfer agent
and distribution fees and have exclusive voting rights with respect to the
distribution plans that have been adopted by Class A, Class B, and Class C
shareowners, respectively.
The Fund financial statements have been prepared in conformity with U.S.
generally accepted accounting principles that require the management of the Fund
to, among other things, make estimates and assumptions that affect the reported
amounts of assets and liabilities, the disclosure of contingent assets and
liabilities at the date of the financial statements, and the reported amounts of
income, expenses and gain or loss on investments during the reporting period.
Actual results could differ from those estimates. The following is a summary of
significant accounting policies followed by the Fund in the preparation of its
financial statements, which are consistent with those policies generally
accepted in the investment company industry:
A. Security Valuation
Security transactions are recorded as of trade date. The net asset value of
the Fund is computed once daily, on each day the New York Stock Exchange
(NYSE) is open, as of the close of regular trading on the NYSE. In
computing the net asset value, securities
34
Pioneer Global High Yield Fund
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
are valued at the last sale price on the principal exchange where they are
traded. Fixed income securities with remaining maturity of more than 60
days are valued at prices supplied by independent pricing services, which
consider such factors as Treasury spreads, yields, maturities and ratings.
Valuations may be supplemented by dealers and other sources, as required.
Securities for which there are no other readily available valuation methods
are valued at their fair values as determined by, or under the direction of
the Board of Trustees and may include yield equivalents or a pricing
matrix. The Fund also may use the fair value of a security, including a
non-U.S. security, when the closing market price on the principal exchange
where the security is traded no longer accurately reflects the value of the
security. As of October 31, 2005 securities fair valued aggregated 0.44% of
net assets. Temporary cash investments are valued at amortized cost.
Discounts and premiums on debt securities are accreted or amortized daily,
respectively, on a yield-to-maturity basis into interest income with a
corresponding increase or decrease in the cost basis of the security.
Interest income is recorded on the accrual basis, net of unrecoverable
foreign taxes withheld at the applicable country rates.
Gains and losses on sales of investments are calculated on the identified
cost method for both financial reporting and federal income tax purposes.
The Fund invests in below investment grade (high yield) debt securities and
preferred stocks. Some of these high yield securities may be convertible
into equity securities of the issuer. Debt securities rated below
investment grade are commonly referred to as "junk bonds" and are
considered speculative. These securities involve greater risk of loss, are
subject to greater price volatility, and are less liquid, especially during
periods of economic uncertainty or change, than higher rated debt
securities. The Fund is not diversified, which means that it can invest a
higher percentage of its assets in any one issuer than a diversified fund.
Being non-diversified may magnify the Fund losses from adverse events
affecting a particular issuer.
The Fund investments in foreign markets and countries with limited
developing markets may subject the Fund to a greater degree of risk than in
a developed market. These risks include disruptive
35
Pioneer Global High Yield Fund
- --------------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS 10/31/05 (continued)
- --------------------------------------------------------------------------------
political or economic conditions and the imposition of adverse governmental
laws or currency exchange restrictions.
B. Foreign Currency Translation
The books and records of the Fund are maintained in U.S. dollars. Amounts
denominated in foreign currencies are translated into U.S. dollars using
current exchange rates.
Net realized gains and losses on foreign currency transactions represent,
among other things, the net realized gains and losses on foreign currency
contracts, disposition of foreign currencies and the difference between the
amount of income accrued and the U.S. dollars actually received. Further,
the effects of changes in foreign currency exchange rates on investments
are not segregated in the statement of operations from the effects of
changes in market price of those securities but are included with the net
realized and unrealized gain or loss on investments.
C. Forward Foreign Currency Contracts
The Fund enters into forward foreign currency contracts (contracts) for the
purchase or sale of a specific foreign currency at a fixed price on a
future date as a hedge or cross-hedge against either specific investment
transactions (settlement hedges) or portfolio positions (portfolio hedges).
All contracts are marked to market daily at the applicable exchange rates,
and any resulting unrealized gains or losses are recorded in the Fund
financial statements. The Fund records realized gains and losses at the
time a portfolio hedge is offset by entry into a closing transaction or
extinguished by delivery of the currency. Risks may arise upon entering
into these contracts from the potential inability of counterparties to meet
the terms of the contract and from unanticipated movements in the value of
foreign currencies relative to the U.S. dollar. At October 31, 2005, the
Fund had no outstanding portfolio or settlement hedges.
D. Federal Income Taxes
It is the Fund policy to comply with the requirements of the Internal
Revenue Code applicable to regulated investment companies and to distribute
all of its taxable income and net realized capital gains, if any, to its
shareowners. Therefore, no federal income tax provision is required.
36
Pioneer Global High Yield Fund
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
The amounts and characterizations of distributions to shareowners for
financial reporting purposes are determined in accordance with federal
income tax rules. Therefore, the sources of the Fund distributions may be
shown in the accompanying financial statements as either from or in excess
of net investment income or net realized gain on investment transactions,
or from paid-in capital, depending on the type of book/tax differences that
may exist.
The tax character of distributions paid during the years ended October 31,
2005 and October 31, 2004 were as follows:
- --------------------------------------------------------------------------------
2005 2004
- --------------------------------------------------------------------------------
Distributions paid from:
Ordinary income $35,694,337 $6,066,756
Long-term capital gain - 15,591
----------- ----------
Total $35,694,337 $6,082,347
=========== ==========
- --------------------------------------------------------------------------------
The following shows the components of distributable earnings on a federal
income tax basis at October 31, 2005:
- --------------------------------------------------------------------------------
2005
- --------------------------------------------------------------------------------
Undistributed ordinary income $ 2,825,576
Undistributed long-term gain 2,101,843
Dividend payable (2,128,749)
Unrealized appreciation (6,920,819)
-----------
Total $(4,122,149)
===========
- --------------------------------------------------------------------------------
The difference between book-basis and tax-basis unrealized appre ciation is
attributable to accrued interest on defaulted bonds.
At October 31, 2005, the Fund has reclassified $176,589 to increase
undistributed net investment income and $176,589 to decrease accumulated
net realized gain on investments and foreign currency transactions to
reflect permanent book/tax difference. The reclassification has no impact
on the net assets of the Fund and presents the Fund capital accounts on a
tax basis.
37
Pioneer Global High Yield Fund
- --------------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS 10/31/05 (continued)
- --------------------------------------------------------------------------------
E. Fund Shares
The Fund records sales and repurchases of its shares as of trade date. PFD,
the principal underwriter for the Fund and a wholly owned indirect
subsidiary of UniCredito Italiano S.p.A. (UniCredito Italiano), earned
$408,932 in underwriting commissions on the sale of Class A shares during
the year ended October 31, 2005.
F. Class Allocations
Distribution fees are calculated based on the average daily net asset value
attributable to Class A, Class B and Class C of the Fund, respectively (see
Note 4). Shareowners of each class share all expenses and fees paid to the
transfer agent, Pioneer Investment Management Shareholder Services, Inc.
(PIMSS), for its services, which are allocated based on the number of
accounts in each class and the ratable allocation of related out-of-pocket
expenses (see Note 3). Income, common expenses and realized and unrealized
gains and losses are calculated at the Fund level and allocated daily to
all classes of shares based on their respective percentage of adjusted net
assets at the beginning of the day.
The Fund declares as daily dividends substantially all of its net
investment income. All dividends are paid on a monthly basis. Short-term
capital gain distributions, if any, may be declared with the daily
dividends. Distributions to shareowners are recorded as of the ex-dividend
date. Distributions paid by the Fund with respect to each class of shares
are calculated in the same manner, at the same time, and in the same
amount, except that Class A, Class B, and Class C shares can bear different
transfer agent and distribution fees.
G. Securities Lending
The Fund lends securities in its portfolio to certain broker-dealers or
other institutional investors, with the Fund custodian acting as the
lending agent. When entering into a loan, the Fund receives collateral,
which is maintained by the custodian and earns income in the form of
negotiated lenders' fees. The Fund also continues to receive interest or
payments in lieu of dividends on the securities loaned. Gain or loss on the
fair value of the loaned securities that may occur during the term of the
loan will be for the account of the Fund. The loans are secured by
collateral of at least 102%, at all times, of the fair value of the
securities loaned. The amount of
38
Pioneer Global High Yield Fund
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
collateral will be adjusted daily to reflect any price fluctuation in the
value of the loaned securities. The Fund has the right under the lending
agreement to recover the securities from the borrower on demand. The Fund
invests cash collateral in the Securities Lending Investment Fund, which is
sponsored by Brown Brothers Harriman & Co., the Fund custodian.
2. Management Agreement
Pioneer Investment Management, Inc. (PIM), a wholly owned indirect subsidiary of
UniCredito Italiano, the Fund investment adviser, manages the Fund
portfolio. Management fees are calculated daily at the annual rate of 0.70% of
the Fund average daily net assets up to $500 million; and 0.65% of the next
$500 million; and 0.60% on the assets over $1 billion.
Effective March 1, 2005, PIM has agreed not to impose all or a portion of its
management fee and to assume other operating expenses of the Fund to the extent
necessary to limit the Fund expenses to 1.10%, 2.00% and 2.00% of the average
daily net assets attributable to Class A, Class B and Class C shares,
respectively. These expense limitations are in effect through March 1, 2008 for
Class A shares and through March 1, 2006 for Class B and Class C shares.
In addition, under the management and administration agreements, certain other
services and costs, including accounting, regulatory reporting and insurance
premiums, are paid by the Fund. At October 31, 2005, $42,517 was payable to PIM
related to management fees, administrative costs and certain other services and
is included in due to affiliates.
3. Transfer Agent
PIMSS, a wholly owned indirect subsidiary of UniCredito Italiano, provides
substantially all transfer agent and shareowner services to the Fund at
negotiated rates. Included in due to affiliates is $84,099 in transfer agent
fees payable to PIMSS at October 31, 2005.
4. Distribution and Service Plans
The Fund adopted Plans of Distribution with respect to each class of shares
(Class A Plan, Class B Plan, and Class C Plan) in accordance with Rule 12b-1 of
the Investment Company Act of 1940. Pursuant to the Class A Plan, the Fund pays
PFD a service fee of up to 0.25% of
39
Pioneer Global High Yield Fund
- --------------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS 10/31/05 (continued)
- --------------------------------------------------------------------------------
the average daily net assets attributable to Class A shares in reimbursement of
its actual expenditures to finance activities primarily intended to result in
the sale of Class A shares. Pursuant to the Class B Plan and the Class C Plan,
the Fund pays PFD 1.00% of the average daily net assets attributable to each
class of shares. The fee consists of a 0.25% service fee and a 0.75%
distribution fee paid as compensation for personal services and/or account
maintenance services or distribution services with regard to Class B and Class C
shares. Included in due to affiliates is $106,316 in distribution fees payable
to PFD at October 31, 2005.
In addition, redemptions of each class of shares may be subject to a contingent
deferred sales charge (CDSC). Effective February 1, 2004, a CDSC of 1.00% may be
imposed on redemptions of certain net asset value purchases of Class A shares
within 18 months of purchase (12 months for shares purchased prior to February
1, 2004). Class B shares subscribed on or after December 1, 2004 that are
redeemed within five years of purchase are subject to a CDSC at declining rates
beginning at 4.00%, based on the lower of cost or market value of shares being
redeemed. Shares purchased prior to December 1, 2004, remain subject to the CDSC
in effect at the time those shares were purchased. Shares purchased as part of
an exchange or acquired as a result of a reorganization of another fund into the
Fund remain subject to any contingent deferred sales charge that applied to the
shares you originally purchased. Redemptions of Class C shares within one year
of purchase are subject to a CDSC of 1.00%. Proceeds from the CDSCs are paid to
PFD. For the year ended October 31, 2005, CDSCs in the amount of $238,425 were
paid to PFD.
Effective March 2, 2004, the Fund charges a 2.00% redemption fee on Class A,
Class B, and Class C shares redeemed within 30 days of purchase. The fee does
not apply to certain types of transactions as described in the Fund
prospectus. For the year ended October 31, 2005, the Fund collected $95,912 in
redemption fees, which are included in the Fund capital account.
5. Expense Offset Arrangements
The Fund has entered into certain expense offset arrangements with PIMSS
resulting in a reduction in the Fund total expenses due to interest earned on
cash held by PIMSS. For the year ended October 31, 2005, the Fund expenses
were reduced by $9,105 under such arrangements.
40
Pioneer Global High Yield Fund
- --------------------------------------------------------------------------------
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
- --------------------------------------------------------------------------------
To the Shareholders and Board of Trustees of
Pioneer Global High Yield Fund
We have audited the accompanying statement of assets and liabilities, including
the schedule of investments, of Pioneer Global High Yield Fund (the "Fund") as
of October 31, 2005, and the related statement of operations for the year then
ended, the statements of changes in net assets for each of the two years in the
period then ended, and the financial highlights for each of the four years in
the period then ended. These financial statements and financial highlights are
the responsibility of the Fund management. Our responsibility is to express an
opinion on these financial statements and financial highlights based on our
audits. The financial highlights for the period ended October 31, 2001 were
audited by other auditors who have ceased operations and whose report, dated
December 7, 2001, expressed an unqualified opinion on those financial
highlights.
We conducted our audits in accordance with the standards of the Public Company
Accounting Oversight Board (United States). Those standards require that we plan
and perform the audit to obtain reasonable assurance about whether the financial
statements and financial highlights are free of material misstatement. We were
not engaged to perform an audit of the Fund internal control over financial
reporting. Our audits included consideration of internal control over financial
reporting as a basis for designing audit procedures that are appropriate in the
circumstances, but not for the purpose of expressing an opinion on the
effectiveness of the Fund internal control over financial reporting.
Accordingly, we express no such opinion. An audit also includes examining, on a
test basis, evidence supporting the amounts and disclosures in the financial
statements and financial highlights, assessing the accounting principles used
and significant estimates made by management, and evaluating the overall
financial statement presentation. Our procedures included confirmation of
securities owned as of October 31, 2005, by correspondence with the custodian
and brokers or by other appropriate auditing procedures where replies from
brokers, were not received. We believe that our audits provide a reasonable
basis for our opinion.
In our opinion, the financial statements and financial highlights referred to
above present fairly, in all material respects, the financial position of
Pioneer Global High Yield Fund at October 31, 2005, the results of its
operations for the year then ended, the changes in its net assets for each of
the two years in the period then ended, and financial highlights for each of the
four years in the period then ended, in conformity with U.S. generally accepted
accounting principles.
/s/ Ernst & Young LLP
Boston, Massachusetts
December 13, 2005
41
Pioneer Global High Yield Fund
- --------------------------------------------------------------------------------
TRUSTEES, OFFICERS AND SERVICE PROVIDERS
- --------------------------------------------------------------------------------
Investment Adviser
Pioneer Investment Management, Inc.
Custodian
Brown Brothers Harriman & Co.
Independent Registered Public Accounting Firm
Ernst & Young LLP
Principal Underwriter
Pioneer Funds Distributor, Inc.
Legal Counsel
Wilmer Cutler Pickering Hale and Dorr LLP
Shareowner Services and Transfer Agent
Pioneer Investment Management Shareholder Services, Inc.
Trustees and Officers
The Fund Board of Trustees provides broad supervision over the Fund affairs.
The officers of the Fund are responsible for the Fund operations. The Fund
Trustees and officers are listed below, together with their principal
occupations during the past five years. Trustees who are interested persons of
the Fund within the meaning of the Investment Company Act of 1940 are referred
to as Interested Trustees. Trustees who are not interested persons of the Fund
are referred to as Independent Trustees. Each of the Trustees may serve as a
trustee of each of the 88 U.S. registered investment portfolios for which
Pioneer Investment Management, Inc. ("Pioneer") serves as investment adviser
(the "Pioneer Funds"). The address for all Interested Trustees and all officers
of the Fund is 60 State Street, Boston, Massachusetts 02109.
The Fund statement of additional information provides more detailed
information regarding the Fund Trustees and is available upon request, without
charge, by calling 1-800-225-6292.
Proxy Voting Policies and Procedures of the Fund are available without charge,
upon request, by calling our toll free number (1-800-225-6292). Information
regarding how the Fund voted proxies relating to portfolio securities during the
most recent 12-month period ended June 30 is publicly available to shareowners
at www.pioneerfunds.com and on the SEC's web site at http://www.sec.gov.
42
Pioneer Global High Yield Fund
- --------------------------------------------------------------------------------
INTERESTED TRUSTEES
- --------------------------------------------------------------------------------
Positions Held Length of Service Other Directorships
Name and Age With the Fund and Term of Office Principal Occupation During Past Five Years Held by this Trustee
John F. Cogan, Jr. (79)* Chairman of Trustee since Deputy Chairman and a Director of Pioneer Chairman and Director
the Board, 2001. Serves Global Asset Management S.p.A. ("PGAM"); of ICI Mutual Insurance
Trustee and until successor Non-Executive Chairman and a Director of Company; Director
President trustee is Pioneer Investment Management USA Inc. of Harbor Global
elected or ("PIM-USA"); Chairman and a Director of Company, Ltd.
earlier Pioneer; Director of Pioneer Alternative
retirement or Investment Management Limited (Dublin);
removal President and a Director of Pioneer
Alternative Investment Management (Bermuda)
Limited and affiliated funds; President and
Director of Pioneer Funds Distributor, Inc.
("PFD"); President of all of the Pioneer
Funds; and Of Counsel (since 2000, partner
prior to 2000), Wilmer Cutler Pickering
Hale and Dorr LLP (counsel to PIM-USA and
the Pioneer Funds).
*Mr. Cogan is an Interested Trustee because he is an officer or director of Pioneer and certain of its affiliates.
====================================================================================================================================
Osbert M. Hood (53)** Trustee and Trustee since President and Chief Executive Officer, None
Executive Vice June, 2003. Serves PIM-USA since May 2003 (Director since
President until successor January 2001); President and Director of
trustee is elected Pioneer since May 2003; Chairman and
or earlier Director of Pioneer Investment Management
retirement or Shareholder Services, Inc. ("PIMSS") since
removal May 2003; Executive Vice President of all
of the Pioneer Funds since June 2003;
Executive Vice President and Chief
Operating Officer of PIM-USA, November 2000
to May 2003
**Mr. Hood is an Interested Trustee because he is an officer or director of Pioneer and certain of its affiliates.
====================================================================================================================================
43
Pioneer Global High Yield Fund
- --------------------------------------------------------------------------------
INDEPENDENT TRUSTEES
- --------------------------------------------------------------------------------
Positions Held Length of Service Other Directorships
Name, Age and Address With the Fund and Term of Office Principal Occupation During Past Five Years Held by this Trustee
David R. Bock **(61) Trustee Trustee since Senior Vice President and Chief Financial Director of The
3050 K. Street NW, 2005. Serves until Officer, I-trax, Inc. (publicly traded Enterprise Social
Washington, DC 20007 successor trustee health care services company) (2001 - Investment Company
is elected or present); Managing Partner, Federal City (privately-held
earlier retirement Capital Advisors (boutique merchant bank) affordable housing
or removal. (1995 - 2000; 2002 to 2004); Executive Vice finance company);
President and Chief Financial Officer, Director of New York
Pedestal Inc. (internet-based mortgage Mortgage Trust (publicly
trading company) (2000 - 2002) traded mortgage REIT)
**Mr. Bock became a Trustee of the Fund on January 1, 2005.
====================================================================================================================================
Mary K. Bush (57) Trustee Trustee since President, Bush International Director of Brady
3509 Woodbine Street, 2001. Serves until (international financial advisory firm) Corporation (industrial
Chevy Chase, MD 20815 successor trustee identification and
is elected or specialty coated material
earlier retirement products manufacturer),
or removal Millennium Chemicals,
Inc. (commodity
chemicals), Mortgage
Guaranty Insurance
Corporation, and R.J.
Reynolds Tobacco
Holdings, Inc. (tobacco)
====================================================================================================================================
Margaret B.W. Graham Trustee Trustee since Founding Director, The Winthrop Group, Inc. None
(58) 2001. Serves until (consulting firm); Professor of Management,
1001 Sherbrooke Street successor trustee Faculty of Management, McGill University
West, Montreal, Quebec, is elected or
Canada H3A 1G5 earlier retirement
or removal
====================================================================================================================================
44
Pioneer Global High Yield Fund
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Positions Held Length of Service Other Directorships
Name, Age and Address With the Fund and Term of Office Principal Occupation During Past Five Years Held by this Trustee
Marguerite A. Piret (57) Trustee Trustee since President and Chief Executive Officer, Director of New America
One Boston Place, 28th 2001. Serves until Newbury, Piret & Company, Inc. (investment High Income Fund, Inc.
Floor, Boston, MA 02108 successor trustee banking firm) (closed-end investment
is elected or company)
earlier retirement
or removal
====================================================================================================================================
Stephen K. West (77) Trustee Trustee since Senior Counsel, Sullivan & Cromwell (law Director, The Swiss
125 Broad Street, 2001. Serves until firm) Helvetia Fund, Inc.
New York, NY 10004 successor trustee (closed-end investment
is elected or company) and AMVESCAP PLC
earlier retirement (investment managers)
or removal
====================================================================================================================================
John Winthrop (69) Trustee Trustee since President, John Winthrop & Co., Inc. None
One North Adgers Wharf, 2001. Serves until (private investment firm)
Charleston, SC 29401 successor trustee
is elected or
earlier retirement
or removal
====================================================================================================================================
45
Pioneer Global High Yield Fund
- --------------------------------------------------------------------------------
FUND OFFICERS
- --------------------------------------------------------------------------------
Positions Held Length of Service Other Directorships
Name and Age With the Fund and Term of Office Principal Occupation During Past Five Years Held by this Officer
Dorothy E. Bourassa (57) Secretary Since 2003. Serves Secretary of PIM-USA; Senior Vice President None
at the discretion - Legal of Pioneer; and Secretary/Clerk of
of the Board most of PIM-USA's subsidiaries; and
Secretary of all of the Pioneer Funds since
September 2003 (Assistant Secretary from
November 2000 to September 2003)
====================================================================================================================================
Christopher J. Kelley Assistant Since 2003. Serves Assistant Vice President and Senior Counsel None
(40) Secretary at the discretion of Pioneer since July 2002; Vice President
of the Board and Senior Counsel of BISYS Fund Services,
Inc. (April 2001 to June 2002); Senior Vice
President and Deputy General Counsel of
Funds Distributor, Inc. (July 2000 to April
2001; and Assistant Secretary of all
Pioneer Funds since September 2003
====================================================================================================================================
David C. Phelan (48) Assistant Since 2003. Serves Partner, Wilmer Cutler Pickering Hale and None
Secretary at the discretion Dorr LLP; Assistant Secretary of all
of the Board Pioneer Funds since September 2003
====================================================================================================================================
Vincent Nave (60) Treasurer Since 2001. Serves Vice President - Fund Accounting, None
at the discretion Administration and Custody Services of
of the Board Pioneer; and Treasurer of all of the
Pioneer Funds
====================================================================================================================================
46
Pioneer Global High Yield Fund
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Positions Held Length of Service Other Directorships
Name and Age With the Fund and Term of Office Principal Occupation During Past Five Years Held by this Officer
Mark E. Bradley (45) Assistant Since September, Deputy Treasurer of Pioneer since 2004; None
Treasurer 2004. Serves at Treasurer and Senior Vice President, CDC
the discretion of IXIS Asset Management Services from 2002 to
the Board 2003; Assistant Treasurer and Vice
President, MFS Investment Management from
1997 to 2002; and Assistant Treasurer of
all of the Pioneer Funds since November
2004
====================================================================================================================================
Luis I. Presutti (40) Assistant Since 2001. Serves Assistant Vice President - Fund Accounting, None
Treasurer at the discretion Administration and Custody Services of
of the Board Pioneer; and Assistant Treasurer of all of
the Pioneer Funds
====================================================================================================================================
Gary Sullivan (47) Assistant Since 2002. Serves Fund Accounting Manager - Fund Accounting, None
Treasurer at the discretion Administration and Custody Services of
of the Board Pioneer; and Assistant Treasurer of all of
the Pioneer Funds since May 2002
====================================================================================================================================
Katherine Kim Sullivan Assistant Since September, Fund Administration Manager - Fund None
(31) Treasurer 2003. Serves at Accounting, Administration and Custody
the discretion of Services since June 2003; Assistant Vice
the Board President - Mutual Fund Operations of State
Street Corporation from June 2002 to June
2003 (formerly Deutsche Bank Asset
Management); Pioneer Fund Accounting,
Administration and Custody Services (Fund
Accounting Manager from August 1999 to
May 2002); and Assistant Treasurer of all
Pioneer Funds since September 2003
====================================================================================================================================
47
Pioneer Global High Yield Fund
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Positions Held Length of Service Other Directorships
Name and Age With the Fund and Term of Office Principal Occupation During Past Five Years Held by this Officer
Martin J. Wolin (38) Chief Since October, Chief Compliance Officer of Pioneer None
Compliance 2004. Serves at (Director of Compliance and Senior Counsel
Officer the discretion of from November 2000 to September 2004); and
the Board Chief Compliance Officer of all of the
Pioneer Funds since 2004.
====================================================================================================================================
The outstanding capital stock of PFD, PIM and PIMSS is indirectly wholly owned by UniCredito Italiano S.p.A. ("UniCredito
Italiano"), one of the largest banking groups in Italy. PIM, the Fund investment adviser, provides investment management and
financial services to mutual funds, institutional and other clients.
48
- --------------------------------------------------------------------------------
THE PIONEER FAMILY OF MUTUAL FUNDS
- --------------------------------------------------------------------------------
Please consider a Fund investment objectives, risks, charges and expenses
carefully before investing. The prospectus contains this and other information
about a fund and should be read carefully before you invest or send money. To
obtain a prospectus and for other information on any Pioneer fund, contact your
advisor, call 1-800-225-6292 or visit our web site at www.pioneerfunds.com.
U.S. Equity Pioneer Ibbotson Growth
Pioneer AmPac Growth Fund(1) Allocation Fund
Pioneer Classic Balanced Fund Pioneer Ibbotson Moderate
Pioneer Balanced Fund Allocation Fund
Pioneer Cullen Value Fund
Pioneer Equity Income Fund International/Global Equity
Pioneer Equity Opportunity Fund Pioneer Emerging Markets Fund
Pioneer Focused Equity Fund Pioneer Europe Select Equity Fund
Pioneer Fund Pioneer International Core Equity Fund
Pioneer Growth Opportunities Fund Pioneer International Equity Fund
Pioneer Growth Shares Pioneer International Value Fund
Pioneer Mid Cap Growth Fund
Pioneer Mid Cap Value Fund Fixed Income
Pioneer Oak Ridge Large Cap Pioneer America Income Trust
Growth Fund Pioneer Bond Fund
Pioneer Oak Ridge Small Cap Pioneer California Tax Free Income Fund
Growth Fund** Pioneer Florida Tax Free Income Fund
Pioneer Small and Mid Cap Pioneer Global High Yield Fund
Growth Fund(2) Pioneer Government Income Fund
Pioneer Growth Leaders Fund(3) Pioneer High Yield Fund
Pioneer Real Estate Shares Pioneer Municipal Bond Fund
Pioneer Research Fund Pioneer Short Term Income Fund
Pioneer Small Cap Value Fund Pioneer Strategic Income Fund
Pioneer Small Company Fund Pioneer Tax Free Income Fund
Pioneer Value Fund Pioneer Treasury Reserves Fund
Asset Allocation Money Market
Pioneer Ibbotson Aggressive Pioneer Cash Reserves Fund*
Allocation Fund Pioneer Tax Free Money Market Fund
Pioneer Ibbotson Conservative
Allocation Fund
(1) Formerly Pioneer Papp America-Pacific Rim Fund
(2) Formerly Pioneer Papp Small and Mid Cap Growth Fund
(3) Formerly Pioneer Papp Stock Fund
* An investment in the Fund is not insured or guaranteed by the Federal Deposit
Insurance Corporation or any other government agency. Although the Fund seeks to
preserve the value of your investment at $1.00 per share, it is possible to lose
money by investing in the Fund.
** Effective May 26, 2005, Pioneer Oak Ridge Small Cap Growth Fund is generally
closed to new investors. Purchases in the Fund will be limited to existing
investors.
49
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This page for your notes.
50
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This page for your notes.
51
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This page for your notes.
52
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HOW TO CONTACT PIONEER
- --------------------------------------------------------------------------------
We are pleased to offer a variety of convenient ways for you to contact us for
assistance or information.
Call us for:
Account Information, including existing accounts,
new accounts, prospectuses, applications
and service forms 1-800-225-6292
FactFone(SM) for automated fund yields, prices,
account information and transactions 1-800-225-4321
Retirement plans information 1-800-622-0176
Telecommunications Device for the Deaf (TDD) 1-800-225-1997
Write to us:
PIMSS, Inc.
P.O. Box 55014
Boston, Massachusetts 02205-5014
Our toll-free fax 1-800-225-4240
Our internet e-mail address ask.pioneer@pioneerinvest.com
(for general questions about Pioneer only)
Visit our web site: www.pioneerfunds.com
Before investing consider the Fund investment objectives, risks, charges and
expenses. Contact your advisor or Pioneer Investments for a prospectus
containing this information. Please read it carefully.
The Fund files a complete statement of investments with the Securities and
Exchange Commission for the first and third quarters for each fiscal year on
Form N-Q. Shareowners may view the filed Form N-Q by visiting the Commission's
web site at http://www.sec.gov. The filed form may also be viewed and copied at
the Commission's Public Reference Room in Washington, DC. Information regarding
the operations of the Public Reference Room may be obtained by calling
1-800-SEC-0330.
ITEM 2. CODE OF ETHICS.
(a) Disclose whether, as of the end of the period covered by the report, the
registrant has adopted a code of ethics that applies to the registrant's
principal executive officer, principal financial officer, principal accounting
officer or controller, or persons performing similar functions, regardless of
whether these individuals are employed by the registrant or a third party. If
the registrant has not adopted such a code of ethics, explain why it has not
done so.
The registrant has adopted, as of the end of the period covered by this report,
a code of ethics that applies to the registrant's principal executive officer,
principal financial officer, principal accounting officer and controller.
(b) For purposes of this Item, the term "code of ethics" means written standards
that are reasonably designed to deter wrongdoing and to promote:
(1) Honest and ethical conduct, including the ethical handling of actual
or apparent conflicts of interest between personal and professional
relationships;
(2) Full, fair, accurate, timely, and understandable disclosure in
reports and documents that a registrant files with, or submits to, the
Commission and in other public communications made by the registrant;
(3) Compliance with applicable governmental laws, rules, and
regulations;
(4) The prompt internal reporting of violations of the code to an
appropriate person or persons identified in the code; and
(5) Accountability for adherence to the code.
(c) The registrant must briefly describe the nature of any amendment, during the
period covered by the report, to a provision of its code of ethics that applies
to the registrant's principal executive officer, principal financial officer,
principal accounting officer or controller, or persons performing similar
functions, regardless of whether these individuals are employed by the
registrant or a third party, and that relates to any element of the code of
ethics definition enumerated in paragraph (b) of this Item. The registrant must
file a copy of any such amendment as an exhibit pursuant to Item 10(a), unless
the registrant has elected to satisfy paragraph (f) of this Item by posting its
code of ethics on its website pursuant to paragraph (f)(2) of this Item, or by
undertaking to provide its code of ethics to any person without charge, upon
request, pursuant to paragraph (f)(3) of this Item.
The registrant has made no amendments to the code of ethics during the period
covered by this report.
(d) If the registrant has, during the period covered by the report, granted a
waiver, including an implicit waiver, from a provision of the code of ethics to
the registrant's principal executive officer, principal financial officer,
principal accounting officer or controller, or persons performing similar
functions, regardless of whether these individuals are employed by the
registrant or a third party, that relates to one or more of the items set forth
in paragraph (b) of this Item, the registrant must briefly describe the nature
of the waiver, the name of the person to whom the waiver was granted, and the
date of the waiver.
Not applicable.
(e) If the registrant intends to satisfy the disclosure requirement under
paragraph (c) or (d) of this Item regarding an amendment to, or a waiver from,
a provision of its code of ethics that applies to the registrant's principal
executive officer, principal financial officer, principal accounting officer or
controller, or persons performing similar functions and that relates to any
element of the code of ethics definition enumerated in paragraph (b) of this
Item by posting such information on its Internet website, disclose the
registrant's Internet address and such intention.
Not applicable.
(f) The registrant must:
(1) File with the Commission, pursuant to Item 10(a), a copy of its code
of ethics that applies to the registrant's principal executive officer,
principal financial officer, principal accounting officer or controller,
or persons performing similar functions, as an exhibit to its annual
report on this Form N-CSR;
(2) Post the text of such code of ethics on its Internet website and
disclose, in its most recent report on this Form N-CSR, its Internet
address and the fact that it has posted such code of ethics on its
Internet website; or
(3) Undertake in its most recent report on this Form N-CSR to provide to
any person without charge, upon request, a copy of such code of ethics
and explain the manner in which such request may be made.
See Item 10(2)
ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.
(a) (1) Disclose that the registrant's board of trustees has determined that
the registrant either:
(i) Has at least one audit committee financial expert serving on its audit
committee; or
(ii) Does not have an audit committee financial expert serving on its audit
committee.
The registrant's Board of Trustees has determined that the registrant has at
least one audit committee financial expert.
(2) If the registrant provides the disclosure required by paragraph
(a)(1)(i) of this Item, it must disclose the name of the audit committee
financial expert and whether that person is "independent." In order to be
considered "independent" for purposes of this Item, a member of an audit
committee may not, other than in his or her capacity as a member of the audit
committee, the board of trustees, or any other board committee:
(i) Accept directly or indirectly any consulting, advisory, or other
compensatory fee from the issuer; or
(ii) Be an "interested person" of the investment company as defined in
Section 2(a)(19) of the Act (15 U.S.C. 80a-2(a)(19)).
Ms. Marguerite A. Piret, an independent trustee, is such an audit committee
financial expert.
(3) If the registrant provides the disclosure required by paragraph (a)(1)
(ii) of this Item, it must explain why it does not have an audit committee
financial expert.
Not applicable.
ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.
(a) Disclose, under the caption AUDIT FEES, the aggregate fees billed for each
of the last two fiscal years for professional services rendered by the principal
accountant for the audit of the registrant's annual financial statements or
services that are normally provided by the accountant in connection with
statutory and regulatory filings or engagements for those fiscal years.
Audit Fees
Fees for audit services provided to the Fund, including fees associated with
the routine filings of its Form N-1A, totaled approximately $24,035 in 2005
and approximately $20,900 in 2004.
(b) Disclose, under the caption AUDIT-RELATED FEES, the aggregate fees billed in
each of the last two fiscal years for assurance and related services by the
principal accountant that are reasonably related to the performance of the audit
of the registrant's financial statements and are not reported under
paragraph (a) of this Item. Registrants shall describe the nature of the
services comprising the fees disclosed under this category.
Audit-Related Fees
Fees for audit-related services provided to the Fund during the fiscal years
ended October 31, 2005 and 2004 totaled $0 and $10,000, respectively. Fees
for audit-related services provided to the Fund in 2004 were for the
reviews of the Funds semi annual financial statements.
(c) Disclose, under the caption TAX FEES, the aggregate fees billed in each of
the last two fiscal years for professional services rendered by the principal
accountant for tax compliance, tax advice, and tax planning. Registrants shall
describe the nature of the services comprising the fees disclosed under this
category.
Tax Fees
Fees for tax compliance services, primarily for tax returns, and tax advisory
services totaled $6,800 in 2005 and $6,000 in 2004.
(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.
Other Fees
There were no other services provided to the Fund during the fiscal years ended
October 31, 2005 and 2004.
(e) (1) Disclose the audit committee's pre-approval policies and procedures
described in paragraph (c)(7) of Rule 2-01 of Regulation S-X.
PIONEER FUNDS
APPROVAL OF AUDIT, AUDIT-RELATED, TAX AND OTHER SERVICES
PROVIDED BY THE INDEPENDENT AUDITOR
SECTION I - POLICY PURPOSE AND APPLICABILITY
The Pioneer Funds recognize the importance of maintaining the independence of
their outside auditors. Maintaining independence is a shared responsibility
involving Pioneer Investment Management, Inc ("PIM"), the audit committee and
the independent auditors.
The Funds recognize that a Fund 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 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 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
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 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
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 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 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
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 auditors will each
make an assessment to determine that any proposed projects will not impair
independence.
o Potential services will be classified into the four non-restricted service
categories and the "Approval of Audit, Audit-Related, Tax and Other
Services" Policy above will be applied. Any services outside the specific
pre-approved service subcategories set forth above must be specifically
approved by the Audit Committee.
o At least quarterly, the Audit Committee shall review a report summarizing the
services by service category, including fees, provided by the Audit firm as
set forth in the above policy.
- --------------------------------------------------------------------------------
(2) Disclose the percentage of services described in each of paragraphs (b)
through (d) of this Item that were approved by the audit committee pursuant
to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.
Non-Audit Services
Beginning with non-audit service contracts entered into on or after May 6,
2003, the effective date of the new SEC pre-approval rules, the Funds audit
committee is required to pre-approve services to affiliates defined by SEC
rules to the extent that the services are determined to have a direct impact
on the operations or financial reporting of the Fund. For the years ended
October 31, 2005 and 2004, there were no services provided to an affiliate
that required the Funds audit committee pre-approval.
(f) If greater than 50 percent, disclose the percentage of hours expended on the
principal accountant's engagement to audit the registrant's financial statements
for the most recent fiscal year that were attributed to work performed by
persons other than the principal accountant's full-time, permanent employees.
n/A
(g) Disclose the aggregate non-audit fees billed by the registrant's accountant
for services rendered to the registrant, and rendered to the registrant's
investment adviser (not including any sub-adviser whose role is primarily
portfolio management and is subcontracted with or overseen by another investment
adviser), and any entity controlling, controlled by, or under common control
with the adviser that provides ongoing services to the registrant for each of
the last two fiscal years of the registrant.
Aggregate Non-Audit Fees
The aggregate non-audit fees for the Fund and affiliates, as previously
defined, totaled $6,800 in 2005 and $16,000 in 2004.
(h) Disclose whether the registrant's audit committee of the board of trustees
has considered whether the provision of non-audit services that were rendered to
the registrant's investment adviser (not including any subadviser whose role is
primarily portfolio management and is subcontracted with or overseen by another
investment adviser), and any entity controlling, controlled by, or under common
control with the investment adviser that provides ongoing services to the
registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of
Rule 2-01 of Regulation S-X is compatible with maintaining the principal
accountant's independence.
The Fund 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.
The Fund independent auditor, Ernst &
Young LLP ("E&Y"), has advised the Audit
Committee of the Fund Board of Trustees that
E&Ys Spanish affiliate (E&Y Spain) performed
certain non-audit work for Pioneer Global
Investments Limited ("PGIL"), an affiliate of the
Funds investment adviser. The services involved
the receipt and disbursement of monies transferred
to E&Y Spain by PGIL in payment of individual
payroll and related income tax withholdings due on
returns prepared by E&Y Spain for certain PGIL
employees located in Spain from February 2001 to
October 2005. E&Y became auditors of the Fund in
May 2002. These payroll and tax services were
discontinued in November 2005. The annual fee
received by E&Y Spain for all such services totaled
approximately 9,000 Euro per year. E&Y has informed
the Audit Committee that based on its internal
reviews and the de minimus nature of the services
provided and fees received, E&Y does not believe
its independence with respect to the Fund has been
impaired or that it is disqualified from acting as
independent auditors to the Fund.
N/A
Item 5. Audit Committee of Listed Registrants
(a) If the registrant is a listed issuer as defined in Rule 10A-3
under the Exchange Act (17 CFR 240.10A-3), state whether
or not the registrant has a separately-designated standing
audit committee established in accordance with Section
3(a)(58)(A) of the Exchange Act (15 U.S.C. 78c(a)(58)(A)).
If the registrant has such a committee, however designated,
identify each committee member. If the entire board of directors
is acting as the registrants audit committee as specified in
Section 3(a)(58)(B) of the Exchange Act (15 U.S.C. 78c(a)(58)(B)),
so state.
The registrant has a separately-designated standing audit
committe eestablished in accordance with Section
3(a)(58)(A) of the Exchange Act (15 U.S.C. 78c(a)(58)(A)).
(b) If applicable, provide the disclosure required by Rule 10A-3(d)
under the Exchange Act (17 CFR 240.10A-3(d)) regarding an exemption
from the listing standards for audit committees.
N/A
Item 6. Schedule of Investments.
File Schedule I Investments in securities of unaffiliated issuers
as of the close of the reporting period as set forth in 210.12-
12 of Regulation S-X [17 CFR 210.12-12], unless the schedule is
included as part of the report to shareholders filed under Item
1 of this Form.
Included in Item 1
ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR
CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
A closed-end management investment company that is filing an annual report on
this Form N-CSR must, unless it invests exclusively in non-voting securities,
describe the policies and procedures that it uses to determine how to vote
proxies relating to portfolio securities, including the procedures that the
company uses when a vote presents a conflict between the interests of its
shareholders, on the one hand, and those of the company's investment adviser;
principal underwriter; or any affiliated person (as defined in Section 2(a)(3)
of the Investment Company Act of 1940 (15 U.S.C. 80a-2(a)(3)) and the rules
thereunder) of the company, its investment adviser, or its principal
underwriter, on the other. Include any policies and procedures of the company's
investment adviser, or any other third party, that the company uses, or that are
used on the company's behalf, to determine how to vote proxies relating to
portfolio securities.
Not applicable to open-end management investment companies.
Item 8. Portfolio Managers of Closed-End Management Investment
Companies.
(a) If the registrant is a closed-end management investment company that
is filing an annual report on this Form N-CSR,provide the following
information:
(1) State the name, title, and length of service of the person or persons
employed by or associated with the registrant or an investment adviser
of the registrant who are primarily responsible for the day-to-day management
of the registrants portfolio (Portfolio Manager). Also state each Portfolio
Managers business experience during the past 5 years.
Not applicable to open-end management investment companies.
Item 9. Purchases of Equity Securities by Closed-End Management
Investment Company and Affiliated Purchasers.
(a) If the registrant is a closed-end management investment company,
in the following tabular format, provide the information specified in
paragraph (b) of this Item with respect to any purchase made by or on
behalf of the registrant or any affiliated purchaser, as defined in
Rule 10b-18(a)(3) under the Exchange Act (17 CFR 240.10b-18(a)(3)), of
shares or other units of any class of the registrants equity securities
that is registered by the registrant pursuant to Section 12 of the
Exchange Act (15 U.S.C. 781). Instruction to paragraph (a). Disclose
all purchases covered by this Item, including purchases that do not
satisfy the conditions of the safe harbor of Rule 10b-18 under the
Exchange Act (17 CFR 240.10b-18), made in the period covered by the
report. Provide disclosures covering repurchases made on a monthly basis.
For example, if the reporting period began on January 16 and ended on
July 15, the chart would show repurchases for the months from January 16
through February 15, February 16 through March 15, March 16 through
April 15, April 16 through May 15, May 16 through June 15, and June 16
through July 15.
Not applicable to open-end management investment companies.
Item 10. Submission of Matters to a Vote of Security Holders.
Describe any material changes to the procedures by which shareholders
may recommend nominees to the registrants board of directors, where
those changes were implemented after the registrant last provided
disclosure in response to the requirements of Item 7(d)(2)(ii)(G)
of Schedule 14A (17 CFR 240.14a-101), or this Item.
There have been no material changes to the procedures by which the
shareholders may recommend nominees to the registrants board of
directors since the registrant last provided disclosure in response
to the requirements of Item 7(d)(2)(ii)(G) of Schedule 14(A) in
its definitive proxy statement, or this Item.
ITEM 11. CONTROLS AND PROCEDURES.
(a) Disclose the conclusions of the registrant's principal executive officer or
officers and principal financial officer or officers, or persons performing
similar functions, about the effectiveness of the registrant's disclosure
controls and procedures (as defined in Rule 30a-2(c) under the Act (17 CFR
270.30a-2(c))) based on their evaluation of these controls and procedures as of
a date within 90 days of the filing date of the report that includes the
disclosure required by this paragraph.
The registrant's principal executive officer and principal financial
officer have concluded, that the registrant's disclosure controls and
procedures are effective based on their evaluation of these controls and
procedures as of a date within 90 days of the filing date of this report.
(b) Disclose whether or not there were significant changes in the registrant's
internal controls or in other factors that could significantly affect these
controls subsequent to the date of their evaluation, including any corrective
actions with regard to significant deficiencies and material weaknesses.
There were no significant changes in the registrant's internal controls or
in other factors that could significantly affect these controls subsequent to
the date of their evaluation, including any corrective actions with regard
to significant deficiencies and material weaknesses.
ITEM 12. EXHIBITS.
File the exhibits listed below as part of this Form. Letter or number the
exhibits in the sequence indicated.
(a) Any code of ethics, or amendment thereto, that is the subject of the
disclosure required by Item 2, to the extent that the registrant intends to
satisfy the Item 2 requirements through filing of an exhibit.
(b) A separate certification for each principal executive officer and principal
financial officer of the registrant as required by Rule 30a-2 under the Act
(17 CFR 270.30a-2).
Filed herewith.
SIGNATURES
[See General Instruction F]
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, the registrant has duly caused this report to be
signed on its behalf by the undersigned, thereunto duly authorized.
(Registrant) Pioneer Global High Yield Fund
By (Signature and Title)* /s/ John F. Cogan, Jr.
John F. Cogan, Jr, President
Date December 29, 2005
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, this report has been signed below by the
following persons on behalf of the registrant and in the capacities and on the
dates indicated.
By (Signature and Title)* /s/ John F. Cogan, Jr.
John F. Cogan, Jr., President
Date December 29, 2005
By (Signature and Title)* /s/ Vincent Nave
Vincent Nave, Treasurer
Date December 29, 2005
* Print the name and title of each signing officer under his or her signature.