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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 811-10395
Pioneer Series Trust VII
(Exact name of registrant as specified in charter)
60 State Street, Boston, MA 02109
(Address of principal executive offices) (ZIP code)
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, 2007 through April 30, 2008
Form N-CSR is to be used by management investment companies to file reports with
the Commission not later than 10 days after the transmission to stockholders of
any report that is required to be transmitted to stockholders under Rule 30e-1
under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may
use the information provided on Form N-CSR in its regulatory, disclosure review,
inspection, and policymaking roles.
A registrant is required to disclose the information specified by Form N-CSR,
and the Commission will make this information public. A registrant is not
required to respond to the collection of information contained in Form N-CSR
unless the Form displays a currently valid Office of Management and Budget
("OMB") control number. Please direct comments concerning the accuracy of the
information collection burden estimate and any suggestions for reducing the
burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW,
Washington, DC 20549-0609. The OMB has reviewed this collection of information
under the clearance requirements of 44 U.S.C. ss. 3507.
ITEM 1. REPORTS TO SHAREOWNERS.
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PIONEER
-------
GLOBAL
AGGREGATE
BOND FUND
Semiannual
Report
4/30/08
[LOGO] PIONEER
Investments(R)
Table of Contents
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Letter to Shareowners 2
Portfolio Management Discussion 4
Portfolio Summary 8
Prices and Distributions 9
Performance Update 10
Comparing Ongoing Fund Expenses 13
Schedule of Investments 15
Financial Statements 26
Notes to Financial Statements 33
Trustees, Officers and Service Providers 40
President's
Dear Shareowner,
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We are pleased to present the first shareholder report for Pioneer Global
Aggregate Bond Fund. The Fund, introduced to investors on December 28, 2007,
offers investors the opportunity to receive current income from a prudently
managed portfolio of investment-grade, fixed-income securities from the world's
industrialized nations. The Fund draws upon Pioneer's international reach as
well as its demonstrated expertise in investing in fixed-income markets around
the globe.
The experiences in the world's capital markets during the first four months of
2008 reinforce the importance of two general investment themes: stay diversified
and keep your portfolio invested in the markets. These are principles that have
served investors well over time. They are particularly useful guides to keep in
mind today, at a time when markets around the globe are being buffeted by
problems in the financial and real estate industries and by concerns about a
slowing economy.
After an extended period of steady economic growth with sustained low
unemployment and low inflation, the U.S. economy ran into difficulty as 2007
drew to a close. Investors in subprime mortgages were forced to mark down the
value of their assets, imperiling leveraged balance sheets. The ensuing credit
crunch forced central banks in the United States and Europe to assume the role
of "lender of last resort" to keep credit markets functioning. Conditions
worsened in the first quarter of 2008, as falling prices, margin calls and
deleveraging continued, the auction rate preferred market seized up. The U.S.
Federal Reserve expanded its lender-of-last-resort role to include lending to
primary dealers and continued to cut interest rates. By then, recession talk was
widespread as concern grew that falling home prices, rising unemployment,
sharply rising food and energy prices, and disruptions in financial markets
posed a significant threat to economic growth.
Markets reacted poorly to the developments leading up to the problems at Bear
Stearns, with fixed-income credit spreads (the difference in rates between
corporate and U.S. government bonds) widening dramatically and stock markets
declining, wiping out the positive returns markets had delivered in the
preceding calendar year. Treasury bond prices rose as the market underwent a
flight to quality. In the six weeks between the near failure of Bear Stearns and
the end of April, though, there were no further market crises, recession fears
faded in light of positive economic news, and stock markets rallied, recouping
some of their first-quarter losses, while Treasury bond prices fell back.
Over the four months ending April 30, 2008, the U.S. investment-grade bond
market, as measured by the Lehman Brothers Aggregate Bond Index,
2
Letter
rose 1.95%. Over the same period, the Lehman Brothers Global Aggregate Bond, a
reflection of investment-grade bond performance throughout the world, gained
4.60%. The U.S. high-yield bond market, as measured by the Merrill Lynch High
Yield Bond Master II Index, rose 1% over the four months ending April 30, 2008.
Also during the period, the Merrill Lynch Global High Yield and Emerging Markets
Plus Index, which reflects the performance of high-yield corporate bonds and
emerging market securities globally, gained 1.73%.
Looking forward, the risk of a 2008 recession seems diminished, but substantial
risks remain in both financial markets and the real economy. On the other hand,
a weak U.S. dollar and substantial fiscal and monetary stimulus are potent
support for the economy. Markets remain volatile, and falling risk tolerances
and deleveraging may depress asset prices in the short term, but equity and
corporate bond valuations look attractive over a longer time horizon unless the
U.S. economy falls into a severe and protracted recession.
Sudden swings in the markets are always to be expected, but they are difficult
to time. Maintaining a long-term time horizon, being diversified, and paying
attention to asset allocation are important investment principles. As always, we
encourage you to work closely with your financial advisor to find the mix of
stocks, bonds and money market assets that is best aligned to your particular
risk tolerance and investment objective and to adhere to a strategic plan rather
than letting emotion drive investment decisions.
Respectfully,
[Signature of Daniel K. Kingsbury]
Daniel K. Kingsbury, President and CEO
Pioneer Investment Management USA Inc.
Any information in this shareholder report regarding market or economic trends
or the factors influencing the Fund's historical or future performance are
statements of the opinion of Fund management as of the date of this report.
These statements should not be relied upon for any other purposes. Past
performance is no guarantee of future results, and there is no guarantee that
market forecasts discussed will be realized.
3
Pioneer Global Aggregate Bond Fund
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PORTFOLIO MANAGEMENT DISCUSSION 4/30/08
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Investors in fixed-income markets throughout the world sought out higher-quality
investments, most notably sovereign government bonds, against a backdrop of
widespread fears about credit risk during the first four months of 2008.
Investment-grade corporate securities trailed the performance of government
bonds, especially in the first three months of the year, as the yield spreads
between high-grade and lower-rated securities widened. The following is an
interview with Charles Melchreit, a member of the team that managed Pioneer
Global Aggregate Bond Fund from its inception on December 28, 2007, through the
end of the Fund's first reporting period on April 30, 2008.
Q: How did the Fund perform since the start of its operations on December 28,
2007, through April 30, 2008?
A: Pioneer Global Aggregate Bond Fund's Class A shares had a total return of
4.02% at net asset value during the period, while during the same period
the Lehman Global Aggregate Bond Index returned 4.60% and the Lehman
Aggregate Bond Index rose by 1.95%. During the first four months of 2008,
the average return of the 125 mutual funds in Lipper's Global Income
category was 2.55%. On April 30, 2008, the Fund's 30-day SEC yield for
Class A shares was 2.71%.
Call 1-800-225-6292 or visit www.pioneerinvestments.com for the most recent
month-end performance results. Current performance may be lower or higher
than the performance data quoted.
The performance data quoted represents past performance, which is no
guarantee of future results. Investment return and principal value will
fluctuate, and shares, when redeemed, may be worth more or less than their
original cost.
Q: What were the main factors affecting performance during the four-month
period ended April 30, 2008?
A: In a challenging global investment environment, our focus on the sovereign
debt in Europe and U.S. government agencies helped the Fund hold up well
against a volatile backdrop. The Fund began investing in the midst of a
global credit crisis. The turmoil that began with concerns about U.S.
subprime mortgage problems created a loss of financial liquidity in credit
markets generally, causing a drying up of money available for lending.
Banks in Europe and Japan as well as in the United States announced
significant losses as they reported massive write-downs in the
4
Pioneer Global Aggregate Bond Fund
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values of subprime-related loans carried on their balance sheets. The
turmoil in the financials sector raised concerns about the sustainability
of economic growth trends, most notably in the United States, the United
Kingdom and Europe. The U.S. economy showed the greatest weakness, while
the strength of foreign markets helped sustain strong global growth trends
overall.
In this environment, credit spreads widened, indicating the growing yield
differences between high-quality and lower-quality debt, with the
highest-quality securities turning in the best relative results.
Investment-grade corporate bonds were among the groups affected adversely,
while U.S. Treasuries, government-backed mortgages and sovereign government
bonds performed relatively well.
Q: What were your principal strategies in this environment?
A: Pioneer Global Aggregate Bond Fund is designed to invest in high-quality
debt securities, focused on opportunities in developed, industrialized
economies. The Fund emphasizes investments in investment-grade corporate
bonds, government-agency securities and the sovereign debt of governments
of industrialized nations. As we began investing, the market offered little
incentive to move outside this principal investment universe and the Fund
avoided investing in emerging markets. The Fund saw the greatest
opportunities in the United States, where asset values in corporate bonds
and mortgage-backed securities had fallen to relatively attractive levels
as a result of the credit crisis. We invested in bonds of financials and
industrial companies and both U.S. agency and non-agency mortgage-backed
securities. Outside the United States, the Fund focused primarily in
government bonds, investing in Europe, the United Kingdom and Japan. In
Europe, the Fund were concerned about a slowing of the economy and
downplayed corporate investments, although the Fund did invest selectively
in some financials sector bonds that had been underperforming. However, in
the United Kingdom, concerns about the health of the financials sector and
weakness in housing caused the Fund largely to avoid investments in
financials sector bonds.
In the Fund's currency allocations, the Fund emphasized U.S. dollar-linked
currencies, including those of the United States, Canada, Australia and New
Zealand. Together, they constituted approximately 55% of the Fund's assets
at the end of the period on April 30,
5
Pioneer Global Aggregate Bond Fund
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PORTFOLIO MANAGEMENT DISCUSSION 4/30/08 (continued)
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2008. The Fund was underweighted in both the euro and euro-bloc currencies
as well as the British pound sterling. Relative to the Lehman Global
Aggregate Bond Index, the Fund was significantly underweighted in the
Japanese yen, primarily because of unattractive yields.
At the end of the period, on April 30, 2008, 28.2% of the Fund's assets
were invested in U.S. mortgage-backed securities, 14.4% were invested in
investment-grade bonds in the United States, 9.2% were invested in U.S.
Treasury and government agency bonds, and 12.3% were invested in cash and
short-term equivalents. Approximately 34% of the Fund's assets were
invested in developed markets, primarily in government securities. The Fund
had minimal exposure to high-yield corporate bonds or emerging market debt.
Average credit quality of the Fund's portfolio was AA, while the average
maturity of the Fund's holdings was 6.3 years and average effective
duration was 4.4 years.
Q: What types of investments most influenced performance?
A: Security selection in the United States and in Europe helped support
results. The Fund's positions in European sovereign debt and in U.S.
government agency mortgages proved to be particularly successful.
Holding back results was the Fund's underweighting of the Japanese yen,
which rallied against other currencies during the period. In addition, the
relatively short duration of the Fund's portfolio in its investments in the
United States held back relative results, as intermediate-term securities
outperformed as interest rates declined.
Q: What is your investment outlook?
A: We believe attractive value still exists in the United States, particularly
in investment-grade corporates. The valuations of many bonds have been
beaten down by the negative environment for credit-sensitive securities,
especially in relation to our outlook for the overall economy. We think
that while the economy is slowing, we are not likely to see a severe
recession. Banks, with the help of the monetary stimulus supplied by the
Federal Reserve, should be able to repair the damage to their balance
sheets caused by the credit crisis. Despite weakness in housing and the
financials
6
Pioneer Global Aggregate Bond Fund
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
sector, we think the economy should be able to hold up, growing slowly this
year and then accelerating in 2009.
In the near term, we think the U.S. dollar may appreciate against foreign
currencies, especially the British pound sterling and eurozone currencies.
We anticipate holding investments with a longer duration in the Europe and
in the United Kingdom, as we think their central banks are likely to lower
short-term rates in the coming months. We also expect to maintain
investments with longer durations within the United States, which should be
beneficial if market interest rates decline and prices rise.
Investments in high-yield or lower-rated securities are subject to
greater-than-average risk. When interest rates rise, the prices of fixed-income
securities in the Fund will generally fall. Conversely, when interest rates
fall, the prices of fixed-income securities in the Fund will generally rise.
Investing in foreign and/or emerging markets securities involves risks relating
to interest rates, currency exchange rates, economic, and political conditions.
Investments in the Fund are subject to possible loss due to the financial
failure of underlying securities and their inability to meet their debt
obligations. Prepayment risk is the chance that mortgage-backed bonds will be
paid off early if falling interest rates prompt homeowners to refinance their
mortgages. Forced to reinvest the unanticipated proceeds at lower interest
rates, the Fund would experience a decline in income and lose the opportunity
for additional price appreciation associated with falling interest rates. The
Fund can invest in a limited number of securities and, as a result, the Fund's
performance may be more volatile than the performance of other funds holding
more securities. At times, the Fund's investments may represent industries or
industry sectors that are interrelated or have common risks, making it more
susceptible to any economic, political, or regulatory developments or other
risks affecting those industries and sectors. These risks may increase share
price volatility.
Any information in this shareholder report regarding market or economic trends
or the factors influencing the Fund's historical or future performance are
statements of the opinion of Fund management as of the date of this report.
These statements should not be relied upon for any other purposes. Past
performance is no guarantee of future results, and there is no guarantee that
market forecasts discussed will be realized.
7
Pioneer Global Aggregate Bond Fund
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PORTFOLIO SUMMARY 4/30/08
- --------------------------------------------------------------------------------
Portfolio Diversification
- --------------------------------------------------------------------------------
(As a percentage of total investment portfolio)
[The following data was represented as a pie chart in the printed material]
U.S. Government Securities 36.6%
Foreign Government Bonds 27.6%
U.S. Corporate Bonds 26.8%
Collateralized Mortgage Obligations 3.6%
Temporary Cash Investment 3.6%
Municipal Bonds 0.9%
Asset Backed Securities 0.9%
10 Largest Holdings
- --------------------------------------------------------------------------------
(As a percentage of debt holdings)*
1. Federal National Mortgage Association, 6.5%, 4/1/38 6.50%
2. Federal National Mortgage Association, 5.5%, 12/1/37 6.31
3. Federal National Mortgage Association, 6.5%, 1/1/38 4.62
4. Japan Government, 5-Yr, 1.2%, 3/20/12 4.48
5. Federal Home Loan Mortgage Corp., 6.5%, 8/1/37 4.17
6. Deutchsland Rep Bundes, 5.25%, 1/4/11 3.31
7. Government National Mortgage Association, 5.5%, 1/15/38 3.30
8. U.S. Treasury Bonds, 4.25%, 11/15/17 3.25
9. Bonos Y Oblig Del ES, 4.4%, 1/31/15 2.56
10. Government National Mortgage Association, 5.5%, 1/15/38 2.47
* The list excludes temporary cash and derivative instruments. The portfolio
is actively managed, and current holdings may be different. The holdings
listed should not be considered recommendations to buy or sell any security
listed.
8
Pioneer Global Aggregate Bond Fund
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PRICES AND DISTRIBUTIONS
- --------------------------------------------------------------------------------
Net Asset Value Per Share
- --------------------------------------------------------------------------------
Class 4/30/08 12/28/07
----- ------- --------
A $10.34 $10.00
C $10.33 $10.00
Y $10.34 $10.00
Distributions Per Share
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12/28/07 - 4/30/08
------------------
Net Investment Short-Term Long-Term
Class Income Capital Gains Capital Gains
----- ------ ------------- -------------
A $0.0620 $ - $ -
C $0.0472 $ - $ -
Y $0.0636 $ - $ -
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INDEX DEFINITION
- --------------------------------------------------------------------------------
The Lehman Brothers Global Aggregate Index provides a broad-based measure of the
global investment-grade fixed-income markets. Index returns are calculated
monthly, assume reinvestment of dividends and, unlike Fund returns, do not
reflect any fees, expenses or sales charges. You cannot invest directly in an
index.
The index defined here pertains to the "Value of $10,000 Investment" charts
appearing on pages 10-13.
9
Pioneer Global Aggregate Bond Fund
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PERFORMANCE UPDATE 4/30/08 CLASS A SHARES
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Investment Returns
- --------------------------------------------------------------------------------
The mountain chart on the right shows the change in value of a $10,000
investment made in Pioneer Global Aggregate Bond Fund at public offering price,
compared to that of the Lehman Brothers Global Aggregate Bond Index.
- -------------------------------------------------------
Average Annual Total Returns
(As of April 30, 2008)
Net Asset Public Offering
Period Value (NAV) Price (POP)
Life-of-Class
(12/28/07) 4.02% -0.65%
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Expense Ratio
(Per prospectus dated
December 28, 2007)
Gross Net
1.55% 1.00%
- -------------------------------------------------------
[The following data was represented as a mountain chart in the printed material]
Value of $10,000 Investment
Lehman
Pioneer Brothers
Global Global
Aggregate Aggregate
Bond Fund Bond Index
12/07 $9,550 $10,000
4/08 $9,982 $10,460
Call 1-800-225-6292 or visit pioneerinvestments.com for the most recent month-
end performance results. Current performance may be lower or higher than the
performance data quoted.
The performance data quoted represents past performance, which is no guarantee
of future results. Investment return and principal value will fluctuate, and
shares, when redeemed, may be worth more or less than their original cost.
NAV results represent the percent change in net asset value per share. Returns
would have been lower had charges been reflected. POP returns reflect deduction
of maximum 4.5% sales charge. All results are historical and assume the
reinvestment of dividends and capital gains. Other share classes are available
for which performance and expenses will differ.
Performance results reflect any applicable expense waivers in effect during the
periods shown. Without such waivers Fund performance would be lower. Waivers
may not be in effect for all funds. Certain fee waivers are contractual through
a specified period. Otherwise, fee waivers can be rescinded at any time. See
the prospectus and financial statements for more information.
The net expense ratio reflects contractual expense limitations currently in
effect through 3/1/11 for Class A Shares. There can be no assurance that
Pioneer will extend the expense limitations beyond such time. Please see the
prospectus and financial statements for more information.
The performance table and graph do not reflect the deduction of fees and taxes
that a shareowner would pay on Fund distributions or the redemption of Fund
shares.
10
Pioneer Global Aggregate Bond Fund
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PERFORMANCE UPDATE 4/30/08 CLASS C SHARES
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Investment Returns
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The mountain chart on the right shows the change in value of a $10,000
investment made in Pioneer Global Aggregate Bond Fund, compared to that of the
Lehman Brothers Global Aggregate Bond Index.
- ---------------------------------------------------
Average Annual Total Returns
(As of April 30, 2008)
If If
Period Held Redeemed
Life-of-Class
(12/28/07) 3.77% 2.77%
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Expense Ratio
(Per prospectus dated
December 28, 2007)
Gross Net
2.30% 1.90%
- ---------------------------------------------------
[The following data was represented as a mountain chart in the printed material]
Value of $10,000 Investment
Lehman
Pioneer Brothers
Global Global
Aggregate Aggregate
Bond Fund Bond Index
12/07 $10,000 $10,000
4/08 $10,329 $10,460
Call 1-800-225-6292 or visit pioneerinvestments.com for the most recent month-
end performance results. Current performance may be lower or higher than the
performance data quoted.
The performance data quoted represents past performance, which is no guarantee
of future results. Investment return and principal value will fluctuate, and
shares, when redeemed, may be worth more or less than their original cost.
Class C shares held for less than one year are also subject to a 1% contingent
deferred sales charge (CDSC). The performance of Class C shares does not reflect
the 1% front-end sales charge in effect prior to February 1, 2004. If you paid a
1% sales charge, your returns would be lower than those shown above. "If Held"
results represent the percent change in net asset value per share. Returns would
have been lower had sales charges been reflected. All results are historical and
assume the reinvestment of dividends and capital gains. Other share classes are
available for which performance and expenses will differ.
Performance results reflect any applicable expense waivers in effect during the
periods shown. Without such waivers Fund performance would be lower. Waivers may
not be in effect for all funds. Certain fee waivers are contractual through a
specified period. Otherwise, fee waivers can be rescinded at any time. See the
prospectus and financial statements for more information.
The net expense ratio reflects contractual expense limitations currently in
effect through 3/1/09 for Class C Shares. There can be no assurance that Pioneer
will extend the expense limitations beyond such time. Please see the prospectus
and financial statements for more information.
The performance table and graph do not reflect the deduction of fees and taxes
that a shareowner would pay on Fund distributions or the redemption of Fund
shares.
11
Pioneer Global Aggregate Bond Fund
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PERFORMANCE UPDATE 4/30/08 CLASS Y SHARES
- --------------------------------------------------------------------------------
Investment Returns
- --------------------------------------------------------------------------------
The mountain chart on the right shows the change in value of a $10,000
investment made in Pioneer Global Aggregate Bond Fund, compared to that of the
Lehman Brothers Global Aggregate Bond Index.
- ---------------------------------------------------
Average Annual Total Returns
(As of April 30, 2008)
If If
Period Held Redeemed
Life-of-Class
(12/28/07) 4.03% 4.03%
- ---------------------------------------------------
Expense Ratio
(Per prospectus dated
December 28, 2007)
Gross Net
0.65% 0.65%
- ---------------------------------------------------
[The following data was represented as a mountain chart in the printed material]
Value of $10,000 Investment
Lehman
Pioneer Brothers
Global Global
Aggregate Aggregate
Bond Fund Bond Index
12/07 $10,000 $10,000
4/08 $10,455 $10,460
Call 1-800-225-6292 or visit pioneerinvestments.com for the most recent month-
end performance results. Current performance may be lower or higher than the
performance data quoted.
The performance data quoted represents past performance, which is no guarantee
of future results. Investment return and principal value will fluctuate, and
shares, when redeemed, may be worth more or less than their original cost.
Class Y shares are not subject to sales charges and are available for limited
groups of eligible investors, including institutional investors. All results are
historical and assume the reinvestment of dividends and capital gains. Other
share classes are available for which performance and expenses will differ.
Performance results reflect any applicable expense waivers in effect during the
periods shown. Without such waivers Fund performance would be lower. Waivers may
not be in effect for all funds. Certain fee waivers are contractual through a
specified period. Otherwise, fee waivers can be rescinded at any time. See the
prospectus and financial statements for more information.
The performance table and graph do not reflect the deduction of fees and taxes
that a shareowner would pay on Fund distributions or the redemption of Fund
shares.
12
Pioneer Global Aggregate Bond Fund
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COMPARING ONGOING FUND EXPENSES 4/30/08
- --------------------------------------------------------------------------------
As a shareowner in the Fund, you incur two types of costs:
(1) ongoing costs, including management fees, distribution and/or service
(12b-1) fees, and other Fund expenses; and
(2) transaction costs, including sales charges (loads) on purchase payments.
This example is intended to help you understand your ongoing expenses (in
dollars) of investing in the Fund and to compare these costs with the ongoing
costs of investing in other mutual funds. The example is based on an investment
of $1,000 at the beginning of the Fund's latest six-month period and held
throughout the six months.
Using the Tables
Actual Expenses
The first table below provides information about actual account values and
actual expenses. You may use the information in this table, together with the
amount you invested, to estimate the expenses that you paid over the period as
follows:
1. Divide your account value by $1,000
Example: an $8,600 account value [divided by] $1,000 = 8.6
2. Multiply the result in (1) above by the corresponding share class's number
in the third row under the heading entitled "Expenses Paid During Period"
to estimate the expenses you paid on your account during this period.
Expenses Paid on a $1,000 Investment in Pioneer Global Aggregate Bond Fund
Based on actual returns from December 28, 2007 through April 30, 2008.
Share Class A C Y
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Beginning Account Value $1,000.00 $1,000.00 $1,000.00
On 12/28/07
Ending Account Value (after expenses) $1,040.20 $1,037.70 $1,040.30
On 4/30/08
Expenses Paid During Period* $ 3.48 $ 6.61 $ 3.10
* Expenses are equal to the Fund's annualized expense ratio of 1.00%, 1.90%,
and 0.89% for Class A, Class C, and Class Y respectively, multiplied by the
average account value over the period, multiplied by 125/366 (to reflect
the partial year period)
13
Pioneer Global Aggregate Bond Fund
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COMPARING ONGOING FUND EXPENSES 4/30/08 (continued)
- --------------------------------------------------------------------------------
Hypothetical Example for Comparison Purposes
The table below provides information about hypothetical account values and
hypothetical expenses based on the Fund's actual expense ratio and an assumed
rate of return of 5% per year before expenses, which is not the Fund's actual
return. The hypothetical account values and expenses may not be used to estimate
the actual ending account balance or expenses you paid for the period.
You may use this information to compare the ongoing costs of investing in the
Fund and other funds. To do so, compare this 5% hypothetical example with the 5%
hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the tables are meant to highlight your
ongoing costs only and do not reflect any transaction costs, such as sales
charges (loads) that are charged at the time of the transaction. Therefore, the
table below is useful in comparing ongoing costs only and will not help you
determine the relative total costs of owning different funds. In addition, if
these transaction costs were included, your costs would have been higher.
Expenses Paid on a $1,000 Investment in Pioneer Global Aggregate Bond Fund
Based on a hypothetical 5% per year return before expenses, reflecting the
period from December 28, 2007 through April 30, 2008.
Share Class A C Y
- ---------------------------------------------------------------------------------
Beginning Account Value $1,000.00 $1,000.00 $1,000.00
On 12/28/07
Ending Account Value (after expenses) $1,013.66 $1,010.59 $1,014.04
On 4/30/08
Expenses Paid During Period* $ 3.44 $ 6.52 $ 3.06
* Expenses are equal to the Fund's annualized expense ratio of 1.00%, 1.90%,
and 0.89% for Class A, Class C, and Class Y respectively, multiplied by the
average account value over the period, multiplied by 125/366 (to reflect
the partial year period)
14
Pioneer Global Aggregate Bond Fund
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SCHEDULE OF INVESTMENTS 4/30/08 (unaudited)
- --------------------------------------------------------------------------------
S&P/
Principal Floating Moody's
Amount Rate (b) Ratings Value
ASSET BACKED SECURITIES - 0.9%
Diversified Financials - 0.9%
Consumer Finance - 0.2%
$ 20,000 3.34 AA+/Aa1 RASC 2005-KS7 M1, Floating Rate Note,
8/25/35 $ 16,898
----------
Investment Banking & Brokerage - 0.4%
24,744 3.33 AA/Aa2 GSAMP Trust, Floating Rate Note,
3/25/35 $ 22,639
20,000 3.06 AAA/Aa1 MLMI 2006-AR1 A2C, Floating Rate Note,
3/25/37 15,519
----------
$ 38,158
----------
Diversified Financial Services - 0.2%
25,000 3.09 AAA/Aaa FFML 2006-FF4 A2, Floating Rate Note,
3/25/36 $ 23,426
----------
TOTAL ASSET BACKED SECURITIES
(Cost $78,320) $ 78,482
----------
COLLATERALIZED MORTGAGE OBLIGATIONS - 3.3%
Materials - 0.5%
Forest Products - 0.5%
50,000 AAA/Aaa TSTAR 2006-1A A, 5.668%, 10/15/36 $ 47,869
----------
Total Materials $ 47,869
----------
Banks - 1.9%
Thrifts & Mortgage Finance - 1.9%
10,000 AAA/A2 CCI 2005 1A C, 5.074%, 6/15/35 $ 9,348
25,000 AAA/Aaa GS Mortgage Securities Corp II,
7.12%, 11/18/29 26,664
36,430 AAA/Aaa JP Morgan Mortgage Trust, 6.0%,
8/25/34 35,223
15,000 AAA/Aaa JPMCC 2002-C3 B, 5.146%, 7/12/35 14,826
48,180 AAA/Aaa JPMCC 2004-CB8 A1A, 4.158%,
1/12/39 45,832
25,000 NR/Ba1 SBA CMBS Trust, 6.709%, 11/15/36 22,032
26,128 3.13 AAA/Aaa WAMU Mortgage Pass-Through
Certificates, Floating Rate Note,
4/25/45 21,586
----------
$ 175,511
----------
Total Banks $ 175,511
----------
The accompanying notes are an integral part of these financial statements. 15
Pioneer Global Aggregate Bond Fund
- --------------------------------------------------------------------------------
SCHEDULE OF INVESTMENTS 4/30/08 (unaudited) (continued)
- --------------------------------------------------------------------------------
S&P/
Principal Floating Moody's
Amount Rate (b) Ratings Value
Diversified Financials - 0.8%
Diversified Financial Services - 0.8%
$ 48,146 AAA/AAA Master Alternative Loans Trust, 6.0%,
7/25/34 $ 47,275
34,511 AAA/Aaa RALI 2005-QA10 A41, 5.7412%,
9/25/35 28,902
----------
$ 76,177
----------
Total Diversified Financials $ 76,177
----------
TOTAL COLLATERALIZED MORTGAGE
OBLIGATIONS
(Cost $293,511) $ 299,557
----------
CORPORATE BONDS - 24.4%
Energy - 1.8%
Integrated Oil & Gas - 0.3%
25,000 BBB+/Baa1 Marathon Oil Corp., 5.9%, 3/15/18 $ 25,296
----------
Oil & Gas Exploration & Production - 0.5%
10,000 BBB/Baa2 Canadian National Resources, 5.9%,
2/1/18 $ 10,161
40,000 BAA3/BBB- Panoche Energy Center, 6.885%,
7/31/29 (144A) 39,084
----------
$ 49,245
----------
Oil & Gas Storage & Transporation - 1.0%
25,000 BBB/Baa2 Buckeye Partners LP, 6.05%, 1/15/18 $ 24,799
30,000 BBB-/Baa3 NGPL Pipeco LLC, 6.514%, 12/15/12
(144A) 30,902
40,000 7.00 BB/Ba1 Teppco Partners LP, Floating Rate Note,
6/1/67 33,946
----------
$ 89,647
----------
Total Energy $ 164,188
----------
Materials - 0.9%
Commodity Chemicals - 0.6%
50,000 NR/NR Kronos International, Inc., 6.5%,
4/15/13 $ 55,906
----------
Steel - 0.3%
25,000 A+/A1 Nucor Corp., 5.0%, 12/1/12 $ 25,161
----------
Total Materials $ 81,067
----------
16 The accompanying notes are an integral part of these financial statements.
Pioneer Global Aggregate Bond Fund
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
S&P/
Principal Floating Moody's
Amount Rate (b) Ratings Value
Capital Goods - 0.2%
Industrial Conglomerates - 0.2%
$ 15,000 AAA/Aaa General Electric Capital Corp., 4.0%,
2/15/12 $ 14,683
----------
Total Capital Goods $ 14,683
----------
Commercial Services & Supplies - 0.3%
Office Services & Supplies - 0.3%
25,000 A+/A1 Pitney Bowes, Inc., 5.6%, 3/15/18 $ 24,885
----------
Total Commercial Services & Supplies $ 24,885
----------
Transportation - 0.8%
Railroads - 0.8%
25,000 BBB/Baa1 Burlington Sante Fe Corp., 5.75%,
3/15/08 $ 25,355
50,000 BBB/Baa2 Union Pacific Corp., 5.7%, 8/15/18 50,577
----------
$ 75,932
----------
Total Transportation $ 75,932
----------
Consumer Durables & Apparel - 0.3%
Household Appliances - 0.3%
25,000 BBB/Baa2 Whirlpool Corp., 5.5%, 3/1/13 $ 24,852
----------
Total Consumer Durables & Apparel $ 24,852
----------
Consumer Services - 0.4%
Education Services - 0.4%
40,000 AAA/Aaa President & Fellows of Harvard, 3.7%,
4/1/13 $ 39,224
----------
Total Consumer Services $ 39,224
----------
Media - 0.5%
Broadcasting & Cable TV - 0.5%
25,000 BBB/Baa2 British Sky Broadcasting, 6.1%,
2/15/18 (144A) $ 25,437
25,000 CCC/B3 Univision Communications, 9.75%,
3/15/15 (144A) 18,063
----------
$ 43,500
----------
Total Media $ 43,500
----------
Food & Drug Retailing - 0.3%
Hypermarkets & Supercenters - 0.3%
25,000 AA/Aa2 Wal-Mart Stores, Inc., 5.8%, 2/15/18 $ 26,578
----------
Total Food & Drug Retailing $ 26,578
----------
The accompanying notes are an integral part of these financial statements. 17
Pioneer Global Aggregate Bond Fund
- --------------------------------------------------------------------------------
SCHEDULE OF INVESTMENTS 4/30/08 (unaudited) (continued)
- --------------------------------------------------------------------------------
S&P/
Principal Floating Moody's
Amount Rate (b) Ratings Value
Food, Beverage & Tobacco - 0.3%
Tobacco - 0.3%
$ 25,000 A/A3 UST, Inc., 5.75%, 3/1/18 $ 24,979
----------
Total Food, Beverage & Tobacco $ 24,979
----------
Health Care Equipment & Services - 0.5%
Health Care Facilities - 0.1%
5,000 BB-/B2 HCA, Inc., 9.125%, 11/15/14 $ 5,300
----------
Managed Health Care - 0.4%
40,000 A-/Baa1 United Health Group, 4.875%, 2/15/13 $ 38,198
----------
Total Health Care Equipment & Services $ 43,498
----------
Pharmaceuticals & Biotechnology - 0.3%
Biotechnology - 0.3%
25,000 BBB/Baa3 Biogen IDEC, 6.0%, 3/1/13 $ 25,067
----------
Total Pharmaceuticals & Biotechnology $ 25,067
----------
Banks - 6.8%
Diversified Banks - 6.8%
80,000 4.98 AA/AA2 BNP Paribas, Floating Rate Note,
10/17/16 $ 120,285
80,000 4.92 A/AA2 DNB Norse Bank ASA, Floating Rate
Note, 9/28/15 121,146
100,000 4.61 A+/AA3 Intesa Sanpaolo S.p.A., Floating Rate
Note 2/8/16 149,789
10,000 A/Aa3 Korea Development Bank, 5.3%,
1/17/13 10,024
80,000 5.75 A+/AA2 Nordea Bank Finland, Floating Rate Note,
3/26/14 124,901
20,000 AA-/Aa2 Wachovia Bank NA, 6.0%, 11/15/17 19,920
20,000 AA-/Aa3 Wachovia Corp., 5.75%, 6/15/17 19,899
50,000 AA+/Aa1 Wells Fargo Co., 4.375%, 1/31/13 49,462
----------
$ 615,426
----------
Total Banks $ 615,426
----------
Diversified Financials - 5.2%
Asset Management & Custody Banks - 0.5%
25,000 A-/A3 Eaton Vance Corp., 6.5%, 10/2/17 $ 26,044
25,000 A/Aa3 Mellon Funding Corp., 5.5%, 11/15/18 24,186
----------
$ 50,230
----------
18 The accompanying notes are an integral part of these financial statements.
Pioneer Global Aggregate Bond Fund
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
S&P/
Principal Floating Moody's
Amount Rate (b) Ratings Value
Investment Banking & Brokerage - 1.0%
$ 50,000 A+/A1 Merrill Lynch & Co., 5.45%, 2/5/13 $ 48,647
45,000 AA-/Aa3 Morgan Stanley Dean Witter, 6.625%,
4/1/18 46,657
----------
$ 95,304
----------
Diversified Financial Services - 2.1%
50,000 AA-/Aa2 JP Morgan Chase & Co., 6.0%, 1/15/18 $ 51,825
80,000 3.63 A/A3 Standard Chartered, Floating Rate Note,
2/3/17 114,109
35,000 A-/A2 WEA Finance LLC, 7.125%, 4/15/18 36,217
----------
$ 202,151
----------
Specialized Finance - 1.2%
25,000 A-/A3 CIT Group, Inc., 7.625%, 11/30/12 $ 23,320
49,580 NR/Baa3 Coso Geothermal Power, 7.0%,
7/15/26 (144A) 49,580
40,000 BBB+/Baa1 GATX Financial Corp., 6.0%, 2/15/18 39,489
10,000 A+/A1 National Rural Utilities Corp., 5.45%,
2/1/18 9,954
----------
$ 122,343
----------
Total Diversified Financials $ 470,028
----------
Insurance - 3.3%
Life & Health Insurance - 0.1%
10,000 A+/A3 Prudential Financial, 5.15%, 1/15/13 $ 9,925
----------
Multi-Line Insurance - 2.8%
25,000 B+/Ba1 AFC Capital Trust I, 8.207%, 2/3/27 $ 20,525
30,000 A+/A1 American General Finance, 6.9%,
12/15/17 29,668
80,000 6.75 NR/NR AXA SA, Floating Rate Note, 12/15/20 127,268
35,000 AA-/A1 International Lease Finance, 6.375%,
3/25/13 35,475
45,000 BB+/Baa3 Liberty Mutual Group, 7.0%, 3/15/37
(144A) 41,483
----------
$ 254,419
----------
Property & Casualty Insurance - 0.1%
10,000 14.00 AA/Aa2 MBIA, Inc., Floating Rate Note, 1/15/33
(144A) $ 9,150
----------
Reinsurance - 0.3%
30,000 BBB/NR Platinum Underwriters HD, 7.5%, 6/1/17 $ 29,496
----------
Total Insurance $ 302,990
----------
The accompanying notes are an integral part of these financial statements. 19
Pioneer Global Aggregate Bond Fund
- --------------------------------------------------------------------------------
SCHEDULE OF INVESTMENTS 4/30/08 (unaudited) (continued)
- --------------------------------------------------------------------------------
S&P/
Principal Floating Moody's
Amount Rate (b) Ratings Value
Software & Services - 0.6%
Data Processing & Outsourced Services - 0.6%
$ 55,000 B/B3 First Data Corp., 9.875%, 9/24/15
(144A) $ 50,050
----------
Total Software & Services $ 50,050
----------
Technology Hardware & Equipment - 0.3%
Computer Hardware - 0.3%
25,000 A/A2 Hewlett-Packard Co., 4.5%, 3/1/13 $ 25,204
----------
Total Technology Hardware & Equipment $ 25,204
----------
Semiconductors - 0.3%
Semiconductor Equipment - 0.3%
25,000 BBB/Baa1 Klac Instruments Corp., 6.9%, 5/1/18 $ 25,197
----------
Total Semiconductors $ 25,197
----------
Telecommunication Services - 0.9%
Integrated Telecommunication Services - 0.9%
50,000 A/A2 AT&T, Inc., 5.5%, 2/1/18 $ 49,992
10,000 CCC+/Caa1 Paetec Holdings, 9.5%, 7/15/15 9,400
25,000 A/A3 Verizon Communications, 6.1%, 4/15/18 26,212
----------
$ 85,604
----------
Total Telecommunication Services $ 85,604
----------
Utilities - 0.6%
Electric Utilities - 0.2%
10,000 BBB/Baa2 Commonwealth Edison, 6.15%, 9/15/17 $ 10,240
10,000 BBB+/Baa2 West Penn Power Co., 5.95%, 12/15/17 10,211
----------
$ 20,451
----------
Gas Utilities - 0.1%
10,000 A-/A3 Questar Pipeline Co., 5.83%, 2/1/18 $ 9,655
----------
Independent Power Producer & Energy Traders - 0.1%
5,000 CCC/B3 TXU Energy Co., 10.25%, 11/1/15 $ 5,213
----------
Multi-Utilities - 0.2%
20,000 A/A2 Northern States Power - Minnesota,
5.25%, 3/1/18 $ 20,088
----------
Total Utilities $ 55,407
----------
TOTAL CORPORATE BONDS
(Cost $2,189,821) $2,218,359
----------
20 The accompanying notes are an integral part of these financial statements.
Pioneer Global Aggregate Bond Fund
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
S&P/
Principal Floating Moody's
Amount Rate (b) Ratings Value
U.S. GOVERNMENT AND AGENCY
OBLIGATIONS - 33.3%
Government - 33.3%
$ 499,950 AAA/Aaa Federal Home Loan Mortgage Corp.,
6.0%, 8/1/37 $ 332,910
499,950 AAA/Aaa Federal National Mortgage Association,
5.5%, 12/1/37 503,217
865,946 AAA/Aaa Federal National Mortgage Association,
6.5%, 10/1/37 - 4/1/38 897,759
458,350 AAA/Aaa Government National Mortgage Associa-
tion, 5.5%, 1/15/38 460,462
35,000 AAA/Aaa U.S. Treasury Bonds, 4.25%, 11/15/13 37,037
50,000 AAA/Aaa U.S. Treasury Bonds, 6.25%, 8/15/23
(d) 60,176
25,000 AAA/Aaa U.S. Treasury Bonds, 3.125%,
11/30/09 25,367
92,500 AAA/Aaa U.S. Treasury Inflation Notes, 1.875%,
7/15/15 96,641
200,000 AAA/Aaa U.S. Treasury Notes, 3.5%, 2/15/18 (d) 195,750
60,000 AAA/Aaa U.S. Treasury Notes, 3.625%, 12/31/12 61,613
250,000 AAA/Aaa U.S. Treasury Notes, 4.25%, 11/15/17
(d) 259,688
33,000 AAA/Aaa U.S. Treasury Notes, 4.375%, 2/15/38 32,358
52,000 AAA/Aaa U.S. Treasury Notes, 5.0%, 5/15/37 56,355
----------
$3,019,333
----------
TOTAL U.S. GOVERNMENT AND AGENCY
OBLIGATIONS
(Cost $3,009,776) $3,019,333
----------
FOREIGN GOVERNMENT BONDS - 25.2%
Government - 25.2%
EURO 129,000 NR/NR Bonos Y Oblig Del ES, 4.4%, 1/31/15 204,194
EURO 110,000 NR/NR Buoni Poliennali DE, 4.75%, 2/1/13 176,413
EURO 163,000 AAA/Aaa Deutchsland Rep Bundes, 5.25%,
1/4/11 264,227
EURO 67,000 AAA/Aaa Government of France, 3.75%, 4/25/21 97,051
JPY 20,000,000 AA-/A2 Japan Government 10-Yr, 1.7%, 9/20/16 197,030
JPY 18,000,000 AA/A2 Japan Government 10-Yr, 1.8%, 6/21/10 176,773
JPY 17,000,000 AA-/A2 Japan Government 20-Yr, 1.5%, 3/20/19 160,964
JPY 2,500,000 AA-/A2 Japan Government 30-Yr, 2.3%,
12/20/36 23,214
JPY 37,000,000 AA/A1 Japan Government 5-Yr, 1.2%, 3/20/12 357,851
The accompanying notes are an integral part of these financial statements. 21
Pioneer Global Aggregate Bond Fund
- --------------------------------------------------------------------------------
SCHEDULE OF INVESTMENTS 4/30/08 (unaudited) (continued)
- --------------------------------------------------------------------------------
S&P/
Principal Floating Moody's
Amount Rate (b) Ratings Value
Government - (continued)
EURO 91,000 NR/NR Netherlands Government, 5.5%,
1/15/28 $ 156,794
EURO 110,000 AAA/Aaa Republic of Austria, 7.0%, 7/15/14 173,769
GBP 46,000 AAA/Aaa United Kingdom Treasury, 4.25%,
12/7/27 85,671
GBP 29,000 AAA/Aaa United Kingdom Treasury, 4.75%,
3/7/20 57,465
GBP 22,000 AAA/Aaa United Kingdom Treasury, 4.75%,
6/7/10 44,062
GBP 25,000 AAA/Aaa United Kingdom Treasury, 4.75%,
9/7/15 50,427
GBP 30,000 AAA/Aaa United Kingdom Treasury, 5.0%, 9/7/14 61,511
----------
$2,287,416
----------
TOTAL FOREIGN GOVERNMENT BONDS
(Cost $2,193,297) $2,287,416
----------
MUNICIPAL BONDS - 0.8%
Government - 0.8%
Municipal Higher Education - 0.8%
50,000 AAA/Aaa California State University Revenue,
5.0%, 11/1/39 $ 51,355
25,000 AAA/Aaa Conneticut State Health & Educational,
5.0%, 7/1/42 25,622
----------
$ 76,977
----------
TOTAL MUNICIPAL BONDS
(Cost $73,796) $ 76,977
----------
TEMPORARY CASH INVESTMENT - 3.2%
Securities Lending Collateral - 3.2%
Certificates of Deposit:
822,788 Banco Santander NY, 2.80%, 10/7/08 $ 2,463
914,209 Bank Bovespa NY, 2.86%, 5/6/08 2,735
2,285,524 Bank of America, 2.80%, 8/22/08 6,837
822,788 Bank of Scotland NY, 2.89%, 11/4/08 2,457
1,142,762 Bank of Scotland NY, 3.03%, 9/26/08 3,415
2,285,524 BNP Paribas NY, 2.88%, 7/23/08 6,837
365,684 BNP Paribas NY, 3.035%, 5/23/08 1,094
1,371,314 Calyon NY, 2.85%, 8/25/08 4,103
457,105 Calyon NY, 2.69%, 01/16/09 2,167
2,285,524 Citibank, 2.85%, 7/29/08 6,837
1,695,858 Dexia Bank NY, 3.37%, 09/29/08 5,060
196,555 Fortis, 3.11%, 09/30/08 587
457,105 Fortis, 3.14%, 06/30/08 1,367
22 The accompanying notes are an integral part of these financial statements.
Pioneer Global Aggregate Bond Fund
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
S&P/
Principal Floating Moody's
Amount Rate (b) Ratings Value
Securities Lending Collateral - (continued)
$ 2,285,524 NORDEA NY, 2.81%, 8/29/08 $ 6,837
365,684 Rabobank Nederland NY, 2.37%, 8/29/08 1,093
1,142,762 Royal Bank of Canada NY, 2.57%, 7/15/08 3,419
882,212 Skandinavian Enskilda Bank NY,
2.70%, 7/17/08 2,639
265,121 Skandinavian Enskilda Bank NY,
3.18%, 09/22/08 792
457,105 Skandinavian Enskilda Bank NY,
3.06% 02/13/09 1,363
914,209 Svenska Bank NY, 2.70%, 7/17/08 2,735
457,105 Wachovia Bank, 2.82%, 6/9/08 6,290
----------
$ 71,127
----------
Commercial Paper:
246,111 Bank of America, 2.62%, 8/26/08 $ 2,092
456,865 Calyon, 2.71%, 5/8/08 1,367
685,657 CBA, 2.71%, 7/11/08 2,040
457,104 Deutsche Bank Financial, 2.55%, 7/9/08 1,361
365,683 Deutsche Bank Financial, 2.55%, 6/16/08 1,090
548,526 HSBC, 2.67%, 6/16/08 1,635
457,105 HSBC, 2.72%, 6/9/08 1,364
457,104 HSBC, 2.89% 7/21/08 1,359
457,105 Lloyds Bank, 2.60%, 6/6/08 1,364
1,142,762 Macquarie Bank, 2.87%, 6/26/08 3,403
457,105 Macquarie Bank, 2.87%, 6/9/08 1,363
685,657 Natixis, 2.87%, 7/10/08 2,040
685,657 Natixis, 2.87%, 7/21/08 2,037
455,774 PARFIN, 2.70%, 6/9/08 1,363
457,105 RAB USA, 2.61%, 6/10/08 1,364
914,209 Royal Bank of Scotland, 2.66%, 10/21/08 2,696
438,821 Royal Bank of Scotland, 3.00%, 6/12/08 1,309
365,684 Societe Generale, 2.85%, 5/2/08 1,094
1,142,762 Societe Generale, 2.93%, 7/30/08 3,394
457,105 Societe Generale, 2.98%, 7/2/08 1,361
2,056,971 Unicredit Group, 2.89%, 7/17/08 6,115
457,104 Wachovia, 3.62%,10/28/08 1,363
365,165 WestPac, 2.72%, 7/10/08 1,088
457,104 WestPac, 2.72%, 7/7/08 1,361
685,657 WestPac, 2.77%, 7/9/08 2,040
----------
$ 47,063
----------
The accompanying notes are an integral part of these financial statements. 23
Pioneer Global Aggregate Bond Fund
- --------------------------------------------------------------------------------
SCHEDULE OF INVESTMENTS 4/30/08 (unaudited) (continued)
- --------------------------------------------------------------------------------
S&P/
Principal Floating Moody's
Amount Rate (b) Ratings Value
Securities Lending Collateral - (continued)
Tri-party Repurchase Agreements:
$16,221,229 Barclay's Bank, 1.96% 5/1/08 $ 48,527
13,713,141 Deutsche Bank, 1.97% 5/1/08 41,024
13,713,141 Lehman Brothers, 1.99% 5/1/08 41,024
13,713,141 Merrill Lynch, 1.95% 5/1/08 41,024
----------
$ 171,599
----------
Other:
$ 1,599,866 ABS CFAT 2008-A A1 $ 4,786
----------
Total Securities Lending Collateral $ 294,575
----------
TOTAL TEMPORARY CASH INVESTMENT
(Cost $294,575) $ 294,575
----------
TOTAL INVESTMENT IN SECURITIES - 91.1%
(Cost $8,133,092) (a) (c) $8,274,699
----------
OTHER ASSETS AND LIABILITIES - 8.9% $ 811,459
----------
TOTAL NET ASSETS - 100.0% $9,086,158
==========
(144A) Security is exempt from registration under Rule 144A of the Securities
Act of 1933. Such securities may be resold normally to qualified
institutional buyers in a transaction exempt from registration. At April
30, 2008, the value of these securities amounted to $263,749 or 2.9% of
total net assets.
(a) At April 30, 2008, the net unrealized gain on investments based on cost
for federal income tax purposes of $8,133,092 was as follows:
Aggregate gross unrealized gain for all investments in which there is
an excess of value over tax cost $177,832
Aggregate gross unrealized loss for all investments in which there is
an excess of tax cost over value (36,225)
--------
Net unrealized gain $141,607
========
(b) Debt obligation with a variable interest rate. Rate shown is rate at
period end.
(c) Distributions of investment by country of issue, as a percentage of total
investment in securities (excluding temporary cash investments), is as
follows:
United States 62.4%
Japan 11.5
United Kingdom 5.5
France 4.3
Italy 4.1
Germany 3.3
Spain 2.6
Austria 2.2
Netherlands 2.0
Norway 1.5
Other (individually less than 1%) 0.6
-----
100.0%
=====
24 The accompanying notes are an integral part of these financial statements.
Pioneer Global Aggregate Bond Fund
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
(d) At April 30, 2008, the following securities were out on loan:
Principal
Amount Description Value
$ 49,000 U.S. Treasury Bonds, 6.25%, 8/15/23 $ 58,972
198,000 U.S. Treasury Notes, 3.5%, 2/15/18 193,793
32,000 U.S. Treasury Notes, 4.25%, 11/15/17 33,240
--------
Total $286,005
========
NOTE: Principal amounts are denominated in U.S. Dollars unless otherwise
denoted:
EURO Euro
JPY Japanese Yen
GBP British Pound Sterling
NR: Not rated by S&P or Moody's.
Purchases and sales of securities (excluding temporary cash investments) for
the period ended April 30, 2008 aggregated $9,289,697 and $1,462,701,
respectively.
The accompanying notes are an integral part of these financial statements. 25
Pioneer Global Aggregate Bond Fund
- --------------------------------------------------------------------------------
STATEMENT OF ASSETS AND LIABILITIES 4/30/08 (unaudited)
- --------------------------------------------------------------------------------
ASSETS:
Investment in securities, at value
(including securities loaned of $286,005) (cost $8,133,092) $8,274,699
Futures Collateral 15,726
Foreign currencies, at value (cost $1,546,789) 1,539,502
Receivables -
Fund shares sold 1,643
Variation margin 4,370
Interest 74,747
Forward foreign currency portfolio hedge contracts, open net 6,614
Due from Pioneer Investment Management, Inc. 8,782
Other 30,950
----------
Total assets $9,957,033
----------
LIABILITIES:
Payables -
Investment securities purchased $ 116,761
Fund shares repurchased 80,001
Dividends 15,406
Upon return of securities loaned 294,575
Due to bank 319,048
Accrued expenses 45,084
----------
Total liabilities $ 870,875
----------
NET ASSETS:
Paid-in capital $8,919,033
Undistributed net investment income 11,291
Accumulated net realized gain on investments foreign currency
transactions and futures contracts 46,120
Net unrealized gain on investments 141,607
Net unrealized gain on forward foreign currency contracts and
other assets and liabilities denominated in foreign currencies 1,041
Net unrealized loss on futures contracts (32,934)
----------
Total net assets $9,086,158
==========
NET ASSET VALUE PER SHARE:
(No par value, unlimited number of shares authorized)
Class A (based on $4,385,245/423,900 shares) $ 10.34
==========
Class C (based on $2,976,750/288,129 shares) $ 10.33
==========
Class Y (based on $1,724,163/166,667 shares) $ 10.34
==========
MAXIMUM OFFERING PRICE:
Class A ($10.34 [divided by] 95.5%) $ 10.83
==========
26 The accompanying notes are an integral part of these financial statements.
Pioneer Global Aggregate Bond Fund
- --------------------------------------------------------------------------------
STATEMENT OF OPERATIONS (unaudited)
- --------------------------------------------------------------------------------
For the period from 12/28/07 (Commencement of Operations) to 4/30/08
INVESTMENT INCOME:
Interest $ 89,966
--------
Total investment income $ 89,966
--------
EXPENSES:
Management fees $ 12,325
Transfer agent fees and expenses
Class A 332
Class C 50
Class Y 12
Distribution fees
Class A 2,669
Class C 8,159
Administrative fees 554
Custodian fees 7,888
Registration fees 21,102
Professional fees 31,616
Printing expense 6,160
Fees and expenses of nonaffiliated trustees 2,841
Miscellaneous 3,772
--------
Total expenses $ 97,480
Less fees waived and expenses reimbursed by Pioneer
Investment Management, Inc. (66,055)
--------
Net expenses $ 31,425
--------
Net investment income $ 58,541
--------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS,
FUTURES CONTRACTS AND FOREIGN CURRENCY TRANSACTIONS:
Net realized gain on:
Investments $ 9,880
Futures contracts 10,585
Forward foreign currency contracts and other assets and
liabilities denominated in foreign currencies 25,655 $ 46,120
-------- --------
Net unrealized gain (loss) on:
Investments $141,607
Futures contracts (32,934)
Forward foreign currency contracts and other assets and
liabilities denominated in foreign currencies 1,041 $109,714
-------- --------
Net gain on investments, futures contracts, and foreign
currency transactions $155,834
--------
Net increase in net assets resulting from operations $214,375
========
The accompanying notes are an integral part of these financial statements. 27
Pioneer Global Aggregate Bond Fund
- --------------------------------------------------------------------------------
STATEMENTS OF CHANGES IN NET ASSETS
- --------------------------------------------------------------------------------
For the period from 12/28/07 (Commencement of Operations) to 4/30/08
12/28/07
(Commencement
of Operations)
to 4/30/08
(unaudited)
FROM OPERATIONS:
Net investment income $ 58,541
Net realized gain on investments, futures contracts, and foreign
currency transactions 46,120
Net unrealized gain on investments, futures contracts, and foreign
currency transactions 109,714
----------
Net increase in net assets resulting from operations $ 214,375
----------
DISTRIBUTIONS TO SHAREOWNERS:
Net investment income:
Class A ($0.06 per share) $ (23,824)
Class C ($0.05 per share) (12,826)
Class Y ($0.06 per share) (10,600)
----------
Total distributions to shareowners $ (47,250)
----------
FROM FUND SHARE TRANSACTIONS:
Net proceeds from sale of shares $9,444,570
Reinvestment of distributions 19,348
Cost of shares repurchased (544,885)
----------
Net increase in net assets resulting from Fund share transactions $8,919,033
----------
Net decrease in net assets $9,086,158
NET ASSETS:
Beginning of period -
----------
End of period $9,086,158
==========
Undistributed net investment income $ 11,291
==========
28 The accompanying notes are an integral part of these financial statements.
Pioneer Global Aggregate Bond Fund
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
'08 Shares '08 Amount
(unaudited) (unaudited)
CLASS A*
Shares sold 465,887 $4,762,104
Reinvestment of distributions 1,295 13,479
Less shares repurchased (43,282) (442,750)
------- ----------
Net increase 423,900 $4,332,833
======= ==========
CLASS C*
Shares sold 297,437 $3,016,558
Reinvestment of distributions 564 5,869
Less shares repurchased (9,873) (102,135)
------- ----------
Net increase 288,128 $2,920,292
======= ==========
CLASS Y*
Shares sold 166,667 $1,665,908
------- ----------
Net increase 166,667 $1,665,908
======= ==========
* Class A, C and Y shares were first publicly offered on December 28, 2007.
The accompanying notes are an integral part of these financial statements. 29
Pioneer Global Aggregate Bond Fund
- --------------------------------------------------------------------------------
FINANCIAL HIGHLIGHTS
- --------------------------------------------------------------------------------
12/28/07 (a)
(Commencement
of Operations)
to 4/30/08
(unaudited)
CLASS A
Net asset value, beginning of period $10.00
------
Increase from investment operations:
Net investment income $ 0.07
Net realized and unrealized gain on investments 0.33
------
Net increase in net assets from investment operations $ 0.40
Distributions to shareowners:
Net investment income (0.06)
------
Net decrease in net asset value $ 0.34
------
Net asset value, end of period $10.34
======
Total return* 4.02%***
Ratio of net expenses to average net assets 1.00%**
Ratio of net investment income to average net assets 2.70%**
Portfolio turnover rate 24%**
Net assets, end of period (in thousands) $4,385
Ratios with no waiver of fees and assumption of expenses
by PIM
Net expenses 3.86%**
Net investment loss (0.16)%**
Ratios with waiver of fees and assumption of expenses
by PIM and reduction for fees paid indirectly:
Net expenses 1.00%**
Net investment income 2.70%**
(a) Class A shares were first publicly offered on December 28, 2007.
* 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.
*** Not Annualized.
30 The accompanying notes are an integral part of these financial statements.
Pioneer Global Aggregate Bond Fund
- --------------------------------------------------------------------------------
FINANCIAL HIGHLIGHTS
- --------------------------------------------------------------------------------
12/28/07 (a)
(Commencement
of Operations)
to 4/30/08
(unaudited)
CLASS C
Net asset value, beginning of period $10.00
------
Increase from investment operations:
Net investment income $ 0.05
Net realized and unrealized gain on investments 0.33
------
Net increase in net assets from investment operations $ 0.38
Distributions to shareowners:
Net investment income (0.05)
------
Net decrease in net asset value $ 0.33
------
Net asset value, end of period $10.33
======
Total return* 3.77%***
Ratio of net expenses to average net assets 1.90%**
Ratio of net investment income to average net assets 1.75%**
Portfolio turnover rate 24%**
Net assets, end of period (in thousands) $2,977
Ratios with no waiver of fees and assumption of expenses
by PIM
Net expenses 4.46%**
Net investment loss (0.81)%**
Ratios with waiver of fees and assumption of expenses
by PIM and reduction for fees paid indirectly:
Net expenses 1.90%**
Net investment income 1.75%**
(a) Class C shares were first publicly offered on December 28, 2007.
* 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.
*** Not Annualized.
The accompanying notes are an integral part of these financial statements. 31
Pioneer Global Aggregate Bond Fund
- --------------------------------------------------------------------------------
FINANCIAL HIGHLIGHTS
- --------------------------------------------------------------------------------
12/28/07 (a)
(Commencement
of Operations)
to 4/30/08
(unaudited)
CLASS Y
Net asset value, beginning of period $10.00
------
Increase from investment operations:
Net investment income $ 0.09
Net realized and unrealized gain on investments 0.31
------
Net increase in net assets from investment operations $ 0.40
Distributions to shareowners:
Net investment income (0.06)
------
Net decrease in net asset value $ 0.34
------
Net asset value, end of period $10.34
======
Total return* 4.03%***
Ratio of net expenses to average net assets 0.89%**
Ratio of net investment income to average net assets 2.65%**
Portfolio turnover rate 24%**
Net assets, end of period (in thousands) $1,724
Ratios with no waiver of fees and assumption of expenses
by PIM
Net expenses 3.41%**
Net investment income 0.13%**
Ratios with waiver of fees and assumption of expenses
by PIM and reduction for fees paid indirectly:
Net expenses 0.89%**
Net investment income 2.65%**
(a) Class Y shares were first publicly offered on December 28, 2007.
* 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.
** Annualized.
*** Not Annualized.
32 The accompanying notes are an integral part of these financial statements.
Pioneer Global Aggregate Bond Fund
- --------------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS 4/30/08 (unaudited)
- --------------------------------------------------------------------------------
1. Organization and Significant Accounting Policies
Pioneer Global Aggregate Bond Fund (the Fund) is a series of Pioneer Series
Trust VII, a Delaware statutory trust registered under the Investment Company
Act of 1940 as a non-diversified, open-end management investment company. The
investment objective of the Fund is to maximize total return through a
combination of income and capital appreciation.
The Fund offers three classes of shares - Class A, Class C, and Class Y shares.
Class A, Class C, and Class Y shares were first publicly offered on December 28,
2007. 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 and Class C shareowners,
respectively. There is no distribution plan for Class Y shares.
The Fund's financial statements have been prepared in conformity with U.S.
generally accepted accounting principles 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 year.
Actual results could differ from those estimates.
At times, the Fund's investments may represent industries or industry sectors
that are interrelated or have common risks, making it more susceptible to any
economic, political, or regulatory developments or other risks affecting those
industries and sectors. The Fund's investments in foreign markets and countries
with limited developing markets may subject the Fund to a greater degree of risk
than in a developed market. These risks include disruptive political or economic
conditions and the imposition of adverse governmental laws or currency exchange
restrictions. The Fund's prospectuses contain information regarding the Fund's
principal risks. Please refer to those documents when considering the Fund's
risks.
The following is a summary of significant accounting policies followed by the
Fund in the preparation of its financial statements, which are
33
Pioneer Global Aggregate Bond Fund
- --------------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS 4/30/08 (unaudited) (continued)
- --------------------------------------------------------------------------------
consistent with those policies generally accepted in the investment company
industry:
A. Security Valuation
Security transactions are recorded as of trade date. The net asset value of
the Fund is computed once daily, on each day the New York Stock Exchange
(NYSE) is open, as of the close of regular trading on the NYSE. In
computing the net asset value, securities are valued at the last sale price
on the principal exchange where they are traded. Fixed income securities
with remaining maturity of more than 60 days are valued at prices supplied
by independent pricing services, which consider such factors as Treasury
spreads, yields, maturities and ratings. Valuations may be supplemented by
dealers and other sources, as required. Securities for which there are no
other readily available valuation methods are valued using fair value
methods pursuant to procedures adopted by the Board of Trustees. At April
30, 2008 there were no securities that were valued using fair value
methods. Temporary cash investments are valued at cost which approximates
market value.
All discounts and premiums on debt securities are accreted or amortized
daily, respectively, on a yield-to-maturity basis into interest income with
a corresponding increase or decrease in the cost basis of the security.
Interest income is recorded on the accrual basis, net of unrecoverable
foreign taxes withheld at the applicable country rates.
Gains and losses on sales of investments are calculated on the identified
cost method for both financial reporting and federal income tax purposes.
The Fund invests in below investment grade (high yield) debt securities and
preferred stocks. Some of these high yield securities may be convertible
into equity securities of the issuer. Debt securities 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.
34
Pioneer Global Aggregate Bond Fund
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
B. Foreign Currency Translation
The books and records of the Fund are maintained in U.S. dollars. Amounts
denominated in foreign currencies are translated into U.S. dollars using
current exchange rates.
Net realized gains and losses on foreign currency transactions, if any,
represent, among other things, the net realized gains and losses on foreign
currency contracts, disposition of foreign currencies and the difference
between the amount of income accrued and the U.S. dollars actually
received. Further, the effects of changes in foreign currency exchange
rates on investments are not segregated in the statement of operations from
the effects of changes in market price of those securities but are included
with the net realized and unrealized gain or loss on investments.
C. Forward Foreign Currency Contracts
The Fund enters into forward foreign currency contracts (contracts) for the
purchase or sale of a specific foreign currency at a fixed price on a
future date as a hedge or cross-hedge against either specific investment
transactions (settlement hedges) or portfolio positions (portfolio hedges).
All contracts are marked to market daily at the applicable exchange rates,
and any resulting unrealized gains or losses are recorded in the Fund's
financial statements. The Fund records realized gains and losses at the
time a portfolio hedge is offset by entry into a closing transaction or
extinguished by delivery of the currency. Risks may arise upon entering
into these contracts from the potential inability of counterparties to meet
the terms of the contract and from unanticipated movements in the value of
foreign currencies relative to the U.S. dollar. (See Note 6)
D. Federal Income Taxes
It is the Fund's policy to comply with the requirements of the Internal
Revenue Code applicable to regulated investment companies and to distribute
all of its taxable income and net realized capital gains, if any, to its
shareowners. Therefore, no federal income tax provision is required.
The amounts and characterizations of distributions to shareowners for
financial reporting purposes are determined in accordance with federal
income tax rules. Therefore, the sources of the Fund's
35
Pioneer Global Aggregate Bond Fund
- --------------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS 4/30/08 (unaudited) (continued)
- --------------------------------------------------------------------------------
distributions may be shown in the accompanying financial statements as from
or in excess of net investment income or as from net realized gain on
investment transactions, or as from paid-in capital, depending on the type
of book/tax differences that may exist.
The tax character of current year distributions paid will be determined at
the end of the current fiscal year.
E. Fund Shares
The Fund records sales and repurchases of its shares as of trade date.
Pioneer Funds Distributor, Inc. (PFD), the principal underwriter for the
Fund and a wholly owned indirect subsidiary of UniCredito Italiano S.p.A.
(UniCredito Italiano), earned no underwriting commissions on the sale of
Class A shares during the period ended April 30, 2008.
F. Class Allocations
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.
Distribution fees are calculated based on the average daily net asset value
attributable to Class A and Class C of the Fund, respectively (see Note 4).
Class Y shares are not subject to a distribution plan. Shareowners of each
class participate in 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).
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 C and Class Y shares can bear different
transfer agent and distribution expense rates.
36
Pioneer Global Aggregate Bond Fund
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
G. Securities Lending
The Fund lends securities in its portfolio to certain broker-dealers or
other institutional investors. When entering into a loan, the Fund receives
collateral 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 which is required
to be at least 102%, at all times, of the fair value of the securities
loaned. The amount of collateral is required to 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 cash
equivalent investments.
2. Management Agreement
Pioneer Investment Management, Inc. (PIM), a wholly owned indirect subsidiary of
UniCredito Italiano, the Fund's investment adviser, manages the Fund's
portfolio. Management fees are calculated daily at the annual rate of 0.50% of
the Fund's average daily net assets.
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 1.00% and 1.90% of the average daily net assets attributable to
Class A and Class C shares, respectively. These expense limitations are in
effect through March 1, 2011 for Class A shares and through March 1, 2009 for
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. Included in "Due to affiliates" reflected on the
Statement of Assets and Liabilities is $6 in management fees, administrative
costs and certain other services payable to PIM at April 30, 2008.
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" reflected
37
Pioneer Global Aggregate Bond Fund
- --------------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS 4/30/08 (unaudited) (continued)
- --------------------------------------------------------------------------------
on the Statement of Assets and Liabilities is $163 in transfer agent fees
payable from PIMSS at April 30, 2008.
4. Distribution Plan
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 Plan, the Fund pays PFD
0.25% of the average daily net assets attributable to Class A shares as
compensation for personal services and/or account maintenance services or
distribution services with regard to Class A shares. Pursuant to the Plan, the
Fund pays PFD 1.00% of the average daily net assets attributable to Class C
shares. The fee for Class C shares consists of a 0.25% service fee and a 0.75%
distribution fee paid as compensation for personal services and/or account
maintenance services or distribution services with regard to Class C shares.
Included in "Due to affiliates" reflected on the Statement of Assets and
Liabilities is $113 in distribution fees payable to PFD at April 30, 2008.
In addition, redemptions of each class of shares (except Class Y) may be subject
to a contingent deferred sales charge (CDSC). A CDSC of 1.00% may be imposed on
redemptions of certain net asset value purchases of Class A shares within 18
months of purchase. Redemptions of Class C shares within one year of purchase
are subject to a CDSC of 1.00% based on the lower of cost or market value of
shares being redeemed. Proceeds from the CDSCs are paid to PFD. For the period
ended April 30, 2008, no CDSCs were paid to PFD.
5. Expense Offset Arrangements
The Fund has entered into certain expense offset arrangements with PIMSS
resulting in a reduction in the Fund's total expenses due to interest earned on
cash held by PIMSS. For the period ended April 30, 2008, the Fund's expenses
were not reduced under such arrangements.
6. Forward Foreign Currency Contracts
At April 30, 2008, the Fund had entered into various contracts that obligate the
Fund to deliver currencies at specified future dates. At the maturity of a
contract, the Fund must make delivery of the foreign currency. Alternatively,
prior to the settlement date of a portfolio hedge, the Fund may close out such
contracts by entering into an
38
Pioneer Global Aggregate Bond Fund
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
offsetting hedge contract. Open Portfolio hedges at April 30, 2008 were as
follows:
- ------------------------------------------------------------------------------------------------------
Net Net
Contracts to In Exchange Settlement Unrealized
Currency (deliver)/receive For Date Value Gain (loss)
- ------------------------------------------------------------------------------------------------------
GBP
(British Pound Sterling) (50,000) (99,540) 5/7/08 $ (99,434) $ 106
JPY
(Japanese Yen) (40,000,000) (391,428) 5/7/08 (384,920) 6,508
------
$6,614
======
- ------------------------------------------------------------------------------------------------------
At April 30, 2008, the Fund had no outstanding settlement hedges.
7. New Pronouncements
In September 2006, Statement of Financial Accounting Standards No. 157, Fair
Value Measurements (SFAS 157), was issued and is effective for fiscal years
beginning after November 15, 2007. SFAS 157 defines fair value, establishes a
framework for measuring fair value and expands disclosures about fair value
measurements. Management is currently evaluating the impact the adoption of SFAS
157 will have on the Fund's financial statement disclosures.
In March 2008, Statement of Financial Accounting Standards No. 161, Disclosures
about Derivative Instruments and Hedging Activities ("SFAS 161"), was issued and
is effective for fiscal years beginning after November 15, 2008. SFAS 161
requires enhanced disclosures about an entity's derivative and hedging
activities. Management is currently evaluating the impact the adoption of SFAS
161 will have on the Fund's financial statement disclosures.
39
Pioneer Global Aggregate Bond Fund
- --------------------------------------------------------------------------------
TRUSTEES, OFFICERS AND SERVICE PROVIDERS
- --------------------------------------------------------------------------------
Trustees Officers
John F. Cogan, Jr., Chairman John F. Cogan, Jr., President
David R. Bock Daniel K. Kingsbury, Executive
Mary K. Bush Vice President
Margaret B.W. Graham Mark E. Bradley, Treasurer
Daniel K. Kingsbury Dorothy E. Bourassa, Secretary
Thomas J. Perna
Marguerite A. Piret
Stephen K. West
John Winthrop
Investment Adviser and Administrator
Pioneer Investment Management, Inc.
Custodian
Brown Brothers Harriman & Co.
Principal Underwriter
Pioneer Funds Distributor, Inc.
Legal Counsel
Bingham McCutchen LLP
Shareowner Services and Transfer Agent
Pioneer Investment Management Shareholder Services, Inc.
Proxy Voting Policies and Procedures of the Fund are available without charge,
upon request, by calling our toll free number (1-800-225-6292). Information
regarding how the Fund voted proxies relating to portfolio securities during the
most recent 12-month period ended June 30 is publicly available to shareowners
at www.pioneerinvestments.com. This information is also available on the
Securities and Exchange Commission's web site at http://www.sec.gov.
40
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
This page for your notes.
41
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
This page for your notes.
42
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
This page for your notes.
43
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
This page for your notes.
44
- --------------------------------------------------------------------------------
HOW TO CONTACT PIONEER
- --------------------------------------------------------------------------------
We are pleased to offer a variety of convenient ways for you to contact us for
assistance or information.
Call us for:
Account Information, including existing accounts,
new accounts, prospectuses, applications
and service forms 1-800-225-6292
FactFone(SM) for automated fund yields, prices,
account information and transactions 1-800-225-4321
Retirement plans information 1-800-622-0176
Telecommunications Device for the Deaf (TDD) 1-800-225-1997
Write to us:
PIMSS, Inc.
P.O. Box 55014
Boston, Massachusetts 02205-5014
Our toll-free fax 1-800-225-4240
Our internet e-mail address ask.pioneer@pioneerinvestments.com
(for general questions about Pioneer only)
Visit our web site: www.pioneerinvestments.com
Before investing consider the Fund's investment objectives, risks, charges and
expenses. Contact your advisor or Pioneer Investments for a prospectus
containing this information. Read it carefully.
The Fund files a complete statement of investments with the Securities and
Exchange Commission for the first and third quarters for each fiscal year on
Form N-Q. Shareholders may view the filed Form N-Q by visiting the Commission's
web site at http://www.sec.gov. The filed form may also be viewed and copied at
the Commission's Public Reference Room in Washington, DC. Information regarding
the operations of the Public Reference Room may be obtained by calling
1-800-SEC-0330.
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
PIONEER
-------
GLOBAL
HIGH YIELD
FUND
PGHYX
Ticker Symbol
Semiannual
Report
4/30/08
[LOGO] PIONEER
Investments(R)
Table of Contents
- --------------------------------------------------------------------------------
Letter to Shareowners 2
Portfolio Management Discussion 4
Portfolio Summary 9
Prices and Distributions 10
Performance Update 11
Comparing Ongoing Fund Expenses 16
Schedule of Investments 18
Financial Statements 48
Notes to Financial Statements 57
Approval of Investment Advisory Agreement 68
Trustees, Officers and Service Providers 72
President's
Dear Shareowner,
- --------------------------------------------------------------------------------
Staying diversified and keeping your portfolio invested in the markets are two
general investment principles that have served investors well over time. They
are particularly useful guides to keep in mind today, at a time when markets
around the globe are being buffeted by problems in the financial and real
estate industries and by concerns about a slowing economy.
After an extended period of steady economic growth with sustained low
unemployment and low inflation, the U.S. economy ran into difficulty as 2007
drew to a close. Investors in subprime mortgages were forced to mark down the
value of their assets, imperiling leveraged balance sheets. The ensuing credit
crunch forced central banks in the United States and Europe to assume the role
of "lender of last resort" to keep credit markets functioning. Conditions
worsened in the first quarter of 2008, as falling prices, margin calls and
deleveraging continued, the auction-rate preferred market seized up. The U.S.
Federal Reserve expanded its lender-of-last-resort role to include lending to
primary dealers and continued to cut interest rates. By then, recession talk
was widespread as concern grew that falling home prices, rising unemployment,
sharply rising food and energy prices, and disruptions in financial markets
posed a significant threat to economic growth.
Markets reacted poorly to the developments leading up to the difficulties
surrounding Bear Stearns, with fixed-income credit spreads (the difference in
rates between corporate and U.S. government bonds) widening dramatically and
stock markets declining, wiping out the positive returns markets had delivered
in the preceding year. Treasury bond prices rose as the market underwent a
flight to quality. In the six weeks between the Bear Stearns problems and the
end of April, though, there were no further market crises, recession fears
faded in light of positive economic news, and stock markets rallied, recouping
some of their first-quarter losses, while Treasury bond prices fell back.
Over the six-month period ending April 30, 2008, the Dow Jones Industrial
Average fell 7%, the Standard & Poor's 500 Index fell 10% and the NASDAQ
Composite Index fell 16%. The MSCI EAFE Developed Market Index of international
stock markets fell 9%, and the MSCI Emerging Markets Index fell 10%. The U.S.
investment-grade bond market, as measured by the Lehman Brothers Aggregate Bond
Index, was a relatively solid performer over the six months, rising 4%. The
U.S. high-yield bond market, as measured by the Merrill Lynch High Yield Bond
Master II Index, fell 1% as its higher-coupon yields could not offset a fall in
bond prices triggered by widening credit spreads.
2
Letter
Looking forward, the risk of a 2008 recession seems diminished, but substantial
risks remain in both financial markets and the real economy. On the other hand,
a weak U.S. dollar and substantial fiscal and monetary stimulus should offer
more support for the economy. Markets remain volatile, and falling risk
tolerances and deleveraging may depress asset prices in the short term, but
equity and corporate bond valuations look attractive over a longer time horizon
unless the U.S. economy falls into a severe and protracted recession.
Sudden swings in the markets are always to be expected, but they are difficult
to time. Maintaining a long-term time horizon, being diversified, and paying
attention to asset allocation are important investment principles. As always,
we encourage you to work closely with your financial advisor to find the mix of
stocks, bonds and money market assets that is best aligned to your particular
risk tolerance and investment objective and to adhere to a strategic plan
rather than letting emotion drive investment decisions.
Respectfully,
/s/Daniel K. Kingsbury
Daniel K. Kingsbury
President and CEO
Pioneer Investment Management USA Inc.
Any information in this shareowner report regarding market or economic trends
or the factors influencing the Fund's historical or future performance are
statements of the opinion of Fund management as of the date of this report.
These statements should not be relied upon for any other purposes. Past
performance is no guarantee of future results, and there is no guarantee that
market forecasts discussed will be realized.
3
Pioneer Global High Yield Fund
- --------------------------------------------------------------------------------
PORTFOLIO MANAGEMENT DISCUSSION 4/30/08
- --------------------------------------------------------------------------------
Lower-rated, high-yielding corporate bonds, both domestic and foreign, were
buffeted by the turmoil in capital markets during the six months ending April
30, 2008. Markets became increasingly volatile after a crisis that began in
domestic subprime mortgages subsequently spread through the credit market.
High-yield bonds staged a comeback in the final six weeks of the period,
however, following the intervention of the U.S. Federal Reserve to inject more
liquidity into financial markets and stabilize conditions. The following is an
interview with Andrew Feltus, leader of the team managing Pioneer Global High
Yield Fund. Mr. Feltus provides an update on the Fund and its investment
strategies during the six months.
Q: How did the Fund perform during the six months ending April 30, 2008?
A: Pioneer Global High Yield Fund's Class A shares had a total return of
-2.77%, at net asset value, over the six months. During the same period, the
Merrill Lynch High Yield Master II Index declined by -0.77%, while the
Merrill Lynch Global High Yield and Emerging Markets Plus Index rose 0.39%.
The average return of the 458 mutual funds in Lipper's High Current Yield
category was -2.22%. On April 30, 2008, the Fund's 30-day SEC yield for
Class A shares was 9.78%.
Call 1-800-225-6292 or visit www.pioneerinvestments.com for the most recent
month-end performance results. Current performance may be lower or higher
than the performance data quoted.
The performance data quoted represents past performance, which is no
guarantee of future results. Investment return and principal value will
fluctuate, and shares, when redeemed, may be worth more or less than their
original cost.
Q: What was the investment environment like for high-yield bonds during the six
months?
A: Early in the period, high-yield bonds extended a comeback that began in
October 2007 and continued through November, the period's first month, as we
saw investors hoping for a stabilization following the sharp declines of the
late summer and early fall. The declines were the result of problems
originating in the U.S. subprime mortgage market that created fears about
investment
4
Pioneer Global High Yield Fund
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
quality, undermining values of credit-sensitive fixed-income sectors
generally. The October-November comeback proved to be short-lived,
however, as major investment banks throughout the world reported
significant losses related to their exposure to subprime mortgages late in
2007. The announcements set the stage for rising concerns about credit
quality in general, which led to significant underperformance by the most
credit-sensitive parts of the fixed-income markets, including high-yield
corporate bonds and asset-backed securities. In this period of uncertainty
and growing market volatility, the U.S. Federal Reserve attempted to
stabilize the markets by cutting the key Fed funds rate several times and
initiating new policies intended to provide more money for lending
activities. In a series of actions that started in September 2007 and
continued through the end of April 2008, the Fed cut the Fed funds rate
from 5.25% to 2.00%. In the final month, the Fed also helped arrange the
rescue of the faltering investment bank Bear Stearns by JP Morgan Chase &
Co. and opened up lending facilities to investment banks. The actions of
the Federal Reserve led to a sharp comeback by higher yielding securities
in the final six weeks of the period. As reflected by the Merrill Lynch
High Yield Master II Index, the domestic high-yield bond market rose by
about 6% in the final six weeks, although the revival was not enough to
overcome the effects of losses in the middle of the six-month period.
Foreign high-yield corporate bonds and emerging market debt generally
performed in line with the domestic high-yield market during the six
weeks, although higher-rated emerging market sovereign debt did somewhat
better. Investments denominated in most foreign currencies also performed
relatively well, as the U.S. dollar continued to weaken against most
foreign currencies.
Q: What were the principal factors that affected performance relative to the
global high-yield market during the six months ending April 30, 2008?
A: The Fund's emphasis on domestic high-yield bonds, which constituted 58.6% of
assets at the end of the six months, tended to hold back results, as did our
principal focus on corporate bonds, rather than sovereign debt, in emerging
markets investments. On April 30, 2008, 27.2% of Fund assets were invested
in emerging markets, mostly in corporate bonds. However, the Fund's exposure
to securities denominated in other currencies tended to
5
Pioneer Global High Yield Fund
- --------------------------------------------------------------------------------
PORTFOLIO MANAGEMENT DISCUSSION 4/30/08 (continued)
- --------------------------------------------------------------------------------
help the Fund's results. We began the period with 9.4% of Fund assets
invested in securities denominated in other currencies, but took profits
during the six months and ended the period with a 7.9% foreign currency
exposure.
During a period in which the lowest-rated tiers of the high-yield
universe, CCC and B, underperformed, our underexposure to CCC-rated
securities helped somewhat, but that was offset by our emphasis on B-rated
securities. While the Fund suffered no defaults, and we believe the Fund's
high-yield holdings were fundamentally sound and justified our
investments, the B-rated securities lagged because of the market's
aversion to lower-rated securities. We continued to hold the investments
based on our research of the underlying holdings and their potential to
perform well over the longer term as market conditions stabilize. At the
end of the fiscal period, the average credit rating of Fund holdings was
B-.
Q: What types of investments most influenced results during the six months
ended April 30, 2008?
A: The Fund's overweighted position in energy sector bonds among our domestic
high-yield holdings helped results, as energy bonds generally performed very
well amid rising oil and natural gas prices. While few individual
lower-rated securities escaped the effects of the turmoil in credit markets,
some individual holdings nevertheless did well. The holdings included bonds
of Cell C, a South African telecommunications service company, and C&M
Financial, a Korean cable communications corporation. Cell C reported
improvement in its operations after earlier struggles, while both companies
benefited from growing expectations that they might be acquired. In
addition, bonds of TXU Energy, a Texas-based utility, rose during a period
when utilities did well. The bonds were a result of a leveraged buyout
during 2007. While leveraged buyouts generally fell out of favor, the strong
asset values supporting TXU's bonds helped them outperform. Also supporting
the Fund's results were investments in emerging market currencies,
particularly Brazil and Colombia.
Holding back results was the Fund's exposure to bank loans, which
constituted about 6% of Fund assets at the end of the period. Bank loans
tend to be a defensive area, because of their higher credit
6
Pioneer Global High Yield Fund
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
quality. Nevertheless, bank loan investments underperformed high-yield
bonds because of a loss of financial liquidity in the credit markets
during the six months. In addition, because the interest rates of bank
loans tend to be adjustable, loans become less appealing to investors as
interest rates decline and the rates of the loans reset downward.
Individual bond holdings that detracted from the Fund's results included
those of Huawei-3Com, a China-based technology company, and Telesat
Canada, a satellite communications corporation based in China. Both
underperformed in the general market downturn. In addition, bonds of two
ethanol producers, Aventine Renewables and Verasun Energy, declined as
rising corn prices pressured their operating margins, even during a period
of rising energy prices. Other investments that held back results included
asset-backed securities of Dunkin' Donuts and Domino's Pizza, both of
which lagged because of the secondary effects that the credit crisis had
on asset-backed securities.
Q: What is your investment outlook?
A: Even after rallying in the final six weeks of the six-month period ended
April 30, 2008, the valuations of domestic corporate high-yield bonds
continue to appear attractive and high-yield bonds retain wide yield
advantages over Treasuries. The fixed-income markets may be volatile in the
weeks ahead, but we believe investors are well compensated for the credit
risks of high yield bonds, especially domestic bonds. We also may consider
selectively increasing the Fund's exposure to asset-backed securities and
subprime-related securities if we see very attractive prices created by the
extreme market fluctuations of the previous months.
If forecasts for the U.S. economy become less pessimistic, we believe the
U.S. dollar may show renewed strength and investments in the euro and
other foreign currencies may be less rewarding. The emerging markets have
outperformed developed markets by wide margins in recent years, and growth
in emerging markets should continue to outpace developed markets. However,
the valuations of emerging market bonds at the end of the period were not
as attractive as they had been relative to other securities. We anticipate
continuing to look for opportunities in emerging
7
Pioneer Global High Yield Fund
- --------------------------------------------------------------------------------
PORTFOLIO MANAGEMENT DISCUSSION 4/30/08 (continued)
- --------------------------------------------------------------------------------
markets, but we intend to be selective as we pick investments on
case-by-case analysis.
Investments in high-yield or lower-rated securities are subject to
greater-than-average risk. When interest rates rise, the prices of fixed-income
securities in the Fund will generally fall. Conversely, when interest rates
fall, the prices of fixed-income securities in the Fund will generally rise.
Investing in foreign and/or emerging markets securities involves risks relating
to interest rates, currency exchange rates, economic, and political conditions.
Investments in the Fund are subject to possible loss due to the financial
failure of underlying securities and their inability to meet their debt
obligations. Prepayment risk is the chance that mortgage-backed bonds will be
paid off early if falling interest rates prompt homeowners to refinance their
mortgages. Forced to reinvest the unanticipated proceeds at lower interest
rates, the Fund would experience a decline in income and lose the opportunity
for additional price appreciation associated with falling interest rates. The
Fund can invest in a limited number of securities and, as a result, the Fund's
performance may be more volatile than the performance of other funds holding
more securities. At times, the Fund's investments may represent industries or
industry sectors that are interrelated or have common risks, making it more
susceptible to any economic, political, or regulatory developments or other
risks affecting those industries and sectors. These risks may increase share
price volatility.
Any information in this shareholder report regarding market or economic trends
or the factors influencing the Fund's historical or future performance are
statements of the opinion of Fund management as of the date of this report.
These statements should not be relied upon for any other purposes. Past
performance is no guarantee of future results, and there is no guarantee that
market forecasts discussed will be realized.
8
Pioneer Global High Yield Fund
- --------------------------------------------------------------------------------
PORTFOLIO SUMMARY 4/30/08
- --------------------------------------------------------------------------------
Portfolio Diversification
- --------------------------------------------------------------------------------
(As a percentage of total investment portfolio)
[THE FOLLOWING DATA WAS REPRESENTED AS A PIE CHART IN THE PRINTED MATERIAL]
U.S. Corporate Bonds 79.6%
Temporary Cash Investment 7.5%
Senior Secured Loans 6.3%
Asset-Backed Securities 2.4%
Convertible Corporate Bonds 1.0%
Collateralized Mortgage Obligations 1.0%
Municipal Bonds 0.8%
Foreign Government Bonds 0.8%
Rights/Warrants 0.4%
Convertible Preferred Stocks 0.2%
10 Largest Holdings
- --------------------------------------------------------------------------------
(As a percentage of total debt holdings)*
1. First Data Corp., 9.875%, 9/24/15 (144A) 1.12%
2. Ineos Group Holdings PLC, 7.875%, 2/15/16 (144A) 1.08
3. PGS Solutions, Inc., 9.872%, 2/15/17 (144A) 1.06
4. Exopack Holding Corp., 11.25%, 2/1/14 0.91
5. Broadview Networks Holdings, 11.375%, 9/1/12 0.85
6. Petromena AS, 9.75%, 5/24/12 (144A) 0.85
7. True Move Co., Ltd., 10.75%, 12/16/13 (144A) 0.85
8. TNK-BP Finance SA, 7.875%, 3/13/18 (144A) 0.79
9. NCO Group, Inc., 11.875%, 11/15/14 0.79
10. Intergen NV, 9.0%, 6/30/17 0.75
* The list excludes temporary cash and derivative instruments. The portfolio
is actively managed, and current holdings may be different. The holdings
listed should not be considered recommendations to buy or sell any security
listed.
9
Pioneer Global High Yield Fund
- --------------------------------------------------------------------------------
PRICES AND DISTRIBUTIONS 4/30/08
- --------------------------------------------------------------------------------
Net Asset Value Per Share
- --------------------------------------------------------------------------------
Class 4/30/08 10/31/07
----- ------- --------
A $11.31 $12.30
B $11.28 $12.27
C $11.25 $12.24
Y $11.15 $12.10
Z $11.41 $12.31
Distributions Per Share
- --------------------------------------------------------------------------------
11/1/07 - 4/30/08
-----------------
Net Investment Short-Term Long-Term
Class Income Capital Gains Capital Gains
----- ------ ------------- -------------
A $0.5348 $0.0226 $0.0864
B $0.4888 $0.0226 $0.0864
C $0.4907 $0.0226 $0.0864
Y $0.5475 $0.0226 $0.0864
Z $0.5591 $0.0226 $0.0864
- --------------------------------------------------------------------------------
INDEX DEFINITION
- --------------------------------------------------------------------------------
The Merrill Lynch (ML) Global High Yield and Emerging Markets Plus
Index tracks the performance of the below and border-line investment-grade
global debt markets denominated in the major developed market currencies.
The index includes sovereign issuers rated BBB1 and lower along with
corporate issuers rated BB1 and lower. There are no restrictions on issuer
country of domicile. However, the bonds must be publicly issued in a
developed market (i.e., investment-grade country). Index returns are
calculated monthly, assume reinvestment of dividends and, unlike Fund
returns, do not reflect any fees, expenses or sales charges. You cannot
invest directly in an index.
The index defined here pertains to the "Value of $10,000 Investment" charts
appearing on pages 11-15.
10
Pioneer Global High Yield Fund
- --------------------------------------------------------------------------------
PERFORMANCE UPDATE 4/30/08 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 April 30, 2008)
Net Asset Public Offering
Period Value (NAV) Price (POP)
Life-of-Class
(8/27/01) 11.52% 10.75%
5 Years 10.41 9.40
1 Year -3.02 -7.35
- --------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated March 1, 2008)
Gross Net
1.06% 1.06%
- --------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Pioneer ML Global
Global High Yield and
High Yield Emerging Markets
Fund Plus Index
8/01 $ 9,550 $10,000
$10,163 $10,157
4/03 $12,102 $11,601
$14,238 $13,332
4/05 $16,148 $14,714
$18,021 $16,192
4/07 $20,478 $18,298
4/08 $19,860 $18,615
Call 1-800-225-6292 or visit www.pioneerinvestments.com for the most recent
month-end performance results. Current performance may be lower or higher than
the performance data quoted.
The performance data quoted represents past performance, which is no guarantee
of future results. Investment return and principal value will fluctuate, and
shares, when redeemed, may be worth more or less than their original cost.
NAV results represent the percent change in net asset value per share. Returns
would have been lower had charges been reflected. POP returns reflect deduction
of maximum 4.5% sales charge. All results are historical and assume the
reinvestment of dividends and capital gains. Other share classes are available
for which performance and expenses will differ.
Performance results reflect any applicable expense waivers in effect during the
periods shown. Without such waivers Fund performance would be lower. Waivers
may not be in effect for all funds. Certain fee waivers are contractual through
a specified period. Otherwise, fee waivers can be rescinded at any time. See
the prospectus and financial statements for more information.
The net expense ratio reflects contractual expense limitations currently in
effect through 3/1/11 for Class A shares. There can be no assurance that
Pioneer will extend the expense limitations beyond such time. Please see the
prospectus and financial statements for more information.
The performance table and graph do not reflect the deduction of fees and taxes
that a shareowner would pay on Fund distributions or the redemption of Fund
shares.
11
Pioneer Global High Yield Fund
- --------------------------------------------------------------------------------
PERFORMANCE UPDATE 4/30/08 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 April 30, 2008)
If If
Period Held Redeemed
Life-of-Class
(11/21/03) 7.80% 7.63%
1 Year -3.82 -7.35
- --------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated March 1, 2008)
Gross Net
1.86% 1.86%
- --------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Pioneer ML Global
Global High Yield and
High Yield Emerging Markets
Fund Plus Index
11/03 $10,000 $10,000
4/04 $10,277 $10,322
4/05 $11,563 $11,391
4/06 $12,811 $12,536
4/07 $14,430 $14,166
4/08 $13,779 $14,411
Call 1-800-225-6292 or visit www.pioneerinvestments.com for the most recent
month-end performance results. Current performance may be lower or higher than
the performance data quoted.
The performance data quoted represents past performance, which is no guarantee
of future results. Investment return and principal value will fluctuate, and
shares, when redeemed, may be worth more or less than their original cost.
"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.pioneerinvestments.com/bshares.
All results are historical and assume the reinvestment of dividends and capital
gains. Other share classes are available for which performance and expenses
will differ.
Performance results reflect any applicable expense waivers in effect during the
periods shown. Without such waivers Fund performance would be lower. Waivers
may not be in effect for all funds. Certain fee waivers are contractual through
a specified period. Otherwise, fee waivers can be rescinded at any time. See
the prospectus and financial statements for more information.
The net expense ratio reflects contractual expense limitations currently in
effect through 3/1/09 for Class B shares. There can be no assurance that
Pioneer will extend the expense limitations beyond such time. Please see the
prospectus and financial statements for more information.
The performance table and graph do not reflect the deduction of fees and taxes
that a shareowner would pay on Fund distributions or the redemption of Fund
shares.
12
Pioneer Global High Yield Fund
- --------------------------------------------------------------------------------
PERFORMANCE UPDATE 4/30/08 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 April 30, 2008)
If If
Period Held Redeemed
Life-of-Class
(11/21/03) 7.68% 7.68%
1 Year -3.72 -3.72
- --------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated March 1, 2008)
Gross Net
1.82% 1.82%
- --------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Pioneer ML Global
Global High Yield and
High Yield Emerging Markets
Fund Plus Index
11/03 $10,000 $10,000
4/04 $10,211 $10,322
4/05 $11,487 $11,391
4/06 $12,724 $12,536
4/07 $14,343 $14,166
4/08 $13,810 $14,411
Call 1-800-225-6292 or visit www.pioneerinvestments.com for the most recent
month-end performance results. Current performance may be lower or higher than
the performance data quoted.
The performance data quoted represents past performance, which is no guarantee
of future results. Investment return and principal value will fluctuate, and
shares, when redeemed, may be worth more or less than their original cost.
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.
"If Redeemed" results reflect the deduction of 1% CDSC. Returns would have been
lower had sales charges been reflected. All results are historical and assume
the reinvestment of dividends and capital gains. Other share classes are
available for which performance and expenses will differ.
Performance results reflect any applicable expense waivers in effect during the
periods shown. Without such waivers Fund performance would be lower. Waivers
may not be in effect for all funds. Certain fee waivers are contractual through
a specified period. Otherwise, fee waivers can be rescinded at any time. See
the prospectus and financial statements for more information.
The net expense ratio reflects contractual expense limitations currently in
effect through 3/1/09 for Class C shares. There can be no assurance that
Pioneer will extend the expense limitations beyond such time. Please see the
prospectus and financial statements for more information.
The performance table and graph do not reflect the deduction of fees and taxes
that a shareowner would pay on Fund distributions or the redemption of Fund
shares.
13
Pioneer Global High Yield Fund
- --------------------------------------------------------------------------------
PERFORMANCE UPDATE 4/30/08 CLASS Y 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 April 30, 2008)
If If
Period Held Redeemed
Life-of-Class
(8/27/01) 11.38% 11.38%
5 Years 10.23 10.23
1 Year -2.43 -2.43
- --------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated March 1, 2008)
Gross Net
0.70% 0.70%
- --------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Pioneer ML Global
Global High Yield and
High Yield Emerging Markets
Fund Plus Index
8/01 $10,000 $10,000
$10,643 $10,157
4/03 $12,674 $11,601
$14,910 $13,332
4/05 $16,911 $14,714
$18,547 $16,192
4/07 $21,144 $18,298
4/08 $20,629 $18,615
Call 1-800-225-6292 or visit www.pioneerinvestments.com for the most recent
month-end performance results. Current performance may be lower or higher than
the performance data quoted.
The performance data quoted represents past performance, which is no guarantee
of future results. Investment return and principal value will fluctuate, and
shares, when redeemed, may be worth more or less than their original cost.
Performance for periods prior to the inception of the Fund's Class Y shares on
December 28, 2005 reflects the NAV performance of the Fund's Class A shares.
The performance does not reflect differences in expenses, including the Rule
12b-1 fees applicable to Class A shares. Since fees for Class A shares are
generally higher than those of Class Y shares, the performance shown for Class
Y shares prior to their inception on December 28, 2005 would have been higher.
Class Y shares are not subject to sales charges and are available for limited
groups of eligible investors, including institutional investors. All results
are historical and assume the reinvestment of dividends and capital gains.
Other share classes are available for which performance and expenses will
differ.
Performance results reflect any applicable expense waivers in effect during the
periods shown. Without such waivers Fund performance would be lower. Waivers
may not be in effect for all funds. Certain fee waivers are contractual through
a specified period. Otherwise, fee waivers can be rescinded at any time. See
the prospectus and financial statements for more information.
The performance table and graph do not reflect the deduction of fees and taxes
that a shareowner would pay on Fund distributions or the redemption of Fund
shares.
14
Pioneer Global High Yield Fund
- --------------------------------------------------------------------------------
PERFORMANCE UPDATE 4/30/08 CLASS Z 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 April 30, 2008)
If If
Period Held Redeemed
Life-of-Class
(8/27/01) 11.70% 11.70%
5 Years 10.66 10.66
1 Year -1.93 -1.93
- --------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated March 1, 2008)
Gross Net
0.81% 0.81%
- --------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Pioneer ML Global
Global High Yield and
High Yield Emerging Markets
Fund Plus Index
8/01 $10,000 $10,000
$10,643 $10,157
4/03 $12,674 $11,601
$14,910 $13,332
4/05 $16,911 $14,714
$18,872 $16,192
4/07 $21,445 $18,298
4/08 $21,031 $18,615
Call 1-800-225-6292 or visit www.pioneerinvestments.com for the most recent
month-end performance results. Current performance may be lower or higher than
the performance data quoted.
The performance data quoted represents past performance, which is no guarantee
of future results. Investment return and principal value will fluctuate, and
shares, when redeemed, may be worth more or less than their original cost.
Performance for periods prior to the inception of Class Z shares reflects the
NAV performance of the Fund's Class A shares. The performance does not reflect
differences in expenses, including the Rule 12b-1 fees applicable to Class A
shares. Since fees for Class A shares are generally higher than those of Class
Z shares, the performance shown for Class Z shares prior to their inception
July 6, 2007 would have been higher. Class Z shares are not subject to sales
charges and are available for limited groups of eligible investors, including
institutional investors. All results are historical and assume the reinvestment
of dividends and capital gains. Other share classes are available for which
performance and expenses will differ.
Performance results reflect any applicable expense waivers in effect during the
periods shown. Without such waivers Fund performance would be lower. Waivers
may not be in effect for all funds. Certain fee waivers are contractual through
a specified period. Otherwise, fee waivers can be rescinded at any time. See
the prospectus and financial statements for more information.
The performance table and graph do not reflect the deduction of fees and taxes
that a shareowner would pay on Fund distributions or the redemption of Fund
shares.
15
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's latest six-month period and held
throughout the six months.
Using the Tables
Actual Expenses
The first table below provides information about actual account values and
actual expenses. You may use the information in this table, together with the
amount you invested, to estimate the expenses that you paid over the period as
follows:
1. Divide your account value by $1,000
Example: an $8,600 account value [divided by] $1,000 = 8.6
2. Multiply the result in (1) above by the corresponding share class's number
in the third row under the heading entitled "Expenses Paid During Period"
to estimate the expenses you paid on your account during this period.
Expenses Paid on a $1,000 Investment in Pioneer Global High Yield Fund
Based on actual returns from November 1, 2007 through April 30, 2008.
Share Class A B C Y Z
- ---------------------------------------------------------------------------------------------
Beginning Account Value $1,000.00 $1,000.00 $1,000.00 $1,000.00 $1,000.00
On 11/1/07
Ending Account Value (after $ 972.30 $ 968.30 $ 968.40 $ 976.30 $ 981.90
expenses) On 4/30/08
Expenses Paid During Period* $ 5.39 $ 9.30 $ 8.96 $ 3.54 $ 3.65
* Expenses are equal to the Fund's annualized expense ratio of 1.10%, 1.90%,
1.83%, 0.72%, and 0.74% multiplied by the average account value over the
period, multiplied by 182/366 (to reflect the partial year period).
16
Pioneer Global High Yield Fund
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Hypothetical Example for Comparison Purposes
The table below provides information about hypothetical account values and
hypothetical expenses based on the Fund's actual expense ratio and an assumed
rate of return of 5% per year before expenses, which is not the Fund's actual
return. The hypothetical account values and expenses may not be used to
estimate the actual ending account balance or expenses you paid for the period.
You may use this information to compare the ongoing costs of investing in the
Fund and other funds. To do so, compare this 5% hypothetical example with the
5% hypothetical examples that appear in the shareholder reports of the other
funds.
Please note that the expenses shown in the tables are meant to highlight your
ongoing costs only and do not reflect any transaction costs, such as sales
charges (loads) that are charged at the time of the transaction. Therefore, the
table below is useful in comparing ongoing costs only and will not help you
determine the relative total costs of owning different funds. In addition, if
these transaction costs were included, your costs would have been higher.
Expenses Paid on a $1,000 Investment in Pioneer Global High Yield Fund
Based on a hypothetical 5% per year return before expenses, reflecting the
period from November 1, 2007 through April 30, 2008.
Share Class A B C Y Z
- ---------------------------------------------------------------------------------------------
Beginning Account Value $1,000.00 $1,000.00 $1,000.00 $1,000.00 $1,000.00
On 11/1/07
Ending Account Value (after $1,019.39 $1,015.42 $1,015.76 $1,021.28 $1,021.18
expenses) On 4/30/08
Expenses Paid During Period* $ 5.52 $ 9.52 $ 9.17 $ 3.62 $ 3.72
* Expenses are equal to the Fund's annualized expense ratio of 1.10%, 1.90%,
1.83%, 0.72%, and 0.74% multiplied by the average account value over the
period, multiplied by 182/366 (to reflect the partial year period).
17
Pioneer Global High Yield Fund
- --------------------------------------------------------------------------------
SCHEDULE OF INVESTMENTS 4/30/08 (unaudited)
- --------------------------------------------------------------------------------
S&P/
Principal Floating Moody's
Amount Rate (b) Ratings Value
CONVERTIBLE PREFERRED STOCK - 0.2%
Materials - 0.2%
Precious Metals & Minerals - 0.2%
$ 60,000 B+/NR Vale Capital, Ltd., 5.5%, 6/15/10 $ 4,308,750
--------------
TOTAL CONVERTIBLE PREFERRED STOCK
(Cost $3,000,000) $ 4,308,750
--------------
CONVERTIBLE CORPORATE BONDS - 1.0%
Capital Goods - 0.2%
Trading Companies & Distributors - 0.2%
5,850,000 B/NR Wesco Distribution, Inc., 1.75%, 11/15/26 $ 4,833,563
--------------
Total Capital Goods $ 4,833,563
--------------
Transportation - 0.2%
Marine - 0.2%
4,200,000 B/B3 Horizon Lines, 4.25%, 8/15/12 $ 3,129,000
--------------
Total Transportation $ 3,129,000
--------------
Pharmaceuticals & Biotechnology - 0.1%
Pharmaceuticals - 0.1%
2,940,000 NR/NR Pharm Resources, 2.875%, 9/30/10 $ 2,616,600
--------------
Total Pharmaceuticals & Biotechnology $ 2,616,600
--------------
Real Estate - 0.4%
Retail Real Estate Investment Trust - 0.4%
10,050,000 NR/NR General Growth Properties, 3.98%,
4/15/27 (144A) $ 8,140,500
--------------
Total Real Estate $ 8,140,500
--------------
Software & Services - 0.1%
Systems Software - 0.1%
3,270,000 B-/NR Macrovision Corp., 2.625%, 8/15/11 (144A) $ 2,914,387
--------------
Total Software & Services $ 2,914,387
--------------
TOTAL CONVERTIBLE CORPORATE BONDS
(Cost $23,938,007) $ 21,634,050
--------------
ASSET BACKED SECURITIES - 2.5%
Energy - 0.2%
Oil & Gas Equipment & Services - 0.2%
3,400,000 7.74 NR/NR Sevan Marine ASA, Floating Rate Note,
5/14/13 (144A) $ 3,094,000
--------------
Total Energy $ 3,094,000
--------------
18 The accompanying notes are an integral part of these financial statements.
Pioneer Global High Yield Fund
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
S&P/
Principal Floating Moody's
Amount Rate (b) Ratings Value
Transportation - 0.3%
Airlines - 0.3%
$ 750,600 B-/B1 American Airlines, Inc., 7.377%, 5/23/19 $ 574,209
4,398,653 CCC+/B3 American Airlines Inc., 7.379%, 5/23/16 (d) 3,705,865
1,545,239 B+/B1 Continental Airlines. Inc., 8.499%, 5/1/11 1,467,977
115,234 B+/B1 Continental Airlines, Inc., 8.312%, 4/2/11 107,743
--------------
$ 5,855,794
--------------
Total Transportation $ 5,855,794
--------------
Consumer Services - 0.3%
Restaurants - 0.3%
6,240,000 BB/Ba3 Dunkin Brands Master Finance LLC, 8.28%,
6/20/31 (144A) $ 5,428,800
--------------
Total Consumer Services $ 5,428,800
--------------
Food & Drug Retailing - 0.3%
Food Retail - 0.3%
8,785,000 BB/Aaa Dominos Pizza Master Issuer LL, 7.629%,
4/25/37 $ 6,588,750
--------------
Total Food & Drug Retailing $ 6,588,750
--------------
Banks - 0.5%
Thrifts & Mortgage Finance - 0.5%
2,250,000 3.00 AAA/Aaa Carrington Mortgage, Floating Rate Note,
10/25/36 $ 2,111,530
2,750,000 AAA/Aaa Credit-Based Asset Servicing & Securitties,
Floating Rate Note, 3/25/36 2,587,175
5,985,000 6.02 BB/Ba2 Taganka Car Loan Finance Plc, Floating Rate
Note, 11/14/13 (144A) 5,790,488
--------------
$ 10,489,193
--------------
Total Banks $ 10,489,193
--------------
Diversified Financials - 0.3%
Diversified Financial Services - 0.1%
2,085,000 3.18 AAA/Aaa Countrywide Asset Backed Certificates,
Floating Rate Note, 8/25/36 $ 1,301,528
950,000 3.09 AAA/Aaa FFML 2006-FF4 A2, Floating Rate Note,
3/25/36 890,183
--------------
$ 2,191,711
--------------
Specialized Finance - 0.2%
6,000,000 4.70 3/Baa3 Alfa Dividend Payment Rights Finance, Floating
Rate Note, 12/15/11 (144A) $ 5,730,000
--------------
Total Diversified Financials $ 7,921,711
--------------
The accompanying notes are an integral part of these financial statements. 19
Pioneer Global High Yield Fund
- --------------------------------------------------------------------------------
SCHEDULE OF INVESTMENTS 4/30/08 (unaudited) (continued)
- --------------------------------------------------------------------------------
S&P/
Principal Floating Moody's
Amount Rate (b) Ratings Value
Utilities - 0.6%
Electric Utilities - 0.6%
$1,487,095 BB-/Ba2 FPL Energy National Wind, 6.125%,
3/25/19 (144A) $ 1,477,697
1,755,080 BB/Ba2 FPL Energy Wind Funding, 6.876%,
6/27/17 (144A) 1,798,957
8,212,439 NR/NR Ormat Funding Corp., 8.25%, 12/30/20 8,376,688
--------------
$ 11,653,342
--------------
Total Utilities $ 11,653,342
--------------
TOTAL ASSET BACKED SECURITIES
(Cost $54,332,864) $ 51,031,590
--------------
COLLATERALIZED MORTGAGE OBLIGATIONS - 0.9%
Materials - 0.1%
Forest Products - 0.1%
4,315,000 BB/Ba2 T SRA R 2006-1 F, 7.5296%,
10/15/36 (144A) $ 3,390,983
--------------
Total Materials $ 3,390,983
--------------
Banks - 0.2%
Thrifts & Mortgage Finance - 0.2%
5,800,415 3.13 AAA/Aaa WAMU Mortgage Pass-Through Certificates,
Floating Rate Note, 4/25/45 $ 4,792,140
--------------
Total Banks $ 4,792,140
--------------
Telecommunication Services - 0.6%
Integrated Telecommunication Services - 0.6%
9,670,000 NR/B2 Global Tower Partners Acquisition,
7.87%, 5/15/37 $ 8,563,075
4,890,000 NR/B1 SBA CMBS Trust, 7.825%, 11/15/36 4,158,476
--------------
$ 12,721,551
--------------
Total Telecommunication Services $ 12,721,551
--------------
TOTAL COLLATERALIZED MORTGAGE
OBLIGATIONS
(Cost $23,660,648) $ 20,904,674
--------------
20 The accompanying notes are an integral part of these financial statements.
Pioneer Global High Yield Fund
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
S&P/
Principal Floating Moody's
Amount Rate (b) Ratings Value
CORPORATE BONDS - 83.0%
Energy - 12.3%
Coal & Consumable Fuels - 1.3%
$ 3,650,000 B/B1 Empire Capital Resources Petroleum,
9.375%, 12/15/11 $ 3,850,750
13,530,000 B+/B2 Massey Energy Co., 6.875%, 12/15/13 13,530,000
EURO 6,330,000 NR/NR New World Resources BV, 7.375%,
5/15/15 (144A) 9,265,341
--------------
$ 26,646,091
--------------
Integrated Oil & Gas - 0.4%
750,000 B/B2e Indo Intergrate Energy B, 8.5%, 6/1/12 $ 729,857
6,965,000 NR/B2 Tristan Oil, Ltd., 10.5%, 1/1/12 (144A) 6,651,575
--------------
$ 7,381,432
--------------
Oil & Gas Drilling - 2.3%
10,705,049 NR/NR DDI Holding AS, 9.3%, 1/19/12 (144A) $ 10,383,898
1,294,587 NR/NR DDI Holdings AS, 9.3%, 4/23/12 (144A) 1,270,378
6,500,000 NR/NR Norse Energy ASA, 10.0%, 7/13/10 1,226,343
11,203,000 NR/NR Norse Energy ASA, 6.5%, 7/14/11 (144A) 8,962,400
55,500,000 NR/NR Norwegian Energy Co., 11.0%, 7/13/10 10,307,470
NOK 32,500,000 NR/NR PetroJack AS, 11.0%, 4/12/10 6,323,330
8,200,000 NR/NR Skeie Drilling & Production, 11.25%, 3/8/13 7,093,000
--------------
$ 45,566,819
--------------
Oil & Gas Equipment & Services - 1.6%
3,675,000 BB/Ba2 Bristow Group, Inc., 7.5%, 9/15/17 $ 3,794,438
7,965,000 BB-/B2 Complete Production Service, 8.0%, 12/15/16 7,984,913
1,600,000 9.01 NR/NR DP Producer AS, Floating Rate Note,
12/5/11 (144A) 1,440,000
4,200,000 NR/NR Nexus, Floating Rate Note, 3/7/12 3,864,000
1,900,000 NR/NR Petroprod, Ltd., 10.85%, 5/24/13 1,757,500
1,500,000 8.71 NR/NR Petroprod, Ltd., Floating Rate Note, 1/12/12 1,350,000
NOK 16,500,000 10.94 NR/NR Sevan Drilling, Floating Rate Note, 12/7/12 3,177,879
6,500,000 NR/NR Sevan Marine ASA, 9.25%, 12/20/11 (144A) 6,370,000
NOK 10,000,000 11.86 NR/NR Sevan Marine ASA, Floating Rate Note,
10/24/12 (144A) 1,994,772
--------------
$ 31,733,502
--------------
Oil & Gas Exploration & Production - 4.3%
60,000 B/B3 Baytex Energy, Ltd., 9.625%, 7/15/10 (144A) $ 60,900
5,395,000 B/B3 Baytex Energy, Ltd., 9.625%, 7/15/10 5,475,925
10,600,000 NR/NR Biofuel Energy, 19.0%, 6/7/12 9,858,000
EURO 2,550,000 BB/Ba2 Chesapeake Energy, 6.25%, 1/15/17 3,768,373
The accompanying notes are an integral part of these financial statements. 21
Pioneer Global High Yield Fund
- --------------------------------------------------------------------------------
SCHEDULE OF INVESTMENTS 4/30/08 (unaudited) (continued)
- --------------------------------------------------------------------------------
S&P/
Principal Floating Moody's
Amount Rate (b) Ratings Value
Oil & Gas Exploration & Production - (continued)
$ 500,000 BB-/B1 Cimarex Energy Co., 7.125%, 5/1/17 $ 507,500
4,270,000 CCC+/Caa1 Harvest Operations Corp., 7.875%, 10/15/11 4,045,825
6,805,000 B+/B3 Hilcorp Energy, 7.75%, 11/1/15 (144A) 6,702,925
8,075,000 B+/B3 Hilcorp Energy, 9.0%, 6/1/16 (144A) 8,418,188
2,810,000 B/B3 Mariner Energy, Inc., 8.0%, 5/15/17 2,760,825
NOK 48,000,000 NR/NR PA Resources AB, 8.75%, 3/10/10 8,961,736
7,895,000 CCC+/Caa1 Parallel Petroleum Corp., 10.25%, 8/1/14 7,895,000
87,000,000 NR/NR Petromena AS, 9.75%, 5/24/12 (144A) 16,499,617
2,150,000 B/Caa1 Petroquest Energy, Inc., 10.375%, 5/15/12 2,236,000
4,515,000 B+/B1 Quicksilver Resources Inc., 7.125%, 4/1/16 4,469,850
3,760,000 BB/Ba3 Range Resources Corp., 7.5%, 5/15/16 3,835,200
2,405,000 B+/Caa1 Stone Energy Corp., 6.75%, 12/15/14 2,254,688
--------------
$ 87,750,552
--------------
Oil & Gas Refining & Marketing - 1.2%
14,795,000 B+/B3 Aventine Renewable Energy, 10.0%, 4/1/17 $ 9,246,875
11,565,000 B-/B3 Verasun Energy Corp., 9.375%, 6/1/17 (144A) 7,632,900
7,695,000 B+/Ba3 Verasun Energy Corp., 9.875%, 12/15/12 7,060,163
--------------
$ 23,939,938
--------------
Oil & Gas Storage & Transporation - 1.2%
4,390,000 B/NR Blt Finance BV, 7.5%, 5/15/14 (144A) $ 3,204,700
5,540,000 BB/Ba1 Enterprise Products, Floating Rate Note,
8/1/66 5,514,173
2,445,000 CCC+/Caa1 Macermid, Inc., 9.5%, 4/15/17 2,334,975
4,000,000 NR/B1 Semgroup LP, 8.75%, 11/15/15 (144A) 3,790,000
6,030,000 7.00 BB/Ba1 Teppco Partners LP, Floating Rate
Note, 6/1/67 5,117,353
6,850,000 B+/B1 Transport De Gas Del Sur, 7.875%,
5/14/17 (144A) 5,223,125
--------------
$ 25,184,326
--------------
Total Energy $ 248,202,660
--------------
Materials - 14.3%
Aluminum - 2.0%
8,690,000 B-/Caa1 Aleris International, Inc., 10.0%, 12/15/16 (d) $ 5,387,800
3,960,000 B-/B3 Aleris International, Inc., 9.0%, 12/15/14 (d) 2,910,600
12,215,000 B+/B1 Asia Aluminum Holdings, 8.0%,
12/23/11 (144A) 11,543,175
13,395,000 CCC+/B3 CII Carbon LLC, 11.125%, 11/15/15 12,859,200
5,322,000 B-/Caa2 Indalex Holding, 11.5%, 2/1/14 4,151,160
22 The accompanying notes are an integral part of these financial statements.
Pioneer Global High Yield Fund
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
S&P/
Principal Floating Moody's
Amount Rate (b) Ratings Value
Aluminum - (continued)
$ 3,530,000 10.49 CCC+/Caa1 Norandea Aluminium Holdings, Floating Rate
Note, 11/15/14 (144A) $ 2,824,000
--------------
$ 39,675,935
--------------
Commodity Chemicals - 1.9%
515,000 B/B3 Arco Chemical Co., 9.8%, 2/1/20 $ 450,625
11,110,000 CCC/Caa2 Georgia Gulf Corp., 10.75%, 10/15/16 (d) 8,054,750
7,061,000 CCC+/Caa1 Georgia Gulf Corp., 9.5%, 10/15/14 (d) 5,966,545
5,300,000 B/B3 Hexion US Finance/Nova Scotia, 9.75%,
11/15/14 5,757,125
3,410,000 BB/Ba3 Invista, 9.25%, 5/1/12 (144A) 3,533,613
EURO 6,910,000 NR/NR Kronos International, Inc., 6.5%, 4/15/13 7,726,200
500,000 B-/B3 Nell AF Sarl, 8.375%, 8/15/15 (144A) 362,500
5,050,000 B/B3 Tronox Worldwide/Finance, 9.5%, 12/1/12 4,343,000
--------------
$ 36,194,358
--------------
Construction Materials - 1.0%
15,675,000 B/B2 AGY Holding Corp., 11.0%, 11/15/14 (144A) $ 14,185,875
1,500,000 CCC+/Caa1 Panolam Industries International, 10.75%,
10/1/13 (d) 1,200,000
6,800,000 B/B2 U.S. Concrete, Inc., 8.375%, 4/1/14 5,508,000
--------------
$ 20,893,875
--------------
Diversified Chemical - 1.7%
13,825,000 B-/B3 Basell Finance Co., 8.1%, 3/15/27 (144A) $ 9,193,625
EURO 17,975,000 B-/B2 Ineos Group Holdings Plc, 7.875%,
2/15/16 (144A) 21,011,737
3,320,000 B-/B2 Nell AF Sarl, 8.375%, 8/15/15 (144A) 3,764,072
--------------
$ 33,969,434
--------------
Diversified Metals & Mining - 1.6%
10,480,000 B+/B1 FMG Finance Pty, Ltd., 10.625%,
9/1/16 (144A) $ 11,921,000
2,740,000 BBB-/Ba2 Freeport-McMoran Copper & Gold,
8.375%, 4/1/17 3,027,700
8,750,000 8.74 B-/B3 Noranda Aluminium Acquisition, Floating Rate
Note, 5/15/15 (144A) 7,393,750
6,025,000 B-/B3 PNA Group, Inc., 10.75%, 9/1/16 (144A) 5,573,125
5,645,000 B-/Caa1 Pna Intermed Holding Corp., Floating Rate
Note, 2/15/13 4,699,463
--------------
$ 32,615,038
--------------
The accompanying notes are an integral part of these financial statements. 23
Pioneer Global High Yield Fund
- --------------------------------------------------------------------------------
SCHEDULE OF INVESTMENTS 4/30/08 (unaudited) (continued)
- --------------------------------------------------------------------------------
S&P/
Principal Floating Moody's
Amount Rate (b) Ratings Value
Forest Products - 0.4%
$ 4,170,000 CC/B2 Ainsworth Lumber, 6.75%, 3/15/14 (d) $ 2,356,050
200,000 CC/Ca Ainsworth Lumber, 7.25%, 10/1/12 (d) 112,000
3,675,000 B-/B3 Mandra Forestry, 12.0%, 5/15/13 (144A) 3,619,875
1,250,000 BB/Ba2 Sino Forest Corp., 9.125%, 8/17/11 1,275,000
--------------
$ 7,362,925
--------------
Metal & Glass Containers - 1.2%
EURO 4,245,000 NR/(P)B Consol Glass, Ltd., 7.625%, 4/15/14 (144A) $ 5,708,973
EURO 8,700,000 NR/NR Impress Metal Pack Holding, 9.25%,
9/15/14 (144A) 13,401,004
6,820,000 B/B2 Vitro Sab De Cv, 9.125%, 2/1/17 5,854,970
--------------
$ 24,964,947
--------------
Paper Packaging - 2.1%
8,558,000 B/B1 AEP Industries, Inc., 7.875%, 3/15/13 $ 8,172,890
18,420,000 B-/B3 Exopack Holding Corp., 11.25%, 2/1/14 17,591,100
9,530,000 B-/B3 Graphic Packaging Co., 9.5%, 8/15/13 9,482,350
10,400,000 B/NR Pioneer Natural Resource, 10.0%, 6/1/13 8,008,000
--------------
$ 43,254,340
--------------
Precious Metals & Minerals - 0.1%
2,625,000 BB/Ba2 Alrosa Finance SA, 8.875%, 11/17/14 (144A) $ 2,825,156
--------------
Specialty Chemicals - 0.3%
3,005,000 BB+/Ba2 Chemtura Corp., 6.875%, 6/1/16 $ 2,674,450
3,880,000 BB+/NR LPG International, Inc., 7.25%, 12/20/15 3,957,600
--------------
$ 6,632,050
--------------
Steel - 2.0%
14,760,000 B-/Caa1 Algoma Acquisition Corp., 9.875%,
6/15/15 (144A) $ 13,431,600
3,730,000 NR/NR Blaze Recycling & Metals, 10.875%,
7/15/12 (144A) 3,431,600
EURO 13,800,000 NR/NR Bulgaria Steel Finance, 12.0%, 5/4/13 13,811,502
3,500,000 BB-/Ba3 Evraz Group SA, 8.875%, 4/24/13 (144A) (d) 3,543,750
2,735,000 B+/B2 Ryerson, Inc., 12.0%, 11/1/15 (144A) 2,707,650
EURO 2,505,000 B/Caa1 Zlomrex International, 8.5%, 2/1/14 (144A) 2,546,261
--------------
$ 39,472,363
--------------
Total Materials $ 287,860,421
--------------
Capital Goods - 6.5%
Building Products - 0.5%
9,125,000 B/B2 Esco Corp., 8.625%, 12/15/13 (144A) $ 9,079,375
--------------
24 The accompanying notes are an integral part of these financial statements.
Pioneer Global High Yield Fund
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
S&P/
Principal Floating Moody's
Amount Rate (b) Ratings Value
Construction & Engineering - 0.2%
$ 3,590,000 B-/NR CIA Latino Americano, 9.75%, 5/10/12 $ 2,988,675
2,625,000 BB-/Ba3 Dycom Industries, 8.125%, 10/15/15 2,520,000
--------------
$ 5,508,675
--------------
Construction & Farm Machinery & Heavy Trucks - 2.4%
5,685,000 B-/B3 Accuride Corp., 8.5%, 2/1/15 (d) $ 5,059,650
4,775,000 BB-/B1 American Railcar, 7.5%, 3/1/14 4,297,500
12,820,000 B+/B2 Commercial Vehicle Group, 8.0%, 7/1/13 10,993,150
2,450,000 B/B2 Greenbrier Co., Inc., 8.375%, 5/15/15 2,339,750
16,550,000 CCC+/Caa2 Stanadyne Corp., Floating Rate Note, 2/15/15 12,495,250
4,265,000 B-/B3 Stanadyne Corp., 10.0%, 8/15/14 4,115,725
8,330,000 B-/Caa1 Titan Wheel International, Inc., 8.0%, 1/15/12 8,330,000
--------------
$ 47,631,025
--------------
Electrical Component & Equipment - 1.4%
12,245,000 B/B3 Baldor Electric, 8.625%, 2/15/17 (d) $ 12,489,900
13,690,000 NR/B3 Caiua Serv Electricidad, 11.125%,
4/2/49 (144A) 12,937,050
EURO 1,975,000 CCC+/B3 Vac Finanzierung BMGH, 9.25%,
4/15/16 (144A) 2,764,216
--------------
$ 28,191,166
--------------
Heavy Electrical Equipment - 1.3%
GBP 1,068,594 AA/Aa1 Altra Industrial Motion, 11.25%, 2/15/13 $ 2,316,898
9,800,000 B/B1 Altra Industrial Motion, 9.0%, 12/1/11 9,702,000
9,200,000 B/B1 Altra Industrial Motion, 9.0%, 12/1/11 (144A) 9,108,000
4,500,000 B/B3 Hawk Corp., 8.75%, 11/1/14 4,567,500
--------------
$ 25,694,398
--------------
Industrial Conglomerates - 0.2%
6,425,000 B/Caa1 Industrias Unidas, 11.5%,
11/15/16 (144A) (d) $ 4,465,375
--------------
Industrial Machinery - 0.4%
9,115,000 B/B3 Mueller Water Products, 7.375%, 6/1/17 $ 7,930,050
--------------
Trading Companies & Distributors - 0.1%
2,000,000 BBB-/Baa3 Glencore Finance Europe, 8.0%, 2/28/49 $ 1,980,000
--------------
Total Capital Goods $ 130,480,064
--------------
The accompanying notes are an integral part of these financial statements. 25
Pioneer Global High Yield Fund
- --------------------------------------------------------------------------------
SCHEDULE OF INVESTMENTS 4/30/08 (unaudited) (continued)
- --------------------------------------------------------------------------------
S&P/
Principal Floating Moody's
Amount Rate (b) Ratings Value
Commercial Services & Supplies - 1.8%
Diversified Commercial Services - 1.3%
$19,800,000 B-/Caa1 NCO Group, Inc., 11.875%, 11/15/14 (d) $ 15,246,000
11,870,000 7.94 B-/B3 NCO Group, Inc., Floating Rate Note,
11/15/13 9,392,138
1,045,000 B-/B3 Park-Ohio Industries, Inc., 8.375%, 11/15/14 900,006
--------------
$ 25,538,144
--------------
Environmental & Facilities Services - 0.5%
EURO 3,570,000 BB-/Ba3 Clean Harbors, Inc., 11.25%, 7/15/12 (144A) $ 3,802,050
EURO 1,798,214 NR/NR New Reclamation Group, 8.125%,
2/1/13 (144A) 2,418,365
5,100,000 B-/Caa1 Waste Services, Inc., 9.5%, 4/15/14 4,998,000
--------------
$ 11,218,415
--------------
Total Commercial Services & Supplies $ 36,756,559
--------------
Transportation - 1.5%
Air Freight & Couriers - 0.5%
EURO 6,220,000 B-/B3e Ceva Group Plc, 10.0%, 12/1/16 (144A) $ 7,878,749
2,000,000 B-/B3 Ceva Group Plc, 10.0%, 9/1/14 (144A) (d) 2,060,000
--------------
$ 9,938,749
--------------
Marine - 0.2%
1,500,000 BBB-/Ba1 Seabulk International, Inc., 9.5%, 8/15/13 $ 1,580,625
2,410,000 B-/B3 Trailer Bridge, Inc., 9.25%, 11/15/11 2,313,600
--------------
$ 3,894,225
--------------
Railroads - 0.3%
1,630,000 B+/B2 Kansas City Southern Mexico,
7.625%, 12/1/13 $ 1,558,688
3,855,000 B-/B2 TFM SA De CV, 9.375%, 5/1/12 4,018,838
--------------
$ 5,577,526
--------------
Trucking - 0.5%
10,585,000 B-/Caa1 Allison Transmission, 11.25%,
11/1/15 (144A) (d) $ 10,082,213
--------------
Total Transportation $ 29,492,713
--------------
Automobiles & Components - 1.1%
Auto Parts & Equipment - 0.9%
8,600,000 CCC+/Caa1 Cooper Standard Auto, 8.375%, 12/15/14 $ 7,095,000
13,540,000 B-/B3 Lear Corp., 8.75%, 12/1/16 12,727,600
--------------
$ 19,822,600
--------------
26 The accompanying notes are an integral part of these financial statements.
Pioneer Global High Yield Fund
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
S&P/
Principal Floating Moody's
Amount Rate (b) Ratings Value
Automobile Manufacturers - 0.2%
EURO 1,450,000 BB/Baa3 General Motors, 7.25%, 7/3/13 $ 1,870,699
1,500,000 B/B2 General Motors Acceptance Corp.,
6.75%, 12/1/14 1,146,198
--------------
$ 3,016,897
--------------
Total Automobiles & Components $ 22,839,497
--------------
Consumer Durables & Apparel - 2.1%
Footwear - 0.2%
EURO 5,500,000 10.11 B-/Caa1 EDCON Holdings Properties, Ltd., Floating
Rate Note, 6/15/15 (144A) $ 4,967,027
--------------
Homebuilding - 1.3%
14,230,000 7.32 B+/B3 Builders Firstsource, Inc., Floating Rate
Note, 2/15/12 $ 10,601,350
1,830,000 BBB-/BBB- C10 Capital SPV, Ltd., Floating Rate Note,
12/31/49 (d) 1,636,295
2,215,000 6.64 BBB-/NR C8 Capital SPV, Ltd., Floating Rate Note,
12/31/49 2,058,355
9,370,000 NR/NR Desarrollos Metropolitan, 10.875%,
5/9/17 (144A) 5,763,487
1,600,000 BB-/B1 Meritage Homes Corp., 6.25%, 3/15/15 1,328,000
4,120,000 BB-/Ba3 Urbi Desarrollos Urbanos, 8.5%,
4/19/16 (144A) 4,181,800
--------------
$ 25,569,287
--------------
Housewares & Specialties - 0.6%
3,730,000 B/B3 Jarden Corp., 7.5%, 5/1/17 (d) $ 3,431,600
500,000 B-/B3 Yankee Acquisition Corp., 8.5%, 2/15/15 422,500
10,965,000 CCC+/Caa1 Yankee Acquisition Corp., 9.75%, 2/15/17 (d) 8,799,413
--------------
$ 12,653,513
--------------
Total Consumer Durables & Apparel $ 43,189,827
--------------
Consumer Services - 3.3%
Casinos & Gaming - 3.3%
9,750,000 B/B2 Buffalo Thunder Revenue Authority,
9.375%, 12/15/14 $ 6,630,000
4,800,000 B/B2 Codere Finance SA, 8.25%, 6/15/15 (144A) 6,755,626
7,610,000 CCC+/Caa1 Fontainebleau Las Vegas, 10.25%,
6/15/15 (144A) 5,460,175
4,095,000 B+/B1 Galaxy Entertainment Financial, 9.875%,
12/15/12 (144A) 4,135,950
6,260,000 B/B2 Little Traverse Bay Odawa Inn, 10.25%,
2/15/14 (144A) 6,025,250
The accompanying notes are an integral part of these financial statements. 27
Pioneer Global High Yield Fund
- --------------------------------------------------------------------------------
SCHEDULE OF INVESTMENTS 4/30/08 (unaudited) (continued)
- --------------------------------------------------------------------------------
S&P/
Principal Floating Moody's
Amount Rate (b) Ratings Value
Casinos & Gaming - (continued)
EURO 4,515,000 8.25 AAA/Aaa Lottomatica S.p.A., Floating Rate Note,
3/31/66 (144A) $ 6,636,934
EURO 3,265,000 B/B3e Peermont Global, Ltd., 7.75%, 4/30/14
(144A) 4,544,175
850,000 BB-/B2 San Pasqual Casino, 8.0%, 9/15/13 (144A) 792,625
6,990,000 B/B3 Shingle Springs Tribal, 9.375%, 6/15/15
(144A) (d) 6,186,150
7,255,000 B-/Caa1 Station Casinos, Inc., 6.625%, 3/15/18 4,353,000
1,995,000 B/Caa1 Trump Entertainment Resorts, 8.5%, 6/1/15 1,281,788
8,220,000 NR/B Unibet Group PLC, 9.7%, 12/21/10 12,725,911
--------------
$ 65,527,584
--------------
Hotels, Resorts & Cruise Lines - 0.0%
1,000,000 7.38 B+/B2 HRP Myrtle Beach, Floating Rate Note,
4/1/12 (144A) $ 910,000
--------------
Total Consumer Services $ 66,437,584
--------------
Media - 1.8%
Broadcasting & Cable TV - 1.3%
9,640,000 B/B1 C&M Finance, Ltd., 8.1%, 2/1/16 (144A) $ 9,736,400
4,858,000 CCC/Caa3 CCH I LLC, 11.0%, 10/1/15 (d) 3,777,095
3,395,000 CCC/Caa2 CCH II LLC/CCH II Cap CP, 10.25%, 9/15/10 3,259,200
2,345,000 B-/B2 Kabel Deutschland GMBH, 10.625%, 7/1/14 2,438,800
6,075,000 CCC/B3 Univision Communications, 9.75%,
3/15/15 (144A) (d) 4,389,188
--------------
$ 23,600,683
--------------
Publishing - 0.5%
8,954,052 CCC+/Caa1 AAC Group Holding Corp., 12.75%, 10/1/12 $ 6,625,998
2,065,000 B/B2 Sheridan Acquisition Corp. 10.25%, 8/15/11 1,904,963
3,580,000 B-/B3 Visant Holding Corp., 0.0%, 12/1/13 (STEP) 3,436,800
--------------
$ 11,967,761
--------------
Total Media $ 35,568,444
--------------
Retailing - 1.4%
Distributors - 0.4%
9,100,000 B-/B3 Intcomex, Inc., 11.75%, 1/15/11 $ 8,690,500
--------------
General Merchandise Stores - 0.1%
3,480,000 CCC+/Caa1 Central Garden, 9.125%, 2/1/13 (d) $ 2,940,600
--------------
Home Improvement Retail - 0.1%
3,240,000 CCC/Caa1 Kar Holdings, Inc., 10.0%, 5/1/15 (144A) $ 3,078,000
--------------
28 The accompanying notes are an integral part of these financial statements.
Pioneer Global High Yield Fund
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
S&P/
Principal Floating Moody's
Amount Rate (b) Ratings Value
Specialty Stores - 0.6%
$ 500,000 B-/B3 Sally Holdings, 9.25%, 11/15/14 (144A) $ 505,000
12,255,000 CCC+/Caa1 Sally Holdings LLC, 10.5%, 11/15/16 (d) 12,193,725
--------------
$ 12,698,725
--------------
Total Retailing $ 27,407,825
--------------
Food & Drug Retailing - 0.4%
Drug Retail - 0.2%
4,410,000 CC/Caa3 Duane Reade, Inc., 9.75%, 8/1/11 (d) $ 4,090,275
--------------
Food Distributors - 0.2%
4,485,000 B+/B1 JBS SA, 10.5%, 8/4/16 (144A) $ 4,641,975
--------------
Total Food & Drug Retailing $ 8,732,250
--------------
Food, Beverage & Tobacco - 2.4%
Agricultural Products - 0.3%
7,260,000 BB/Ba2 Cosan SA Industria, 8.25%, 2/15/49 (144A) $ 6,679,200
--------------
Brewers - 0.1%
1,196,000 NR/NR Argentine Beverages, 7.375%, 3/22/12 (144A) $ 1,219,920
120,000 BBB/Baa1 Cia Brasileira de Bebida, 8.75%, 9/15/13 139,200
--------------
$ 1,359,120
--------------
Distillers & Vintners - 0.2%
EURO 505,649 NR/NR Belvedere, 0.0%, 4/11/14 $ 632,588
EURO 3,286,800 NR/NR Belvedere, 7.692%, 4/11/14 4,111,924
--------------
$ 4,744,512
--------------
Packaged Foods & Meats - 1.5%
6,360,000 B+/Ba3 Bertin, Ltd., 10.25%, 10/5/16 (144A) $ 6,630,300
5,100,000 NR/B2 Fabrica de Productos, 9.25%, 2/23/17 (144A) 4,947,000
8,000,000 B+/B1 Marfrig Overseas, Ltd., 9.625%, 11/16/16
(144A) (d) 8,080,000
10,100,000 B/NR Minerva Overseas, Ltd., 9.5%, 2/1/17 (144A) 9,544,500
--------------
$ 29,201,800
--------------
Tobacco - 0.3%
6,415,000 B+/B2 Alliance One International, Inc., 8.5%, 5/15/12 $ 6,094,250
--------------
Total Food, Beverage & Tobacco $ 48,078,882
--------------
Health Care Equipment & Services - 3.9%
Health Care Equipment - 1.1%
7,435,000 CCC+/Caa3 Accellent, Inc., 10.5%, 12/1/13 (d) $ 6,356,925
14,835,000 CCC/Caa1 Angiotech Pharmaceutical, 7.75%, 4/1/14 (d) 10,829,550
4,645,000 B+/B3 Universal Hospital Services, 8.5%, 6/1/15 4,737,900
--------------
$ 21,924,375
--------------
The accompanying notes are an integral part of these financial statements. 29
Pioneer Global High Yield Fund
- --------------------------------------------------------------------------------
SCHEDULE OF INVESTMENTS 4/30/08 (unaudited) (continued)
- --------------------------------------------------------------------------------
S&P/
Principal Floating Moody's
Amount Rate (b) Ratings Value
Health Care Facilities - 1.7%
$5,200,000 B/B3 Community Health Systems, 8.875%, 7/15/15 $ 5,408,000
5,285,000 CCC+/Caa1 Hanger Orthopedic Group., 10.25%, 6/1/14 5,417,125
6,345,000 BB-/B2 HCA, Inc., 9.625%, 11/15/16 6,812,944
4,100,000 B-/B3 Psychiatric Solutions, 7.75%, 7/15/15 4,192,250
7,125,000 CCC+/Caa1 Surgical Care Affiliates, 10.0%, 7/15/17
(144A) 4,916,250
9,510,000 B-/B3 Surgical Care Affiliates, 8.875%, 7/15/15
(144A) 7,608,000
--------------
$ 34,354,569
--------------
Health Care Services - 0.5%
3,530,000 CCC+/Caa1 Phibro Animal Health Corp., 13.0%, 8/1/14
(144A) $ 3,494,700
3,665,000 B-/B3 Rural/Metro Corp., 9.875%, 3/15/15 3,170,225
2,630,000 B+/B3 Universal Hospital Services, Floating Rate
Note, 6/1/15 2,485,350
--------------
$ 9,150,275
--------------
Health Care Supplies - 0.3%
1,700,000 10.21 CCC+/Caa1 Medical Services Co., Floating Rate Note,
10/15/11 $ 1,521,500
EURO 3,615,000 B-/CAA1 Pts Acquistion, 9.75%, 4/15/17 4,013,733
--------------
$ 5,535,233
--------------
Managed Health Care - 0.3%
7,350,000 B-/Caa1 Multiplan, Inc., 10.375%, 4/15/16 (144A) $ 7,129,500
--------------
Total Health Care Equipment & Services $ 78,093,952
--------------
Pharmaceuticals & Biotechnology - 0.8%
Pharmaceuticals - 0.8%
1,100,000 B-/B1 AMR Holdco/Emcar Holdco, 10.0%, 2/15/15 $ 1,168,750
7,875,000 B/B2 Phibro Animal Health Corp., 10.0, 8/1/13
(144A) 7,796,250
7,957,000 B-/B3 Warner Chilcott Corp., 8.75%, 2/1/15 8,076,355
--------------
$ 17,041,355
--------------
Total Pharmaceuticals & Biotechnology $ 17,041,355
--------------
Banks - 5.2%
Diversified Banks - 5.2%
4,380,000 NR/Ba2 ALB Finance BV, 9.25%, 9/25/13 (144A) $ 3,635,400
5,045,000 NR/Ba2 ALB Finance BV, 9.25%, 9/25/13 4,187,350
9,200,000 NR/B1 ALB Finance BV, 9.375%, 12/31/49 5,830,224
6,675,000 B/Ba1 ATF Bank JSC, 9.25%, 4/12/12 (144A) 6,798,020
3,360,000 B+/Ba1 ATF Bank, 9.0%, 5/11/16 (144A) 3,334,800
30 The accompanying notes are an integral part of these financial statements.
Pioneer Global High Yield Fund
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
S&P/
Principal Floating Moody's
Amount Rate (b) Ratings Value
Diversified Banks - (continued)
$ 1,500,000 10.00 CCC+/Ba3 ATF Capital BV, 10.0%, 12/31/49 $ 1,391,250
4,530,000 BB+/Baa2 ATF Capital BV, 9.25%, 2/21/14 (144A) 4,586,625
13,970,000 NR/B2 Banco Macro SA, 8.5%, 2/1/17 11,769,725
2,870,000 NR/B2 Banco Macro SA, 9.75%, 12/18/36 2,174,025
6,230,000 10.41 NR/Ba1 Banco Macro SA, Floating Rate Note, 6/7/12 4,952,850
5,000,000 B-/Baa3 BTA Finance Luxembourg, 8.25%, 12/31/49 3,204,650
5,380,000 NR/Ba1 Centercredit International, 8.625%,
1/30/14 (144A) 4,747,850
3,750,000 9.20 B-/Ba3 Kazkommerts Finance 2 BV, Floating Rate
Note, 11/29/49 2,798,438
1,400,000 BB/Ba1 Kazkommerts International BV, 8.0%, 11/3/15 1,120,000
6,880,000 B+/Ba3 PetroCommerce Finance, 8.75%, 12/17/09 6,862,800
1,840,000 NR/BA3 Sibacademfinance, 7.0%, 5/21/10 2,625,624
9,200,000 NR/Ba3 Sibacademfinance Plc, 9.0%, 5/12/09 (144A) 9,052,248
3,410,000 B+/Ba2 Temir Capital, 9.5%, 5/21/14 2,872,925
1,725,000 BB+/Baa2 TNK-BP Finance SA, 6.625%, 3/20/17 (144A) 1,567,594
15,400,000 BB+/Baa2 TNK-BP Finance SA, 7.875%, 3/13/18 (144A) 15,246,000
7,070,000 BB/Ba1 Turanalem Finance BV, 8.5%, 2/10/15 (144A) 5,938,800
--------------
$ 104,697,198
--------------
Total Banks $ 104,697,198
--------------
Diversified Financials - 3.0%
Consumer Finance - 2.1%
12,355,000 B-/Caa1 Ace Cash Express Inc., 10.25%,
10/1/14 (144A) $ 9,884,000
2,505,000 B+/Ba3 Americredit Corp., 8.5%, 7/1/15 (144A) 1,941,375
6,955,000 B/B1 Ford Motor Credit Co., 5.7%, 1/15/10 6,509,449
3,295,000 B/B1 Ford Motor Credit Co., 8.0%, 12/15/16 2,883,777
5,850,000 BB/Ba3 Hipotecaria Su Casita SA, 8.5%,
10/4/16 (144A) 5,659,875
12,015,000 B/NR Industrias Metalurgicas Pescar, 11.25%,
10/22/14 10,813,500
3,465,000 BB-/Ba2 Russian Stand Bank, 7.5%, 10/7/10 (144A) 3,187,800
--------------
$ 40,879,776
--------------
Investment Banking & Brokerage - 0.6%
11,815,000 B-/B3 Alliance One International, Inc., 10.375%,
10/15/17 $ 12,523,900
--------------
The accompanying notes are an integral part of these financial statements. 31
Pioneer Global High Yield Fund
- --------------------------------------------------------------------------------
SCHEDULE OF INVESTMENTS 4/30/08 (unaudited) (continued)
- --------------------------------------------------------------------------------
S&P/
Principal Floating Moody's
Amount Rate (b) Ratings Value
Specialized Finance - 0.3%
$ 3,640,000 B/B3 Firekeepers Development Authority 13.875%,
5/1/15 (144A) $ 3,694,600
1,010,000 0.0 NR/NR Successor II, Ltd., Cat Bond, Floating Rate
Note, 4/6/10 1,008,283
1,925,000 28.01 NR/NR Successor II, Ltd., Cat Bond, Floating Rate
Note, 4/6/10 1,921,150
--------------
$ 6,624,033
--------------
Total Diversified Financials $ 60,027,709
--------------
Insurance - 3.2%
Insurance Brokers - 1.1%
13,140,000 CCC/Caa1 Alliant Holdings, Inc., 11.0%, 5/1/15 (144A) $ 10,774,800
13,710,000 CCC+/Caa1 Hub International Holdings, 10.25%,
6/15/15 (144A) 10,008,300
2,270,000 CCC/Caa1 Usi Holdings Corp., 9.75%, 5/15/15 (144A) 1,793,300
--------------
$ 22,576,400
--------------
Life & Health Insurance - 0.2%
4,746,000 B+/B2 Presidential Life Corp., 7.875%, 2/15/09 $ 4,740,068
--------------
Multi-Line Insurance - 0.3%
3,320,000 BB+/Baa3 Liberty Mutual Group, 7.0%, 3/15/37 (144A) $ 3,060,496
2,975,100 B+/NR Sul America Partecipacoe, 8.625%,
2/15/12 (144A) 3,064,353
--------------
$ 6,124,849
--------------
Property & Casualty Insurance - 0.5%
1,875,000 7.13 BB+/NR Blue Fin, Ltd., Floating Rate Note, 4/10/12 $ 1,862,813
2,000,000 BB+/NR Kingsway America, Inc., 7.5%, 2/1/14 1,802,500
7,500,000 14.00 AA/Aa2 MBIA, Inc., Floating Rate Note, 1/15/33
(144A) (d) 6,862,500
--------------
$ 10,527,813
--------------
Reinsurance - 1.1%
1,375,000 14.98 NR/NR Atlas Reinsurance Plc, Floating Rate Note,
1/10/11 (144A) $ 2,176,246
2,750,000 7.37 BB/NR Foundation RE, Ltd., Floating Rate Note,
11/24/08 (144A) 2,687,300
2,600,000 11.94 NR/B3 Globecat, Ltd., Floating Rate Note,
1/2/13 (144A) 2,628,080
375,000 8.69 NR/B3 Globecat, Ltd., Floating Rate Note,
1/2/13 (144A) 381,263
1,000,000 8.34 NR/NR Green Valley, Ltd., Floating Rate Note,
1/10/11 (144A) 1,574,123
32 The accompanying notes are an integral part of these financial statements.
Pioneer Global High Yield Fund
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
S&P/
Principal Floating Moody's
Amount Rate (b) Ratings Value
Reinsurance - (continued)
$ 435,000 7.25 NR/NR Newton Re, Ltd., Floating Rate Note,
12/24/10 (144A) $ 435,479
745,000 9.55 NR/NR Newton Re, Ltd., Floating Rate Note,
12/24/10 (144A) 733,080
3,665,000 BBB/NR Platinum Underwriters HD, 7.5%, 6/1/17 3,603,428
500,000 13.08 B/NR Redwood Capital, Ltd., Floating Rate Note,
6/5/09 500,200
1,050,000 6.31 NR/NR Redwood Capital X, Ltd., Floating Rate Note,
1/9/09 (144A) 1,050,420
300,000 7.46 NR/NR Redwood Capital X, Ltd., Floating Rate Note,
1/9/09 (144A) 300,270
1,850,000 7.36 NR/NR Redwood Capital X, Ltd., Floating Rate Note,
1/9/09 (144A) 1,851,665
1,600,000 11.53 B-/NR Residential Rein 2005, Floating Rate Note,
6/6/08 (144A) 1,599,360
--------------
$ 19,520,914
--------------
Total Insurance $ 63,490,044
--------------
Real Estate - 2.0%
Real Estate Management & Development - 2.0%
6,750,000 B/B Alto Palermo SA, 7.875%, 5/11/17 (144A) $ 5,062,500
6,840,000 10.65 B-/B- Alto Palermo SA, Floating Rate Note,
6/11/12 (144A) 5,546,556
9,090,000 BB-/NR BR Malls International Finance, 9.75%,
12/31/49 (144A) 9,305,888
895,000 B+/B1 China Properties Group, 9.125%,
5/4/14 (144A) 626,500
8,145,000 BB-/Ba3 Greentown China Holdings, 9.0%,
11/8/13 (144A) 6,434,550
8,405,000 B+/NR Inversiones Y Rep, 8.5%, 2/2/17 (144A) 6,871,088
11,900,000 B+/B1 Neo-China Group Holdings, 9.75%, 7/23/14 5,771,500
--------------
$ 39,618,582
--------------
Total Real Estate $ 39,618,582
--------------
Software & Services - 2.8%
Application Software - 0.1%
2,195,000 CCC+/Caa1 Open Solutions, Inc., 9.75%, 2/15/15 (144A) $ 1,777,950
--------------
The accompanying notes are an integral part of these financial statements. 33
Pioneer Global High Yield Fund
- --------------------------------------------------------------------------------
SCHEDULE OF INVESTMENTS 4/30/08 (unaudited) (continued)
- --------------------------------------------------------------------------------
S&P/
Principal Floating Moody's
Amount Rate (b) Ratings Value
Data Processing & Outsourced Services - 1.8%
$23,825,000 B/B3 First Data Corp., 9.875%, 9/24/15 (144A) (d) $ 21,680,750
1,360,000 CCC+/Caa1 Ipayment, Inc., 9.75%, 5/15/14 1,169,600
17,350,000 B-/Caa1 Pegasus Solutions, Inc., 10.5%, 4/15/15 13,880,000
--------------
$ 36,730,350
--------------
IT Consulting & Other Services - 0.5%
13,290 CCC+/B2 Msx International, 12.5%, 4/1/12 (144A) $ 10,632,000
--------------
Systems Software - 0.4%
9,590,000 B-/Caa1 Vangent, Inc., 9.625%, 2/15/15 $ 8,055,600
--------------
Total Software & Services $ 57,195,900
--------------
Technology Hardware & Equipment - 1.1%
Communications Equipment - 0.3%
6,460,000 B+/B1 Mastec, Inc., 7.625%, 2/1/17 $ 5,652,500
--------------
Computer Hardware - 0.3%
7,760,000 CCC+/Caa1 Activant Solutions, Inc., 9.5%, 5/1/16 $ 6,518,400
--------------
Technology Distributors - 0.5%
9,575,000 B/B1 Da-Lite Screen Co., Inc., 9.5%, 5/15/11 $ 9,096,250
--------------
Total Technology Hardware & Equipment $ 21,267,150
--------------
Semiconductors - 0.6%
3,295,000 B-/B2 Freescale Semiconductor,
8.875%, 12/15/14 (d) $ 2,899,600
2,735,000 B-/B2 Freescale Semiconductor, 9.125%, 12/15/14 2,249,538
7,900,000 6.68 B-/B2 Freescale Semiconductor, Floating Rate Note,
12/15/14 6,300,250
--------------
$ 11,449,388
--------------
Total Semiconductors $ 11,449,388
--------------
Telecommunication Services - 7.8%
Integrated Telecommunication Services - 2.0%
4,890,000 B+/B1 GCI, Inc., 7.25%, 2/15/14 $ 4,083,150
12,300,000 CCC+/Caa1 Paetec Holdings, 9.5%, 7/15/15 11,562,000
23,686,000 B-/B3 PGS Solutions, Inc., 9.872%, 2/15/17 (144A) 20,547,605
2,700,000 B-/B3 Stratos Global Corp., 9.875%, 2/15/13 2,835,000
980,000 3/Baa3 Tele Norte Leste Participacoes, 8.0%,
12/18/13 1,024,100
--------------
$ 40,051,855
--------------
34 The accompanying notes are an integral part of these financial statements.
Pioneer Global High Yield Fund
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
S&P/
Principal Floating Moody's
Amount Rate (b) Ratings Value
Wireless Telecommunication Services - 5.8%
$ 1,920,000 B-/Caa1 Alltel Corp., 7.0%, 7/1/12 $ 1,632,000
17,340,000 CCC+/B3 Broadview Networks Holdings, 11.375%,
9/1/12 16,559,700
12,140,000 CCC/Caa3 Cell C Pty Ltd., 11.0%, 7/1/15 (144A) (d) 12,079,300
EURO 3,585,000 BB-/B2 Cell C Pty Ltd., 8.625%, 7/1/12 (144A) 5,662,294
5,025,000 11.05 CCC+/Caa2 Cleveland Unlimited, Inc., Floating Rate Note,
12/15/10 (144A) 4,773,750
13,540,000 B-/Caa1 Cricket Communications I,
9.375%, 11/1/14 (d) 13,286,125
7,600,000 NR/B3 Digicel, Ltd., 9.25%, 9/1/12 (144A) 7,676,000
EURO 3,500,000 10.75 CCC+/CAA1 Hellas Tel Finance, Floating Rate Note,
1/15/15 (144A) 4,282,864
10,940,000 B/B1 Hughes Network System, 9.5%, 4/15/14 10,940,000
6,870,000 BB-/B1 Inmarsat Finance Plc, Floating Rate Note,
11/15/12 6,775,538
1,950,000 BB-/Ba2 Mobile Telesystems Finance, 8.0%, 1/28/12 1,986,563
3,025,000 B/B1 True Move Co Ltd., 10.375%, 8/1/14 (144A) 2,692,250
18,455,000 B/B1 True Move Co Ltd., 10.75%, 12/16/13 (144A) 16,424,950
2,000,000 BB+/Ba2 UBS (Vimpelcom), 8.375%, 10/22/11 (144A) 2,059,900
4,750,000 BB+/Ba2 UBS (Vimpelcom), 8.25%, 5/23/16 (144A) 4,654,763
5,975,000 BB+/Ba2 Vip Fin, 9.125%, 4/30/18 (144A) 5,980,246
--------------
$ 117,466,243
--------------
Total Telecommunication Services $ 157,518,098
--------------
Utilities - 3.7%
Electric Utilities - 2.1%
6,507,000 BB/Ba2 AES Chivor, 9.75%, 12/30/14 (144A) $ 7,157,700
10,835,000 B/NA CIA Transporte Energia, 8.875%,
12/15/16 (144A) 8,315,863
13,990,000 BB-/Ba3 Intergen NV, 9.0%, 6/30/17 14,619,550
1,290,000 BB/NR ISA Capital Do Brasil SA, 8.8%,
1/30/17 (144A) 1,373,850
1,824,473 NR/Ba1 Juniper Generation, 6.79%, 12/31/14 (144A) 1,910,515
5,940,000 NR/NR Mirant JPSCO Finance Ltd., 11.0%,
7/6/16 (144A) 6,237,000
--------------
$ 39,614,478
--------------
Gas Utilities - 0.1%
4,065,000 7.20 BB/Ba1 Southern Union Co., 7.2%, 11/1/66 $ 3,318,040
--------------
Independent Power Producer & Energy Traders - 0.6%
12,375,000 CCC/B3 TXU Energy Co., 10.25%, 11/1/15 $ 12,900,925
--------------
The accompanying notes are an integral part of these financial statements. 35
Pioneer Global High Yield Fund
- --------------------------------------------------------------------------------
SCHEDULE OF INVESTMENTS 4/30/08 (unaudited) (continued)
- --------------------------------------------------------------------------------
S&P/
Principal Floating Moody's
Amount Rate (b) Ratings Value
Multi-Utilities - 0.9%
$ 8,310,000 BB/Ba2 NSG Holdings LLC, 7.75%, 12/15/25 (144A) $ 8,102,250
12,000,000 NR/NR Power Contract Financing LLC, 0.681%,
2/5/10 (144A) 10,380,000
--------------
$ 18,482,250
--------------
Total Utilities $ 74,315,693
--------------
TOTAL CORPORATE BONDS
(Cost $1,807,673,570) $1,669,761,795
--------------
FOREIGN GOVERNMENT BONDS - 0.8%
Government - 0.8%
ITL 1,450,000,000 B+/B2 Banco Nac De Desen Econo, 8.0%, 4/28/10 $ 1,220,647
BRL 10,350,000 BB+/Ba1 Federal Republic of Brazil, 12.5%, 1/5/16 6,297,644
BRL 2,480,000 BB+/Ba1 Republic of Brazil, 12.5%, 1/5/22 1,561,987
COP 2,510,000,000 BB+/Ba2 Republic of Columbia, 11.75%, 3/1/10 1,447,419
COP 10,258,000,000 BB/Ba2 Republic of Columbia, 12.0%, 10/22/15 6,215,381
--------------
$ 16,743,078
--------------
TOTAL FOREIGN GOVERNMENT BONDS
(Cost $12,546,185) $ 16,743,078
--------------
MUNICIPAL BONDS - 0.8%
Commercial Services & Supplies - 0.1%
Environmental & Facilities Services - 0.1%
4,400,000 9.83 NR/NR Ohio Air Quality Development, Floating Rate
Note, 6/8/22 $ 2,860,000
--------------
Total Commercial Services & Supplies $ 2,860,000
--------------
Government - 0.7%
Municipal Airport - 0.0%
15,000 B/B3 New Jersey Economic Development Authority
Special Facility Revenue, 7.0%, 11/15/30 $ 13,691
--------------
Municipal Facilities - 0.0%
250,000 BBB+/Baa2 East Chicago Independent Exempt Facilities,
7.0%, 1/1/14 $ 258,975
--------------
Municipal School District - 0.4%
8,875,000 12.50 NR/NR Non-Profit Preferred Funding, TR I, Various
States, Floating Rate Note, 9/15/37 $ 8,392,821
--------------
36 The accompanying notes are an integral part of these financial statements.
Pioneer Global High Yield Fund
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
S&P/
Principal Floating Moody's
Amount Rate (b) Ratings Value
Municipal Utilities - 0.3%
$ 3,835,000 8.90 AAA/NR San Antonio Texas Electricity & Gas, Floating
Rate Note, 2/1/19 (144A) $ 4,939,595
--------------
Total Government $ 13,605,082
--------------
TOTAL MUNICIPAL BONDS
(Cost $18,426,631) $ 16,465,082
--------------
SENIOR SECURED FLOATING RATE LOAN
INTERESTS - 6.4%**
Energy - 0.4%
Oil & Gas Exploration & Production - 0.4%
278,500 NR/NR Concho Resources, Term Loan, 7.15%,
3/27/12 $ 276,759
5,830,000 NR/NR Sandridge Energy, Term Loan, 8.625%, 4/1/15 5,866,438
1,680,000 NR/NR Sandridge Energy, Term Loan, 6.32%, 4/1/14 1,600,200
1,400,000 B/Caa1 Venoco Inc., Second Lien, 7.13%, 5/7/14 1,274,000
--------------
$ 9,017,397
--------------
Total Energy $ 9,017,397
--------------
Materials - 0.4%
Steel - 0.4%
10,272,500 NR/NR Niagara Corp., Term Loan, 7.86%, 6/29/14 $ 8,526,175
--------------
Total Materials $ 8,526,175
--------------
Capital Goods - 0.6%
Aerospace & Defense - 0.4%
8,540,000 CCC+/Ba3 Aeroflex, Inc., Senior Unsecured Bridge,
11.75%, 8/15/08 $ 7,856,800
--------------
Construction & Engineering - 0.1%
1,144,574 NR/NR Custom Building Products, Term Loan, First
Lien, 9.72%, 10/20/11 $ 995,779
3,150,000 NR/NR Custom Building Products, Second Lien,
9.72%, 4/20/12 2,551,500
--------------
$ 3,547,279
--------------
Construction & Farm Machinery & Heavy Trucks - 0.1%
1,193,761 BB/NR Rental Service Corp., Second Lien Initial Term
Loan, 6.23%, 11/21/13 $ 1,042,303
--------------
Total Capital Goods $ 12,446,382
--------------
The accompanying notes are an integral part of these financial statements. 37
Pioneer Global High Yield Fund
- --------------------------------------------------------------------------------
SCHEDULE OF INVESTMENTS 4/30/08 (unaudited) (continued)
- --------------------------------------------------------------------------------
S&P/
Principal Floating Moody's
Amount Rate (b) Ratings Value
Commercial Services & Supplies - 0.3%
Diversified Commercial Services - 0.2%
$ 4,100,000 B+/B2 J.G.Wentworth, First Lien, 4.92% 3/1/14 $ 3,184,335
1,129,538 BB-/Ba3 NCO Financial System, Term B Advance,
7.2%, 5/15/13 1,058,000
--------------
$ 4,242,335
--------------
Environmental & Facilities Services - 0.1%
1,178,072 BB-/Ba3 Waste Services, Tranche E Term Loan,
5.15%, 3/31/11 $ 1,169,237
--------------
Total Commercial Services & Supplies $ 5,411,572
--------------
Transportation - 0.4%
Air Freight & Couriers - 0.4%
EURO 5,713,940 NR/NR Louis Topco Ltd., Term Loan, 12.13%, 6/1/17 $ 6,522,895
295,802 B/Ba2 TNT Logistics, Additional Pre Funded L/C,
2.6%, 11/4/13 268,440
895,643 NR/B+ TNT Logistics, U.S. Term Loan, 5.86%,
11/4/13 821,752
--------------
$ 7,613,087
--------------
Total Transportation $ 7,613,087
--------------
Automobiles & Components - 0.0%
Automobile Manufacturers - 0.0%
987,500 NR/NR General Motors Corp., Secured Term Loan,
5.06%, 12/16/13 $ 930,256
--------------
Total Automobiles & Components $ 930,256
--------------
Consumer Durables & Apparel - 0.1%
Homebuilding - 0.1%
651,768 B+/B2 LandSource Communities Development, Facility
B Loan, 9.0%, 2/13/13 $ 462,212
8,650,000 B+/B2 LandSource Communities Development, 2nd
Lien Term Loan, 7.59%, 2/22/14 1,816,500
--------------
$ 2,278,712
--------------
Total Consumer Durables & Apparel $ 2,278,712
--------------
38 The accompanying notes are an integral part of these financial statements.
Pioneer Global High Yield Fund
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
S&P/
Principal Floating Moody's
Amount Rate (b) Ratings Value
Consumer Services - 0.5%
Casinos & Gaming - 0.5%
$ 4,965,166 BB-/NR Gateway Casinos & Entertainment, Advance
(First Lien), 5.19%, 7/16/14 $ 4,232,804
995,146 NR/Ba3 Gateway Casinos & Entertainment, Delayed
Draw Term Advance, 5.19%, 7/16/14 848,362
6,250,000 NR/Caa1 Gateway Casinos & Entertainment, Advance
(Second Lien), 8.19%, 7/16/14 4,437,500
--------------
$ 9,518,666
--------------
Total Consumer Services $ 9,518,666
--------------
Media - 0.2%
Broadcasting & Cable TV - 0.2%
1,000,000 B+/B2 Charter Communications, 3rd Lien, 5.17%,
3/5/14 $ 812,500
1,416,450 B+/B1 Charter Communications, Replacement Term
Loan, 4.9%, 3/5/14 1,254,739
1,131,450 B/B3 Knology, Inc., Term Loan, 4.93%, 4/30/12 1,035,277
--------------
$ 3,102,516
--------------
Total Media $ 3,102,516
--------------
Retailing - 0.0%
Specialty Stores - 0.0%
799,850 NR/NR Sally Holdings LLC, Term B Loan, 5.6%,
11/18/13 $ 763,714
--------------
Total Retailing $ 763,714
--------------
Household & Personal Products - 0.0%
Personal Products - 0.0%
247,500 BB-/Baa3 Brickman Holdings, Tranche B Term Loan,
4.7%, 1/23/14 $ 232,031
--------------
Total Household & Personal Products $ 232,031
--------------
Health Care Equipment & Services - 0.4%
Health Care Facilities - 0.0%
497,226 B+/Ba3 Psychiatric Solutions, Inc., Term Loan,
4.56%, 7/1/12 $ 478,580
--------------
Health Care Services - 0.1%
843,782 BB-/Ba3 Healthsouth Corp., Term Loan,
5.23%, 3/10/13 $ 802,912
--------------
Health Care Supplies - 0.3%
7,510,000 BB/B1 Inverness Medical Innovations, Term Loan
(Second Lien), 6.92%, 6/26/15 $ 6,777,777
--------------
Total Health Care Equipment & Services $ 8,059,269
--------------
The accompanying notes are an integral part of these financial statements. 39
Pioneer Global High Yield Fund
- --------------------------------------------------------------------------------
SCHEDULE OF INVESTMENTS 4/30/08 (unaudited) (continued)
- --------------------------------------------------------------------------------
S&P/
Principal Floating Moody's
Amount Rate (b) Ratings Value
Pharmaceuticals & Biotechnology - 0.1%
Pharmaceuticals - 0.1%
$ 2,296,717 BB/NR Talecris Biotherapeutics Holdings, First Lien
Term Loan, 6.57%, 12/6/13 $ 2,038,336
--------------
Total Pharmaceuticals & Biotechnology $ 2,038,336
--------------
Diversified Financials - 0.1%
Specialized Finance - 0.1%
3,565,719 BB-/NR Ace Cash Express, Term Loan,
6.88%, 10/5/13 $ 2,870,404
--------------
Total Diversified Financials $ 2,870,404
--------------
Insurance - 0.7%
Insurance Brokers - 0.5%
2,935,250 BB-/NR Alliant Holdings I, Inc., Term Loan,
5.7%, 8/21/14 $ 2,759,135
6,750,000 B-/NR AmWins Group, Inc., Initial Term Loan (Second
Lien), 8.23%, 6/11/13 3,628,125
644,568 B+/NR HUB International Holdings, Delay Draw Term
Loan, 4.4%, 6/13/14 580,917
3,690,374 B+/NR HUB International Holdings, Initial Term Loan,
5.2%, 6/13/14 3,325,950
--------------
$ 10,294,127
--------------
Multi-Line Insurance - 0.2%
4,198,051 B-/NR AmWins Group, Inc., Initial Term Loan,
5.43%, 6/11/13 $ 3,295,470
--------------
Total Insurance $ 13,589,597
--------------
Technology Hardware & Equipment - 0.9%
Electronic Equipment & Instruments - 0.9%
14,573,921 NR/NR Huawei-3Com Co., Ltd., Tranche B Term Loan,
5.63%, 9/28/12 $ 12,460,702
5,472,500 BB-/Ba3 Scitor Corp., Term Loan, 6.96%, 9/28/14 5,363,050
--------------
$ 17,823,752
--------------
Electronic Manufacturing Services - 0.0%
866,922 NR/Ba3 Baldor Electric Co., Term Loan, 4.69%,
1/31/14 $ 838,024
--------------
Total Technology Hardware & Equipment $ 18,661,776
--------------
40 The accompanying notes are an integral part of these financial statements.
Pioneer Global High Yield Fund
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
S&P/
Principal Floating Moody's
Amount Rate (b) Ratings Value
Telecommunication Services - 0.7%
Integrated Telecommunication Services - 0.7%
$ 7,500,000 BB-/B3 Intelsat, Ltd., Senior Notes, 0.0%, 1/15/13 $ 6,937,500
289,299 BB-/Ba2 Telesat Canda, U.S. Term II Loan, 3.67%,
10/24/14 273,907
6,846,227 BB-/Ba2 Telesat Canda, U.S. Term I Loan, 5.9%,
10/24/14 6,481,988
--------------
$ 13,693,395
--------------
Total Telecommunication Services $ 13,693,395
--------------
Utilities - 0.6%
Independent Power Producer & Energy Traders - 0.6%
4,402,060 BB/Ba1 NRG Energy, Inc., Credit Linked Deposit,
2.6%, 2/1/13 $ 4,233,131
9,013,315 BB/Ba1 NRG Energy, Inc., Term Loan, 4.2%, 2/1/13 8,667,429
--------------
$ 12,900,560
--------------
Total Utilities $ 12,900,560
--------------
TOTAL SENIOR SECURED FLOATING RATE
LOAN INTERESTS
(Cost $153,339,462) $ 131,653,845
--------------
RIGHTS/WARRANTS - 0.3%
Energy - 0.3%
Oil & Gas Drilling - 0.3%
NOK 11,203,000 Norse Energy Corp., ASA* $ 5,394,208
--------------
Oil & Gas Exploration & Production - 0.0%
498,836 Biofuel Energy ASA* $ -
--------------
Total Energy $ 5,394,208
--------------
Materials - 0.0%
Forest Products - 0.0%
3,250 Mandra Forestry-CW13, 5/15/13* $ 422,500
--------------
Total Materials $ 422,500
--------------
Real Estate - 0.0%
Real Estate Management & Development - 0.0%
8,190,000 Neo-China Group Holings, Ltd.,
Warrant -CW-12* $ 315,268
--------------
Total Real Estate $ 315,268
--------------
TOTAL RIGHTS/WARRANTS
(Cost $1,646,064) $ 6,131,976
--------------
The accompanying notes are an integral part of these financial statements. 41
Pioneer Global High Yield Fund
- --------------------------------------------------------------------------------
SCHEDULE OF INVESTMENTS 4/30/08 (unaudited) (continued)
- --------------------------------------------------------------------------------
Principal
Amount Value
TEMPORARY CASH INVESTMENTS - 7.9%
Repurchase Agreements - 1.4%
$5,435,000 Bank of America Corp., 1.98%, dated
4/30/08, repurchase price of $5,435,000
plus accrued interest on 5/1/08 collateral-
ized by the following:
$3,395,358, Federal National Mortgage
Association, 5.0%, 10/1/34 $256,680
Freddie Mac Giant, 5.0%, 4/1/38
$2,417,862, Federal National Mortgage
Association, 5.5%, 7/1/37 $ 5,435,000
5,435,000 Barclays Plc, 1.98%, dated 4/30/08,
repurchase price of $5,435,000 plus
accrued interest on 5/1/08 collateralized
by the following:
$1,650,351, Freddie Mac Giant, 5.0 - 7.0%,
5/1/20 - 11/1/47
$443,164, Federal Home Loan Mortgage
Corp., 5.927 - 6.28%, 8/1/36 - 12/1/36
$570,170, Federal National Mortgage Association
(ARM), 4.777 - 6.432%, 8/1/35 -
11/1/37
$4,102,473, Federal National Mortgage
Association, 4.0 - 6.5%, 9/1/20 -
2/1/48 5,435,000
5,435,000 Deutsche Bank AG, 2.0%, dated 4/30/08,
repurchase price of $5,435,000 plus ac-
crued interest on 5/1/08 collateralized by
the following:
$3,943,421, Freddie Mac Giant, 4.0 - 7.0%,
4/1/19 - 4/1/39
$489,109, Federal Home Loan Mortgage
Corp., 4.955 - 5.894%, 2/1/37 - 4/1/38
$1,192,990, Federal National Mortgage Association
(ARM), 4.414 - 6.308%, 8/1/12 -
6/1/36
$1,894,031, U.S Treasury Strip, 0.0%,
11/15/21 - 8/15/26 5,435,000
42 The accompanying notes are an integral part of these financial statements.
Pioneer Global High Yield Fund
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Principal
Amount Value
Repurchase Agreements - (continued)
$5,435,000 JP Morgan Chase & Co., 2.0%, dated 4/30/08,
repurchase price of $5,435,000 plus
accrued interest on 5/1/08 collateralized by
$5,776,453, Federal National Mortgage Association,
4.5 - 7.0%, 1/1/21 - 2/1/38 $ 5,435,000
5,435,000 Merrill Lynch, Inc. & Co., 1.88%, dated
4/30/08, repurchase price of $5,435,000
plus accrued interest on 5/1/08 collateral-
ized by $5,514,253, Freddie Mac Giant,
5.5%, 3/1/38 5,435,000
--------------
$ 27,175,000
--------------
Security Lending Collateral - 6.5%
Certificates of Deposit:
822,788 Banco Santander NY, 2.80%, 10/7/08 $ 1,099,208
914,209 Bank Bovespa NY, 2.86%, 5/6/08 1,220,841
2,285,524 Bank of America, 2.80%, 8/22/08 3,052,044
822,788 Bank of Scotland NY, 2.89%, 11/4/08 1,096,914
1,142,762 Bank of Scotland NY, 3.03%, 9/26/08 1,524,305
2,285,524 BNP Paribas NY, 2.88%, 7/23/08 3,052,044
365,684 BNP Paribas NY, 3.035%, 5/23/08 488,417
1,371,314 Calyon NY, 2.85%, 8/25/08 1,831,283
457,105 Calyon NY, 2.69%, 01/16/09 967,233
2,285,524 Citibank, 2.85%, 7/29/08 3,052,044
1,695,858 Dexia Bank NY, 3.37%, 09/29/08 2,259,391
196,555 Fortis, 3.11%, 09/30/08 261,967
457,105 Fortis, 3.14%, 06/30/08 610,070
2,285,524 NORDEA NY, 2.81%, 8/29/08 3,052,044
365,684 Rabobank Nederland NY, 2.37%, 8/29/08 488,110
1,142,762 Royal Bank of Canada NY, 2.57%, 7/15/08 1,526,022
882,212 Skandinavian Enskilda Bank NY, 2.70%, 7/17/08 1,178,114
265,121 Skandinavian Enskilda Bank NY, 3.18%, 09/22/08 353,572
457,105 Skandinavian Enskilda Bank NY, 3.06% 02/13/09 608,515
914,209 Svenska Bank NY, 2.70%, 7/17/08 1,220,843
457,105 Wachovia Bank, 2.82%, 6/9/08 2,807,880
--------------
$ 31,750,861
--------------
Commercial Paper:
246,111 Bank of America, 2.62%, 8/26/08 $ 933,922
456,865 Calyon, 2.71%, 5/8/08 610,088
685,657 CBA, 2.71%, 7/11/08 910,756
457,104 Deutsche Bank Financial, 2.55%, 7/9/08 607,449
The accompanying notes are an integral part of these financial statements. 43
Pioneer Global High Yield Fund
- --------------------------------------------------------------------------------
SCHEDULE OF INVESTMENTS 4/30/08 (unaudited) (continued)
- --------------------------------------------------------------------------------
Principal
Amount Value
Security Lending Collateral - (continued)
$ 365,683 Deutsche Bank Financial, 2.55%, 6/16/08 $ 486,742
548,526 HSBC, 2.67%, 6/16/08 730,001
457,105 HSBC, 2.72%, 6/9/08 608,650
457,104 HSBC, 2.89% 7/21/08 606,467
457,105 Lloyds Bank, 2.60%, 6/6/08 608,828
1,142,762 Macquarie Bank, 2.87%, 6/26/08 1,518,900
457,105 Macquarie Bank, 2.87%, 6/9/08 608,518
685,657 Natixis, 2.87%, 7/10/08 910,539
685,657 Natixis, 2.87%, 7/21/08 909,391
455,774 PARFIN, 2.70%, 6/9/08 608,631
457,105 RAB USA, 2.61%, 6/10/08 608,645
914,209 Royal Bank of Scotland, 2.66%, 10/21/08 1,203,452
438,821 Royal Bank of Scotland, 3.00%, 6/12/08 584,181
365,684 Societe Generale, 2.85%, 5/2/08 488,288
1,142,762 Societe Generale, 2.93%, 7/30/08 1,514,920
457,105 Societe Generale, 2.98%, 7/2/08 607,297
2,056,971 Unicredit Group, 2.89%, 7/17/08 2,729,077
457,104 Wachovia, 3.62%,10/28/08 608,395
365,165 WestPac, 2.72%, 7/10/08 485,035
457,104 WestPac, 2.72%, 7/7/08 607,341
685,657 WestPac, 2.77%, 7/9/08 910,789
--------------
$ 21,006,302
--------------
Tri-party Repurchase Agreements:
16,221,229 Barclay's Bank,1.96% 5/1/08 $ 21,661,515
13,713,141 Deutsche Bank, 1.97% 5/1/08 18,312,263
13,713,141 Lehman Brothers, 1.99% 5/1/08 18,312,263
13,713,141 Merrill Lynch, 1.95% 5/1/08 18,312,263
--------------
$ 76,598,304
--------------
Other:
1,599,866 ABS CFAT 2008-A A1 2,136,431
--------------
Total Securities Lending Collateral $ 131,491,898
--------------
TOTAL TEMPORARY CASH INVESTMENTS
(Cost $158,224,355) $ 158,666,898
--------------
TOTAL INVESTMENT IN SECURITIES - 104.2%
(Cost $2,257,230,327) (a) (c) $2,097,301,738
--------------
OTHER ASSETS AND LIABILITIES - (4.2)% $ (85,448,735)
--------------
TOTAL NET ASSETS - 100.0% $2,011,853,003
==============
44 The accompanying notes are an integral part of these financial statements.
Pioneer Global High Yield Fund
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
* 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 April
30, 2008, the value of these securities amounted to $819,420,533 or 40.7%
of total net assets.
STEP Debt obligation initially issued at one coupon which converts to another
coupon at a specified date. The rate shown is the rate at the end of the
period.
The accompanying notes are an integral part of these financial statements. 45
Pioneer Global High Yield Fund
- --------------------------------------------------------------------------------
SCHEDULE OF INVESTMENTS 4/30/08 (unaudited) (continued)
- --------------------------------------------------------------------------------
** Senior floating rate loan interests in which the Portfolio invests
generally pay interest at rates that are periodically redetermined by
reference to a base lending rate plus a premium. These base lending rates
are generally (i) the lending rate offered by one or more major European
banks, such as LIBOR (London InterBank Offered Rate), (ii) the prime rate
offered by one or more major United States banks, (iii) the certificate of
deposit or (iv) other base lending rates used by commercial lenders. The
rate shown is the coupon rate at period end.
(a) At April 30, 2008, the net unrealized loss on investments based on cost
for federal income tax purposes of $2,258,047,727 was as follows:
Aggregate gross unrealized gain for all investments in which there is
an excess of value over tax cost $ 40,449,843
Aggregate gross unrealized loss for all investments in which there is
an excess of tax cost over value (201,195,832)
-------------
Net unrealized loss $(160,745,989)
=============
(b) Debt obligation with a Floating interest rate. Rate shown is rate at
period end.
(c) Distributions of investment by country of issue, as a percentage of total
investment in securities (excluding temporary cash investments), is as
follows:
United States 68.2%
Netherlands 5.5%
United Kingdom 3.0%
Argentina 3.0%
Brazil 2.6%
Canada 2.6%
Cayman Islands 1.9%
South Africa 1.8%
Mexico 1.7%
Bermuda 1.1%
Ireland 1.0%
Other (individually less than 1%) 7.6%
-----
100.0%
=====
46 The accompanying notes are an integral part of these financial statements.
Pioneer Global High Yield Fund
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
(d) At April 30, 2008, the following securities were out on loan:
Principal
Amount Description Value
$ 7,300,000 Accellent, Inc., 10.5%, 12/1/13 $ 6,241,500
5,360,000 Accuride Corp., 8.5%, 2/1/15 4,770,400
3,878,000 Ainsworth Lumber, 6.75%, 3/15/14 2,191,070
100,000 Ainsworth Lumber, 7.25%, 10/1/12 56,000
8,500,000 Aleris International, Inc., 10.0%, 12/15/16 2,191,070
500,000 Aleris International, Inc., 9.0%, 12/15/14 56,000
7,200,000 Allison Transmission, 11.25%, 11/1/15 (144A) 6,858,000
8,855,000 American Airlines Inc., 7.379%, 5/23/16 7,460,337
9,500,000 Angiotech Pharmaceutical, 7.75%, 4/1/14 3,544,150
1,088,000 Baldor Electric, 8.625%, 2/15/17 1,109,760
9,500,000 Cell C Pty Ltd., 11.0%, 7/1/15 (144A) 9,452,500
1,800,000 C10 Capital SPV, Ltd., Floating Rate Note, 12/31/49 1,609,470
2,610,000 Central Garden, 9.125%, 2/1/13 2,205,450
770,000 Ceva Group Plc, 10.0%, 9/1/14 (144A) 793,100
4,712,000 CCH I LLC, 11.0%, 10/1/15 3,663,580
9,400,000 Cricket Communications I, 9.375%, 11/1/14 9,223,750
4,360,000 Duane Reade, Inc., 9.75%, 8/1/11 4,043,900
1,500,000 Evraz Group SA, 8.875%, 4/24/13 (144A) 1,518,750
7,245,000 First Data Corp., 9.875%, 9/24/15 (144A) 6,592,950
3,000,000 Freescale Semiconductor, 8.875%, 12/15/14 2,640,000
5,231,000 Georgia Gulf Corp., 10.75%, 10/15/16 3,792,475
90,000 Georgia Gulf Corp., 9.5%, 10/15/14 76,050
2,000,000 Industrias Unidas, 11.5%, 11/15/16 (144A) 1,390,000
1,811,000 Jarden Corp., 7.5%, 5/1/17 1,666,120
3,544,000 Marfrig Overseas, Ltd., 9.625%, 11/16/16 (144A) 3,579,440
1,000,000 MBIA, Inc., Floating Rate Note, 1/15/33 (144A) 915,000
5,000,000 NCO Group, Inc., 11.875%, 11/15/14 3,850,000
1,485,000 Panolam Industries International, 10.75%, 10/1/13 1,188,000
12,132,000 Sally Holdings LLC, 10.5%, 11/15/16 12,071,340
6,900,000 Shingle Springs Tribal, 9.375%, 6/15/15 (144A) 6,106,500
1,970,000 Trump Entertainment Resorts, 8.5%, 6/1/15 1,265,725
6,000,000 Univision Communications, 9.75%, 3/15/15 (144A) 4,335,000
10,950,000 Yankee Acquisition Corp., 9.75%, 2/15/17 8,787,375
------------
Total $125,244,764
============
NOTE: Principal amounts are denominated in U.S. Dollars unless otherwise
denoted:
BRL Brazilian Real
COP Columbian Peso
EURO Euro
ITL Italian Lira
GBP Great British Pounds
NOK Norwegian Krone
Purchases and sales of securities (excluding temporary cash investments) for
the six months ended April 30, 2008 aggregated $201,046,961 and $190,426,817,
respectively.
The accompanying notes are an integral part of these financial statements. 47
Pioneer Global High Yield Fund
- --------------------------------------------------------------------------------
STATEMENT OF ASSETS AND LIABILITIES 4/30/08 (unaudited)
- --------------------------------------------------------------------------------
ASSETS:
Investment in securities (including securities loaned of
$125,244,764) (cost $2,257,230,327) $2,097,301,738
Cash 9,529,307
Foreign currencies, at value (cost $3,077,737) 3,203,419
Receivables -
Investment securities sold 4,977,226
Fund shares sold 15,166,602
Interest 51,413,993
Forward foreign currency portfolio hedge contracts, open net 19,160
Due from Pioneer Investment Management, Inc. 258,876
Other 123,747
--------------
Total assets $2,181,994,068
--------------
LIABILITIES:
Payables -
Investment securities purchased $ 28,131,541
Fund shares repurchased 5,176,970
Dividends 4,771,255
Upon return of securities loaned 131,491,898
Due to affiliates 276,142
Accrued expenses 273,941
Unrealized depreciation on unfunded corporate loans 19,318
--------------
Total liabilities $ 170,141,065
--------------
NET ASSETS:
Paid-in capital $2,173,504,869
Undistributed net investment income 3,389,355
Accumulated net realized loss on investments, credit default
swaps, and foreign currency transactions (5,473,894)
Net unrealized loss on investments (159,947,907)
Net unrealized gain on forward foreign currency contracts and
other assets and liabilities denominated in foreign currencies 380,580
--------------
Total net assets $2,011,853,003
==============
NET ASSET VALUE PER SHARE:
(No par value, unlimited number of shares authorized)
Class A (based on $1,299,382,740/114,874,265 shares) $ 11.31
==============
Class B (based on $133,658,418/11,845,293 shares) $ 11.28
==============
Class C (based on $530,266,276/47,126,365 shares) $ 11.25
==============
Class Y (based on $46,783,459/4,195,904 shares) $ 11.15
==============
Class Z (based on $1,762,110/154,471 shares) $ 11.41
==============
MAXIMUM OFFERING PRICE:
Class A ($11.31 [divided by] 95.5%) $ 11.84
==============
48 The accompanying notes are an integral part of these financial statements.
Pioneer Global High Yield Fund
- --------------------------------------------------------------------------------
STATEMENT OF OPERATIONS (unaudited)
- --------------------------------------------------------------------------------
For the Six Months Ended 4/30/08
INVESTMENT INCOME:
Dividends $ 109,452
Interest 98,870,256
Income from securities loaned, net 395,714
-------------
Total investment income $ 99,375,422
-------------
EXPENSES:
Management fees $ 6,140,719
Transfer agent fees and expenses
Class A 1,156,980
Class B 130,123
Class C 323,808
Class Y 2,383
Class Z 78
Distribution fees
Class A 1,561,272
Class B 693,070
Class C 2,712,124
Administrative fees 220,658
Custodian fees 65,368
Registration fees 112,252
Professional fees 91,339
Printing expense 77,306
Fees and expenses of nonaffiliated trustees 22,672
Miscellaneous 217,138
-------------
Total expenses $ 13,527,290
Less fees waived and expenses reimbursed by
Pioneer Investment Management, Inc. (258,876)
Less fees paid indirectly (32,974)
-------------
Net expenses $ 13,235,440
-------------
Net investment income $ 86,139,982
-------------
REALIZED AND UNREALIZED GAIN (LOSS) ON
INVESTMENTS, CREDIT DEFAULT SWAPS AND
FOREIGN CURRENCY TRANSACTIONS:
Net realized gain (loss) on:
Investments $ (6,535,783)
Credit default swaps 84,004
Forward foreign currency contracts and other assets
and liabilities denominated in foreign currencies 1,131,917 $ (5,319,862)
------------- -------------
Change in net unrealized gain (loss) on:
Investments $(141,017,669)
Credit default swaps 656
Forward foreign currency contracts and other assets
and liabilities denominated in foreign currencies (529,802)
Unfunded corporate loans 64,065 $(141,482,750)
------------- -------------
Net loss on investments and foreign currency
transactions $(146,802,612)
-------------
Net decrease in net assets resulting from operations $ (60,662,630)
=============
The accompanying notes are an integral part of these financial statements. 49
Pioneer Global High Yield Fund
- --------------------------------------------------------------------------------
STATEMENTS OF CHANGES IN NET ASSETS
- --------------------------------------------------------------------------------
For the Six Months Ended 4/30/08 and the Year Ended 10/31/07, respectively
Six Months Ended
4/30/08 Year Ended
(unaudited) 10/31/07
FROM OPERATIONS:
Net investment income $ 86,139,982 $ 129,651,733
Net realized gain (loss) on investments, credit default
swaps and foreign currency transactions (5,319,862) 22,932,866
Change in net unrealized gain (loss) on
investments, credit default swaps and foreign
currency transactions (141,482,750) (40,344,737)
-------------- --------------
Net increase (decrease) in net assets resulting
from operations $ (60,662,630) $ 112,239,862
-------------- --------------
DISTRIBUTIONS TO SHAREOWNERS:
Net investment income:
Class A ($0.53 and $0.98 per share, respectively) $ (58,343,044) $ (81,601,384)
Class B ($0.49 and $0.87 per share, respectively) (5,940,083) (10,457,546)
Class C ($0.49 and $0.88 per share, respectively) (23,397,934) (37,407,197)
Class Y ($0.55 and $0.99 per share, respectively) (1,473,249) (918,427)
Class Z ($0.56 and $0.32 per share, respectively) (20,047) (2,550)
Net realized gain:
Class A ($0.11 and $0.06 per share, respectively) (11,626,930) (3,435,262)
Class B ($0.11 and $0.06 per share, respectively) (1,378,099) (651,210)
Class C ($0.11 and $0.06 per share, respectively) (5,275,114) (2,128,471)
Class Y ($0.11 and $0.06 per share, respectively) (216,293) (428)
Class Z ($0.11 and $0.00 per share, respectively) (862)
-------------- --------------
Total distributions to shareowners $ (107,671,655) $ (136,602,475)
-------------- --------------
FROM FUND SHARE TRANSACTIONS:
Net proceeds from sale of shares $ 474,353,978 $1,371,832,796
Reinvestment of distributions 71,620,898 85,601,709
Cost of shares repurchased (512,060,266) (490,456,742)
-------------- --------------
Net increase in net assets resulting from
Fund share transactions $ 33,914,610 $ 966,977,763
-------------- --------------
Net increase (decrease) in net assets $ (134,419,675) $ 942,615,150
NET ASSETS:
Beginning of period 2,146,272,678 1,203,657,528
-------------- --------------
End of year period $2,011,853,003 $2,146,272,678
============== ==============
Undistributed net investment income $ 3,389,355 $ 6,423,730
============== ==============
50 The accompanying notes are an integral part of these financial statements.
Pioneer Global High Yield Fund
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
'08 Shares '08 Amount '07 Shares '07 Amount
(unaudited) (unaudited)
CLASS A
Shares sold 31,742,474 $362,857,600 80,734,234 $1,009,927,996
Reinvestment of distributions 4,567,409 52,450,544 4,901,901 61,064,428
Less shares repurchased (32,750,465) (378,715,367) (27,783,637) (345,623,177)
----------- ------------ ----------- --------------
Net increase 3,559,418 $ 36,592,777 57,852,498 $ 725,369,247
=========== ============ =========== ==============
CLASS B
Shares sold 1,011,575 $ 11,616,991 4,803,916 $ 60,425,568
Reinvestment of distributions 292,226 3,354,792 381,063 4,737,169
Less shares repurchased (2,131,977) (24,518,390) (3,118,576) (38,698,904)
----------- ------------ ----------- --------------
Net increase (decrease) (828,176) $ (9,546,607) 2,066,403 $ 26,463,833
=========== ============ =========== ==============
CLASS C
Shares sold 6,230,971 $ 71,206,642 22,244,101 $ 277,806,461
Reinvestment of distributions 1,245,746 14,255,756 1,526,245 18,919,034
Less shares repurchased (9,238,422) (105,640,894) (8,534,278) (105,507,730)
----------- ------------ ----------- --------------
Net increase (decrease) (1,761,705) $(20,178,496) 15,236,068 $ 191,217,765
=========== ============ =========== ==============
CLASS Y
Shares sold 2,408,646 $ 26,993,612 1,912,122 $ 23,572,759
Reinvestment of distributions 137,280 1,544,371 72,046 881,078
Less shares repurchased (284,705) (3,144,617) (52,409) (626,919)
----------- ------------ ----------- --------------
Net increase 2,261,221 $ 25,393,366 1,931,759 $ 23,826,918
=========== ============ =========== ==============
CLASS Z*
Shares sold 148,804 $ 1,679,133 7,906 $ 100,012
Reinvestment of distributions 1,363 15,435 - -
Less shares repurchased (3,601) (40,998) (1) (12)
----------- ------------ ----------- --------------
Net increase 146,566 $ 1,653,570 7,905 $ 100,000
=========== ============ =========== ==============
* Class Z shares were first publicly offered on July 6, 2007.
The accompanying notes are an integral part of these financial statements. 51
Pioneer Global High Yield Fund
- --------------------------------------------------------------------------------
FINANCIAL HIGHLIGHTS
- --------------------------------------------------------------------------------
Six Months
Ended
4/30/08 Year Ended
(unaudited) 10/31/07
CLASS A
Net asset value, beginning of period $ 12.30 $ 12.34
--------- ----------
Increase (decrease) from investment operations:
Net investment income $ 0.51 $ 0.96
Net realized and unrealized gain (loss) on investments, credit
default swaps and foreign currency transactions (0.86) 0.04
--------- ----------
Net increase (decrease) from investment operations $ (0.35) $ 1.00
Distributions to shareowners:
Net investment income $ (0.53) $ (0.98)
Net realized gain (0.11) (0.06)
--------- ----------
Total distributions $ (0.64) $ (1.04)
--------- ----------
Redemption Fee $ - $ -
--------- ----------
Net increase (decrease) in net asset value $ (0.99) $ (0.04)
--------- ----------
Net asset value, end of period $ 11.31 $ 12.30
========= ==========
Total return* (2.77)% 8.30%
Ratio of net expenses to average net assets+ 1.10%** 1.06%
Ratio of net investment income to average net assets+ 9.04%** 7.73%
Portfolio turnover rate 20%** 31%
Net assets, end of period (in thousands) $1,299,383 $1,369,044
Ratios with no waiver of fees and assumption of expenses by PIM
and no reduction for fees paid indirectly:
Net expenses 1.14%** 1.06%
Net investment income (loss) 9.00%** 7.73%
Ratios with waiver of fees by PIM and reduction for fees paid
indirectly:
Net expenses 1.10%** 1.06%
Net investment income 9.04%** 7.73%
The accompanying notes are an integral part of these financial statements.
Pioneer Global High Yield Fund
- --------------------------------------------------------------------------------
FINANCIAL HIGHLIGHTS
- --------------------------------------------------------------------------------
Year Ended Year Ended Year Ended Year Ended
10/31/06 10/31/05 10/31/04 (a) 10/31/03 (a)
CLASS A
Net asset value, beginning of period $ 11.88 $ 11.79 $ 11.31 $ 8.56
------- ------- ------- -------
Increase (decrease) from investment operations:
Net investment income $ 0.90 $ 0.90 $ 0.69 $ 1.00
Net realized and unrealized gain (loss) on investments, credit
default swaps and foreign currency transactions 0.49 0.09 0.89 2.75
------- ------- ------- -------
Net increase (decrease) from investment operations $ 1.39 $ 0.99 $ 1.58 $ 3.75
Distributions to shareowners:
Net investment income $ (0.90) $ (0.90) $ (0.89) $ (1.00)
Net realized gain (0.03) - (0.21) -
------- ------- ------- -------
Total distributions $ (0.93) $ (0.90) $ (1.10) $ (1.00)
------- ------- ------- -------
Redemption Fee $ 0.00(b) $ 0.00(b) $ - $ -
------- ------- ------- -------
Net increase (decrease) in net asset value $ 0.46 $ 0.09 $ 0.48 $ 2.75
------- ------- ------- -------
Net asset value, end of period $ 12.34 $ 11.88 $ 11.79 $ 11.31
======= ======= ======= =======
Total return* 12.12% 8.52% 14.82% 45.58%
Ratio of net expenses to average net assets+ 1.10% 1.04% 0.75% 0.75%
Ratio of net investment income to average net assets+ 7.44% 7.40% 8.02% 9.76%
Portfolio turnover rate 41% 36% 50% 124%
Net assets, end of period (in thousands) $659,845 $343,886 $70,063 $ 848
Ratios with no waiver of fees and assumption of expenses by PIM
and no reduction for fees paid indirectly:
Net expenses 1.18% 1.18% 1.41% 14.37%
Net investment income (loss) 7.37% 7.26% 7.36% (3.68)%
Ratios with waiver of fees by PIM and reduction for fees paid
indirectly:
Net expenses 1.10% 1.04% 0.75% 0.75
Net investment income 7.44% 7.40% 8.02% 9.76
(a) The Fund Commenced operations on August 27, 2001 and was first publicly
offered on December 1, 2003.
(b) Amount rounds to less than once cent per share.
* Assumes initial investment at net asset value at the beginning of the
period, reinvestment of all distributions and the complete redemption of
the investment at net asset value at the end of the period, and no sales
charges. Total return would be reduced if sales charges were taken into
account.
** Annualized
+ Ratios with no reduction for fees paid indirectly.
52 The accompanying notes are an integral part of these financial statements.
Pioneer Global High Yield Fund
- --------------------------------------------------------------------------------
FINANCIAL HIGHLIGHTS
- --------------------------------------------------------------------------------
Six Months
Ended
4/30/08 Year Ended
(unaudited) 10/31/07
CLASS B
Net asset value, beginning of period $12.27 $ 12.31
------- --------
Increase (decrease) from investment operations:
Net investment income $ 0.47 $ 0.86
Net realized and unrealized gain (loss) on investments, credit default
swaps and foreign currency transactions (0.86) 0.03
------- --------
Net increase (decrease) from investment operations $(0.39) $ 0.89
------- --------
Distributions to shareowners:
Net investment income $(0.49) $ (0.87)
Net realized gain (0.11) (0.06)
------- --------
Total distributions $(0.60) $ (0.93)
------- --------
Redemption Fee $ - $ -
------- --------
Net increase (decrease) in net asset value $(0.99) $ (0.04)
------- --------
Net asset value, end of period $11.28 $ 12.27
======= ========
Total return* (3.17)% 7.41%
Ratio of net expenses to average net assets+ 1.90%** 1.86%
Ratio of net investment income to average net assets+ 8.26%** 6.93%
Portfolio turnover rate 20%(c) 31%
Net assets, end of period (in thousands) $133,658 $155,523
Ratios with no waiver of fees and assumption of expenses by PIM and no
reduction for fees paid indirectly:
Net expenses 1.90%** 1.86%
Net investment income 8.26%** 6.93%
Ratios with waiver of fees paid by PIM and reduction for fees paid
indirectly:
Net expenses 1.90%** 1.85%
Net investment income 8.26%** 6.94%
The accompanying notes are an integral part of these financial statements.
Pioneer Global High Yield Fund
- --------------------------------------------------------------------------------
FINANCIAL HIGHLIGHTS
- --------------------------------------------------------------------------------
12/1/03 (a)
Year Ended Year Ended to
10/31/06 10/31/05 10/31/04
CLASS B
Net asset value, beginning of period $ 11.85 $ 11.76 $ 11.47
------- ------- ---------
Increase (decrease) from investment operations:
Net investment income $ 0.80 $ 0.80 $ 0.82
Net realized and unrealized gain (loss) on investments, credit default
swaps and foreign currency transactions 0.49 0.09 0.49
------- ------- ---------
Net increase (decrease) from investment operations $ 1.29 $ 0.89 $ 1.31
------- ------- ---------
Distributions to shareowners:
Net investment income $ (0.80) $ (0.80) $ (0.81)
Net realized gain (0.03) - (0.21)
------- ------- ---------
Total distributions $ (0.83) $ (0.80) $ (1.02)
------- ------- ---------
Redemption Fee $ 0.00(b) $ 0.00(b) $ -
------- ------- ---------
Net increase (decrease) in net asset value $ 0.46 $ 0.09 $ 0.29
------- ------- ---------
Net asset value, end of period $ 12.31 $ 11.85 $ 11.76
======= ======= =========
Total return* 11.25% 7.62% 12.12%(c)
Ratio of net expenses to average net assets+ 1.96% 1.91% 1.58%**
Ratio of net investment income to average net assets+ 6.63% 6.57% 7.26%**
Portfolio turnover rate 41% 36% 50%(c)
Net assets, end of period (in thousands) $130,563 $98,462 $ 20,408
Ratios with no waiver of fees and assumption of expenses by PIM and no
reduction for fees paid indirectly:
Net expenses 1.96% 1.97% 2.20%**
Net investment income 6.60% 6.51% 6.64%**
Ratios with waiver of fees paid by PIM and reduction for fees paid
indirectly:
Net expenses 1.96% 1.91% 1.58%**
Net investment income 6.60% 6.57% 7.26%**
(a) Class B shares were first publicly offered on December 1, 2003.
(b) Amount rounds to less than one cent per share.
* Assumes initial investment at net asset value at the beginning of the
period, reinvestment of all distributions and the complete redemption of
the investment at net asset value at the end of the period, and no sales
charges. Total return would be reduced if sales charges were taken into
account.
(c) Not annualized.
** Annualized.
+ Ratios with no reduction for fees paid indirectly.
The accompanying notes are an integral part of these financial statements. 53
Pioneer Global High Yield Fund
- --------------------------------------------------------------------------------
FINANCIAL HIGHLIGHTS
- --------------------------------------------------------------------------------
Six Months
Ended
4/30/08 Year Ended
(unaudited) 10/31/07
CLASS C
Net asset value, beginning of period $12.24 $ 12.28
------- --------
Increase (decrease) from investment operations:
Net investment income $ 0.47 $ 0.86
Net realized and unrealized gain (loss) on investments, credit default
swaps and foreign currency transactions (0.86) 0.04
------- --------
Net increase (decrease) from investment operations $(0.39) $ 0.90
------- --------
Distributions to shareowners:
Net investment income $(0.49) $ (0.88)
Net realized gain (0.11) (0.06)
------- --------
Total distributions $(0.60) $ (0.94)
------- --------
Redemption Fee $ - $ -
------- --------
Net increase (decrease) in net asset value $(0.99) $ (0.04)
------- --------
Net asset value, end of period $11.25 $ 12.24
======= ========
Total return* (3.16)% 7.48%
Ratio of net expenses to average net assets+ 1.83%** 1.82%
Ratio of net investment income to average net assets+ 8.32%** 6.96%
Portfolio turnover rate 20%(c) 31%
Net assets, end of period (in thousands) $530,266 $598,195
Ratios with no waiver of fees and assumption of expenses by PIM and no
reduction for fees paid indirectly:
Net expenses 1.83%** 1.81%
Net investment income 8.32%** 6.96%
Ratios with waiver of fees by PIM and reduction for fees
paid indirectly:
Net expenses 1.83%** 1.82%
Net investment income 8.33%** 6.96%
The accompanying notes are an integral part of these financial statements.
Pioneer Global High Yield Fund
- --------------------------------------------------------------------------------
FINANCIAL HIGHLIGHTS
- --------------------------------------------------------------------------------
12/1/03 (a)
Year Ended Year Ended to
10/31/06 10/31/05 10/31/04
CLASS C
Net asset value, beginning of period $ 11.82 $ 11.74 $ 11.47
------- ------- ---------
Increase (decrease) from investment operations:
Net investment income $ 0.80 $ 0.80 $ 0.77
Net realized and unrealized gain (loss) on investments, credit default
swaps and foreign currency transactions 0.49 0.08 0.47
------- ------- ---------
Net increase (decrease) from investment operations $ 1.29 $ 0.88 $ 1.24
------- ------- ---------
Distributions to shareowners:
Net investment income $ (0.80) $ (0.80) $ (0.76)
Net realized gain (0.03) - (0.21)
------- ------- ---------
Total distributions $ (0.83) $ (0.80) $ (0.97)
------- ------- ---------
Redemption Fee $ 0.00(b) $ 0.00(b) $ -
------- ------- ---------
Net increase (decrease) in net asset value $ 0.46 $ 0.08 $ 0.27
------- ------- ---------
Net asset value, end of period $ 12.28 $ 11.82 $ 11.74
======= ======= =========
Total return* 11.30% 7.60% 11.45%(c)
Ratio of net expenses to average net assets+ 1.89% 1.84% 1.51%**
Ratio of net investment income to average net assets+ 6.66% 6.63% 7.30%**
Portfolio turnover rate 41% 36% 50%(c)
Net assets, end of period (in thousands) $413,213 $288,314 $ 92,501
Ratios with no waiver of fees and assumption of expenses by PIM and no
reduction for fees paid indirectly:
Net expenses 1.89% 1.91% 2.11%**
Net investment income 6.66% 6.56% 6.70%**
Ratios with waiver of fees by PIM and reduction for fees
paid indirectly:
Net expenses 1.89% 1.84% 1.51%**
Net investment income 6.66% 6.63% 7.30%**
(a) Class C shares were first publicly offered on December 1, 2003.
(b) Amount rounds to less than one cent per share.
* Assumes initial investment at net asset value at the beginning of the
period, reinvestment of all distributions and the complete redemption of
the investment at net asset value at the end of the period, and no sales
charges. Total return would be reduced if sales charges were taken into
account.
(c) Not annualized.
** Annualized.
+ Ratios with no reduction for fees paid indirectly.
54 The accompanying notes are an integral part of these financial statements.
Pioneer Global High Yield Fund
- --------------------------------------------------------------------------------
FINANCIAL HIGHLIGHTS
- --------------------------------------------------------------------------------
Six Months
Ended 12/28/05 (a)
4/30/08 Year Ended to
(unaudited) 10/31/07 10/31/06
CLASS Y
Net asset value, beginning of period $12.10 $ 12.19 $ 11.95
------- ------- -------
Increase (decrease) from investment operations:
Net investment income $ 0.52 $ 0.97 $ 0.77
Net realized and unrealized gain (loss) on
investments, credit default swaps and
foreign currency transactions (0.81) (0.01) 0.23
------- ------- -------
Net increase (decrease) from investment
operations $(0.29) $ 0.96 $ 1.00
Distributions to shareowners:
Net investment income (0.55) (0.99) (0.76)
Net realized gain (0.11) (0.06) -
------- ------- -------
Net increase (decrease) in net asset value $(0.95) $ (0.09) $ 0.24
------- ------- -------
Net asset value, end of period $11.15 $ 12.10 $ 12.19
======= ======= =======
Total return* (2.37)% 8.12% 8.63%(b)
Ratio of net expenses to average net assets+ 0.72%** 0.70% 0.73%**
Ratio of net investment income to average
net assets+ 9.40%** 8.05% 7.66%**
Portfolio turnover rate 20%(b) 31% 41%(b)
Net assets, end of period (in thousands) $46,783 $23,414 $ 36
Ratios with no waiver of fees and assumption of
expenses by PIM and no reduction for fees
paid indirectly:
Net expenses 0.72%** 0.70% 0.73%**
Net investment income 9.40%** 8.05% 7.66%**
Ratios with waiver of fees by PIM and reduction
for fees paid indirectly:
Net expenses 0.72%** 0.70% 0.73%**
Net investment income 9.40%** 8.05% 7.66%**
(a) Class Y shares were first publicly offered on December 28, 2005
(b) Not annualized.
* 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. 55
Pioneer Global High Yield Fund
- --------------------------------------------------------------------------------
FINANCIAL HIGHLIGHTS
- --------------------------------------------------------------------------------
Six Months
Ended 7/6/07 (a)
4/30/08 to
(unaudited) 10/31/07
CLASS Z
Net asset value, beginning of period $12.31 $ 12.65
------ ---------
Increase (decrease) from investment operations:
Net investment income $ 0.52 $ 0.33
Net realized and unrealized loss on investments,
credit default swaps and foreign currency
transactions (0.75) (0.35)
------ ---------
Net decrease from investment operations $(0.23) $ (0.02)
Distributions to shareowners:
Net investment income (0.56) (0.32)
Net realized gain (0.11) -
------ ---------
Net decrease in net asset value $(0.90) $ (0.34)
------ ---------
Net asset value, end of period $11.41 $ 12.31
====== =========
Total return* (1.81)% (0.09)%(b)
Ratio of net expenses to average net assets+ 0.74%** 0.69%**
Ratio of net investment income to average
net assets+ 8.96%** 8.30%**
Portfolio turnover rate 20%(b) 31%(b)
Net assets, end of period (in thousands) $1,762 $ 97
Ratios with no waiver of fees and assumption of
expenses by PIM and no reduction for fees paid
indirectly:
Net expenses 0.74%** 0.69%**
Net investment income 8.96%** 8.30%**
Ratios with waiver of fees by PIM and reduction for
fees paid indirectly:
Net expenses 0.74%** 0.69%**
Net investment income 8.96%** 8.30%**
(a) Class Z shares were first publicly offered on July 6, 2007.
(b) Not annualized.
* 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.
56 The accompanying notes are an integral part of these financial statements.
Pioneer Global High Yield Fund
- --------------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS 4/30/08 (unaudited)
- --------------------------------------------------------------------------------
1. Organization and Significant Accounting Policies
Pioneer Global High Yield Fund (the Fund) is a series of Pioneer Series Trust
VII, a Delaware statutory trust registered under the Investment Company Act of
1940 as a non-diversified, open-end management investment company. The
investment objective of the Fund is to maximize total return through a
combination of income and capital appreciation.
The Fund offers five classes of shares - Class A, Class B, Class C, Class Y and
Class Z shares. Class Y shares were first publicly offered on December 28,
2005. Class Z shares were first publicly offered on July 6, 2007. 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. There is no distribution plan for Class Y and Class Z shares.
Class B shares convert to Class A shares eight years after the date of
purchase.
The Fund's financial statements have been prepared in conformity with U.S.
generally accepted accounting principles that require the management of the
Fund to, among other things, make estimates and assumptions that affect the
reported amounts of assets and liabilities, the disclosure of contingent assets
and liabilities at the date of the financial statements, and the reported
amounts of income, expenses and gain or loss on investments during the
reporting year. Actual results could differ from those estimates.
At times, the Fund's investments may represent industries or industry sectors
that are interrelated or have common risks, making it more susceptible to any
economic, political, or regulatory developments or other risks affecting those
industries and sectors. The Fund's investments in foreign markets and countries
with limited developing markets may subject the Fund to a greater degree of
risk than in a developed market. These risks include disruptive political or
economic conditions and the imposition of adverse governmental laws or currency
exchange restrictions. The Fund's prospectuses contain information regarding
the Fund's principal risks. Please refer to those documents when considering
the Fund's risks.
57
Pioneer Global High Yield Fund
- --------------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS 4/30/08 (unaudited) (continued)
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The following is a summary of significant accounting policies followed by the
Fund in the preparation of its financial statements, which are consistent with
those policies generally accepted in the investment company industry:
A. Security Valuation
Security transactions are recorded as of trade date. The net asset value
of the Fund is computed once daily, on each day the New York Stock
Exchange (NYSE) is open, as of the close of regular trading on the NYSE.
In computing the net asset value, securities are valued at the last sale
price on the principal exchange where they are traded. Fixed income
securities with remaining maturity of more than 60 days are valued at
prices supplied by independent pricing services, which consider such
factors as Treasury spreads, yields, maturities and ratings. Valuations
may be supplemented by dealers and other sources, as required. Securities
for which there are no other readily available valuation methods are
valued using fair value methods pursuant to procedures adopted by the
Board of Trustees. At April 30, 2008 there were no securities that were
valued using fair value methods. Temporary cash investments are valued at
cost which approximates market value.
All discounts and premiums on debt securities are accreted or amortized
daily, respectively, on a yield-to-maturity basis into interest income
with a corresponding increase or decrease in the cost basis of the
security. Interest income is recorded on the accrual basis, net of
unrecoverable foreign taxes withheld at the applicable country rates.
Gains and losses on sales of investments are calculated on the identified
cost method for both financial reporting and federal income tax purposes.
The Fund invests in below investment grade (high yield) debt securities
and preferred stocks. Some of these high yield securities may be
convertible into equity securities of the issuer. Debt securities 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
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Pioneer Global High Yield Fund
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assets in any one issuer than a diversified fund. Being non-diversified
may magnify the Fund's losses from adverse events affecting a particular
issuer.
B. Foreign Currency Translation
The books and records of the Fund are maintained in U.S. dollars. Amounts
denominated in foreign currencies are translated into U.S. dollars using
current exchange rates.
Net realized gains and losses on foreign currency transactions, if any,
represent, among other things, the net realized gains and losses on
foreign currency contracts, disposition of foreign currencies and the
difference between the amount of income accrued and the U.S. dollars
actually received. Further, the effects of changes in foreign currency
exchange rates on investments are not segregated in the statement of
operations from the effects of changes in market price of those securities
but are included with the net realized and unrealized gain or loss on
investments.
C. Forward Foreign Currency Contracts
The Fund enters into forward foreign currency contracts (contracts) for
the purchase or sale of a specific foreign currency at a fixed price on a
future date as a hedge or cross-hedge against either specific investment
transactions (settlement hedges) or portfolio positions (portfolio
hedges). All contracts are marked to market daily at the applicable
exchange rates, and any resulting unrealized gains or losses are recorded
in the Fund's financial statements. The Fund records realized gains and
losses at the time a portfolio hedge is offset by entry into a closing
transaction or extinguished by delivery of the currency. Risks may arise
upon entering into these contracts from the potential inability of
counterparties to meet the terms of the contract and from unanticipated
movements in the value of foreign currencies relative to the U.S. dollar.
(See Note 8)
D. Federal Income Taxes
It is the Fund's policy to comply with the requirements of the Internal
Revenue Code applicable to regulated investment companies and to
distribute all of its taxable income and net realized capital gains, if
any, to its shareowners. Therefore, no federal income tax provision is
required. Tax years prior to 2004 are
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Pioneer Global High Yield Fund
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NOTES TO FINANCIAL STATEMENTS 4/30/08 (unaudited) (continued)
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closed (not subject to examination by tax authorities) due to the statute
of limitations; all other tax years remain open.
The amounts and characterizations of distributions to shareowners for
financial reporting purposes are determined in accordance with federal
income tax rules. Therefore, the sources of the Fund's distributions may
be shown in the accompanying financial statements as from or in excess of
net investment income or as from net realized gain on investment
transactions, or as from paid-in capital, depending on the type of
book/tax differences that may exist.
The tax character of current year distributions paid will be determined at
the end of the current fiscal year. The tax character of distributions
paid during the year ended October 31, 2007 was as follows:
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2007
- --------------------------------------------------------------------------------
Distributions paid from:
Ordinary income $133,484,600
Long-term capital gain 3,117,875
------------
Total $136,602,475
============
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The following shows the components of distributable earnings on a federal
income tax basis at October 31, 2007:
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2007
- --------------------------------------------------------------------------------
Undistributed ordinary income $15,803,280
Undistributed long-term gain 14,654,845
Dividend payable (4,489,347)
Unrealized depreciation (19,286,359)
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Total $ 6,682,419
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The difference between book-basis and tax-basis unrealized depreciation is
attributable to the tax deferral of losses on wash sales, adjustments
relating to catastrophe bonds, the mark to market of forward currency
contracts and the tax basis adjustment on partnerships and credit default
swaps.
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E. Fund Shares
The Fund records sales and repurchases of its shares as of trade date.
Pioneer Funds Distributor, Inc. (PFD), the principal underwriter for the
Fund and a wholly owned indirect subsidiary of UniCredit S.p.A.
(UniCredit), earned $374,185 in underwriting commissions on the sale of
Class A shares during the six months ended April 30, 2008.
F. Class Allocations
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.
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 5). Class Y and Class Z shares are not subject to a
distribution plan. Shareowners of each class participate in 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 5).
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, Class C, Class Y and Class Z shares
can bear different transfer agent and distribution expense rates.
G. Repurchase Agreements
With respect to repurchase agreements entered into by the Fund, the value
of the underlying securities (collateral), including accrued interest
received from counterparties, is required to be at least equal to or in
excess of the value of the repurchase agreement at the time of purchase.
The collateral for all repurchase agreements is held in safekeeping in the
customer-only account of the Fund's
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Pioneer Global High Yield Fund
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NOTES TO FINANCIAL STATEMENTS 4/30/08 (unaudited) (continued)
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custodian, or sub custodians. The Fund's investment adviser, Pioneer
Investment Management, Inc. (PIM), is responsible for determining that the
value of the collateral remains at least equal to the repurchase price.
H. Securities Lending
The Fund lends securities in its portfolio to certain broker-dealers or
other institutional investors. When entering into a loan, the Fund
receives collateral 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 which is
required to be at least 102%, at all times, of the fair value of the
securities loaned. The amount of collateral is required to 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 cash equivalent investments.
I. Credit Default Swap Agreements
A credit default swap is a contract between a buyer of protection and a
seller of protection against a pre-defined credit event. The Fund may buy
or sell credit default swap contracts to increase the Fund's income, to
add leverage to the Fund or to hedge the risk of default on portfolio
securities. As a seller of protection, the Fund would be required to pay
the notional (or other agreed-upon) value of the referenced debt
obligation to the counterparty in the event of a default by a U.S. or
foreign corporate issuer of a debt obligation, which would likely result
in a loss to the Fund. In return, the Fund would receive from the
counterparty a periodic stream of payments during the term of the contract
provided that no event of default occurred. The maximum exposure of loss
to the seller would be the notional value of the credit default swaps
outstanding. If no default occurs, the Fund would keep the stream of
payments and would have no payment obligation. The Fund may also buy
credit default swap contracts in order to hedge against the risk of
default of debt securities, in which case the Fund would function as the
counterparty referenced above.
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Pioneer Global High Yield Fund
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When the Fund enters into a credit default swap contract, one party, the
protection buyer, makes an upfront or periodic payment to the protection
seller in exchange for the right to receive a contingent payment. An
upfront payment received by the Fund, as the protection seller, is
recorded as a liability in the Fund's records. An upfront payment made by
the Fund, as the protection buyer, is recorded as an asset in the Fund's
records. Periodic payments received or paid by the Fund are recorded as
realized gains or losses.
The credit default swap contracts are marked-to-market daily using
valuations supplied by independent sources and the change in value, if
any, is recorded as unrealized gain or loss. Payments received or made as
a result of a credit event or upon termination of the contract are
recognized, net of the appropriate amount of the upfront payment, as
realized gains or losses.
Credit default swap contracts involving the sale of protection may involve
greater risks than if the Fund had invested in the referenced debt
instrument directly. Credit default swap contracts are subject to general
market risk, liquidity risk, counterparty risk and credit risk. If the
Fund is a protection buyer and no credit event occurs, it will lose its
investment. If the Fund is a protection seller and a credit event occurs,
the value of the referenced debt instrument received by the Fund, together
with the periodic payments received, may be less than the amount the Fund
pays to the protection buyer, resulting in a loss to the Fund.
There were no credit default swap contracts outstanding at April 30, 2008.
Valuation
Credit default swaps are valued by an independent pricing service based
upon valuation models incorporating default probabilities, estimated
recovery rates, actual reported transactions, and other available market
data.
2. Unfunded Loan Commitments
As of April 30, 2008, the Fund had unfunded loan commitments of approximately
$481,643 (excluding unrealized depreciation on those commitments of $19,318 as
of April 30, 2008) which could be
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Pioneer Global High Yield Fund
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NOTES TO FINANCIAL STATEMENTS 4/30/08 (unaudited) (continued)
- --------------------------------------------------------------------------------
extended at the option of the borrower, pursuant to the following loan
agreements:
- --------------------------------------------------------------------------------
Unfunded
Borrower Commitment
- --------------------------------------------------------------------------------
HUB International, Ltd., Delayed Draw Term Loan $ 184,426
Telesat Canada, Delayed Draw Term Loan $ 297,217
- --------------------------------------------------------------------------------
3. Management Agreement
Pioneer Investment Management, Inc. (PIM), a wholly owned indirect subsidiary
of UniCredit, the Fund's investment adviser, manages the Fund's portfolio.
Management fees are calculated daily at the annual rate of 0.70% of the Fund's
average daily net assets up to $500 million; 0.65% of the next $500 million;
and 0.60% of the excess over $1 billion. Effective January 1, 2007, Pioneer's
fee is subject to an additional breakpoint. The Fund pays Pioneer a fee at the
annual rate of 0.55% of the Fund's average daily net assets greater than $1.5
billion. For the six months ended April 30, 2008, the net management fee was
equivalent to 0.63% of the average daily net assets.
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, 2011 for Class A shares and
through March 1, 2009 for Class B and Class C shares. Pioneer has contractually
agreed to limit ordinary operating expenses to the extent required to reduce
Fund expenses to 0.90% of the average daily net assets attributable to Class Z
shares. This expense limitation is in effect through March 1, 2011 for Class Z
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. Included in "Due to affiliates" reflected on
the Statement of Assets and Liabilities is $35,460 in management fees,
administrative costs and certain other services payable to PIM at April 30,
2008.
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Pioneer Global High Yield Fund
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4. Transfer Agent
PIMSS, a wholly owned indirect subsidiary of UniCredit, provides substantially
all transfer agent and shareowner services to the Fund at negotiated rates.
Included in "Due to affiliates" reflected on the Statement of Assets and
Liabilities is $213,881 in transfer agent fees receivable from PIMSS at April
30, 2008.
5. Distribution Plan
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 Plan, the Fund pays PFD
0.25% of the average daily net assets attributable to Class A shares as
compensation for personal services and/or account maintenance services or
distribution services with regard to Class A Shares. Pursuant to the Plan, the
Fund pays PFD 1.00% of the average daily net assets attributable to Class B and
Class C shares. The fee for Class B and Class C shares consists of a 0.25%
service fee and a 0.75% distribution fee paid as compensation for personal
services and/or account maintenance services or distribution services with
regard to Class B and Class C shares. For the period from November 1, 2007
through January 31, 2008, PFD was reimbursed under the Plan of Distribution for
distribution expenses in an amount of up to 0.25% of the average daily net
assets attributable to Class A shares. Included in "Due to affiliates"
reflected on the Statement of Assets and Liabilities is $26,801 in distribution
fees payable to PFD at April 30, 2008.
In addition, redemptions of each class of shares (except Class Y and Class Z
shares) may be subject to a contingent deferred sales charge (CDSC). A CDSC of
1.00% may be imposed on redemptions of certain net asset value purchases of
Class A shares within 18 months of purchase. Class B shares 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. Redemptions of Class C shares within one year of purchase are subject
to a CDSC of 1.00% based on the lower of cost or market value of shares being
redeemed. Proceeds from the CDSCs are paid to PFD. For the six months ended
April 30, 2008, CDSCs in the amount of $344,619 were paid to PFD.
65
Pioneer Global High Yield Fund
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NOTES TO FINANCIAL STATEMENTS 4/30/08 (unaudited) (continued)
- --------------------------------------------------------------------------------
6. Line of Credit Facility
The Fund, along with certain other funds in the Pioneer Family of Funds (the
Funds), collectively participate in a $200 million committed, unsecured
revolving line of credit facility. Borrowings are used solely for temporary or
emergency purposes. The Fund may borrow up to the lesser of $200 million or the
limits set by its prospectus for borrowings. Interest on borrowings is payable
at the Federal Funds Rate plus 1/2% on an annualized basis. The Funds pay an
annual commitment fee for this facility. The commitment fee is allocated among
such Funds based on their respective borrowing limits. For the six months ended
April 30, 2008, the Fund had no borrowings under this agreement.
7. Expense Offset Arrangements
The Fund has entered into certain expense offset arrangements with PIMSS
resulting in a reduction in the Fund's total expenses due to interest earned on
cash held by PIMSS. For the six months ended April 30, 2008, the Fund's
expenses were reduced by $32,974 under such arrangements.
8. Forward Foreign Currency Contracts
At April 30, 2008, the Fund had entered into various contracts that obligate
the Fund to deliver currencies at specified future dates. At the maturity of a
contract, the Fund must make delivery of the foreign currency. Alternatively,
prior to the settlement date of a portfolio hedge, the Fund may close out such
contracts by entering into an offsetting hedge contract. Open Portfolio hedges
at April 30, 2008 were as follows:
- -----------------------------------------------------------------------------------------------
Net Net
Contracts to In Exchange Settlement Unrealized
Currency (deliver)/receive For Date Value Gain
- -----------------------------------------------------------------------------------------------
EUR (Euro) (47,900,000) $ (74,831,775) 5/30/08 $ (74,812,615) $19,160
- -----------------------------------------------------------------------------------------------
At April 30, 2008, the Fund had no outstanding settlement hedges.
9. New Pronouncements
In September 2006, Statement of Financial Accounting Standards No. 157, Fair
Value Measurements (SFAS 157), was issued and is effective for fiscal years
beginning after November 15, 2007.
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Pioneer Global High Yield Fund
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SFAS 157 defines fair value, establishes a framework for measuring fair value
and expands disclosures about fair value measurements. Management is currently
evaluating the impact the adoption of SFAS 157 will have on the Fund's
financial statement disclosures.
In March 2008, Statement of Financial Accounting Standards No. 161, Disclosures
about Derivative Instruments and Hedging Activities ("SFAS 161"), was issued
and is effective for fiscal years beginning after November 15, 2008. SFAS 161
requires enhanced disclosures about an entity's derivative and hedging
activities. Management is currently evaluating the impact the adoption of SFAS
161 will have on the Fund's financial statement disclosures.
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Pioneer Global High Yield Fund
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APPROVAL OF INVESTMENT ADVISORY AGREEMENT
- --------------------------------------------------------------------------------
Pioneer Investment Management, Inc. (PIM) serves as the Fund's investment
adviser pursuant to an investment advisory agreement between PIM and the Fund.
The Trustees of the Fund, as required by law, determine annually whether to
continue the investment advisory agreement for the Fund.
In connection with their most recent consideration of the investment advisory
agreement for the Fund, the Trustees received and reviewed a substantial amount
of information provided by PIM in response to requests of the independent
Trustees and their independent legal counsel. The independent Trustees met on a
number of occasions with PIM and also separately with their independent legal
counsel to evaluate and discuss the information provided to them by PIM. At a
meeting held on November 13, 2007, based on their evaluation of the information
provided by PIM, the Trustees, including the independent Trustees voting
separately, unanimously approved the continuation of the investment advisory
agreement for another year.
In considering the continuation of the investment advisory agreement, the
Trustees considered various factors that they determined were relevant,
including the factors described below. The Trustees did not identify any single
factor as the controlling factor in determining to approve the continuation of
the agreement.
Nature, Extent and Quality of Services
The Trustees considered the nature, extent and quality of the services provided
by PIM to the Fund, taking into account the investment objective and strategy
of the Fund and the information related to the Fund provided to the Trustees at
each quarterly meeting. The Trustees reviewed the terms of the investment
advisory agreement. The Trustees also reviewed PIM's investment approach for
the Fund and its research process. The Trustees considered the resources of PIM
and the personnel of PIM who provide investment management services to the
Fund. They also considered PIM's compliance and legal resources and personnel.
In addition, the Trustees considered the other services that PIM provides to
the Fund under the investment advisory agreement and that, as administrator,
PIM is responsible for the administration of the Fund's business and other
affairs. It was noted that PIM supervises and monitors the performance of the
Fund's service providers and provides the Fund with personnel (including
officers) as are necessary
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Pioneer Global High Yield Fund
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for the Fund's operations. The Trustees considered the fees paid to PIM for the
provision of such services.
Based on these considerations, the Trustees concluded that the nature, extent
and quality of services provided by PIM to the Fund were satisfactory and
consistent with the terms of the investment advisory agreement.
Performance of the Fund
The Trustees considered the performance results of the Fund over various time
periods. They reviewed information comparing the Fund's performance with the
average performance of its peer group of funds as classified by Morningstar,
Inc. (Morningstar), an independent provider of investment company data, and
with the performance of the Fund's benchmark index. The Trustees considered
that the Fund's annualized total return was in the first quintile of its
Morningstar category for the one, three and five year periods ended June 30,
2007. (In all quintile rankings referred to throughout this disclosure, first
quintile is most favorable to the Fund's shareowners. Thus, highest relative
performance would be first quintile and lowest relative expenses would also be
first quintile.) The Trustees concluded that the investment performance of the
Fund was satisfactory.
Management Fee and Expenses
The Trustees considered information on the fees and expenses of the Fund in
comparison to the management fees of its peer group of funds as classified by
Morningstar and the expense ratios of a peer group of funds selected on the
basis of criteria determined by the independent Trustees for this purpose using
data provided by Strategic Insight Mutual Fund Research and Consulting, LLC
(Strategic Insight), an independent third party.
The Trustees considered that the Fund's management fee for the twelve months
ended June 30, 2007 was in the fourth quintile relative to the management fees
paid by other funds in its peer group Morningstar category for the comparable
period. The Trustees also considered that the Fund's expense ratio for the
twelve months ended June 30, 2007 was in the fourth quintile relative to its
Strategic Insight peer group. The Trustee noted that the Fund's management fee
recently was lowered and that the impact of the lower management fee was not
fully reflected in the data. They also considered PIM's agreement to add a
breakpoint to the management fee schedule as described below.
69
Pioneer Global High Yield Fund
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APPROVAL OF INVESTMENT ADVISORY AGREEMENT (continued)
- --------------------------------------------------------------------------------
The Trustees also reviewed management fees charged by PIM to its separate
account clients with a similar investment strategy as the Fund. The Trustees
noted that in some instances the fee rates for those separate accounts were
lower than the management fees for the Fund and considered that, under the
investment advisory agreement with the Fund, PIM performs additional services
for the Fund that it does not provide to those other clients, including
oversight of the Fund's other service providers, regulatory compliance and
other services.
The Trustees concluded that the management fee payable by the Fund to PIM was
reasonable in relation to the nature and quality of services provided, taking
into account the fees charged by other advisers for managing comparable mutual
funds with similar strategies. The Trustees also concluded that the Fund's
expense ratio was reasonable, taking into account the size of the Fund, the
quality of services provided by PIM, the investment performance of the Fund and
the contractual expense limitation agreed to by PIM with respect to the Fund.
Profitability
The Trustees considered information provided by PIM regarding the profitability
of PIM with respect to the advisory services provided by PIM to the Fund,
including the methodology used by PIM in allocating certain of its costs to the
management of the Fund. The Trustees also considered PIM's profit margin in
connection with the overall operation of the Fund. They further reviewed the
financial results realized by PIM and its affiliates from non-fund businesses.
The Trustees considered PIM's profit margins with respect to the Fund in
comparison to the limited industry data available and noted that the
profitability of any adviser was affected by numerous factors, including its
organizational structure and method for allocating expenses. The Trustees
recognized that PIM should be entitled to earn a reasonable level of profit for
the services provided to the Fund. The Trustees concluded that PIM's
profitability with respect to the management of the Fund was not unreasonable.
Economies of Scale
The Trustees considered the economies of scale with respect to the management
of the Fund, whether the Fund had appropriately benefited from any economies of
scale, and whether there was potential for realization of any further economies
of scale. The
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Pioneer Global High Yield Fund
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Trustees considered PIM's agreement to add a breakpoint to the management fee
schedule so that the management fee would be reduced for Fund assets in excess
of $2 billion. The Trustees reviewed the impact that the breakpoint would have
on the Fund's management fee versus its Morningstar category peer group. The
Trustees concluded that, because of the addition of the breakpoint in the
management fee schedule and the reduced fee rate above certain asset levels,
any perceived or potential economies of scale would be shared between PIM and
the Fund.
Other Benefits
The Trustees considered the other benefits to PIM from its relationship with
the Fund. The Trustees considered that affiliates of PIM serve as the Fund's
transfer agent and distributor. The Trustees considered the receipt by PIM and
its affiliates of sales loads and payments under Rule 12b-1 plans in respect of
the Fund and the other Pioneer funds. The Trustees further considered the
intangible benefits to PIM by virtue of its relationship with the Fund and the
other Pioneer funds. The Trustees concluded that the receipt of these benefits
was reasonable in the context of the overall relationship between PIM and the
Fund.
Conclusion
After consideration of the factors described above as well as other factors,
the Trustees, including all of the independent Trustees, concluded that the
terms of the investment advisory agreement between PIM and the Fund, including
the fees payable thereunder, were fair and reasonable and voted to approve the
proposed continuation of the investment advisory agreement for the Fund.
71
Pioneer Global High Yield Fund
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TRUSTEES, OFFICERS AND SERVICE PROVIDERS
- --------------------------------------------------------------------------------
Trustees Officers
John F. Cogan, Jr., Chairman John F. Cogan, Jr., President
David R. Bock Daniel K. Kingsbury, Executive
Mary K. Bush Vice President
Margaret B.W. Graham Mark E. Bradley, Treasurer
Daniel K. Kingsbury Dorothy E. Bourassa, Secretary
Thomas J. Perna
Marguerite A. Piret
Stephen K. West
John Winthrop
Investment Adviser and Administrator
Pioneer Investment Management, Inc.
Custodian
Brown Brothers Harriman & Co.
Principal Underwriter
Pioneer Funds Distributor, Inc.
Legal Counsel
Bingham McCutchen LLP
Shareowner Services and Transfer Agent
Pioneer Investment Management Shareholder Services, Inc.
Proxy Voting Policies and Procedures of the Fund are available without charge,
upon request, by calling our toll free number (1-800-225-6292). Information
regarding how the Fund voted proxies relating to portfolio securities during
the most recent 12-month period ended June 30 is publicly available to
shareowners at www.pioneerinvestments.com. This information is also available
on the Securities and Exchange Commission's web site at http://www.sec.gov.
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HOW TO CONTACT PIONEER
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We are pleased to offer a variety of convenient ways for you to contact us for
assistance or information.
Call us for:
Account Information, including existing accounts,
new accounts, prospectuses, applications
and service forms 1-800-225-6292
FactFone(SM) for automated fund yields, prices,
account information and transactions 1-800-225-4321
Retirement plans information 1-800-622-0176
Telecommunications Device for the Deaf (TDD) 1-800-225-1997
Write to us:
PIMSS, Inc.
P.O. Box 55014
Boston, Massachusetts 02205-5014
Our toll-free fax 1-800-225-4240
Our internet e-mail address ask.pioneer@pioneerinvestments.com
(for general questions about Pioneer only)
Visit our web site: www.pioneerinvestments.com
Before investing consider the Fund's investment objectives, risks, charges and
expenses. Contact your advisor or Pioneer Investments for a prospectus
containing this information. Read it carefully.
The Fund files a complete statement of investments with the Securities and
Exchange Commission for the first and third quarters for each fiscal year on
Form N-Q. Shareholders may view the filed Form N-Q by visiting the Commission's
web site at http://www.sec.gov. The filed form may also be viewed and copied at
the Commission's Public Reference Room in Washington, DC. Information regarding
the operations of the Public Reference Room may be obtained by calling
1-800-SEC-0330.
ITEM 2. CODE OF ETHICS.
(a) Disclose whether, as of the end of the period covered by the report, the
registrant has adopted a code of ethics that applies to the registrant's
principal executive officer, principal financial officer, principal accounting
officer or controller, or persons performing similar functions, regardless of
whether these individuals are employed by the registrant or a third party. If
the registrant has not adopted such a code of ethics, explain why it has not
done so.
The registrant has adopted, as of the end of the period covered by this report,
a code of ethics that applies to the registrant's principal executive officer,
principal financial officer, principal accounting officer and controller.
(b) For purposes of this Item, the term "code of ethics" means written standards
that are reasonably designed to deter wrongdoing and to promote:
(1) Honest and ethical conduct, including the ethical handling of actual
or apparent conflicts of interest between personal and professional
relationships;
(2) Full, fair, accurate, timely, and understandable disclosure in
reports and documents that a registrant files with, or submits to, the
Commission and in other public communications made by the registrant;
(3) Compliance with applicable governmental laws, rules, and
regulations;
(4) The prompt internal reporting of violations of the code to an
appropriate person or persons identified in the code; and
(5) Accountability for adherence to the code.
(c) The registrant must briefly describe the nature of any amendment, during the
period covered by the report, to a provision of its code of ethics that applies
to the registrant's principal executive officer, principal financial officer,
principal accounting officer or controller, or persons performing similar
functions, regardless of whether these individuals are employed by the
registrant or a third party, and that relates to any element of the code of
ethics definition enumerated in paragraph (b) of this Item. The registrant must
file a copy of any such amendment as an exhibit pursuant to Item 10(a), unless
the registrant has elected to satisfy paragraph (f) of this Item by posting its
code of ethics on its website pursuant to paragraph (f)(2) of this Item, or by
undertaking to provide its code of ethics to any person without charge, upon
request, pursuant to paragraph (f)(3) of this Item.
The registrant has made no amendments to the code of ethics during the period
covered by this report.
(d) If the registrant has, during the period covered by the report, granted a
waiver, including an implicit waiver, from a provision of the code of ethics to
the registrant's principal executive officer, principal financial officer,
principal accounting officer or controller, or persons performing similar
functions, regardless of whether these individuals are employed by the
registrant or a third party, that relates to one or more of the items set forth
in paragraph (b) of this Item, the registrant must briefly describe the nature
of the waiver, the name of the person to whom the waiver was granted, and the
date of the waiver.
Not applicable.
(e) If the registrant intends to satisfy the disclosure requirement under
paragraph (c) or (d) of this Item regarding an amendment to, or a waiver from,
a provision of its code of ethics that applies to the registrant's principal
executive officer, principal financial officer, principal accounting officer or
controller, or persons performing similar functions and that relates to any
element of the code of ethics definition enumerated in paragraph (b) of this
Item by posting such information on its Internet website, disclose the
registrant's Internet address and such intention.
Not applicable.
(f) The registrant must:
(1) File with the Commission, pursuant to Item 10(a), a copy of its code
of ethics that applies to the registrant's principal executive officer,
principal financial officer, principal accounting officer or controller,
or persons performing similar functions, as an exhibit to its annual
report on this Form N-CSR;
(2) Post the text of such code of ethics on its Internet website and
disclose, in its most recent report on this Form N-CSR, its Internet
address and the fact that it has posted such code of ethics on its
Internet website; or
(3) Undertake in its most recent report on this Form N-CSR to provide to
any person without charge, upon request, a copy of such code of ethics
and explain the manner in which such request may be made.
See Item 10(2)
ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.
(a) (1) Disclose that the registrant's board of trustees has determined that
the registrant either:
(i) Has at least one audit committee financial expert serving on its audit
committee; or
(ii) Does not have an audit committee financial expert serving on its audit
committee.
The registrant's Board of Trustees has determined that the registrant has at
least one audit committee financial expert.
(2) If the registrant provides the disclosure required by paragraph
(a)(1)(i) of this Item, it must disclose the name of the audit committee
financial expert and whether that person is "independent." In order to be
considered "independent" for purposes of this Item, a member of an audit
committee may not, other than in his or her capacity as a member of the audit
committee, the board of trustees, or any other board committee:
(i) Accept directly or indirectly any consulting, advisory, or other
compensatory fee from the issuer; or
(ii) Be an "interested person" of the investment company as defined in
Section 2(a)(19) of the Act (15 U.S.C. 80a-2(a)(19)).
Ms. Marguerite A. Piret, an independent trustee, is such an audit committee
financial expert.
(3) If the registrant provides the disclosure required by paragraph (a)(1)
(ii) of this Item, it must explain why it does not have an audit committee
financial expert.
Not applicable.
ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.
(a) Disclose, under the caption AUDIT FEES, the aggregate fees billed for each
of the last two fiscal years for professional services rendered by the principal
accountant for the audit of the registrant's annual financial statements or
services that are normally provided by the accountant in connection with
statutory and regulatory filings or engagements for those fiscal years.
N/A
(b) Disclose, under the caption AUDIT-RELATED FEES, the aggregate fees billed in
each of the last two fiscal years for assurance and related services by the
principal accountant that are reasonably related to the performance of the audit
of the registrant's financial statements and are not reported under
paragraph (a) of this Item. Registrants shall describe the nature of the
services comprising the fees disclosed under this category.
N/A
(c) Disclose, under the caption TAX FEES, the aggregate fees billed in each of
the last two fiscal years for professional services rendered by the principal
accountant for tax compliance, tax advice, and tax planning. Registrants shall
describe the nature of the services comprising the fees disclosed under this
category.
N/A
(d) Disclose, under the caption ALL OTHER FEES, the aggregate fees billed in
each of the last two fiscal years for products and services provided by the
principal accountant, other than the services reported in paragraphs (a) through
(c) of this Item. Registrants shall describe the nature of the services
comprising the fees disclosed under this category.
N/A
(e) (1) Disclose the audit committee's pre-approval policies and procedures
described in paragraph (c)(7) of Rule 2-01 of Regulation S-X.
PIONEER FUNDS
APPROVAL OF AUDIT, AUDIT-RELATED, TAX AND OTHER SERVICES
PROVIDED BY THE INDEPENDENT AUDITOR
SECTION I - POLICY PURPOSE AND APPLICABILITY
The Pioneer Funds recognize the importance of maintaining the independence of
their outside auditors. Maintaining independence is a shared responsibility
involving Pioneer Investment Management, Inc ("PIM"), the audit committee and
the independent auditors.
The Funds recognize that a Fund's independent auditors: 1) possess knowledge of
the Funds, 2) are able to incorporate certain services into the scope of the
audit, thereby avoiding redundant work, cost and disruption of Fund personnel
and processes, and 3) have expertise that has value to the Funds. As a result,
there are situations where it is desirable to use the Fund's independent
auditors for services in addition to the annual audit and where the potential
for conflicts of interests are minimal. Consequently, this policy, which is
intended to comply with Rule 210.2-01(C)(7), sets forth guidelines and
procedures to be followed by the Funds when retaining the independent audit firm
to perform audit, audit-related tax and other services under those
circumstances, while also maintaining independence.
Approval of a service in accordance with this policy for a Fund shall also
constitute approval for any other Fund whose pre-approval is required pursuant
to Rule 210.2-01(c)(7)(ii).
In addition to the procedures set forth in this policy, any non-audit services
that may be provided consistently with Rule 210.2-01 may be approved by the
Audit Committee itself and any pre-approval that may be waived in accordance
with Rule 210.2-01(c)(7)(i)(C) is hereby waived.
Selection of a Fund's independent auditors and their compensation shall be
determined by the Audit Committee and shall not be subject to this policy.
SECTION II - POLICY
- ---------------- -------------------------------- -------------------------------------------------
SERVICE SERVICE CATEGORY DESCRIPTION SPECIFIC PRE-APPROVED SERVICE SUBCATEGORIES
CATEGORY
- ---------------- -------------------------------- -------------------------------------------------
I. AUDIT Services that are directly o Accounting research assistance
SERVICES related to performing the o SEC consultation, registration
independent audit of the Funds statements, and reporting
o Tax accrual related matters
o Implementation of new accounting
standards
o Compliance letters (e.g. rating agency
letters)
o Regulatory reviews and assistance
regarding financial matters
o Semi-annual reviews (if requested)
o Comfort letters for closed end
offerings
- ---------------- -------------------------------- -------------------------------------------------
II. Services which are not o AICPA attest and agreed-upon procedures
AUDIT-RELATED prohibited under Rule o Technology control assessments
SERVICES 210.2-01(C)(4) (the "Rule") o Financial reporting control assessments
and are related extensions of o Enterprise security architecture
the audit services support the assessment
audit, or use the
knowledge/expertise gained
from the audit procedures as a
foundation to complete the
project. In most cases, if
the Audit-Related Services are
not performed by the Audit
firm, the scope of the Audit
Services would likely
increase. The Services are
typically well-defined and
governed by accounting
professional standards (AICPA,
SEC, etc.)
- ---------------- -------------------------------- -------------------------------------------------
------------------------------------- ------------------------------------
AUDIT COMMITTEE APPROVAL POLICY AUDIT COMMITTEE
REPORTING POLICY
------------------------------------- ------------------------------------
o "One-time" pre-approval o A summary of all such
for the audit period for all services and related fees
pre-approved specific service reported at each regularly
subcategories. Approval of the scheduled Audit Committee
independent auditors as meeting.
auditors for a Fund shall
constitute pre approval for
these services.
------------------------------------- ------------------------------------
o "One-time" pre-approval o A summary of all such
for the fund fiscal year within services and related fees
a specified dollar limit (including comparison to
for all pre-approved specified dollar limits)
specific service subcategories reported quarterly.
o Specific approval is
needed to exceed the
pre-approved dollar limit for
these services (see general
Audit Committee approval policy
below for details on obtaining
specific approvals)
o Specific approval is
needed to use the Fund's
auditors for Audit-Related
Services not denoted as
"pre-approved", or
to add a specific service
subcategory as "pre-approved"
------------------------------------- ------------------------------------
SECTION III - POLICY DETAIL, CONTINUED
- ----------------------- --------------------------- -----------------------------------------------
SERVICE CATEGORY SERVICE CATEGORY SPECIFIC PRE-APPROVED SERVICE SUBCATEGORIES
DESCRIPTION
- ----------------------- --------------------------- -----------------------------------------------
III. TAX SERVICES Services which are not o Tax planning and support
prohibited by the Rule, o Tax controversy assistance
if an officer of the Fund o Tax compliance, tax returns, excise
determines that using the tax returns and support
Fund's auditor to provide o Tax opinions
these services creates
significant synergy in
the form of efficiency,
minimized disruption, or
the ability to maintain a
desired level of
confidentiality.
- ----------------------- --------------------------- -----------------------------------------------
- ------------------------------------- -------------------------
AUDIT COMMITTEE APPROVAL POLICY AUDIT COMMITTEE
REPORTING POLICY
- ------------------------------------- -------------------------
- ------------------------------------- -------------------------
o "One-time" pre-approval o A summary of
for the fund fiscal year all such services and
within a specified dollar limit related fees
(including comparison
to specified dollar
limits) reported
quarterly.
o Specific approval is
needed to exceed the
pre-approved dollar limits for
these services (see general
Audit Committee approval policy
below for details on obtaining
specific approvals)
o Specific approval is
needed to use the Fund's
auditors for tax services not
denoted as pre-approved, or to add a specific
service subcategory as
"pre-approved"
- ------------------------------------- -------------------------
SECTION III - POLICY DETAIL, CONTINUED
- ----------------------- --------------------------- -----------------------------------------------
SERVICE CATEGORY SERVICE CATEGORY SPECIFIC PRE-APPROVED SERVICE SUBCATEGORIES
DESCRIPTION
- ----------------------- --------------------------- -----------------------------------------------
IV. OTHER SERVICES Services which are not o Business Risk Management support
prohibited by the Rule, o Other control and regulatory
A. SYNERGISTIC, if an officer of the Fund compliance projects
UNIQUE QUALIFICATIONS determines that using the
Fund's auditor to provide
these services creates
significant synergy in
the form of efficiency,
minimized disruption,
the ability to maintain a
desired level of
confidentiality, or where
the Fund's auditors
posses unique or superior
qualifications to provide
these services, resulting
in superior value and
results for the Fund.
- ----------------------- --------------------------- -----------------------------------------------
- --------------------------------------- ------------------------
AUDIT COMMITTEE APPROVAL POLICY AUDIT COMMITTEE
REPORTING POLICY
- ------------------------------------- --------------------------
o "One-time" pre-approval o A summary of
for the fund fiscal year within all such services and
a specified dollar limit related fees
(including comparison
to specified dollar
limits) reported
quarterly.
o Specific approval is
needed to exceed the
pre-approved dollar limits for
these services (see general
Audit Committee approval policy
below for details on obtaining
specific approvals)
o Specific approval is
needed to use the Fund's
auditors for "Synergistic" or
"Unique Qualifications" Other
Services not denoted as
pre-approved to the left, or to
add a specific service
subcategory as "pre-approved"
- ------------------------------------- --------------------------
SECTION III - POLICY DETAIL, CONTINUED
- ----------------------- ------------------------- -----------------------------------------------
SERVICE CATEGORY SERVICE CATEGORY SPECIFIC PROHIBITED SERVICE SUBCATEGORIES
DESCRIPTION
- ----------------------- ------------------------- -----------------------------------------------
PROHIBITED SERVICES Services which result 1. Bookkeeping or other services
in the auditors losing related to the accounting records or
independence status financial statements of the audit
under the Rule. client*
2. Financial information systems design
and implementation*
3. Appraisal or valuation services,
fairness* opinions, or
contribution-in-kind reports
4. Actuarial services (i.e., setting
actuarial reserves versus actuarial
audit work)*
5. Internal audit outsourcing services*
6. Management functions or human
resources
7. Broker or dealer, investment
advisor, or investment banking services
8. Legal services and expert services
unrelated to the audit
9. Any other service that the Public
Company Accounting Oversight Board
determines, by regulation, is
impermissible
- ----------------------- ------------------------- -----------------------------------------------
- ------------------------------------------- ------------------------------
AUDIT COMMITTEE APPROVAL POLICY AUDIT COMMITTEE
REPORTING POLICY
- ------------------------------------------- ------------------------------
o These services are not to be o A summary of all
performed with the exception of the(*) services and related
services that may be permitted fees reported at each
if they would not be subject to audit regularly scheduled
procedures at the audit client (as Audit Committee meeting
defined in rule 2-01(f)(4)) level will serve as continual
the firm providing the service. confirmation that has
not provided any
restricted services.
- ------------------------------------------- ------------------------------
- --------------------------------------------------------------------------------
GENERAL AUDIT COMMITTEE APPROVAL POLICY:
o For all projects, the officers of the Funds and the Fund's auditors will each
make an assessment to determine that any proposed projects will not impair
independence.
o Potential services will be classified into the four non-restricted service
categories and the "Approval of Audit, Audit-Related, Tax and Other
Services" Policy above will be applied. Any services outside the specific
pre-approved service subcategories set forth above must be specifically
approved by the Audit Committee.
o At least quarterly, the Audit Committee shall review a report summarizing the
services by service category, including fees, provided by the Audit firm as
set forth in the above policy.
- --------------------------------------------------------------------------------
(2) Disclose the percentage of services described in each of paragraphs (b)
through (d) of this Item that were approved by the audit committee pursuant
to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.
N/A
(f) If greater than 50 percent, disclose the percentage of hours expended on the
principal 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.
N/A
(h) Disclose whether the registrant's audit committee of the board of trustees
has considered whether the provision of non-audit services that were rendered to
the registrant's investment adviser (not including any subadviser whose role is
primarily portfolio management and is subcontracted with or overseen by another
investment adviser), and any entity controlling, controlled by, or under common
control with the investment adviser that provides ongoing services to the
registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of
Rule 2-01 of Regulation S-X is compatible with maintaining the principal
accountant's independence.
The Fund's audit committee of the Board of Trustees has
considered whether the provision of non-audit services that
were rendered to the Affiliates (as defined) that were not pre-
approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of
Regulation S-X is compatible with maintaining the principal
accountant's independence.
Item 5. Audit Committee of Listed Registrants
(a) If the registrant is a listed issuer as defined in Rule 10A-3
under the Exchange Act (17 CFR 240.10A-3), state whether
or not the registrant has a separately-designated standing
audit committee established in accordance with Section
3(a)(58)(A) of the Exchange Act (15 U.S.C. 78c(a)(58)(A)).
If the registrant has such a committee, however designated,
identify each committee member. If the entire board of directors
is acting as the registrants audit committee as specified in
Section 3(a)(58)(B) of the Exchange Act (15 U.S.C. 78c(a)(58)(B)),
so state.
N/A
(b) If applicable, provide the disclosure required by Rule 10A-3(d)
under the Exchange Act (17 CFR 240.10A-3(d)) regarding an exemption
from the listing standards for audit committees.
N/A
Item 6. Schedule of Investments.
File Schedule I Investments in securities of unaffiliated issuers
as of the close of the reporting period as set forth in 210.12-
12 of Regulation S-X [17 CFR 210.12-12], unless the schedule is
included as part of the report to shareholders filed under Item
1 of this Form.
Included in Item 1
ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR
CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
A closed-end management investment company that is filing an annual report on
this Form N-CSR must, unless it invests exclusively in non-voting securities,
describe the policies and procedures that it uses to determine how to vote
proxies relating to portfolio securities, including the procedures that the
company uses when a vote presents a conflict between the interests of its
shareholders, on the one hand, and those of the company's investment adviser;
principal underwriter; or any affiliated person (as defined in Section 2(a)(3)
of the Investment Company Act of 1940 (15 U.S.C. 80a-2(a)(3)) and the rules
thereunder) of the company, its investment adviser, or its principal
underwriter, on the other. Include any policies and procedures of the company's
investment adviser, or any other third party, that the company uses, or that are
used on the company's behalf, to determine how to vote proxies relating to
portfolio securities.
Not applicable to open-end management investment companies.
Item 8. Portfolio Managers of Closed-End Management Investment
Companies.
(a) If the registrant is a closed-end management investment company that
is filing an annual report on this Form N-CSR,provide the following
information:
(1) State the name, title, and length of service of the person or persons
employed by or associated with the registrant or an investment adviser
of the registrant who are primarily responsible for the day-to-day management
of the registrants portfolio (Portfolio Manager). Also state each Portfolio
Managers business experience during the past 5 years.
Not applicable to open-end management investment companies.
Item 9. Purchases of Equity Securities by Closed-End Management
Investment Company and Affiliated Purchasers.
(a) If the registrant is a closed-end management investment company,
in the following tabular format, provide the information specified in
paragraph (b) of this Item with respect to any purchase made by or on
behalf of the registrant or any affiliated purchaser, as defined in
Rule 10b-18(a)(3) under the Exchange Act (17 CFR 240.10b-18(a)(3)), of
shares or other units of any class of the registrants equity securities
that is registered by the registrant pursuant to Section 12 of the
Exchange Act (15 U.S.C. 781). Instruction to paragraph (a). Disclose
all purchases covered by this Item, including purchases that do not
satisfy the conditions of the safe harbor of Rule 10b-18 under the
Exchange Act (17 CFR 240.10b-18), made in the period covered by the
report. Provide disclosures covering repurchases made on a monthly basis.
For example, if the reporting period began on January 16 and ended on
July 15, the chart would show repurchases for the months from January 16
through February 15, February 16 through March 15, March 16 through
April 15, April 16 through May 15, May 16 through June 15, and June 16
through July 15.
Not applicable to open-end management investment companies.
Item 10. Submission of Matters to a Vote of Security Holders.
Describe any material changes to the procedures by which shareholders
may recommend nominees to the registrants board of directors, where
those changes were implemented after the registrant last provided
disclosure in response to the requirements of Item 7(d)(2)(ii)(G)
of Schedule 14A (17 CFR 240.14a-101), or this Item.
There have been no material changes to the procedures by which the
shareholders may recommend nominees to the registrants board of
directors since the registrant last provided disclosure in response
to the requirements of Item 7(d)(2)(ii)(G) of Schedule 14(A) in
its definitive proxy statement, or this Item.
ITEM 11. CONTROLS AND PROCEDURES.
(a) Disclose the conclusions of the registrant's principal executive officer or
officers and principal financial officer or officers, or persons performing
similar functions, about the effectiveness of the registrant's disclosure
controls and procedures (as defined in Rule 30a-2(c) under the Act (17 CFR
270.30a-2(c))) based on their evaluation of these controls and procedures as of
a date within 90 days of the filing date of the report that includes the
disclosure required by this paragraph.
The registrant's principal executive officer
and principal financial officer have
concluded that the registrant's disclosure
controls and procedures are effective based
on their evaluation of these controls and
procedures as of a date within 90 days of the
filing date of this report.
(b) Disclose whether or not there were significant changes in the registrant's
internal controls or in other factors that could significantly affect these
controls subsequent to the date of their evaluation, including any corrective
actions with regard to significant deficiencies and material weaknesses.
There were no significant changes in the
registrant's internal control over financial
reporting that occurred during the second
fiscal quarter of the period covered by this
report that have materially affected, or are
reasonably likely to materially affect, the
registrant's internal control over financial
reporting.
The registrant's principal executive officer and principal financial
officer, however, voluntarily are reporting the following information:
In August of 2006 the registrant's investment adviser
enhanced its internal procedures for reporting performance
information required to be included in prospectuses.
Those enhancements involved additional internal controls
over the appropriateness of performance data
generated for this purpose. Such enhancements were made
following an internal review which identified
prospectuses relating to certain classes of shares of
a limited number of registrants where, inadvertently,
performance information not reflecting the deduction of
applicable sales charges was included. Those prospectuses
were revised, and the revised prospectuses were distributed to
shareholders.
ITEM 12. EXHIBITS.
File the exhibits listed below as part of this Form. Letter or number the
exhibits in the sequence indicated.
(a) Any code of ethics, or amendment thereto, that is the subject of the
disclosure required by Item 2, to the extent that the registrant intends to
satisfy the Item 2 requirements through filing of an exhibit.
(b) A separate certification for each principal executive officer and principal
financial officer of the registrant as required by Rule 30a-2 under the Act
(17 CFR 270.30a-2).
Filed herewith.
SIGNATURES
[See General Instruction F]
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, the registrant has duly caused this report to be
signed on its behalf by the undersigned, thereunto duly authorized.
(Registrant) Pioneer Series Trust VII
By (Signature and Title)* /s/ John F. Cogan, Jr.
John F. Cogan, Jr, President
Date June 27, 2008
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 June 27, 2008
By (Signature and Title)* /s/ Mark Bradley
Mark Bradley, Treasurer
Date June 27, 2008
* Print the name and title of each signing officer under his or her signature.