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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)
Terrence J. Cullen, Pioneer Investment Management, Inc.,
60 State Street, Boston, MA 02109
(Name and address of agent for service)
Registrant's telephone number, including area code: (617) 742-7825
Date of fiscal year end: October 31
Date of reporting period: November 1, 2009 through October 31, 2010
Form N-CSR is to be used by management investment companies to file reports with
the Commission not later than 10 days after the transmission to stockholders of
any report that is required to be transmitted to stockholders under Rule 30e-1
under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may
use the information provided on Form N-CSR in its regulatory, disclosure review,
inspection, and policymaking roles.
A registrant is required to disclose the information specified by Form N-CSR,
and the Commission will make this information public. A registrant is not
required to respond to the collection of information contained in Form N-CSR
unless the Form displays a currently valid Office of Management and Budget
("OMB") control number. Please direct comments concerning the accuracy of the
information collection burden estimate and any suggestions for reducing the
burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW,
Washington, DC 20549-0609. The OMB has reviewed this collection of information
under the clearance requirements of 44 U.S.C. ss. 3507.
ITEM 1. REPORTS TO SHAREOWNERS.
Pioneer Global Aggregate
Bond Fund
- --------------------------------------------------------------------------------
Annual Report | October 31, 2010
- --------------------------------------------------------------------------------
Ticker Symbols:
Class A PGABX
Class C PGCBX
Class Y PGYBX
[LOGO] PIONEER
Investments(R)
visit us: pioneerinvestments.com
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 14
Schedule of Investments 16
Financial Statements 33
Notes to Financial Statements 40
Report of Independent Registered Public Accounting Firm 49
Trustees, Officers and Service Providers 51
Pioneer Global Aggregate Bond Fund | Annual Report | 10/31/10 1
President's Letter
Dear Shareowner,
Through the first nine months of 2010, the U.S. economy moved forward on a slow
path to recovery. But with the memory of a deep recession still lingering,
businesses and consumers remained cautious about both investing and spending.
While business fundamentals showed signs of improvement, there was still a
reluctance to hire, and high unemployment remains a problem. Wary investors,
concerned about risk, gravitated towards cash and bonds. We remain generally
optimistic about the prospects for economic recovery, although it may occur
more slowly than many would like.
At Pioneer, we have long advocated the benefits of staying diversified and
investing for the long term. This strategy has generally performed well for
many investors. Bond markets certainly rewarded investors in the first nine
months of 2010. While the equity markets barely budged, equities at the end of
September 2010 were inexpensive relative to bonds, compared with historic
levels, and represented potentially good value for long-term investors.
Pioneer has not changed the basic approach to investing that we have used for
more than 80 years. We remain focused on company fundamentals and risk
management. Our investment process is based on careful research into individual
companies, quantitative analysis, and active portfolio management. This
three-pillared process, which we apply to each of our portfolios, is supported
by an integrated team approach and is designed to carefully balance risk and
reward. Our experienced professionals devote themselves to the careful research
needed to identify investment opportunities in markets around the world.
Our advice, as always, is to work closely with a trusted financial advisor to
discuss your goals and work together to develop an investment strategy that
meets your individual needs. There is no single best strategy that works for
every investor.
2 Pioneer Global Aggregate Bond Fund | Annual Report | 10/31/10
We invite you to learn more about Pioneer and our time-tested approach to
investing by consulting with your financial advisor or visiting us online at
www.pioneerinvestments.com. We greatly appreciate your trust in us and we thank
you for investing with Pioneer.
Sincerely,
/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.
Pioneer Global Aggregate Bond Fund | Annual Report | 10/31/10 3
Portfolio Management Discussion | 10/31/10
Global fixed-income markets, despite shifting trends precipitated by a variety
of influences, delivered positive results for the 12 months ended October 31,
2010. Over the full 12-month period, corporate bonds and other credit-sensitive
securities provided the best relative returns as the world economy continued to
recover from recession. In the following interview, Charles Melchreit discusses
the performance of Pioneer Global Aggregate Bond Fund during the 12-month
period ended October 31, 2010. Mr. Melchreit, vice president, is responsible
for the day-to-day management of the Fund along with Tanguy Le Saout, Head of
Government Bond and Value-at-Risk (VAR) portfolios for Pioneer in Europe.
Q How did the Fund perform during the 12 months ended October 31, 2010?
A Pioneer Global Aggregate Bond Fund Class A shares returned 7.21% at net asset
value over the 12 months ended October 31, 2010, while the Fund's benchmark,
the Barclays Capital Global Aggregate Bond Index (the Barclays Index),
returned 6.89%. Over the same period, the average return of the 159 mutual
funds in Lipper's Global Income Funds category was 9.62%. On October 31,
2010, the 30-day SEC yield on the Fund's Class A shares was 2.15%.
Q What was the investment environment like during the 12 months ended October
31, 2010?
A It was a choppy period in the world's fixed-income markets. Credit-sensitive
securities, led by corporate bonds, generally outperformed higher-quality
securities during a period in which global economic growth appeared to
strengthen. At the same time, government sovereign debt markets experienced a
great deal of volatility, especially in Europe, where problems caused by high
budget deficits were most evident in countries such as Greece, Ireland and
Portugal. Moreover, rising concerns about housing markets in countries such
as Italy and Spain added to worries about European markets. The economies of
northern European countries such as Germany, Switzerland and the Scandinavian
countries, however, appeared healthier.
Despite periodic concerns that the global economic recovery might be
weakening, corporate bonds generally delivered solid, positive returns as
corporations continued to reduce debts, strengthen their balance sheets and
improve their profit margins. Nevertheless, corporate bonds did struggle at
times, most notably in the spring and early summer of 2010, as it became
clear that the strong economic rebound of late 2009 and early 2010 was
starting to weaken, particularly in the United States. Business executives
4 Pioneer Global Aggregate Bond Fund | Annual Report | 10/31/10
became somewhat more cautious about their capital spending, while many
consumers focused on paying down debts rather than increasing spending.
Meanwhile, some of the effects of the Federal government's stimulus
spending began tapering off. After Federal Reserve Board (the Fed) Chairman
Ben Bernanke outlined new plans to inject more financial liquidity into the
economy, however, market trends reversed in late summer 2010 and investors
again became attracted to corporate securities, including high-yield bonds
in addition to stocks.
Commodity-producing economies such as Canada, Australia and Norway
generally experienced less volatility as commodity prices rose in response
to rising demand, especially from emerging market nations that appeared to
be leading the global economic recovery.
Interest rates, overall, tended to continue to decline, generally
supporting bond prices. Currency markets experienced some volatility, with
the euro and euro-linked currencies most affected by the debt problems in
Europe. Commodity-linked currencies generally gained. The U.S. dollar
produced mixed results, while the Japanese yen was seen as a relatively
safe currency haven for most of the 12-month period.
Q What were the principal factors that influenced the Fund's performance over
the 12 months ended October 31, 2010?
A Duration management had a positive influence on the Fund's performance
results. We maintained a long duration for the Fund during the 12-month
period (duration is a measure of the price sensitivity of a bond portfolio to
changes in interest rates); this helped performance, especially on
investments in the United States, Germany and the Netherlands, where interest
rates declined and bond prices rose. The Fund had shorter duration positions
in other developed markets, such as the United Kingdom and Japan. While
interest rates declined in those markets, the effects were less significant.
In commodity-producing economies, where some central banks moved to reduce
inflationary pressures by raising short-term interest rates, we tended to
keep the duration of the Fund's investments shorter than the benchmark
Barclays Index. That positioning helped the Fund's performance results. At
the end of the Fund's fiscal year on October 31, 2010, the average effective
duration of the Fund's assets was 4.65 years.
The Fund's emphasis on corporate securities and underweight positions in
sovereign government debt provided further support to performance over the
12-month period. We placed the greatest focus on investment-grade corporate
bonds, which outperformed government credits, including U.S. Treasury and
government agency securities.
At the end of the Fund's fiscal year on October 31, 2010, the Fund had 22%
of its assets invested in U.S. investment-grade corporate bonds. The Fund
Pioneer Global Aggregate Bond Fund | Annual Report | 10/31/10 5
did have another 18.5% of assets invested in mortgage-backed securities,
but in that area we placed an emphasis on non-agency mortgages rather than
government agency securities. International investment-grade debt
represented 40.2% of Fund assets, while U.S. high-yield bonds accounted for
2.7% of Fund assets. U.S. Treasuries and government agency bonds accounted
for 5.8% of Fund assets.
The Fund's currency positioning, however, tended to hold back relative
performance results during the 12-month period, as we overweighted the U.S.
dollar, which weakened relative to the currencies of commodity-producing
countries.
Q What types of investments had notable impacts on the Fund's performance over
the 12 months ended October 31, 2010?
A The Fund's longer-duration positions in some sovereign government bonds of
the United States, Germany and Japan all performed nicely as interest rates
moved lower. Holdings in Canadian Housing Trust bonds also added to the
Fund's performance results, as did investments in some high-coupon, U.S.
Fannie Mae mortgage-backed debt.
On the downside, the Fund did have an investment in short-duration German
government securities, which underperformed. The Fund was underweighted,
relative to the Barclays Index, in Spanish and Italian government bonds,
but the small positions nevertheless held back the Fund's performance on an
absolute basis.
While the Fund's overall exposure to corporate bonds helped performance, an
investment in the high-yield debt of First Data, a U.S. company
specializing in processing electronic transactions, underperformed.
Q Was the Fund's performance during the 12-month period materially affected by
the use of derivatives as an investment strategy?
A During part of the period, the Fund held an investment in a Japanese
forward-currency contract. The position turned out to have a minor, negative
influence on Fund performance. The Fund had maintained an overweighted
exposure to the Japanese yen for most of the Fund's fiscal year and we
invested in the forward-currency contract for part of the 12-month period to
reduce the risks posed by the longer yen positioning. Even though the
Japanese yen strengthened over the entire 12-month period ended October 31,
2010, it weakened during the period in which the Fund held the
forward-currency contract. As a consequence, the use of the derivative
investment slightly detracted from the Fund's overall performance results.
6 Pioneer Global Aggregate Bond Fund | Annual Report | 10/31/10
Q What is your investment outlook?
A We continue to favor corporate debt and other credit-sensitive securities, as
their yield spreads (the difference in yields between higher- and lower-rated
debt) still appear compelling relative to government securities, especially
against a backdrop of improving economic conditions. We also are positive
about the prospects for the U.S. dollar against foreign currencies,
especially the euro. That is not our view of the currencies of
commodity-exporting nations such as Canada and Australia, however, which we
think have the potential to continue gaining against the dollar. We think
that the dollar also may weaken against some emerging market currencies.
In our duration management, we have positioned the Fund against the
possibility of eventual increases in interest rates by establishing a
relatively short duration in the United States, and by investing part of
the Fund in floating-rate securities. We do expect interest rates to remain
low for the next few months, however, as the Fed maintains its highly
accommodative monetary policy. We expect that the Fed eventually will start
raising rates, however, when signs of better employment conditions and
inflationary pressures begin appearing. In managing the Fund, we have been
avoiding investments in securities with maturities between two and five
years, as they are particularly vulnerable to rising interest rates.
Please refer to the Schedule of Investments on pages 16-32 for a full listing
of Fund securities.
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 and economic and political
conditions. Investments in the Fund are subject to possible loss due to the
financial failure of the issuers of the 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. 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.
Past performance is no guarantee of future results, and there is no guarantee
that market forecasts discussed will be realized.
Pioneer Global Aggregate Bond Fund | Annual Report | 10/31/10 7
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.
8 Pioneer Global Aggregate Bond Fund | Annual Report | 10/31/10
Portfolio Summary | 10/31/10
Portfolio Diversification
- --------------------------------------------------------------------------------
(As a percentage of total investment portfolio)
[THE DATA BELOW WAS REPRESENTED AS A PIE CHART IN THE PRINTED MATERIAL.]
Foreign Government Bonds 34.8%
Corporate Bonds 34.2%
U.S. Government Securities 13.6%
Collateralized Mortgage Obligations 12.6%
Asset Backed Securities 3.4%
Municipal Bonds 1.1%
Convertible Corporate Bonds 0.3%
10 Largest Holdings
- --------------------------------------------------------------------------------
(As a percentage of total debt holdings)*
1. Japan Government 5-Yr, 1.2%, 3/20/12 3.82%
2. Bundesrepublik Deutschland, 6.5%, 7/4/27 2.49
3. Federal National Mortgage Association, 6.5%, 4/1/38 2.40
4. Japan Government 10-Yr, 1.7%, 9/20/16 2.19
5. U.S. Treasury Inflation Notes, 2.5%, 1/15/29 2.05
6. Canada Housing Trust, 3.55%, 9/15/13 1.90
7. Japan Government 20-Yr, 1.5%, 3/20/19 1.84
8. France Government Bond, 3.0%, 10/25/15 1.79
9. Federal Home Loan Mortgage Corp., 6.5%, 8/1/37 1.63
10. Bonos Y Oblig Del Es, 4.4%, 1/31/15 1.55
* This list excludes temporary cash investments and derivative instruments. The
portfolio is actively managed, and current holdings may be different. The
holdings listed should not be considered recommendations to buy or sell any
security listed.
Pioneer Global Aggregate Bond Fund | Annual Report | 10/31/10 9
Prices and Distributions | 10/31/10
Net Asset Value per Share
- --------------------------------------------------------------------------------
- ---------------------------------------------
Class 10/31/10 10/31/09
- ---------------------------------------------
A $ 11.19 $ 10.84
- ---------------------------------------------
C $ 11.19 $ 10.82
- ---------------------------------------------
Y $ 11.22 $ 10.85
- ---------------------------------------------
Distributions per Share: 10/31/09-10/31/10
- --------------------------------------------------------------------------------
- -------------------------------------------------------------------------
Net Investment Short-Term Long-Term
Class Income Capital Gains Capital Gains
- -------------------------------------------------------------------------
A $ 0.3960 $ -- $ 0.0104
- -------------------------------------------------------------------------
C $ 0.2996 $ -- $ 0.0104
- -------------------------------------------------------------------------
Y $ 0.4056 $ -- $ 0.0104
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Index Definitions
- --------------------------------------------------------------------------------
The Barclays Capital Global Aggregate Bond 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" and "Value
of $5 Million Investment" charts appearing on pages 11-13.
10 Pioneer Global Aggregate Bond Fund | Annual Report | 10/31/10
Performance Update | 10/31/10 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 Aggregate Bond Fund at public offering price,
compared to that of the Barclays Capital Global Aggregate Bond Index.
Average Annual Total Returns
(As of October 31, 2010)
- ----------------------------------------------------------
Net Asset Public Offering
Period Value (NAV) Price (POP)
- ----------------------------------------------------------
Life-of-Class
(12/28/07) 7.72% 6.00%
1 Year 7.21 2.39
- ----------------------------------------------------------
Expense Ratio
(Per prospectus dated March 1, 2010, as
revised June 4, 2010)
- ----------------------------------------------------------
Gross Net
- ----------------------------------------------------------
2.90% 1.00%
- ----------------------------------------------------------
[The following data was represented as a mountain chart in the printed material]
Value of $10,000 Investment
Barclays
Pioneer Capital
Global Global
Aggregate Aggregate
Bond Fund Bond Index
12/07 9,550 10,000
10/08 9,100 9,589
10/09 11,064 11,354
10/10 11,861 12,136
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 sales charges been reflected. POP returns reflect
deduction of maximum 4.50% sales charge. All results are historical and assume
the reinvestment of dividends and capital gains. Other share classes are
available for which performance and expenses will differ.
Performance results reflect any applicable expense waivers in effect during the
periods shown. Without such waivers Fund performance would be lower. Waivers may
not be in effect for all funds. Certain fee waivers are contractual through a
specified period. Otherwise, fee waivers can be rescinded at any time. See the
prospectus and financial statements for more information.
The net expense ratio reflects contractual expense limitations currently in
effect through 3/1/12 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.
Pioneer Global Aggregate Bond Fund | Annual Report | 10/31/10 11
Performance Update | 10/31/10 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 Aggregate Bond Fund, compared to that of the
Barclays Capital Global Aggregate Bond Index.
Average Annual Total Returns
(As of October 31, 2010)
- ----------------------------------------------------------
If If
Period Held Redeemed
- ----------------------------------------------------------
Life-of-Class
(12/28/07) 6.83% 6.83%
1 Year 6.45 6.45
- ----------------------------------------------------------
Expense Ratio
(Per prospectus dated March 1, 2010, as
revised June 4, 2010)
- ----------------------------------------------------------
Gross Net
- ----------------------------------------------------------
3.57% 1.90%
- ----------------------------------------------------------
[The following data was represented as a mountain chart in the printed material]
Value of $10,000 Investment
Barclays
Pioneer Capital
Global Global
Aggregate Aggregate
Bond Fund Bond Index
12/07 10,000 10,000
10/08 9,452 9,589
10/09 11,395 11,354
10/10 12,130 12,136
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). 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 3/1/12 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 taxes that a
shareowner would pay on Fund distributions or the redemption of Fund shares.
12 Pioneer Global Aggregate Bond Fund | Annual Report | 10/31/10
Performance Update| 10/31/10 Class Y Shares
Investment Returns
- --------------------------------------------------------------------------------
The mountain chart on the right shows the change in value of a $5 million
investment made in Pioneer Global Aggregate Bond Fund, compared to that of the
Barclays Capital Global Aggregate Bond Index.
Average Annual Total Returns
(As of October 31, 2010)
- ----------------------------------------------------------
If If
Period Held Redeemed
- ----------------------------------------------------------
Life-of-Class
(12/28/07) 7.88% 7.88%
1 Year 7.48 7.48
- ----------------------------------------------------------
Expense Ratio
(Per prospectus dated March 1, 2010, as
revised June 4, 2010)
- ----------------------------------------------------------
Gross Net
- ----------------------------------------------------------
2.48% 2.48%
- ----------------------------------------------------------
[The following data was represented as a mountain chart in the printed material]
Value of $5,000,000 Investment
Barclays
Pioneer Capital
Global Global
Aggregate Aggregate
Bond Fund Bond Index
12/31/2007 5,000,000 5,000,000
10/31/2008 4,767,893 4,794,284
10/31/2009 5,801,982 5,677,007
10/31/2010 6,235,980 6,068,024
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.
Pioneer Global Aggregate Bond Fund | Annual Report | 10/31/10 13
Comparing Ongoing Fund Expenses
As a shareowner in the Fund, you incur two types of costs:
(1) ongoing costs, including management fees, distribution and/or service
(12b-1) fees, and other Fund expenses; and
(2) transaction costs, including sales charges (loads) on purchase payments.
This example is intended to help you understand your ongoing expenses (in
dollars) of investing in the Fund and to compare these costs with the ongoing
costs of investing in other mutual funds. The example is based on an investment
of $1,000 at the beginning of the Fund's latest six-month period and held
throughout the six months.
Using the Tables
- --------------------------------------------------------------------------------
Actual Expenses
The first table below provides information about actual account values and
actual expenses. You may use the information in this table, together with the
amount you invested, to estimate the expenses that you paid over the period as
follows:
1. Divide your account value by $1,000
Example: an $8,600 account value [divided by] $1,000 = 8.6
2. Multiply the result in (1) above by the corresponding share class's number
in the third row under the heading entitled "Expenses Paid During Period"
to estimate the expenses you paid on your account during this period.
Expenses Paid on a $1,000 Investment in Pioneer Global Aggregate Bond Fund
Based on actual returns from May 1, 2010, through October 31, 2010.
- --------------------------------------------------------------------------------
Share Class A C Y
- --------------------------------------------------------------------------------
Beginning Account Value $ 1,000.00 $ 1,000.00 $ 1,000.00
on 5/1/10
- --------------------------------------------------------------------------------
Ending Account Value $ 1,076.30 $ 1,072.54 $ 1,076.85
(after expenses) on 10/31/10
- --------------------------------------------------------------------------------
Expenses Paid During Period* $ 5.23 $ 9.93 $ 4.92
- --------------------------------------------------------------------------------
* Expenses are equal to the Fund's annualized expense ratio of 1.00%, 1.90%,
and 0.94% for Class A, Class C, and Class Y shares respectively, multiplied
by the average account value over the period, multiplied by 184/365.
14 Pioneer Global Aggregate Bond Fund | Annual Report | 10/31/10
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 May 1, 2010, through October 31, 2010.
- --------------------------------------------------------------------------------
Share Class A C Y
- --------------------------------------------------------------------------------
Beginning Account Value $ 1,000.00 $ 1,000.00 $ 1,000.00
on 5/1/10
- --------------------------------------------------------------------------------
Ending Account Value $ 1,020.16 $ 1,015.63 $ 1,020.47
(after expenses) on 10/31/10
- --------------------------------------------------------------------------------
Expenses Paid During Period* $ 5.09 $ 9.65 $ 4.79
- --------------------------------------------------------------------------------
* Expenses are equal to the Fund's annualized expense ratio of 1.00%, 1.90%,
and 0.94% for Class A, Class C, and Class Y shares respectively, multiplied
by the average account value over the period, multiplied by 184/365.
Pioneer Global Aggregate Bond Fund | Annual Report | 10/31/10 15
Schedule of Investments | 10/31/10
- -------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
- -------------------------------------------------------------------------------------------------
CONVERTIBLE CORPORATE BONDS -- 0.3%
ENERGY -- 0.1%
Coal & Consumable Fuels -- 0.1%
20,000 BB-/NR Massey Energy Co., 3.25%, 8/1/15 $ 19,125
-----------
Total Energy $ 19,125
- -------------------------------------------------------------------------------------------------
BANKS -- 0.2%
Regional Banks -- 0.2%
20,000 A/A3 National City Corp., 4.0%, 2/1/11 $ 20,075
-----------
Total Banks $ 20,075
- -------------------------------------------------------------------------------------------------
TOTAL CONVERTIBLE CORPORATE BONDS
(Cost $33,291) $ 39,200
- -------------------------------------------------------------------------------------------------
ASSET BACKED SECURITIES -- 3.0%
MATERIALS -- 0.3%
Steel -- 0.3%
37,680 0.73 AA+/Aa3 Nomura Home Equity Loan, Inc., Floating
Rate Note, 5/25/35 $ 36,658
-----------
Total Materials $ 36,658
- -------------------------------------------------------------------------------------------------
BANKS -- 1.6%
Diversified Banks -- 0.2%
23,653 0.24 AAA/Aa1 Wells Fargo Home Equity, Floating Rate
Note, 4/25/37 $ 23,015
- -------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- 1.4%
9,450 BBB/Baa3 Citigroup Mortgage Loan, 0.34606%,
1/25/37 $ 9,192
2,928 0.36 AAA/Aa3 Citigroup Mortgage Loan Trust, Floating
Rate Note, 10/25/36 2,919
25,000 0.74 AA+/A3 Countrywide Asset Backed Certificates,
Floating Rate Note, 11/25/35 23,185
26,600 0.63 AAA/Baa2 Countrywide Asset-Backed Certificates,
Floating Rate Note, 1/25/36 24,326
34,716 0.27 AAA/Ba2 Countrywide Asset-Backed Certificates,
Floating Rate Note, 12/25/35 33,556
22,109 5.56 AAA/A2 CRMSI 2006-2 A3, Floating Rate Note,
9/25/36 22,319
819 0.52 AAA/Aa2 GSAMP Trust, Floating Rate Note,
11/25/35 818
9,324 0.69 A/A2 GSAMP Trust, Floating Rate Note,
3/25/35 8,966
11,509 0.64 AAA/Aa1 GSAMP Trust, Floating Rate Note,
9/25/35 11,214
3,809 0.03 AAA/A1 Morgan Stanley ABS Capital, Inc., Floating
Rate Note, 10/25/36 3,801
4,808 0.32 B/B1 Morgan Stanley ABS Capital, Inc., Floating
Rate Note, 12/25/36 4,579
The accompanying notes are an integral part of these financial statements.
16 Pioneer Global Aggregate Bond Fund | Annual Report | 10/31/10
- -------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
- -------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- (continued)
615 0.31 A-/Baa3 Morgan Stanley Ixis Real Estate, Floating
Rate Note, 11/25/36 $ 612
26,327 0.52 AAA/Aa3 Option One Mortgage Loan Trust, Floating
Rate Note, 11/25/35 24,720
20,000 0.67 AA+/A3 RASC 2005-KS7 M1, Floating Rate Note,
8/25/35 18,819
12,196 0.51 BB/Baa1 SASC 2007-BC4 A3, Floating Rate Note,
11/25/37 11,742
-----------
$ 200,768
-----------
Total Banks $ 223,783
- -------------------------------------------------------------------------------------------------
DIVERSIFIED FINANCIALS -- 0.7%
Diversified Financial Services -- 0.4%
16,891 AA/NR DT Auto Owner Trust, 5.92%, 10/15/15 $ 16,966
50,000 0.75 AA-/A3 Long Beach Mortgage Loan Trust, Floating
Rate Note, 4/25/35 45,801
-----------
$ 62,767
- -------------------------------------------------------------------------------------------------
Specialized Finance -- 0.3%
27,476 5.32 NR/Baa1 Irwin Home Equity Corp., Floating Rate
Note, 6/25/35 $ 26,745
9,559 0.63 AAA/Aaa New Century Home Equity Loan, Floating
Rate Note, 3/25/35 9,080
-----------
$ 35,825
-----------
Total Diversified Financials $ 98,592
- -------------------------------------------------------------------------------------------------
GOVERNMENT -- 0.4%
50,000 AAA/Aaa Federal National Mortgage Association,
5.5%, 2/15/33 $ 53,106
-----------
Total Government $ 53,106
- -------------------------------------------------------------------------------------------------
TOTAL ASSET BACKED SECURITIES
(Cost $396,730) $ 412,139
- -------------------------------------------------------------------------------------------------
COLLATERALIZED MORTGAGE
OBLIGATIONS -- 11.2%
MATERIALS -- 0.4%
Forest Products -- 0.4%
50,000 AAA/Aa1 TSTAR 2006-1A A, 5.668%, 10/15/36 $ 55,853
-----------
Total Materials $ 55,853
- -------------------------------------------------------------------------------------------------
BANKS -- 7.2%
Thrifts & Mortgage Finance -- 7.2%
32,070 NR/Aaa Bank of America Alternative Loan Trust,
5.0%, 7/25/19 $ 33,199
35,142 0.71 NR/Aaa Bank of America Alternative Loan Trust,
Floating Rate Note, 12/25/33 32,354
The accompanying notes are an integral part of these financial statements.
Pioneer Global Aggregate Bond Fund | Annual Report | 10/31/10 17
Schedule of Investments | 10/31/10 (continued)
- --------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
- --------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- (continued)
19,672 NR/Aaa Bank of America Alternative Loan Trust,
5.5%, 9/25/33 $ 20,085
30,968 AAA/NR Bank of America Funding Corp., 5.5%,
1/25/36 32,461
41,921 AAA/Aaa Bear Stearns Adjustable Rate Mortgage,
4.754%, 10/25/33 41,048
22,885 AAA/Aaa Citigroup Commercial Mortgage, 4.639%,
5/15/43 23,467
6,057 NR/Aaa Citigroup Commercial Mortgage, 5.273%,
10/15/49 6,112
11,443 AAA/Aa1 Countrywide Alternative Loan Trust, 4.25%,
4/25/34 11,420
9,953 AAA/AAA Countrywide Alternative Loan Trust, 5.0%,
7/25/18 10,273
14,927 AAA/A1 Countrywide Alternative Loan Trust, 5.5%,
1/25/35 14,973
19,093 AAA/Aa1 Countrywide Alternative Loan Trust, 5.5%,
4/25/34 19,362
30,854 AAA/A1 Countrywide Alternative Loan Trust, 5.0%,
8/25/19 31,755
33,114 0.71 AAA/NR Countrywide Alternative Loan Trust,
Floating Rate Note, 8/25/18 30,753
7,368 AAA/Aaa CWHL 2004-5 1A1, 5.0%, 6/25/34 7,536
19,601 AAA/Aaa GS Mortgage Securities Corp., II, 7.12%,
11/18/29 20,871
26,897 AAA/Aa3 JP Morgan Mortgage Trust, 6.0%,
8/25/34 24,911
15,000 AAA/Aaa JPMCC 2002-C3 B, 5.146%, 7/12/35 15,724
12,123 4.98 AAA/Aaa JPMMT 2004-A1 3A1, Floating Rate Note,
2/25/34 12,443
29,398 AAA/NR Master Alternative Loans Trust, 5.5%,
2/25/35 29,702
31,135 AAA/NR Master Alternative Loans Trust, 4.5%,
1/25/15 30,922
16,832 AA/NR Master Alternative Loans Trust, 5.5%,
10/25/19 17,275
35,990 AAA/AAA Master Alternative Loans Trust, 6.0%,
7/25/34 36,659
21,134 6.73 BBB/NR Master Seasoned Securities Trust, Floating
Rate Note, 9/25/32 22,014
8,415 AAA/Aaa Merrill Lynch Mortgage Trust, 4.556%,
6/12/43 8,685
17,336 0.49 AAA/Aaa MLCC Mortgage Investors, Inc., Floating
Rate Note, 4/25/29 16,312
11,473 BBB/Baa1 RAAC Series, 6.0%, 1/25/32 11,868
The accompanying notes are an integral part of these financial statements.
18 Pioneer Global Aggregate Bond Fund | Annual Report | 10/31/10
- --------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
- --------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- (continued)
95,494 AAA/Aaa Wachovia Bank Commercial, 4.368%,
8/15/41 $ 99,494
41,788 AAA/Aaa Wachovia Bank Commercial Mortgage,
4.957%, 8/15/35 42,179
7,240,750 0.01 AAA/Aaa Wachovia Bank Commercial Mortgage
Trust, Floating Rate Note, 6/15/45 8,942
7,360 BB/NR WaMu Mortgage Pass Trust, 4.82069%,
9/25/35 7,334
20,363 AAA/NR WaMu Mortgage Pass Through Certificates,
2.73272%, 1/25/35 20,198
19,077 0.49 AAA/Aa1 WaMu Mortgage Pass-Through Certificates,
Floating Rate Note, 4/25/45 15,510
100,000 NR/Aaa Wells Fargo Commercial Mortgage,
3.349%, 10/15/57 102,997
20,528 A/B1 Wells Fargo Mortgage, 5.5%, 10/25/35 20,767
28,738 0.00 A-/NR Wells Fargo Mortgage Backed Securities,
Floating Rate Note, 4/25/36 28,375
42,535 AAA/A1 Wells Fargo Mortgage Backed Securities,
5.0%, 11/25/36 43,615
16,202 NR/B2 Wells Fargo Mortgage Backed Securities,
5.0%, 3/25/21 16,209
20,844 AAA/NR Wells Fargo Mortgage Backed Securities,
5.25%, 8/25/33 21,635
-----------
$ 989,439
-----------
Total Banks $ 989,439
- --------------------------------------------------------------------------------------------------
DIVERSIFIED FINANCIALS -- 3.1%
Consumer Finance -- 0.1%
15,805 AAA/Aaa GMAC Mortgage Corp., Loan Trust, 5.5%,
11/25/33 $ 16,525
- --------------------------------------------------------------------------------------------------
Diversified Financial Services -- 2.7%
23,187 AA-/NR Bank of America Mortgage Securities,
5.5%, 11/25/34 $ 23,971
8,263 AAA/NR Bank of America Mortgage Securities,
5.75%, 1/25/35 8,579
24,779 2.75 AAA/Aaa Bank of America Mortgage Securities,
Floating Rate Note, 6/25/34 23,345
14,576 5.12 AAA/NR Bank of America Mortgage Securities,
Floating Rate Note, 9/25/35 14,141
23,505 AAA/NR Bank of America Mortgage Securities, Inc.,
5.0%, 8/25/33 23,532
16,284 NR/A2 Citicorp Mortgage Securities, Inc., 5.5%,
3/25/35 16,787
10,473 NR/B1 CMSI 2006-1 3A1, 5.0%, 2/25/36 10,562
The accompanying notes are an integral part of these financial statements.
Pioneer Global Aggregate Bond Fund | Annual Report | 10/31/10 19
Schedule of Investments | 10/31/10 (continued)
- -------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
- -------------------------------------------------------------------------------------------------
Diversified Financial Services -- (continued)
22,964 5.50 AAA/Baa1 RALI 2004-QS16 1A1, Floating Rate Note,
12/25/34 $ 22,643
56,823 NR/Aaa Residential Accreditation, 5.0%, 5/25/19 59,588
21,892 0.81 AAA/Aa2 Residential Accreditation, Floating Rate
Note, 1/25/34 20,548
43,313 4.25 AAA/Aa2 Residential Accreditation, Floating Rate
Note, 1/25/34 43,610
55,555 0.81 AAA/Aa2 Residential Accreditation, Floating Rate
Note, 10/25/17 54,335
19,624 NR/Aa1 Residential Accreditation Loans, Inc.,
5.0%, 3/25/19 20,151
25,175 NR/Aaa Residential Accreditation Loans, Inc.,
5.0%, 8/25/18 26,146
-----------
$ 367,938
- -------------------------------------------------------------------------------------------------
Investment Banking & Brokerage -- 0.1%
15,527 5.52 NR/Aaa Bear Stearns Commercial Mortgage,
Floating Rate Note, 4/12/38 $ 15,647
- -------------------------------------------------------------------------------------------------
Specialized Finance -- 0.2%
21,038 AAA/NR CW Capital Cobalt, Ltd., 5.174%,
8/15/48 $ 21,663
-----------
Total Diversified Financials $ 421,773
- -------------------------------------------------------------------------------------------------
REAL ESTATE -- 0.5%
Mortgage Real Estate Investment Trust -- 0.5%
28,546 AAA/Aaa Credit Suisse First Boston Mortgage,
6.51%, 2/15/34 $ 28,644
23,135 1.61 AA+/Aa2 Credit Suisse First Boston Mortgage,
Floating Rate Note, 12/25/33 22,164
19,782 AAA/Aaa Credit Suisse First Boston Mortgage
Security, 3.5%, 7/25/18 20,229
-----------
$ 71,037
-----------
Total Real Estate $ 71,037
- -------------------------------------------------------------------------------------------------
TOTAL COLLATERALIZED MORTGAGE
OBLIGATIONS
(Cost $1,503,211) $ 1,538,102
- -------------------------------------------------------------------------------------------------
CORPORATE BONDS -- 30.5%
ENERGY -- 3.3%
Integrated Oil & Gas -- 0.2%
25,000 BBB+/Baa1 Marathon Oil Corp., 5.9%, 3/15/18 $ 29,109
- -------------------------------------------------------------------------------------------------
Oil & Gas Drilling -- 0.2%
25,000 BBB-/Ba1 Pride International, Inc., 6.875%,
8/15/20 $ 28,313
- -------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
20 Pioneer Global Aggregate Bond Fund | Annual Report | 10/31/10
- --------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
- --------------------------------------------------------------------------------------------------
Oil & Gas Equipment & Services -- 0.2%
25,000 BBB/Baa1 Weatherford International, Ltd., 9.625%,
3/1/19 $ 33,015
- --------------------------------------------------------------------------------------------------
Oil & Gas Exploration & Production -- 0.1%
10,000 BBB/Baa2 Canadian National Resources, Inc., 5.9%,
2/1/18 $ 11,808
- --------------------------------------------------------------------------------------------------
Oil & Gas Refining & Marketing -- 0.8%
40,000 A/A2 Motiva Enterprises LLC, 5.75%, 1/15/20
(144A) $ 46,152
25,000 BBB/Baa2 Spectra Energy Capital Corp., 6.2%,
4/15/18 28,864
21,000 BBB/Baa2 Valero Energy Corp., 9.375%, 3/15/19 26,914
-----------
$ 101,930
- --------------------------------------------------------------------------------------------------
Oil & Gas Storage & Transportation -- 1.8%
25,000 BBB/Baa2 Buckeye Partners LP, 6.05%, 1/15/18 $ 28,218
25,000 BBB/Baa2 DCP Midstream, LP, 9.75%, 3/15/19 33,108
40,000 BB/Ba1 Enterprise Products Operating Co., 7.0%,
6/1/67 38,800
10,000 BBB/Baa2 Kinder Morgan Energy Co., 5.95%,
2/15/18 11,429
30,000 BBB-/Baa3 NEPAL Pipeco LLC, 6.514%, 12/15/12
(144A) 32,368
25,000 BBB-/Baa3 Plains All America Pipeline, 6.125%,
1/15/17 28,470
10,000 A/A3 Questar Pipeline Co., 5.83%, 2/1/18 11,710
30,000 BBB-/Ba1 Rockies Express Pipeline LLC, 5.625%,
4/15/20 30,361
10,000 BBB/Baa2 Spectra Energy Capital LLC, 6.75%,
7/15/18 11,541
20,000 BB+/Baa3 Williams Companies, Inc., 7.75%,
6/15/31 22,334
-----------
$ 248,339
-----------
Total Energy $ 452,514
- --------------------------------------------------------------------------------------------------
MATERIALS -- 2.2%
Aluminum -- 0.2%
25,000 BBB-/Baa3 Alcoa, Inc., 6.15%, 8/15/20 $ 26,388
- --------------------------------------------------------------------------------------------------
Commodity Chemicals -- 0.2%
20,000 B+/B1 Nova Chemicals Corp., 8.375%, 11/1/16 $ 21,850
- --------------------------------------------------------------------------------------------------
Construction Materials -- 0.2%
30,000 BBB/Baa2 Holcim, Ltd., 6.0%, 12/30/19 (144A) $ 32,608
- --------------------------------------------------------------------------------------------------
Diversified Metals & Mining -- 0.3%
35,000 BBB-/Baa3 AngloGold Ashanti Holdings, Ltd., 5.375%,
4/15/20 $ 37,380
- --------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Global Aggregate Bond Fund | Annual Report | 10/31/10 21
Schedule of Investments | 10/31/10 (continued)
- ----------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
- ----------------------------------------------------------------------------------------------
Fertilizers & Agriculture Chemicals -- 0.6%
40,000 BBB/Baa2 Agrium, Inc., 6.75%, 1/15/19 $ 47,120
25,000 BB+/B1 CF Industries Holdings, Inc., 6.875%,
5/1/18 28,500
-----------
$ 75,620
- ----------------------------------------------------------------------------------------------
Paper Products -- 0.1%
15,000 BBB/Ba2 Georgia-Pacific LLC, 5.4%, 11/1/20 $ 15,150
- ----------------------------------------------------------------------------------------------
Specialty Chemicals -- 0.2%
25,000 BBB/Baa3 Cytec Industries, Inc., 8.95%, 7/1/17 $ 31,363
- ----------------------------------------------------------------------------------------------
Steel -- 0.4%
30,000 BBB/Baa3 ArcelorMittal, Ltd., 6.125%, 6/1/18 $ 32,810
25,000 BBB-/Baa3 Commercial Metals Co., 7.35%, 8/15/18 26,592
-----------
$ 59,402
-----------
Total Materials $ 299,761
- ----------------------------------------------------------------------------------------------
CAPITAL GOODS -- 1.6%
Aerospace & Defense -- 0.2%
30,000 BB/Ba3 Esterline Technologies, Inc., 6.625%,
3/1/17 $ 30,975
- ----------------------------------------------------------------------------------------------
Building Products -- 0.4%
55,000 BBB/Ba2 Masco Corp., 7.125%, 3/15/20 $ 57,731
- ----------------------------------------------------------------------------------------------
Construction & Farm Machinery & Heavy Trucks -- 0.1%
10,000 BBB+/Baa2 Cummins, Inc., 6.75%, 2/15/27 $ 10,558
- ----------------------------------------------------------------------------------------------
Electrical Component & Equipment -- 0.2%
25,000 B+/Ba2 Belden CDT, Inc., 7.0%, 3/15/17 $ 25,375
- ----------------------------------------------------------------------------------------------
Industrial Conglomerates -- 0.1%
10,000 A-/Baa1 Tyco International Finance SA, 8.5%,
1/15/19 $ 13,214
- ----------------------------------------------------------------------------------------------
Industrial Machinery -- 0.3%
15,000 BBB+/Baa1 Ingersoll-Rand Global Holding, 9.5%,
4/15/14 $ 18,588
20,000 BBB-/Ba1 Valmont Industries, Inc., 6.625%,
4/20/20 20,804
-----------
$ 39,392
- ----------------------------------------------------------------------------------------------
Trading Companies & Distributors -- 0.3%
40,000 BBB/Baa1 GATX Financial Corp., 6.0%, 2/15/18 $ 42,696
-----------
Total Capital Goods $ 219,941
- ----------------------------------------------------------------------------------------------
COMMERCIAL SERVICES & SUPPLIES -- 0.2%
Office Services & Supplies -- 0.2%
25,000 BBB+/A1 Pitney Bowes, Inc., 5.6%, 3/15/18 $ 26,698
-----------
Total Commercial Services & Supplies $ 26,698
- ----------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
22 Pioneer Global Aggregate Bond Fund | Annual Report | 10/31/10
- -------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
- -------------------------------------------------------------------------------------------------
TRANSPORTATION -- 0.2%
Railroads -- 0.2%
25,000 BBB+/A3 Burlington Northern Santa Fe Corp.,
5.75%, 3/15/18 $ 29,001
-----------
Total Transportation $ 29,001
- -------------------------------------------------------------------------------------------------
AUTOMOBILES & COMPONENTS -- 0.1%
Automobile Manufacturers -- 0.1%
10,000 BBB/Baa2 Nissan Motor Acceptance Corp., 4.5%,
1/30/15 (144A) $ 10,699
-----------
Total Automobiles & Components $ 10,699
- -------------------------------------------------------------------------------------------------
CONSUMER DURABLES & APPAREL -- 0.2%
Household Appliances -- 0.2%
25,000 BBB-/Baa3 Whirlpool Corp., 5.5%, 3/1/13 $ 26,834
-----------
Total Consumer Durables & Apparel $ 26,834
- -------------------------------------------------------------------------------------------------
CONSUMER SERVICES -- 0.8%
Casinos & Gaming -- 0.2%
25,000 BBB/Baa2 International Game Technology, 7.5%,
6/15/19 $ 29,388
- -------------------------------------------------------------------------------------------------
Education Services -- 0.6%
30,000 AAA/Aaa Leland Stanford Junior University, 4.75%,
5/1/19 $ 33,411
40,000 AAA/Aaa President & Fellows of Harvard, 3.7%,
4/1/13 42,725
-----------
$ 76,136
-----------
Total Consumer Services $ 105,524
- -------------------------------------------------------------------------------------------------
MEDIA -- 0.6%
Broadcasting -- 0.2%
29,147 CCC/Caa2 Univision Communications, Inc., 9.75%,
3/15/15 (PIK) (144A) $ 30,932
- -------------------------------------------------------------------------------------------------
Cable & Satellite -- 0.4%
25,000 BBB+/Baa1 British Sky Broadcasting Plc, 6.1%,
2/15/18 (144A) $ 28,861
10,000 BBB/Baa2 Time Warner Cable, Inc., 8.25%, 4/1/19 13,015
5,000 BBB/Baa2 Time Warner Cable, Inc., 8.75, 2/14/19 6,654
-----------
$ 48,530
-----------
Total Media $ 79,462
- -------------------------------------------------------------------------------------------------
RETAILING -- 0.4%
Internet Retail -- 0.4%
50,000 BBB-/Ba1 Expedia, Inc., 5.95%, 8/15/20 (144A) $ 50,781
-----------
Total Retailing $ 50,781
- -------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Global Aggregate Bond Fund | Annual Report | 10/31/10 23
Schedule of Investments | 10/31/10 (continued)
- -----------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
- -----------------------------------------------------------------------------------------------
FOOD, BEVERAGE & TOBACCO -- 1.1%
Agricultural Products -- 0.3%
50,000 BBB-/Ba1 Viterra, Inc., 5.95%, 8/1/20 $ 49,399
- -----------------------------------------------------------------------------------------------
Brewers -- 0.2%
20,000 BBB+/Baa2 Anheuser-Busch InBev Worldwide, Inc,
7.75%, 1/15/19 (144A) $ 25,863
- -----------------------------------------------------------------------------------------------
Packaged Foods & Meats -- 0.4%
45,000 BBB-/Baa2 Kraft Foods, Inc., 6.5%, 2/9/40 $ 51,577
- -----------------------------------------------------------------------------------------------
Tobacco -- 0.2%
25,000 BBB/WR UST, Inc., 5.75%, 3/1/18 $ 26,964
-----------
Total Food, Beverage & Tobacco $ 153,803
- -----------------------------------------------------------------------------------------------
HEALTH CARE EQUIPMENT & SERVICES -- 0.1%
Health Care Facilities -- 0.1%
5,000 BB-/B2 HCA, Inc., 9.125%, 11/15/14 $ 5,241
10,000 BB/Ba3 HCA, Inc., 8.5%, 4/15/19 11,250
-----------
$ 16,491
-----------
Total Health Care Equipment & Services $ 16,491
- -----------------------------------------------------------------------------------------------
PHARMACEUTICALS & BIOTECHNOLOGY -- 0.2%
Biotechnology -- 0.2%
25,000 BBB+/Baa3 Biogen Idec, Inc., 6.0%, 3/1/13 $ 27,384
-----------
Total Pharmaceuticals & Biotechnology $ 27,384
- -----------------------------------------------------------------------------------------------
BANKS -- 4.9%
Diversified Banks -- 3.3%
80,000 5.18 AA-/Aa3 BNP Paribas SA, Floating Rate Note,
10/17/16 $ 109,504
100,000 5.22 A/Aa3 Intesa Sanpaolo S.p.A., Floating Rate
Note, 2/8/16 137,359
85,000 AAA/Aaa International Bank Recon & Development,
5.75%, 10/21/19 82,782
40,000 AAA/Aaa Rabobank Nederland NV, 0.0%, 3/3/15 19,461
80,000 3.63 A-/A3 Standard Chartered, Ltd., Floating Rate
Note, 2/3/17 112,359
-----------
$ 461,465
- -----------------------------------------------------------------------------------------------
Regional Banks -- 1.6%
25,000 BBB+/A3 KeyBank NA, 5.8%, 7/1/14 $ 27,398
15,000 BBB+/Baa1 Keycorp, 6.5%, 5/14/13 16,506
25,000 A+/Aa3 Mellon Funding Corp., 5.5%, 11/15/18 28,340
65,000 8.25 BBB/Baa3 PNC Financial Services Group, Inc.,
Floating Rate Note, 5/29/49 68,171
20,000 AA-/Aa3 Wachovia Bank NA, 6.0%, 11/15/17 22,739
The accompanying notes are an integral part of these financial statements.
24 Pioneer Global Aggregate Bond Fund | Annual Report | 10/31/10
- --------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
- --------------------------------------------------------------------------------------------------
Regional Banks -- (continued)
50,000 7.70 A-/Ba1 Wells Fargo & Co., Floating Rate Note,
12/29/49 $ 51,875
-----------
$ 215,029
-----------
Total Banks $ 676,494
- --------------------------------------------------------------------------------------------------
DIVERSIFIED FINANCIALS -- 4.7%
Asset Management & Custody Banks -- 0.2%
25,000 A-/A3 Eaton Vance Corp., 6.5%, 10/2/17 $ 29,533
- --------------------------------------------------------------------------------------------------
Consumer Finance -- 1.0%
30,000 B/B2 American General Finance, Inc., 6.9%,
12/15/17 $ 24,975
35,000 A+/A1 American Honda Financial, Inc., 6.7%,
10/1/13 (144A) 40,076
40,000 BB/Baa3 Capital One Capital, Inc., 8.875%,
5/15/40 42,200
25,000 A/A2 Caterpillar Financial, Inc., 7.05%,
10/1/18 31,530
-----------
$ 138,781
- --------------------------------------------------------------------------------------------------
Diversified Financial Services -- 1.3%
20,000 BBB/Baa2 Alterra Finance LLC, 6.25%, 9/30/20 $ 20,041
30,000 NR/A2 Crown Castle Towers LLC, 4.883%,
8/15/20 30,563
65,000 AAA/Aaa European Investment Bank, Ltd., 0.0%,
3/2/15 32,049
15,000 AA+/Aa2 General Electric Capital Corp., 4.0%,
2/15/12 15,465
25,000 A+/Aa3 JPMorgan Chase & Co., 6.0%, 1/15/18 28,537
50,000 BBB+/Baa1 JPMorgan Chase & Co., 7.9%, 4/29/49 53,301
-----------
$ 179,956
- --------------------------------------------------------------------------------------------------
Investment Banking & Brokerage -- 1.8%
110,000 5.79 BBB/Baa2 Goldman Sachs Capital, Inc., Floating Rate
Note, 12/29/49 $ 94,463
25,000 BBB/Baa2 Jefferies Group, Inc., 6.875%, 4/15/21 26,608
10,000 A-/A2 Macquarie Group, Ltd., 6.0%, 1/14/20 10,419
50,000 A/A2 Merrill Lynch & Co., 5.45%, 2/5/13 53,209
10,000 A/A2 Morgan Stanley, Inc., 5.5%, 1/26/20 10,409
45,000 A/A2 Morgan Stanley Dean Witter, Inc., 6.625%,
4/1/18 50,545
-----------
$ 245,653
- --------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Global Aggregate Bond Fund | Annual Report | 10/31/10 25
Schedule of Investments | 10/31/10 (continued)
- --------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
Specialized Finance -- 0.4%
41,000 BBB/Baa3 Cantor Fitzgerald LP, 7.875%, 10/15/19 $ 42,819
10,000 A+/A1 National Rural Utilities Corp., 5.45%,
2/1/18 11,469
-----------
$ 54,288
-----------
Total Diversified Financials $ 648,211
- --------------------------------------------------------------------------------------------------
INSURANCE -- 3.5%
Life & Health Insurance -- 1.5%
35,000 BBB/Baa3 Delphi Financial Group, Inc., 7.875%,
1/31/20 $ 38,942
25,000 BBB/Ba1 Lincoln National Corp., 6.05%, 4/20/67 23,125
15,000 A-/Baa2 Lincoln National Corp., 8.75%, 7/1/19 19,342
35,000 BBB/Baa2 MetLife, Inc., 10.75%, 8/1/39 47,250
45,000 A-/Baa2 Protective Life Corp., 7.375%, 10/15/19 50,337
25,000 A/Baa2 Prudential Financial, Inc., 5.15%,
1/15/13 26,881
-----------
$ 205,877
- --------------------------------------------------------------------------------------------------
Multi-Line Insurance -- 1.1%
80,000 6.75 BBB+/A3 AXA SA, Floating Rate Note, 12/15/20 $ 111,442
45,000 BB/Baa3 Liberty Mutual Group, Inc., 7.0%,
3/15/37 (144A) 42,145
-----------
$ 153,587
- --------------------------------------------------------------------------------------------------
Property & Casualty Insurance -- 0.6%
50,000 BBB-/Baa3 The Hanover Insurance Group, Inc., 7.5%,
3/1/20 $ 55,240
25,000 BB-/Ba1 The Hanover Insurance Group, Inc.,
8.207%, 2/3/27 22,125
-----------
$ 77,365
- --------------------------------------------------------------------------------------------------
Reinsurance -- 0.3%
40,000 BBB+/BBB Platinum Underwriters HD, 7.5%, 6/1/17 $ 44,278
-----------
Total Insurance $ 481,107
- --------------------------------------------------------------------------------------------------
REAL ESTATE -- 2.4%
Diversified Real Estate Activities -- 0.3%
35,000 A-/A2 WEA Finance LLC, 7.125%,
4/15/18 (144A) $ 41,431
- --------------------------------------------------------------------------------------------------
Diversified Real Estate Investment Trust -- 0.5%
40,000 BBB+/Baa1 Dexus Finance Pty, Ltd., 7.125%,
10/15/14 $ 45,460
20,000 BBB/Baa2 Digital Realty Trust LP, 4.5%, 7/15/15
(144A) 20,785
10,000 BBB/Baa2 Digital Realty Trust LP, 5.875%, 2/1/20
(144A) 10,631
-----------
$ 76,876
- --------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
26 Pioneer Global Aggregate Bond Fund | Annual Report | 10/31/10
- -----------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
- -----------------------------------------------------------------------------------------------------
Office Real Estate Investment Trust -- 0.2%
25,000 BBB/Baa2 Mack-Cali Realty LP, 5.125%, 2/15/14 $ 26,637
- -----------------------------------------------------------------------------------------------------
Retail Real Estate Investment Trust -- 0.3%
35,000 BB/Baa3 Developers Diversified Realty, Inc., 7.5%,
4/1/17 $ 37,472
- -----------------------------------------------------------------------------------------------------
Specialized Real Estate Investment Trust -- 1.1%
10,000 BBB-/Baa2 Health Care REIT, Inc., 6.2%, 6/1/16 $ 11,433
25,000 BBB-/Baa3 Healthcare Realty Trust, Inc., 6.5%,
1/17/17 27,455
25,000 BBB-/Baa2 Hospitality Properties Trust, Inc., 7.875%,
8/15/14 28,115
45,000 BBB-/Ba1 Senior Housing Properties Trust, Inc.,
6.75%, 4/15/20 47,700
35,000 BBB-/Baa3 Ventas Realty LP/V, 6.5%, 6/1/16 36,845
-----------
$ 151,548
-----------
Total Real Estate $ 333,964
- -----------------------------------------------------------------------------------------------------
SOFTWARE & SERVICES -- 0.5%
Internet Software & Services -- 0.5%
45,000 NR/A2 GTP Towers Issuer LLC, 4.436%, 2/15/15
(144A) $ 46,782
25,000 B-/B1 Terremark Worldwide, Inc., 12.0%,
6/15/17 28,688
-----------
$ 75,470
-----------
Total Software & Services $ 75,470
- -----------------------------------------------------------------------------------------------------
SEMICONDUCTORS -- 0.2%
Semiconductor Equipment -- 0.2%
25,000 BBB/Baa1 Klac Instruments Corp., 6.9%, 5/1/18 $ 28,690
-----------
Total Semiconductors $ 28,690
- -----------------------------------------------------------------------------------------------------
TELECOMMUNICATION SERVICES -- 1.5%
Alternative Carriers -- 0.1%
10,000 CCC+/Caa1 Paetec Holdings, Inc., 9.5%, 7/15/15 $ 10,575
- -----------------------------------------------------------------------------------------------------
Integrated Telecommunication Services -- 1.1%
40,000 BBB+/Baa1 Deutsche Telekom AG, 3.75%, 4/22/14 $ 43,391
20,000 BBB-/Baa3 Embarq Corp., 7.082%, 6/1/16 22,837
20,000 A/A1 Qtel International Finance, Ltd., 6.5%,
6/10/14 22,451
50,000 A-/Baa1 Telefonica Emisiones SAU, 5.496%,
4/1/16 76,232
-----------
$ 164,911
- -----------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Global Aggregate Bond Fund | Annual Report | 10/31/10 27
Schedule of Investments | 10/31/10 (continued)
- --------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
- --------------------------------------------------------------------------------------------------
Wireless Telecommunication Services -- 0.3%
35,000 B+/Ba2 Cricket Communications, Inc., 7.75%,
5/15/16 $ 37,713
-----------
Total Telecommunication Services $ 213,199
- --------------------------------------------------------------------------------------------------
UTILITIES -- 1.6%
Electric Utilities -- 0.9%
10,000 BBB+/Baa1 CenterPoint Energy Houston Electric LLC,
7.0%, 3/1/14 $ 11,805
10,000 A-/Baa1 Commonwealth Edison Co., 6.15%,
9/15/17 11,796
25,000 BBB/Baa3 Commonwealth Edison Co., 6.95%,
7/15/18 29,546
25,000 BBB+/Baa2 NY State Gas and Electric, Inc., 6.15%,
12/15/17 (144A) 27,305
35,000 BB+/Baa3 Public Service of New Mexico, Inc., 7.95%,
5/15/18 38,500
10,000 BBB+/A3 West Penn Power Co., 5.95%, 12/15/17 11,122
-----------
$ 130,074
- --------------------------------------------------------------------------------------------------
Independent Power Producer & Energy Traders -- 0.7%
46,425 NR/Ba1 Coso Geothermal Power Holdings, Inc.,
7.0%, 7/15/26 (144A) $ 48,064
39,387 0.00 BBB-/Baa3 Panoche Energy Center LLC, 6.88%,
7/31/29 (144A) 42,780
-----------
$ 90,844
-----------
Total Utilities $ 220,918
- --------------------------------------------------------------------------------------------------
TOTAL CORPORATE BONDS
(Cost $3,755,661) $ 4,176,946
- --------------------------------------------------------------------------------------------------
U.S. GOVERNMENT AGENCY
OBLIGATIONS -- 12.1%
2,934 AAA/Aaa Fannie Mae, 0.58125%, 9/25/20 $ 2,934
179,859 AAA/Aaa Federal Home Loan Mortgage Corp., 6.5%,
8/1/37 198,367
119,293 AAA/Aaa Federal National Mortgage Association,
6.5%, 1/1/38 131,587
265,315 AAA/Aaa Federal National Mortgage Association,
6.5%, 4/1/38 292,353
50,000 NR/NR Government National Mortgage
Association, 4.5%, 9/20/39 54,315
741,409 0.70 NR/NR Government National Mortgage
Association, Floating Rate Note,
11/16/51 34,873
25,000 AAA/Aaa U.S. Treasury Bonds, 6.25%, 8/15/23 33,422
75,000 AAA/Aaa U.S. Treasury Bonds, 8.75%, 8/25/17 168,617
The accompanying notes are an integral part of these financial statements.
28 Pioneer Global Aggregate Bond Fund | Annual Report | 10/31/10
- -------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
- -------------------------------------------------------------------------------------------------
U.S. Government Agency Obligations -- (continued)
56,116 AAA/Aaa U.S. Treasury Inflation Notes, 1.875%,
7/15/15 $ 61,907
203,356 AAA/Aaa U.S. Treasury Inflation Notes, 2.5%,
1/15/29 250,175
100,000 AAA/Aaa U.S. Treasury Notes, 1.25%, 11/30/10 100,082
50,000 AAA/Aaa U.S. Treasury Notes, 3.0%, 9/30/16 54,152
100,000 AAA/Aaa U.S. Treasury Notes, 3.125%, 5/15/19 106,047
30,000 AAA/Aaa U.S. Treasury Notes, 4.25%, 5/15/39 31,313
60,000 AAA/Aaa U.S. Treasury Notes, 4.5%, 2/15/36 65,700
10,000 AAA/Aaa U.S. Treasury Notes, 4.5%, 5/15/38 10,916
60,000 AAA/Aaa U.S. Treasury Notes, 4.5%, 8/15/39 65,250
-----------
$ 1,662,010
- -------------------------------------------------------------------------------------------------
TOTAL U.S. GOVERNMENT AGENCY
OBLIGATIONS
(Cost $1,380,683) $ 1,662,010
- -------------------------------------------------------------------------------------------------
FOREIGN GOVERNMENT BONDS -- 31.0%
EURO 50,000 AAA/Aaa Austria Government Bond, 4.15%,
3/15/37 $ 77,733
EURO 25,000 AA+/Aa1 Belgium Government Bond, 5.5%,
3/28/28 42,875
EURO 129,000 AA/Aaa Bonos Y Oblig Del Es, 4.4%, 1/31/15 189,039
EURO 100,000 AAA/NR Bundesrepublik Deutschland, 3.25%,
1/4/20 147,668
EURO 150,000 AAA/Aaa Bundesrepublik Deutschland, 6.5%,
7/4/27 303,572
EURO 110,000 A+/Aa2 Buoni Poliennali DE, 4.75%, 2/1/13 161,656
CAD 225,000 AAA/Aaa Canada Housing Trust, 3.55%, 9/15/13 231,753
CAD 25,000 AAA/Aaa Canada Housing Trust No 1, 3.75%,
3/15/20 25,806
DKK 100,000 AAA/Aaa Denmark Government Bond, 4.0%,
11/15/10 18,649
DKK 50,000 AAA/Aaa Denmark Government Bond, 4.5%,
11/15/39 12,000
DKK 170,000 AAA/Aaa Denmark Government Bond, 4.0%,
11/15/15 34,747
DKK 75,000 AAA/Aaa Denmark Government Bond, 6.0%,
11/15/11 14,678
EURO 25,000 AAA/Aaa France Government Bond, 4.0%,
10/25/38 38,648
EURO 150,000 AAA/Aaa France Government Bond, 3.0%,
10/25/15 218,742
EURO 117,000 AAA/Aaa Government of France, 3.75%, 4/25/21 174,249
EURO 50,000 A+/Aa2 Italy Buoni Polienna, 3.75%, 8/1/16 72,257
EURO 25,000 A+/Aa2 Italy Buoni Polienna, 6.5%, 11/1/27 42,445
The accompanying notes are an integral part of these financial statements.
Pioneer Global Aggregate Bond Fund | Annual Report | 10/31/10 29
Schedule of Investments | 10/31/10 (continued)
- -------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
- -------------------------------------------------------------------------------------------------
Foreign Government Bonds -- (continued)
JPY 20,000,000 AA/Aa2 Japan Government 10-Yr, 1.7%, 9/20/16 $ 267,622
JPY 17,000,000 AA/Aa3 Japan Government 20-Yr, 1.5%, 3/20/19 225,061
JPY 2,500,000 AA/Aa2 Japan Government 30-Yr, 2.3%,
12/20/36 33,248
JPY 37,000,000 AA/Aa2 Japan Government 5-Yr, 1.2%, 3/20/12 466,462
EURO 100,000 NR/Aaa Netherlands Government, 4.25%,
7/15/13 150,130
EURO 91,000 NR/Aaa Netherlands Government, 5.5%, 1/15/28 166,927
NOK 150,000 AAA/Aaa Norway Government Bond, 4.25%,
5/19/17 27,683
NOK 275,000 AAA/Aaa Norway Government Bond, 5.0%,
5/15/15 51,837
EURO 50,000 A-/A1 Portugal Obrigacoes do Tesouro, 3.85%,
4/15/21 57,487
EURO 50,000 AAA/Aaa Republic of Austria, 4.35%, 3/15/19 77,504
EURO 110,000 AAA/Aaa Republic of Austria, 7.0%, 7/15/14 166,867
EURO 100,000 AA/Aaa Spain Government Bond, 4.1%, 7/30/18 140,852
SEK 200,000 AAA/Aaa Sweden Government Bond, 3.75%,
8/12/17 31,911
SEK 150,000 AAA/Aaa Sweden Government Bond, 4.5%,
8/12/15 24,585
GBP 75,000 AAA/NR United Kingdom Gilt, 2.25%, 3/7/14 124,091
GBP 50,000 AAA/NR United Kingdom Gilt, 4.25%, 9/7/39 81,319
GBP 92,000 AAA/Aaa United Kingdom Treasury, 4.25%,
12/7/27 154,152
GBP 50,000 AAA/Aaa United Kingdom Treasury, 4.75%, 3/7/20 90,894
GBP 25,000 AAA/Aaa United Kingdom Treasury, 4.75%, 9/7/15 45,514
GBP 30,000 AAA/Aaa United Kingdom Treasury, 5.0%, 9/7/14 54,422
----------
$4,245,085
- -------------------------------------------------------------------------------------------------
TOTAL FOREIGN GOVERNMENT BONDS
(Cost $4,030,611) $4,245,085
- -------------------------------------------------------------------------------------------------
MUNICIPAL BONDS -- 1.0%
GOVERNMENT -- 1.0%
Municipal General -- 0.3%
25,000 A+/A1 State of Illinois, 1.395%, 2/1/11 $ 24,996
15,000 A+/A1 State of Illinois, 3.321%, 1/1/13 15,371
----------
$ 40,367
- -------------------------------------------------------------------------------------------------
Municipal Higher Education -- 0.7%
50,000 AA+/Aa2 California State University Revenue, 5.0%,
11/1/39 $ 51,545
25,000 AAA/Aaa Connecticut State Health & Educational,
5.0%, 7/1/42 26,504
The accompanying notes are an integral part of these financial statements.
30 Pioneer Global Aggregate Bond Fund | Annual Report | 10/31/10
- ----------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
- ----------------------------------------------------------------------------------------------
Municipal Higher Education -- (continued)
10,000 AAA/Aaa Massachusetts Health & Educational
Facilities, 5.5%, 7/1/36 $ 11,298
-----------
$ 89,347
- ----------------------------------------------------------------------------------------------
TOTAL MUNICIPAL BONDS
(Cost $123,716) $ 129,714
- ----------------------------------------------------------------------------------------------
TOTAL INVESTMENT IN SECURITIES -- 89.1%
(Cost $11,223,903) (a) $12,203,196
- ----------------------------------------------------------------------------------------------
OTHER ASSETS AND LIABILITIES -- 10.9% $ 1,500,365
- ----------------------------------------------------------------------------------------------
TOTAL NET ASSETS -- 100.0% $13,703,561
==============================================================================================
WR Withdrawn Rating.
NR Not rated by either S&P or Moody's.
PIK Represents a pay-in-kind security.
(144A) Security is exempt from registration under Rule 144A of the Securities
Act of 1933. Such securities may be resold normally to qualified
institutional buyers in a transaction exempt from registration. At
October 31, 2010, the value of these securities amounted to $694,412 or
5.1% of total net assets.
(a) At October 31, 2010, the net unrealized gain on investments based on
cost for federal income tax purposes of $11,223,903 was as follows:
Aggregate gross unrealized gain for all investments in which there is an
excess of value over tax cost $1,086,559
Aggregate gross unrealized loss for all investments in which there is an
excess of tax cost over value (107,266)
----------
Net unrealized gain $ 979,293
==========
(b) Debt obligation with a variable interest rate. Rate shown is rate at
end of period.
Principal amounts are denominated in U.S. Dollars unless otherwise
noted:
CAD Canadian Dollar
DKK Danish Kroner
EURO Euro
GBP British Pound Sterling
JPY Japanese Yen
NOK Norwegian Krone
SEK Swedish Krone
The accompanying notes are an integral part of these financial statements.
Pioneer Global Aggregate Bond Fund | Annual Report | 10/31/10 31
Schedule of Investments | 10/31/10 (continued)
Purchases and sales of securities (excluding temporary cash investments) for
the year ended October 31, 2010 aggregated $5,144,195 and $2,990,873,
respectively.
Various inputs are used in determining the value of the Fund's investments.
These inputs are summarized in the three broad levels listed below.
Highest priority is given to Level 1 inputs and lowest priority is given to
Level 3.
Level 1 -- quoted prices in active markets for identical securities
Level 2 -- other significant observable inputs (including quoted prices for
similar securities, interest rates, prepayment speeds, credit risk,
etc.)
Level 3 -- significant unobservable inputs (including the Fund's own
assumptions in determining fair value of investments)
The following is a summary of the inputs used as of October 31, 2010, in valuing
the Fund's assets:
- -------------------------------------------------------------------------------------------------
Level 1 Level 2 Level 3 Total
- -------------------------------------------------------------------------------------------------
Convertible Corporate Bonds $-- $ 39,200 $-- $ 39,200
Asset Backed Securities -- 412,139 -- 412,139
Collateralized Mortgage Obligations -- 1,538,102 -- 1,538,102
Corporate Bonds -- 4,176,946 -- 4,176,946
U.S. Government Agency Obligations -- 1,662,010 -- 1,662,010
Foreign Government Bonds -- 4,245,085 -- 4,245,085
Municipal Bonds -- 129,714 -- 129,714
- -------------------------------------------------------------------------------------------------
Total $-- $12,203,196 $-- $12,203,196
=================================================================================================
The accompanying notes are an integral part of these financial statements.
32 Pioneer Global Aggregate Bond Fund | Annual Report | 10/31/10
Statement of Assets and Liabilities | 10/31/10
ASSETS:
Investment in securities, at value (cost $11,223,903) $12,203,196
Cash 1,017,435
Foreign currencies, at value (cost $567,256) 594,281
Receivables --
Fund shares sold 36,782
Dividends and interest 142,027
Due from Pioneer Investment Management, Inc. 19,088
Other 28,595
- -------------------------------------------------------------------------------------
Total assets $14,041,404
- -------------------------------------------------------------------------------------
LIABILITIES:
Payables --
Investment securities purchased $ 146,774
Fund shares repurchased 101,736
Dividends 21,300
Variation margin 40
Due to affiliates 2,798
Accrued expenses 65,195
- -------------------------------------------------------------------------------------
Total liabilities $ 337,843
- -------------------------------------------------------------------------------------
NET ASSETS:
Paid-in capital $12,733,070
Distributions in excess of net investment income (38,992)
Net unrealized gain on investments 979,293
Net unrealized gain on forward foreign currency contracts and other
assets and liabilities denominated in foreign currencies 30,190
- -------------------------------------------------------------------------------------
Total net assets $13,703,561
=====================================================================================
NET ASSET VALUE PER SHARE:
(No par value, unlimited number of shares authorized)
Class A (based on $6,234,739/556,973 shares) $ 11.19
Class C (based on $3,264,142/291,635 shares) $ 11.19
Class Y (based on $4,204,680/374,693 shares) $ 11.22
MAXIMUM OFFERING PRICE:
Class A ($11.19 [divided by] 95.5%) $ 11.72
=====================================================================================
The accompanying notes are an integral part of these financial statements.
Pioneer Global Aggregate Bond Fund | Annual Report | 10/31/10 33
Statement of Operations
For the Year Ended 10/31/10
INVESTMENT INCOME:
Dividends $ 1,812
Interest (net of foreign taxes withheld of $429) 522,560
Income from securities loaned, net 2
- -----------------------------------------------------------------------------------------------------
Total investment income $ 524,374
- -----------------------------------------------------------------------------------------------------
EXPENSES:
Management fees $ 61,604
Transfer agent fees and expenses
Class A 9,339
Class C 4,042
Class Y 222
Distribution fees
Class A 13,797
Class C 33,261
Shareholder communications expense 6,187
Administrative reimbursements 3,830
Custodian fees 7,607
Registration fees 46,508
Professional fees 67,464
Printing expense 29,477
Fees and expenses of nonaffiliated trustees 7,504
Miscellaneous 3,158
- -----------------------------------------------------------------------------------------------------
Total expenses $ 294,000
Less fees waived and expenses reimbursed by
Pioneer Investment Management, Inc. (143,056)
- -----------------------------------------------------------------------------------------------------
Net expenses $ 150,944
- -----------------------------------------------------------------------------------------------------
Net investment income $ 373,430
- -----------------------------------------------------------------------------------------------------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
AND FOREIGN CURRENCY TRANSACTIONS:
Net realized gain (loss) on:
Investments $ (35,404)
Forward foreign currency contracts and other assets and liabilities
denominated in foreign currencies 33,276 $ (2,128)
- -----------------------------------------------------------------------------------------------------
Change in net unrealized gain (loss) on:
Investments $ 477,255
Forward foreign currency contracts and other assets and liabilities
denominated in foreign currencies (1,321) $ 475,934
- -----------------------------------------------------------------------------------------------------
Net gain on investments and foreign currency transactions $ 473,806
- -----------------------------------------------------------------------------------------------------
Net increase in net assets resulting from operations $ 847,236
=====================================================================================================
The accompanying notes are an integral part of these financial statements.
34 Pioneer Global Aggregate Bond Fund | Annual Report | 10/31/10
Statements of Changes in Net Assets
For the Years Ended 10/31/10 and 10/31/09, respectively
- ---------------------------------------------------------------------------------------------------
Year Ended Year Ended
10/31/10 10/31/09
- ---------------------------------------------------------------------------------------------------
FROM OPERATIONS:
Net investment income $ 373,430 $ 289,272
Net realized gain (loss) on investments and foreign currency
transactions (2,128) 45,796
Change in net unrealized gain (loss) on investments and foreign
currency transactions 475,934 1,239,381
- ---------------------------------------------------------------------------------------------------
Net increase in net assets resulting from operations $ 847,236 $ 1,574,449
- ---------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO SHAREOWNERS:
Net investment income:
Class A ($0.40 and $0.37 per share, respectively) $ (205,285) $ (145,178)
Class C ($0.30 and $0.28 per share, respectively) (93,978) (71,344)
Class Y ($0.41 and $0.37 per share, respectively) (130,900) (61,201)
- ---------------------------------------------------------------------------------------------------
Total distributions to shareowners $ (430,163) $ (277,723)
- ---------------------------------------------------------------------------------------------------
Net realized gain
Class A ($0.01 and $0.00 per share, respectively) $ (5,781) $ --
Class C ($0.01 and $0.00 per share, respectively) (3,080) --
Class Y ($0.01 and $0.00 per share, respectively) (3,841) --
- ---------------------------------------------------------------------------------------------------
Total distributions to shareowners $ (12,702) $ --
- ---------------------------------------------------------------------------------------------------
FROM FUND SHARE TRANSACTIONS:
Net proceeds from sale of shares $ 6,586,211 $ 3,432,436
Reinvestment of distributions 170,192 94,404
Cost of shares repurchased (3,979,991) (1,942,145)
- ---------------------------------------------------------------------------------------------------
Net increase in net assets resulting from
Fund share transactions $ 2,776,412 $ 1,584,695
- ---------------------------------------------------------------------------------------------------
Net increase in net assets $ 3,180,783 $ 2,881,421
NET ASSETS:
Beginning of year 10,522,778 7,641,357
- ---------------------------------------------------------------------------------------------------
End of year $13,703,561 $10,522,778
- ---------------------------------------------------------------------------------------------------
Undistributed (Distributions in excess of) net investment income $ (38,992) $ 45,306
- ---------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Global Aggregate Bond Fund | Annual Report | 10/31/10 35
Statements of Changes in Net Assets (continued)
- -----------------------------------------------------------------------------------------------
'10 Shares '10 Amount '09 Shares '09 Amount
- -----------------------------------------------------------------------------------------------
Class A
Shares sold 249,681 $2,707,812 230,227 $2,345,229
Reinvestment of distributions 12,059 129,397 7,467 75,053
Less shares repurchased (206,006) (2,197,810) (128,680) (1,244,381)
- -----------------------------------------------------------------------------------------------
Net increase 55,734 $ 639,399 109,014 $1,175,901
===============================================================================================
Class C
Shares sold 89,259 $ 962,994 106,781 $1,087,207
Reinvestment of distributions 3,808 40,774 1,935 19,351
Less shares repurchased (104,501) (1,108,874) (73,309) (697,764)
- -----------------------------------------------------------------------------------------------
Net increase (decrease) (11,434) $ (105,106) 35,407 $ 408,794
===============================================================================================
Class Y
Shares sold 271,098 $2,915,405 -- $ --
Reinvestment of distributions 2 21 -- --
Less shares repurchased (63,073) (673,307) -- --
- -----------------------------------------------------------------------------------------------
Net increase 208,027 $2,242,119 -- $ --
===============================================================================================
The accompanying notes are an integral part of these financial statements.
36 Pioneer Global Aggregate Bond Fund | Annual Report | 10/31/10
Financial Highlights
- --------------------------------------------------------------------------------------------------
12/28/07 (a)
(Commencement
Year Ended Year Ended of Operations)
10/31/10 10/31/09 to 10/31/08
- --------------------------------------------------------------------------------------------------
Class A
Net asset value, beginning of period $ 10.84 $ 9.25 $ 10.00
- --------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income $ 0.35 $ 0.39 $ 0.25
Net realized and unrealized gain (loss) on
investments 0.41 1.57 (0.75)
- --------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets from
investment operations $ 0.76 $ 1.96 $ (0.50)
Distributions to shareowners:
Net investment income (0.40) (0.37) (0.18)
Net realized gain (0.01) -- (0.02)
Tax return of capital -- -- (0.05)
- --------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ 0.35 $ 1.59 $ (0.75)
- --------------------------------------------------------------------------------------------------
Net asset value, end of period $ 11.19 $ 10.84 $ 9.25
==================================================================================================
Total return* 7.21% 21.58% (5.18)%***
Ratio of net expenses to average net assets 1.00% 1.00% 1.00%**
Ratio of net investment income to average net assets 3.26% 3.83% 3.23%**
Portfolio turnover rate 27% 28% 46%***
Net assets, end of period (in thousands) $ 6,235 $ 5,434 $ 3,628
Ratios with no waiver of fees and assumption of
expenses by the Adviser:
Net expenses 2.35% 2.90% 3.16%**
Net investment income 1.91% 1.93% 1.07%**
==================================================================================================
(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, 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.
Pioneer Global Aggregate Bond Fund | Annual Report | 10/31/10 37
Financial Highlights (continued)
- ------------------------------------------------------------------------------------------------
12/28/07 (a)
(Commencement
Year Ended Year Ended of Operations)
10/31/10 10/31/09 to 10/31/08
- ------------------------------------------------------------------------------------------------
Class C
Net asset value, beginning of period $ 10.82 $ 9.23 $ 10.00
- ------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income $ 0.25 $ 0.29 $ 0.18
Net realized and unrealized gain (loss) on
investments 0.43 1.58 (0.76)
- ------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets from
investment operations $ 0.68 $ 1.87 $ (0.58)
Distributions to shareowners:
Net investment income (0.30) (0.28) (0.12)
Net realized gain (0.01) -- (0.02)
Tax return of capital -- -- (0.05)
- ------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ 0.37 $ 1.59 $ (0.77)
- ------------------------------------------------------------------------------------------------
Net asset value, end of period $ 11.19 $ 10.82 $ 9.23
================================================================================================
Total return* 6.45% 20.55% (5.95)%***
Ratio of net expenses to average net assets 1.90% 1.89% 1.90%**
Ratio of net investment income to average net assets 2.37% 2.94% 2.29%**
Portfolio turnover rate 27% 28% 46%***
Net assets, end of period (in thousands) $ 3,264 $ 3,281 $ 2,471
Ratios with no waiver of fees and assumption of
expenses by the Adviser:
Net expenses 3.00% 3.57% 3.84%**
Net investment income 1.27% 1.26% 0.35%**
================================================================================================
(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, 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.
38 Pioneer Global Aggregate Bond Fund | Annual Report | 10/31/10
- -------------------------------------------------------------------------------------------------
12/28/07 (a)
(Commencement
Year Ended Year Ended of Operations)
10/31/10 10/31/09 to 10/31/08
- -------------------------------------------------------------------------------------------------
Class Y
Net asset value, beginning of period $ 10.85 $ 9.25 $ 10.00
- -------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income $ 0.34 $ 0.38 $ 0.27
Net realized and unrealized gain (loss) on
investments 0.45 1.59 (0.77)
- -------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets from
investment operations $ 0.79 $ 1.97 $ (0.50)
Distributions to shareowners:
Net investment income (0.41) (0.37) (0.18)
Net realized gain (0.01) -- (0.02)
Tax return of capital -- -- (0.05)
- -------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ 0.37 $ 1.60 $ (0.75)
- -------------------------------------------------------------------------------------------------
Net asset value, end of period $ 11.22 $ 10.85 $ 9.25
=================================================================================================
Total return* 7.48% 21.69% (5.12)%***
Ratio of net expenses to average net assets 0.94% 1.00% 0.89%**
Ratio of net investment income to average net assets 3.31% 3.83% 3.22%**
Portfolio turnover rate 27% 28% 46%***
Net assets, end of period (in thousands) $ 4,205 $ 1,809 $ 1,542
Ratios with no waiver of fees and assumption of
expenses by the Adviser:
Net expenses 1.86% 2.48% 2.82%**
Net investment income 2.38% 2.35% 1.29%**
=================================================================================================
(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.
The accompanying notes are an integral part of these financial statements.
Pioneer Global Aggregate Bond Fund | Annual Report | 10/31/10 39
Notes to Financial Statements | 10/31/10
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. The Fund is registered under the
Investment Company Act of 1940 as a diversified, open-end management investment
company. The investment objective of the Fund is to provide current income from
an investment grade portfolio with due regard to preservation of capital and
prudent investment risk.
The Fund offers three classes of shares designated as 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 identical rights (based on relative
net asset values) to assets and liquidation proceeds. Share classes can bear
different rates of class-specific fees and expenses such as transfer agent and
distribution fees. Differences in class-specific fees and expenses will result
in differences in net investment income and, therefore, the payment of different
dividends from net investment income earned by each class. The Amended and
Restated Declaration of Trust of the Fund gives the Board the flexibility to
specify either per-share voting or dollar-weighted voting when submitting
matters for shareholder approval. Under per-share voting, each share of a class
of the Fund is entitled to one vote. Under dollar-weighted voting, a
shareholder's voting power is determined not by the number of shares owned, but
by the dollar value of the shares on the record date. Each share class has
exclusive voting rights with respect to matters affecting only that class,
including with respect to the distribution plan for that class. There is no
distribution plan for Class Y shares.
At times, the Fund's investments may represent industries or industry sectors
that are interrelated or have common risks, making the Fund more susceptible to
any economic, political, or regulatory developments or other risks affecting
those industries and sectors. The Fund's investments in foreign markets and
countries with limited developing markets may subject the Fund to a greater
degree of risk than in a developed market. These risks include disruptive
political or economic conditions and the imposition of adverse governmental laws
or currency exchange restrictions. The Fund's prospectus contains unaudited
information regarding the Fund's principal risks. Please refer to that document
when considering the Fund's principal risks.
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
40 Pioneer Global Aggregate Bond Fund | Annual Report | 10/31/10
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'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 period.
Actual results could differ from those estimates.
The following is a summary of significant accounting policies followed by the
Fund in the preparation of its financial statements, which are consistent with
those policies generally accepted in the investment company industry:
A. Security Valuation
Security transactions are recorded as of trade date. The net asset value of
the Fund is computed once daily, on each day the New York Stock Exchange
(NYSE) is open, as of the close of regular trading on the NYSE. Fixed income
securities with remaining maturity of more than sixty days are valued at
prices supplied by independent pricing services, which consider such factors
as market prices, market events, quotations from one or more brokers,
Treasury spreads, yields, maturities and ratings. Valuations may be
supplemented by dealers and other sources, as required. Equity securities
that have traded on an exchange are valued at the last sale price on the
principal exchange where they are traded. Equity securities that have not
traded on the date of valuation, or securities for which sale prices are not
available, generally are valued using the mean between the last bid and asked
prices. Securities for which independent pricing services are unable to
supply prices or for which market prices and/or quotations are not readily
available or are considered to be unreliable are valued using fair value
methods pursuant to procedures adopted by the Board of Trustees.
The Fund may use fair value methods if it is determined that a significant
event has occurred after the close of the exchange or market on which the
security trades and prior to the determination of the Fund's net asset value.
Thus, the valuation of the Fund's securities may differ from exchange prices.
At October 31, 2010, there were no securities that were valued using fair
value methods (other than securities valued using prices supplied by
independent pricing services). Inputs used when applying fair value methods
to value a security may include credit ratings, the financial condition of
the company, current market conditions and comparable securities. Short-term
fixed income securities with remaining maturities of sixty days or less
generally are valued at amortized cost.
Pioneer Global Aggregate Bond Fund | Annual Report | 10/31/10 41
Principal amounts of mortgage-backed securities are adjusted for monthly
paydowns. Premiums and discounts related to certain mortgage-backed
securities are amortized or accreted in proportion to the monthly paydowns.
All discounts/premiums on debt securities are accreted/amortized for
financial reporting purposes over the life of the respective securities, and
such accretion/amortization is included in interest income.
Dividend income is recorded on the ex-dividend date, except that certain
dividends from foreign securities where the ex-dividend date may have passed
are recorded as soon as the Fund becomes aware of the ex-dividend data in the
exercise of reasonable diligence. Interest income, including interest on
income bearing cash accounts, is recorded on the accrual basis. Dividend and
interest income are reported net of unrecoverable foreign taxes withheld at
the applicable country rates.
Gains and losses on sales of investments are calculated on the identified
cost method for both financial reporting and federal income tax purposes.
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 may enter into forward foreign currency contracts (contracts) for
the purchase or sale of a specific foreign currency at a fixed price on a
future date. All contracts are marked to market daily at the applicable
exchange rates, and any resulting unrealized 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).
42 Pioneer Global Aggregate Bond Fund | Annual Report | 10/31/10
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 for the prior three fiscal years are subject to examination by tax
authorities.
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.
At October 31, 2010, the Fund has reclassified $27,565 to decrease
undistributed net investment income and $27,565 to increase accumulated net
realized gain on investments, to reflect permanent book/tax differences. The
reclassification has no impact on the net assets of the Fund and presents the
Fund's capital accounts on a tax basis.
The tax character of distributions paid during the years ended October 31,
2010 and October 31, 2009 were as follows:
- --------------------------------------------------------------------------
2010 2009
- --------------------------------------------------------------------------
Distributions paid from:
Ordinary income $412,471 $277,723
Long-term capital gain 12,702 --
Distribution in excess of net investment income 17,692 --
- --------------------------------------------------------------------------
Total $442,865 $277,723
==========================================================================
The following shows the components of distributable earnings on a federal
income tax basis at October 31, 2010:
- ------------------------------------------------
2010
Distributable earnings:
Current year dividend payable $ (21,300)
Unrealized appreciation 1,009,483
- ------------------------------------------------
Total $ 988,183
================================================
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 approximately $2,228 in underwriting commissions on the sale of Class
A shares during the year ended October 31, 2010.
Pioneer Global Aggregate Bond Fund | Annual Report | 10/31/10 43
F. Class Allocations
Income, common expenses and realized and unrealized gains and losses are
calculated at the Fund level and allocated daily to each class of shares
based on its respective percentage of adjusted net assets at the beginning of
the day.
Distribution fees are calculated based on the average daily net asset value
attributable to Class A and Class C shares of the Fund, respectively (see
Note 4). Class Y shares do not pay distribution fees. All expenses and fees
paid to the transfer agent, Pioneer Investment Management Shareholder
Services, Inc. (PIMSS), for its services which are allocated among the
classes of shares based on the number of accounts in each class and the
ratable allocation of related out-of-pocket expenses (see Note 3).
The Fund declares as daily dividends substantially all of its net investment
income. All dividends are paid on a monthly basis. Short-term capital gain
distributions, if any, may be declared with the daily dividends.
Distributions to shareowners are recorded as of the ex-dividend date.
Distributions paid by the Fund with respect to each class of shares are
calculated in the same manner and at the same time, except that net
investment income dividends to Class A, Class C, and Class Y shares can
reflect different transfer agent and distribution expense rates.
G. Securities Lending
The Fund lends securities in its portfolio to certain broker-dealers or other
institutional investors. When entering into a securities loan transaction,
the Fund typically receives cash collateral from the borrower equal to at
least the value of the securities loaned, which is invested in temporary
investments. Credit Suisse AG, New York Branch, as the Fund's securities
lending agent, manages the Fund's securities lending collateral. The income
earned on the investment of collateral is shared with the borrower and the
lending agent in payment of any rebate due to the borrower with respect to
the securities loan, and in compensation for the lending agent's services to
the Fund. The Fund also continues to receive payments in lieu of dividends or
interest on the securities loaned. Gain or loss on the value of the loaned
securities that may occur during the term of the loan will be for the account
of the Fund. The amount of the collateral is required to be adjusted daily to
reflect any price fluctuation in the value of the loaned securities. If the
required market value of the collateral is less than the value of the loaned
securities, the borrower is required to deliver additional collateral for the
account of the Fund prior to the close of business on that day. The Fund has
the right, under the lending agreement, to terminate the loan and recover the
securities from the borrower with prior notice. The Fund is required to
return the cash collateral to the borrower and could suffer a loss if the
value of the collateral, as invested, has declined.
44 Pioneer Global Aggregate Bond Fund | Annual Report | 10/31/10
H. Futures Contracts
The Fund may enter into futures transactions to hedge against changes in
interest rates, securities prices and currency exchange rates or to seek to
increase total return. Futures contracts are types of derivatives. All
futures contracts entered into by the Fund are traded on a futures exchange.
Upon entering into a futures contract, the Fund is required to deposit with a
broker an amount of cash or securities equal to the minimum "initial margin"
requirements of the associated futures exchange. Subsequent payments for
futures contracts ("variation margin") are paid or received by the Fund,
depending on the daily fluctuation in the value of the contracts, and are
recorded by the Fund as unrealized gains or losses. When the contract is
closed, the Fund realizes a gain or loss equal to the difference between the
opening and closing value of the contract as well as any fluctuation in
foreign currency exchange rates where applicable. Futures contracts are
subject to market risk, interest rate risk and currency exchange rate risk.
Changes in value of the contracts may not directly correlate to the changes
in value of the underlying securities. These risks may decrease the
effectiveness of the Fund's hedging strategies and potentially result in a
loss. With futures, there is minimal counterparty credit risk to the Fund
since futures are exchange-traded and the exchange's clearinghouse, as
counterparty to all exchange-traded futures, guarantees the futures against
default. At October 31, 2010, there were no open futures contracts.
I. Repurchase Agreements
With respect to repurchase agreements entered into by the Fund, the value of
the underlying securities (collateral), including accrued interest, is
required to be equal to or in excess of the repurchase price. The collateral
for all repurchase agreements is held in safekeeping in the customer-only
account of the Fund's custodian or a subcustodian of the Fund. 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.
2. Management Agreement
PIM, a wholly-owned indirect subsidiary of UniCredit, manages the Fund's
portfolio. Management fees are calculated daily at the annual rate of 0.50% of
the Fund's average daily net assets.
PIM has contractually agreed to limit ordinary operating expenses of the Fund to
the extent required to reduce 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, 2012 for Class A and Class C
shares. There can be no assurance that PIM will extend the expense limitation
agreement for a class of shares beyond the date referred to above.
Pioneer Global Aggregate Bond Fund | Annual Report | 10/31/10 45
In addition, under the management and administration agreements, certain other
services and costs, including accounting, regulatory reporting and insurance
premiums, are paid by the Fund as administrative reimbursements. Included in
"Due to affiliates" reflected on the Statement of Assets and Liabilities is $601
in management fees, administrative costs and certain other reimbursements
payable to PIM at October 31, 2010.
3. Transfer Agent
PIMSS, a wholly owned indirect subsidiary of UniCredit, provides substantially
all transfer agent and shareowner services to the Fund at negotiated rates.
In addition, the Fund reimburses PIMSS for out-of-pocket expenses incurred by
PIMSS related to shareholder communications activities such as proxy and
statement mailings, outgoing phone calls and omnibus relationship contracts. For
the year ended October 31, 2010, such out-of-pocket expenses by class of shares
were as follows:
- --------------------------------------------
Shareholder Communications:
- --------------------------------------------
Class A $3,529
Class C 985
Class Y 1,673
- --------------------------------------------
Total $6,187
============================================
Included in "Due to affiliates" reflected on the Statement of Assets and
Liabilities is $1,798 in transfer agent fees and out-of-pocket reimbursements
payable to PIMSS at October 31, 2010.
4. Distribution Plan
The Fund has adopted a Distribution Plan pursuant to Rule 12b-1 of the
Investment Company Act of 1940 with respect to its Class A and Class C shares.
Pursuant to the Plan, the Fund pays PFD 0.25% of the average daily net assets
attributable to Class A shares as compensation for personal services and/or
account maintenance services or distribution services with regard to Class A
shares. Pursuant to the Plan, the Fund also pays PFD 1.00% of the average daily
net assets attributable to Class C shares. The fee for Class C shares consists
of a 0.25% service fee and a 0.75% distribution fee paid as compensation for
personal services and/or account maintenance services or distribution services
with regard to Class C shares. Included in "Due to affiliates" reflected on the
Statement of Assets and Liabilities is $399 in distribution fees payable to PFD
at October 31, 2010.
In addition, redemptions of each class of shares (except Class Y shares) may be
subject to a contingent deferred sales charge (CDSC). A CDSC of 1.00% may be
imposed on redemptions of certain net asset value purchases of Class A shares
within 18 months of purchase (within 12 months for purchases made on or after
April 1, 2009). Redemptions of Class C shares within one year of
46 Pioneer Global Aggregate Bond Fund | Annual Report | 10/31/10
purchase are subject to a CDSC of 1.00%, based on the lower of cost or market
value of shares being redeemed. Shares purchases as part of an exchange remain
subject to any CDSC that applied to the original purchase of those shares. There
is no CDSC for Class Y shares. Proceeds from the CDSCs are paid to PFD. For the
year ended October 31, 2010, CDSCs in the amount of $372 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 year ended October 31, 2010, the Fund's expenses
were not reduced under such arrangements.
6. Forward Foreign Currency Contracts
At October 31, 2010, the Fund had entered into various forward foreign currency
contracts that obligate the Fund to deliver or take delivery of currencies at
specified future maturity dates. Alternatively, prior to the settlement date of
a forward foreign currency contract, the Fund may close out such contract by
entering into an offsetting contract. The average value of contracts open during
the year ended October 31, 2010 was 602,410. There were no outstanding open
portfolio or settlement hedges at October 31, 2010.
7. Additional Disclosures about Derivative Instruments and Hedging Activities
The effect of derivative instruments on the Statement of Operations for the year
ended October 31, 2010 was as follows:
- ----------------------------------------------------------------------------------------------------------
Change in
Unrealized
Realized Gain Gain or
or (Loss) (Loss) on
on Derivatives Derivatives
Location of Gain or (Loss) On Recognized Recognized
Derivatives Derivatives Recognized in Income in Income in Income
- ----------------------------------------------------------------------------------------------------------
Foreign Exchange Contracts Net realized gain on forward foreign $6,279
currency contracts and other assets
and liabilities denominated in foreign
currencies
Foreign Exchange Contracts Change in unrealized gain (loss) on $ (1,321)
forward foreign currency contracts and
other assets and liabilities denominated
in foreign currencies
8. Line of Credit Facility
The Fund, along with certain other funds in the Pioneer Family of Funds (the
Funds), participates in a $165 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 the amount available under the
Pioneer Global Aggregate Bond Fund | Annual Report | 10/31/10 47
facility or the limits set for borrowing by the Fund's prospectus and the 1940
Act. Interest on borrowings is payable at the higher of the London Interbank
Offered Rate (LIBOR) on the borrowing date plus 1.25% on an annualized basis or
the Federal Funds Rate on the borrowing date plus 1.25% on an annualized basis.
The Funds pay an annual commitment fee for this facility. The commitment fee is
allocated among participating Funds based on an allocation schedule set forth in
the credit agreement. For the year ended October 31, 2010, the Fund had no
borrowings under this agreement.
9. Subsequent Events
In preparing these financial statements, PIM has evaluated the impact of all
events and transactions for potential recognition or disclosure and has
determined that there were no subsequent events requiring recognition or
disclosure in the financial statements.
48 Pioneer Global Aggregate Bond Fund | Annual Report | 10/31/10
Report of Independent Registered Public Accounting Firm
To the Board of Trustees of Pioneer Series Trust VII and the Shareowners of
Pioneer Global Aggregate Bond Fund
- --------------------------------------------------------------------------------
We have audited the accompanying statement of assets and liabilities of Pioneer
Global Aggregate Bond Fund (the "Fund") (one of the portfolios constituting the
Pioneer Series Trust VII), including the schedule of investments, as of October
31, 2010, and the related statements of operations for the year then ended, the
statements of changes in net assets for each of the two years in the period then
ended and the financial highlights for each of the periods indicated therein.
These financial statements and financial highlights are the responsibility of
the Fund's management. Our responsibility is to express an opinion on these
financial statements and financial highlights based on our audits.
We conducted our audits in accordance with the standards of the Public Company
Accounting Oversight Board (United States). Those standards require that we plan
and perform the audit to obtain reasonable assurance about whether the financial
statements and financial highlights are free of material misstatement. We were
not engaged to perform an audit of the Fund's internal control over financial
reporting. Our audits included consideration of internal control over financial
reporting as a basis for designing audit procedures that are appropriate in the
circumstances, but not for the purpose of expressing an opinion on the
effectiveness of the Fund's internal control over financial reporting.
Accordingly, we express no such opinion. An audit also includes examining, on a
test basis, evidence supporting the amounts and disclosures in the financial
statements and financial highlights, assessing the accounting principles used
and significant estimates made by management, and evaluating the overall
financial statement presentation. Our procedures included confirmation of
securities owned as of October 31, 2010, by correspondence with the custodian
and brokers or by other appropriate auditing procedures where replies from
brokers were not received. We believe that our audits provide a reasonable basis
for our opinion.
In our opinion, the financial statements and financial highlights referred to
above present fairly, in all material respects, the financial position of
Pioneer Global Aggregate Bond Fund at October 31, 2010, the results of its
operations for the year then ended, the changes in its net assets for each of
the two years in the period then ended and the financial highlights for each of
the periods indicated therein, in conformity with U.S. generally accepted
accounting principles.
/s/ Ernst & Young LLP
Boston, Massachusetts
December 28, 2010
Pioneer Global Aggregate Bond Fund | Annual Report | 10/31/10 49
ADDITIONAL INFORMATION (unaudited)
The percentages of the Fund's ordinary income distributions that are exempt from
nonresident alien (NRA) tax withholding resulting from qualified interest income
and qualified short term gains were 68.42% and 0.0%, respectively.
50 Pioneer Global Aggregate Bond Fund | Annual Report | 10/31/10
Trustees, Officers and Service Providers
Investment Adviser
Pioneer Investment Management, Inc.
Custodian
Brown Brothers Harriman & Co.
Independent Registered Public Accounting Firm
Ernst & Young LLP
Principal Underwriter
Pioneer Funds Distributor, Inc.
Legal Counsel
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.
Trustees and Officers
The Fund's Trustees and officers are listed below, together with their
principal occupations during at least the past five years. Trustees who are
interested persons of the Fund within the meaning of the 1940 Act are referred
to as Interested Trustees. Trustees who are not interested persons of the Fund
are referred to as Independent Trustees. Each of the Trustees, except Mr. West,
serves as a trustee of each of the 57 U.S. registered investment portfolios for
which Pioneer serves as investment adviser (the "Pioneer Funds"). Mr. West
serves as a trustee of 44 U.S. registered investment portfolios for which
Pioneer serves as investment adviser. The address for all Trustees and all
officers of the Fund is 60 State Street, Boston, Massachusetts 02109.
The Statement of Additional Information of the Fund includes additional
information about the Trustees and is available, without charge, upon request,
by calling 1-800-225-6292.
Pioneer Global Aggregate Bond Fund | Annual Report | 10/31/10 51
Interested Trustees
- ------------------------------------------------------------------------------------------------------------------------------------
Position Held Length of Service Other Directorships
Name and Age with the Fund and Term of Office Principal Occupation Held by this Trustee
- ------------------------------------------------------------------------------------------------------------------------------------
John F. Cogan, Jr. (84)* Chairman of the Board, Trustee since 2007. Non-Executive Chairman and a None
Trustee and President Serves until a successor director of Pioneer Investment
trustee is elected or Management USA Inc. ("PIM-USA");
earlier retirement or Chairman and a director of
removal. Pioneer; Chairman and Director
of Pioneer Institutional Asset
Management, Inc. (since 2006);
Director of Pioneer Alternative
Investment Management Limited
(Dublin); President and a
director of Pioneer Alternative
Investment Management (Bermuda)
Limited and affiliated funds;
Deputy Chairman and a director
of Pioneer Global Asset
Management S.p.A. ("PGAM")
(until April 2010); Director of
PIOGLOBAL Real Estate Investment
Fund (Russia) (until June 2006);
Director of Nano-C, Inc. (since
2003); Director of Cole
Management Inc. (since 2004);
Director of Fiduciary
Counseling, Inc.; President and
Director of Pioneer Funds
Distributor, Inc. ("PFD") (until
May 2006); President of all of
the Pioneer Funds; and Of
Counsel, Wilmer Cutler Pickering
Hale and Dorr LLP
- ------------------------------------------------------------------------------------------------------------------------------------
Daniel K. Trustee and Executive Trustee since 2007. Director, CEO and President of None
Kingsbury (52)* Vice President Serves until a successor PIM-USA (since February 2007);
trustee is elected or Director and President of
earlier retirement or Pioneer and Pioneer
removal. Institutional Asset Management,
Inc. (since February 2007);
Executive Vice President of all
of the Pioneer Funds (since
March 2007); Director of PGAM
(2007 - 2010); Head of New
Europe Division, PGAM (2000 -
2005); and Head of New Markets
Division, PGAM (2005 - 2007)
- ------------------------------------------------------------------------------------------------------------------------------------
* Mr. Cogan and Mr. Kingsbury are Interested Trustees because they are
officers or directors of the Fund's investment adviser and certain of its
affiliates.
52 Pioneer Global Aggregate Bond Fund | Annual Report | 10/31/10
Independent Trustees
- ------------------------------------------------------------------------------------------------------------------------------------
Position Held Length of Service Other Directorships
Name and Age with the Fund and Term of Office Principal Occupation Held by this Trustee
- ------------------------------------------------------------------------------------------------------------------------------------
David R. Bock (66) Trustee Trustee since 2007. Interim Chief Executive Officer, Director of Enterprise
Serves until a successor Oxford Analytica, Inc. (privately Community Investment,
trustee is elected or held research and consulting Inc. (privately held
earlier retirement or company) (2010 - present); Managing affordable housing
removal. Partner, Federal City Capital finance company) (1985 -
Advisors (corporate advisory present); Director of
services company) (1997 - 2004 and Oxford Analytica, Inc.
2008 - present); Executive Vice (2008 - present); and
President and Chief Financial Director of New York
Officer, I-trax, Inc. (publicly Mortgage Trust (publicly
traded health care services traded mortgage REIT)
company) (2004 - 2007); and (2004 - 2009)
Executive Vice President and Chief
Financial Officer, Pedestal Inc.
(internet-based mortgage trading
company) (2000 - 2002)
- ------------------------------------------------------------------------------------------------------------------------------------
Mary K. Bush (62) Trustee Trustee since 2007. President, Bush International, LLC Director of Marriott
Serves until a successor (international financial advisory International, Inc.
trustee is elected or firm) (1991 - present); Managing (2008 - present);
earlier retirement or Director, Federal Housing Finance Director of Discover
removal. Board (oversight of Federal Home Financial Services
Loan Bank system) (1989 - 1991); (credit card issuer and
Vice President and Head of electronic payment
International Finance, Federal services) (2007 -
National Mortgage Association (1988 present); Former
- 1989); U.S. Alternate Executive Director of Briggs &
Director, International Monetary Stratton Co. (engine
Fund (1984 - 1988); Executive manufacturer) (2004 -
Assistant to Deputy Secretary of 2009); Director of UAL
the U.S. Treasury, U.S. Treasury Corporation (airline
Department (1982 - 1984); and Vice holding company) (2006 -
President and Team Leader in present); Director of
Corporate Banking, Bankers Trust ManTech International
Co. (1976 - 1982) Corporation (national
security, defense, and
intelligence technology
- ------------------------------------------------------------------------------------------------------------------------------------
Pioneer Global Aggregate Bond Fund | Annual Report | 10/31/10
53
Independent Trustees (continued)
- ------------------------------------------------------------------------------------------------------------------------------------
Position Held Length of Service Other Directorships
Name and Age with the Fund and Term of Office Principal Occupation Held by this Trustee
- ------------------------------------------------------------------------------------------------------------------------------------
Mary K. Bush (continued) firm) (2006 - present);
Member, Board of
Governors, Investment
Company Institute (2007
- present); Former
Director of Brady
Corporation (2000 -
2007); Former Director
of Mortgage Guaranty
Insurance Corporation
(1991 - 2006); Former
Director of Millennium
Chemicals, Inc.
(commodity chemicals)
(2002 - 2005); Former
Director, R.J. Reynolds
Tobacco Holdings, Inc.
(tobacco) (1999 - 2005);
and Former Director of
Texaco, Inc. (1997 -
2001)
- ------------------------------------------------------------------------------------------------------------------------------------
Benjamin M. Friedman (66) Trustee Trustee since 2008. William Joseph Maier Professor of Trustee, Mellon
Serves until a successor Political Economy, Harvard Institutional Funds
trustee is elected or University (1972 - present) Investment Trust and
earlier retirement or Mellon Institutional
removal. Funds Master Portfolio
(oversaw 17 portfolios
in fund complex) (1989 -
2008)
- ------------------------------------------------------------------------------------------------------------------------------------
54 Pioneer Global Aggregate Bond Fund | Annual Report | 10/31/10
- ------------------------------------------------------------------------------------------------------------------------------------
Position Held Length of Service Other Directorships
Name and Age with the Fund and Term of Office Principal Occupation Held by this Trustee
- ------------------------------------------------------------------------------------------------------------------------------------
Margaret B.W. Trustee Trustee since 2007. Founding Director, Vice President None
Graham (63) Serves until a successor and Corporate Secretary, The
trustee is elected or Winthrop Group, Inc. (consulting
earlier retirement or firm) (1982 - present); Desautels
removal. Faculty of Management, McGill
University (1999 - present); and
Manager of Research Operations and
Organizational Learning, Xerox
PARC, Xerox's Advance Research
Center (1990 - 1994)
- ------------------------------------------------------------------------------------------------------------------------------------
Thomas J. Perna (60) Trustee Trustee since 2007. Chairman and Chief Executive Director, Broadridge
Serves until a successor Officer, Quadriserv, Inc. Financial Solutions,
trustee is elected or (technology products for securities Inc. (investor
earlier retirement or lending industry) (2008 - present); communications and
removal. Private investor (2004 - 2008); and securities processing
Senior Executive Vice President, provider for financial
The Bank of New York (financial and services industry) (2009
securities services) (1986 - 2004) - present); and
Director, Quadriserv,
Inc. (2005 - present)
- ------------------------------------------------------------------------------------------------------------------------------------
Marguerite A. Piret (62) Trustee Trustee since 2007. President and Chief Executive Director of New America
Serves until a successor Officer, Newbury, Piret & Company, High Income Fund, Inc.
trustee is elected or Inc. (investment banking firm) (closed-end investment
earlier retirement or (1981 - present) company) (2004 -
removal. present); and Member,
Board of Governors,
Investment Company
Institute (2000 - 2006)
- ------------------------------------------------------------------------------------------------------------------------------------
Stephen K. West (82) Trustee Trustee since 2007. Senior Counsel, Sullivan & Cromwell Director, The Swiss
Serves until a successor LLP (law firm) (1998 - present); Helvetia Fund, Inc.
trustee is elected or and Partner, Sullivan & Cromwell (closed-end investment
earlier retirement or LLP (prior to 1998) company); and Director,
removal. AMVESCAP, PLC
(investment manager)
(1997 - 2005)
- ------------------------------------------------------------------------------------------------------------------------------------
Pioneer Global Aggregate Bond Fund | Annual Report | 10/31/10
55
Fund Officers
- ------------------------------------------------------------------------------------------------------------------------------------
Position Held Length of Service Other Directorships
Name and Age with the Fund and Term of Office Principal Occupation Held by this Officer
- ------------------------------------------------------------------------------------------------------------------------------------
Christopher J. Kelley (45) Secretary Since 2010. Serves at Vice President and Associate None
the discretion of the General Counsel of Pioneer since
Board. January 2008 and Secretary of all
of the Pioneer Funds since June
2010; Assistant Secretary of all
of the Pioneer Funds from
September 2003 to May 2010; and
Vice President and Senior Counsel
of Pioneer from July 2002 to
December 2007
- ------------------------------------------------------------------------------------------------------------------------------------
Carol B. Hannigan (49) Assistant Since 2010. Serves at Fund Governance Director of None
Secretary the discretion of the Pioneer since December 2006 and
Board. Assistant Secretary of all the
Pioneer Funds since June 2010;
Manager -- Fund Governance of
Pioneer from December 2003 to
November 2006; and Senior
Paralegal of Pioneer from January
2000 to November 2003
- ------------------------------------------------------------------------------------------------------------------------------------
Thomas Reyes (47) Assistant Since 2010. Serves at Counsel of Pioneer since June None
Secretary the discretion of the 2007 and Assistant Secretary of
Board. all the Pioneer Funds since June
2010; and Vice President and
Counsel at State Street Bank from
October 2004 to June 2007
- ------------------------------------------------------------------------------------------------------------------------------------
Mark E. Bradley (50) Treasurer Since 2008. Serves at Vice President -- Fund None
the discretion of the Accounting, Administration and
Board. Controllership Services of
Pioneer; and Treasurer of all of
the Pioneer Funds since March
2008; Deputy Treasurer of Pioneer
from March 2004 to February 2008;
Assistant Treasurer of all of the
Pioneer Funds from March 2004 to
February 2008; and Treasurer and
Senior Vice President, CDC IXIS
Asset Management Services, from
2002 to 2003
- ------------------------------------------------------------------------------------------------------------------------------------
Luis I. Presutti (45) Assistant Since 2007. Serves at Assistant Vice President -- Fund None
Treasurer the discretion of the Accounting, Administration and
Board. Controllership Services of
Pioneer; and Assistant Treasurer
of all of the Pioneer Funds
- ------------------------------------------------------------------------------------------------------------------------------------
Gary Sullivan (52) Assistant Since 2007. Serves at Fund Accounting Manager -- Fund None
Treasurer the discretion of the Accounting, Administration and
Board. Controllership Services of
Pioneer; and Assistant Treasurer
of all of the Pioneer Funds
- ------------------------------------------------------------------------------------------------------------------------------------
56 Pioneer Global Aggregate Bond Fund | Annual Report | 10/31/10
- ------------------------------------------------------------------------------------------------------------------------------------
Position Held Length of Service Other Directorships
Name and Age with the Fund and Term of Office Principal Occupation Held by this Officer
- ------------------------------------------------------------------------------------------------------------------------------------
David F. Johnson (30) Assistant Treasurer Since 2009. Serves at Fund Administration Manager -- None
the discretion of the Fund Accounting, Administration
Board. and Controllership Services since
November 2008; Assistant
Treasurer of all of the Pioneer
Funds since January 2009; and
Client Service Manager --
Institutional Investor Services
at State Street Bank from March
2003 to March 2007
- ------------------------------------------------------------------------------------------------------------------------------------
Jean M. Bradley (58) Chief Compliance Since 2010. Serves at Chief Compliance Officer of None
Officer the discretion of the Pioneer and of all the Pioneer
Board. Funds since March 2010; Director
of Adviser and Portfolio
Compliance at Pioneer since
October 2005; and Senior
Compliance Officer for Columbia
Management Advisers, Inc. from
October 2003 to October 2005
- ------------------------------------------------------------------------------------------------------------------------------------
Pioneer Global Aggregate Bond Fund | Annual Report | 10/31/10 57
This page for your notes.
58 Pioneer Global Aggregate Bond Fund | Annual Report | 10/31/10
This page for your notes.
Pioneer Global Aggregate Bond Fund | Annual Report | 10/31/10 59
This page for your notes.
60 Pioneer Global Aggregate Bond Fund | Annual Report | 10/31/10
How to Contact Pioneer
We are pleased to offer a variety of convenient ways for you to contact us for
assistance or information.
Call us for:
- --------------------------------------------------------------------------------
Account Information, including existing accounts,
new accounts, prospectuses, applications
and service forms 1-800-225-6292
FactFone(SM) for automated fund yields, prices,
account information and transactions 1-800-225-4321
Retirement plans information 1-800-622-0176
Write to us:
- --------------------------------------------------------------------------------
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
This report must be preceded or accompanied by a prospectus.
The Fund files a complete schedule of investments with the Securities and
Exchange Commission for the first and third quarters for each fiscal year on
Form N-Q. Shareholders may view the filed Form N-Q by visiting the Commission's
web site at 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
- --------------------------------------------------------------------------------
Annual Report | October 31, 2010
- --------------------------------------------------------------------------------
Ticker Symbols:
Class A PGHYX
Class B PGHBX
Class C PGYCX
Class Y GHYYX
Class Z PGHZX
[LOGO] PIONEER
Investments(R)
visit us: pioneerinvestments.com
Table of Contents
Letter to Shareowners 2
Portfolio Management Discussion 4
Portfolio Summary 8
Prices and Distributions 9
Performance Update 10
Comparing Ongoing Fund Expenses 15
Schedule of Investments 17
Financial Statements 57
Notes to Financial Statements 66
Report of Independent Registered Public Accounting Firm 77
Trustees, Officers and Service Providers 79
Pioneer Global High Yield Fund | Annual Report | 10/31/10 1
President's Letter
Dear Shareowner,
Through the first nine months of 2010, the U.S. economy moved forward on a slow
path to recovery. But with the memory of a deep recession still lingering,
businesses and consumers remained cautious about both investing and spending.
While business fundamentals showed signs of improvement, there was still a
reluctance to hire, and high unemployment remains a problem. Wary investors,
concerned about risk, gravitated towards cash and bonds. We remain generally
optimistic about the prospects for economic recovery, although it may occur
more slowly than many would like.
At Pioneer, we have long advocated the benefits of staying diversified and
investing for the long term. This strategy has generally performed well for
many investors. Bond markets certainly rewarded investors in the first nine
months of 2010. While the equity markets barely budged, equities at the end of
September 2010 were inexpensive relative to bonds, compared with historic
levels, and represented potentially good value for long-term investors.
Pioneer has not changed the basic approach to investing that we have used for
more than 80 years. We remain focused on company fundamentals and risk
management. Our investment process is based on careful research into individual
companies, quantitative analysis, and active portfolio management. This
three-pillared process, which we apply to each of our portfolios, is supported
by an integrated team approach and is designed to carefully balance risk and
reward. Our experienced professionals devote themselves to the careful research
needed to identify investment opportunities in markets around the world.
Our advice, as always, is to work closely with a trusted financial advisor to
discuss your goals and work together to develop an investment strategy that
meets your individual needs. There is no single best strategy that works for
every investor.
2 Pioneer Global High Yield Fund | Annual Report | 10/31/10
We invite you to learn more about Pioneer and our time-tested approach to
investing by consulting with your financial advisor or visiting us online at
www.pioneerinvestments.com. We greatly appreciate your trust in us and we thank
you for investing with Pioneer.
Sincerely,
/s/ 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.
Pioneer Global High Yield Fund | Annual Report | 10/31/10 3
Portfolio Management Discussion | 10/31/10
High-yield debt investments continued their robust rebound in markets
throughout the world over the 12 months ended October 31, 2010, despite some
periodic bouts of volatility, as investors tried to determine the strength and
persistency of the global economic recovery. In the following interview, Andrew
Feltus discusses the factors that influenced the performance of Pioneer Global
High Yield Fund during the 12-month period. Mr. Feltus, senior vice president,
is a member of Pioneer's fixed-income team and is responsible for the
day-to-day management of the Fund. He is supported by Tracy Wright, vice
president, also a member of Pioneer's fixed-income team.
Q How did the Fund perform during the 12 months ended October 31, 2010?
A Pioneer Global High Yield Fund Class A shares returned 21.16% at net asset
value over the 12 months ended October 31, 2010, while the Fund's
benchmarks, the Bank of America Merrill Lynch (BofA ML) Global High Yield
and Emerging Markets Plus Index and the BofA ML High Yield Master II Index,
returned 17.61% and 19.26%, respectively. Over the same period, the average
return of the 483 mutual funds in Lipper's High Current Yield Funds
category was 17.82%. On October 31, 2010, the 30-day SEC yield on the
Fund's Class A shares was 6.76%.
Q How would you describe the conditions for high-yield investing during the 12
months ended October 31, 2010?
A The recovery by corporate bonds and other credit-sensitive investments, which
began in 2009, continued over most of the 12-month period, despite some
short-term interruptions that occurred when periodic doubts resurfaced
about the resiliency of the economic rebound. The most significant market
pullback began in the early spring of 2010 and persisted through the early
summer, as it became clear that the strong economic rebound of late 2009
and early 2010 was starting to weaken. Corporations, after aggressively
building up their inventories, became somewhat more cautious at the same
time that many consumers focused on paying down debts rather than
accumulating new possessions. Meanwhile, some of the effects of the U.S.
government's stimulus spending began tapering off.
Market trends reversed, however, after Federal Reserve Board (the Fed)
Chairman Ben Bernanke, in August 2010, outlined new plans to inject more
liquidity into the market. Investors again became attracted to corporate
securities, including high-yield bonds and stocks. Supporting the
resurgence
4 Pioneer Global High Yield Fund | Annual Report | 10/31/10
were new reports of improving corporate profits as well as growing
sentiments that the November mid-term elections would lead to more
business-friendly U.S. economic policies.
Q What allocation decisions led to the Fund's strong performance relative to
its benchmarks over the 12 months ended October 31, 2010?
A The Fund performed very well during the 12-month period, surpassing the BofA
ML benchmarks for both domestic and global and emerging markets high-yield
investing.
Security selection was the principal factor driving the Fund's
outperformance. We have paid special attention, especially since the steep
market declines in 2008, to analyzing high-yield corporate bonds in an
effort to identify what securities may have been unfairly penalized by the
market. The analysis reaped rewards during the rebound in high-yield debt,
when the market recognized the value in many of the bonds in which we had
invested the Fund's assets.
Throughout the 12-month period ended October 31, 2010, the Fund had a heavy
emphasis on U.S. high-yield securities, which outperformed most other
segments of the fixed-income market. Part of the Fund's allocation to U.S.
high-yield securities was a position in non-government-agency
mortgage-backed securities, which performed particularly well and provided
further support to the Fund's relative performance results. While we
underweighted the Fund to emerging market government bonds, we overweighted
emerging market corporates, and that positioning also made a favorable
contribution to the Fund's performance results.
The Fund had a small position in convertible securities, which gave the
portfolio exposure to the performance in the equity market. The Fund also
had a focus on the currencies of emerging market countries such as Brazil,
Colombia, Argentina and Turkey; that also helped performance, as those
currencies benefited from the strong growth of their national economies. At
the same time, we underweighted the Fund in the euro and in euro-denominated
securities, which supported the Fund's performance when the euro fell this
past spring and summer on news of the extent of the government debt
problems in Greece, Spain, Ireland and several other European nations. The
underweighted position in the euro had a favorable impact on the Fund's
relative performance for the overall 12-month period ended October 31,
2010, but it was a drag on performance results over the final two months of
the Fund's fiscal year, when the euro started rallying.
One allocation that had a positive impact on absolute results but that
nevertheless held back benchmark-relative performance was the Fund's
position in floating-rate bank loans. The loans, which had lower yields
than most of
Pioneer Global High Yield Fund | Annual Report | 10/31/10 5
the Fund's investments, clearly lagged the rest of the high-yield market
during the period. That should not have been surprising during a period
when high-yield securities performed very well and when interest rates
tended to decline. We continue to be interested in bank loans as a more
defensive part of the Fund's portfolio. They also help protect the Fund
against rising interest rates, as their yields generally start increasing
as interest rates move higher.
At the end of the Fund's fiscal year on October 31, 2010, 69.5% of Fund
assets were invested in U.S. high-yield securities, with 22.5% invested in
emerging markets and 7.0% in international high-yield debt.
Q What types of individual investments most influenced the Fund's performance
over the 12 months ended October 31, 2010?
A While the Fund was underexposed to the automobile industry generally, it did
have an investment in the convertible securities of Ford Motor, which
performed particularly well, doubling in value since we initiated the
position in the fall of 2009. In addition, the Fund's investment in the
convertible securities of WESCO International, a leading distributor of
electrical and industrial supplies, also gave a boost to performance. Among
emerging markets investments, the Fund's position in the securities of True
Move, a Thai wireless communication company, was a standout performer. Many
companies paid down their outstanding debt during the 12-month period,
buying back bonds at a profit to the Fund. These included: Accellent;
Hexion Specialty Chemicals; Delta Airlines; Knology; Cellu Tissue; and
Impress Metal Packaging.
Despite the overall strong performance results, the Fund did have a few
disappointments during the 12-month period. One notable disappointment was
a small position in the bonds of Independencia, a Brazilian beef company
that defaulted on its debt even after restructuring in 2009. Bonds of the
Mashantucket Native American tribe, linked to the Foxwoods Casino complex
in Connecticut, also defaulted, resulting in a small loss to the Fund. In
addition, while Sitel, an operator of call centers, did not default on its
bonds, the securities lost value after the company reported disappointing
earnings for the second quarter of 2010. Since then, the company has
reported improving profits for the third quarter and the bonds have
recovered some of their value.
Q What is your investment outlook?
A Even after rallying strongly for more than a year, high-yield bonds still
appear reasonably priced (in comparison with long-term historical averages)
and inexpensive relative to their very low default rates. The key to
performance over the next several months, we think, will be highly affected
by what Treasuries do. If Treasury rates do not spike up and thereby
tighten the
6 Pioneer Global High Yield Fund | Annual Report | 10/31/10
yield spreads (the yield differences between higher- and lower-rated debt),
high-yield bonds should continue to perform well against a backdrop of
improving corporate profits and generally healthy corporate balance sheets.
We do not anticipate that the Fed will move to raise short-term interest
rates in the next six months, as the nation's central bankers are waiting
either for the employment picture to improve or for signs of increasing
inflationary pressures to begin to appear.
Given all these factors, we remain positive about the high-yield market.
Please refer to the Schedule of Investments on pages 17-56 for a full listing
of Fund securities.
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 securities 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.
Past performance is no guarantee of future results, and there is no guarantee
that market forecasts discussed will be realized.
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.
Pioneer Global High Yield Fund | Annual Report | 10/31/10 7
Portfolio Summary | 10/31/10
Portfolio Diversification
- --------------------------------------------------------------------------------
(As a percentage of total investment portfolio)
[THE FOLLOWING DATA WAS REPRESENTED AS A PIE CHART IN THE PRINTED MATERIAL]
Warrants 0.1%
Preferred Stocks 0.1%
Municipal Bonds 0.2%
Common Stocks 0.9%
Foreign Government Bonds 1.0%
Collateralized Mortgage Obligations 2.0%
Asset Backed Securities 3.9%
Convertible Corporate Bonds 5.1%
Temporary Cash Investments 5.3%
Senior Secured Loans 7.2%
U.S. Corporate Bonds 74.2%
10 Largest Holdings
- --------------------------------------------------------------------------------
(As a percentage of total long-term holdings)*
1. Marfrig Overseas, Ltd., 9.5%, 5/4/20 (144A) 0.85%
- --------------------------------------------------------------------------------
2. Ford Motor Co., 4.25%, 11/15/16 0.82
- --------------------------------------------------------------------------------
3. True Move Co., Ltd., 10.75%, 12/16/13 (144A) 0.78
- --------------------------------------------------------------------------------
4. DynCorp International, 10.375%, 7/1/17 0.77
- --------------------------------------------------------------------------------
5. Alliance One International, Inc., 10.0%, 7/15/16 0.77
- --------------------------------------------------------------------------------
6. Foresight Energy LLC, 9.625%, 8/15/17 (144A) 0.76
- --------------------------------------------------------------------------------
7. WESCO International, Inc., 6.0%, 9/15/29 0.74
- --------------------------------------------------------------------------------
8. Minerva Overseas II, Ltd., 10.875%, 11/15/19 (144A) 0.71
- --------------------------------------------------------------------------------
9. City of Buenos Aires, 12.5%, 4/6/15 (144A) 0.70
- --------------------------------------------------------------------------------
10. Goldman Sachs Capital Partners, Floating Rate Note, 12/29/49 0.69
- --------------------------------------------------------------------------------
* The list excludes temporary cash investments and derivative instruments. The
portfolio is actively managed, and current holdings may be different. The
holdings listed should not be considered recommendations to buy or sell any
security listed.
8 Pioneer Global High Yield Fund | Annual Report | 10/31/10
Prices and Distributions | 10/31/10
Net Asset Value per Share
- --------------------------------------------------------------------------------
Class 10/31/10 10/31/09
A $10.53 $9.39
- ------------------------------------------------------------------------------
B $10.53 $9.37
- ------------------------------------------------------------------------------
C $10.49 $9.34
- ------------------------------------------------------------------------------
Y $10.35 $9.25
- ------------------------------------------------------------------------------
Z $10.86 $9.67
- ------------------------------------------------------------------------------
Distributions per Share: 10/31/09-10/31/10
- --------------------------------------------------------------------------------
Net Investment Short-Term Long-Term
Class Income Capital Gains Capital Gains
A $0.7700 $ -- $ --
- -----------------------------------------------------------------------------
B $0.6852 $ -- $ --
- -----------------------------------------------------------------------------
C $0.6917 $ -- $ --
- -----------------------------------------------------------------------------
Y $0.7945 $ -- $ --
- -----------------------------------------------------------------------------
Z $0.8146 $ -- $ --
- -----------------------------------------------------------------------------
Index Definition
- --------------------------------------------------------------------------------
The Bank of America (BofA) 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). The BofA ML High Yield Master II Index
is a commonly accepted measure of the performance of high-yield securities.
Index returns are calculated monthly, assume reinvestment of dividends and,
unlike Fund returns, do not reflect any fees, expenses or sales charges. It is
not possible to invest directly in an index.
The indices defined here pertains to the "Value of $10,000 and Value of $5
million Investment" charts appearing on pages 10-14.
Pioneer Global High Yield Fund | Annual Report | 10/31/10 9
Performance Update | 10/31/10 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 Bank of America (BofA) Merrill Lynch (ML) Global High
Yield Master II Index and the Bank of America (BofA) Merrill Lynch (ML) Global
High Yield and Emerging Markets Plus Index.
Average Annual Total Returns
(As of October 31, 2010)
- --------------------------------------------------------------------
Net Asset Public Offering
Period Value (NAV) Price (POP)
- --------------------------------------------------------------------
Life-of-Class
(8/27/01) 10.68% 10.13%
5 Years 7.68 6.69
1 Year 21.16 15.74
- --------------------------------------------------------------------
Expense Ratio
(Per prospectus dated March 1, 2010)
- --------------------------------------------------------------------
Gross Net
- --------------------------------------------------------------------
1.32% 1.10%
- --------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $10,000 Investment
Pioneer Global BofA ML Global High Yield and BofA ML Global High Yield
High Yield Fund Emerging Markets Plus Index Master II Index
8/31/2001 $9,550 $10,000 $10,000
10/31/2001 $9,245 $9,591 $9,607
10/31/2002 $9,273 $9,429 $8,979
10/31/2003 $13,501 $12,700 $11,952
10/31/2004 $15,502 $14,456 $13,403
10/31/2005 $16,822 $15,317 $13,934
10/31/2006 $18,860 $17,095 $15,375
10/31/2007 $20,425 $18,543 $16,427
10/31/2008 $14,001 $13,632 $12,071
10/31/2009 $20,100 $20,633 $17,960
10/31/2010 $24,353 $24,267 $21,420
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 4.50% sales charge. All results are historical and assume the
reinvestment of dividends and capital gains. Other share classes are available
for which performance and expenses will differ.
Performance results reflect any applicable expense waivers in effect during the
periods shown. Without such waivers Fund performance would be lower. Waivers
may not be in effect for all funds. Certain fee waivers are contractual through
a specified period. Otherwise, fee waivers can be rescinded at any time. See
the prospectus and financial statements for more information.
The net expense ratio reflects contractual expense limitations currently in
effect through 3/1/12 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 High Yield Fund | Annual Report | 10/31/10
Performance Update | 10/31/10 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 Bank
of America (BofA) Merrill Lynch (ML) Global High Yield Master II Index and the
Bank of America (BofA) Merrill Lynch (ML) Global High Yield and Emerging
Markets Plus Index.
Average Annual Total Returns
(As of October 31, 2010)
- -------------------------------------------------------------------
If If
Period Held Redeemed
- -------------------------------------------------------------------
Life-of-Class
(11/21/03) 7.76% 7.76%
5 Years 6.85 6.85
1 Year 20.40 16.40
- -------------------------------------------------------------------
Expense Ratio
(Per prospectus dated March 1, 2010)
- -------------------------------------------------------------------
Gross Net
- -------------------------------------------------------------------
2.08% 2.00%
- -------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $10,000 Investment
Pioneer Global BofA ML Global High Yield and BofA ML Global High Yield
High Yield Fund Emerging Markets Plus Index Master II Index
11/30/2003 $10,000 $10,000 $10,000
10/31/2004 $11,146 $11,192 $11,067
10/31/2005 $11,995 $11,858 $11,505
10/31/2006 $13,344 $13,234 $12,694
10/31/2007 $14,332 $14,355 $13,563
10/31/2008 $9,743 $10,553 $9,967
10/31/2009 $13,875 $15,974 $14,829
10/31/2010 $16,706 $18,787 $17,686
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 is
4% and declines over five years. For more complete information, please see the
prospectus. 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.
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 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 taxes that a
shareowner would pay on Fund distributions or the redemption of Fund shares.
Pioneer Global High Yield Fund | Annual Report | 10/31/10 11
Performance Update | 10/31/10 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 Bank
of America (BofA) Merrill Lynch (ML) Global High Yield Master II Index and the
Bank of America (BofA) Merrill Lynch (ML) Global High Yield and Emerging
Markets Plus Index.
Average Annual Total Returns
(As of October 31, 2010)
- -------------------------------------------------------------------
If If
Period Held Redeemed
- -------------------------------------------------------------------
Life-of-Class
(11/21/03) 7.69% 7.69%
5 Years 6.88 6.88
1 Year 20.43 20.43
- -------------------------------------------------------------------
Expense Ratio
(Per prospectus dated March 1, 2010)
- -------------------------------------------------------------------
Gross Net
- -------------------------------------------------------------------
1.98% 1.98%
- -------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $10,000 Investment
Pioneer Global BofA ML Global High Yield and BofA ML Global High Yield
High Yield Fund Emerging Markets Plus Index Master II Index
11/30/2003 $10,000 $10,000 $10,000
10/31/2004 $11,079 $11,192 $11,067
10/31/2005 $11,921 $11,858 $11,505
10/31/2006 $13,267 $13,234 $12,694
10/31/2007 $14,260 $14,355 $13,563
10/31/2008 $9,685 $10,553 $9,967
10/31/2009 $13,807 $15,974 $14,829
10/31/2010 $16,628 $18,787 $17,686
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.
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 3/1/11 for Class C shares. There can be no assurance that
Pioneer will extend the expense limitations beyond such time. Please see the
prospectus 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 | Annual Report | 10/31/10
Performance Update | 10/31/10 Class Y Shares
Investment Returns
- --------------------------------------------------------------------------------
The mountain chart on the right shows the change in value of a $5 million
investment made in Pioneer Global High Yield Fund, compared to that of the Bank
of America (BofA) Merrill Lynch (ML) Global High Yield Master II Index and the
Bank of America (BofA) Merrill Lynch Global High Yield and Emerging Markets
Plus Index.
Average Annual Total Returns
(As of October 31, 2010)
- -------------------------------------------------------------------
If If
Period Held Redeemed
- -------------------------------------------------------------------
Life-of-Class
(8/27/01) 10.66% 10.66%
5 Years 7.63 7.63
1 Year 21.35 21.35
- -------------------------------------------------------------------
Expense Ratio
(Per prospectus dated March 1, 2010)
- -------------------------------------------------------------------
Gross Net
- -------------------------------------------------------------------
0.78% 0.78%
- -------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $5,000,000 Investment
Pioneer Global BofA ML Global High Yield and BofA ML Global High Yield
High Yield Fund Emerging Markets Plus Index Master II Index
8/31/2001 $5,000,000 $5,000,000 $5,000,000
10/31/2001 $4,840,849 $4,795,409 $4,803,552
10/31/2002 $4,855,750 $4,714,611 $4,489,697
10/31/2003 $7,069,246 $6,349,917 $5,975,905
10/31/2004 $8,117,025 $7,228,127 $6,701,615
10/31/2005 $8,808,131 $7,658,599 $6,966,943
10/31/2006 $9,771,108 $8,547,369 $7,687,257
10/31/2007 $10,564,874 $9,271,360 $8,213,583
10/31/2008 $7,293,506 $6,815,761 $6,035,578
10/31/2009 $10,486,312 $10,316,487 $8,980,145
10/31/2010 $12,724,731 $12,133,294 $10,709,937
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 shown for Class Y shares for periods prior to the inception of
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 for Class Y shares prior to their inception on December 28, 2005
would have been higher than the performance shown. 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.
Pioneer Global High Yield Fund | Annual Report | 10/31/10 13
Performance Update | 10/31/10 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 Bank
of America (BofA) Merrill Lynch (ML) Global High Yield Master II Index and the
Bank of America (BofA) Merrill Lynch Global High Yield and Emerging Markets
Plus Index.
Average Annual Total Returns
(As of October 31, 2010)
- -------------------------------------------------------------------
If If
Period Held Redeemed
- -------------------------------------------------------------------
Life-of-Class
(8/27/01) 11.05% 11.05%
5 Years 8.34 8.34
1 Year 21.58 21.58
- -------------------------------------------------------------------
Expense Ratio
(Per prospectus dated March 1, 2010)
- -------------------------------------------------------------------
Gross Net
- -------------------------------------------------------------------
1.23% 0.90%
- -------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $10,000 Investment
Pioneer Global BofA ML Global High Yield and BofA ML Global High Yield
High Yield Fund Emerging Markets Plus Index Master II Index
8/31/2001 $10,000 $10,000 $10,000
10/31/2001 $9,682 $9,591 $9,607
10/31/2002 $9,711 $9,429 $8,979
10/31/2003 $14,138 $12,700 $11,952
10/31/2004 $16,234 $14,456 $13,403
10/31/2005 $17,616 $15,317 $13,934
10/31/2006 $19,751 $17,095 $15,375
10/31/2007 $21,260 $18,543 $16,427
10/31/2008 $15,049 $13,632 $12,071
10/31/2009 $21,624 $20,633 $17,960
10/31/2010 $26,290 $24,267 $21,420
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 shown for Class Z shares for periods prior to the inception of
Class Z shares on July 6, 2007, 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 for Class Z shares prior to their inception on July 6, 2007 would
have been higher than the performance shown. 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 net expense ratio reflects contractual expense limitations currently in
effect through 3/1/12 for Class Z 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.
14 Pioneer Global High Yield Fund | Annual Report | 10/31/10
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 May 1, 2010 through October 31, 2010.
- ----------------------------------------------------------------------------------------------------
Share Class A B C Y Z
- ----------------------------------------------------------------------------------------------------
Beginning Account $1,000.00 $1,000.00 $1,000.00 $1,000.00 $1,000.00
Value on 5/1/10
- ----------------------------------------------------------------------------------------------------
Ending Account Value $1,070.13 $1,066.81 $1,066.41 $1,069.63 $1,072.23
(after expenses)
on 10/31/10
- ----------------------------------------------------------------------------------------------------
Expenses Paid $5.74 $10.00 $9.48 $3.81 $4.70
During Period*
- ----------------------------------------------------------------------------------------------------
* Expenses are equal to the Fund's annualized expense ratio of 1.10%, 1.92%,
1.82%, 0.73%, and 0.90% for class A, B, C, Y and Z, shares, respectively,
multiplied by the average account value over the period, multiplied by
184/365 (to reflect the partial year period).
Pioneer Global High Yield Fund | Annual Report | 10/31/10 15
Hypothetical Example for Comparison Purposes
The table below provides information about hypothetical account values and
hypothetical expenses based on the Fund's actual expense ratio and an assumed
rate of return of 5% per year before expenses, which is not the Fund's actual
return. The hypothetical account values and expenses may not be used to
estimate the actual ending account balance or expenses you paid for the period.
You may use this information to compare the ongoing costs of investing in the
Fund and other funds. To do so, compare this 5% hypothetical example with the
5% hypothetical examples that appear in the shareholder reports of the other
funds.
Please note that the expenses shown in the tables are meant to highlight your
ongoing costs only and do not reflect any transaction costs, such as sales
charges (loads) that are charged at the time of the transaction. Therefore, the
table below is useful in comparing ongoing costs only and will not help you
determine the relative total costs of owning different funds. In addition, if
these transaction costs were included, your costs would have been higher.
Expenses Paid on a $1,000 Investment in Pioneer Global High Yield Fund
Based on a hypothetical 5% per year return before expenses, reflecting the
period from May 1, 2010 through October 31, 2010.
- ----------------------------------------------------------------------------------------------------
Share Class A B C Y Z
- ----------------------------------------------------------------------------------------------------
Beginning Account $1,000.00 $1,000.00 $1,000.00 $1,000.00 $1,000.00
Value on 5/1/10
- ----------------------------------------------------------------------------------------------------
Ending Account Value $1,019.66 $1,015.53 $1,016.03 $1,021.53 $1,020.67
(after expenses)
on 10/31/10
- ----------------------------------------------------------------------------------------------------
Expenses Paid $5.60 $9.75 $9.25 $3.72 $4.58
During Period*
- ----------------------------------------------------------------------------------------------------
* Expenses are equal to the Fund's annualized expense ratio of 1.10%, 1.92%,
1.82%, 0.73%, and 0.90% for class A, B, C, Y and Z, shares, respectively,
multiplied by the average account value over the period, multiplied by
181/365 (to reflect the partial year period).
16 Pioneer Global High Yield Fund | Annual Report | 10/31/10
Schedule of Investments | 10/31/10
- -----------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate (d) Ratings Value
- -----------------------------------------------------------------------------------------------
CONVERTIBLE CORPORATE BONDS -- 5.2%
ENERGY -- 0.3%
Coal & Consumable Fuels -- 0.2%
6,790,000 BB-/NR Massey Energy Co., 3.25%, 8/1/15 $ 6,492,938
- -----------------------------------------------------------------------------------------------
Oil & Gas Exploration & Production -- 0.1%
1,885,000 BB/Ba3 Chesapeake Energy, Inc., 2.5%, 5/15/37 $ 1,623,456
--------------
Total Energy $ 8,116,394
- -----------------------------------------------------------------------------------------------
MATERIALS -- 1.2%
Construction Materials -- 0.1%
1,950,000 B/B2 Cemex SAB de CV, 4.875%, 3/15/15 $ 1,954,875
- -----------------------------------------------------------------------------------------------
Forest Products -- 1.1%
12,459,000 BB/NR Sino-Forest Corp., 4.25%, 12/15/16 $ 14,872,931
12,150,000 BB/Ba2 Sino-Forest Corp., 5.0%, 8/1/13 (144A) 14,762,250
--------------
$ 29,635,181
--------------
Total Materials $ 31,590,056
- -----------------------------------------------------------------------------------------------
CAPITAL GOODS -- 1.0%
Construction & Farm Machinery &
Heavy Trucks -- 0.2%
5,380,000 B/B1 Navistar International Corp.,
3.0%, 10/15/14 $ 6,462,725
- -----------------------------------------------------------------------------------------------
Electrical Components & Equipment -- 0.1%
1,250,000 B/B2 General Cable Corp., 4.5%, 11/15/29 $ 1,290,625
- -----------------------------------------------------------------------------------------------
Trading Companies & Distributors -- 0.7%
10,923,000 B/NR WESCO International, Inc., 6.0%,
9/15/29 $ 18,910,444
--------------
Total Capital Goods $ 26,663,794
- -----------------------------------------------------------------------------------------------
TRANSPORTATION -- 0.3%
Marine -- 0.3%
9,481,000 CCC+/Caa3 Horizon Lines, Inc., 4.25%, 8/15/12 $ 8,675,115
--------------
Total Transportation $ 8,675,115
- -----------------------------------------------------------------------------------------------
AUTOMOBILES & COMPONENTS -- 0.8%
Automobile Manufacturers -- 0.8%
12,029,000 B/Ba3 Ford Motor Co., 4.25%, 11/15/16 $ 20,900,388
--------------
Total Automobiles & Components $ 20,900,388
- -----------------------------------------------------------------------------------------------
FOOD, BEVERAGE & TOBACCO -- 0.2%
Tobacco -- 0.2%
5,135,000 B-/Caa1 Alliance One International, Inc.,
5.5%, 7/15/14 (b) $ 5,905,250
--------------
Total Food, Beverage & Tobacco $ 5,905,250
- -----------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Global High Yield Fund | Annual Report | 10/31/10 17
Schedule of Investments | 10/31/10 (continued)
- ------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate (d) Ratings Value
- ------------------------------------------------------------------------------------------------
HEALTH CARE EQUIPMENT & SERVICES -- 0.2%
Health Care Services -- 0.2%
7,391,000 B+/B1 Ominicare, Inc., 3.25%, 12/15/35 $ 6,587,229
--------------
Total Health Care Equipment & Services $ 6,587,229
- ------------------------------------------------------------------------------------------------
REAL ESTATE -- 0.1%
Real Estate Operating Companies -- 0.1%
1,900,000 B-/B3 Forest City Enterprises, Inc.,
5.0%, 10/15/16 $ 2,470,000
--------------
Total Real Estate $ 2,470,000
- ------------------------------------------------------------------------------------------------
TECHNOLOGY HARDWARE & EQUIPMENT -- 0.1%
Electronic Equipment & Instruments -- 0.1%
1,665,000 B+/NR L-1 Identity Solutions, Inc.,
3.75%, 5/15/27 $ 1,665,000
--------------
Total Technology Hardware & Equipment $ 1,665,000
- ------------------------------------------------------------------------------------------------
SEMICONDUCTORS -- 0.9%
Semiconductors -- 0.9%
4,650,000 NR/NR JA Solar Holdings Co., 4.5%, 5/15/13 $ 4,475,625
5,430,000 BB-/NR SunPower Corp., 1.25%, 2/15/27 5,077,050
3,687,000 BB-/NR SunPower Corp., 4.75%, 4/15/14 3,364,388
11,919,000 B/NR Suntech Power Holdings Co., Ltd.,
3.0%, 3/15/13 10,667,503
--------------
$ 23,584,566
--------------
Total Semiconductors $ 23,584,566
- ------------------------------------------------------------------------------------------------
TELECOMMUNICATION SERVICES -- 0.1%
Integrated Telecommunication
Services -- 0.1%
2,485,000 B+/NR MasTec, Inc., 4.0%, 6/15/14 $ 2,755,244
--------------
Total Telecommunication Services $ 2,755,244
- ------------------------------------------------------------------------------------------------
TOTAL CONVERTIBLE CORPORATE BONDS
(Cost $109,553,684) $ 138,913,036
- ------------------------------------------------------------------------------------------------
PREFERRED STOCKS -- 0.1%
CONSUMER SERVICES -- 0.0%
Hotels, Resorts & Cruise Lines -- 0.0%
17,350 Perseus Holding Corp.* (f)(g) $ --
--------------
Total Consumer Services $ --
- ------------------------------------------------------------------------------------------------
DIVERSIFIED FINANCIALS -- 0.1%
Diversified Finance Services -- 0.1%
2,800 Bank of America Corp., 7.25%, 12/31/49 $ 2,651,600
--------------
Total Diversified Financials $ 2,651,600
- ------------------------------------------------------------------------------------------------
TOTAL PREFERRED STOCKS
(Cost $2,337,359) $ 2,651,600
- ------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
18 Pioneer Global High Yield Fund | Annual Report | 10/31/10
- -----------------------------------------------------------------------------------------------
Floating S&P/Moody's
Shares Rate (d) Ratings Value
- -----------------------------------------------------------------------------------------------
COMMON STOCKS -- 1.0%
ENERGY -- 0.1%
Oil & Gas Drilling -- 0.1%
46,147 Rowan Companies, Inc.* $ 1,518,236
--------------
Total Energy $ 1,518,236
- -----------------------------------------------------------------------------------------------
MATERIALS -- 0.6%
Commodity Chemicals -- 0.2%
200,800 Georgia Gulf Corp.*(b) $ 4,062,184
- -----------------------------------------------------------------------------------------------
Diversified Chemical -- 0.0%
24,139 LyondellBasell Industries NV (Class A)* $ 648,374
- -----------------------------------------------------------------------------------------------
Diversified Metals & Mining -- 0.2%
69,274 Freeport-McMoRan Copper & Gold, Inc.,
(Class B) $ 6,558,862
- -----------------------------------------------------------------------------------------------
Forest Products -- 0.0%
244,090 Ainsworth Lumber Co., Ltd.* $ 559,861
- -----------------------------------------------------------------------------------------------
Steel -- 0.2%
127,393 KNIA Holdings, Inc.* (f) $ 890,474
134,106 Vale SA (A.D.R.) (b) 3,852,865
--------------
$ 4,743,339
--------------
Total Materials $ 16,572,620
- -----------------------------------------------------------------------------------------------
INDUSTRIALS -- 0.0%
Building Products -- 0.0%
894 Panolam Holdings Co. (f) $ 438,060
--------------
Total Industrials $ 438,060
- -----------------------------------------------------------------------------------------------
AUTOMOBILES & COMPONENTS -- 0.3%
Auto Parts & Equipment -- 0.3%
80,769 Lear Corp.* $ 7,139,980
--------------
Total Automobiles & Components $ 7,139,980
- -----------------------------------------------------------------------------------------------
MEDIA -- 0.0%
Cable & Satellite -- 0.0%
24,008 Charter Communications, Inc.*(b) $ 779,780
--------------
Total Media $ 779,780
- -----------------------------------------------------------------------------------------------
DIVERSIFIED FINANCIALS -- 0.0%
Diversified Finance Services -- 0.0%
24,638 BTA Bank JSC* $ 578,993
--------------
Total Diversified Financials $ 578,993
- -----------------------------------------------------------------------------------------------
REAL ESTATE -- 0.0%
Real Estate Development -- 0.0%
159,647 Newhall Land Development LLC* $ 303,329
--------------
Total Real Estate $ 303,329
- -----------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Global High Yield Fund | Annual Report | 10/31/10 19
Schedule of Investments | 10/31/10 (continued)
- -----------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Shares Rate (d) Ratings Value
- -----------------------------------------------------------------------------------------------------
SOFTWARE & SERVICES -- 0.0%
Data Processing & Outsourced Services -- 0.0%
33,046 Perseus Holding Corp.* (f)(g) $ --
--------------
Total Software & Services $ --
- -----------------------------------------------------------------------------------------------------
TOTAL COMMON STOCKS
(Cost $21,704,112) $ 27,330,998
- -----------------------------------------------------------------------------------------------------
RIGHTS/WARRANTS -- 0.0%
ENERGY -- 0.0%
Oil & Gas Exploration & Production -- 0.0%
NOK 11,303,000 Norse Energy Corp. ASA* $ 211,818
5,925,293 Norse Energy Corp. ASA CW15* 706,618
1,130,300 Penoro Energy Corp. ASA-CW11* 192,562
--------------
$ 1,110,998
--------------
Total Energy $ 1,110,998
- -----------------------------------------------------------------------------------------------------
TOTAL RIGHTS/WARRANTS
(Cost $1,460,198) $ 1,110,998
- -----------------------------------------------------------------------------------------------------
Principal
Amount ($)
- -----------------------------------------------------------------------------------------------------
ASSET BACKED SECURITIES -- 4.0%
MATERIALS -- 0.1%
Aluminum -- 0.1%
933,362 0.84 AAA/Aaa Bayview Financial Acquisition Trust Co.,
Floating Rate Note, 8/28/44 $ 857,674
1,500,000 6.55 CCC/B3 Security National Finance Corp., Floating
Rate Note, 6.55%, 1,128,750
--------------
$ 1,986,424
--------------
Total Materials $ 1,986,424
- -----------------------------------------------------------------------------------------------------
BANKS -- 2.3%
Thrifts & Mortgage Finance -- 2.3%
2,837,523 1.16 AA+/Aa1 ACE 2004-HE4 M1, Floating Rate Note,
12/25/34 $ 2,197,551
583,698 0.35 CCC/Caa3 ACE Securities Corp., Floating Rate Note,
1/25/37 306,071
1,966,562 1.53 B-/Ba1 Amortizing Residential Collateral Trust,
Floating Rate Note, 1/25/32 857,061
1,480,000 CCC/Baa2 Bear Stearns Asset Backed Securities,
Inc., 0.78, 1/25/47, 650,010
4,720,000 0.91 A/Caa1 Bear Stearns Asset Backed Securities,
Inc., Floating Rate Note, 3/25/35 4,090,168
2,050,844 0.00 CCC/A1 BSABS 2006-4 A1, Floating Rate Note,
10/25/33 1,886,643
8,090,000 0.43 BBB+/Caa2 Carrington Mortgage Loan Trust, Floating
Rate Note, 12/25/36 4,998,301
The accompanying notes are an integral part of these financial statements.
20 Pioneer Global High Yield Fund | Annual Report | 10/31/10
- ----------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate (d) Ratings Value
- ----------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- (continue)
884,906 0.36 AA/Ba3 Carrington Mortgage Loan Trust, Floating
Rate Note, 2/25/32 $ 796,960
2,361,423 0.38 AA+/Ba3 Carrington Mortgage Loan Trust, Floating
Rate Note, 2/25/35 2,207,387
2,884,525 0.31 AAA/Ba3 Carrington Mortgage Loan Trust, Floating
Rate Note, 10/25/36 2,591,994
3,966,294 B/Caa1 Citigroup Mortgage Loan Trust, Inc.,
0.32375%, 7/254/5 3,234,794
1,782,128 0.51 AA-/Ba1 Countrywide Asset Backed Certificates,
Floating Rate Note, 4/25/36 1,454,514
2,955,281 BBB+/B2 Countrywide Asset-Backed,
0.50875%, 6/25/36 2,569,138
1,700,000 0.88 BB/A1 Countrywide Asset-Backed Certificates,
Floating Rate Note, 11/25/34 1,039,062
3,925,000 0.38 BB+/B3 Countrywide Asset-Backed Certificates,
Floating Rate Note, 6/25/47 3,467,808
1,588,837 0.42 BB-/Caa2 CWL 2006-19 2A2, Floating Rate Note,
3/25/37 1,173,326
11,354,945 0.71 CCC/Aaa CWL 2007-SD1 A1, Floating Rate Note,
3/25/47 6,774,042
1,019,838 0.96 AAA/Caa2 FBR Securitization Trust, Floating Rate
Note, 10/25/35 640,579
438,815 B-/Ba2 GSAA Trust, 0.43719%, 1/25/36 431,755
1,569,298 0.39 B-/B3 GSAMP Trust, Floating Rate Note,
1/25/37 1,408,313
4,000,000 BBB/Aaa LEAF II Receivables Funding LLC,
5.5%, 10/20/13 3,647,413
1,102,000 0.69 CCC+/B2 Lease Investment Flight Trust, Floating
Rate Note, 7/15/31 606,100
10,152,000 0.65 CCC+/B2 Lease Investment Flight Trust, Floating
Rate Note, 7/15/31 5,634,360
3,201,532 0.35 CCC/B2 Lehman XS Trust, Floating Rate Note,
8/25/36 1,487,329
6,917,873 0.61 CC/Ca Lehman XS Trust, Floating Rate Note,
12/25/35 2,232,052
1,461,759 0.33 B/Caa3 Morgan Stanley ABS Capital, Inc., Floating
Rate Note, 10/25/36 1,299,830
1,648,864 0.00 AAA/Baa2 Residential Asset Mortgage Products, Inc.,
Floating Rate Note, 10/25/35 1,501,706
404,647 0.49 B-/Ba2 Residential Asset Securities Corp., Floating
Rate Note, 1/25/35 366,069
3,799,466 BB-/Ba3 Saxon Asset Securities Co.,
0.34594%, 11/25/36 3,602,350
--------------
$ 63,152,686
--------------
Total Banks $ 63,152,686
- ----------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Global High Yield Fund | Annual Report | 10/31/10 21
Schedule of Investments | 10/31/10 (continued)
- ----------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate (d) Ratings Value
- ----------------------------------------------------------------------------------------------------
DIVERSIFIED FINANCIALS -- 1.4%
Diversified Finance Services -- 0.5%
602,469 0.85 B-/Ba3 Aircraft Finance Trust, Floating Rate Note,
5/15/24 $ 512,098
10,590,103 0.83 B-/Caa1 Aircraft Finance Trust, Floating Rate Note,
5/15/24 5,559,804
3,075,106 B/B1 Ellington Loan Acquisition Trust,
1.0625%, 5/27/37 2,839,780
5,377,000 0.34 BBB/B2 Home Equity Asset Trust, Floating Rate
Note, 3/25/37 4,452,097
--------------
$ 13,363,779
- ----------------------------------------------------------------------------------------------------
Specialized Finance -- 0.9%
7,050,000 BBB-/Baa3 Dominos Pizza Master Issuer LLC,
5.261%, 4/25/37 $ 7,173,375
10,075,000 BB/Aaa Dominos Pizza Master Issuer LLC,
7.629%, 4/25/37 9,689,984
1,300,000 BB+/Baa3 Dunkin Brands Master Finance LLC,
5.779%, 6/20/31 1,318,317
6,240,000 BB-/Ba3 Dunkin Brands Master Finance LLC,
8.28%, 6/20/31 (144A) 6,180,907
--------------
$ 24,362,583
--------------
Total Diversified Financials $ 37,726,362
- ----------------------------------------------------------------------------------------------------
REAL ESTATE -- 0.2%
Mortgage Real Estate Investment Trust -- 0.2%
4,000,000 AA/Aa2 REAT 2010-1A A2, 10.0%, 9/25/40 $ 4,000,000
--------------
Total Real Estate $ 4,000,000
- ----------------------------------------------------------------------------------------------------
TOTAL ASSET BACKED SECURITIES
(Cost $104,756,913) $ 106,865,472
- ----------------------------------------------------------------------------------------------------
COLLATERALIZED MORTGAGE OBLIGATIONS -- 2.0%
MATERIALS -- 0.2%
Forest Products -- 0.2%
4,315,000 BB/B1 T SRA R 2006-1 F, 7.5296%,
10/15/36 (144A) $ 4,326,947
--------------
Total Materials $ 4,326,947
- ----------------------------------------------------------------------------------------------------
BANKS -- 0.9%
Thrifts & Mortgage Finance -- 0.9%
19,378,584 2.26 AAA/Aaa Bayview Commercial Asset Trust, Floating
Rate Note, 4/25/36 $ 881,726
1,000,000 BB/NR Commercial Mortgage Pass-Through
Certificates, 6.85%, 8/15/33 995,441
4,171,308 5.25 B/Caa1 Countrywide Alternative Loan Trust,
Floating Rate Note, 8/25/35 3,839,117
2,288,549 0.00 B/Baa3 Countrywide Alternative Loan Trust,
Floating Rate Note, 9/25/35 1,306,453
The accompanying notes are an integral part of these financial statements.
22 Pioneer Global High Yield Fund | Annual Report | 10/31/10
- ----------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate (d) Ratings Value
- ----------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- (continue)
3,047,280 B-/Ba1 Countrywide Home Loans, 4.5%, 9/25/35 $ 2,677,849
1,181,965 0.59 CCC/Ba1 Countrywide Home Loans, Floating Rate
Note, 3/25/35 393,125
2,560,423 0.58 CCC/B3 Countrywide Home Loans, Floating Rate
Note, 3/25/35 680,345
3,785,566 0.71 D/Ca DSLA 2005-AR6 2A1C, Floating Rate
Note, 10/19/45 291,072
311,767 0.99 AAA/A3 IMPAC CMB Trust, Floating Rate Note,
4/25/35 255,803
811,334 0.32 D/B3 Impac Securities Assets Corp., Floating
Rate Note, 11/25/36 746,270
1,300,000 0.00 NR/Baa3 JP Morgan Chase Commercial Mortgage
Securities Corp., 5.53853%, 7/12/37 1,073,729
1,796,566 3.42 NR/B1 JP Morgan Mortgage Trust, Floating Rate
Note, 10/25/35 1,431,094
1,918,027 3.04 B+/B1 JP Morgan Mortgage Trust, Floating Rate
Note, 11/25/35 1,848,548
8,400,228 0.00 D/Ca Luminent Mortgage Trust, Floating Rate
Note, 7/25/36 571,106
1,923,242 0.57 BBB-/Baa1 Structured Asset Mortgage Investments,
Inc., Floating Rate Note, 9/25/45 1,249,656
4,235,010 0.49 AAA/Aa1 WAMU Mortgage Pass-Through
Certificates, Floating Rate Note, 4/25/45 3,443,157
--------------
$ 21,684,491
--------------
Total Banks $ 21,684,491
- ----------------------------------------------------------------------------------------------------
DIVERSIFIED FINANCIALS -- 0.1%
Investment Banking & Brokerage -- 0.1%
3,450,000 BBB-/NR Bear Stearns Commercial Mortgage Corp.,
6.94%, 2/15/35 $ 3,482,509
--------------
Total Diversified Financials $ 3,482,509
- ----------------------------------------------------------------------------------------------------
REAL ESTATE -- 0.4%
Mortgage Real Estate Investment Trust -- 0.4%
3,000,000 BBB-/Ba2 Credit Suisse First Boston Mortgage
Securities Corp., 5.51%, 3/15/35 $ 2,468,142
9,000,000 A/NR Credit Suisse First Boston Mortgage
Securities Corp., 7.08%, 12/15/35 8,761,457
--------------
$ 11,229,599
--------------
Total Real Estate $ 11,229,599
- ----------------------------------------------------------------------------------------------------
TELECOMMUNICATION SERVICES -- 0.4%
Integrated Telecommunication Services -- 0.4%
9,670,000 NA/B2 Global Tower Partners Acquisition Corp.,
7.87%, 5/15/37 $ 10,084,466
--------------
Total Telecommunication Services $ 10,084,466
- ----------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Global High Yield Fund | Annual Report | 10/31/10 23
Schedule of Investments | 10/31/10 (continued)
- --------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate (d) Ratings Value
- --------------------------------------------------------------------------------------------------
GOVERNMENT -- 0.1%
Government -- 0.1%
1,210,486 NR/B3 GSR Mortgage Loan Trust, 5.5%, 8/25/21 $ 1,188,573
23,000,000 0.00 NR/Aaa Government National Mortgage
Association, Floating Rate Note,
12/16/49 1,860,700
--------------
Total Government $ 3,049,273
- --------------------------------------------------------------------------------------------------
TOTAL COLLATERALIZED MORTGAGE
OBLIGATIONS
(Cost $59,382,577) $ 53,857,285
- --------------------------------------------------------------------------------------------------
CORPORATE BONDS -- 75.7%
ENERGY -- 11.4%
Coal & Consumable Fuels -- 1.1%
12,200,000 BB/Ba3 Bumi Capital Pte., Ltd., 12.0%,
11/10/16 (b) $ 13,374,250
1,240,000 BB/Ba3 Bumi Investment Pte., Ltd.,
10.75%, 10/6/17 1,293,729
2,850,000 BB-/Caa1 International Coal Group, Inc.,
9.125%, 4/1/18 (b) 3,106,500
2,706,000 B+/Caa1 Murray Energy Corp., 10.25%, 10/15/15 2,881,890
6,395,000 B/B3 New World Resources BV,
7.375%, 5/15/15 (144A) 8,826,196
2,070,000 B/B2 Penn Virginia Resource Partners LP,
8.25%, 4/15/18 2,178,675
--------------
$ 31,661,240
- --------------------------------------------------------------------------------------------------
Integrated Oil & Gas -- 0.1%
2,950,000 BBB/Baa3 Petroleum Co. of Trinidad & Tobago, Ltd.,
9.75%, 8/14/19 $ 3,677,175
- --------------------------------------------------------------------------------------------------
Oil & Gas Drilling -- 1.8%
8,203,792 NR/NR DDI Holdings AS, 9.3%, 1/19/12 (144A) $ 8,285,830
983,833 NA/NA DDI Holdings AS, 9.3%, 4/23/12 (144A) 1,022,202
1,250,000 B-/B2 Hercules Offshore, Inc., 10.5%,
10/15/17 (b) 968,750
9,607,550 NA/NA Norse Energy ASA,
6.50%, 7/14/13 (144A) 8,166,418
2,915,000 B+/B1 Parker Drilling Co.,
9.125%, 4/1/18 (144A) 3,060,750
8,730,000 B/B3 Pioneer Drilling Co.,
9.875, 3/15/18 (144A) 9,166,500
17,000,000 11.65 NA/NA Sevan Drilling ASA, Floating Rate Note,
12/7/12 2,925,142
13,640,000 B-/B3 Vantage Drilling Co., 11.5%, 8/1/15 14,458,400
--------------
$ 48,053,992
- --------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
24 Pioneer Global High Yield Fund | Annual Report | 10/31/10
- ------------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate (d) Ratings Value
- ------------------------------------------------------------------------------------------------------
Oil & Gas Equipment & Services -- 1.9%
3,943,000 B-/B3 Aquilex Holdings LLC,
11.125%, 12/15/16 $ 3,755,708
500,000 BB-/Ba3 CGV, 7.75%, 5/15/17 523,750
3,745,000 B+/B1 Complete Production Services, Inc.,
8.0%, 12/15/16 3,941,613
1,600,000 0.00 NA/NA DP Producer ASA, Floating Rate Note,
12/5/11 (144A) (e) 16,000
17,815,000 B/B2 Expro Finance Luxembourg SCA,
8.5%, 12/15/16 17,547,775
910,944 10.50 NA/NA Nexus SA, Floating Rate Note, 3/7/12 (e) 911
NOK 13,000,000 NR/NR PetroJack ASA, 11.0%, 4/19/10 (e) 243,620
1,156,159 0.00 NR/B3 PetroProd, Ltd., Floating Rate Note,
1/12/12 (e) 1,156
5,200,000 NR/NR Sevan Marine ASA, 12.0%, 8/10/15 5,434,000
NOK 29,500,000 NR/NR Sevan Marine ASA, 13.25%, 8/10/15 5,327,268
4,500,000 3.62 NR/NR Sevan Marine ASA, Floating Rate Note,
5/14/13 (144A) 3,847,500
NOK 32,463,000 11.99 NA/NA Sevan Marine ASA, Floating Rate Note,
10/24/12 (144A) 5,641,122
4,231,200 NA/NA Skeie Drilling & Production ASA,
11.25%, 3/8/13 (e) 4,453,338
--------------
$ 50,733,761
- ------------------------------------------------------------------------------------------------------
Oil & Gas Exploration & Production -- 4.6%
2,325,000 B/Caa1 Antero Resources Finance Corp.,
9.375%, 12/1/17 $ 2,470,313
225,000 BB-/B1 Bill Barrett Corp., 9.875%, 7/15/16 247,500
2,180,000 B+/Caa2 Brigham Exploration Co.,
8.75%, 10/01/18 2,354,400
2,434,000 B-/B3 Carrizo Oil & Gas, Inc.,
8.625%, 10/15/18 2,452,255
2,750,000 BB/Ba3 Chesapeake Energy Co., 6.25%, 1/15/17 3,924,554
4,750,000 B/B2 Comstock Resources, Inc.,
8.375%, 10/15/17 4,916,250
1,880,000 BB/B1 Continental Resources, Inc.,
7.125%, 4/1/21 (144A) 2,030,400
2,050,000 BB/B1 Continental Resources, Inc.,
8.25%, 10/1/19 2,280,625
1,130,000 BB/B1 Denbury Resources, Inc., 9.75%, 3/1/16 1,279,725
6,025,000 BB-/B2 Hilcorp Energy Co., 9.0%, 6/1/16 (144A) 6,356,375
4,535,000 B/B3 Linn Energy LLC,
11.75%, 5/15/17 (144A) 5,260,600
6,000,000 B/B3 Linn Energy LLC,
8.625%, 4/15/20 (144A) 6,480,000
5,525,000 NA/NA Norse Energy ASA, 10.0%, 7/13/12 974,203
The accompanying notes are an integral part of these financial statements.
Pioneer Global High Yield Fund | Annual Report | 10/31/10 25
Schedule of Investments | 10/31/10 (continued)
- ---------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate (d) Ratings Value
- ---------------------------------------------------------------------------------------------------
Oil & Gas Exploration & Production -- (continued)
45,000,000 B-/NR Norwegian Energy Co. ASA,
12.9%, 11/20/14 $ 8,082,643
39,000,000 B-/NR PA Resources AB, 9.56%, 3/9/11 6,577,737
8,500,000 B+/B3 Petrohawk Energy Corp.,
7.25%, 8/15/18 (144A) 8,818,750
6,460,000 B/Caa1 PetroQuest Energy, Inc.,
10.375%, 5/15/12 6,621,500
7,260,000 BB-/B1 Plains Exploration & Production Co.,
7.625%, 4/1/20 7,822,650
3,040,000 BB-/B1 Plains Exploration & Production Co.,
8.625%, 10/15/19 3,374,400
2,535,000 BB-/B1 Plains Exploration & Production Co.,
10.0%, 3/1/16 (b) 2,893,069
4,850,000 B-/B3 Quicksilver Resources, Inc.,
7.125%, 4/1/16 4,643,875
3,370,000 B+/B2 Quicksilver Resources, Inc.,
9.125%, 8/15/19 3,597,475
2,120,000 B+/B3 SandRidge Energy, Inc., 8.75%,
1/15/20 (144A) 2,204,800
7,260,000 B+/B3 SandRidge Energy, Inc., 8.0%, 6/1/18 (b) 7,260,000
8,185,000 B+/B3 SandRidge Energy, Inc.,
8.625, 4/1/15 (b) 8,369,163
1,590,000 3.92 B+/B3 SandRidge Energy, Inc., Floating Rate
Note, 4/1/14 1,474,843
4,469,000 BB-/Caa1 Stone Energy Corp., 8.625%, 2/1/17 4,491,345
4,065,000 BBB-/Baa2 TNK-BP Finance SA,
7.875%, 3/13/18 (144A) 4,589,385
--------------
$ 121,848,835
- ---------------------------------------------------------------------------------------------------
Oil & Gas Refining & Marketing -- 1.1%
4,500,000 BB-/Ba3 Coffeyville Resources LLC, 9.0%, 4/1/15 $ 4,826,250
1,600,000 B+/B1 Holly Energy Partners LP,
6.25%, 3/1/15 (144A) 1,696,000
1,935,000 B/B2 Petroplus Finance, Ltd.,
7.0%, 5/1/17 (144A) 1,770,525
12,580,000 B/B2 Petroplus Finance, Ltd.,
9.37%, 9/15/19 (144A) (b) 12,076,800
8,240,000 BB+/Ba1 Tesoro Corp., 9.75%, 6/1/19 9,146,400
--------------
$ 29,515,975
- ---------------------------------------------------------------------------------------------------
Oil & Gas Storage & Transportation -- 0.8%
4,481,000 BB-/Ba2 Energy Transfer Equity LP,
7.5%, 10/15/20 $ 4,884,290
2,360,000 8.38 BB/Ba1 Enterprise Products Operating LLC,
Floating Rate Note, 8/1/66 2,489,800
5,030,000 BB/Ba1 Enterprise Products Operating LLC,
7.0%, 6/1/67 4,879,100
The accompanying notes are an integral part of these financial statements.
26 Pioneer Global High Yield Fund | Annual Report | 10/31/10
- --------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate (d) Ratings Value
- --------------------------------------------------------------------------------------------------
Oil & Gas Storage & Transportation -- (continued)
9,543,000 BB/Ba1 Southern Union Co., 7.2%, 11/1/66 $ 8,803,418
--------------
$ 21,056,608
--------------
Total Energy $ 306,547,586
- --------------------------------------------------------------------------------------------------
MATERIALS -- 12.7%
Aluminum -- 0.7%
12,286,000 B-/B3 CII Carbon LLC, 11.125%, 11/15/15 $ 13,053,875
7,264,477 6.83 CCC+/B3 Noranda Aluminum Acquisition Corp.,
Floating Rate Note, 5/15/15 6,320,095
--------------
$ 19,373,970
- --------------------------------------------------------------------------------------------------
Commodity Chemicals -- 1.4%
11,343,000 NR/WR Basell Finance Co.,
8.1%, 3/15/27 (144A) $ 11,343,000
4,100,000 CCC+/Caa1 Hexion U.S. Finance Corp.,/Hexion Nova
Scotia Finance ULC, 9.75%,
11/15/14 (b) 4,315,250
11,100,000 CCC+/B3 Hexion U.S. Finance Corp.,
8.875%, 2/1/18 (144A) 11,918,625
4,835,000 B+/B1 Nova Chemicals Corp., 8.375%, 11/1/16 5,282,238
4,755,000 B+/B1 Nova Chemicals Corp.,
8.625%, 11/1/19 (b) 5,278,050
--------------
$ 38,137,163
- --------------------------------------------------------------------------------------------------
Construction Materials -- 1.4%
12,050,000 CCC+/B3 AGY Holding Corp., 11.0%, 11/15/14 $ 11,055,875
3,434,000 6.64 B-/NR C8 Capital SPV, Ltd., Floating Rate Note,
12/31/49 2,366,953
9,406,000 B/NR Cemex Finance LLC,
9.5%, 12/14/16 (144A) (b) 9,500,060
3,950,000 BB-/B1 Rearden G Holdings Eins GmbH,
7.875%, 3/30/20 4,280,813
9,515,000 B/B3 Texas Industries, Inc., 9.25%, 8/15/20 10,014,538
--------------
$ 37,218,239
- --------------------------------------------------------------------------------------------------
Diversified Chemical -- 1.2%
13,410,000 CCC/Caa3 Ineos Group Holdings Plc,
7.875%, 2/15/16 (144A) $ 16,397,812
9,025,000 CCC/Caa1 Momentive Performance Materials, Inc.,
9.5%, 1/15/21 12,822,862
3,176,000 B+/B1 TPC Group LLC, 8.25%, 10/1/17 3,374,500
--------------
$ 32,595,174
- --------------------------------------------------------------------------------------------------
Diversified Metals & Mining -- 0.7%
6,615,974 B/B2 Blaze Recycling & Metals,
13.0%, 7/16/12 $ 5,491,258
1,050,000 B/B2 FMG Finance Pty., Ltd.,
10.625%, 9/1/16 (144A) 1,548,750
The accompanying notes are an integral part of these financial statements.
Pioneer Global High Yield Fund | Annual Report | 10/31/10 27
Schedule of Investments | 10/31/10 (continued)
- ----------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate (d) Ratings Value
- ----------------------------------------------------------------------------------------------------
Diversified Metals & Mining -- (continued)
11,575,000 NR/Ba3 Prime Dig Pte., Ltd., 11.75%, 11/03/14 $ 12,009,063
--------------
$ 19,049,071
- ----------------------------------------------------------------------------------------------------
Forest Products -- 0.6%
15,915,000 BB-/Ba3 Grupo Papelero Scribe SA,
8.875%, 4/7/20 (144A) $ 15,994,575
- ----------------------------------------------------------------------------------------------------
Metal & Glass Containers -- 1.9%
3,758,000 CCC+/B2 AEP Industries, Inc., 7.875%, 3/15/13 $ 3,729,815
700,000 B-/B3 Ardagh Glass Finance Plc,
8.75%, 2/1/20 (144A) 965,390
4,910,000 B-/B3 Ardagh Packaging Finance Plc,
9.25%, 10/15/20 6,976,205
5,000,000 B-/B3 Ardagh Packaging Finance Plc,
9.125%, 10/15/20 5,300,000
6,305,000 CCC+/B3 BWAY Holding Co.,
10.0%, 6/15/18 (144A) (b) 6,872,450
6,600,000 CCC+/Caa1 BWAY Parent Co., Inc.,
10.125%, 11/1/15 6,600,000
1,230,000 BB-/B1 Consol Glass, Ltd.,
7.625%, 4/15/14 (144A) 1,687,783
2,900,000 BB-/Ba2 Crown European Holdings SA,
7.125%, 8/15/18 4,221,108
8,250,000 B-/B3 Impress Metal Packaging Holdings Co.,
9.25%, 9/15/14 (144A) 12,036,984
1,450,000 BB+/Ba2 OI European Group BV, 6.75%, 9/15/20 2,040,034
--------------
$ 50,429,769
- ----------------------------------------------------------------------------------------------------
Paper Packaging -- 1.4%
2,200,771 7.00 NR/NR Bio Pappel SAB de CV, 6.0%, 8/27/16 $ 1,991,698
13,238,222 NR/NR Bio Pappel SAB de CV, 6.0%, 8/27/16 11,980,591
2,690,000 B-/Caa1 Graham Packaging Co. LP/GPC Capital
Corp., Inc., 8.25%, 10/1/18 2,784,150
EURO 6,800,000 B/B2 Nordenia Holdings GM, 9.75%, 7/15/17 10,412,738
10,400,000 B/NR US Corrugated, Inc., 10.0%, 6/1/13 9,672,000
--------------
$ 36,841,177
- ----------------------------------------------------------------------------------------------------
Paper Products -- 1.3%
10,272,000 NR/B1 ABI Escrow Corp., 10.25%, 10/15/18 $ 10,965,360
280,000 B+/B1 Appleton Papers, Inc.,
10.5%, 6/15/15 (144A) 270,200
6,380,000 B/B3 Exopac Holding Corp.,
11.25%, 2/1/14 (144A) 6,635,200
8,785,000 B/B3 Exopack Holding Corp., 11.25%, 2/1/14 9,136,400
8,205,000 BB+/Baa3 Suzano Trading, Ltd., 5.875%, 1/23/21 8,246,025
--------------
$ 35,253,185
- ----------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
28 Pioneer Global High Yield Fund | Annual Report | 10/31/10
- ---------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate (d) Ratings Value
- ---------------------------------------------------------------------------------------------------
Precious Metals & Minerals -- 0.4%
2,500,000 BB-/Ba3 Alrosa Finance SA,
8.875%, 11/17/14 (144A) $ 2,750,000
9,100,000 NR/NR ALROSA Finance SA, 7.75%, 11/3/20 9,245,600
--------------
$ 11,995,600
- ---------------------------------------------------------------------------------------------------
Specialty Chemicals -- 0.3%
5,365,000 NR/B1 Chemtura Corp., 7.875%, 9/1/18 (b) $ 5,794,200
1,000,000 B+/B1 Nova Chemicals Corp., 7.875%, 9/15/25 950,000
--------------
$ 6,744,200
- ---------------------------------------------------------------------------------------------------
Steel -- 1.4%
12,950,000 CCC+/Caa2 Algoma Acquisition Corp.,
9.875%, 6/15/15 (144A) $ 11,914,000
5,300,000 NR/Ba1 China Oriental Group Co., Ltd.,
8.0%, 8/18/15 5,584,875
500,000 B/B2 Evraz Group SA,
8.875%, 4/24/13 (144A) 534,200
3,020,000 B/B2 Evraz Group SA,
9.5%, 4/24/18 (144A) (b) 3,405,050
8,100,000 NR/B3 Metinvest BV, 10.25%, 5/20/15 8,616,375
4,890,000 CCC+/Caa1 Ryerson, Inc., 12.0%, 11/1/15 5,085,600
2,505,000 CC/Ca Zlomrex International Finance SA,
8.5%, 2/1/14 (144A) 2,227,728
--------------
$ 37,367,828
--------------
Total Materials $ 340,999,951
- ---------------------------------------------------------------------------------------------------
CAPITAL GOODS -- 6.6%
Aerospace & Defense -- 1.3%
19,238,000 B/B1 DynCorp International, 10.375%,
7/1/17 (b) $ 19,670,855
2,885,000 BB/Ba3 Esterline Technologies Corp.,
7.0%, 8/1/20 (144A) 3,065,313
2,500,000 B-/B3 GeoEye, Inc., 8.625%, 10/1/16 2,618,750
8,990,000 BB-/Ba3 GeoEye, Inc., 9.625%, 10/1/15 10,012,613
--------------
$ 35,367,531
- ---------------------------------------------------------------------------------------------------
Building Products -- 0.5%
4,658,000 BB+/B3 Building Materials Corp., 7.5%, 3/15/20 $ 4,762,805
2,080,000 B-/NR C10 - EUR Capital SPV, Ltd., BVI,
6.277%, 5/29/49 1,777,513
1,047,000 6.28 B-/BBB- C10 Capital SPV, Ltd., Floating Rate Note,
12/31/49 721,296
3,271,000 NR/WR Industrias Unidas,
11.5%, 11/15/16 (144A) (e) 2,465,516
2,940,000 BB/B2 USG Corp., 9.75%, 8/1/14 (144A) 3,072,300
--------------
$ 12,799,430
- ---------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Global High Yield Fund | Annual Report | 10/31/10 29
Schedule of Investments | 10/31/10 (continued)
- ------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate (d) Ratings Value
- ------------------------------------------------------------------------------------------------
Construction & Engineering -- 0.7%
2,625,000 BB-/Ba3 Dycom Industries, 8.125%, 10/15/15 $ 2,690,625
6,575,000 B/B2 Esco Corp., 8.625%, 12/15/13 (144A) 6,772,250
370,000 6.65 B/B2 Esco Corp., Floating Rate Note,
12/15/13 (144A) 356,125
9,175,000 B+/Caa1 New Enterprise Stone & Lime Co.,
11.0%, 9/1/18 8,762,125
--------------
$ 18,581,125
- ------------------------------------------------------------------------------------------------
Construction & Farm Machinery & Heavy Trucks -- 1.4%
1,075,000 B/B2 Accuride Corp., 9.5%, 8/1/18 $ 1,171,750
3,840,000 B+/Caa1 American Railcar Industries, Inc.,
7.50%, 3/1/14 3,888,000
13,500,000 BB+/Ba3 Case New Holland, Inc.,
7.875%, 12/1/17 (144A) 15,086,250
8,918,000 CCC/Caa3 Commercial Vehicle Group, Inc.,
8.0%, 7/1/13 8,115,380
3,480,000 CCC/Caa2 Greenbrier Co., Inc., 8.375%, 5/15/15 3,462,600
1,883,000 B/B3 Hawk Corp., 8.75%, 11/1/14 1,951,259
4,290,000 B+/B1 Titan International, Inc.,
7.875%, 10/1/17 4,461,600
--------------
$ 38,136,839
- ------------------------------------------------------------------------------------------------
Electrical Component & Equipment -- 0.5%
10,825,000 B/B3 Coleman Cable, Inc., 9.0%, 2/15/18 $ 11,325,656
1,540,000 B/B3 WireCo WorldGroup, 9.5%, 5/15/17 1,624,700
--------------
$ 12,950,356
- ------------------------------------------------------------------------------------------------
Industrial Conglomerates -- 0.4%
3,590,000 B-/NA CIA Latino Americano de Medicamentos,
9.75%, 5/10/12 $ 3,518,200
6,260,000 NR/Ca Little Traverse Bay Bands of Odawa
Indians, 10.25%, 2/15/14 (144A) (e) 2,136,225
4,768,000 CCC+/Caa1 Park-Ohio Industries, Inc.,
8.375%, 11/15/14 4,768,000
--------------
$ 10,422,425
- ------------------------------------------------------------------------------------------------
Industrial Machinery -- 1.3%
7,800,000 B+/B1 Altra Holdings, Inc., 8.125%, 12/1/16 $ 8,160,750
5,322,000 NR/WR Indalex Holdings Finance, Inc.,
11.5%, 2/1/14 (e) 41,512
5,080,000 B/B3 Liberty Tire Recycling, 11.0%, 10/1/16 5,289,550
10,857,000 CCC+/B3 Mueller Water Products, 7.375%, 6/1/17 9,825,585
12,375,000 B+/Aaa WPE International, 10.375%, 9/30/20 12,313,125
--------------
$ 35,630,522
- ------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
30 Pioneer Global High Yield Fund | Annual Report | 10/31/10
- --------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate (d) Ratings Value
- --------------------------------------------------------------------------------------------------
Trading Companies & Distributors -- 0.5%
2,325,000 B/B3 Avis Budget Car Rental LLC,
7.75%, 5/15/16 $ 2,354,063
9,940,000 B-/B3 Intcomex, Inc., 13.25%, 12/15/14 10,523,975
1,171,000 B/B1 Wesco Distribution, Inc.,
7.50%, 10/15/17 1,194,420
--------------
$ 14,072,458
--------------
Total Capital Goods $ 177,960,686
- --------------------------------------------------------------------------------------------------
COMMERCIAL SERVICES & SUPPLIES -- 0.6%
Commercial Printing -- 0.1%
990,000 B/B2 Sheridan Acquisition Corp.,
10.25%, 8/15/11 $ 985,050
- --------------------------------------------------------------------------------------------------
Diversified Support Services -- 0.4%
13,050 NR/B3 MSX International, Inc.,
12.5%, 4/1/12 (144A) $ 11,484,000
- --------------------------------------------------------------------------------------------------
Environmental & Facilities Services -- 0.1%
6,510,000 NR/WR Aleris International Inc.,
10.0%, 12/15/16 (e) $ 32,550
2,110,000 NR/WR Aleris International Inc.,
9.0%, 12/15/14 (e) 211
3,022,531 CCC+/Caa1 New Reclamation Group Pty., Ltd.,
8.125%, 2/1/13 (144A) 3,590,966
--------------
$ 3,623,727
--------------
Total Commercial Services & Supplies $ 16,092,777
- --------------------------------------------------------------------------------------------------
TRANSPORTATION -- 1.5%
Air Freight & Couriers -- 0.6%
2,275,000 B/B2 AMGH Merger Sub, Inc., 9.25%, 11/1/18 $ 2,354,625
1,095,000 CCC-/Caa3 CEVA Group Plc, 10.0%, 12/1/16 (144A) 1,316,148
8,811,000 CCC/Caa1 CEVA Group Plc, 11.5%, 4/1/18 (144A) 9,383,715
2,445,000 CCC/Caa1 CEVA Group Plc, 11.625%, 10/1/16 2,646,713
--------------
$ 15,701,201
- --------------------------------------------------------------------------------------------------
Airlines -- 0.7%
468,619 B/B1 Continental Airline Inc., 8.499%, 5/1/11 $ 482,444
2,147,000 BB-/Ba2 Delta Air Lines, Inc., 9.5%, 9/15/14 2,361,700
12,163,000 B+/Ba3 GOL Finance LLP,
9.25%, 7/20/20 (144A) (b) 12,771,150
1,903,451 BBB+/Ba1 United Air Lines, Inc., 9.75%, 1/15/17 2,236,555
--------------
$ 17,851,849
- --------------------------------------------------------------------------------------------------
Trucking -- 0.2%
6,125,000 B/B3 Syncreon Global Ireland, Ltd.,
9.5%, 5/1/18 $ 6,339,375
--------------
Total Transportation $ 39,892,425
- --------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Global High Yield Fund | Annual Report | 10/31/10 31
Schedule of Investments | 10/31/10 (continued)
- --------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate (d) Ratings Value
- --------------------------------------------------------------------------------------------------
AUTOMOBILES & COMPONENTS -- 1.7%
Auto Parts & Equipment -- 1.6%
2,525,000 CCC+/Caa2 Allison Transmission, Inc.,
11.25%, 11/1/15 (144A) $ 2,736,469
1,510,000 BB+/B1 Lear Corp., 8.125%, 3/15/20 (b) 1,679,875
16,550,000 12.00 CCC-/Caa3 Stanadyne Corp., Floating Rate Note,
2/15/2015 14,977,750
4,265,000 CCC/Caa1 Stanadyne Corp., 10%, 8/15/14 4,222,350
3,000,000 B/B2 Tenneco, Inc., 7.75%, 8/15/18 (144A) 3,202,500
12,260,000 B+/B1 Tower Automotive Holdings USA,
10.625%, 9/1/17 (b) 12,873,000
2,435,000 BB/B3 TRW Automotive, Inc., 8.875%, 12/1/17 2,702,850
--------------
$ 42,394,794
- --------------------------------------------------------------------------------------------------
Tires & Rubber -- 0.1%
1,545,000 B+/B1 Goodyear Tire & Rubber Co.,
10.5%, 5/15/16 (b) $ 1,769,025
800,000 B+/B1 Goodyear Tire & Rubber Co.,
8.25%, 8/15/20 852,000
--------------
$ 2,621,025
--------------
Total Automobiles & Components $ 45,015,819
- --------------------------------------------------------------------------------------------------
CONSUMER DURABLES & APPAREL -- 2.0%
Homebuilding -- 0.8%
8,750,000 CCC/Caa2 Beazer Homes USA Inc.,
9.125%, 6/15/18 $ 8,509,375
7,435,000 BB-/Ba3 Desarrolladora Homex SAB de CV,
9.5%, 12/11/19 (144A) 8,596,719
1,600,000 B+/B1 Meritage Homes Corp., 6.25%, 3/15/15 1,608,000
867,000 NR/Ba3 Urbi Desarrollos Urbanos SAB de CV,
9.5%, 1/21/20 1,010,055
--------------
$ 19,724,149
- --------------------------------------------------------------------------------------------------
Housewares & Specialties -- 1.0%
6,075,000 B/Caa1 Reynolds Group Issuer, Inc., 9%, 4/15/19 $ 6,310,406
7,490,000 B-/Caa1 Reynolds Group Issuer, Inc.,
8.5%, 5/15/18 (144A) 7,658,525
2,000,000 B-/B3 Yankee Acquisition Corp.,
8.5%, 2/15/15 (b) 2,077,500
11,165,000 CCC+/Caa1 Yankee Acquisition Corp.,
9.75%, 2/15/17 (b) 11,639,513
--------------
$ 27,685,944
- --------------------------------------------------------------------------------------------------
Leisure Products -- 0.2%
5,000,000 B/B2 ICON Health & Fitness, Inc.,
11.875%, 10/15/16 $ 4,950,000
--------------
Total Consumer Durables & Apparel $ 52,360,093
- --------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
32 Pioneer Global High Yield Fund | Annual Report | 10/31/10
- -----------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate (d) Ratings Value
- -----------------------------------------------------------------------------------------------------
CONSUMER SERVICES -- 2.2%
Casinos & Gaming -- 1.8%
9,750,000 NR/WR Buffalo Thunder Resort & Casino,
9.375%, 12/15/14 (e) $ 2,535,000
8,515,000 B/B2 Codere Finance SAB de CV,
8.25%, 6/15/15 (144A) 11,979,926
8,640,000 8.25 BB/Ba3 Lottomatica SpA, Floating Rate Note,
3/31/66 (144A) 12,341,880
5,965,000 NR/WR Mashantucket Pequot Tribe, 8.5%,
11/15/15 (144A) (e) 835,100
EURO 6,335,000 B/B3 Peermont Global, Ltd.,
7.75%, 4/30/14 (144A) 8,120,587
4,631,000 B/Caa1 Pinnacle Entertainment, Inc.,
8.75%, 5/15/20 4,625,211
1,850,000 BB-/B1 Scientific Games Corp., 7.875%, 6/15/16 1,905,500
3,500,000 BB-/B1 Scientific Games International, Inc.,
8.125%, 9/15/18 3,657,500
1,725,000 CCC/Caa2 Shingle Springs Tribal Council, Inc.,
9.375%, 6/15/15 (144A) 1,173,000
5,095,000 NR/WR Station Casinos, Inc.,
6.625%, 3/15/18 (e) 611
--------------
$ 47,174,315
- -----------------------------------------------------------------------------------------------------
Hotels, Resorts & Cruise Lines -- 0.2%
4,977,000 B+/B2 Grupo Posadas SAB de CV,
9.25%, 1/15/15 (f) $ 4,838,639
- -----------------------------------------------------------------------------------------------------
Leisure Facilities -- 0.0%
1,790,000 B-/B2 Cedar Fair LP/Canada, 9.125%, 8/1/18 $ 1,924,250
- -----------------------------------------------------------------------------------------------------
Restaurants -- 0.2%
5,675,000 B-/Caa1 Blue Acquisition Sub, Inc.,
9.875%, 10/5/18 (b) $ 6,114,813
--------------
Total Consumer Services $ 60,052,017
- -----------------------------------------------------------------------------------------------------
MEDIA -- 3.2%
Advertising -- 0.5%
5,549,000 B+/B2 MDC Partners, Inc.,
11.0%, 11/1/16 (144A) $ 6,159,390
10,950,000 B-/Caa2 Sitel LLC/Sitel Finance Corp.,
11.5%, 4/1/18 8,842,125
--------------
$ 15,001,515
- -----------------------------------------------------------------------------------------------------
Broadcasting -- 2.4%
4,200,000 B/B2 CCO Holdings LLC/CCO Holdings Capital
Corp., 7.25%, 10/30/17 $ 4,336,500
2,680,000 B/B1 Entravision Communications Corp.,
8.75%, 8/1/17 2,870,950
7,993,000 B/B1 Hughes Network Systems LLC,
9.5%, 4/15/14 8,332,703
The accompanying notes are an integral part of these financial statements.
Pioneer Global High Yield Fund | Annual Report | 10/31/10 33
Schedule of Investments | 10/31/10 (continued)
- -------------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate (d) Ratings Value
- -------------------------------------------------------------------------------------------------------
Broadcasting -- (continued)
840,000 B/B1 Hughes Network Systems LLC,
9.5%, 4/15/14 $ 875,700
14,584,716 CCC+/Caa3 Intelsat Bermuda, Ltd., 11.5%, 2/4/17 15,769,724
9,250,000 B-/B2 Nara Cable Funding, Ltd.,
8.875%, 12/1/18 12,853,345
2,285,000 B-/Caa1 Telesat Canada/Telesat LLC,
11.0%, 11/1/15 2,564,913
4,245,000 B-/Caa1 Telesat Canada/Telesat LLC,
12.5%, 11/1/17 5,009,100
10,645,315 CCC/Caa2 Univision Communications, Inc.,
9.75%, 3/15/15 PIK (144A) 11,297,341
--------------
$ 63,910,276
- -------------------------------------------------------------------------------------------------------
Publishing -- 0.3%
6,135,000 B-/Caa1 Interactive Data Corp., 10.25%, 8/1/18 $ 6,746,046
--------------
Total Media $ 85,657,837
- -------------------------------------------------------------------------------------------------------
RETAILING -- 1.8%
Apparel Retail -- 0.0%
EURO 525,000 8.21 B/B2 Edcon Holdings (Proprietary), Ltd., Floating
Rate Note, 6/15/14 (144A) $ 603,673
- -------------------------------------------------------------------------------------------------------
Automotive Retail -- 0.0%
1,432,000 B-/Caa1 Sonic Automotive, Inc.,
9.0%, 3/15/18 (b) $ 1,501,810
- -------------------------------------------------------------------------------------------------------
Department Stores -- 0.5%
12,220,000 B/NR Grupo Famsa SAB de CV,
11.0%, 7/20/15 $ 12,409,043
- -------------------------------------------------------------------------------------------------------
Distributors -- 1.0%
17,006,000 B-/B3 Minerva Overseas II, Ltd.,
10.875%, 11/15/19 (144A) $ 18,175,163
7,131,000 B-/B3 Minerva Overseas II, Ltd.,
10.875%, 11/15/19 (144A) 7,594,515
--------------
$ 25,769,678
- -------------------------------------------------------------------------------------------------------
Internet Retail -- 0.3%
7,415,000 B/B1 Ticketmaster, 10.75%, 8/1/16 $ 8,212,113
--------------
Total Retailing $ 48,496,317
- -------------------------------------------------------------------------------------------------------
FOOD & DRUG RETAILING -- 0.4%
Food Distributors -- 0.4%
9,421,000 BB-/B2 C&S Group Enterprise LLC,
8.375%, 5/1/17 (144A) (b) $ 9,421,000
--------------
Total Food & Drug Retailing $ 9,421,000
- -------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
34 Pioneer Global High Yield Fund | Annual Report | 10/31/10
- ------------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate (d) Ratings Value
- ------------------------------------------------------------------------------------------------------
FOOD, BEVERAGE & TOBACCO -- 4.2%
Agricultural Products -- 0.4%
5,000,000 BB/Ba3 Cosan SA Industria e Comercio,
8.25%, 2/15/49 (144A) $ 5,031,250
4,959,000 B+/B3 Southern States Cooperative, Inc.,
11.25% 5/15/15 5,256,540
--------------
$ 10,287,790
- ------------------------------------------------------------------------------------------------------
Brewers -- 0.0%
120,000 BBB+/A3 Cia Brasileira de Bebida, 8.75%, 9/15/13 $ 142,050
- ------------------------------------------------------------------------------------------------------
Distillers & Vintners -- 0.4%
EURO 4,009,922 NA/NA Belvedere SA, 7.692%, 4/11/14 (e) $ 1,175,690
8,112,000 B+/B1 CEDC Finance Corp. International, Inc.,
9.125%, 12/1/16 (144A) 8,760,960
--------------
$ 9,936,650
- ------------------------------------------------------------------------------------------------------
Packaged Foods & Meats -- 2.7%
6,000,000 NR/B1 Bertin, Ltd., 10.25%, 10/5/16 (144A) $ 6,694,200
12,305,000 NR/B2 Corporacion Pesquera Inca SA,
9.0%, 2/10/17 (144A) 12,966,394
7,158,000 NA/B2 Fabrica de Productos Alimenticios Vigor
SA, 9.25%, 2/23/17 (144A) 7,234,469
9,500,000 B-/B3 FAGE Dairy Industry SA,
9.875%, 2/1/20 (144A) 9,096,250
2,969,595 NR/NR Independencia International, Ltd.,
12.0%, 12/30/16 (144A) (e) 89,088
9,590,000 BB/B1 JBS Finance II, Ltd., 8.25%, 1/29/18 10,141,425
20,248,000 B+/B1 Marfrig Overseas, Ltd.,
9.5%, 5/4/20 (144A) 21,715,980
3,783,000 B+/B1 Marfrig Overseas, Ltd.,
9.625%, 11/16/16 (144A) 4,090,369
--------------
$ 72,028,175
- ------------------------------------------------------------------------------------------------------
Tobacco -- 0.7%
17,855,000 B+/B2 Alliance One International, Inc.,
10.0%, 7/15/16 $ 19,640,500
--------------
Total Food, Beverage & Tobacco $ 112,035,165
- ------------------------------------------------------------------------------------------------------
HOUSEHOLD & PERSONAL PRODUCTS -- 0.5%
Household Products -- 0.1%
2,415,000 B/B1 Cellu Tissue Holdings, Inc.,
11.5%, 6/1/14 $ 2,813,475
- ------------------------------------------------------------------------------------------------------
Personal Products -- 0.4%
1,800,000 B/B3 NBTY, Inc., 9.0%, 10/1/18 $ 1,912,500
The accompanying notes are an integral part of these financial statements.
Pioneer Global High Yield Fund | Annual Report | 10/31/10 35
Schedule of Investments | 10/31/10 (continued)
- -------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate (d) Ratings Value
- -------------------------------------------------------------------------------------------------
Personal Products -- (continued)
9,305,000 B-/B3 Revlon Consumer Products Corp.,
9.75%, 11/15/15 $ 9,700,463
--------------
$ 11,612,963
--------------
Total Household & Personal Products $ 14,426,438
- -------------------------------------------------------------------------------------------------
HEALTH CARE EQUIPMENT & SERVICES -- 2.0%
Health Care Equipment -- 0.4%
8,850,000 CCC+/Caa2 Accellent, Inc., 10.5%, 12/1/13 $ 8,783,625
2,871,000 B+/B1 Accellent, Inc., 8.375%, 2/1/17 3,028,905
--------------
$ 11,812,530
- -------------------------------------------------------------------------------------------------
Health Care Facilities -- 0.1%
1,903,000 B/B3 Capella Healthcare, Inc., 9.25%, 7/1/17 $ 2,074,270
- -------------------------------------------------------------------------------------------------
Health Care Services -- 1.3%
6,914,000 B-/B3 BioScrip, Inc., 10.25%, 10/1/15 $ 7,311,555
7,903,000 B-/B2 Gentiva Health Services, Inc.,
11.5%, 9/01/18 8,634,028
7,125,000 CCC+/Caa1 Surgical Care Affiliates LLC,
10.0%, 7/15/17 (144A) 7,338,750
10,447,362 B-/B3 Surgical Care Affiliates LLC,
8.875%, 7/15/15 (144A) (PIK) 10,734,664
--------------
$ 34,018,997
- -------------------------------------------------------------------------------------------------
Health Care Supplies -- 0.2%
580,000 B-/B3 Alere, Inc., 9.0%, 5/15/16 $ 619,150
5,550,000 B-/B2 Inverness Medical Innovations, Inc.,
7.875%, 2/1/16 5,813,625
--------------
$ 6,432,775
--------------
Total Health Care Equipment & Services $ 54,338,572
- -------------------------------------------------------------------------------------------------
PHARMACEUTICALS & BIOTECHNOLOGY -- 1.0%
Biotechnology -- 0.4%
10,302,000 B+/B2 Lantheus Medical Imaging, Inc.,
9.75%, 5/15/17 (144A) $ 10,765,590
- -------------------------------------------------------------------------------------------------
Life Sciences Tools & Services -- 0.6%
9,461,554 B/Caa1 Catalent Pharma Solutions,
9.5%, 4/15/17 (144A) $ 9,603,477
6,423,000 B+/B3 PharmaNet Development Group, Inc.,
10.875%, 4/15/17 6,679,920
--------------
$ 16,283,397
--------------
Total Pharmaceuticals & Biotechnology $ 27,048,987
- -------------------------------------------------------------------------------------------------
BANKS -- 2.2%
Diversified Banks -- 2.0%
2,000,000 0.00 BB+/Ba1 Alfa-Bank Diversified Payment Rights
Finance Co. SA, Floating Rate Note,
12/15/11 (144A) $ 1,899,990
The accompanying notes are an integral part of these financial statements.
36 Pioneer Global High Yield Fund | Annual Report | 10/31/10
- ------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate (d) Ratings Value
- ------------------------------------------------------------------------------------------------
Diversified Banks -- (continued)
6,430,000 NR/NR Asian Development Bank, 14.0%, 8/7/12 $ 5,002,936
3,360,000 NR/Ba1 ATF Bank, 9.0%, 5/11/16 (144A) 3,649,800
6,875,000 BB/NR Banco de Credito del Peru,
9.75%, 11/6/69 8,250,000
4,284,000 NR/Ba2 Banco Industrial SA, 8.5%, 4/27/20 4,616,010
2,870,000 NR/B2 Banco Macro SA, 9.75%, 12/18/36 (b) 2,812,600
6,230,000 8.23 NR/Ba2 Banco Macro SA, Floating Rate Note,
6/7/12 4,532,325
3,880,000 NR/Ba3 CenterCredit International BV,
8.625%, 1/30/14 (144A) 4,083,700
10,450,000 AAA/NR International Finance Corp.,
9.25%, 3/15/13 6,196,119
268,495 B/NR JSC Temirbank, 14.0%, 6/30/22 303,399
2,750,000 9.20 CCC/Caa1 Kazkommerts Finance 2 BV, Floating Rate
Note, 11/29/49 2,172,500
1,400,000 B/Ba3 Kazkommerts International BV,
8.0%, 11/3/15 1,333,500
7,150,000 BBB+/Baa2 Societe Generale, 8.75%, 10/29/49 7,632,625
--------------
$ 52,485,504
- ------------------------------------------------------------------------------------------------
Regional Banks -- 0.2%
3,165,000 0.00 NR/Ba3 Banco Interamericano de Desarrollo,
Floating Rate Note, 4/23/70 (144A) $ 3,366,769
2,675,000 0.00 A-/Ba1 Wells Fargo & Co., Floating Rate Note,
12/29/49 2,775,313
--------------
$ 6,142,082
--------------
Total Banks $ 58,627,586
- ------------------------------------------------------------------------------------------------
DIVERSIFIED FINANCIALS -- 4.5%
Asset Management & Custody Banks -- 0.3%
3,320,000 BB+/Baa3 Janus Capital Group, Inc.,
6.95%, 6/15/17 $ 3,476,983
4,300,000 B+/B1 Pinafore LLC/Pinafore, Inc.,
9.0%, 10/1/18 4,601,000
--------------
$ 8,077,983
- ------------------------------------------------------------------------------------------------
Consumer Finance -- 0.1%
3,030,000 B+/B2 TMX Finance LLC,
13.25%, 7/15/15 (144A) $ 3,336,788
- ------------------------------------------------------------------------------------------------
Diversified Finance Services -- 0.9%
3,900,000 B+/Ba1 Alfa-Bank OJSC Via Alfa Bond Inc.,
7.875%, 9/25/17 $ 3,939,390
4,410,796 NR/NR BTA Bank JSC, 0.0%, 7/1/20 (144A) 319,783
2,135,047 NR/NR BTA Bank JSC, 10.75%, 7/1/18 (144A) 2,396,590
483,765 NR/NR BTA Bank JSC, 7.2%, 7/1/25 (144A) 380,965
2,000,000 6.66 BB+/NR Caelus Re II, Ltd., Floating Rate Note,
5/24/13 2,030,400
The accompanying notes are an integral part of these financial statements.
Pioneer Global High Yield Fund | Annual Report | 10/31/10 37
Schedule of Investments | 10/31/10 (continued)
- --------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate (d) Ratings Value
- --------------------------------------------------------------------------------------------------
Diversified Finance Services -- (continued)
16,410,000 AAA/Aaa European Investment Bank, 0.0%, 3/2/15 $ 8,091,066
280,000 AAA/Aaa European Investment Bank,
10.0%, 9/10/13 206,381
1,135,000 BB/NR Ibis Re, Ltd., 11.2775%, 5/10/12 1,232,837
250,000 0.00 B+/NR Ibis Re, Ltd., Floating Rate Note,
5/3/13 (144A) 250,800
1,500,000 6.20 BB/NR Ibis Re, Ltd., Floating Rate Note,
5/3/13 (144A) 1,514,100
500,000 7.07 NR/B1 Nelson Re, Ltd., Floating Rate Note,
6/6/11 493,850
250,000 13.16 B-/NR Residential Reinsurance 2010, Ltd.,
Floating Rate Note, 6/6/13 (144A) 260,250
2,065,000 B/B2 Ziggo Bond Co. BV, 8.0%, 5/15/18 2,969,852
--------------
$ 24,086,264
- --------------------------------------------------------------------------------------------------
Investment Banking & Brokerage -- 1.3%
15,063,000 B+/B2 Berau Capital Resources Pte., Ltd.,
12.5%, 7/8/15 (144A) $ 17,341,279
20,515,000 5.79 BBB/Baa2 Goldman Sachs Capital Partners, Floating
Rate Note, 12/29/49 17,617,256
--------------
$ 34,958,535
- --------------------------------------------------------------------------------------------------
Specialized Finance -- 1.9%
6,360,000 BBB/Baa3 Cantor Fitzgerald LP, 7.875%, 10/15/19 $ 6,642,084
2,700,000 BB/Baa3 Capital One Capital V, 10.25%, 8/15/39 2,929,500
2,000,000 BBB-/Baa2 Glencore Finance Europe, 8.0%, 2/28/49 2,016,000
1,700,000 13.54 B-/NR Montana Re, Ltd., Floating Rate Note,
12/7/12 1,730,770
9,315,000 B+/B2 National Money Mart Co.,
10.375%, 12/15/16 10,153,350
18,900,000 CCC/Caa2 NCO Group, Inc., 11.875%, 11/15/14 16,065,000
9,825,000 7.68 CCC/Caa1 NCO Group, Inc., Floating Rate Note,
11/15/13 7,909,125
750,000 B-/NR Successor X, Ltd., Cat Bond,
0.0%, 12/9/10 741,900
250,000 CC/NR Successor X, Ltd., Cat Bond,
11.87982%, 4/4/13 226,700
2,100,000 B-/NR Successor X, Ltd., Cat Bond,
9.87982%, 4/4/13 1,941,450
--------------
$ 50,355,879
--------------
Total Diversified Financials $ 120,815,449
- --------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
38 Pioneer Global High Yield Fund | Annual Report | 10/31/10
- -----------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate (d) Ratings Value
- -----------------------------------------------------------------------------------------------------
INSURANCE -- 3.0%
Insurance Brokers -- 1.3%
11,140,000 CCC/Caa1 Alliant Holdings, Inc.,
11.0%, 5/1/15 (144A) $ 11,710,925
11,241,000 CCC+/Caa1 HUB International Holdings, Inc.,
10.25%, 6/15/15 (144A) 11,269,103
4,300,000 CCC+/B3 HUB International Holdings, Inc.,
9.0%, 12/15/14 (144A) 4,337,625
4,841,000 CCC/Caa1 USI Holdings Corp.,
9.75%, 5/15/15 (144A) 4,853,103
4,532,000 6.68 CCC/B3 USI Holdings Corp., Floating Rate Note,
11/15/14 3,920,180
--------------
$ 36,090,936
- -----------------------------------------------------------------------------------------------------
Life & Health Insurance -- 0.2%
5,230,000 BBB+/Baa3 Prudential Financial, Inc.,
8.875%, 6/15/38 $ 6,014,500
- -----------------------------------------------------------------------------------------------------
Multi-Line Insurance -- 0.6%
3,570,000 BB/Baa3 Liberty Mutual Group, Inc.,
7.0%, 3/15/37 (144A) $ 3,343,523
8,500,000 10.75 BB/Baa3 Liberty Mutual Group, Inc., Floating Rate
Note, 6/15/58 (144A) 10,540,000
770,531 BB-/NR Sul America Participacoes SA,
8.625%, 2/15/12 807,131
--------------
$ 14,690,654
- -----------------------------------------------------------------------------------------------------
Reinsurance -- 0.9%
1,375,000 15.20 B-/NR Atlas Reinsurance Plc, Cat Bond, Floating
Rate Note, 1/10/11 (144A) $ 1,909,486
1,875,000 7.19 BB+/NR Blue Finance, Ltd., Floating Rate Note,
4/10/12 1,803,000
250,000 13.79 BB-/NR Blue Finance, Ltd., Cat Bond, Floating
Rate Note, 4/16/12 (144A) 267,550
1,000,000 8.92 BB/NR Caelus Re, Ltd., Floating Rate Note,
6/7/11 1,014,500
2,550,000 18.03 B-/NR Carillon, Ltd., Floating Rate Note,
1/10/11 2,611,455
2,500,000 5.91 BB+/A2 Foundation Re III, Ltd., Cat Bond, Floating
Rate Note, 2/3/14 2,513,250
2,600,000 12.03 NR/B3 Globecat, Ltd., Cat Bond Floating Rate
Note, 1/2/13 (144A) 2,513,160
375,000 8.78 NR/B1 Globecat, Ltd., Cat Bond, Floating Rate
Note, 1/2/13 (144A) 380,063
1,000,000 8.56 BB+/NR Green Valley, Ltd., Floating Rate Note,
1/10/11 (144A) 1,381,769
1,900,000 1.88 BB+/NR Merna Reinsurance, Ltd., Floating Rate
Note, 4/8/13 1,921,090
250,000 B/NR MultiCat Mexico 2009, 12.0%, 10/19/12 266,775
The accompanying notes are an integral part of these financial statements.
Pioneer Global High Yield Fund | Annual Report | 10/31/10 39
Schedule of Investments | 10/31/10 (continued)
- -----------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate (d) Ratings Value
- -----------------------------------------------------------------------------------------------------
Reinsurance -- (continued)
750,000 B/NR MultiCat Mexico 2009, 12.0%, 10/19/12 $ 801,675
250,000 B/NR MultiCat Mexico 2009, 10.4%, 10/19/12 266,775
250,000 BB-/NR MultiCat Mexico 2009, 12.0%, 10/19/12 264,200
325,000 7.20 NR/Ba2 Muteki, Ltd., Cat Bond, Floating Rate Note,
5/24/11 325,683
1,800,000 12.25 BB/NR Mystic Re, Ltd., Floating Rate Note,
3/20/12 1,936,440
750,000 10.30 BB-/NR Mystic Re, Ltd., Floating Rate Note,
6/7/11 789,525
435,000 7.45 BB+/NA Newton Re, Ltd., Cat Bond, Floating Rate
Note, 12/24/10 (144A) 435,609
745,000 9.75 BB/NA Newton Re, Ltd., Cat Bond, Floating Rate
Note, 12/24/10 (144A) 750,364
1,900,000 14.15 B-/NA Residential Re, Ltd., Floating Rate Note,
6/6/11 1,995,950
--------------
$ 24,148,319
--------------
Total Insurance $ 80,944,409
- -----------------------------------------------------------------------------------------------------
REAL ESTATE -- 1.0%
Diversified Real Estate Activities -- 0.2%
5,590,000 BB-/NR BR Malls International Finance, Ltd.,
9.75%, 12/31/49 (144A) $ 5,942,170
- -----------------------------------------------------------------------------------------------------
Real Estate Operating Companies -- 0.7%
6,750,000 B-/B Alto Palermo SA,
7.875%, 5/11/17 (144A) $ 6,313,032
4,479,421 8.43 B-/NR Alto Palermo SA, Floating Rate Note,
6/11/12 (144A) 1,939,589
1,500,000 B-/NR IRSA Inversiones y Representaciones SA,
11.5%, 7/20/20 1,681,500
8,405,000 B-/NA IRSA Inversiones y Representaciones SA,
8.5%, 2/2/17 (144A) (b) 8,362,975
--------------
$ 18,297,096
- -----------------------------------------------------------------------------------------------------
Specialized Real Estate Investment Trust -- 0.1%
1,650,000 B/B2 Sabra Health Care LP/Sabra Capital Corp.,
8.125%, 11/1/18 (b) $ 1,707,750
--------------
Total Real Estate $ 25,947,016
- -----------------------------------------------------------------------------------------------------
SOFTWARE & SERVICES -- 1.6%
Application Software -- 0.3%
9,840,000 CCC+/Caa2 Vangent, Inc., 9.625%, 2/15/15 $ 8,966,700
- -----------------------------------------------------------------------------------------------------
Data Processing & Outsourced Services -- 0.4%
3,650,000 B+/B1 First Data Corp.,
8.875%, 8/15/20 (144A) $ 3,837,063
8,000,000 B-/Caa1 First Data Corp., 9.875%, 9/24/15 6,760,000
--------------
$ 10,597,063
- -----------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
40 Pioneer Global High Yield Fund | Annual Report | 10/31/10
- -------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate (d) Ratings Value
- -------------------------------------------------------------------------------------------------
Internet Software & Services -- 0.3%
6,863,000 B-/B1 Terremark Worldwide, Inc.,
12.0%, 6/15/17 $ 7,875,293
- -------------------------------------------------------------------------------------------------
IT Consulting & Other Services -- 0.3%
7,920,000 CCC/Caa1 Activant Solutions, Inc., 9.5%, 5/1/16 $ 7,613,100
- -------------------------------------------------------------------------------------------------
Systems Software -- 0.3%
11,402,927 NR/NR Pegasus Solutions, Inc.,
13.0%, 4/15/14 PIK (f) $ 8,552,195
--------------
Total Software & Services $ 43,604,351
- -------------------------------------------------------------------------------------------------
TECHNOLOGY HARDWARE & EQUIPMENT -- 0.2%
Electronic Equipment & Instruments -- 0.2%
6,496,000 B/B1 Da-Lite Screen Co., Inc.,
12.5%, 4/1/15 (144A) $ 6,685,034
--------------
Total Technology Hardware & Equipment $ 6,685,034
- -------------------------------------------------------------------------------------------------
SEMICONDUCTORS -- 0.4%
Semiconductor Equipment -- 0.3%
8,540,000 B-/B3 Aeroflex, Inc., 11.75%, 2/15/15 $ 9,265,900
- -------------------------------------------------------------------------------------------------
Semiconductors -- 0.1%
1,770,000 B+/Ba3 Advanced Micro Devices, Inc.,
7.75%, 8/1/20 (144A) $ 1,876,200
--------------
Total Semiconductors $ 11,142,100
- -------------------------------------------------------------------------------------------------
TELECOMMUNICATION SERVICES -- 7.3%
Alternative Carriers -- 1.2%
11,765,000 B/B1 PAETEC Holding Corp.,
8.875%, 6/30/17 (144A) (b) $ 12,676,788
13,606,000 B/B2 Global Crossing, Ltd., 12.0%, 9/15/15 15,544,855
4,500,000 CCC+/Caa1 PAETEC Holding Corp., 9.5%, 7/15/15 (b) 4,758,750
--------------
$ 32,980,393
- -------------------------------------------------------------------------------------------------
Integrated Telecommunication Services -- 4.0%
12,100,000 B/NR Bakrie Telecom Tbk,
11.5%, 5/7/15 (144A) $ 13,219,250
9,690,000 B-/B3 Broadview Networks Holdings, Inc.,
11.375%, 9/1/12 9,496,200
1,360,000 B+/B2 Cincinnati Bell, Inc., 7.0%, 2/15/15 1,370,200
12,067,000 B+/B2 Cincinnati Bell, Inc., 8.25%, 10/15/17 12,248,005
3,760,000 B+/B2 Cincinnati Bell, Inc., 8.375%, 10/15/20 3,760,000
8,378,000 B-/B3 Cincinnati Bell, Inc., 8.75%, 3/15/18 8,105,715
5,440,000 BB/Ba2 Frontier Communications Corp.,
8.5%, 4/15/20 6,283,200
12,160,000 BB/Ba2 Frontier Communications Corp.,
8.75%, 4/15/22 14,136,000
8,702,000 BB-/B2 GCI, Inc., 8.625%, 11/15/19 9,572,200
2,145,000 B-/B3 Global Crossing UK Finance Plc,
10.75%, 12/15/14 2,231,015
The accompanying notes are an integral part of these financial statements.
Pioneer Global High Yield Fund | Annual Report | 10/31/10 41
Schedule of Investments | 10/31/10 (continued)
- -------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate (d) Ratings Value
- -------------------------------------------------------------------------------------------------
Integrated Telecommunication Services -- (continued)
6,460,000 B+/B1 Mastec, Inc., 7.625%, 2/1/17 $ 6,443,850
5,000,000 B+/Ba3 Windstream Corp.,
7.75%, 10/15/20 (144A) 5,300,000
9,795,000 B+/Ba3 Windstream Corp., 8.125%, 9/1/18 10,554,113
4,830,000 B+/Ba3 Windstream Corp., 7.875%, 11/1/17 5,276,775
--------------
$ 107,996,523
- -------------------------------------------------------------------------------------------------
Wireless Telecommunication Services -- 2.1%
3,000,000 CCC+/Caa1 Digicel Group, Ltd., 10.5%, 4/15/18 (b) $ 3,303,750
11,100,000 NR/B1 Digicel, Group, Ltd.,
8.25%, 9/1/17 (144A) (b) 11,668,875
4,400,000 B/B2 MetroPCS Wireless, Inc., 7.875%, 9/1/18 4,719,000
6,650,000 BB/Ba2 MTS International, Inc., 8.625%,
6/22/20 (b) 7,722,313
5,180,000 BB-/B1 NII Capital Corp., 10.0%, 8/15/16 5,872,825
2,000,000 B-/B2 True Move Co., Ltd.,
10.375%, 8/1/14 (144A) 2,155,000
18,455,000 B-/B2 True Move Co., Ltd.,
10.75%, 12/16/13 (144A) 19,931,400
--------------
$ 55,373,163
--------------
Total Telecommunication Services $ 196,350,079
- -------------------------------------------------------------------------------------------------
UTILITIES -- 3.7%
Electric Utilities -- 1.3%
10,585,000 B-/NA CIA de Transporte Energia Transener,
8.875%, 12/15/16 (144A) $ 9,976,363
10,845,000 NR/Ba2 Dubai Electricity & Water Authority,
8.5%, 4/22/15 11,656,119
6,156,000 B-/B2 Empresa Distribuidora Y Comercializadora
Norte SA, 9.75%, 10/25/22 6,407,226
1,079,928 B+/Ba2 FPL Energy National Wind LLC,
6.125%, 3/25/19 (144A) 1,035,090
1,074,740 B+/Ba2 FPL Energy Wind Funding LLC,
6.876%, 6/27/17 (144A) 1,051,902
4,000,000 CCC/Caa2 Texas Competitive Electric Holdings Co.,
Ltd., 15.0%, 4/1/21 (b) 3,940,000
--------------
$ 34,066,700
- -------------------------------------------------------------------------------------------------
Gas Utilities -- 0.3%
9,377,000 B-/B2 Transportadora de Gas del Sur,
7.875%, 5/14/17 (144A) $ 9,248,066
- -------------------------------------------------------------------------------------------------
Independent Power Producer & Energy Traders -- 1.7%
7,170,000 B+/B1 Calpine Corp., 7.875%, 7/31/20 $ 7,510,575
18,160,000 B/Caa1 Foresight Energy LLC,
9.625%, 8/15/17 (144A) 19,431,200
3,990,000 BB-/Ba3 Intergen NV, 9.00%, 6/30/17 (144A) 4,309,200
The accompanying notes are an integral part of these financial statements.
42 Pioneer Global High Yield Fund | Annual Report | 10/31/10
- ---------------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate (d) Ratings Value
- ---------------------------------------------------------------------------------------------------------
Independent Power Producer & Energy
Traders -- (continued)
794,910 NR/Ba1 Juniper Generation LLC,
6.79%, 12/31/14 (144A) $ 754,052
4,300,000 BB-/B1 NRG Energy, Inc., 8.25%, 9/1/20 4,558,000
7,200,000 NR/B2 Star Energy Geotherm, Ltd.,
11.5%, 2/12/15 8,226,000
--------------
$ 44,789,027
- ---------------------------------------------------------------------------------------------------------
Multi-Utilities -- 0.4%
2,496,000 BB/Ba2 NSG Holdings, Inc., 7.75%, 12/15/25 $ 2,268,240
8,022,580 NR/NR Ormat Funding Corp., 8.25%, 12/30/20 7,932,325
--------------
$ 10,200,565
--------------
Total Utilities $ 98,304,358
- ---------------------------------------------------------------------------------------------------------
TOTAL CORPORATE BONDS
(Cost $1,984,698,070) $2,032,766,052
- ---------------------------------------------------------------------------------------------------------
FOREIGN GOVERNMENT OBLIGATIONS -- 1.0%
GOVERNMENT -- 1.0%
Government -- 1.0%
BRL 8,200,000 BBB-/Baa3 Brazilian Government, 10.25%, 1/10/28 $ 5,203,716
15,971,000 B-/B2 City of Buenos Aires,
12.5%, 4/6/15 (144A) 17,847,593
COP 6,986,000,000 BB+/Ba1 Republic of Columbia, 12.0%, 10/22/15 5,090,706
--------------
Total Government $ 28,142,015
- ---------------------------------------------------------------------------------------------------------
TOTAL FOREIGN GOVERNMENT
OBLIGATIONS
(Cost $23,639,518) $ 28,142,015
- ---------------------------------------------------------------------------------------------------------
MUNICIPAL BONDS -- 0.2%
COMMERCIAL SERVICES & SUPPLIES -- 0.0%
Environmental & Facilities Services -- 0.0%
4,400,000 7.29 NR/NR Ohio Air Quality Development, Floating
Rate Note, 6/8/22 (e) (f) $ 460,680
--------------
Total Commercial Services &
Supplies -- 0.0% $ 460,680
- ---------------------------------------------------------------------------------------------------------
GOVERNMENT -- 0.2%
Municipal Airport -- 0.0%
15,000 B/B3 New Jersey Economic Development
Authority Special Facility Revenue,
7.0%, 11/15/30 $ 15,092
- ---------------------------------------------------------------------------------------------------------
Municipal General -- 0.2%
8,875,000 12.00 NR/NR Non-Profit Preferred Funding Trust, Inc.,
Floating Rate Note, 9/15/37 $ 6,020,889
--------------
Total Government $ 6,035,981
- ---------------------------------------------------------------------------------------------------------
TOTAL MUNICIPAL BONDS
(Cost $13,272,250) $ 6,496,661
- ---------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Global High Yield Fund | Annual Report | 10/31/10 43
Schedule of Investments | 10/31/10 (continued)
- ----------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate (d) Ratings Value
- ----------------------------------------------------------------------------------------------------
SENIOR FLOATING RATE LOAN INTERESTS** -- 7.4%
ENERGY -- 0.3%
Coal & Consumable Fuels -- 0.2%
6,000,000 0.00 NR/NR Bumi Resources Tbk, Term Loan, 8/17/13 $ 6,000,000
- ----------------------------------------------------------------------------------------------------
Oil & Gas Equipment & Services -- 0.1%
1,469,495 5.50 NR/NR Aquilex Holdings LLC, Term Loan, 4/1/16 $ 1,456,637
- ----------------------------------------------------------------------------------------------------
Oil & Gas Exploration & Production -- 0.0%
604,373 4.31 B/B3 Venoco, Inc., Term Loan (Second Lien),
5/7/14 $ 572,770
--------------
Total Energy $ 8,029,407
- ----------------------------------------------------------------------------------------------------
MATERIALS -- 0.4%
Diversified Chemical -- 0.1%
1,640,000 7.50 B/B1 Ineos U.S. Finance Corp., Term B2 Facility
Loan, 12/16/13 $ 1,679,633
1,640,000 8.00 B/B1 Ineos U.S. Finance Corp., Term C2 Facility
Loan, 12/16/14 1,679,633
--------------
$ 3,359,266
- ----------------------------------------------------------------------------------------------------
Steel -- 0.3%
7,640,977 8.50 NR/NR Niagara Corp., Term Loan (New),
6/29/14 (f) $ 7,564,567
--------------
Total Materials $ 10,923,833
- ----------------------------------------------------------------------------------------------------
CAPITAL GOODS -- 0.5%
Aerospace & Defense -- 0.3%
3,214,909 4.04 NR/NR DAE Aviation Holdings, Tranche B1 Term
Loan, 7/31/14 $ 3,094,350
494,638 3.54 B-/B1 Hunter Defense Technology, Term Loan,
8/22/14 470,525
3,113,079 4.04 NR/NR Standard Aero, Ltd., Tranche B2 Term
Loan, 7/31/14 2,996,339
534,395 5.50 NR/Ba2 Tasc, Inc., Tranche A Term Loan,
12/18/14 536,844
403,203 5.75 NR/Ba2 Tasc, Inc., Tranche B Term Loan, 12/18/15 406,353
--------------
$ 7,504,411
- ----------------------------------------------------------------------------------------------------
Electrical Component & Equipment -- 0.0%
895,500 5.77 NR/NR Scotsman Industries, Inc., Term Loan,
4/30/16 $ 896,060
- ----------------------------------------------------------------------------------------------------
Industrial Conglomerates -- 0.1%
400,000 0.00 NR/NR Goodman Group Global Group, Inc., Initial
Term Loan (First Lien), 10/28/16 $ 412,000
500,000 0.00 NR/NR Goodman Group Global Group, Inc., Term
Loan (Second Lien), 10/6/17 507,153
1,500,000 6.75 NR/NR Tomkins Plc, Term Loan, 9/29/19 1,519,571
--------------
$ 2,438,724
- ----------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
44 Pioneer Global High Yield Fund | Annual Report | 10/31/10
- ------------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate (d) Ratings Value
- ------------------------------------------------------------------------------------------------------
Industrial Machinery -- 0.1%
1,452,250 6.75 NR/NR SIG Holding AG, European Term Loan,
11/5/15 $ 2,025,543
--------------
Total Capital Goods $ 12,864,738
- ------------------------------------------------------------------------------------------------------
COMMERCIAL SERVICES & SUPPLIES -- 0.2%
Diversified Support Services -- 0.0%
358,133 3.80 BB/Caa1 Rental Service Corp., Initial Term Loan
(Second Lien), 11/30/13 $ 351,597
- ------------------------------------------------------------------------------------------------------
Environmental & Facilities Services -- 0.1%
456,550 6.00 NR/Ba3 Advanced Disposal Services, Inc., Term B
Loan, 1/14/15 $ 459,403
915,000 7.25 BB-/Baa3 Brickman Holdings, Ltd., Tranche B Term
Loan, 10/14/16 925,866
--------------
$ 1,385,269
- ------------------------------------------------------------------------------------------------------
Research & Consulting Services -- 0.1%
2,613,445 7.75 NR/NR Wyle Services Corp., 2010 Incremental
Term Loan, 3/25/16 $ 2,618,894
--------------
Total Commercial Services & Supplies $ 4,355,760
- ------------------------------------------------------------------------------------------------------
TRANSPORTATION -- 0.1%
Air Freight & Couriers -- 0.1%
508,620 3.29 B-/B1 Ceva Group Plc, Additional Pre Funded
Term Loan, 11/4/13 $ 455,639
1,097,295 3.26 NR/B1 Ceva Group Plc, U.S. Term Loan, 11/4/13 985,736
EURO 1,119,618 3.26 B-/B1 Ceva Group Plc, EGL Term Loan, 11/4/13 1,005,790
--------------
$ 2,447,165
--------------
Total Transportation $ 2,447,165
- ------------------------------------------------------------------------------------------------------
AUTOMOBILES & COMPONENTS -- 0.2%
Auto Parts & Equipment -- 0.2%
2,072,293 3.03 BB-/B2 Allison Transmission, Inc., Term Loan,
8/7/14 $ 1,993,101
285,693 2.20 NR/NR Federal Mogul Corp., Tranche C Term Loan,
12/28/15 254,312
559,959 2.20 NR/NR Federal Mogul Corp., Tranche B Term Loan,
12/29/14 498,451
1,737,338 10.50 NR/B3 HHI Holdings LLC, Term Loan, 3/30/15 1,763,398
--------------
$ 4,509,262
--------------
Total Automobiles & Components $ 4,509,262
- ------------------------------------------------------------------------------------------------------
CONSUMER DURABLES & APPAREL -- 0.0%
Apparel, Accessories & Luxury Goods -- 0.0%
544,128 4.75 BBB/Ba2 Phillips-Van Heusen Corp., U.S. Tranche B
Term Loan, 5/6/16 $ 549,695
--------------
Total Consumer Durables & Apparel $ 549,695
- ------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Global High Yield Fund | Annual Report | 10/31/10 45
Schedule of Investments | 10/31/10 (continued)
- ----------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate (d) Ratings Value
- ----------------------------------------------------------------------------------------------------
CONSUMER SERVICES -- 0.4%
Casinos & Gaming -- 0.3%
6,041,904 10.50 NR/NR Gateway Casinos & Entertainment, Ltd.,
Term Facility, 9/16/12 (e) $ 6,057,009
5,590,000 6.03 NR/NR Gateway Casinos & Entertainment, Ltd.,
Term Loan, 7/16/14 (e) 979,997
--------------
$ 7,037,006
- ----------------------------------------------------------------------------------------------------
Education Services -- 0.0%
785,949 2.54 NR/NR Cengage Learning Acquisitions, Inc., Term
Loan, 2.75%, 7/3/14 $ 719,545
- ----------------------------------------------------------------------------------------------------
Restaurants -- 0.1%
2,160,000 6.25 BB+/Ba2 Burger King Holdings, Inc., Tranche B Term
Loan, 10/19/16 $ 2,182,410
--------------
Total Consumer Services $ 9,938,961
- ----------------------------------------------------------------------------------------------------
MEDIA -- 0.4%
Broadcasting -- 0.0%
1,000,000 2.76 NR/NR CCO Holdings LLC, Incremental Term Loan
(Third Lien), 9/6/14 $ 946,250
- ----------------------------------------------------------------------------------------------------
Cable & Satellite -- 0.2%
1,203,164 3.54 NR/NR Charter Communications, Inc., Term C
Loan, 9/6/16 $ 1,183,183
158,574 2.26 NR/NR Charter Communications, Inc., Term B-1
Loan, 3/6/14 155,848
-- 2.51 B+/B1 Knology, Inc., Term Loan, 6/30/12 (g) --
5,303,126 6.76 CCC/B2 WideOpenWest LLC, Series A Term Loan
(New), 6/30/14 5,205,904
--------------
$ 6,544,935
- ----------------------------------------------------------------------------------------------------
Publishing -- 0.2%
3,999,975 6.75 NR/NR Interactive Data Corp., Term Loan,
1/29/17 $ 4,072,875
--------------
Total Media $ 11,564,060
- ----------------------------------------------------------------------------------------------------
FOOD, BEVERAGE & TOBACCO -- 0.6%
Packaged Foods & Meats -- 0.6%
2,800,000 11.25 NR/NR Pierre Foods, Inc., Term Loan
(Second Lien), 9/29/17 $ 2,824,500
13,500,000 7.00 NR/NR Pierre Foods, Inc., Term Loan (First Lien),
9/30/16 13,381,875
--------------
$ 16,206,375
--------------
Total Food, Beverage & Tobacco $ 16,206,375
- ----------------------------------------------------------------------------------------------------
HOUSEHOLD & PERSONAL PRODUCTS -- 0.1%
Household Products -- 0.0%
1,192,500 6.25 NR/NR Reynolds Group Holdings, Ltd.,
Incremental U.S. Term Loan, 5/15/16 $ 1,201,441
- ----------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
46 Pioneer Global High Yield Fund | Annual Report | 10/31/10
- -------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate (d) Ratings Value
- -------------------------------------------------------------------------------------------------
Personal Products -- 0.1%
1,522,350 6.00 NR/NR Revlon Consumer Products Corp., Term
Loan, 3/11/15 $ 1,526,971
--------------
Total Household & Personal Products $ 2,728,412
- -------------------------------------------------------------------------------------------------
HEALTH CARE EQUIPMENT & SERVICES -- 1.1%
Health Care Facilities -- 0.2%
2,985,000 6.50 B+/B1 Ardent Health Services LLC, Term Loan,
9/15/15 $ 2,966,344
3,900,000 7.50 B+/Ba2 Sun HealthCare Group, Inc., Term Loan,
10/18/16 3,868,313
--------------
$ 6,834,657
- -------------------------------------------------------------------------------------------------
Health Care Services -- 0.7%
10,600,000 6.75 BB-/Ba2 Gentiva Health Services, Inc., Term B
Borrowing Loan, 8/17/16 $ 10,675,080
1,546,125 6.50 NR/NR inVentiv Health, Inc., Term B Loan,
8/4/16 1,556,997
4,975,000 7.25 NR/NR Prime Healthcare Services, Inc., Term B
Loan, 4/28/15 4,776,000
766,808 6.00 BB/Ba3 RehabCare Group, Inc., Term B Loan,
11/24/15 770,255
662,933 7.00 CCC/B3 Rural/Metro Operating Co. LLC., Term
Loan, 12/9/14 663,347
--------------
$ 18,441,679
- -------------------------------------------------------------------------------------------------
Health Care Supplies -- 0.2%
4,710,000 4.51 BB/B1 IM U.S. Holding LLC, Term Loan, 6/26/15 $ 4,573,116
--------------
Total Health Care Equipment & Services $ 29,849,452
- -------------------------------------------------------------------------------------------------
PHARMACEUTICALS & BIOTECHNOLOGY -- 0.5%
Biotechnology -- 0.5%
1,500,000 0.00 NR/NR Grifols SA, Foreign Tranche B Term Loan,
10/10/16 $ 2,103,085
575,000 0.00 NR/NR Grifols, Inc., U.S. Tranche B Term Loan,
10/10/16 581,828
167,089 6.50 NR/NR Generic Drug Group, Delayed Draw Term
Loan, 4/8/16 158,316
1,215,190 6.50 NR/NR Generic Drug Group, Term Loan, 4/8/16 1,151,392
2,417,181 6.00 NR/Ba3 Warner Chilcott LLC., Term A Loan,
10/30/14 2,418,019
1,942,927 6.25 NR/Ba3 Warner Chilcott LLC., Term B-2 Loan,
4/30/15 1,954,159
1,213,069 6.25 NR/Ba3 Warner Chilcott Corp., Additional Term
Loan, 4/30/15 1,219,548
1,166,796 6.25 NR/Ba3 Warner Chilcott Corp., Term B-1 Loan,
4/30/15 1,173,541
686,275 6.50 NR/Ba3 Warner Chilcott LLC, Term B-4 Loan,
2/22/16 691,115
The accompanying notes are an integral part of these financial statements.
Pioneer Global High Yield Fund | Annual Report | 10/31/10 47
Schedule of Investments | 10/31/10 (continued)
- ---------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate (d) Ratings Value
- ---------------------------------------------------------------------------------------------------
Biotechnology -- (continued)
2,113,726 6.50 NR/Ba3 Warner Chilcott LLC, Term B-3 Loan,
2/22/16 $ 2,132,024
--------------
$ 13,583,027
--------------
Total Pharmaceuticals & Biotechnology $ 13,583,027
- ---------------------------------------------------------------------------------------------------
DIVERSIFIED FINANCIALS -- 0.1%
Specialized Finance -- 0.1%
3,381,607 3.29 B+/B3 Ace Cash Express, Term Loan, 10/5/13 $ 2,950,452
968,763 7.50 B-/B1 NCO Financial Systems, Term B Advance,
5/15/13 941,315
--------------
$ 3,891,767
--------------
Total Diversified Financials $ 3,891,767
- ---------------------------------------------------------------------------------------------------
INSURANCE -- 1.0%
Insurance Brokers -- 0.6%
2,821,380 3.28 NR/NR Alliant Holdings I, Inc., Term Loan,
8/21/14 $ 2,743,792
749,176 2.79 B/NR HUB International Holdings, Inc., Delayed
Draw Term Loan, 6/13/14 718,731
5,593,612 6.75 B/NR HUB International Holdings, Inc.,
Additional Term Loan, 6/13/14 5,551,660
3,332,908 2.79 B/NR HUB International Holdings, Inc., Initial
Term Loan, 6/13/14 3,197,467
592,347 2.76 B/B2 USI Holdings Corp., Tranche B Term Loan,
5/5/14 555,819
2,861,100 7.00 B/B2 USI Holdings Corp., Series C Term Loan
(New), 5/5/14 2,808,170
--------------
$ 15,575,639
- ---------------------------------------------------------------------------------------------------
Multi-Line Insurance -- 0.4%
4,409,766 2.80 B-/NR AmWins Group, Inc., Initial Term Loan,
6/8/13 $ 4,114,862
6,750,000 5.80 B-/NR AmWins Group, Inc., Initial Term Loan
(Second Lien), 6/19/14 5,771,250
--------------
$ 9,886,112
--------------
Total Insurance $ 25,461,751
- ---------------------------------------------------------------------------------------------------
REAL ESTATE -- 0.0%
Real Estate Development -- 0.0%
1,293,500 7.50 B/Ba3 Ozburn-Hessey Logistics Holding Co., Term
Loan (First Lien), 4/8/16 $ 1,308,860
--------------
Total Real Estate $ 1,308,860
- ---------------------------------------------------------------------------------------------------
SOFTWARE & SERVICES -- 0.7%
Application Software -- 0.1%
3,500,000 NR/Caa1 Vertafore, Inc., Term Loan (Second Lien),
10/29/17 $ 3,529,540
- ---------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
48 Pioneer Global High Yield Fund | Annual Report | 10/31/10
- ----------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate (d) Ratings Value
- ----------------------------------------------------------------------------------------------------
Internet Software & Services -- 0.3%
8,360,000 6.75 NR/NR SAVVIS, Inc., Term Loan, 8/4/16 $ 8,473,905
- ----------------------------------------------------------------------------------------------------
Systems Software -- 0.3%
2,935,625 8.50 CCC+/B1 Allen Systems Group, Inc., Term Loan
(First Lien), 10/18/13 $ 2,951,680
749,020 5.25 BB-/Ba3 Dealer Computer Services, Inc., Term
Loan, 4/21/17 749,878
2,731,275 6.75 B+/B1 Telcordia Technologies, Inc., Term Loan,
4/30/16 2,757,308
--------------
$ 6,458,866
--------------
Total Software & Services $ 18,462,311
- ----------------------------------------------------------------------------------------------------
TECHNOLOGY HARDWARE & EQUIPMENT -- 0.2%
Electronic Equipment & Instruments -- 0.2%
5,219,910 4.51 NR/NR Scitor Corp., Term Loan, 9/26/14 $ 5,141,612
--------------
Total Technology Hardware & Equipment $ 5,141,612
- ----------------------------------------------------------------------------------------------------
TELECOMMUNICATION SERVICES -- 0.3%
Integrated Telecommunication Services -- 0.3%
729,948 3.26 NR/NR Telesat Canada, Inc., U.S. Term II Loan,
10/31/14 $ 718,215
8,498,452 3.26 NR/NR Telesat Canada, Inc., U.S. Term I Loan,
10/31/14 8,361,874
--------------
$ 9,080,089
--------------
Total Telecommunication Services $ 9,080,089
- ----------------------------------------------------------------------------------------------------
UTILITIES -- 0.3%
Electric Utilities -- 0.3%
1,480,050 3.76 B+/B2 Texas Competitive Electric Holdings, Inc.,
Delayed Draw Term Loan, 10/10/14 $ 1,157,562
7,702,652 3.92 B+/B2 Texas Competitive Electric Holdings, Inc.,
Initial Tranche B-2 Term Loan, 10/10/14 6,060,062
--------------
$ 7,217,624
--------------
Total Utilities $ 7,217,624
- ----------------------------------------------------------------------------------------------------
TOTAL SENIOR FLOATING RATE LOAN
INTERESTS
(Cost $202,579,043) $ 198,114,161
- ----------------------------------------------------------------------------------------------------
TEMPORARY CASH INVESTMENTS -- 5.4%
Repurchase Agreements -- 1.3%
3,845,000 NR/Aaa Bank of America, Inc., 0.22%, dated
10/29/10, repurchase price of
$3,845,000 plus accrued interest on
11/1/10 collateralized by $3,910,096
Federal National Mortgage Association,
4.0%, 10/1/40 $ 3,845,000
The accompanying notes are an integral part of these financial statements.
Pioneer Global High Yield Fund | Annual Report | 10/31/10 49
Schedule of Investments | 10/31/10 (continued)
- ---------------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate (d) Ratings Value
- ---------------------------------------------------------------------------------------------------------
Repurchase Agreements -- (continued)
3,845,000 NR/Aaa Bank of America, Inc., 0.2%, dated
10/29/10, repurchase price of
$3,845,000 plus accrued interest on
11/1/10 collateralized by $3,869,940
U.S. Treasury Notes, 3.125%, 5/15/19 $ 3,845,000
3,845,000 NR/Aaa Barclays Plc, 0.18%, dated 10/29/10,
repurchase price of $3,845,000 plus
accrued interest on 11/1/10
collateralized by the following:
$2,710,600 Federal National Mortgage
Association, 4.5%,
6/1/40 - 9/1/40
$1,198,656 Freddie Mac Giant,
4.0%, 10/1/40 3,845,000
3,845,000 NR/Aaa Barclays Plc, 0.18%, dated 10/29/10,
repurchase price of $3,845,000 plus
accrued interest on 11/1/10
collateralized by $3,911,094 U.S. Treasury
Notes, 1.375%, 2/15/12 3,845,000
3,845,000 NR/Aaa BNP Paribas SA, 0.23%, dated
10/29/10, repurchase price of
$3,845,000 plus accrued interest on
11/1/10 collateralized by the following:
$2,384,372 Federal National Mortgage
Association (ARM),
2.673% - 5.446%,
1/1/23 - 10/1/40
$1,526,388 Federal Home Loan
Mortgage Corp., 0.0% - 5.416%,
1/5/36 - 10/1/40 3,845,000
3,845,000 NR/Aaa Deutsche Bank Securities, Inc, 0.22%,
dated 10/29/10, repurchase price of
$3,845,000 plus accrued interest on
11/1/10 collateralized by $3,906,049
Federal National Mortgage Association,
5.0% - 6.0%, 6/1/35-2/1/38 3,845,000
3,845,000 NR/Aaa Deutsche Bank, 0.2%, dated 10/29/10,
repurchase price of $3,845,000 plus
accrued interest on 11/1/10
collateralized by $3,913,587 U.S. Treasury
Notes, 0.875, 1/31/12 3,845,000
3,845,000 NR/Aaa JPMorgan Securities, Inc., 0.22%, dated
10/29/10, repurchase price of
$3,845,000 plus accrued interest on
11/1/10 collateralized by $3,921,916
Freddie Mac Giant 3.5% - 11.5%,
2/1/11 - 3/1/48 3,845,000
The accompanying notes are an integral part of these financial statements.
50 Pioneer Global High Yield Fund | Annual Report | 10/31/10
- --------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate (d) Ratings Value
- --------------------------------------------------------------------------------------------------
Repurchase Agreements -- (continued)
3,845,000 NR/Aaa SG Americas Securities LLC, 0.22%, dated
10/29/10, repurchase price of
$3,845,000 plus accrued interest on
11/1/10 collateralized by the following:
$2,071,667 Federal National Mortgage
Association, 5.5%,
11/1/37 - 12/1/39
$1,835,300 Freddie Mac Giant,
4.5% - 6.5%, 11/1/37 - 11/1/39 $ 3,845,000
- --------------------------------------------------------------------------------------------------
TOTAL REPURCHASE AGREEMENTS
(Cost $34,605,000) $ 34,605,000
- --------------------------------------------------------------------------------------------------
Securities Lending Collateral -- 4.1% (c)
Certificates of Deposit:
3,056,828 Bank of Nova Scotia, 0.37%, 9/29/11 $ 3,056,828
2,139,780 BBVA Group NY, 0.61%, 7/26/11 2,139,780
3,056,828 BNP Paribas Bank NY, 0.38%, 11/8/10 3,056,828
1,528,414 BNP Paribas Bank NY, 0.3%, 1/20/11 1,528,414
3,056,828 Canadian Imperial Bank of Commerce NY,
0.29%, 4/27/11 3,056,828
1,528,414 DNB Nor Bank ASA NY, 0.27%, 11/10/10 1,528,414
3,056,828 Nordea New York, 0.5%, 12/10/10 3,056,828
3,056,828 RoboBank Netherland NV NY,
0.44%, 8/8/11 3,056,828
3,056,828 Royal Bank of Canada NY,
0.26%, 1/21/11 3,056,828
3,056,828 SocGen NY, 0.34%, 11/10/10 3,056,828
1,528,414 Svenska NY, 0.275%, 11/12/10 1,528,414
--------------
28,122,818 $ 28,122,818
- --------------------------------------------------------------------------------------------------
Commercial Paper:
1,834,097 American Honda Finance, 0.28%, 5/4/11 $ 1,834,097
1,228,870 American Honda Finance,
1.04%, 6/20/11 1,228,870
1,124,101 Australia & New Zealand Banking Group,
1.04%, 8/4/11 1,124,101
3,118,209 Caterpillar Financial Services Corp.,
1.04%, 6/24/11 3,118,209
3,362,511 CBA, 0.31%, 1/3/11 3,362,511
2,138,951 CHARFD, 0.31%, 12/14/10 2,138,951
1,833,640 CLIPPR, 0.28%, 12/1/10 1,833,640
2,697,328 FAIRPP, 0.3%, 11/9/10 2,697,328
1,222,438 FASCO, 0.27%, 12/1/10 1,222,438
3,057,192 Federal Home Loan Bank, 0.37%, 6/1/11 3,057,192
1,528,348 GE Corp., 0.34%, 1/26/11 1,528,348
305,513 General Electric Capital Corp.,
0.37%, 6/6/11 305,513
The accompanying notes are an integral part of these financial statements.
Pioneer Global High Yield Fund | Annual Report | 10/31/10 51
Schedule of Investments | 10/31/10 (continued)
- ---------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate (d) Ratings Value
- ---------------------------------------------------------------------------------------------------
Commercial Paper: (continued)
1,222,438 OLDLLC, 0.27%, 12/1/10 $ 1,222,438
1,674,911 OLDLLC, 0.27%, 12/2/10 1,674,911
3,053,517 SEB, 0.0%, 2/7/11 3,053,517
1,527,478 SOCNAM, 0.0%, 1/14/11 1,527,478
1,527,990 SRCPP, 0.27%, 12/6/10 1,527,990
2,293,284 STRAIT, 0.25%, 12/8/10 2,293,284
1,527,589 TBLLC, 0.0%, 1/10/11 1,527,589
1,528,036 TBLLC, 0.27%, 12/2/10 1,528,036
3,056,828 Toyota Motor Credit Corp., 0.44%, 9/8/11 3,056,828
1,862,235 VARFUN, 0.35%, 1/20/11 1,862,234
1,834,156 Wachovia, 0.39%, 3/22/11 1,834,156
1,223,699 Wachovia, 0.42%, 10/15/11 1,223,699
3,056,828 Westpac, 0.31%, 07/29/11 3,056,828
--------------
$ 48,840,186
- ---------------------------------------------------------------------------------------------------
Tri-party Repurchase Agreements:
8,166,072 Barclays Capital Markets,
0.22%, 11/1/10 $ 8,166,072
6,113,656 Deutsche Bank Securities, Inc.,
0.21%, 11/1/10 6,113,656
6,113,656 HSBC Bank USA NA, 0.22%, 11/1/10 6,113,656
3,056,828 RBS Securities, Inc., 0.22%, 11/1/10 3,056,828
--------------
$ 23,450,212
- ---------------------------------------------------------------------------------------------------
Shares
- ---------------------------------------------------------------------------------------------------
Money Market Mutual Funds:
3,056,828 BlackRock Liquidity Temporary Cash Fund $ 3,056,828
3,056,828 Dreyfus Preferred Money Market Fund 3,056,828
3,056,828 Fidelity Prime Money Market Fund 3,056,828
--------------
$ 9,170,484
--------------
TOTAL SECURITIES LENDING $ 109,583,700
- ---------------------------------------------------------------------------------------------------
TOTAL TEMPORARY CASH INVESTMENTS
(Cost $144,188,770) $ 144,188,700
- ---------------------------------------------------------------------------------------------------
TOTAL INVESTMENT
IN SECURITIES -- 102.0%
(Cost $2,667,572,423) (a)(g) $2,740,436,978
- ---------------------------------------------------------------------------------------------------
OTHER ASSETS AND
LIABILITIES -- (2.0)% $ (52,646,979)
- ---------------------------------------------------------------------------------------------------
TOTAL NET ASSETS -- 100.0% $2,687,789,999
===================================================================================================
* Non-income producing security.
(A.D.R.) American Depositary Receipt
The accompanying notes are an integral part of these financial statements.
52 Pioneer Global High Yield Fund | Annual Report | 10/31/10
NR Not rated by either S&P or Moody's.
WR Withdrawn rating.
PIK Represents a pay-in-kind security.
(144A) Security is exempt from registration under Rule (144A) of the Securities
Act of 1933. Such securities may be resold normally to qualified
institutional buyers in a transaction exempt from registration. At
October 31, 2010, the value of these securities amounted to $787,849,987
or 29.3% of total net assets.
** Senior floating rate loan interests in which the Fund invests generally
pay interest at rates that are periodically redetermined by reference to
a base lending rate plus a premium. These base lending rates are
generally (i) the lending rate offered by one or more major European
banks, such as LIBOR (London InterBank Offered Rate), (ii) the prime rate
offered by one or more major 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 October 31, 2010, the net unrealized loss on investments based on cost
for federal income tax purposes of $2,674,702,482, was as follows:
Aggregate gross unrealized gain for all investments
in which there is an excess of value over tax cost $190,523,585
Aggregate gross unrealized loss for all investments
in which there is an excess of tax cost over value (124,789,089)
------------
Net unrealized gain $ 65,734,496
============
(b) At October 31, 2010, the following securities were out on loan:
- -----------------------------------------------------------------------------------
Principal
Amount ($) Description Value
- -----------------------------------------------------------------------------------
1,475,000 Alliance One International, Inc., 5.5%, 7/15/14 $1,696,250
600,000 Banco Macro SA, 9.75%, 12/18/36 588,000
5,618,000 Blue Acquisition Sub, Inc., 9.875%, 10/5/18 6,053,395
5,040,000 Bumi Capital Pte., Ltd., 12.0%, 11/10/16 5,525,100
4,260,000 BWAY Holding Co., 10.0%, 6/15/18 (144A) 4,643,400
5,000,000 C&S Group Enterprise LLC, 8.375%, 5/1/17 (144A) 5,000,000
8,478,000 Cemex Finance LLC, 9.5%, 12/14/16 (144A) 8,562,780
1,000,000 Chemtura Corp., 7.875%, 9/1/18 1,080,000
104,000 CIA de Transporte Energia Transener, 8.875%,
12/15/16 (144A) 98,020
2,000,000 Digicel Group, Ltd., 10.5%, 4/15/18 2,202,500
900,000 Digicel, Group, Ltd., 8.25%, 9/1/17 (144A) 946,125
2,000,000 DynCorp International, 10.375%, 7/1/17 2,045,000
2,900,000 Evraz Group SA, 9.5%, 4/24/18 (144A) 3,269,750
3,600,000 First Data Corp., 8.875%, 8/15/20 3,784,500
775,000 GOL Finance LLP, 9.25%, 7/20/20 (144A) 813,750
1,135,000 Goodyear Tire & Rubber Co., 10.5%, 5/15/16 1,299,575
4,059,000 Hexion U.S. Finance Corp.,/Hexion Nova Scotia
Finance ULC, 9.75%, 11/15/14 4,272,098
The accompanying notes are an integral part of these financial statements.
Pioneer Global High Yield Fund | Annual Report | 10/31/10 53
Schedule of Investments | 10/31/10 (continued)
- --------------------------------------------------------------------------------------
Principal
Amount ($) Description Value
- --------------------------------------------------------------------------------------
1,380,000 International Coal Group, Inc., 9.125%, 4/1/18 $ 1,504,200
500,000 IRSA Inversiones y Representaciones SA,
8.5%, 2/2/17 (144A) 497,500
1,494,000 Lear Corp., 8.125%, 3/15/20 1,662,075
6,583,000 MTS International, Inc., 8.625%, 6/22/20 7,644,509
2,232,000 Nova Chemicals Corp., 8.625%, 11/1/19 2,477,520
2,252,000 PAETEC Holding Corp., 9.5%, 7/15/15 2,381,490
1,450,000 PAETEC Holding Corp., 8.875%, 6/30/17 (144A) 1,562,375
445,000 Petroplus Finance, Ltd., 9.37%, 9/15/19 (144A) 427,200
569,000 Plains Exploration & Production Co., 10.0%, 3/1/16 649,371
1,625,000 Sabra Health Care LP/Sabra Capital Corp.,
8.125%, 11/1/18 1,681,875
3,933,000 SandRidge Energy, Inc., 8.0%, 6/1/18 3,933,000
3,475,000 SandRidge Energy, Inc., 8.625, 4/1/15 3,553,188
710,000 Sonic Automotive, Inc., 9.0%, 3/15/18 744,613
2,463,000 Texas Competitive Electric Holdings Co., Ltd.,
15.0%, 4/1/21 2,426,055
12,129,000 Tower Automotive Holdings USA, 10.625%, 9/1/17 12,735,450
1,900,000 Yankee Acquisition Corp., 8.5%, 2/15/15 1,973,625
2,210,000 Yankee Acquisition Corp., 9.75%, 2/15/17 2,303,925
- --------------------------------------------------------------------------------------
Shares
- --------------------------------------------------------------------------------------
12,900 Charter Communications, Inc.* 418,992
39,500 Georgia Gulf Corp.* 799,085
130,000 Vale SA (A.D.R.) 3,734,900
- --------------------------------------------------------------------------------------
Total $104,991,191
======================================================================================
(c) Securities lending collateral is managed by Credit Suisse AG, New York
Branch.
(d) Debt obligation with a variable interest rate. Rate shown is rate at end
of period.
(e) Security is in default and is non-Income producing.
(f) Security is fair valued by management (see Note A).
(g) Security market value is equal to less than $1.00.
The accompanying notes are an integral part of these financial statements.
54 Pioneer Global High Yield Fund | Annual Report | 10/31/10
(g) Distributions of investments by country of issue (excluding temporary
cash investments) as a percentage of total investment in securities, is
as follows:
United States 64.6%
Cayman Islands 4.6%
Canada 3.0%
Argentina 2.8%
Netherlands 2.7%
Norway 2.6%
Luxembourg 2.6%
Mexico 2.4%
Indonesia 2.2%
Bermuda 2.0%
Brazil 1.8%
United Kingdom 1.2%
Ireland 1.2%
Thailand 0.8%
France 0.7%
Supernational 0.7%
Germany 0.5%
South Africa 0.5%
British Virgin Islands 0.5%
Italy 0.5%
Peru 0.4%
United Arab Emirates 0.4%
Kazakhstan 0.3%
Sweden 0.3%
Columbia 0.3%
Trinidad & Tobago 0.1%
Spain 0.1%
Switzerland 0.1%
Australia 0.1%
-----
100.0%
=====
NOTE: Principal amounts are denominated in U.S. Dollars unless otherwise
denoted:
NOK Norwegian Krone
EURO Euro
BRL Brazilian Real
COP Columbian Peso
Purchases and sales of securities (excluding temporary cash investments) for
the year ended October 31, 2010 aggregated $1,635,042,477 and $1,037,420,941,
respectively.
The accompanying notes are an integral part of these financial statements.
Pioneer Global High Yield Fund | Annual Report | 10/31/10 55
Schedule of Investments | 10/31/10 (continued)
Various inputs are used in determining the value of the Fund's investments.
These inputs are summarized in the three broad levels listed below.
Highest priority is given to Level 1 inputs and lowest priority is given to
Level 3.
Level 1 -- quoted prices in active markets for identical securities
Level 2 -- other significant observable inputs (Including quoted prices for
similar securities, interest rates, prepayment speeds, credit
risk, etc.)
Level 3 -- significant unobservable inputs (Including the Fund's own
assumptions in determining fair value of investments)
The following is a summary of the inputs used as of October 31, 2010, in valuing
the Fund's assets:
- ---------------------------------------------------------------------------------------------------
Level 1 Level 2 Level 3 Total
- ---------------------------------------------------------------------------------------------------
Asset Backed Securities $ -- $ 106,865,472 $ -- $ 106,865,472
Collateralized Mortgage Obligations -- 53,857,285 -- 53,857,285
Corporate Bonds -- 2,024,213,857 8,552,195 2,032,766,052
Convertible Corporate Bonds -- 138,913,036 -- 138,913,036
Municipal Bonds -- 6,035,981 460,680 6,496,661
Foreign Government Obligations -- 28,142,015 -- 28,142,015
Senior Floating Rate Loan Interests -- 190,549,594 7,564,567 198,114,161
Common Stocks 25,120,142 882,322 1,328,534 27,330,998
Preferred Stock 2,651,600 -- -- 2,651,600
Rights/Warrants 1,110,998 -- -- 1,110,998
Temporary Cash Investments -- 135,018,216 -- 135,018,216
Money Market Mutual Funds 9,170,484 -- -- 9,170,484
- ---------------------------------------------------------------------------------------------------
Total $38,053,224 $2,684,477,778 $17,905,976 $2,740,436,978
===================================================================================================
The following is a reconcilliation of assets valued using significant
observable inputs (Level 3):
- -------------------------------------------------------------------------------------------------------------------
Senior Floating Common Municipal Corporate
Rate Loan Interests Stocks Bonds Bonds Total
- -------------------------------------------------------------------------------------------------------------------
Balance as of 10/31/09 $ 561,000 $ -- $ -- $ -- $ 561,000
Realized gain (loss) (1) -- -- -- -- --
Change in unrealized
appreciation (depreciation) (2) (11,191) -- -- (248,232) (259,423)
Net purchases (sales) (530,985) -- -- 992,927 461,943
Transfers in and out of Level 3* 7,545,742 1,328,534 460,680 7,807,500 17,142,456
- -------------------------------------------------------------------------------------------------------------------
Balance as of 10/31/10 $7,564,567 $1,328,534 $460,680 $8,552,195 $17,905,976
===================================================================================================================
(1) Realized gain (loss) on these securities is included in the net realized
gain (loss) from investments in the Statement of Operations.
(2) Unrealized appreciation (depreciation) on these securities is included in
the change in unrealized gain (loss) on investments in the Statement of
Operations.
* Transfers are calculated on the date of transfer.
Net change in unrealized appreciation (depreciation) of investments
still held as of 10/31/10 $(248,422)
---------
The accompanying notes are an integral part of these financial statements.
56 Pioneer Global High Yield Fund | Annual Report | 10/31/10
Statement of Assets and Liabilities | 10/31/10
ASSETS:
Investment in securities (including securities loaned of $104,991,191)
(cost $2,667,572,423) $2,740,436,978
Cash 13,836,005
Foreign currencies, at value (cost $27,217,534) 29,762,672
Receivables --
Investment securities sold 2,764,973
Fund shares sold 18,818,874
Dividends and interest 52,285,285
Due from Pioneer Investment Management, Inc. 60,833
Unrealized appreciation on unfunded corporate loans 34,644
Other 88,648
- ---------------------------------------------------------------------------------------
Total assets $2,858,088,912
- ---------------------------------------------------------------------------------------
LIABILITIES:
Payables --
Investment securities purchased $ 46,467,329
Fund shares repurchased 9,553,418
Dividends 3,361,514
Upon return of securities loaned 109,583,700
Due to affiliates 510,888
Accrued expenses 822,064
- ---------------------------------------------------------------------------------------
Total liabilities $ 170,298,913
- ---------------------------------------------------------------------------------------
NET ASSETS:
Paid-in capital $2,907,501,961
Undistributed net investment loss (5,557,095)
Accumulated net realized loss on investments and foreign currency (289,698,052)
Net unrealized gain on investments 72,899,199
Net unrealized gain on forward foreign currency contracts and other
assets and liabilities denominated in foreign currencies 2,643,986
- ---------------------------------------------------------------------------------------
Total net assets $2,687,789,999
- ---------------------------------------------------------------------------------------
NET ASSET VALUE PER SHARE:
(No par value, unlimited number of shares authorized)
Class A (based on $1,117,230,957/106,078,603 shares) $ 10.53
Class B (based on $80,099,850/7,604,611 shares) $ 10.53
Class C (based on $524,447,716/49,983,883 shares) $ 10.49
Class Y (based on $958,595,804/92,573,788 shares) $ 10.35
Class Z (based on $7,415,672/682,565 shares) $ 10.86
MAXIMUM OFFERING PRICE:
Class A ($10.53 [divided by] 95.5%) $ 11.03
=======================================================================================
The accompanying notes are an integral part of these financial statements.
Pioneer Global High Yield Fund | Annual Report | 10/31/10 57
Statement of Operations
For the Year Ended 10/31/10
INVESTMENT INCOME:
Dividends (net of foreign taxes withheld of $6,657) $ 966,031
Interest 196,319,910
Income from securities loaned, net 173,962
- -------------------------------------------------------------------------------------------------------
Total investment income $ 197,459,903
- -------------------------------------------------------------------------------------------------------
EXPENSES:
Management fees $ 13,153,236
Transfer agent fees and expenses
Class A 1,541,500
Class B 158,120
Class C 420,202
Class Y 58,183
Class Z 11,896
Distribution fees
Class A 2,711,485
Class B 877,367
Class C 4,896,163
Shareholder communication expense 1,331,432
Administrative reimbursements 671,429
Custodian fees 104,804
Registration fees 241,937
Professional fees 126,448
Printing expense 124,281
Fees and expenses of nonaffiliated trustees 70,497
Miscellaneous 194,570
- -------------------------------------------------------------------------------------------------------
Total expenses $ 26,693,550
Less fees waived and expenses reimbursed by Pioneer
Investment Management, Inc. (586,254)
- -------------------------------------------------------------------------------------------------------
Net expenses $ 26,107,296
- -------------------------------------------------------------------------------------------------------
Net investment income $ 171,352,607
- -------------------------------------------------------------------------------------------------------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND
FOREIGN CURRENCY TRANSACTIONS:
Net realized loss on:
Investments $ (26,982,843)
Credit Default Swaps 617,848
Forward foreign currency contracts and other assets and liabilities
denominated in foreign currencies (1,300,247) $ (27,665,242)
- -------------------------------------------------------------------------------------------------------
Change in net unrealized gain on:
Investments $ 282,491,144
Unfunded corporate loans 203,141
Forward foreign currency contracts and other assets and liabilities
denominated in foreign currencies 520,927 $ 283,215,212
- -------------------------------------------------------------------------------------------------------
Net gain on investments and foreign currency transactions $ 255,549,970
- -------------------------------------------------------------------------------------------------------
Net increase in net assets resulting from operations $ 426,902,577
=======================================================================================================
The accompanying notes are an integral part of these financial statements.
58 Pioneer Global High Yield Fund | Annual Report | 10/31/10
Statements of Changes in Net Assets
For the Years Ended 10/31/10 and 10/31/09, respectively
- ----------------------------------------------------------------------------------------------------
Year Ended Year Ended
10/31/10 10/31/09
- ----------------------------------------------------------------------------------------------------
FROM OPERATIONS:
Net investment income $ 171,352,607 $ 143,652,413
Net realized loss on investments, credit default swaps and
foreign currency transactions (27,665,242) (210,594,460)
Change in net unrealized gain on investments, unfunded
corporate loans and foreign currency transactions 283,215,212 555,224,732
- ----------------------------------------------------------------------------------------------------
Net increase in net assets resulting from operations $ 426,902,577 $ 488,282,685
- ----------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO SHAREOWNERS:
Net investment income:
Class A ($0.77 and $1.05 per share, respectively) $ (84,181,285) $ (101,244,569)
Class B ($0.69 and $0.99 per share, respectively) (6,109,636) (10,415,385)
Class C ($0.69 and $0.98 per share, respectively) (34,338,055) (45,563,837)
Class Y ($0.79 and $1.06 per share, respectively) (38,488,064) (11,938,602)
Class Z ($0.81 and $1.10 per share, respectively) (478,741) (337,941)
- ----------------------------------------------------------------------------------------------------
Total distributions to shareowners $ (163,595,781) $ (169,500,334)
- ----------------------------------------------------------------------------------------------------
FROM FUND SHARE TRANSACTIONS:
Net proceeds from sale of shares $1,773,933,406 $ 851,625,371
Reinvestment of distributions 113,535,022 104,565,568
Cost of shares repurchased (1,258,976,809) (722,621,837)
- ----------------------------------------------------------------------------------------------------
Net increase in net assets resulting from fund
share transactions $ 628,491,619 $ 233,569,102
- ----------------------------------------------------------------------------------------------------
Net increase in net assets $ 891,798,415 $ 552,351,453
NET ASSETS:
Beginning of year 1,795,991,584 1,243,640,131
- ----------------------------------------------------------------------------------------------------
End of year $2,687,789,999 $1,795,991,584
- ----------------------------------------------------------------------------------------------------
Undistributed net investment loss $ (5,557,095) $ (11,841,737)
- ----------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Global High Yield Fund | Annual Report | 10/31/10 59
Statements of Changes in Net Assets (continued)
- ---------------------------------------------------------------------------------------------------
'10 Shares '10 Amount '09 Shares '09 Amount
- ---------------------------------------------------------------------------------------------------
Class A
Shares sold 76,506,487 $755,963,989 71,305,346 $552,164,765
Reinvestment of distributions 6,064,818 60,194,825 9,804,275 70,947,511
Less shares repurchased (84,895,358) (838,841,672) (73,268,200) (544,674,791)
- ---------------------------------------------------------------------------------------------------
Net increase (decrease) (2,324,053) $(22,682,858) 7,841,421 $ 78,437,485
===================================================================================================
Class B
Shares sold 523,187 $ 5,148,813 2,055,778 $ 15,719,320
Reinvestment of distributions 351,397 3,482,123 642,242 4,609,625
Less shares repurchased (3,559,373) (35,114,593) (3,478,051) (25,951,101)
- ---------------------------------------------------------------------------------------------------
Net decrease (2,684,789) $(26,483,657) (780,031) $ (5,622,156)
===================================================================================================
Class C
Shares sold 11,525,379 $113,677,297 15,362,901 $115,048,918
Reinvestment of distributions 1,912,159 18,934,344 2,979,837 21,429,790
Less shares repurchased (12,878,243) (126,810,362) (15,160,890) (111,625,672)
- ---------------------------------------------------------------------------------------------------
Net increase 559,295 $ 5,801,279 3,181,848 $ 24,853,036
===================================================================================================
Class Y
Shares sold 92,141,904 $893,563,267 20,695,368 $165,647,763
Reinvestment of distributions 3,098,547 30,659,013 1,014,867 7,421,633
Less shares repurchased (25,982,082) (254,814,140) (5,164,271) (38,226,131)
- ---------------------------------------------------------------------------------------------------
Net increase 69,258,369 $669,408,140 16,545,964 $134,843,265
===================================================================================================
Class Z
Shares sold 545,517 $ 5,580,040 405,717 $ 3,044,605
Reinvestment of distributions 25,802 264,717 20,137 157,009
Less shares repurchased (331,626) (3,396,042) (286,757) (2,144,142)
- ---------------------------------------------------------------------------------------------------
Net increase 239,693 $ 2,448,715 139,097 $ 1,057,472
===================================================================================================
The accompanying notes are an integral part of these financial statements.
60 Pioneer Global High Yield Fund | Annual Report | 10/31/10
Financial Highlights
- -----------------------------------------------------------------------------------------------------------------------------------
Year Year Year Year Year
Ended Ended Ended Ended Ended
10/31/10 10/31/09 10/31/08 10/31/07 10/31/06
- -----------------------------------------------------------------------------------------------------------------------------------
Class A
Net asset value, beginning of period $ 9.39 $ 7.56 $ 12.30 $ 12.34 $ 11.88
- -----------------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income $ 0.80 $ 0.90 $ 1.03 $ 0.96 $ 0.90
Net realized and unrealized gain (loss) on investments,
credit default swaps and foreign currency transactions 1.11 1.98 (4.59) 0.04 0.49
- -----------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 1.91 $ 2.88 $ (3.56) $ 1.00 $ 1.39
- -----------------------------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income $ (0.77) $ (1.05) $ (1.07) $ (0.98) $ (0.90)
Net realized gain -- -- (0.11) (0.06) (0.03)
- -----------------------------------------------------------------------------------------------------------------------------------
Total distributions $ (0.77) $ (1.05) $ (1.18) $ (1.04) $ (0.93)
- -----------------------------------------------------------------------------------------------------------------------------------
Redemption Fee $ -- $ -- $ -- $ -- $ 0.00(a)
- -----------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ 1.14 $ 1.83 $ (4.74) $ (0.04) $ 0.46
- -----------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 10.53 $ 9.39 $ 7.56 $ 12.30 $ 12.34
===================================================================================================================================
Total return* 21.16% 43.56% (31.45)% 8.30% 12.12%
Ratio of net expenses to average net assets+ 1.10% 1.10% 1.10% 1.06% 1.10%
Ratio of net investment income to average net assets+ 8.07% 11.68% 9.25% 7.73% 7.44%
Portfolio turnover rate 49% 33% 25% 31% 41%
Net assets, end of period (in thousands) $1,117,231 $1,018,040 $759,925 $1,369,044 $659,845
Ratios with no waiver of fees and assumption of expenses
by the Adviser and no reduction for fees paid indirectly:
Net expenses 1.15% 1.32% 1.18% 1.06% 1.18%
Net investment income 8.02% 11.46% 9.17% 7.73% 7.37%
Ratios with waiver of fees by the Adviser and reduction
for fees paid indirectly:
Net expenses 1.10% 1.10% 1.10% 1.06% 1.10%
Net investment income 8.07% 11.68% 9.25% 7.73% 7.44%
===================================================================================================================================
(a) 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.
+ Ratios with no reduction for fees paid indirectly.
The accompanying notes are an integral part of these financial statements.
Pioneer Global High Yield Fund | Annual Report | 10/31/10 61
Financial Highlights (continued)
- ---------------------------------------------------------------------------------------------------------------------------
Year Year Year Year Year
Ended Ended Ended Ended Ended
10/31/10 10/31/09 10/31/08 10/31/07 10/31/06
- ---------------------------------------------------------------------------------------------------------------------------
Class B
Net asset value, beginning of period $ 9.37 $ 7.54 $ 12.27 $ 12.31 $ 11.85
- ---------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income $ 0.70 $ 0.81 $ 0.93 $ 0.86 $ 0.80
Net realized and unrealized gain (loss) on investments,
credit default swaps and foreign currency transactions 1.15 2.01 (4.57) 0.03 0.49
- ---------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 1.85 $ 2.82 $ (3.64) $ 0.89 $ 1.29
- ---------------------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income $ (0.69) $ (0.99) $ (0.98) $ (0.87) $ (0.80)
Net realized gain -- -- (0.11) (0.06) (0.03)
- ---------------------------------------------------------------------------------------------------------------------------
Total distributions $ (0.69) $ (0.99) $ (1.09) $ (0.93) $ (0.83)
- ---------------------------------------------------------------------------------------------------------------------------
Redemption Fee $ -- $ -- $ -- $ -- $ 0.00(a)
- ---------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ 1.16 $ 1.83 $ (4.73) $ (0.04) $ 0.46
- ---------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 10.53 $ 9.37 $ 7.54 $ 12.27 $ 12.31
===========================================================================================================================
Total return* 20.40% 42.42% (32.02)% 7.41% 11.25%
Ratio of net expenses to average net assets+ 1.92% 2.00% 1.92% 1.86% 1.96%
Ratio of net investment income to average net assets+ 7.27% 10.88% 8.47% 6.93% 6.63%
Portfolio turnover rate 49% 33% 25% 31% 41%
Net assets, end of period (in thousands) $80,100 $96,411 $83,412 $155,523 $130,563
Ratios with no waiver of fees and assumption of expenses
by the Adviser and no reductionfor fees paid indirectly:
Net expenses 1.92% 2.08% 1.92% 1.86% 1.96%
Net investment income 7.27% 10.80% 8.47% 6.93% 6.60%
Ratios with waiver of fees paid by the Adviser and reduction
for fees paid indirectly:
Net expenses 1.92% 2.00% 1.92% 1.85% 1.96%
Net investment income 7.27% 10.88% 8.47% 6.94% 6.60%
===========================================================================================================================
(a) 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.
+ Ratios with no reduction for fees paid indirectly.
The accompanying notes are an integral part of these financial statements.
62 Pioneer Global High Yield Fund | Annual Report | 10/31/10
- -----------------------------------------------------------------------------------------------------------------------------------
Year Year Year Year Year
Ended Ended Ended Ended Ended
10/31/10 10/31/09 10/31/08 10/31/07 10/31/06
- -----------------------------------------------------------------------------------------------------------------------------------
Class C
Net asset value, beginning of period $ 9.34 $ 7.51 $ 12.24 $ 12.28 $ 11.82
- ----------------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income $ 0.73 $ 0.82 $ 0.93 $ 0.86 $ 0.80
Net realized and unrealized gain (loss) on investments, credit
default swaps and foreign currency transactions 1.11 1.99 (4.57) 0.04 0.49
- ----------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 1.84 $ 2.81 $ (3.64) $ 0.90 $ 1.29
- ----------------------------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income $ (0.69) $ (0.98) $ (0.98) $ (0.88) $ (0.80)
Net realized gain -- -- (0.11) (0.06) (0.03)
- ----------------------------------------------------------------------------------------------------------------------------------
Total distributions $ (0.69) $ (0.98) $ (1.09) $ (0.94) $ (0.83)
- ----------------------------------------------------------------------------------------------------------------------------------
Redemption Fee $ -- $ -- $ -- $ -- $ 0.00(a)
- ----------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ 1.15 $ 1.83 $ (4.73) $ (0.04) $ 0.46
- ----------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 10.49 $ 9.34 $ 7.51 $ 12.24 $ 12.28
==================================================================================================================================
Total return* 20.43% 42.56% (32.08)% 7.48% 11.30%
Ratio of net expenses to average net assets+ 1.82% 1.98% 1.85% 1.82% 1.89%
Ratio of net investment income to average net assets+ 7.37% 10.78% 8.55% 6.96% 6.66%
Portfolio turnover rate 49% 33% 25% 31% 41%
Net assets, end of period (in thousands) $524,448 $461,644 $347,459 $598,195 $413,213
Ratios with no waiver of fees and assumption of expenses by the
Adviser and no reduction for fees paid indirectly:
Net expenses 1.82% 1.98% 1.85% 1.82% 1.89%
Net investment income 7.37% 10.78% 8.55% 6.96% 6.66%
Ratios with waiver of fees by the Adviser and reduction for fees
paid indirectly:
Net expenses 1.82% 1.98% 1.85% 1.82% 1.89%
Net investment income 7.37% 10.78% 8.55% 6.96% 6.66%
==================================================================================================================================
(a) 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.
+ Ratios with no reduction for fees paid indirectly.
The accompanying notes are an integral part of these financial statements.
Pioneer Global High Yield Fund | Annual Report | 10/31/10 63
Financial Highlights (continued)
- ---------------------------------------------------------------------------------------------------------------------------------
Year Year Year Year
Ended Ended Ended Ended 12/28/05 (a)
10/31/10 10/31/09 10/31/08 10/31/07 to 10/31/06
- ---------------------------------------------------------------------------------------------------------------------------------
Class Y
Net asset value, beginning of period $ 9.25 $ 7.46 $ 12.10 $ 12.19 $11.95
- ---------------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income $ 0.86 $ 0.94 $ 1.05 $ 0.97 $ 0.77
Net realized and unrealized gain (loss) on investments, credit
default swaps and foreign currency transactions 1.03 1.91 (4.48) (0.01) 0.23
- ---------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 1.89 $ 2.85 $ (3.43) $ 0.96 $ 1.00
- ---------------------------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income $ (0.79) $ (1.06) $ (1.10) $ (0.99) $(0.76)
Net realized gain -- -- (0.11) (0.06) --
- ---------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ 1.10 $ 1.79 $ (4.64) $ (0.09) $ 0.24
- ---------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 10.35 $ 9.25 $ 7.46 $ 12.10 $12.19
=================================================================================================================================
Total return* 21.35% 43.78% (30.96)% 8.12% 8.63%(b)
Ratio of net expenses to average net assets+ 0.73% 0.78% 0.74% 0.70% 0.73%**
Ratio of net investment income to average net assets+ 8.42% 11.43% 9.82% 8.05% 7.66%**
Portfolio turnover rate 49% 33% 25% 31% 41%(b)
Net assets, end of period (in thousands) $958,596 $215,614 $50,477 $23,414 $ 36
Ratios with no waiver of fees and assumption of expenses by the
Adviser and no reduction for fees paid indirectly:
Net expenses 0.73% 0.78% 0.74% 0.70% 0.73%**
Net investment income 8.42% 11.43% 9.82% 8.05% 7.66%**
Ratios with waiver of fees by the Adviser and reduction for fees
paid indirectly:
Net expenses 0.73% 0.78% 0.74% 0.70% 0.73%**
Net investment income 8.42% 11.43% 9.82% 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.
** Annualized
+ Ratios with no reduction for fees paid indirectly.
The accompanying notes are an integral part of these financial statements.
64 Pioneer Global High Yield Fund | Annual Report | 10/31/10
- -------------------------------------------------------------------------------------------------------------------------
Year Year Year
Ended Ended Ended 7/6/07 (a)
10/31/10 10/31/09 10/31/08 to 10/31/07
- -------------------------------------------------------------------------------------------------------------------------
Class Z
Net asset value, beginning of period $ 9.67 $ 7.79 $12.31 $12.65
- -------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income $ 0.87 $ 1.00 $ 1.07 $ 0.33
Net realized and unrealized gain (loss) on investments, credit default
swaps and foreign currency transactions 1.13 1.98 (4.37) 0.35)
- -------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 2.00 $ 2.98 $(3.30) $(0.02)
- -------------------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income $(0.81) $(1.10) $(1.11) $(0.32)
Net realized gain -- -- (0.11) --
- -------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ 1.19 $ 1.88 $(4.52) $(0.34)
- -------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $10.86 $ 9.67 $ 7.79 $12.31
=========================================================================================================================
Total return* 21.58% 43.69% (29.21)% (0.09)%(b)
Ratio of net expenses to average net assets+ 0.90% 0.90% 0.90% 0.69%**
Ratio of net investment income to average net assets+ 8.26% 11.46% 9.85% 8.30%**
Portfolio turnover rate 49% 33% 25% 31%(b)
Net assets, end of period (in thousands) $7,416 $4,283 $2,366 $ 97
Ratios with no waiver of fees and assumption of expenses by the Adviser
and no reduction for fees paid indirectly:
Net expenses 0.91% 1.23% 1.11% 0.69%**
Net investment income 8.25% 11.13% 9.64% 8.30%**
Ratios with waiver of fees by the Adviser and reduction for fees
paid indirectly:
Net expenses 0.90% 0.90% 0.90% 0.69%**
Net investment income 8.26% 11.46% 9.85% 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.
** Annualized.
+ Ratios with no reduction for fees paid indirectly.
The accompanying notes are an integral part of these financial statements.
Pioneer Global High Yield Fund | Annual Report | 10/31/10 65
Notes to Financial Statements | 10/31/10
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. The Fund is 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 designated as 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.
Effective December 31, 2009, Class B shares are no longer offered to new or
existing shareholders, except that dividends and/or capital gain distributions
may continue to be reinvested in Class B shares, and shareholders may exchange
their Class B shares for Class B shares of other Pioneer funds, as permitted by
existing exchange privileges. Each class of shares represents an interest in
the same portfolio of investments of the Fund and has identical rights (based
on relative net asset values) to assets and liquidation proceeds. Share classes
can bear different rates of class-specific fees and expenses such as transfer
agent and distribution fees. Differences in class-specific fees and expenses
will result in differences in net investment income and, therefore, the payment
of different dividends from net investment income earned by each class. The
Amended and Restated Declaration of Trust of the Fund gives the Board the
flexibility to specify either per share voting or dollar-weighted voting when
submitting matters for shareholder approval. Under per share voting, each share
of a class of the Fund is entitled to one vote. Under dollar-weighted voting, a
shareholder's voting power is determined not by the number of shares owned, but
by the dollar value of the shares on the record date. Each share class has
exclusive voting rights with respect to matters affecting only that class,
including with respect to the distribution plan for that class. There is no
distribution plan for Class Y shares or Class Z shares. Class B shares convert
to Class A shares approximately eight years after the date of purchase.
At times, the Fund's investments may represent industries or industry sectors
that are interrelated or have common risks, making the Fund more susceptible to
any economic, political, or regulatory developments or other risks affecting
those industries and sectors. The Fund's investments in foreign markets and
countries with limited developing markets may subject the Fund to a greater
degree of risk than in a developed market. These risks include disruptive
political or economic conditions and the imposition of adverse governmental
laws or currency exchange restrictions. The Fund's prospectus contains
unaudited
66 Pioneer Global High Yield Fund | Annual Report | 10/31/10
information regarding the Fund's principal risks. Please refer to that document
when considering the Fund's principal risks.
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.
The Fund invests in below investment grade (high yield) debt securities and
preferred stocks. Some of these high yield securities may be convertible into
equity securities of the issuer. Debt securities rated below investment grade
are commonly referred to as "junk bonds" and are considered speculative. These
securities involve greater risk of loss, are subject to greater price
volatility, and are less liquid, especially during periods of economic
uncertainty or change, than higher rated debt securities. The Fund is not
diversified, which means that it can invest a higher percentage of its assets
in any one issuer than a diversified fund. Being non-diversified may magnify
the Fund's losses from adverse events affecting a particular issuer.
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. Senior
floating rate loan interests (senior loans) are valued in accordance with
guidelines established by the Board of Trustees at the mean between the last
available bid and asked prices from one or more brokers or dealers as
obtained from Loan Pricing Corporation. Senior loans for which no reliable
price quotes are available will be valued by Loan Pricing Corporation through
the use of pricing matrices to determine valuations. Fixed income securities
with remaining maturity of more than sixty days are valued at prices supplied
by independent pricing services, which consider such factors as market
prices, market events, quotations from one or more brokers, Treasury spreads,
yields, maturities and ratings. Valuations may be supplemented by dealers and
other sources, as required. 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. Equity securities that have traded on an
exchange are valued at the last sale price on the principal exchange where
Pioneer Global High Yield Fund | Annual Report | 10/31/10 67
they are traded. Equity securities that have not traded on the date of
valuation, or securities for which sale prices are not available, generally
are valued using the mean between the last bid and asked prices. Securities
or loans for which independent pricing services are unable to supply prices
or for which market prices and/or quotations are not readily available or are
considered to be unreliable are valued using fair value methods pursuant to
procedures adopted by the Board of Trustees.
Trading in foreign securities is substantially completed each day at various
times prior to the close of the NYSE. The values of such securities used in
computing the net asset value of the Fund's shares are determined as of such
times.
The Fund may use fair value methods if it is determined that a significant
event has occurred after the close of the exchange or market on which the
security trades and prior to the determination of the Fund's net asset value.
Thus, the valuation of the Fund's securities may differ from exchange prices.
At October 31, 2010, seven securities were valued using fair value methods
(in addition to securities valued using prices supplied by independent
pricing services) representing 0.67% of net assets. Inputs used when applying
fair value methods to value a security may include credit ratings, the
financial condition of the company, current market conditions and comparable
securities. Short-term fixed income securities with remaining maturities of
sixty days or less generally are valued at amortized cost. Money market
mutual funds are valued at net asset value.
Principal amounts of mortgage-backed securities are adjusted for monthly
paydowns. Premiums and discounts related to certain mortgage-backed
securities are amortized or accreted in proportion to the monthly paydowns.
All discounts/premiums on debt securities are accreted/amortized for
financial reporting purposes over the life of the respective securities, and
such accretion/amortization is included in interest income. Interest income
is recorded on the accrual basis, net of unrecoverable foreign taxes withheld
at the applicable country rates.
Dividend income is recorded on the ex-dividend date, except that certain
dividends from foreign securities where the ex-dividend date may have passed
are recorded as soon as the Fund becomes aware of the ex-dividend data in the
exercise of reasonable diligence. Interest income, including interest on
income bearing cash accounts, is recorded on the accrual basis, net of
unrecoverable foreign taxes withheld at the applicable country rates.
Gains and losses on sales of investments are calculated on the identified
cost method for both financial reporting and federal income tax purposes.
68 Pioneer Global High Yield Fund | Annual Report | 10/31/10
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 may enter into forward foreign currency contracts (contracts) for
the purchase or sale of a specific foreign currency at a fixed price on a
future date. All contracts are marked to market daily at the applicable
exchange rates, and any resulting unrealized 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.
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 for the prior three fiscal years remain subject to examination by tax
authorities.
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.
At October 31, 2010, the Fund had a net capital loss carryforward of
$289,329,562 of which the following amounts will expire between 2016 and 2018
if not utilized: $58,199,667 in 2016, $204,858,985 in 2017 and $26,270,910 in
2018.
Pioneer Global High Yield Fund | Annual Report | 10/31/10 69
At October 31, 2010, the Fund reclassified $1,472,184 to decrease
undistributed net investment income and $1,472,184 to increase accumulated
net realized loss on investments to reflect permanent book/tax differences.
The reclassification has no impact on the net assets of the Fund and presents
the Fund's capital accounts on a tax-basis.
The tax character of distributions paid during the years ended October 31,
2010 and October 31, 2009 was as follows:
----------------------------------------------------------------------------
2010 2009
----------------------------------------------------------------------------
Distributions paid from:
Ordinary income $163,595,781 $169,500,334
----------------------------------------------------------------------------
Total $163,595,781 $169,500,334
----------------------------------------------------------------------------
The following shows the components of distributable earnings on a federal
income tax-basis at October 31, 2010:
----------------------------------------------------------------------------
2010
----------------------------------------------------------------------------
Distributable earnings:
Undistributed ordinary income $ 4,565,988
Capital loss carryforward (289,329,562)
Current year dividend payable (3,361,514)
Unrealized appreciation 68,413,126
----------------------------------------------------------------------------
Total $ (219,711,962)
----------------------------------------------------------------------------
The difference between book-basis and tax-basis unrealized appreciation is
attributable to the tax deferral of losses on wash sales, adjustments
relating to catastrophe bonds, and the tax-basis adjustments on partnerships
and interest on defaulted bonds.
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 $228,753 in underwriting commissions on the sale of Class A shares
during the year ended October 31, 2010.
F. Class Allocations
Income, common expenses and realized and unrealized gains and losses are
calculated at the Fund level and allocated daily to each class of shares
based on its respective percentage of adjusted net assets at the beginning of
the day.
Distribution fees are calculated based on the average daily net asset value
attributable to Class A, Class B and Class C shares of the Fund, respectively
(see Note 4). Class Y and Class Z shares do not pay distribution fees. All
70 Pioneer Global High Yield Fund | Annual Report | 10/31/10
expenses and fees paid to the transfer agent, Pioneer Investment Management
Shareholder Services, Inc. (PIMSS), for its services are allocated among the
classes of shares based on the number of accounts in each class and the
ratable allocation of related out-of-pocket expenses (see Note 3).
The Fund declares as daily dividends substantially all of its net investment
income. All dividends are paid on a monthly basis. Short-term capital gain
distributions, if any, may be declared with the daily dividends.
Distributions to shareowners are recorded as of the ex-dividend date.
Distributions paid by the Fund with respect to each class of shares are
calculated in the same manner and at the same time, except that net
investment income dividends to Class A, Class B, Class C, Class Y and Class Z
shares can reflect 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, is
required to be equal to or in excess of the repurchase price. The collateral
for all repurchase agreements is held in safekeeping in the customer-only
account of the Fund's custodian or a subcustodian of the Fund. 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 securities loan transaction,
the Fund typically receives cash collateral from the borrower equal to at
least the value of the securities loaned, which is invested in temporary
investments. Credit Suisse AG, New York Branch, as the Fund's securities
lending agent, manages the Fund's securities lending collateral. The income
earned on the investment of collateral is shared with the borrower and the
lending agent in payment of any rebate due to the borrower with respect to
the securities loan, and in compensation for the lending agent's services to
the Fund. The Fund also continues to receive payments in lieu of dividends or
interest on the securities loaned. Gain or loss on the value of the loaned
securities that may occur during the term of the loan will be for the account
of the Fund. The amount of the collateral is required to be adjusted daily to
reflect any price fluctuation in the value of the loaned securities. If the
required market value of the collateral is less than the value of the loaned
securities, the borrower is required to deliver additional collateral for the
account of the Fund prior to the close of business on that day. The Fund has
the right, under the lending agreement, to terminate the loan and recover the
securities from the
Pioneer Global High Yield Fund | Annual Report | 10/31/10 71
borrower with prior notice. The Fund is required to return the cash
collateral to the borrower and could suffer a loss if the value of the
collateral, as invested, has declined.
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.
When the Fund is 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 Fund as seller of protection
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 described above.
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.
72 Pioneer Global High Yield Fund | Annual Report | 10/31/10
The Fund had no credit default swap contracts in the portfolio at October 31,
2010.
2. Management Agreement
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; 0.60% of the next $500 million; 0.55%
of the next $500 million; and 0.45% of the excess over $2 billion. For the year
ended October 31, 2010, the effective management fee (excluding waivers and/or
assumption of expenses) was equivalent to 0.61% of the average daily net
assets.
PIM has contractually agreed to limit ordinary operating expenses to the extent
required to reduce Fund expenses to 1.10%, 2.00%, 2.00% and 0.90% of the
average daily net assets attributable to Class A, Class B, Class C and Class Z
shares, respectively. These expense limitations are in effect through March 1,
2012 for Class A, Class B, Class C and Class Z shares. There can be no
assurance that PIM will extend the expense limitation agreement for a class of
shares beyond the date referred to above.
In addition, under the management and administration agreements, certain other
services and costs, including accounting, regulatory reporting and insurance
premiums, are paid by the Fund as administrative reimbursements. Included in
"Due to affiliates" reflected on the Statement of Assets and Liabilities is
$134,847 in management fees, administrative costs and certain other
reimbursements payable to PIM at October 31, 2010.
3. Transfer Agent
PIMSS, a wholly owned indirect subsidiary of UniCredit, provides substantially
all transfer agent and shareowner services to the Fund at negotiated rates.
In addition, the Fund reimburses PIMSS for out-of-pocket expenses incurred by
PIMSS related to shareholder activities such as proxy and statement mailings,
outgoing phone calls and omnibus relationship contracts. For the year ended
October 31 2010, such out-of-pocket expenses by class of shares were as
follows:
- -------------------------------------------------------------------------------
Shareholder Communications:
Class A $ 855,207
Class B 47,441
Class C 232,908
Class Y 194,013
Class Z 1,863
- -------------------------------------------------------------------------------
Total $1,331,432
===============================================================================
Pioneer Global High Yield Fund | Annual Report | 10/31/10
73
Included in "Due to affiliates" reflected on the Statement of Assets and
Liabilities is $303,634 in transfer agent fees and out-of-pocket reimbursements
payable to PIMSS at October 31, 2010.
4. Distribution Plan
The Fund has adopted a Distribution Plan pursuant to Rule 12b-1 of the
Investment Company Act of 1940 with respect to its Class A, Class B and Class C
shares. Pursuant to the Plan, the Fund pays PFD 0.25% of the average daily net
assets attributable to Class A shares as compensation for personal services
and/or account maintenance services or distribution services with regard to
Class A shares. Pursuant to the Plan, the Fund also pays PFD 1.00% of the
average daily net assets attributable to Class 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. Included in "Due to affiliates" reflected on the Statement of Assets
and Liabilities is $72,407 in distribution fees payable to PFD at October 31,
2010.
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 (within 12 months for purchases
made on or after April 1, 2009). 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.
Shares purchased as part of an exchange remain subject to any CDSC that applied
to the original purchase of those shares. There is no CDSC for Class Y or Class
Z shares. Proceeds from the CDSCs are paid to PFD. For the year ended October
31, 2010, CDSCs in the amount of $354,112 were paid to PFD.
5. Line of Credit Facility
The Fund, along with certain other funds in the Pioneer Family of Funds (the
Funds), participates in a $165 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 the amount available under
the facility or the limits set for borrowing by the Fund's prospectus and the
1940 Act. Interest on borrowings is payable at the higher of the London
Interbank Offered Rate (LIBOR) on the borrowing date plus 1.25% on an
annualized basis or the Federal Funds Rate on the borrowing date plus 1.25% on
an annualized basis. The Funds pay an annual commitment fee for this facility.
74 Pioneer Global High Yield Fund | Annual Report | 10/31/10
The commitment fee is allocated among participating Funds based on an
allocation schedule set forth in the credit agreement.
For the year ended October 31, 2010, the average daily amount of borrowings
outstanding during the period was $6,435,414. The related weighted average
annualized interest rate for the period was 1.52%, and the total interest
expense on such borrowings was $157,840. As of October 31, 2010, there were no
borrowings outstanding.
6. 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 year ended October 31, 2010, the Fund's expenses
were not reduced under such arrangements.
7. Unfunded Loan Commitments
As of October 31, 2010, the fund had unfunded loan commitments of approximately
$3,934,644 (excluding unrealized appreciation on those commitments of $34,644
as of October 31, 2010) which could be extended at the option of the borrower,
pursuant to the following loan agreements:
- ---------------------------------------------------------------------------------
Net
Unrealized
Loan Shares Cost Value Gain
- ---------------------------------------------------------------------------------
Reynolds Group Holdings,
Ltd., Incremental Tranche
D Term Loan 3,900,000 $3,900,000 $3,934,644 $34,644
- ---------------------------------------------------------------------------------
Total $34,644
=================================================================================
In addition, the Fund had the following bridge Loan commitments outstanding as
of October 31, 2010:
- ---------------------------------------------------------------------------------
Net
Unrealized
Loan Shares Cost Value Gain
- ---------------------------------------------------------------------------------
MedAssets, Inc., Bridge
Loan, 9/20/11 13,363,600 $13,363,600 $13,363,600 $--
PAETEC Holding Corp.,
Senior Secured Bridge
Facility Loan, 3/12/11 10,900,000 10,900,000 10,900,000 --
- ---------------------------------------------------------------------------------
Total $--
=================================================================================
Pioneer Global High Yield Fund | Annual Report | 10/31/10 75
8. Additional Disclosures about Derivative Instruments and Hedging Activities:
The effect of derivative instruments on the Statement of Operations for the
year ended October 31, 2010 was as follows:
- ------------------------------------------------------------------------------------------------------
Derivatives Not
Accounted for as
Hedging Instruments Change in
under Accounting Realized Gain Unrealized Gain
Standards or (Loss) on or (Loss) on
Codification (ASC) Derivatives Derivatives
815 (formerly FASB Location of Gain or (Loss) On Recognized Recognized
Statement 133) Derivatives Recognized in Income in Income in Income
- ------------------------------------------------------------------------------------------------------
Foreign Exchange Net realized loss on forward foreign
Contracts currency contracts and other assets and
liabilities denominated in foreign
currencies $(1,300,247)
Foreign Exchange Change in unrealized gain on forward
Contracts foreign currency contracts and other
assets and liabilities denominated in
foreign currencies $520,927
Subsequent Events
In preparing these financial statements, PIM has evaluated the impact of all
events and transactions for potential recognition or disclosure and has
determined that there were no subsequent events requiring recognition or
disclosure in the financial statements.
76 Pioneer Global High Yield Fund | Annual Report | 10/31/10
Report of Independent Registered Public Accounting Firm
To the Board of Trustees of Pioneer Series Trust VII and the Shareowners of
Pioneer Global High Yield Fund:
- --------------------------------------------------------------------------------
We have audited the accompanying statement of assets and liabilities of Pioneer
Global High Yield Fund (the "Fund") (one of the portfolios constituting the
Pioneer Series Trust VII), including the schedule of investments, as of October
31, 2010, and the related statement of operations for the year then ended, the
statements of changes in net assets for each of the two years in the period
then ended, and the financial highlights for each of the periods indicated
therein. These financial statements and financial highlights are the
responsibility of the Fund's management. Our responsibility is to express an
opinion on these financial statements and financial highlights based on our
audits.
We conducted our audits in accordance with the standards of the Public Company
Accounting Oversight Board (United States). Those standards require that we
plan and perform the audit to obtain reasonable assurance about whether the
financial statements and financial highlights are free of material
misstatement. We were not engaged to perform an audit of the Fund's internal
control over financial reporting. Our audits included consideration of internal
control over financial reporting as a basis for designing audit procedures that
are appropriate in the circumstances, but not for the purpose of expressing an
opinion on the effectiveness of the Fund's internal control over financial
reporting. Accordingly, we express no such opinion. An audit also includes
examining, on a test basis, evidence supporting the amounts and disclosures in
the financial statements and financial highlights, assessing the accounting
principles used and significant estimates made by management, and evaluating
the overall financial statement presentation. Our procedures included
confirmation of securities owned as of October 31, 2010, by correspondence with
the custodian, brokers and agent banks or by other appropriate auditing
procedures where replies from brokers and agent banks were not received. We
believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements and financial highlights referred to
above present fairly, in all material respects, the financial position of
Pioneer Global High Yield Fund at October 31, 2010, the results of its
operations for the year then ended, the changes in its net assets for each of
the two years in the period then ended, and the financial highlights for each
of the periods indicated therein, in conformity with U.S. generally accepted
accounting principles.
[LOGO] Ernst & Young LLP
Boston, Massachusetts
December 28, 2010
Pioneer Global High Yield Fund | Annual Report | 10/31/10 77
ADDITIONAL INFORMATION (unaudited)
The percentages of the Fund's ordinary income distributions that are exempt
from nonresident alien (NRA) tax withholding resulting from qualified interest
income and qualified short term gains were 59.97% and 0.0%, respectively.
78 Pioneer Global High Yield Fund | Annual Report | 10/31/10
Trustees, Officers and Service Providers
Investment Adviser
Pioneer Investment Management, Inc.
Custodian
Brown Brothers Harriman & Co.
Independent Registered Public Accounting Firm
Ernst & Young LLP
Principal Underwriter
Pioneer Funds Distributor, Inc.
Legal Counsel
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.
Trustees and Officers
The Fund's Trustees and officers are listed below, together with their
principal occupations during at least the past five years. Trustees who are
interested persons of the Fund within the meaning of the 1940 Act are referred
to as Interested Trustees. Trustees who are not interested persons of the Fund
are referred to as Independent Trustees. Each of the Trustees, except Mr. West,
serves as a trustee of each of the 57 U.S. registered investment portfolios for
which Pioneer serves as investment adviser (the "Pioneer Funds"). Mr. West
serves as a trustee of 44 U.S. registered investment portfolios for which
Pioneer serves as investment adviser. The address for all Trustees and all
officers of the Fund is 60 State Street, Boston, Massachusetts 02109.
The Statement of Additional Information of the Fund includes additional
information about the Trustees and is available, without charge, upon request,
by calling 1-800-225-6292.
Pioneer Global High Yield Fund | Annual Report | 10/31/10 79
Interested Trustees
- -------------------------------------------------------------------------------
Position Held Length of Service
Name and Age with the Fund and Term of Office
- -------------------------------------------------------------------------------
John F. Cogan, Jr. (84)* Chairman of the Board, Trustee since 2001.
Trustee and President Serves until a successor
trustee is elected or
earlier retirement or
removal.
- -------------------------------------------------------------------------------
Daniel K. Kingsbury (52)* Trustee and Executive Trustee since 2007.
Vice President Serves until a successor
trustee is elected or
earlier retirement or
removal.
- -------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------
Other Directorships
Name and Age Principal Occupation Held by this Trustee
- -----------------------------------------------------------------------------------------------------------------------
John F. Cogan, Jr. (84)* Non-Executive Chairman and a director of Pioneer Investment None
Management USA Inc. ("PIM-USA"); Chairman and a director of
Pioneer; Chairman and Director of Pioneer Institutional Asset
Management, Inc. (since 2006); Director of Pioneer Alternative
Investment Management Limited (Dublin); President and a direc-
tor of Pioneer Alternative Investment Management (Bermuda)
Limited and affiliated funds; Deputy Chairman and a director of
Pioneer Global Asset Management S.p.A. ("PGAM") (until April
2010); Director of PIOGLOBAL Real Estate Investment Fund (Rus-
sia) (until June 2006); Director of Nano-C, Inc. (since 2003);
Director of Cole Management Inc. (since 2004); Director of Fidu-
ciary Counseling, Inc.; President and Director of Pioneer Funds
Distributor, Inc. ("PFD") (until May 2006); President of all of
the Pioneer Funds; and Of Counsel, Wilmer Cutler Pickering Hale
and Dorr LLP
- -----------------------------------------------------------------------------------------------------------------------
Daniel K. Kingsbury (52)* Director, CEO and President of PIM-USA (since February 2007); None
Director and President of Pioneer and Pioneer Institutional Asset
Management, Inc. (since February 2007); Executive Vice Presi-
dent of all of the Pioneer Funds (since March 2007); Director of
PGAM (2007 - 2010); Head of New Europe Division, PGAM
(2000 - 2005); and Head of New Markets Division, PGAM (2005 - 2007)
- -----------------------------------------------------------------------------------------------------------------------
* Mr. Cogan and Mr. Kingsbury are Interested Trustees because they are officers or directors of the Fund's investment
adviser and certain of its affiliates.
80 Pioneer Global High Yield Fund | Annual Report | 10/31/10
Independent Trustees
- -------------------------------------------------------------------------------
Position Held Length of Service
Name and Age with the Fund and Term of Office
- -------------------------------------------------------------------------------
David R. Bock (66) Trustee Trustee since 2005.
Serves until a successor
trustee is elected or
earlier retirement or
removal.
- -------------------------------------------------------------------------------
Mary K. Bush (62) Trustee Trustee since 2001.
Serves until a successor
trustee is elected or
earlier retirement or
removal.
- -------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
Other Directorships
Name and Age Principal Occupation Held by this Trustee
- -----------------------------------------------------------------------------------------------------------------------------------
David R. Bock (66) Interim Chief Executive Officer, Oxford Analytica, Inc. Director of Enterprise Community Investment,
(privately held research and consulting company) (2010 - Inc. (privately held affordable housing finance
present); Managing Partner, Federal City Capital Advisors company) (1985 - present); Director of Oxford
(corporate advisory services company) (1997 - 2004 and Analytica, Inc. (2008 - present); and Director
2008 - present); Executive Vice President and Chief Finan- of New York Mortgage Trust (publicly traded
cial Officer, I-trax, Inc. (publicly traded health care mortgage REIT) (2004 - 2009)
services company) (2004 - 2007); and Executive Vice
President and Chief Financial Officer, Pedestal Inc.
(internet-based mortgage trading company) (2000 - 2002)
- -----------------------------------------------------------------------------------------------------------------------------------
Mary K. Bush (62) President, Bush International, LLC (international financial Director of Marriott International, Inc. (2008 -
advisory firm) (1991 - present); Managing Director, Fed- present); Director of Discover Financial Services
eral Housing Finance Board (oversight of Federal Home (credit card issuer and electronic payment ser-
Loan Bank system) (1989 - 1991); Vice President and vices) (2007 - present); Former Director of
Head of International Finance, Federal National Mortgage Briggs & Stratton Co. (engine manufacturer)
Association (1988 - 1989); U.S. Alternate Executive Direc- (2004 - 2009); Director of UAL Corporation
tor, International Monetary Fund (1984 - 1988); Executive (airline holding company) (2006 - present);
Assistant to Deputy Secretary of the U.S. Treasury, U.S. Director of ManTech International Corporation
Treasury Department (1982 - 1984); and Vice President (national security, defense, and intelligence
and Team Leader in Corporate Banking, Bankers Trust Co. technology firm) (2006 - present); Member,
(1976 - 1982) Board of Governors, Investment Company Insti-
tute (2007 - present); Former Director of Brady
Corporation (2000 - 2007); Former Director of
Mortgage Guaranty Insurance Corporation (1991
- 2006); Former Director of Millennium Chemi-
cals, Inc. (commodity chemicals) (2002 -
2005); Former Director, R.J. Reynolds Tobacco
Holdings, Inc. (tobacco) (1999 - 2005); and
Former Director of Texaco, Inc. (1997 - 2001)
- -----------------------------------------------------------------------------------------------------------------------------------
Pioneer Global High Yield Fund | Annual Report | 10/31/10 81
Independent Trustees (continued)
- -------------------------------------------------------------------------------
Position Held Length of Service
Name and Age with the Fund and Term of Office
- -------------------------------------------------------------------------------
Benjamin M. Friedman (66) Trustee Trustee since 2008.
Serves until a successor
trustee is elected or
earlier retirement or
removal.
- -------------------------------------------------------------------------------
Margaret B.W. Graham (63) Trustee Trustee since 2001.
Serves until a successor
trustee is elected or
earlier retirement or
removal.
- -------------------------------------------------------------------------------
Thomas J. Perna (60) Trustee Trustee since 2006.
Serves until a successor
trustee is elected or
earlier retirement or
removal.
- -------------------------------------------------------------------------------
Marguerite A. Piret (62) Trustee Trustee since 2001.
Serves until a successor
trustee is elected or
earlier retirement or
removal.
- -------------------------------------------------------------------------------
Stephen K. West (82) Trustee Trustee since 2001.
Serves until a successor
trustee is elected or
earlier retirement or
removal.
- -------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
Other Directorships
Name and Age Principal Occupation Held by this Trustee
- -----------------------------------------------------------------------------------------------------------------------------------
Benjamin M. Friedman (66) William Joseph Maier Professor of Political Economy, Trustee, Mellon Institutional Funds
Harvard University (1972 - present) Investment Trust and Mellon
Institutional Funds Master Portfolio
(oversaw 17 portfolios in fund complex)
(1989 - 2008)
- -----------------------------------------------------------------------------------------------------------------------------------
Margaret B.W. Graham (63) Founding Director, Vice President and Corporate Secretary, None
The Winthrop Group, Inc. (consulting firm) (1982 -
present); Desautels Faculty of Management, McGill Univer-
sity (1999 - present); and Manager of Research Opera-
tions and Organizational Learning, Xerox PARC, Xerox's
Advance Research Center (1990 - 1994)
- -----------------------------------------------------------------------------------------------------------------------------------
Thomas J. Perna (60) Chairman and Chief Executive Officer, Quadriserv, Inc. Director, Broadridge Financial
(technology products for securities lending industry) (2008 Solutions, Inc. (investor communications
- present); Private investor (2004 - 2008); and Senior and securities processing provider for
Executive Vice President, The Bank of New York (financial financial services industry) (2009 -
and securities services) (1986 - 2004) present); and Director, Quadriserv, Inc.
(2005 - present)
- -----------------------------------------------------------------------------------------------------------------------------------
Marguerite A. Piret (62) President and Chief Executive Officer, Newbury, Piret & Director of New America High Income
Company, Inc. (investment banking firm) (1981 - present) Fund, Inc. (closed-end investment
company) (2004 - present); and Member,
Board of Governors, Investment Company
Institute (2000 - 2006)
- -----------------------------------------------------------------------------------------------------------------------------------
Stephen K. West (82) Senior Counsel, Sullivan & Cromwell LLP (law firm) Director, The Swiss Helvetia Fund, Inc.
(1998 - present); and Partner, Sullivan & Cromwell LLP (closed-end investment company); and
(prior to 1998) Director, AMVESCAP, PLC (investment
manager) (1997 - 2005)
- -----------------------------------------------------------------------------------------------------------------------------------
82 Pioneer Global High Yield Fund | Annual Report | 10/31/10
Fund Officers
- --------------------------------------------------------------------------------
Position Held Length of Service
Name and Age with the Fund and Term of Office
- --------------------------------------------------------------------------------
Christopher J. Kelley (45) Secretary Since 2010. Serves at
the discretion of the
Board.
- --------------------------------------------------------------------------------
Carol B. Hannigan (49) Assistant Secretary Since 2010. Serves at
the discretion of the
Board.
- --------------------------------------------------------------------------------
Thomas Reyes (47) Assistant Secretary Since 2010. Serves at
the discretion of the
Board.
- --------------------------------------------------------------------------------
Mark E. Bradley (50) Treasurer Since 2008. Serves at
the discretion of the
Board.
- --------------------------------------------------------------------------------
Luis I. Presutti (45) Assistant Treasurer Since 2001. Serves at
the discretion of the
Board.
- --------------------------------------------------------------------------------
Gary Sullivan (52) Assistant Treasurer Since 2002. Serves at
the discretion of the
Board.
- --------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
Other Directorships
Name and Age Principal Occupation Held by this Officer
- ------------------------------------------------------------------------------------------------------------------------
Christopher J. Kelley (45) Vice President and Associate General Counsel of Pioneer since None
January 2008 and Secretary of all of the Pioneer Funds since
June 2010; Assistant Secretary of all of the Pioneer Funds from
September 2003 to May 2010; and Vice President and Senior
Counsel of Pioneer from July 2002 to December 2007
- ------------------------------------------------------------------------------------------------------------------------
Carol B. Hannigan (49) Fund Governance Director of Pioneer since December 2006 and None
Assistant Secretary of all the Pioneer Funds since June 2010;
Manager-Fund Governance of Pioneer from December 2003 to
November 2006; and Senior Paralegal of Pioneer from January
2000 to November 2003
- ------------------------------------------------------------------------------------------------------------------------
Thomas Reyes (47) Counsel of Pioneer since June 2007 and Assistant Secretary of None
all the Pioneer Funds since June 2010; and Vice President and
Counsel at State Street Bank from October 2004 to June 2007
- ------------------------------------------------------------------------------------------------------------------------
Mark E. Bradley (50) Vice President-Fund Accounting, Administration and Controller- None
ship Services of Pioneer; and Treasurer of all of the Pioneer
Funds since March 2008; Deputy Treasurer of Pioneer from
March 2004 to February 2008; Assistant Treasurer of all of the
Pioneer Funds from March 2004 to February 2008; and Treasurer
and Senior Vice President, CDC IXIS Asset Management Services,
from 2002 to 2003
- ------------------------------------------------------------------------------------------------------------------------
Luis I. Presutti (45) Assistant Vice President - Fund Accounting, Administration and None
Controllership Services of Pioneer; and Assistant Treasurer of all
of the Pioneer Funds
- ------------------------------------------------------------------------------------------------------------------------
Gary Sullivan (52) Fund Accounting Manager - Fund Accounting, Administration and None
Controllership Services of Pioneer; and Assistant Treasurer of all
of the Pioneer Funds
- ------------------------------------------------------------------------------------------------------------------------
Pioneer Global High Yield Fund | Annual Report | 10/31/10 83
Fund Officers (continued)
- --------------------------------------------------------------------------------
Position Held Length of Service
Name and Age with the Fund and Term of Office
- --------------------------------------------------------------------------------
David F. Johnson (30) Assistant Treasurer Since 2009. Serves at
the discretion of the
Board.
- --------------------------------------------------------------------------------
Jean M. Bradley (58) Chief Compliance Since 2010. Serves at
Officer the discretion of the
Board.
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------------------------------------------
Other Directorships
Name and Age Principal Occupation Held by this Officer
- --------------------------------------------------------------------------------------------------------------------
David F. Johnson (30) Fund Administration Manager - Fund Accounting, Administration None
and Controllership Services since November 2008; Assistant
Treasurer of all of the Pioneer Funds since January 2009; and
Client Service Manager - Institutional Investor Services at State
Street Bank from March 2003 to March 2007
- --------------------------------------------------------------------------------------------------------------------
Jean M. Bradley (58) Chief Compliance Officer of Pioneer and of all the Pioneer Funds None
since March 2010; Director of Adviser and Portfolio Compliance
at Pioneer since October 2005; and Senior Compliance Officer
for Columbia Management Advisers, Inc. from October 2003 to
October 2005
- --------------------------------------------------------------------------------------------------------------------
84 Pioneer Global High Yield Fund | Annual Report | 10/31/10
How to Contact Pioneer
We are pleased to offer a variety of convenient ways for you to contact us for
assistance or information.
Call us for:
- --------------------------------------------------------------------------------
Account Information, including existing accounts,
new accounts, prospectuses, applications
and service forms 1-800-225-6292
FactFone(SM) for automated fund yields, prices,
account information and transactions 1-800-225-4321
Retirement plans information 1-800-622-0176
Write to us:
- --------------------------------------------------------------------------------
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
This report must be preceded or accompanied by a prospectus.
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.
[LOGO] PIONEER
Investments(R)
Pioneer Investment Management, Inc.
60 State Street
Boston, MA 02109
pioneerinvestments.com
Securities offered through Pioneer Funds Distributor, Inc.
60 State Street, Boston, MA 02109
Underwriter of Pioneer Mutual Funds, Member SIPC
(C) 2010 Pioneer Investments 19382-04-0610
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.
Fees for audit services provided to the Fund, including fees associated with
the filings to update its Form N-2 and issuance of comfort letters, totaled
approximately $84,486 in 2010 and $47,800 in 2009.
(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.
There were no fees for audit-related or other services
provided to the Fund during the fiscal years ended October 31, 2010 and 2009.
(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.
Fees for tax compliance services, primarily for tax returns, totaled
approximately $16,580 for 2010 and $8,290 for 2009.
(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.
There were no other services provided to the Fund during the
fiscal years ended October 31, 2010 and 2009.
(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.
Beginning with non-audit service contracts entered into on or after
May 6, 2003, the effective date of the new SEC pre-approval rules,
the Funds audit committee is required to pre-approve services to
affiliates defined by SEC rules to the extent that the services are
determined to have a direct impact on the operations or financial
reporting of the Fund. For the years ended October 31, 2010 and
2009, there were no services provided to an affiliate that required
the Funds audit committee pre-approval.
(f) If greater than 50 percent, disclose the percentage of hours expended on the
principal accountant's engagement to audit the registrant's financial statements
for the most recent fiscal year that were attributed to work performed by
persons other than the principal accountant's full-time, permanent employees.
N/A
(g) Disclose the aggregate non-audit fees billed by the registrant's accountant
for services rendered to the registrant, and rendered to the registrant's
investment adviser (not including any sub-adviser whose role is primarily
portfolio management and is subcontracted with or overseen by another investment
adviser), and any entity controlling, controlled by, or under common control
with the adviser that provides ongoing services to the registrant for each of
the last two fiscal years of the registrant.
The aggregate non-audit fees for the Fund and affiliates, as
previously defined, totaled approximately $16,580 in 2010 and $8,290 in 2009.
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.
(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 December 30, 2010
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, this report has been signed below by the
following persons on behalf of the registrant and in the capacities and on the
dates indicated.
By (Signature and Title)* /s/ John F. Cogan, Jr.
John F. Cogan, Jr., President
Date December 30, 2010
By (Signature and Title)* /s/ Mark Bradley
Mark Bradley, Treasurer
Date December 30, 2010
* Print the name and title of each signing officer under his or her signature.