0000078713-13-000003.txt : 20130102 0000078713-13-000003.hdr.sgml : 20130101 20130102121604 ACCESSION NUMBER: 0000078713-13-000003 CONFORMED SUBMISSION TYPE: N-CSR PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20121031 FILED AS OF DATE: 20130102 DATE AS OF CHANGE: 20130102 EFFECTIVENESS DATE: 20130102 FILER: COMPANY DATA: COMPANY CONFORMED NAME: PIONEER SERIES TRUST VII CENTRAL INDEX KEY: 0001140157 IRS NUMBER: 043567848 STATE OF INCORPORATION: DE FISCAL YEAR END: 1031 FILING VALUES: FORM TYPE: N-CSR SEC ACT: 1940 Act SEC FILE NUMBER: 811-10395 FILM NUMBER: 13500855 BUSINESS ADDRESS: STREET 1: 60 STATE STREET 13TH FLOOR CITY: BOSTON STATE: MA ZIP: 02109 BUSINESS PHONE: 6174224947 MAIL ADDRESS: STREET 1: 60 STATE STREET 13TH FLOOR CITY: BOSTON STATE: MA ZIP: 02109 FORMER COMPANY: FORMER CONFORMED NAME: PIONEER GLOBAL HIGH YIELD FUND DATE OF NAME CHANGE: 20010507 0001140157 S000010203 Pioneer Global High Yield Fund C000028246 Pioneer Global High Yield Fund: Class Y GHYYX C000028247 Pioneer Global High Yield Fund: Class A PGHYX C000028248 Pioneer Global High Yield Fund: Class B PGHBX C000028249 Pioneer Global High Yield Fund: Class C PGYCX C000052224 Class Z 0001140157 S000019711 Pioneer Global Aggregate Bond Fund C000055267 Class A Shares C000055268 Class C Shares C000055269 Class Y Shares 0001140157 S000019712 Pioneer Global Diversified Equity Fund C000055270 Class A Shares C000055271 Class C Shares C000055272 Class Y Shares 0001140157 S000039304 Pioneer Emerging Markets Local Currency Debt Fund C000121106 Pioneer Emerging Markets Local Currency Debt Fund Class A C000121107 Pioneer Emerging Markets Local Currency Debt Fund Class C C000121108 Pioneer Emerging Markets Local Currency Debt Fund Class Y N-CSR 1 ncsr.txt OMB APPROVAL OMB Number: 3235-0570 Expires: August 31, 2013 Estimated average burden hours per response.....18.9 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, 2011 through October 31, 2012 Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles. A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget ("OMB") control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. ss. 3507. ITEM 1. REPORTS TO SHAREOWNERS. Pioneer Global High Yield Fund -------------------------------------------------------------------------------- Annual Report | October 31, 2012 -------------------------------------------------------------------------------- Ticker Symbols: Class A PGHYX Class B PGHBX Class C PGYCX Class Y GHYYX Class Z PGHZX [LOGO] PIONEER Invesments(R) visit us: 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 16 Schedule of Investments 18 Financial Statements 54 Notes to Financial Statements 63 Report of Independent Registered Public Accounting Firm 75 Trustees, Officers and Service Providers 76
Pioneer Global High Yield Fund | Annual Report | 10/31/12 1 President's Letter Dear Shareowner, The U.S. stock market rallied sharply through the third quarter of 2012 amid a sluggish, but nonetheless growing, U.S. economy. We have been cautiously optimistic about the U.S. from the start of the year, and the economic data continue to be encouraging. The housing and auto sectors are benefitting from record-low interest rates. The climate for consumer and business credit has improved, and inflation appears to be subdued. While corporate profits slowed in the third quarter, many U.S. companies continue to have strong balance sheets and to pay attractive dividends* compared to fixed-income securities. All of these factors contributed to gains for investors who owned riskier assets, including equities and higher-yielding corporate bonds. Year to date through the end of the third quarter, the Standard & Poor's 500 Index returned 16.35%. In fixed income, the Bank of America Merrill Lynch High Yield Master II Index was up by 12.02% during the same period, while the Barclays Capital Aggregate Bond Index gained 3.99%. Treasury bonds, by contrast, generated a comparatively sluggish return of 1.70%, as measured by the Barclays Capital Intermediate Treasuries Index. Despite this generally positive picture during the first three quarters of 2012, investors face powerful macroeconomic challenges in the months ahead. These include the threat of a so-called "fiscal cliff" in the U.S. budget process after the November elections, the European sovereign-debt crisis, and slowing growth in both Europe and China. Investors can continue to count on market volatility tied to these factors, although we remain optimistic that the underlying economic trends are moving in the right direction. At Pioneer, we have long advocated the benefits of staying diversified** and investing for the long term. And while diversification alone does not assure a profit or protect against loss in a declining market, we believe in actively seeking out opportunities in undervalued securities and sectors around the globe. 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. * Dividends are not guaranteed. ** Diversification does not assure a profit or protect against loss in a declining market. 2 Pioneer Global High Yield Fund | Annual Report | 10/31/12 Pioneer's investment professionals focus on finding good opportunities in both equity and bond markets using the same disciplined investment approach we have used since 1928. Our strategy is to identify undervalued individual securities with the greatest potential for success, carefully weighing risk against reward. Our teams of investment professionals continually monitor and analyze the relative valuations of different sectors and securities globally to help build portfolios that we believe can help you achieve your investment goals. 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 us.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 opinion 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 | 10/31/12 3 Portfolio Management Discussion | 10/31/12 In a low-interest-rate environment, the demand for higher-yielding investment opportunities remained strong during most of the 12 months ended October 31, 2012. Corporate high-yield bonds and other credit-sensitive securities performed well during the period, despite some interim market fallbacks caused by investors' concerns about potential economic weakness in the U.S. and China, and worries about the possible contagion effects of the ongoing sovereign-debt problems in Europe. In the following interview, lead portfolio manager Andrew Feltus and assistant portfolio manager Tracy Wright discuss the factors that affected the performance of Pioneer Global High Yield Fund during the 12-month period. Mr. Feltus, senior vice president and portfolio manager at Pioneer, and Ms. Wright, senior vice president and portfolio manager at Pioneer, are responsible for the daily management of the Fund. Q How did the Fund perform during the 12 months ended October 31, 2012? A Pioneer Global High Yield Fund's Class A shares returned 11.89% at net asset value during the 12 months ended October 31, 2012, while the Fund's benchmarks, the Bank of America Merrill Lynch (BofA ML) High Yield Master II Index and the BofA ML Global High Yield and Emerging Markets Plus Index, returned 13.18% and 14.67%, respectively. During the same 12-month period, the average return of the 503 mutual funds in Lipper's High Current Yield Funds category was 12.26%. Q Could you describe the investment environment for fixed-income securities during the 12 months ended October 31, 2012? A Credit-sensitive, high-yielding debt generated solid returns during the 12-month period. The backdrop for high-yield investing was positive early in the period as investors grew more confident that the global economic recovery would continue. The market suffered a setback, however, in April and May of 2012, as investors' worries about the sovereign-debt problems in Greece, Spain, and several other European nations heightened. Fears grew about the potential contagion effects that a recession in Europe could have on the world economy. The concerns were compounded when some corporations in the United States began announcing disappointing profit growth. Amid the worries about economic weakness, corporate bonds and other credit-sensitive investments produced lackluster results through much of the summer of 2012, until the announcements by major central banks-- particularly the European Central Bank (ECB) and the U.S. Federal Reserve Board (the Fed)--of their intentions to inject more liquidity into the global financial system to encourage job creation and stimulate economic growth. 4 Pioneer Global High Yield Fund | Annual Report | 10/31/12 The ECB announced in August 2012 that it could become more active in buying the short-term debt of peripheral European nations, including Greece and Spain, in an effort to keep borrowing rates low for national governments on the Continent. Shortly after that, the Fed announced its third round of quantitative easing ("QE3") in an effort to encourage lower interest rates through the purchasing of mortgage-backed securities in the open market. Additionally, monetary authorities in China announced that they, too, were lowering short-term interest rates and easing credit conditions. The combination of the central banks' announcements helped trigger a sharp rally in the financial markets, and high-yield and other credit-sensitive securities outperformed through the end of the period in October. While economic benchmarks did not signal robust growth, evidence of improving economic conditions and progress in new-job creation proved sufficient to dampen investors' fears that the world economy might fall into a double-dip recession. U.S. high-yield bonds performed very well during the market rally, but the strongest returns came from the emerging markets. Emerging market debt rebounded sharply after producing lackluster returns earlier in the period--struggles that were the result of concerns about the strength of the global economy and worries that the sovereign-debt problems of Argentina might be indicative of wider problems in other emerging markets. Q How did you position the Fund during the 12 months ended October 31, 2012, and how did the positioning affect the Fund's underperformance relative to its two BofA ML benchmarks during the period? A The Fund performed well during the period, especially during the 10 months of the period occurring in calendar year 2012, but benchmark-relative results for the full fiscal year dating back to November 1, 2011, were adversely affected by one disappointing investment, as the Fund's holdings in airport facility securities backed by American Airlines went down in value after AMR, the parent company of the airline, unexpectedly filed for bankruptcy protection in November 2011. Overall, domestic high-yield corporate bonds, which represented the largest component of the portfolio, contributed positively to the Fund's relative performance, which also was supported by portfolio exposure to emerging market debt, a strong performer during the period (outside of Argentina). Also holding back benchmark-relative results somewhat was the Fund's exposure to bank loans. While the portfolio's bank-loan investments performed well, they produced lower yields, in general, than high-yield bonds. About 8% of the Fund's net assets were invested in floating-rate bank loans as of October 31, 2012. Pioneer Global High Yield Fund | Annual Report | 10/31/12 5 The Fund's underweight to the euro had a negative effect on relative performance as well during 2012, when the euro rallied against the U.S. dollar, but the Fund's holdings in underlying European high-yield corporate bonds, nevertheless, performed very well. As of October 31, 2012, U.S. high-yield corporates represented the largest allocation in the Fund's portfolio, at 30.1% of net assets, with U.S. investment-grade corporates representing another 2.8%. Floating-rate bank loans accounted for 8.0% of the Fund's net assets, while emerging market corporates represented another 23.5% of net assets, supplemented by a 5.2% weighting in emerging market sovereign debt. High-yield corporate bonds issued by companies in developed foreign nations accounted for an additional 13.6% of net assets. The Fund also had exposures to convertible bonds (6.5% of net assets) and event-linked (catastrophe) bonds (3.5% of net assets). Q What individual securities, aside from AMR Corporation, had the biggest effect on the Fund's performance during the 12 months ended October 31, 2012? A The Fund's emerging market corporate bond holdings performed particularly well during the period, with strong results coming from a diverse number of positions, including MIE Holdings, a Chinese energy company; Bio Pappel, a Mexican packaging company; and Vedanta Resources, an Indian metals and mining corporation. Another solid contributor in the Fund's portfolio was the debt of Cemex, the Mexico-based global building materials corporation. The securities gained in value after Cemex solidified its finances by selling off part of its Latin American operations. Among the Fund's U.S. holdings, securities issued by BWAY, a packaging firm, appreciated in value after private-equity investors made a buyout proposal. Elsewhere, the Fund's investment in the bonds of Basell Finance, a subsidiary of the Dutch chemical company LyondellBasell, performed well as Lyondell's debt was upgraded to investment grade during the 12-month period. In addition to the disappointing performance from the AMR-related debt, the Fund's investments in Argentina also detracted from results during the period as Argentinian debt fell out of favor due to lack of investor confidence in the government's policies, with the nationalization of energy firm YPF's assets a particular concern. YPF is a subsidiary of Spanish energy firm Repsol. As a result, the Fund's positions in the corporate debt of Argentinian companies Banco Macro and Edenor declined in value. 6 Pioneer Global High Yield Fund | Annual Report | 10/31/12 Q Did the use of derivatives affect the Fund's performance during the 12 months ended October 31, 2012? A The Fund did invest in some currency forward contracts, which were used to reduce the risks of changes in the relative values of currencies. The contracts had a slightly positive effect on the Fund's performance. Q What is your investment outlook? A The short-term outlook is clouded by uncertainties about whether the United States' elected leaders in Washington can reach an agreement on solving the approaching "fiscal cliff" scenario. At the conclusion of the national elections, the President and the Congress faced three significant financial challenges: potentially increasing the nation's debt ceiling; sequestration, which calls for unspecified, but deep and automatic across-the-board spending cuts in the absence of some budget agreement; and the expiration of the Bush-era tax cuts. The automatic spending cuts and the expiration of the Bush-era tax cuts both are scheduled to occur at the end of 2012. If there is a successful resolution to the debate over the looming policy issues, we believe we should see less volatility in the markets and a return to a focus on fundamental investment principles. While the U.S. economy's growth, as measured by gross domestic product (GDP), clearly slowed in the first and second quarters of 2012, we believe the prospects for improving conditions are good. In fact, GDP growth for the third quarter recently was revised upward to roughly 2.7%. The more accommodative policy stances taken by the major central banks in the U.S., Europe, China and Japan also should help to encourage economic expansion and an improvement in corporate profits. In an environment of extremely low interest rates, we think there should be continuing investor appetite for corporate bonds and other credit-sensitive securities that offer yield premiums greater than those available in the high-grade debt market. Nevertheless, the low absolute level of interest rates does limit the total-return potential of fixed-income investments in general. In addition to our emphasis on corporate bonds in the Fund, we continue to favor having healthy portfolio exposures to bank loans and catastrophe bonds, both of which have floating interest rates. Although the two groups did not perform as well as high-yield bonds during the past fiscal year ended October 31, 2012, we believe their prospects should improve over the next two to three years, especially if interest rates start to rise and floating-rate securities start paying out higher yields. Catastrophe bonds also may fare well in the shorter term, as they were not seriously affected by the recent hurricane season. Even October's devastating Hurricane Sandy did not have a major impact on catastrophe bonds, as private insurers did not bear most of the effects of the damage inflicted on the U.S. East Coast. Pioneer Global High Yield Fund | Annual Report | 10/31/12 7 The Funds remains underweight to Europe, but we intend to continue to look for individual investment opportunities there. We believe the most interesting growth opportunities may lie in the emerging markets, where many nations have strong balance sheets, disciplined fiscal and monetary policies, and attractive real interest rates. There are, however, areas of concern in the emerging markets, such as Argentina, where investors need to be attentive to corporate-governance problems. Looking ahead, we will seek to identify potential investment opportunities for the Fund created by growth in the emerging markets and potential weakness in the U.S. dollar and the euro. Please refer to the Schedule of Investments on pages 18-53 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 issuers 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. 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 opinion as of the date of this report. These statements should not be relied upon for any other purposes. 8 Pioneer Global High Yield Fund | Annual Report | 10/31/12 Portfolio Summary | 10/31/12 Portfolio Quality -------------------------------------------------------------------------------- (As a percentage of long-term securities, based on S&P ratings) [THE FOLLOWING DATA WAS REPRESENTED AS A PIE CHART IN THE PRINTED MATERIAL]
B 41.5% BB 22.7% CCC 16.4% Not Rated 8.5% BBB 8.2% A 1.3% AAA 0.6% Cash Equivalents 0.6% AA 0.2%
Bond ratings are ordered highest to lowest in portfolio. Based on Standard & Poor's measures, AAA (highest possible rating) through BBB are considered investment grade; BB or lower ratings are considered non-investment grade. Cash equivalents and some bonds may not be rated. Geographical Distribution -------------------------------------------------------------------------------- (As a percentage of long-term holdings) [THE FOLLOWING DATA WAS REPRESENTED AS A BAR CHART IN THE PRINTED MATERIAL]
United States 50.9% Cayman Islands 8.4% Mexico 5.0% Luxembourg 4.1% Netherlands 3.6% Argentina 3.4% Ireland 3.3% Canada 2.3% United Kingdom 2.3% Brazil 2.1% Bermuda 1.7% Indonesia 1.4% Peru 1.2% Singapore 1.1% Norway 1.0% Other (individually less than 1%) 8.2%
10 Largest Holdings -------------------------------------------------------------------------------- (As a percentage of total long-term holdings)*
1. Minerva Overseas II, Ltd., 10.875%, 11/15/19 (144A) 1.14% ------------------------------------------------------------------------------------- 2. Alpha Appalachia Holdings, Inc., 3.25%, 8/1/15 0.91 ------------------------------------------------------------------------------------- 3. Marfrig Overseas, Ltd., 9.5%, 5/4/20 (144A) 0.89 ------------------------------------------------------------------------------------- 4. Ford Motor Co., 4.25%, 11/15/16 0.88 ------------------------------------------------------------------------------------- 5. Intelsat Luxembourg SA, 11.5%, 2/4/17 (144A) (PIK) 0.83 ------------------------------------------------------------------------------------- 6. Goldman Sachs Capital II, Floating Rate Note, 6/1/43 0.81 ------------------------------------------------------------------------------------- 7. PNC Financial Services Group, Inc., Floating Rate Note (Perpetual) 0.77 ------------------------------------------------------------------------------------- 8. Alliance One International, Inc., 10.0%, 7/15/16 0.76 ------------------------------------------------------------------------------------- 9. Basell Finance Co., BV, 8.1%, 3/15/27 (144A) 0.75 ------------------------------------------------------------------------------------- 10. EP Energy LLC, 9.375%, 5/1/20 (144A) 0.75 -------------------------------------------------------------------------------------
* 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. Pioneer Global High Yield Fund | Annual Report | 10/31/12 9 Prices and Distributions | 10/31/12 Net Asset Value per Share --------------------------------------------------------------------------------
-------------------------------------------------------------------------------- Class 10/31/12 10/31/11 -------------------------------------------------------------------------------- A $10.13 $ 9.83 -------------------------------------------------------------------------------- B $10.14 $ 9.83 -------------------------------------------------------------------------------- C $10.10 $ 9.80 -------------------------------------------------------------------------------- Y $ 9.96 $ 9.66 -------------------------------------------------------------------------------- Z $10.43 $10.11 --------------------------------------------------------------------------------
Distributions per Share: 11/1/11-10/31/12 --------------------------------------------------------------------------------
-------------------------------------------------------------------------------- Net Investment Short-Term Long-Term Class Income Capital Gains Capital Gains -------------------------------------------------------------------------------- A $0.8095 $ -- $ -- -------------------------------------------------------------------------------- B $0.7304 $ -- $ -- -------------------------------------------------------------------------------- C $0.7429 $ -- $ -- -------------------------------------------------------------------------------- Y $0.8307 $ -- $ -- -------------------------------------------------------------------------------- Z $0.8597 $ -- $ -- --------------------------------------------------------------------------------
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 pertain to the "Value of $10,000 Investment" and "Value of $5 Million Investment" charts appearing on pages 11-15. 10 Pioneer Global High Yield Fund | Annual Report | 10/31/12 Performance Update | 10/31/12 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) 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, 2012) -------------------------------------------------------------------------------- Net Asset Public Offering Period Value (NAV) Price (POP) -------------------------------------------------------------------------------- 10 Years 11.44% 10.93% 5 Years 6.04 5.07 1 Year 11.89 6.89 --------------------------------------------------------------------------------
Expense Ratio (Per prospectus dated March 1, 2012) -------------------------------------------------------------------------------- Gross -------------------------------------------------------------------------------- 1.09% --------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL] Value of $10,000 Investment
BofA ML Global High Pioneer Global BofA ML High Yield Yield and Emerging High Yield Fund Master II Index Markets Plus Index 10/31/2002 $ 9,550 $ 10,000 $ 10,000 10/31/2003 $ 13,909 $ 13,310 $ 13,469 10/31/2004 $ 15,970 $ 14,927 $ 15,331 10/31/2005 $ 17,330 $ 15,518 $ 16,244 10/31/2006 $ 19,430 $ 17,122 $ 18,130 10/31/2007 $ 21,042 $ 18,294 $ 19,665 10/31/2008 $ 14,424 $ 13,443 $ 14,457 10/31/2009 $ 20,707 $ 20,002 $ 21,882 10/31/2010 $ 25,089 $ 23,847 $ 25,736 10/31/2011 $ 25,213 $ 25,003 $ 26,595 10/31/2012 $ 28,210 $ 28,298 $ 30,496
Call 1-800-225-6292 or visit us.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 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 | 10/31/12 11 Performance Update | 10/31/12 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) 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, 2012) -------------------------------------------------------------------------------- If If Period Held Redeemed -------------------------------------------------------------------------------- Life-of-class (11/21/03) 7.19% 7.19% 5 Years 5.24 5.24 1 Year 11.10 7.10 --------------------------------------------------------------------------------
Expense Ratio (Per prospectus dated March 1, 2012) -------------------------------------------------------------------------------- Gross -------------------------------------------------------------------------------- 1.90% --------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL] Value of $10,000 Investment
BofA ML Global High Pioneer Global BofA ML High Yield Yield and Emerging High Yield Fund Master II Index Markets Plus Index 11/30/2003 $ 10,000 $ 10,000 $ 10,000 10/31/2004 $ 11,146 $ 11,214 $ 11,383 10/31/2005 $ 11,995 $ 11,658 $ 12,061 10/31/2006 $ 13,344 $ 12,864 $ 13,461 10/31/2007 $ 14,332 $ 13,745 $ 14,601 10/31/2008 $ 9,743 $ 10,100 $ 10,734 10/31/2009 $ 13,875 $ 15,027 $ 16,247 10/31/2010 $ 16,706 $ 17,916 $ 19,108 10/31/2011 $ 16,651 $ 18,784 $ 19,746 10/31/2012 $ 18,500 $ 21,260 $ 22,643
Call 1-800-225-6292 or visit us.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). The maximum CDSC for Class B shares is 4% and declines over five years. For more complete information, please see the prospectus. 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 taxes that a shareowner would pay on Fund distributions or the redemption of Fund shares. 12 Pioneer Global High Yield Fund | Annual Report | 10/31/12 Performance Update | 10/31/12 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) 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, 2012) -------------------------------------------------------------------------------- If If Period Held Redeemed -------------------------------------------------------------------------------- Life-of-class (11/21/03) 7.17% 7.17% 5 Years 5.30 5.30 1 Year 11.17 11.17 --------------------------------------------------------------------------------
Expense Ratio (Per prospectus dated March 1, 2012) -------------------------------------------------------------------------------- Gross -------------------------------------------------------------------------------- 1.78% --------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL] Value of $10,000 Investment
BofA ML Global High Pioneer Global BofA ML High Yield Yield and Emerging High Yield Fund Master II Index Markets Plus Index 11/30/2003 $ 10,000 $ 10,000 $ 10,000 10/31/2004 $ 11,079 $ 11,214 $ 11,383 10/31/2005 $ 11,921 $ 11,658 $ 12,061 10/31/2006 $ 13,267 $ 12,864 $ 13,461 10/31/2007 $ 14,260 $ 13,745 $ 14,601 10/31/2008 $ 9,685 $ 10,100 $ 10,734 10/31/2009 $ 13,807 $ 15,027 $ 16,247 10/31/2010 $ 16,628 $ 17,916 $ 19,108 10/31/2011 $ 16,607 $ 18,784 $ 19,746 10/31/2012 $ 18,462 $ 21,260 $ 22,643
Call 1-800-225-6292 or visit us.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 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 | 10/31/12 13 Performance Update | 10/31/12 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) 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, 2012) -------------------------------------------------------------------------------- If If Period Held Redeemed -------------------------------------------------------------------------------- 10 Years 11.50% 11.50% 5 Years 6.42 6.42 1 Year 12.35 12.35 --------------------------------------------------------------------------------
Expense Ratio (Per prospectus dated March 1, 2012) -------------------------------------------------------------------------------- Gross -------------------------------------------------------------------------------- 0.74% --------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL] Value of $5 Million Investment
BofA ML Global High Pioneer Global BofA ML High Yield Yield and Emerging High Yield Fund Master II Index Markets Plus Index 10/31/2002 $ 5,000,000 $ 5,000,000 $ 5,000,000 10/31/2003 $ 7,279,251 $ 6,665,132 $ 6,734,296 10/31/2004 $ 8,358,157 $ 7,463,327 $ 7,665,665 10/31/2005 $ 9,069,794 $ 7,758,813 $ 8,122,193 10/31/2006 $ 10,061,378 $ 8,561,000 $ 9,064,762 10/31/2007 $ 10,878,725 $ 9,147,148 $ 9,832,576 10/31/2008 $ 7,510,174 $ 6,721,589 $ 7,228,334 10/31/2009 $ 10,797,829 $ 10,000,837 $ 10,940,968 10/31/2010 $ 13,102,744 $ 11,923,494 $ 12,867,752 10/31/2011 $ 13,213,504 $ 12,501,305 $ 13,297,303 10/31/2012 $ 14,845,365 $ 14,149,031 $ 15,248,175
Call 1-800-225-6292 or visit us.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. 14 Pioneer Global High Yield Fund | Annual Report | 10/31/12 Performance Update | 10/31/12 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) 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, 2012) -------------------------------------------------------------------------------- If If Period Held Redeemed -------------------------------------------------------------------------------- 10 Years 11.90% 11.90% 5 Years 6.90 6.90 1 Year 12.30 12.30 --------------------------------------------------------------------------------
Expense Ratio (Per prospectus dated March 1, 2012) -------------------------------------------------------------------------------- Gross -------------------------------------------------------------------------------- 0.76% --------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL] Value of $10,000 Investment
BofA ML Global High Pioneer Global BofA ML High Yield Yield and Emerging High Yield Fund Master II Index Markets Plus Index 10/31/2002 $ 10,000 $ 10,000 $ 10,000 10/31/2003 $ 14,559 $ 13,310 $ 13,469 10/31/2004 $ 16,716 $ 14,927 $ 15,331 10/31/2005 $ 18,140 $ 15,518 $ 16,244 10/31/2006 $ 20,338 $ 17,122 $ 18,130 10/31/2007 $ 22,054 $ 18,294 $ 19,665 10/31/2008 $ 15,612 $ 13,443 $ 14,457 10/31/2009 $ 22,432 $ 20,002 $ 21,882 10/31/2010 $ 27,273 $ 23,847 $ 25,736 10/31/2011 $ 27,417 $ 25,003 $ 26,595 10/31/2012 $ 30,791 $ 28,298 $ 30,496
Call 1-800-225-6292 or visit us.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 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 | 10/31/12 15 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, 2012, through October 31, 2012.
------------------------------------------------------------------------------------------------ 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 5/1/12 ------------------------------------------------------------------------------------------------ Ending Account $1,058.76 $1,054.38 $1,054.24 $1,060.81 $1,060.53 Value (after expenses) on 10/31/12 ------------------------------------------------------------------------------------------------ Expenses Paid $5.69 $9.86 $9.19 $4.14 $4.56 During Period* ------------------------------------------------------------------------------------------------
* Expenses are equal to the Fund's annualized expense ratio of 1.10%, 1.91%, 1.78%, 0.80%, and 0.88% for Class A, Class B, Class C, Class Y and Class Z shares, respectively, multiplied by the average account value over the period, multiplied by 184/366 (to reflect the one-half year period). 16 Pioneer Global High Yield Fund | Annual Report | 10/31/12 Hypothetical Example for Comparison Purposes The table below provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. Please note that the expenses shown in the tables are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as sales charges (loads) that are charged at the time of the transaction. Therefore, the table below is useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher. Expenses Paid on a $1,000 Investment in Pioneer Global High Yield Fund Based on a hypothetical 5% return per year before expenses, reflecting the period from May 1, 2012, through October 31, 2012.
--------------------------------------------------------------------------------------------- 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 5/1/12 --------------------------------------------------------------------------------------------- Ending Account $1,019.61 $1,015.53 $1,016.19 $1,021.11 $1,020.71 Value (after expenses) on 10/31/12 --------------------------------------------------------------------------------------------- Expenses Paid $5.58 $9.68 $9.02 $4.06 $4.47 During Period* ---------------------------------------------------------------------------------------------
* Expenses are equal to the Fund's annualized expense ratio of 1.10%, 1.91%, 1.78%, 0.80%, and 0.88% for Class A, Class B, Class C, Class Y and Class Z shares, respectively, multiplied by the average account value over the period, multiplied by 184/366 (to reflect the one-half year period). Pioneer Global High Yield Fund | Annual Report | 10/31/12 17 Schedule of Investments | 10/31/12 (Consolidated)
------------------------------------------------------------------------------------------------------------- Floating S&P/Moody's Principal Rate (b) Ratings Amount ($) (unaudited) (unaudited) Value ------------------------------------------------------------------------------------------------------------- CONVERTIBLE CORPORATE BONDS -- 6.2% ENERGY -- 1.2% Oil & Gas Drilling -- 0.1% 2,475,000 NR/NR Vantage Drilling Co., 7.875%, 9/1/42 $ 2,920,500 ------------------------------------------------------------------------------------------------------------- Oil & Gas Exploration & Production -- 0.2% 4,130,000 BB-/Ba3 Chesapeake Energy Corp., 2.5%, 5/15/37 $ 3,667,956 ------------------------------------------------------------------------------------------------------------- Coal & Consumable Fuels -- 0.9% 19,320,000 B+/NR Alpha Appalachia Holdings, Inc., 3.25%, 8/1/15 $ 18,269,475 1,305,000 CCC-/B2 James River Coal Co., 3.125%, 3/15/18 556,256 --------------- $ 18,825,731 --------------- Total Energy $ 25,414,187 ------------------------------------------------------------------------------------------------------------- MATERIALS -- 0.8% Construction Materials -- 0.6% 11,050,000 NR/NR Cemex SAB de CV, 3.75%, 3/15/18 $ 11,719,906 ------------------------------------------------------------------------------------------------------------- Forest Products -- 0.2% 14,559,000 NR/NR Sino-Forest Corp., 4.25%, 12/15/16 (144A) (c) $ 2,183,850 12,150,000 NR/WR Sino-Forest Corp., 5.0%, 8/1/13 (c) 1,822,500 --------------- $ 4,006,350 --------------- Total Materials $ 15,726,256 ------------------------------------------------------------------------------------------------------------- CAPITAL GOODS -- 0.9% Electrical Components & Equipment -- 0.1% 1,250,000 B/B2 General Cable Corp., 4.5%, 11/15/29 (Step) $ 1,305,469 ------------------------------------------------------------------------------------------------------------- Construction & Farm Machinery & Heavy Trucks -- 0.2% 5,475,000 CCC+/NR Navistar International Corp., 3.0%, 10/15/14 $ 4,770,094 ------------------------------------------------------------------------------------------------------------- Trading Companies & Distributors -- 0.6% 5,123,000 B/NR WESCO International, Inc., 6.0%, 9/15/29 $ 12,205,548 --------------- Total Capital Goods $ 18,281,111 ------------------------------------------------------------------------------------------------------------- AUTOMOBILES & COMPONENTS -- 0.9% Automobile Manufacturers -- 0.9% 12,029,000 BB+/Baa3 Ford Motor Co., 4.25%, 11/15/16 $ 17,705,184 --------------- Total Automobiles & Components $ 17,705,184 -------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements. 18 Pioneer Global High Yield Fund | Annual Report | 10/31/12
------------------------------------------------------------------------------------------------------------- Floating S&P/Moody's Principal Rate (b) Ratings Amount ($) (unaudited) (unaudited) Value ------------------------------------------------------------------------------------------------------------- FOOD, BEVERAGE & TOBACCO -- 0.1% Tobacco -- 0.1% 1,635,000 CCC+/Caa2 Alliance One International, Inc., 5.5%, 7/15/14 $ 1,557,338 --------------- Total Food, Beverage & Tobacco $ 1,557,338 ------------------------------------------------------------------------------------------------------------- HEALTH CARE EQUIPMENT & SERVICES -- 0.1% Health Care Technology -- 0.1% 3,485,000 NR/NR WebMD Health Corp., 2.5%, 1/31/18 $ 2,949,181 --------------- Total Health Care Equipment & Services $ 2,949,181 ------------------------------------------------------------------------------------------------------------- REAL ESTATE -- 0.3% Real Estate Operating Companies -- 0.3% 3,805,000 B-/B3 Forest City Enterprises, Inc., 4.25%, 8/15/18 $ 3,971,469 1,900,000 B-/NR Forest City Enterprises, Inc., 5.0%, 10/15/16 2,604,188 --------------- $ 6,575,657 --------------- Total Real Estate $ 6,575,657 ------------------------------------------------------------------------------------------------------------- SOFTWARE & SERVICES -- 0.0%+ Application Software -- 0.0%+ 1,025,000 NR/NR Mentor Graphics Corp., 4.0%, 4/1/31 $ 1,160,172 --------------- Total Software & Services $ 1,160,172 ------------------------------------------------------------------------------------------------------------- TECHNOLOGY HARDWARE & EQUIPMENT -- 0.3% Computer Storage & Peripherals -- 0.2% 4,435,000 BB/NR SanDisk Corp., 1.5%, 8/15/17 $ 4,925,622 ------------------------------------------------------------------------------------------------------------- Electronic Components -- 0.1% 1,605,000 BB+/NR Vishay Intertechnology, Inc., 2.25%, 5/15/41 (144A) $ 1,101,431 --------------- Total Technology Hardware & Equipment $ 6,027,053 ------------------------------------------------------------------------------------------------------------- SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT -- 1.4% Semiconductor Equipment -- 0.5% 3,400,000 BBB-/Baa1 Lam Research Corp., 1.25%, 5/15/18 $ 3,317,125 5,515,000 BBB-/NR Novellus Systems, Inc., 2.625%, 5/15/41 6,704,172 --------------- $ 10,021,297 -------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements. Pioneer Global High Yield Fund | Annual Report | 10/31/12 19 Schedule of Investments | 10/31/12 (Consolidated) (continued)
------------------------------------------------------------------------------------------------------------- Floating S&P/Moody's Principal Rate (b) Ratings Amount ($) (unaudited) (unaudited) Value ------------------------------------------------------------------------------------------------------------- Semiconductors -- 0.9% 4,650,000 NR/NR JA Solar Holdings Co., Ltd., 4.5%, 5/15/13 $ 4,391,344 10,750,000 NR/NR ReneSola, Ltd., 4.125%, 3/15/18 (144A) 5,294,375 3,687,000 NR/NR SunPower Corp., 4.75%, 4/15/14 3,525,694 11,919,000 NR/NR Suntech Power Holdings Co., Ltd., 3.0%, 3/15/13 5,601,930 --------------- $ 18,813,343 --------------- Total Semiconductors & Semiconductor Equipment $ 28,834,640 ------------------------------------------------------------------------------------------------------------- TELECOMMUNICATION SERVICES -- 0.2% Integrated Telecommunication Services -- 0.2% 2,485,000 NR/NR MasTec, Inc., 4.0%, 6/15/14 $ 3,774,094 --------------- Total Telecommunication Services $ 3,774,094 ------------------------------------------------------------------------------------------------------------- TOTAL CONVERTIBLE CORPORATE BONDS (Cost $147,853,838) $ 128,004,873 ------------------------------------------------------------------------------------------------------------- ------------------------------------------------------------------------------------------------------------- Shares ------------------------------------------------------------------------------------------------------------- PREFERRED STOCKS -- 0.6% CONSUMER SERVICES -- 0.0%+ Hotels, Resorts & Cruise Lines -- 0.0%+ 17,350 NR/NR Perseus Holding Corp., 14.0%, 4/15/14 (144A) $ 936,900 --------------- Total Consumer Services $ 936,900 ------------------------------------------------------------------------------------------------------------- DIVERSIFIED FINANCIALS -- 0.6% Other Diversified Financial Services -- 0.5% 355,600 8.12 CCC+/B3 GMAC Capital Trust I, Floating Rate Note, 2/15/40 $ 9,295,384 ------------------------------------------------------------------------------------------------------------- Consumer Finance -- 0.1% 3,100 CCC+/B3 Ally Financial, Inc., 7.0% (Perpetual) (144A) $ 2,987,431 --------------- Total Diversified Financials $ 12,282,815 ------------------------------------------------------------------------------------------------------------- TOTAL PREFERRED STOCKS (Cost $11,680,355) $ 13,219,715 ------------------------------------------------------------------------------------------------------------- CONVERTIBLE PREFERRED STOCK -- 0.0%+ BANKS -- 0.0%+ Diversified Banks -- 0.0%+ 445 BBB+/Ba1 Wells Fargo & Co., 7.5% (Perpetual) $ 556,250 ------------------------------------------------------------------------------------------------------------- TOTAL CONVERTIBLE PREFERRED STOCK (Cost $467,249) $ 556,250 -------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements. 20 Pioneer Global High Yield Fund | Annual Report | 10/31/12
------------------------------------------------------------------------------------------------------------- Floating S&P/Moody's Rate (b) Ratings Shares (unaudited) (unaudited) Value ------------------------------------------------------------------------------------------------------------- COMMON STOCKS -- 1.1% ENERGY -- 0.3% Oil & Gas Drilling -- 0.1% 46,147 Rowan Companies Plc* $ 1,463,321 ------------------------------------------------------------------------------------------------------------- Oil & Gas Equipment & Services -- 0.0%+ 248,438 Sevan Marine ASA* $ 653,715 ------------------------------------------------------------------------------------------------------------- Oil & Gas Exploration & Production -- 0.2% 13,710,691 Norse Energy Corp., ASA* $ 3,295,030 --------------- Total Energy $ 5,412,066 ------------------------------------------------------------------------------------------------------------- MATERIALS -- 0.5% Diversified Metals & Mining -- 0.3% 6,615,974 Blaze Recycling & Metals LLC (Class A) Units (d)* $ 2,977,188 95,846 Freeport-McMoRan Copper & Gold, Inc. 3,726,492 --------------- $ 6,703,680 ------------------------------------------------------------------------------------------------------------- Steel -- 0.1% 134,106 Vale SA (A.D.R.) $ 2,385,746 ------------------------------------------------------------------------------------------------------------- Forest Products -- 0.1% 244,090 Ainsworth Lumber Co., Ltd.* $ 658,944 --------------- Total Materials $ 9,748,370 ------------------------------------------------------------------------------------------------------------- CAPITAL GOODS -- 0.0%+ Building Products -- 0.0%+ 894 Panolam Holdings Co.* (d) $ 522,096 --------------- Total Capital Goods $ 522,096 ------------------------------------------------------------------------------------------------------------- TRANSPORTATION -- 0.1% Marine -- 0.1% 2,370,345 Horizon Lines, Inc.* $ 3,128,855 --------------- Total Transportation $ 3,128,855 ------------------------------------------------------------------------------------------------------------- AUTOMOBILES & COMPONENTS -- 0.2% Auto Parts & Equipment -- 0.2% 99,863 Lear Corp. $ 4,254,164 --------------- Total Automobiles & Components $ 4,254,164 ------------------------------------------------------------------------------------------------------------- DIVERSIFIED FINANCIALS -- 0.0%+ Other Diversified Financial Services -- 0.0%+ 24,638 BTA Bank JSC (G.D.R.) (144A)* $ 38,386 --------------- Total Diversified Financials $ 38,386 ------------------------------------------------------------------------------------------------------------- REAL ESTATE -- 0.0%+ Real Estate Development -- 0.0%+ 159,647 Newhall Land Development LLC* $ 247,453 --------------- Total Real Estate $ 247,453 -------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements. Pioneer Global High Yield Fund | Annual Report | 10/31/12 21 Schedule of Investments | 10/31/12 (Consolidated) (continued)
------------------------------------------------------------------------------------------------------------- Floating S&P/Moody's Rate (b) Ratings Shares (unaudited) (unaudited) Value ------------------------------------------------------------------------------------------------------------- SOFTWARE & SERVICES -- 0.0%+ Data Processing & Outsourced Services -- 0.0%+ 33,046 Perseus Holdings, Ltd.* $ 82,615 --------------- Total Software & Services $ 82,615 ------------------------------------------------------------------------------------------------------------- TOTAL COMMON STOCKS (Cost $34,955,511) $ 23,434,005 ------------------------------------------------------------------------------------------------------------- ------------------------------------------------------------------------------------------------------------- Principal Amount ($) ------------------------------------------------------------------------------------------------------------- ASSET BACKED SECURITIES -- 1.8% BANKS -- 1.2% Thrifts & Mortgage Finance -- 1.2% 464,192 0.30 CCC/Caa3 ACE Securities Corp., Floating Rate Note, 1/25/37 $ 150,302 1,057,205 1.49 CCC/Caa3 Amortizing Residential Collateral Trust 2002-BC1, Floating Rate Note, 1/25/32 534,160 1,480,000 0.66 CCC/Caa3 Bear Stearns Asset Backed Securities Trust, Floating Rate Note, 1/25/47 632,552 1,350,000 1.26 AA+/A2 Bear Stearns Asset Backed Securities Trust, Floating Rate Note, 10/25/34 1,129,807 675,000 BB/NR CarNow Auto Receivables Trust 2012-1, 6.9%, 11/15/16 (144A) 676,901 8,090,000 0.41 CCC/Caa2 Carrington Mortgage Loan Trust, Floating Rate Note, 2/25/37 6,214,900 2,680,754 0.27 CCC/Caa1 Citigroup Mortgage Loan Trust 2007-AHL3, Floating Rate Note, 7/25/45 2,017,769 1,700,000 1.19 BB/Caa1 Countrywide Asset-Backed Certificates, Floating Rate Note, 11/25/34 1,077,134 9,776,487 0.66 CC/NR Countrywide Asset-Backed Certificates, Floating Rate Note, 3/25/47 (144A) 4,685,968 774,808 0.91 BBB-/Caa2 FBR Securitization Trust, Floating Rate Note, 10/25/35 520,687 884,493 0.34 B-/B3 GSAMP Trust 2006-HE8, Floating Rate Note, 1/25/37 822,152 4,000,000 BBB/NR Leaf II Receivables Funding LLC, 5.5%, 2/20/22 (144A) 3,596,400 1,051,562 0.37 BB+/Ba1 RAMP Trust, Floating Rate Note, 8/25/36 934,455
The accompanying notes are an integral part of these financial statements. 22 Pioneer Global High Yield Fund | Annual Report | 10/31/12
------------------------------------------------------------------------------------------------------------- Floating S&P/Moody's Principal Rate (b) Ratings Amount ($) (unaudited) (unaudited) Value ------------------------------------------------------------------------------------------------------------- Thrifts & Mortgage Finance -- (continued) 1,500,000 6.55 CCC/B3 Security National Mortgage Loan Trust, Floating Rate Note, 4/25/37 (144A) $ 1,396,776 --------------- $ 24,389,963 --------------- Total Banks $ 24,389,963 ------------------------------------------------------------------------------------------------------------- DIVERSIFIED FINANCIALS -- 0.6% Other Diversified Financial Services -- 0.2% 8,559,405 0.69 CCC/Caa1 Aircraft Finance Trust, Floating Rate Note, 5/15/24 (144A) $ 3,937,326 519,324 BB/NR Sierra Receivables Funding Co., LLC, 9.31%, 7/20/28 (144A) 535,844 --------------- $ 4,473,170 ------------------------------------------------------------------------------------------------------------- Specialized Finance -- 0.4% 10,703,774 0.60 CCC+/Caa2 Lease Investment Flight Trust, Floating Rate Note, 7/15/31 $ 7,439,123 932,308 0.64 CCC+/Caa2 Lease Investment Flight Trust, Floating Rate Note, 7/15/31 645,623 --------------- $ 8,084,746 --------------- Total Diversified Financials $ 12,557,916 ------------------------------------------------------------------------------------------------------------- TOTAL ASSET BACKED SECURITIES (Cost $35,159,028) $ 36,947,879 ------------------------------------------------------------------------------------------------------------- COLLATERALIZED MORTGAGE OBLIGATIONS -- 1.3% BANKS -- 0.4% Thrifts & Mortgage Finance -- 0.4% 13,808,249 2.93 AAA/Caa1 Bayview Commercial Asset Trust, Floating Rate Note, 4/25/36 (144A) (f) $ 482,645 218,736 6.85 CCC+/NR COMM 2000-C1 Mortgage Trust, Floating Rate Note, 8/15/33 (144A) 158,104 452,275 5.68 NR/NR First Horizon Mortgage Pass-Through Trust 2004-6, Floating Rate Note, 11/25/34 397,950 777,319 5.74 BB-/NR GSR Mortgage Loan Trust, Floating Rate Note, 2/25/34 665,131 2,880,864 4.70 BBB/Caa3 JP Morgan Mortgage Trust, Floating Rate Note, 2/25/35 2,467,921 4,315,000 BB/B1 Timberstar Trust, 7.53%, 10/15/36 (144A) 4,461,080 --------------- $ 8,632,831 --------------- Total Banks $ 8,632,831 -------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements. Pioneer Global High Yield Fund | Annual Report | 10/31/12 23 Schedule of Investments | 10/31/12 (Consolidated) (continued)
------------------------------------------------------------------------------------------------------------- Floating S&P/Moody's Principal Rate (b) Ratings Amount ($) (unaudited) (unaudited) Value ------------------------------------------------------------------------------------------------------------- DIVERSIFIED FINANCIALS -- 0.4% Other Diversified Financial Services -- 0.2% 908,581 NR/B3 CSMC Mortgage-Backed Trust 2007-3, 5.0%, 4/25/37 $ 882,868 2,500,000 0.91 BBB+/A3 Morgan Stanley Capital I, Inc., Class C, Floating Rate Note, 12/15/20 (144A) 2,322,222 700,000 8.11 NR/NR Vericrest Opportunity Loan Trust 2012-NPL1, Floating Rate Note, 3/25/49 (144A) 711,079 --------------- $ 3,916,169 ------------------------------------------------------------------------------------------------------------- Investment Banking & Brokerage -- 0.2% 3,450,000 6.94 BBB-/NR Bear Stearns Commercial Mortgage Securities, Floating Rate Note, 2/15/35 (144A) $ 3,435,079 --------------- Total Diversified Financials $ 7,351,248 ------------------------------------------------------------------------------------------------------------- REAL ESTATE -- 0.4% Mortgage REITs -- 0.4% 1,065,151 2.55 AAA/B2 American Home Mortgage Investment Trust, Floating Rate Note, 6/25/45 $ 956,774 9,000,000 7.08 CCC-/NR Credit Suisse First Boston Mortgage Securities Corp., Floating Rate Note, 12/15/35 (144A) 8,135,199 --------------- $ 9,091,973 --------------- Total Real Estate $ 9,091,973 ------------------------------------------------------------------------------------------------------------- GOVERNMENT -- 0.1% 21,389,436 1.46 NR/Aaa Government National Mortgage Association, Floating Rate Note, 10/16/52 (f) $ 1,366,165 --------------- Total Government $ 1,366,165 ------------------------------------------------------------------------------------------------------------- TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (Cost $27,619,430) $ 26,442,217 ------------------------------------------------------------------------------------------------------------- CORPORATE BONDS -- 73.6% ENERGY -- 8.9% Oil & Gas Drilling -- 1.2% 1,250,000 B-/Caa1 Hercules Offshore, Inc., 10.5%, 10/15/17 (144A) $ 1,318,750 8,900,000 CCC+/Caa1 Ocean Rig UDW, Inc., 9.5%, 4/27/16 (144A) 9,122,500 6,395,000 B+/B2 Pioneer Energy Services Corp., 9.875%, 3/15/18 6,922,588 2,835,000 NR/B1 Shelf Drilling Holdings, Ltd., 8.625%, 11/1/18 (144A) 2,849,175
The accompanying notes are an integral part of these financial statements. 24 Pioneer Global High Yield Fund | Annual Report | 10/31/12
------------------------------------------------------------------------------------------------------------- Floating S&P/Moody's Principal Rate (b) Ratings Amount ($) (unaudited) (unaudited) Value ------------------------------------------------------------------------------------------------------------- Oil & Gas Drilling -- (continued) 3,765,000 BB-/B2 Unit Corp., 6.625%, 5/15/21 (144A) $ 3,840,300 --------------- $ 24,053,313 ------------------------------------------------------------------------------------------------------------- Oil & Gas Equipment & Services -- 0.7% 54,000 NR/NR Green Field Energy Services, Inc., 13.25%, 11/15/16 (144A) $ 55,080 5,409,000 B/B3 Expro Finance Luxembourg SCA, 8.5%, 12/15/16 (144A) 5,544,225 2,275,000 CCC/Caa2 Green Field Energy Services, Inc., 13.25%, 11/15/16 (144A) 2,320,500 910,944 NR/NR Nexus 1 Pte, Ltd., 10.5%, 4/9/22 (144A) (c) 911 NOK 23,000,000 NR/NR Transocean Norway Drilling AS, 11.0%, 2/24/16 4,276,743 NOK 16,000,000 9.05 NR/NR Transocean Norway Drilling AS, Floating Rate Note, 2/24/16 2,975,125 --------------- $ 15,172,584 ------------------------------------------------------------------------------------------------------------- Integrated Oil & Gas -- 0.2% CAD 5,070,000 BB-/Caa2 Connacher Oil and Gas, Ltd., 8.75%, 8/1/18 (144A) $ 4,334,200 ------------------------------------------------------------------------------------------------------------- Oil & Gas Exploration & Production -- 4.9% 2,000,000 B/B3 Carrizo Oil & Gas, Inc., 7.5%, 9/15/20 $ 2,040,000 2,870,000 B/B3 Carrizo Oil & Gas, Inc., 8.625%, 10/15/18 3,092,425 4,740,000 B-/B3 Comstock Resources, Inc., 7.75%, 4/1/19 4,811,100 750,000 BB+/Ba2 Continental Resources, Inc., 5.0%, 9/15/22 (144A) 791,250 13,700,000 B/B2 EP Energy LLC, 9.375%, 5/1/20 (144A) 15,138,500 4,980,000 B-/Caa1 EPL Oil & Gas, Inc., 8.25%, 2/15/18 (144A) 4,930,200 5,035,000 CCC+/Caa1 Goodrich Petroleum Corp., 8.875%, 3/15/19 5,035,000 4,990,000 CCC+/B3 Gulfport Energy Corp., 7.75%, 11/1/20 (144A) 4,890,200 3,015,000 CCC+/B3 Halcon Resources Corp., 8.875%, 5/15/21 (144A) 3,056,456 5,215,000 CCC+/Caa1 Kodiak Oil & Gas Corp., 8.125%, 12/1/19 (144A) 5,684,350 5,800,000 B/B2 Linn Energy LLC, 6.25%, 11/1/19 (144A) 5,800,000 12,850,000 B+/NR MIE Holdings Corp., 9.75%, 5/12/16 (144A) 13,621,000
The accompanying notes are an integral part of these financial statements. Pioneer Global High Yield Fund | Annual Report | 10/31/12 25 Schedule of Investments | 10/31/12 (Consolidated) (continued)
------------------------------------------------------------------------------------------------------------- Floating S&P/Moody's Principal Rate (b) Ratings Amount ($) (unaudited) (unaudited) Value ------------------------------------------------------------------------------------------------------------- Oil & Gas Exploration & Production -- (continued) NOK 12,000,000 NR/NR Norwegian Energy Co., AS, 10.25%, 4/27/16 $ 2,104,179 NOK 45,000,000 NR/NR Norwegian Energy Co., AS, 12.9%, 11/20/14 7,732,081 2,840,000 B/B3 Oasis Petroleum, Inc., 6.5%, 11/1/21 3,003,300 2,580,000 CCC/Caa1 Quicksilver Resources, Inc., 7.125%, 4/1/16 2,244,600 3,370,000 CCC+/B3 Quicksilver Resources, Inc., 9.125%, 8/15/19 3,285,750 1,920,000 B-/B3 Samson Investment Co., 9.75%, 2/15/20 (144A) 2,025,600 2,105,000 B/B2 SandRidge Energy, Inc., 8.0%, 6/1/18 (144A) 2,210,250 3,800,000 B-/B3 Stone Energy Corp., 7.5%, 11/15/22 3,752,500 2,919,000 B-/B3 Stone Energy Corp., 8.625%, 2/1/17 3,101,438 2,275,000 CCC+/Caa1 Venoco, Inc., 8.875%, 2/15/19 2,002,000 --------------- $ 100,352,179 ------------------------------------------------------------------------------------------------------------- Oil & Gas Storage & Transportation -- 0.3% 2,030,000 7.00 BB+/Baa3 Enterprise Products Operating LLC, Floating Rate Note, 6/1/67 $ 2,202,550 NOK 12,000,000 7.11 NR/NR Golar LNG Partners LP, Floating Rate Note, 10/12/17 2,099,779 950,000 3.46 BB/Ba1 Southern Union Co., Floating Rate Note, 11/1/66 782,562 --------------- $ 5,084,891 ------------------------------------------------------------------------------------------------------------- Coal & Consumable Fuels -- 1.6% 815,000 B+/B2 Alpha Natural Resources, Inc., 6.0%, 6/1/19 $ 715,162 11,063,000 BB-/B1 Berau Capital Resources Pte, Ltd., 12.5%, 7/8/15 (144A) 11,629,979 3,750,000 BB-/B1 Berau Coal Energy Tbk PT, 7.25%, 3/13/17 (144A) 3,515,625 12,200,000 B+/B1 Bumi Capital Pte, Ltd., 12.0%, 11/10/16 (144A) 10,431,000 4,435,000 B-/B2 James River Coal Co., 7.875%, 4/1/19 2,882,750 2,706,000 B/B3 Murray Energy Corp., 10.25%, 10/15/15 (144A) 2,651,880 2,070,000 B/B2 Penn Virginia Resource Partners LP, 8.25%, 4/15/18 2,150,212 --------------- $ 33,976,608 --------------- Total Energy $ 182,973,775 -------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements. 26 Pioneer Global High Yield Fund | Annual Report | 10/31/12
------------------------------------------------------------------------------------------------------------- Floating S&P/Moody's Principal Rate (b) Ratings Amount ($) (unaudited) (unaudited) Value ------------------------------------------------------------------------------------------------------------- MATERIALS -- 11.1% Commodity Chemicals -- 1.6% 11,343,000 BB+/WR Basell Finance Co BV, 8.1%, 3/15/27 (144A) $ 15,199,620 EURO 2,500,000 CCC/Caa1 Kloeckner Pentaplast GmbH & Co KG, 11.625%, 7/15/17 (144A) 3,459,634 2,259,000 BB+/Ba2 NOVA Chemicals Corp., 7.875%, 9/15/25 2,270,295 11,320,000 BB/B1 Rain CII Carbon LLC, 8.0%, 12/1/18 (144A) 11,546,400 --------------- $ 32,475,949 ------------------------------------------------------------------------------------------------------------- Diversified Chemicals -- 1.6% EURO 10,935,000 CCC+/Caa1 INEOS Group Holdings SA, 7.875%, 2/15/16 (144A) $ 13,519,966 800,000 CCC+/Caa1 INEOS Group Holdings SA, 8.5%, 2/15/16 (144A) 772,000 5,540,000 BB+/Ba2 LyondellBasell Industries NV, 5.0%, 4/15/19 5,997,050 EURO 7,125,000 NR/Caa1 Momentive Performance Materials, Inc., 9.5%, 1/15/21 6,742,640 EURO 4,390,000 B+/B2 Styrolution Group GmbH, 7.625%, 5/15/16 (144A) 5,427,769 --------------- $ 32,459,425 ------------------------------------------------------------------------------------------------------------- Construction Materials -- 1.1% 12,050,000 C/Caa3 AGY Holding Corp., 11.0%, 11/15/14 $ 5,543,000 4,275,000 B-/NR Cemex Espana Luxembourg, 9.875%, 4/30/19 (144A) 4,606,312 9,006,000 B-/NR Cemex Finance LLC, 9.5%, 12/14/16 (144A) 9,557,618 3,750,000 B-/NR Cemex SAB de CV, 9.0%, 1/11/18 (144A) 3,890,625 --------------- $ 23,597,555 ------------------------------------------------------------------------------------------------------------- Metal & Glass Containers -- 1.5% 4,105,000 B-/B3 AEP Industries, Inc., 8.25%, 4/15/19 $ 4,351,300 9,563,901 CCC+/Caa1 ARD Finance SA, 11.125%, 6/1/18 (144A) (PIK) 9,850,818 5,000,000 CCC+/B3 Ardagh Packaging Finance Plc, 9.125%, 10/15/20 (144A) 5,225,000 EURO 2,100,000 CCC+/B3 Ardagh Packaging Finance Plc, 9.25%, 10/15/20 (144A) 2,858,452 8,787,398 CCC+/Caa1 BWAY Parent Co., Inc., 10.125%, 11/1/15 (PIK) 9,578,264 --------------- $ 31,863,834 -------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements. Pioneer Global High Yield Fund | Annual Report | 10/31/12 27 Schedule of Investments | 10/31/12 (Consolidated) (continued)
------------------------------------------------------------------------------------------------------------- Floating S&P/Moody's Principal Rate (b) Ratings Amount ($) (unaudited) (unaudited) Value ------------------------------------------------------------------------------------------------------------- Paper Packaging -- 0.2% 3,451,044 NR/NR Bio Pappel SAB de CV, 7.0%, 8/27/16 (Step) $ 3,192,216 2,200,771 NR/NR Bio Pappel SAB de CV, 7.0%, 8/27/16 (Step) (144A) 2,035,713 --------------- $ 5,227,929 ------------------------------------------------------------------------------------------------------------- Aluminum -- 0.0%+ 306 CCC+/B3 Noranda Aluminum Acquisition Corp., 4.73%, 5/15/15 (PIK) $ 289 ------------------------------------------------------------------------------------------------------------- Diversified Metals & Mining -- 1.9% 10,175,000 CCC+/Caa1 Midwest Vanadium Pty, Ltd., 11.5%, 2/15/18 (144A) $ 6,105,000 11,725,000 CCC+/Caa1 Mirabela Nickel, Ltd., 8.75%, 4/15/18 (144A) 9,614,500 5,300,000 CCC+/B3 Molycorp, Inc., 10.0%, 6/1/20 (144A) 5,101,250 1,700,000 B+/B1 Mongolian Mining Corp., 8.875%, 3/29/17 (144A) 1,734,000 13,660,000 BB/Ba3 Vedanta Resources Plc, 8.25%, 6/7/21 (144A) 14,035,650 2,000,000 BB/Ba3 Vedanta Resources Plc, 9.5%, 7/18/18 (144A) 2,165,000 --------------- $ 38,755,400 ------------------------------------------------------------------------------------------------------------- Steel -- 2.6% 3,500,000 NR/Ba2 China Oriental Group Co., Ltd., 8.0%, 8/18/15 (144A) $ 3,351,250 9,410,000 CCC/Caa2 Essar Steel Algoma, Inc., 9.875%, 6/15/15 (144A) 7,339,800 11,975,000 B-/B3 Ferrexpo Finance Plc, 7.875%, 4/7/16 (144A) 11,496,000 4,340,000 B/B3 JMC Steel Group, Inc., 8.25%, 3/15/18 (144A) 4,405,100 7,620,000 NR/B2 Metinvest BV, 10.25%, 5/20/15 (144A) 7,779,258 11,550,000 NR/B2 Metinvest BV, 8.75%, 2/14/18 (144A) 11,085,112 4,890,000 CCC+/Caa1 Ryerson, Inc., 12.0%, 11/1/15 5,036,700 EURO 2,505,000 CCC/Caa2 Zlomrex International Finance SA, 8.5%, 2/1/14 (144A) 2,614,122 --------------- $ 53,107,342 ------------------------------------------------------------------------------------------------------------- Paper Products -- 0.6% 13,490,000 B+/B1 Grupo Papelero Scribe SA de CV, 8.875%, 4/7/20 (144A) $ 11,790,260 --------------- Total Materials $ 229,277,983 -------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements. 28 Pioneer Global High Yield Fund | Annual Report | 10/31/12
------------------------------------------------------------------------------------------------------------- Floating S&P/Moody's Principal Rate (b) Ratings Amount ($) (unaudited) (unaudited) Value ------------------------------------------------------------------------------------------------------------- CAPITAL GOODS -- 6.6% Aerospace & Defense -- 0.7% 17,038,000 B-/B2 DynCorp International, Inc., 10.375%, 7/1/17 $ 14,993,440 ------------------------------------------------------------------------------------------------------------- Building Products -- 0.8% 14,000,000 NR/Ba2 China Liansu Group Holdings, Ltd., 7.875%, 5/13/16 (144A) $ 14,192,500 3,739,472 NR/NR Industrias Unidas SA de CV, 11.5%, 11/15/16 2,319,058 --------------- $ 16,511,558 ------------------------------------------------------------------------------------------------------------- Construction & Engineering -- 1.4% 6,900,000 B+/B1 Abengoa Finance SAU, 8.875%, 11/1/17 (144A) $ 6,348,000 2,980,000 BB-/Ba3 Dycom Investments, Inc., 7.125%, 1/15/21 3,188,600 7,900,000 B+/B1 Empresas ICA SAB de CV, 8.9%, 2/4/21 (144A) 8,532,000 9,175,000 C/Caa3 New Enterprise Stone & Lime Co., Inc., 11.0%, 9/1/18 6,697,750 4,400,000 BB-/NR OAS Investments GmbH, 8.25%, 10/19/19 (144A) 4,444,000 --------------- $ 29,210,350 ------------------------------------------------------------------------------------------------------------- Electrical Components & Equipment -- 0.4% 5,825,000 B/B3 Coleman Cable, Inc., 9.0%, 2/15/18 $ 6,203,625 1,540,000 B/B3 WireCo WorldGroup, Inc., 9.5%, 5/15/17 1,632,400 --------------- $ 7,836,025 ------------------------------------------------------------------------------------------------------------- Industrial Conglomerates -- 0.8% 2,980,000 B+/B2 JB Poindexter & Co., Inc., 9.0%, 4/1/22 (144A) $ 3,058,225 EURO 1,800,000 BB-/Ba3 Mark IV Europe Lux SCA, 8.875%, 12/15/17 (144A) 2,461,769 1,200,000 CCC+/B3 Park-Ohio Industries, Inc., 8.125%, 4/1/21 1,254,000 7,800,000 BBB/Baa3 Votorantim Cimentos SA, 7.25%, 4/5/41 (144A) 8,814,000 --------------- $ 15,587,994 ------------------------------------------------------------------------------------------------------------- Construction & Farm Machinery & Heavy Trucks -- 0.9% 6,225,000 B+/B1 Lonking Holdings, Ltd., 8.5%, 6/3/16 (144A) $ 6,162,750 8,405,000 CCC+/B2 Navistar International Corp., 8.25%, 11/1/21 7,869,181
The accompanying notes are an integral part of these financial statements. Pioneer Global High Yield Fund | Annual Report | 10/31/12 29 Schedule of Investments | 10/31/12 (Consolidated) (continued)
------------------------------------------------------------------------------------------------------------- Floating S&P/Moody's Principal Rate (b) Ratings Amount ($) (unaudited) (unaudited) Value ------------------------------------------------------------------------------------------------------------- Construction & Farm Machinery & Heavy Trucks -- (continued) 4,400,000 NR/NR OSX 3 Leasing BV, 9.25%, 3/20/15 (144A) $ 4,576,000 --------------- $ 18,607,931 ------------------------------------------------------------------------------------------------------------- Industrial Machinery -- 1.1% 5,075,000 B/B2 Constellation Enterprises LLC, 10.625%, 2/1/16 (144A) $ 5,366,812 5,322,000 NR/WR Indalex Holding Corp., 11.5%, 2/1/14 (c) 20,224 5,080,000 B/Caa2 Liberty Tire Recycling, Inc., 11.0%, 10/1/16 (144A) 5,029,200 14,600,000 B+/NR WPE International Cooperatief UA, 10.375%, 9/30/20 (144A) 12,556,000 --------------- $ 22,972,236 ------------------------------------------------------------------------------------------------------------- Trading Companies & Distributors -- 0.5% 9,840,000 B-/B3 INTCOMEX, Inc., 13.25%, 12/15/14 $ 10,049,100 --------------- Total Capital Goods $ 135,768,634 ------------------------------------------------------------------------------------------------------------- COMMERCIAL SERVICES & SUPPLIES -- 0.5% Environmental & Facilities Services -- 0.2% 6,510,000 NR/WR Old AII, Inc., 10.0%, 12/15/16 (c) $ 651 EURO 3,022,531 CCC-/Caa2 The New Reclamation Group Pty, Ltd., 8.125%, 2/1/13 (144A) 3,330,519 --------------- $ 3,331,170 ------------------------------------------------------------------------------------------------------------- Diversified Support Services -- 0.3% 6,365,000 B/B3 ADS Tactical, Inc., 11.0%, 4/1/18 (144A) $ 6,269,525 --------------- Total Commercial Services & Supplies $ 9,600,695 ------------------------------------------------------------------------------------------------------------- TRANSPORTATION -- 2.4% Air Freight & Logistics -- 0.4% 7,061,000 CCC+/Caa1 CEVA Group Plc, 11.5%, 4/1/18 (144A) $ 6,072,460 2,445,000 CCC+/B3 CEVA Group Plc, 11.625%, 10/1/16 (144A) 2,506,125 --------------- $ 8,578,585 ------------------------------------------------------------------------------------------------------------- Airlines -- 0.7% 1,635,019 BB/Ba2 Continental Airlines 1998-1 Class B Pass Through Trust, 6.748%, 3/15/17 $ 1,711,048 2,125,000 BBB-/Ba2 Continental Airlines 2012-1 Class B Pass Thru Trusts, 6.25%, 4/11/20 2,241,875 7,363,000 B-/NR Gol Finance SA de CV, 9.25%, 7/20/20 (144A) 6,810,775
The accompanying notes are an integral part of these financial statements. 30 Pioneer Global High Yield Fund | Annual Report | 10/31/12
------------------------------------------------------------------------------------------------------------- Floating S&P/Moody's Principal Rate (b) Ratings Amount ($) (unaudited) (unaudited) Value ------------------------------------------------------------------------------------------------------------- Airlines -- (continued) 4,250,000 BB-/NR TAM Capital 3, Inc., 8.375%, 6/3/21 (144A) $ 4,696,250 --------------- $ 15,459,948 ------------------------------------------------------------------------------------------------------------- Marine -- 0.1% 1,345,000 B+/B3 Navios South American Logistics, Inc., 9.25%, 4/15/19 $ 1,274,388 ------------------------------------------------------------------------------------------------------------- Railroads -- 0.1% 2,467,359 CCC/Caa3 Florida East Coast Holdings Corp., 10.5%, 8/1/17 (PIK) $ 2,368,665 ------------------------------------------------------------------------------------------------------------- Trucking -- 0.7% 7,418,993 NR/Ba2 Inversiones Alsacia SA, 8.0%, 8/18/18 (144A) $ 7,816,503 6,125,000 B/B3 Syncreon Global Ireland, Ltd., 9.5%, 5/1/18 (144A) 6,392,969 --------------- $ 14,209,472 ------------------------------------------------------------------------------------------------------------- Airport Services -- 0.4% 4,440,750 B/B3 Aeropuertos Argentina 2000 SA, 10.75%, 12/1/20 (144A) $ 4,140,999 3,900,000 B/B2 Aguila 3 SA, 7.875%, 1/31/18 (144A) 4,124,250 --------------- $ 8,265,249 --------------- Total Transportation $ 50,156,307 ------------------------------------------------------------------------------------------------------------- AUTOMOBILES & COMPONENTS -- 2.0% Auto Parts & Equipment -- 1.6% 4,800,000 B+/B2 Pittsburgh Glass Works LLC, 8.5%, 4/15/16 (144A) $ 4,428,000 4,365,000 CCC/Caa1 Stanadyne Corp., 10.0%, 8/15/14 4,075,819 16,550,000 CCC-/Caa3 Stanadyne Holdings, Inc., 12.0%, 2/15/15 (Step) 10,985,062 11,854,000 B+/B1 Tower Automotive Holdings USA LLC, 10.625%, 9/1/17 (144A) 12,876,408 --------------- $ 32,365,289 ------------------------------------------------------------------------------------------------------------- Tires & Rubber -- 0.1% 2,810,000 B+/B1 The Goodyear Tire & Rubber Co., 7.0%, 5/15/22 $ 2,946,988 ------------------------------------------------------------------------------------------------------------- Automobile Manufacturers -- 0.3% 1,605,000 B/B2 Chrysler Group LLC, 8.0%, 6/15/19 $ 1,707,319 5,000,000 B+/B2 Hyva Global BV, 8.625%, 3/24/16 (144A) 4,662,500 --------------- $ 6,369,819 --------------- Total Automobiles & Components $ 41,682,096 -------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements. Pioneer Global High Yield Fund | Annual Report | 10/31/12 31 Schedule of Investments | 10/31/12 (Consolidated) (continued)
------------------------------------------------------------------------------------------------------------- Floating S&P/Moody's Principal Rate (b) Ratings Amount ($) (unaudited) (unaudited) Value ------------------------------------------------------------------------------------------------------------- CONSUMER DURABLES & APPAREL -- 3.7% Homebuilding -- 1.4% 8,750,000 CCC/Caa3 Beazer Homes USA, Inc., 9.125%, 6/15/18 $ 9,176,562 2,050,000 BB-/Ba3 Corp GEO SAB de CV, 8.875%, 3/27/22 (144A) 2,167,875 10,272,000 NR/Ba3 Desarrolladora Homex SAB de CV, 9.5%, 12/11/19 (144A) 10,259,674 7,500,000 NR/Ba3 Urbi Desarrollos Urbanos SAB de CV, 9.75%, 2/3/22 (144A) 6,975,000 --------------- $ 28,579,111 ------------------------------------------------------------------------------------------------------------- Housewares & Specialties -- 1.8% 2,400,000 CCC+/Caa2 Reynolds Group Issuer, Inc., 8.25%, 2/15/21 $ 2,358,000 7,490,000 CCC+/Caa2 Reynolds Group Issuer, Inc., 8.5%, 5/15/18 7,452,550 3,235,000 CCC+/Caa2 Reynolds Group Issuer, Inc., 9.0%, 4/15/19 3,275,438 7,675,000 CCC+/Caa2 Reynolds Group Issuer, Inc., 9.875%, 8/15/19 8,039,562 11,165,000 CCC+/B3 Yankee Candle Co., Inc., 9.75%, 2/15/17 11,597,644 5,775,000 CCC+/Caa1 YCC Holdings LLC, 10.25%, 2/15/16 (PIK) 5,969,906 --------------- $ 38,693,100 ------------------------------------------------------------------------------------------------------------- Leisure Products -- 0.5% EURO 4,700,000 CCC/Caa2 Heckler & Koch GmbH, 9.5%, 5/15/18 (144A) $ 5,239,847 5,000,000 B/B2 Icon Health & Fitness, Inc., 11.875%, 10/15/16 (144A) 4,775,000 --------------- $ 10,014,847 --------------- Total Consumer Durables & Apparel $ 77,287,058 ------------------------------------------------------------------------------------------------------------- CONSUMER SERVICES -- 1.8% Casinos & Gaming -- 1.0% 10,750,000 NR/WR Buffalo Thunder Development Authority, 9.375%, 12/15/14 (144A) (c) $ 3,762,500 4,395,000 B-/Caa2 Codere Finance Luxembourg SA, 9.25%, 2/15/19 (144A) 3,307,238 2,052,000 B-/NR Little Traverse Bay Bands of Odawa Indians, 9.0%, 8/31/20 (144A) 1,908,360 EURO 1,000,000 8.25 BB/Ba2 Lottomatica Group S.p.A., Floating Rate Note, 3/31/66 (144A) 1,290,153 5,965,000 NR/WR Mashantucket Western Pequot Tribe, 8.5%, 11/15/15 (144A) (c) 715,800 EURO 6,335,000 B-/B3 Peermont Global Pty, Ltd., 7.75%, 4/30/14 (144A) 7,924,944
The accompanying notes are an integral part of these financial statements. 32 Pioneer Global High Yield Fund | Annual Report | 10/31/12
------------------------------------------------------------------------------------------------------------- Floating S&P/Moody's Principal Rate (b) Ratings Amount ($) (unaudited) (unaudited) Value ------------------------------------------------------------------------------------------------------------- Casinos & Gaming -- (continued) 1,725,000 CCC/Caa2 Shingle Springs Tribal Gaming Authority, 9.375%, 6/15/15 (144A) $ 1,440,375 --------------- $ 20,349,370 ------------------------------------------------------------------------------------------------------------- Hotels, Resorts & Cruise Lines -- 0.6% 3,800,000 NR/B3 Good Sam Enterprises LLC, 11.5%, 12/1/16 $ 4,051,750 4,977,000 CCC+/B3 Grupo Posadas SAB de CV, 9.25%, 1/15/15 (144A) 5,200,965 2,860,000 B+/B3 Viking Cruises, Ltd., 8.5%, 10/15/22 (144A) 2,952,950 --------------- $ 12,205,665 ------------------------------------------------------------------------------------------------------------- Restaurants -- 0.1% BRL 4,250,000 NR/Ba2 Arcos Dorados Holdings, Inc., 10.25%, 7/13/16 (144A) $ 2,240,148 ------------------------------------------------------------------------------------------------------------- Education Services -- 0.1% 4,225,000 CCC-/B3 Cambium Learning Group, Inc., 9.75%, 2/15/17 $ 3,105,375 --------------- Total Consumer Services $ 37,900,558 ------------------------------------------------------------------------------------------------------------- MEDIA -- 2.9% Advertising -- 0.5% 5,549,000 B/B3 MDC Partners, Inc., 11.0%, 11/1/16 $ 6,048,410 6,820,000 B-/Caa2 Sitel LLC, 11.5%, 4/1/18 4,876,300 --------------- $ 10,924,710 ------------------------------------------------------------------------------------------------------------- Broadcasting -- 2.3% 2,514,281 CCC+/Caa3 Intelsat Luxembourg SA, 11.5%, 2/4/17 $ 2,646,281 15,840,000 CCC+/Caa3 Intelsat Luxembourg SA, 11.5%, 2/4/17 (144A) (PIK) 16,671,600 4,300,000 B+/B1 Nara Cable Funding, Ltd., 8.875%, 12/1/18 (144A) 4,063,500 EURO 10,950,000 B+/B1 Nara Cable Funding, Ltd., 8.875%, 12/1/18 (144A) 13,378,818 EURO 1,925,000 B-/Caa1 Ono Finance II Plc, 11.125%, 7/15/19 (144A) 2,189,778 CAD 7,500,000 B+/B2 Quebecor Media, Inc., 6.625%, 1/15/23 (144A) 7,639,676 1,755,000 B-/B3 Telesat Canada, Inc., 12.5%, 11/1/17 1,948,050 --------------- $ 48,537,703 ------------------------------------------------------------------------------------------------------------- Publishing -- 0.1% 1,675,000 B-/B3 MPL 2 Acquisition Canco, Inc., 9.875%, 8/15/18 (144A) $ 1,528,438 --------------- Total Media $ 60,990,851 -------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements. Pioneer Global High Yield Fund | Annual Report | 10/31/12 33 Schedule of Investments | 10/31/12 (Consolidated) (continued)
------------------------------------------------------------------------------------------------------------- Floating S&P/Moody's Principal Rate (b) Ratings Amount ($) (unaudited) (unaudited) Value ------------------------------------------------------------------------------------------------------------- RETAILING -- 0.6% Department Stores -- 0.6% 10,855,000 B/NR Grupo Famsa SAB de CV, 11.0%, 7/20/15 (144A) $ 11,452,025 --------------- Total Retailing $ 11,452,025 ------------------------------------------------------------------------------------------------------------- FOOD, BEVERAGE & TOBACCO -- 5.9% Distillers & Vintners -- 0.3% EURO 4,171,607 NR/NR Belvedere SA, 7.692%, 11/10/19 $ 1,081,572 EURO 320,792 7.69 NR/NR Belvedere SA, Floating Rate Note, 11/10/19 (c) 83,172 7,512,000 CCC+/Caa1 CEDC Finance Corp International, Inc., 9.125%, 12/1/16 (144A) 4,882,800 --------------- $ 6,047,544 ------------------------------------------------------------------------------------------------------------- Packaged Foods & Meats -- 4.9% 1,960,000 B/NR Agrokor DD, 8.875%, 2/1/20 (144A) $ 2,028,600 EURO 3,200,000 B/B2 Agrokor DD, 9.875%, 5/1/19 (144A) 4,428,332 6,000,000 BB/B1 Bertin SA, 10.25%, 10/5/16 (144A) 6,555,000 4,450,000 B+/B1 CFG Investment SAC, 9.75%, 7/30/19 (144A) 3,849,250 7,920,000 B+/B2 Corp Pesquera Inca SAC, 9.0%, 2/10/17 (144A) 8,514,000 6,000,000 B/B3 FAGE Dairy Industry SA, 9.875%, 2/1/20 (144A) 6,000,000 2,969,595 NR/NR Independencia International, Ltd., 12.0%, 12/30/16 (144A) (c) 13,363 8,690,000 BB/B1 JBS Finance II, Ltd., 8.25%, 1/29/18 (144A) 9,059,325 20,248,000 B+/B2 Marfrig Overseas, Ltd., 9.5%, 5/4/20 (144A) 17,919,480 3,783,000 B+/B2 Marfrig Overseas, Ltd., 9.625%, 11/16/16 (144A) 3,745,170 4,755,000 B+/B2 Minerva Luxembourg SA, 12.25%, 2/10/22 (144A) 5,658,450 19,900,000 B+/B2 Minerva Overseas II, Ltd., 10.875%, 11/15/19 (144A) 22,984,497 10,905,000 B-/Caa1 Pilgrim's Pride Corp., 7.875%, 12/15/18 10,741,425 --------------- $ 101,496,892 ------------------------------------------------------------------------------------------------------------- Tobacco -- 0.7% 14,855,000 B-/B3 Alliance One International, Inc., 10.0%, 7/15/16 $ 15,337,788 --------------- Total Food, Beverage & Tobacco $ 122,882,224 -------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements. 34 Pioneer Global High Yield Fund | Annual Report | 10/31/12
------------------------------------------------------------------------------------------------------------- Floating S&P/Moody's Principal Rate (b) Ratings Amount ($) (unaudited) (unaudited) Value ------------------------------------------------------------------------------------------------------------- HEALTH CARE EQUIPMENT & SERVICES -- 1.2% Health Care Equipment -- 0.3% 8,850,000 CCC+/Caa2 Accellent, Inc., 10.0%, 11/1/17 $ 6,770,250 ------------------------------------------------------------------------------------------------------------- Health Care Supplies -- 0.5% 5,750,000 B/Caa1 ConvaTec Healthcare E SA, 10.5%, 12/15/18 (144A) $ 6,238,750 3,200,000 B-/Caa1 Immucor, Inc., 11.125%, 8/15/19 3,552,000 --------------- $ 9,790,750 ------------------------------------------------------------------------------------------------------------- Health Care Services -- 0.3% 4,253,000 CCC/Caa2 Gentiva Health Services, Inc., 11.5%, 9/1/18 $ 3,965,922 2,975,000 CCC+/Caa1 Surgical Care Affiliates, Inc., 10.0%, 7/15/17 (144A) 3,064,250 --------------- $ 7,030,172 ------------------------------------------------------------------------------------------------------------- Health Care Facilities -- 0.1% 1,550,000 B-/B3 Kindred Healthcare, Inc., 8.25%, 6/1/19 $ 1,519,000 172,000 CCC+/Caa1 Vanguard Health Systems, Inc., 0.0%, 2/1/16 120,400 --------------- $ 1,639,400 --------------- Total Health Care Equipment & Services $ 25,230,572 ------------------------------------------------------------------------------------------------------------- PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES -- 1.1% Biotechnology -- 0.9% 10,302,000 B+/Caa2 Lantheus Medical Imaging, Inc., 9.75%, 5/15/17 $ 9,503,595 8,485,000 BB-/B1 VPI Escrow Corp., 6.375%, 10/15/20 (144A) 8,930,462 --------------- $ 18,434,057 ------------------------------------------------------------------------------------------------------------- Pharmaceuticals -- 0.2% 3,180,000 BB-/B1 Valeant Pharmaceuticals International, 6.375%, 10/15/20 (144A) $ 3,346,950 --------------- Total Pharmaceuticals, Biotechnology & Life Sciences $ 21,781,007 ------------------------------------------------------------------------------------------------------------- BANKS -- 4.4% Diversified Banks -- 2.6% 6,875,000 9.75 BB+/NR Banco de Credito del Peru Panama SA de CV, Floating Rate Note, 11/6/69 (144A) $ 8,181,250 6,600,000 B/B3 Banco de Galicia y Buenos Aires SA de CV, 8.75%, 5/4/18 (144A) 5,115,000
The accompanying notes are an integral part of these financial statements. Pioneer Global High Yield Fund | Annual Report | 10/31/12 35 Schedule of Investments | 10/31/12 (Consolidated) (continued)
------------------------------------------------------------------------------------------------------------- Floating S&P/Moody's Principal Rate (b) Ratings Amount ($) (unaudited) (unaudited) Value ------------------------------------------------------------------------------------------------------------- Diversified Banks -- (continued) 1,750,000 NR/Ba1 Banco do Estado do Rio Grande do Sul SA, 7.375%, 2/2/22 (144A) $ 1,986,250 5,000,000 NR/Ba2 Banco GNB Sudameris SA, 7.5%, 7/30/22 (144A) 5,528,426 2,870,000 9.75 NR/Caa3 Banco Macro SA, Floating Rate Note, 12/18/36 2,052,050 3,880,000 NR/B2 Bank CenterCredit, Ltd., 8.625%, 1/30/14 (144A) 3,995,430 5,100,000 NR/A3 BBVA Bancomer SA Texas, 6.5%, 3/10/21 (144A) 5,820,375 1,250,000 NR/A3 BBVA Bancomer SA Texas, 6.75%, 9/30/22 (144A) 1,415,625 EURO 2,600,000 NR/Aaa Cooperatieve Centrale Raiffeisen- Boerenleenbank BA Netherlands, 6.875%, 3/19/20 3,629,904 TRY 1,075,000 NR/Aaa International Bank for Reconstruction & Development, Ltd., 9.0%, 1/25/13 603,856 1,400,000 B+/Caa1 Kazkommertsbank JSC, 8.0%, 11/3/15 (144A) 1,309,000 2,750,000 9.20 CCC-/Caa3 Kazkommertsbank JSC, Floating Rate Note (Perpetual) (144A) 1,595,000 60,000 BBB-/Ba2 Societe Generale SA, 8.75% (Perpetual) 60,906 1,860,000 NR/Baa2 Turkiye Garanti Bankasi AS, 5.25%, 9/13/22 (144A) 1,925,100 1,500,000 NR/Ba2 Turkiye Is Bankasi AS, 6.0%, 10/24/22 (144A) 1,530,000 2,800,000 NR/Baa1 VTB Bank OJSC Via VTB Capital SA, 6.0%, 4/12/17 (144A) 2,922,500 5,000,000 BBB-/Baa2 VTB Bank OJSC Via VTB Capital SA, 6.95%, 10/17/22 (144A) 5,164,750 --------------- $ 52,835,422 ------------------------------------------------------------------------------------------------------------- Regional Banks -- 1.6% 3,165,000 8.50 NR/Ba3 Banco Internacional del Peru SAA, Floating Rate Note, 4/23/70 (144A) $ 3,509,194 2,700,000 BB+/Baa3 Capital One Capital V, Inc., 10.25%, 8/15/39 2,781,000 13,430,000 6.75 BBB/Baa3 PNC Financial Services Group, Inc., Floating Rate Note (Perpetual) 15,487,342 10,650,000 BBB-/NR UBS AG, 7.625%, 8/17/22 11,485,035 --------------- $ 33,262,571 ------------------------------------------------------------------------------------------------------------- Thrifts & Mortgage Finance -- 0.2% 4,000,000 B+/Ba2 Alfa Bank OJSC Via Alfa Bond Issuance Plc, 7.5%, 9/26/19 (144A) $ 4,115,640 --------------- Total Banks $ 90,213,633 -------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements. 36 Pioneer Global High Yield Fund | Annual Report | 10/31/12
------------------------------------------------------------------------------------------------------------- Floating S&P/Moody's Principal Rate (b) Ratings Amount ($) (unaudited) (unaudited) Value ------------------------------------------------------------------------------------------------------------- DIVERSIFIED FINANCIALS -- 5.5% Other Diversified Financial Services -- 2.6% EURO 800,000 10.48 B-/NR ATLAS VI Capital, Ltd., Floating Rate Note, 4/7/14 (Cat Bond) (144A) $ 1,046,932 2,000,000 6.50 BB+/NR Caelus Re II, Ltd., Floating Rate Note, 5/24/13 (Cat Bond) (144A) 2,045,800 1,500,000 10.25 BB-/NR Compass Re, Ltd., Floating Rate Note, 1/8/15 (Cat Bond) (144A) 1,554,750 1,000,000 11.25 B+/NR Compass Re, Ltd., Floating Rate Note, 1/8/15 (Cat Bond) (144A) 1,035,600 400,000 9.00 BB/NR East Lane Re V, Ltd., Floating Rate Note, 3/16/16 (Cat Bond) (144A) 431,400 TRY 12,410,000 AAA/Aaa European Investment Bank, 3/2/15 (e) 6,023,701 1,250,000 8.35 BB-/NR Ibis Re II, Ltd., Floating Rate Note, 2/5/15 (Cat Bond) (144A) 1,298,250 1,925,000 13.50 B-/NR Ibis Re II, Ltd., Floating Rate Note, 2/5/15 (Cat Bond) (144A) 2,041,462 1,500,000 6.20 BB-/NR Ibis Re, Ltd., Floating Rate Note, 5/3/13 (Cat Bond) (144A) 1,538,250 250,000 9.25 B/NR Ibis Re, Ltd., Floating Rate Note, 5/3/13 (Cat Bond) (144A) 247,450 TRY 800,000 A/A2 JPMorgan Chase & Co., 10/4/17 (144A) (e) 298,632 500,000 6.00 BB/NR Lodestone Re, Ltd., Floating Rate Note, 1/8/14 (Cat Bond) (144A) 501,700 4,250,000 7.25 BB/NR Lodestone Re, Ltd., Floating Rate Note, 1/8/14 (Cat Bond) (144A) 4,307,800 350,000 6.25 BB/NR Lodestone Re, Ltd., Floating Rate Note, 5/17/13 (Cat Bond) (144A) 354,655 4,000,000 8.25 BB-/NR Lodestone Re, Ltd., Floating Rate Note, 5/17/13 (Cat Bond) (144A) 4,085,600 4,100,000 BB/NR Magnesita Finance, Ltd., 8.625% (Perpetual) (144A) 4,326,078 4,565,000 B+/B2 National Money Mart Co., 10.375%, 12/15/16 5,095,681 2,500,000 7.50 BB-/NR Queen Street II Capital, Ltd., Floating Rate Note, 4/9/14 (Cat Bond) (144A) 2,522,250 2,000,000 7.50 BB-/NR Queen Street IV Capital, Ltd., Floating Rate Note, 4/9/15 (Cat Bond) (144A) 1,975,000 900,000 8.50 B+/NR Queen Street V Re, Ltd., Floating Rate Note, 4/9/15 (Cat Bond) (144A) 906,210 250,000 B-/NR Residential Reinsurance 2010, Ltd., Floating Rate Note, 6/6/13 (Cat Bond) (144A) 265,175 1,750,000 7.25 NR/NR Residential Reinsurance 2010, Ltd., Floating Rate Note, 6/6/13 (Cat Bond) (144A) 1,798,650
The accompanying notes are an integral part of these financial statements. Pioneer Global High Yield Fund | Annual Report | 10/31/12 37 Schedule of Investments | 10/31/12 (Consolidated) (continued)
------------------------------------------------------------------------------------------------------------- Floating S&P/Moody's Principal Rate (b) Ratings Amount ($) (unaudited) (unaudited) Value ------------------------------------------------------------------------------------------------------------- Other Diversified Financial Services -- (continued) 1,500,000 0.00 BB/NR Residential Reinsurance 2010, Ltd., Floating Rate Note, 6/6/13 (Cat Bond) (144A) $ 1,539,750 3,450,000 12.00 B-/NR Residential Reinsurance 2011, Ltd., Floating Rate Note, 6/6/15 (Cat Bond) (144A) 3,557,640 1,100,000 10.00 BB-/NR Residential Reinsurance 2012, Ltd., Floating Rate Note, 6/6/16 (Cat Bond) (144A) 1,192,510 1,000,000 8.00 BB/NR Residential Reinsurance 2012, Ltd., Floating Rate Note, 6/6/16 (Cat Bond) (144A) 984,000 1,850,000 22.00 NR/NR Residential Reinsurance 2012, Ltd., Floating Rate Note, 6/6/16 (Cat Bond) (144A) 1,633,180 --------------- $ 52,608,106 ------------------------------------------------------------------------------------------------------------- Specialized Finance -- 1.0% 7,675,000 BBB/Ba1 Cantor Fitzgerald LP, 7.875%, 10/15/19 (144A) $ 7,886,385 1,000,000 5.25 BB+/NR Kibou, Ltd., Floating Rate Note, 2/16/15 (Cat Bond) (144A) 1,023,800 10,460,000 NR/Ba3 Metalloinvest Finance, Ltd., 6.5%, 7/21/16 (144A) 10,773,800 --------------- $ 19,683,985 ------------------------------------------------------------------------------------------------------------- Consumer Finance -- 0.4% 10,395,000 NR/NR Tarjeta Naranja SA, 9.0%, 1/28/17 (144A) $ 9,147,600 ------------------------------------------------------------------------------------------------------------- Investment Banking & Brokerage -- 1.5% 20,515,000 4.00 BB+/Ba2 Goldman Sachs Capital II, Inc., Floating Rate Note, 6/1/43 $ 16,215,056 10,600,000 BBB/Baa3 Jefferies Group, Inc., 6.875%, 4/15/21 11,580,500 4,000,000 5.21 NR/NR UBS AG, Floating Rate Note, 1/15/14 (144A) 4,021,520 --------------- $ 31,817,076 --------------- Total Diversified Financials $ 113,256,767 ------------------------------------------------------------------------------------------------------------- INSURANCE -- 4.5% Insurance Brokers -- 2.1% 11,140,000 CCC/Caa2 Alliant Holdings I, Inc., 11.0%, 5/1/15 (144A) $ 11,485,340 14,000,000 CCC+/Caa2 Hub International, Ltd., 8.125%, 10/15/18 (144A) 14,385,000 GBP 4,840,000 B-/Caa1 Towergate Finance Plc, 10.5%, 2/15/19 (144A) 7,416,344
The accompanying notes are an integral part of these financial statements. 38 Pioneer Global High Yield Fund | Annual Report | 10/31/12
------------------------------------------------------------------------------------------------------------- Floating S&P/Moody's Principal Rate (b) Ratings Amount ($) (unaudited) (unaudited) Value ------------------------------------------------------------------------------------------------------------- Insurance Brokers -- (continued) 4,841,000 CCC/Caa2 USI Holdings Corp., 9.75%, 5/15/15 (144A) $ 4,913,615 4,532,000 4.31 CCC/Caa1 USI Holdings Corp., Floating Rate Note, 11/15/14 (144A) 4,396,040 --------------- $ 42,596,339 ------------------------------------------------------------------------------------------------------------- Multi-line Insurance -- 0.5% 2,870,000 7.00 BB/Baa3 Liberty Mutual Group, Inc., Floating Rate Note, 3/15/37 (144A) $ 2,841,300 5,170,000 10.75 BB/Baa3 Liberty Mutual Group, Inc., Floating Rate Note, 6/15/58 (144A) 7,703,300 --------------- $ 10,544,600 ------------------------------------------------------------------------------------------------------------- Property & Casualty Insurance -- 0.4% 8,535,000 7.51 BB+/Ba2 Sirius International Group, Ltd., Floating Rate Note (Perpetual) (144A) $ 8,867,012 ------------------------------------------------------------------------------------------------------------- Reinsurance -- 1.5% 450,000 8.26 NR/NR Atlas Reinsurance VII, Ltd., Floating Rate Note, 1/7/16 (144A) $ 450,000 250,000 6.30 BB+/NR Blue Danube, Ltd., Floating Rate Note, 4/10/15 (Cat Bond) (144A) 260,700 250,000 14.00 B-/NR Blue Fin, Ltd., Floating Rate Note, 5/28/13 (Cat Bond) (144A) 226,000 1,250,000 17.75 NR/NR Combine Re, Ltd., Floating Rate Note, 1/7/15 (Cat Bond) (144A) 1,312,250 750,000 10.00 NR/B1 Combine Re, Ltd., Floating Rate Note, 1/7/15 (Cat Bond) (144A) 793,725 1,950,000 5.00 BB+/NR Foundation Re III, Ltd., Floating Rate Note, 2/25/15 (Cat Bond) 1,983,345 2,000,000 5.75 BB/NR Foundation Re III, Ltd., Floating Rate Note, 2/3/14 (Cat Bond) (144A) 2,033,800 2,600,000 9.61 NR/B3 GlobeCat, Ltd., Series USW, Floating Rate Note, 1/2/13 (Cat Bond) (144A) 2,631,460 275,000 10.16 B/NR Montana Re, Ltd., Series A, Floating Rate Note, 12/7/12 (Cat Bond) (144A) 277,172 1,700,000 13.66 CCC+/NR Montana Re, Ltd., Series B, Floating Rate Note, 12/7/12 (Cat Bond) (144A) 1,713,600 2,500,000 12.00 B/NR Mystic Re, Ltd., Floating Rate Note, 3/12/15 (Cat Bond) (144A) 2,427,250 800,000 8.75 NR/NR Mythen Re, Ltd., Series 2012-2 Class A, Floating Rate Note, 1/5/17 (Cat Bond) (144A) 800,000
The accompanying notes are an integral part of these financial statements. Pioneer Global High Yield Fund | Annual Report | 10/31/12 39 Schedule of Investments | 10/31/12 (Consolidated) (continued)
------------------------------------------------------------------------------------------------------------- Floating S&P/Moody's Principal Rate (b) Ratings Amount ($) (unaudited) (unaudited) Value ------------------------------------------------------------------------------------------------------------- Reinsurance -- (continued) 650,000 12.00 NR/NR Mythen Re, Ltd., Series 2012-2 Class A, Floating Rate Note, 11/10/16 (Cat Bond) (144A) $ 650,000 2,800,000 11.41 NR/B2 Mythen, Ltd., Floating Rate Note, 5/7/15 (Cat Bond) (144A) 2,979,480 750,000 13.75 NR/NR Pelican Re, Ltd., Floating Rate Note, 4/13/15 (Cat Bond) (144A) 798,525 300,000 10.35 B/NR Queen Street VI Re, Ltd., Floating Rate Note, 4/9/15 (Cat Bond) (144A) 307,530 750,000 8.60 NR/NR Queen Street VII Re, Ltd., Floating Rate Note, 4/8/16 (Cat Bond) (144A) 750,000 1,125,000 14.92 B-/NR Successor X, Ltd., Class III-S3, Floating Rate Note, 1/7/14 (Cat Bond) (144A) 1,155,375 4,000,000 13.00 NR/NR Successor X, Ltd., Class IV-AL3, Floating Rate Note, 2/25/14 (Cat Bond) (144A) 4,121,200 875,000 16.50 NR/NR Successor X, Ltd., Floating Rate Note, 1/27/15 (Cat Bond) (144A) 891,012 2,600,000 16.42 NR/NR Successor X, Ltd., Floating Rate Note, 1/7/14 (Cat Bond) (144A) 2,663,180 375,000 11.25 B-/NR Successor X, Ltd., Floating Rate Note, 11/10/15 (Cat Bond) (144A) 370,312 2,100,000 9.75 B-/NR Successor X, Ltd., Floating Rate Note, 4/4/13 (Cat Bond) (144A) 2,098,950 250,000 11.75 NR/NR Successor X, Ltd., Floating Rate Note, 4/4/13 (Cat Bond) (144A) 249,225 --------------- $ 31,944,091 --------------- Total Insurance $ 93,952,042 ------------------------------------------------------------------------------------------------------------- REAL ESTATE -- 1.3% Diversified Real Estate Activities -- 0.7% 8,000,000 BB/Ba1 BR Malls International Finance, Ltd., 8.5% (Perpetual) (144A) $ 8,720,000 5,590,000 BB/NR BR Malls International Finance, Ltd., 9.75% (Perpetual) (144A) 5,631,925 --------------- $ 14,351,925 ------------------------------------------------------------------------------------------------------------- Real Estate Operating Companies -- 0.6% 6,750,000 B/NR Alto Palermo SA, 7.875%, 5/11/17 (144A) $ 5,535,000 8,405,000 B/NR IRSA Inversiones y Representaciones SA, 8.5%, 2/2/17 (144A) 6,976,150 --------------- $ 12,511,150 --------------- Total Real Estate $ 26,863,075 -------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements. 40 Pioneer Global High Yield Fund | Annual Report | 10/31/12
------------------------------------------------------------------------------------------------------------- Floating S&P/Moody's Principal Rate (b) Ratings Amount ($) (unaudited) (unaudited) Value ------------------------------------------------------------------------------------------------------------- SOFTWARE & SERVICES -- 1.4% Data Processing & Outsourced Services -- 0.2% 3,597,000 B-/Caa1 First Data Corp., 12.625%, 1/15/21 $ 3,713,902 ------------------------------------------------------------------------------------------------------------- Application Software -- 0.6% 8,684,000 CC/Caa2 Allen Systems Group, Inc., 10.5%, 11/15/16 (144A) $ 6,252,480 6,365,000 BB-/NR Nuance Communications, Inc., 2.75%, 11/1/31 6,933,872 --------------- $ 13,186,352 ------------------------------------------------------------------------------------------------------------- Systems Software -- 0.6% 14,669,480 NR/NR Pegasus Solutions, Inc., 13.0%, 4/15/14 (144A) (PIK) $ 12,909,142 --------------- Total Software & Services $ 29,809,396 ------------------------------------------------------------------------------------------------------------- TECHNOLOGY HARDWARE & EQUIPMENT -- 0.3% Electronic Equipment Manufacturers -- 0.3% 5,500,000 BB-/B2 Viasystems, Inc., 7.875%, 5/1/19 (144A) $ 5,376,250 --------------- Total Technology Hardware & Equipment $ 5,376,250 ------------------------------------------------------------------------------------------------------------- SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT -- 0.2% Semiconductor Equipment -- 0.1% 3,200,000 B+/Caa1 MEMC Electronic Materials, Inc., 7.75%, 4/1/19 $ 2,388,000 ------------------------------------------------------------------------------------------------------------- Semiconductors -- 0.1% CNY 14,000,000 BB-/NR LDK Solar Co., Ltd., 10.0%, 2/28/14 $ 1,075,034 --------------- Total Semiconductors & Semiconductor Equipment $ 3,463,034 ------------------------------------------------------------------------------------------------------------- TELECOMMUNICATION SERVICES -- 5.3% Alternative Carriers -- 0.5% 9,765,000 BB-/WR PAETEC Holding Corp., 8.875%, 6/30/17 $ 10,521,788 ------------------------------------------------------------------------------------------------------------- Integrated Telecommunication Services -- 3.4% 6,477,000 B/B1 Cincinnati Bell, Inc., 8.25%, 10/15/17 $ 6,930,390 7,160,000 B/B1 Cincinnati Bell, Inc., 8.375%, 10/15/20 7,697,000 8,478,000 CCC+/B3 Cincinnati Bell, Inc., 8.75%, 3/15/18 8,562,780 5,200,000 BB/Ba2 Frontier Communications Corp., 7.125%, 1/15/23 5,538,000 2,940,000 BB/Ba2 Frontier Communications Corp., 8.5%, 4/15/20 3,395,700
The accompanying notes are an integral part of these financial statements. Pioneer Global High Yield Fund | Annual Report | 10/31/12 41 Schedule of Investments | 10/31/12 (Consolidated) (continued)
------------------------------------------------------------------------------------------------------------- Floating S&P/Moody's Principal Rate (b) Ratings Amount ($) (unaudited) (unaudited) Value ------------------------------------------------------------------------------------------------------------- Integrated Telecommunication Services -- (continued) 10,345,000 BB/Ba2 Frontier Communications Corp., 8.75%, 4/15/22 $ 11,922,612 EURO 1,600,000 B+/Ba3 Telenet Finance V Luxembourg SCA, 6.25%, 8/15/22 (144A) 2,136,385 6,285,000 B/Ba3 Windstream Corp., 7.5%, 6/1/22 6,662,100 2,300,000 B/Ba3 Windstream Corp., 7.75%, 10/1/21 2,486,875 6,765,000 B/Ba3 Windstream Corp., 7.75%, 10/15/20 7,289,288 7,345,000 B/Ba3 Windstream Corp., 8.125%, 9/1/18 7,950,962 --------------- $ 70,572,092 ------------------------------------------------------------------------------------------------------------- Wireless Telecommunication Services -- 1.4% 1,000,000 NR/Caa1 Digicel Group, Ltd., 10.5%, 4/15/18 (144A) $ 1,105,000 6,400,000 NR/Caa1 Digicel Group, Ltd., 8.25%, 9/30/20 (144A) 6,896,000 3,925,000 B-/B2 NII Capital Corp., 7.625%, 4/1/21 3,100,750 2,300,000 NR/NR Richland Towers Funding LLC, 7.87%, 3/15/16 (144A) 2,357,109 7,800,000 BB/Ba3 Vimpel Communications Via VIP Finance Ireland, Ltd., OJSC, 7.748%, 2/2/21 (144A) 8,580,000 5,375,000 BB/Ba3 VimpelCom Holdings BV, 7.504%, 3/1/22 (144A) 5,805,000 --------------- $ 27,843,859 --------------- Total Telecommunication Services $ 108,937,739 ------------------------------------------------------------------------------------------------------------- UTILITIES -- 1.9% Electric Utilities -- 0.7% 12,081,000 CCC+/NR Cia de Transporte de Energia Electrica en Alta Tension Transener SA, 9.75%, 8/15/21 (144A) $ 5,194,830 5,256,000 B-/Caa1 Empresa Distribuidora Y Comercializadora Norte SA de CV, 9.75%, 10/25/22 (144A) 2,430,900 722,501 B/Ba2 FPL Energy National Wind Portfolio LLC, 6.125%, 3/25/19 (144A) 585,305 598,995 B/Ba2 FPL Energy Wind Funding LLC, 6.876%, 6/27/17 (144A) 521,126 1,950,000 BB+/Baa3 Israel Electric Corp., Ltd., 6.7%, 2/10/17 (144A) 2,135,250 2,695,000 CCC/Caa1 Texas Competitive Electric Holdings Co., LLC, 11.5%, 10/1/20 (144A) 1,926,925 4,000,000 NR/Caa3 Texas Competitive Electric Holdings Co., LLC, 15.0%, 4/1/21 1,160,000 --------------- $ 13,954,336 -------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements. 42 Pioneer Global High Yield Fund | Annual Report | 10/31/12
------------------------------------------------------------------------------------------------------------- Floating S&P/Moody's Principal Rate (b) Ratings Amount ($) (unaudited) (unaudited) Value ------------------------------------------------------------------------------------------------------------- Gas Utilities -- 0.4% 2,437,000 B-/B2 Star Gas Partners LP, 8.875%, 12/1/17 $ 2,534,480 7,966,000 B/B3 Transportadora de Gas del Sur SA, 7.875%, 5/14/17 (144A) 6,213,480 --------------- $ 8,747,960 ------------------------------------------------------------------------------------------------------------- Multi-Utilities -- 0.3% 6,789,883 NR/NR Ormat Funding Corp., 8.25%, 12/30/20 $ 6,441,901 ------------------------------------------------------------------------------------------------------------- Independent Power Producers & Energy Traders -- 0.5% 940,000 NR/Baa3 Instituto Costarricense de Electricidad, 6.95%, 11/10/21 (144A) $ 1,045,750 311,125 NR/NR Juniper Generation LLC, 6.79%, 12/31/14 (144A) 284,412 3,025,000 BB-/B1 NRG Energy, Inc., 7.625%, 1/15/18 3,304,812 2,840,000 BB-/B1 NRG Energy, Inc., 7.625%, 5/15/19 3,024,600 2,200,000 BB-/B1 NRG Energy, Inc., 8.5%, 6/15/19 2,381,500 357,000 BB+/Ba2 NSG Holdings LLC, 7.75%, 12/15/25 (144A) 367,710 --------------- $ 10,408,784 --------------- Total Utilities $ 39,552,981 ------------------------------------------------------------------------------------------------------------- Government -- 0.1% TRY 4,200,000 AAA/NR European Bank for Reconstruction & Development, 0.5%, 2/26/15 $ 2,077,041 --------------- Total Government $ 2,077,041 ------------------------------------------------------------------------------------------------------------- TOTAL CORPORATE BONDS (Cost $1,572,842,607) $ 1,520,485,743 ------------------------------------------------------------------------------------------------------------- FOREIGN GOVERNMENT BONDS -- 4.6% BRL 5,700,000 BBB/Baa2 Brazilian Government International Bond, 10.25%, 1/10/28 $ 3,636,207 13,000,000 B/Caa1 City of Buenos Aires Argentina, 12.5%, 4/6/15 (144A) 12,350,000 COP 6,986,000,000 BBB-/Baa3 Colombia Government International Bond, 12.0%, 10/22/15 4,713,005 IDR 53,000,000,000 NR/Baa3 Indonesia Treasury Bond, 7.0%, 5/15/22 6,041,001 IDR 101,459,000,000 NR/Baa3 Indonesia Treasury Bond, 8.25%, 6/15/32 12,591,352 EURO 2,950,000 BBB+/Ba1 Ireland Government Bond, 4.5%, 4/18/20 3,784,460 EURO 3,150,000 BBB+/Ba1 Ireland Government Bond, 5.0%, 10/18/20 4,141,162 MXN 144,510,000 A-/Baa1 Mexican Bonos, 7.75%, 11/13/42 12,600,194
The accompanying notes are an integral part of these financial statements. Pioneer Global High Yield Fund | Annual Report | 10/31/12 43 Schedule of Investments | 10/31/12 (Consolidated) (continued)
------------------------------------------------------------------------------------------------------------- Floating S&P/Moody's Principal Rate (b) Ratings Amount ($) (unaudited) (unaudited) Value ------------------------------------------------------------------------------------------------------------- FOREIGN GOVERNMENT BONDS -- (continued) PHP 442,965,000 NR/Ba1 Philippine Government Bond, 5.875%, 3/1/32 $ 11,069,136 PHP 8,000,000 NR/NR Philippine Government Bond, 6.125%, 10/24/37 197,808 4,600,000 B/NR Province of Salta Argentina, 9.5%, 3/16/22 (144A) 3,775,404 7,425,000 B/Caa1 Provincia de Buenos Aires Argentina, 10.875%, 1/26/21 (144A) 4,900,500 2,125,000 B/Caa1 Provincia de Buenos Aires Argentina, 11.75%, 10/5/15 (144A) 1,668,125 2,600,000 B/NR Provincia de Neuquen Argentina, 7.875%, 4/26/21 (144A) 2,080,000 575,000 B+/B2 Ukraine Government International Bond, 6.75%, 11/14/17 (144A) 568,905 9,000,000 B+/B2 Ukraine Government International Bond, 9.25%, 7/24/17 (144A) 9,815,130 --------------- $ 93,932,389 --------------- TOTAL FOREIGN GOVERNMENT BONDS (Cost $93,683,718) $ 93,932,389 ------------------------------------------------------------------------------------------------------------- MUNICIPAL BONDS -- 0.3% Municipal Development -- 0.0%+ 15,000 7.00 B/B3 New Jersey Economic Development Authority, Floating Rate Note, 11/15/30 $ 15,056 ------------------------------------------------------------------------------------------------------------- Municipal General -- 0.3% 8,875,000 0.00 NR/NR Non-Profit Preferred Funding Trust I, Floating Rate Note, 9/15/37 (144A) $ 5,605,894 --------------- TOTAL MUNICIPAL BONDS (Cost $8,873,508) $ 5,620,950 ------------------------------------------------------------------------------------------------------------- SENIOR FLOATING RATE LOAN INTERESTS -- 7.0%** ENERGY -- 0.6% Oil & Gas Equipment & Services -- 0.3% 6,868,897 8.50 B/B3 FTS International Services LLC, Term Loan, 5/6/16 $ 6,204,902 ------------------------------------------------------------------------------------------------------------- Coal & Consumable Fuels -- 0.3% 6,000,000 0.00 NR/NR Bumi Resources Tbk PT, Loan, 8/17/13 $ 5,250,000 --------------- Total Energy $ 11,454,902 ------------------------------------------------------------------------------------------------------------- MATERIALS -- 0.2% Commodity Chemicals -- 0.1% 1,725,000 5.75 B/B1 CPG International I, Inc., Term Loan, 9/21/19 $ 1,731,469 -------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements. 44 Pioneer Global High Yield Fund | Annual Report | 10/31/12
------------------------------------------------------------------------------------------------------------- Floating S&P/Moody's Principal Rate (b) Ratings Amount ($) (unaudited) (unaudited) Value ------------------------------------------------------------------------------------------------------------- Metal & Glass Containers -- 0.0%+ 290,000 0.00 B/Ba3 BWAY Holding Co., Initial Term Loan, 8/31/17 $ 291,812 257,497 5.25 B/Ba3 BWAY Holding Co., Replacement B Term Loan, 2/9/18 258,087 28,861 5.25 B/Ba3 ICL Industrial Containers ULC, Replacement C Term Loan, 2/23/18 28,927 --------------- $ 578,826 ------------------------------------------------------------------------------------------------------------- Paper Packaging -- 0.1% 2,363,565 6.50 B/B2 Exopack Holding Corp., Term Loan B, 5/6/17 $ 2,356,671 --------------- Total Materials $ 4,666,966 ------------------------------------------------------------------------------------------------------------- CAPITAL GOODS -- 0.7% Aerospace & Defense -- 0.6% 2,774,713 7.25 B/B2 Dubai Aerospace Enterprise (DAE), Tranche B-1 Loan, 7/31/14 $ 2,774,713 2,631,427 7.25 B/B2 Dubai Aerospace Enterprise (DAE), Tranche B-2 Loan, 7/31/14 2,631,427 1,081,815 0.00 B/B2 Dubai Aerospace Enterprise (DAE), Tranche B-1 Loan, 10/18/18 1,080,917 3,133,617 6.52 BB/B1 Hunter Defense Technologies, Inc., Series 1 New Term Loan, 8/22/14 2,726,247 1,628,992 3.52 BB-/B1 Hunter Defense Technologies, Inc., Term Loan, 8/22/14 1,447,088 3,437,841 9.25 CCC/WR IAP Worldwide Services, Inc., Term Loan (First-Lien), 12/30/12 2,793,246 --------------- $ 13,453,638 ------------------------------------------------------------------------------------------------------------- Industrial Conglomerates -- 0.1% 1,467,116 5.00 B+/B2 Pro Mach, Inc., Term Loan, 7/6/17 $ 1,471,239 --------------- Total Capital Goods $ 14,924,877 ------------------------------------------------------------------------------------------------------------- COMMERCIAL SERVICES & SUPPLIES -- 0.1% Environmental & Facilities Services -- 0.1% 2,133,649 8.75 NR/WR Aquilex Holdings LLC, Term Loan, 4/1/16 $ 2,141,650 --------------- Total Commercial Services & Supplies $ 2,141,650 ------------------------------------------------------------------------------------------------------------- TRANSPORTATION -- 0.1% Air Freight & Logistics -- 0.1% 508,620 5.32 NR/NR CEVA Group Plc, Dollar Tranche B Pre Funded L/C, 8/31/16 $ 488,275
The accompanying notes are an integral part of these financial statements. Pioneer Global High Yield Fund | Annual Report | 10/31/12 45 Schedule of Investments | 10/31/12 (Consolidated) (continued)
------------------------------------------------------------------------------------------------------------- Floating S&P/Moody's Principal Rate (b) Ratings Amount ($) (unaudited) (unaudited) Value ------------------------------------------------------------------------------------------------------------- Air Freight & Logistics -- (continued) 794,899 5.32 NR/NR CEVA Group Plc, EGL Tranche B Term Loan, 8/31/16 $ 763,103 779,050 5.32 B-/Ba3 CEVA Group Plc, US Tranche B Term Loan, 8/31/16 747,888 --------------- $ 1,999,266 --------------- Total Transportation $ 1,999,266 ------------------------------------------------------------------------------------------------------------- AUTOMOBILES & COMPONENTS -- 0.6% Auto Parts & Equipment -- 0.2% 6,093 2.72 BB-/Ba3 Allison Transmission, Inc., Term B-1 Loan, 8/7/14 $ 6,109 3,159,125 6.75 NR/NR TI Group Automotive Systems LLC, Term Loan, 3/1/19 3,210,461 --------------- $ 3,216,570 ------------------------------------------------------------------------------------------------------------- Automobile Manufacturers -- 0.4% 8,048,697 6.00 BB/Ba2 Chrysler Group LLC, Tranche B Term Loan, 4/28/17 $ 8,245,423 --------------- Total Automobiles & Components $ 11,461,993 ------------------------------------------------------------------------------------------------------------- CONSUMER SERVICES -- 0.1% Specialized Consumer Services -- 0.1% 2,303,400 5.50 B/Ba3 Monitronics International, Inc., Term Loan, 3/6/18 $ 2,325,474 --------------- Total Consumer Services $ 2,325,474 ------------------------------------------------------------------------------------------------------------- MEDIA -- 0.2% Advertising -- 0.1% 2,227,196 5.00 B+/Ba3 Affinion Group, Inc., Tranche B Term Loan, 10/9/16 $ 2,103,308 ------------------------------------------------------------------------------------------------------------- Cable & Satellite -- 0.1% 1,698,743 6.25 B/B1 WideOpenWest Finance LLC, Term Loan, 7/17/18 $ 1,717,080 ------------------------------------------------------------------------------------------------------------- Publishing -- 0.0%+ 769,744 2.47 B/B2 Cengage Learning Acquisitions, Inc., Original Term Loan, 7/4/14 $ 736,067 --------------- Total Media $ 4,556,455 ------------------------------------------------------------------------------------------------------------- FOOD & STAPLES RETAILING -- 0.1% Food Distributors -- 0.1% 1,390,000 5.75 B/B1 AdvancePierre Foods, Term Loan (First Lien), 7/20/17 $ 1,403,320 --------------- Total Food & Staples Retailing $ 1,403,320 -------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements. 46 Pioneer Global High Yield Fund | Annual Report | 10/31/12
------------------------------------------------------------------------------------------------------------- Floating S&P/Moody's Principal Rate (b) Ratings Amount ($) (unaudited) (unaudited) Value ------------------------------------------------------------------------------------------------------------- HEALTH CARE EQUIPMENT & SERVICES -- 1.7% Health Care Services -- 1.0% 1,457,840 7.25 BB-/Ba3 Alliance HealthCare Services, Inc., Initial Term Loan, 6/1/16 $ 1,435,973 2,066,459 6.50 B+/Ba3 InVentiv Health, Inc., Consolidated Term Loan, 8/4/16 2,020,825 5,023,500 6.50 NR/NR National Mentor Holdings, Inc., Tranche B-1 Term, 2/9/17 5,038,154 4,075,088 8.25 B/B2 National Specialty Hospitals, Inc., Initial Term Loan, 1/4/17 4,013,962 2,816,667 8.75 BB-/Ba1 Sun Healthcare Group, Inc., Term Loan, 10/18/16 2,813,146 4,512,038 6.50 B/B2 Surgery Center Holdings, Inc., Term Loan, 9/20/16 4,500,757 1,449,188 7.75 B+/B1 Virtual Radiologic Corp., Term Loan A, 12/22/16 1,297,023 --------------- $ 21,119,840 ------------------------------------------------------------------------------------------------------------- Health Care Facilities -- 0.2% 4,101,800 6.50 B/B1 Ardent Medical Services, Inc., Term Loan, 9/15/15 $ 4,112,055 ------------------------------------------------------------------------------------------------------------- Managed Health Care -- 0.3% 2,218,563 8.50 NR/B1 Aveta, Inc., MMM Term Loan, 4/4/17 $ 2,219,949 2,218,563 8.50 B+/B1 Aveta, Inc., NAMM Term Loan, 4/4/17 2,236,244 2,200,000 0.00 B+/B2 MMM Holdings, Inc., MMM Term Loan, 10/9/17 2,200,000 --------------- $ 6,656,193 ------------------------------------------------------------------------------------------------------------- Health Care Technology -- 0.2% 354,592 7.75 B/NR Physician Oncology Services LP, Delayed Draw Term Loan, 1/31/17 $ 343,954 2,918,726 7.75 B/B2 Physician Oncology Services LP, Effective Date Term Loan, 2/10/17 2,831,164 --------------- $ 3,175,118 --------------- Total Health Care Equipment & Services $ 35,063,206 ------------------------------------------------------------------------------------------------------------- PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES -- 0.2% Biotechnology -- 0.1% 3,089,289 5.50 BB/B2 Axcan Intermediate Holdings, Inc., Term B-1 Loan, 1/25/17 $ 3,104,736 ------------------------------------------------------------------------------------------------------------- Pharmaceuticals -- 0.1% 1,051,304 0.00 NR/B1 Generic Drug Holdings, Inc., 10/4/19, Term Loan $ 1,057,437 --------------- Total Pharmaceuticals, Biotechnology & Life Sciences $ 4,162,173 -------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements. Pioneer Global High Yield Fund | Annual Report | 10/31/12 47 Schedule of Investments | 10/31/12 (Consolidated) (continued)
------------------------------------------------------------------------------------------------------------- Floating S&P/Moody's Principal Rate (b) Ratings Amount ($) (unaudited) (unaudited) Value ------------------------------------------------------------------------------------------------------------- DIVERSIFIED FINANCIALS -- 0.4% Other Diversified Financial Services -- 0.4% 993,485 0.00 NR/NR Long Haul Holdings, Ltd., Facility A Loan, 1/14/13 $ 447,068 792,928 0.00 NR/NR Long Haul Holdings, Ltd., Facility B, 1/14/13 356,818 7,885,413 7.50 B+/B2 Preferred Sands Holding Co., LLC, Term B Loan, 12/15/16 7,481,285 --------------- $ 8,285,171 --------------- Total Diversified Financials $ 8,285,171 ------------------------------------------------------------------------------------------------------------- INSURANCE -- 0.8% Insurance Brokers -- 0.8% 1,663,439 3.36 B/B2 Alliant Holdings I, Inc., Term Loan, 8/21/14 $ 1,661,360 3,290,905 6.75 B/B2 Alliant Holdings I, Inc., Tranche D Incremental Loan, 8/21/14 3,323,814 5,481,316 6.75 B+/B1 HUB International Holdings, Inc., 2017 Additional Initial Term Loan (Extended), 12/13/12 5,549,833 3,998,745 4.71 B+/B1 HUB International Holdings, Inc., 2017 Initial Term Loan (Extended), 6/13/17 4,026,236 2,803,300 7.00 B/B1 USI Holdings Corp., Series C New Term Loan, 5/5/14 2,817,316 --------------- $ 17,378,559 --------------- Total Insurance $ 17,378,559 ------------------------------------------------------------------------------------------------------------- REAL ESTATE -- 0.1% Real Estate Development -- 0.1% 1,007,500 8.25 B-/B1 Ozburn-Hessey Logistics LLC, Term Loan (First Lien), 4/7/16 $ 992,388 --------------- Total Real Estate $ 992,388 ------------------------------------------------------------------------------------------------------------- SOFTWARE & SERVICES -- 0.8% Application Software -- 0.8% 13,561,838 8.00 B/Ba3 Expert Global Solutions, Inc., Term B Advance (First Lien), 3/13/18 $ 13,697,456 3,500,000 9.75 CCC+/Caa1 Vertafore, Inc., Term Loan (Second Lien), 10/18/17 3,508,750 --------------- $ 17,206,206 --------------- Total Software & Services $ 17,206,206 -------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements. 48 Pioneer Global High Yield Fund | Annual Report | 10/31/12
------------------------------------------------------------------------------------------------------------- Floating S&P/Moody's Principal Rate (b) Ratings Amount ($) (unaudited) (unaudited) Value ------------------------------------------------------------------------------------------------------------- TECHNOLOGY HARDWARE & EQUIPMENT -- 0.2% Electronic Components -- 0.2% 3,897,409 5.00 B/B2 Scitor Corp., Term Loan, 1/21/17 $ 3,882,794 --------------- Total Technology Hardware & Equipment $ 3,882,794 ------------------------------------------------------------------------------------------------------------- UTILITIES -- 0.1% Electric Utilities -- 0.1% 4,398,230 4.75 CCC/Caa1 Texas Competitive Electric Holdings Co., LLC, 2017 Term Loan (Extending), 10/10/17 $ 2,858,849 --------------- Total Utilities $ 2,858,849 ------------------------------------------------------------------------------------------------------------- TOTAL SENIOR FLOATING RATE LOAN INTERESTS (Cost $147,350,211) $ 144,764,249 ------------------------------------------------------------------------------------------------------------- ------------------------------------------------------------------------------------------------------------- Shares ------------------------------------------------------------------------------------------------------------- RIGHTS/WARRANTS -- 0.0%+ ENERGY -- 0.0%+ Oil & Gas Equipment & Services -- 0.0%+ 2,275 Green Field Energy Services, Inc. (144A) $ 70,525 ------------------------------------------------------------------------------------------------------------- Oil & Gas Exploration & Production -- 0.0%+ 592,529 Norse Energy Corp., ASA, 6/16/15 $ 8,315 --------------- Total Energy $ 78,840 ------------------------------------------------------------------------------------------------------------- TOTAL RIGHTS/WARRANTS (Cost $90,991) $ 78,840 ------------------------------------------------------------------------------------------------------------- ------------------------------------------------------------------------------------------------------------- Principal Amount ($) ------------------------------------------------------------------------------------------------------------- TEMPORARY CASH INVESTMENTS -- 1.0% Repurchase Agreements -- 1.0% 4,330,000 Deutsche Bank AG, 0.30%, dated 10/31/12, repurchase price of $4,330,000 plus accrued interest on 11/1/12 collateralized by the following: $908,831 U.S. Treasury Bond, 6.125-9.0%, 11/15/18-8/15/29 $299,030 U.S. Treasury Notes, 2.75-3.125%, 2/15/19-5/15/19 $3,208,739 U.S. Treasury Strip, 0.0-1.375%, 5/15/13-11/15/37 $ 4,330,000 4,330,000 JPMorgan, Inc., 0.30%, dated 10/31/12, repurchase price of $4,330,000 plus accrued interest on 11/1/12 collateralized by $4,542,722 Federal National Mortgage Association, 2.5-4.0%, 5/1/22-7/1/30 4,330,000
The accompanying notes are an integral part of these financial statements. Pioneer Global High Yield Fund | Annual Report | 10/31/12 49 Schedule of Investments | 10/31/12 (Consolidated) (continued)
------------------------------------------------------------------------------------------------------------- Principal Amount ($) Value ------------------------------------------------------------------------------------------------------------- Repurchase Agreements -- (continued) 4,330,000 RBC Capital Markets Corp., 0.26%, dated 10/31/12, repurchase price of $4,330,000 plus accrued interest on 11/1/12 collateralized by $4,416,601 Government National Mortgage Association II, 3.5-4.5%, 7/20/41-6/20/42 $ 4,330,000 4,330,000 Bank of Nova Scotia, Inc., 0.35%, dated 10/31/12, repurchase price of $4,330,000 plus accrued interest on 11/1/12 collateralized by $4,416,664 U.S. Treasury Notes, 1.875%, 6/30/15 4,330,000 4,330,000 TD Securities, Inc., 0.27%, dated 10/31/12, repurchase price of $4,330,000 plus accrued interest on 11/1/12 collateralized by $4,416,653 U.S. Treasury Notes, 4.25%, 11/15/14 4,330,000 --------------- $ 21,650,000 ------------------------------------------------------------------------------------------------------------- TOTAL TEMPORARY CASH INVESTMENTS (Cost $21,650,000) $ 21,650,000 ------------------------------------------------------------------------------------------------------------- TOTAL INVESTMENT IN SECURITIES -- 97.5% (Cost $2,102,226,446) (a)(g) $ 2,015,137,110 ------------------------------------------------------------------------------------------------------------- OTHER ASSETS & LIABILITIES -- 2.5% $ 51,331,191 ------------------------------------------------------------------------------------------------------------- TOTAL NET ASSETS -- 100.0% $ 2,066,468,301 ============================================================================================================= ------------------------------------------------------------------------------------------------------------- Notional Unrealized Principal Swap Counterparty/Referenced Obligation Gain ------------------------------------------------------------------------------------------------------------- 4,100,000 JPMorgan Chase & Co., Goodyear Tire & Rubber Co., 5.0%, 9/20/17 $ 25,202 --------------- TOTAL CREDIT DEFAULT SWAP AGREEMENTS (Cost $(152,465)) $ 25,202 ---------------
+ Amount rounds to less than 0.1%. (A.D.R.) American Depositary Receipt. (G.D.R.) Global Depositary Receipt. * Non-income producing security. WR Security rating withdrawn by either S&P or Moody's. NR Not rated by either S&P or Moody's. (Perpetual) Security with no stated maturity date. (Step) Bond issued with an initial coupon rate which converts to a higher rate at a later date. REIT Real Estate Investment Trust. PIK Represents a pay in kind security. The accompanying notes are an integral part of these financial statements. 50 Pioneer Global High Yield Fund | Annual Report | 10/31/12 (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, 2012, the value of these securities amounted to $1,099,621,721 or 53.2% of total net assets. (Cat Bond) Catastrophe Bond is a high-yield debt instrument that is usually insurance linked and meant to raise money in case of a catastrophe. ** 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 rate for 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, 2012, the net unrealized loss on investments based on cost for federal income tax purposes of $2,109,748,168 was as follows:
Aggregate gross unrealized gain for all investments in which there is an excess of value over tax cost $ 109,164,796 Aggregate gross unrealized loss for all investments in which there is an excess of tax cost over value (203,775,854) --------------- Net unrealized loss $ (94,611,058) ===============
(b) Debt obligation with a variable interest rate. Rate shown is rate at end of period. (c) Security is in default and is non-income producing. (d) Security is valued using fair value methods (other than prices supplied by independent pricing services). See Notes To Financial Statements -- Note 1A. (e) Security is issued with a zero coupon. Income is recognized through accretion of discount. (f) Security represents the interest only portion of payments on a pool of underlying mortgages or mortgage-backed securities. (g) Distributions of investments by country of issue (excluding temporary cash investments) as a percentage of total investment in securities, is as follows:
US United States 50.9% KY Cayman Islands 8.4% MX Mexico 5.0% LU Luxembourg 4.1% NL Netherlands 3.6% AR Argentina 3.4% IE Ireland 3.3% CA Canada 2.3% GB United Kingdom 2.3% BR Brazil 2.1% BM Bermuda 1.7% ID Indonesia 1.4% PE Peru 1.2% SG Singapore 1.1% NO Norway 1.0% Other (Individually less than 1%) 8.2% ------ 100.0% ======
The accompanying notes are an integral part of these financial statements. Pioneer Global High Yield Fund | Annual Report | 10/31/12 51 Schedule of Investments | 10/31/12 (Consolidated) (continued) NOTE: Principal amounts are denominated in U.S. Dollars unless otherwise noted: NOK Norwegian Krone EURO Euro BRL Brazilian Real CAD Canadian Dollar TRY Turkish Lira CNY New Chinese Yuan GBP British Pound Sterling IDR Indonesian Rupiah PHP Philippine Peso MXN Mexican Peso COP Columbian Peso Purchases and sales of securities (excluding temporary cash investments) for the year ended October 31, 2012 aggregated $763,483,127 and $1,132,367,851, 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. 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) Generally, equity securities are categorized as Level 1, fixed income securities and senior loans as Level 2 and securities valued using fair value methods (other than prices supplied by independent pricing services) are categorized as Level 3. See Notes to Financial Statements -- Note 1A. The accompanying notes are an integral part of these financial statements. 52 Pioneer Global High Yield Fund | Annual Report | 10/31/12 The following is a summary of the inputs used as of October 31, 2012, in valuing the Fund's investments:
------------------------------------------------------------------------------------------- Level 1 Level 2 Level 3 Total ------------------------------------------------------------------------------------------- Asset Backed Securities $ -- $ 36,947,879 $ -- $ 36,947,879 Collateralized Mortgage Obligations -- 26,442,217 -- 26,442,217 Corporate Bonds -- 1,520,485,743 -- 1,520,485,743 Convertible Corporate Bonds -- 128,004,873 -- 128,004,873 Preferred Stocks 9,295,384 3,924,331 -- 13,219,715 Municipal Bonds -- 5,620,950 -- 5,620,950 Foreign Government Bonds -- 93,932,389 -- 93,932,389 Senior Floating Rate Loan Interests -- 144,764,249 -- 144,764,249 Common Stocks 19,604,653 330,068 3,499,284 23,434,005 Convertible Preferred Stocks 556,250 -- -- 556,250 Rights/Warrants -- 78,840 -- 78,840 Repurchase Agreements -- 21,650,000 -- 21,650,000 ------------------------------------------------------------------------------------------- Total $ 29,456,287 $1,982,181,539 $3,499,284 $2,015,137,110 =========================================================================================== Other Financial Instruments Unrealized Gain on Credit Default Swaps $ -- $ 25,202 $ -- $ 25,202 Unrealized loss on forward Foreign Currency portfolio Hedge Contracts -- (114,124) -- (114,124) ------------------------------------------------------------------------------------------- Total Other Financial Instruments $ -- $ (88,922) $ -- $ (88,922) ===========================================================================================
The following is a reconciliation of assets valued using significant observable inputs (Level 3):
--------------------------------------------------------------------------------------------- Common Corporate Stocks Bonds Total --------------------------------------------------------------------------------------------- Balance as of 10/31/11 $ 7,223,788 $ 460,680 $ 7,684,468 Realized gain (loss) 1,202,521 (7,833,486) (6,630,965) Change in unrealized appreciation (depreciation)(1) (2,735,938) 8,204,945 5,469,007 Purchases* -- 2,433,217 2,433,217 Sales (2,191,087) (4,299,647) (6,490,734) Transfers in to Level 3** -- 2,068,582 2,068,582 Transfers out of Level 3** -- (1,034,291) (1,034,291) --------------------------------------------------------------------------------------------- Balance as of 10/31/12 $ 3,499,284 $ -- $ 3,499,284 =============================================================================================
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. * A portion of the total of the purchases includes payment in kind transactions. ** Transfers are calculated at the beginning of the period values.
Net change in unrealized appreciation (depreciation) of investments still held as of 10/31/12 $ (1,503,798) --------------
The accompanying notes are an integral part of these financial statements. Pioneer Global High Yield Fund | Annual Report | 10/31/12 53 Statement of Assets and Liabilities | 10/31/12 (Consolidated)
ASSETS: Investment in securities (cost $2,102,226,446) $2,015,137,110 Cash 9,871,464 Foreign currencies, at value (cost $18,787,463) 19,117,492 Receivables -- Investment securities sold 953,886 Fund shares sold 6,245,106 Dividends 155,306 Interest 40,900,287 Unrealized appreciation on bridge loan and delayed draw loans 68,403 Unrealized appreciation on credit default swaps 25,202 Other 654,531 ------------------------------------------------------------------------------------------------- Total assets $2,093,128,787 ================================================================================================= LIABILITIES: Payables -- Investment securities purchased $ 13,695,021 Fund shares repurchased 9,497,489 Dividends 2,109,680 Credit default swaps, premiums received 153,750 Due to affiliates 752,603 Accrued expenses 337,819 Unrealized depreciation on forward foreign currency portfolio hedge contracts 114,124 ------------------------------------------------------------------------------------------------- Total liabilities $ 26,660,486 ================================================================================================= NET ASSETS: Paid-in capital $2,404,977,026 Distributions in excess of net investment income (9,186,541) Accumulated net realized loss on investments and foreign currency transactions (242,465,718) Net unrealized loss on investments (87,089,336) Net unrealized gain on bridge loan and delayed draw loan 68,403 Net unrealized gain on credit default swaps 25,202 Net unrealized gain on forward foreign currency contracts and other assets and liabilities denominated in foreign currencies 139,265 ------------------------------------------------------------------------------------------------- Total net assets $2,066,468,301 ================================================================================================= NET ASSET VALUE PER SHARE: No par value (unlimited number of shares authorized) Class A (based on $602,568,295/59,475,641 shares) $ 10.13 Class B (based on $38,964,725/3,843,803 shares) $ 10.14 Class C (based on $468,920,299/46,421,460 shares) $ 10.10 Class Y (based on $945,946,420/94,975,131 shares) $ 9.96 Class Z (based on $10,068,562/965,751 shares) $ 10.43 MAXIMUM OFFERING PRICE: Class A ($10.13 (divided by) 95.5%) $ 10.61 =================================================================================================
The accompanying notes are an integral part of these financial statements. 54 Pioneer Global High Yield Fund | Annual Report | 10/31/12 Statement of Operations (Consolidated) For the Year Ended 10/31/12
INVESTMENT INCOME: Interest (net of foreign taxes withheld of $140,400) $208,200,910 Dividends (net of foreign taxes withheld of $23,948) 1,321,316 Income from securities loaned, net 79,184 ----------------------------------------------------------------------------------------------- Total investment income $209,601,410 =============================================================================================== EXPENSES: Management fees $ 14,181,546 Transfer agent fees Class A 668,330 Class B 63,675 Class C 243,177 Class Y 77,825 Class Z 6,798 Distribution fees Class A 1,598,950 Class B 434,807 Class C 4,556,296 Shareholder communication expense 2,355,411 Administrative reimbursements 676,680 Custodian fees 116,965 Registration fees 284,356 Professional fees 156,903 Printing expense 109,439 Fees and expenses of nonaffiliated Trustees 92,254 Miscellaneous 238,387 ----------------------------------------------------------------------------------------------- Total expenses $ 25,861,799 ----------------------------------------------------------------------------------------------- Net investment income $183,739,611 ----------------------------------------------------------------------------------------------- REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS, CLASS ACTION, CREDIT DEFAULT SWAPS AND FOREIGN CURRENCY TRANSACTIONS: Net realized gain (loss) on: Investments $ (8,443,398) Class action 28,496 Credit default swaps (348,106) Forward foreign currency contracts and other assets and liabilities denominated in foreign currencies (331,470) $ (9,094,478) ----------------------------------------------------------------------------------------------- Change in net unrealized gain (loss) on: Investments $ 76,329,399 Credit default swaps 211,052 Unfunded corporate loans 101,987 Forward foreign currency contracts and other assets and liabilities denominated in foreign currencies 150,540 $ 76,792,978 ----------------------------------------------------------------------------------------------- Net gain on investments $ 67,698,500 ----------------------------------------------------------------------------------------------- Net increase in net assets resulting from operations $251,438,111 ===============================================================================================
The accompanying notes are an integral part of these financial statements. Pioneer Global High Yield Fund | Annual Report | 10/31/12 55 Statements of Changes in Net Assets (Consolidated)
---------------------------------------------------------------------------------------------- Year Ended Year Ended 10/31/12 10/31/11 ---------------------------------------------------------------------------------------------- FROM OPERATIONS: Net investment income $ 183,739,611 $ 205,492,800 Net realized gain (loss) on investments, class action and foreign currency transactions (9,094,478) 64,438,836 Change in net unrealized gain on investments and foreign currency transactions 76,792,978 (239,192,629) ---------------------------------------------------------------------------------------------- Net increase in net assets resulting from operations $ 251,438,111 $ 30,739,007 ---------------------------------------------------------------------------------------------- DISTRIBUTIONS TO SHAREOWNERS: Net investment income: Class A ($0.81 and $0.32 per share, respectively) $ (52,710,619) $ (71,500,008) Class B ($0.73 and $0.22 per share, respectively) (3,259,655) (4,324,584) Class C ($0.74 and $0.32 per share, respectively) (34,509,782) (34,373,840) Class Y ($0.83 and $0.00 per share, respectively) (106,055,951) (93,119,401) Class Z ($0.86 and $0.00 per share, respectively) (742,618) (1,004,924) ---------------------------------------------------------------------------------------------- Total distributions to shareowners $ (197,278,625) $ (204,322,757) ---------------------------------------------------------------------------------------------- FROM FUND SHARE TRANSACTIONS: Net proceeds from sale of shares $ 943,301,630 $ 1,848,261,452 Reinvestment of distributions 170,311,348 166,943,218 Cost of shares repurchased (1,633,158,248) (1,997,556,834) ---------------------------------------------------------------------------------------------- Net increase (decrease) in net assets resulting from Fund share transactions $ (519,545,270) $ 17,647,836 ---------------------------------------------------------------------------------------------- Net decrease in net assets $ (465,385,784) $ (155,935,914) NET ASSETS: Beginning of year 2,531,854,085 2,687,789,999 ---------------------------------------------------------------------------------------------- End of year $ 2,066,468,301 $ 2,531,854,085 ---------------------------------------------------------------------------------------------- Undistributed (distributions in excess of) net investment income $ (9,186,541) $ 6,436,457 ----------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements. 56 Pioneer Global High Yield Fund | Annual Report | 10/31/12
-------------------------------------------------------------------------------------------------- '12 Shares '12 Amount '11 Shares '11 Amount -------------------------------------------------------------------------------------------------- Class A Shares sold 23,366,717 $ 250,593,230 45,322,070 $ 478,856,191 Reinvestment of distributions 4,597,616 45,052,236 5,325,281 55,922,586 Less shares repurchased (34,506,225) (336,282,546) (90,708,421) (956,573,557) -------------------------------------------------------------------------------------------------- Net decrease (6,541,892) $ (40,637,080) (40,061,070) $ (421,794,780) ================================================================================================== Class B Shares sold or exchanged 143,609 $ 2,916,301 182,501 $ 1,919,382 Reinvestment of distributions 269,832 2,642,789 315,412 3,301,623 Less shares repurchased (1,706,616) (16,757,590) (2,965,546) (31,230,042) -------------------------------------------------------------------------------------------------- Net decrease (1,293,175) $ (11,198,500) (2,467,633) $ (26,009,037) ================================================================================================== Class C Shares sold 7,882,302 $ 91,982,625 8,590,010 $ 90,033,530 Reinvestment of distributions 2,402,034 23,480,616 2,193,451 22,827,373 Less shares repurchased (10,848,907) (105,965,981) (13,781,313) (142,849,741) -------------------------------------------------------------------------------------------------- Net increase (decrease) (564,571) $ 9,497,260 (2,997,852) $ (29,988,838) ================================================================================================== Class Y Shares sold 56,936,699 $ 590,959,930 123,093,815 $1,257,879,328 Reinvestment of distributions 10,250,504 98,636,819 8,210,266 84,133,526 Less shares repurchased (113,454,287) (1,089,953,263) (82,635,654) (847,547,383) -------------------------------------------------------------------------------------------------- Net increase (decrease) (46,267,084) $ (400,356,514) 48,668,427 $ 494,465,471 ================================================================================================== Class Z Shares sold 677,620 $ 6,849,544 1,776,624 $ 19,573,021 Reinvestment of distributions 49,395 498,888 69,254 758,110 Less shares repurchased (510,913) (84,198,868) (1,778,794) (19,356,111) -------------------------------------------------------------------------------------------------- Net increase (decrease) 216,102 $ (76,850,436) 67,084 $ 975,020 ==================================================================================================
The accompanying notes are an integral part of these financial statements. Pioneer Global High Yield Fund | Annual Report | 10/31/12 57 Financial Highlights
----------------------------------------------------------------------------------------------------------------------------------- Year Year Ended Ended Year Year Year 10/31/12 10/31/11 Ended Ended Ended (Consolidated) (Consolidated) 10/31/10 10/31/09 10/31/08 ----------------------------------------------------------------------------------------------------------------------------------- Class A Net asset value, beginning of period $ 9.83 $ 10.53 $ 9.39 $ 7.56 $ 12.30 ----------------------------------------------------------------------------------------------------------------------------------- Increase (decrease) from investment operations: Net investment income $ 0.76 $ 0.77 $ 0.80 $ 0.90 $ 1.03 Net realized and unrealized gain (loss) on investments and foreign currency transactions 0.35 (0.70) 1.11 1.98 (4.59) ----------------------------------------------------------------------------------------------------------------------------------- Net increase (decrease) from investment operations $ 1.11 $ 0.07 $ 1.91 $ 2.88 $ (3.56) ----------------------------------------------------------------------------------------------------------------------------------- Distributions to shareowners: Net investment income $ (0.81) $ (0.77) $ (0.77) $ (1.05) $ (1.07) Net realized gain -- -- -- -- (0.11) ----------------------------------------------------------------------------------------------------------------------------------- Total distributions $ (0.81) $ (0.77) $ (0.77) $ (1.05) $ (1.18) ----------------------------------------------------------------------------------------------------------------------------------- Net increase (decrease) in net asset value $ 0.30 $ (0.70) $ 1.14 $ 1.83 $ (4.74) ----------------------------------------------------------------------------------------------------------------------------------- Net asset value, end of period $ 10.13 $ 9.83 $ 10.53 $ 9.39 $ 7.56 =================================================================================================================================== Total return* 11.89% 0.49% 21.16% 43.56% (31.45)% Ratio of net expenses to average net assets+ 1.10% 1.09% 1.10% 1.10% 1.10% Ratio of net investment income to average net assets+ 7.74% 7.37% 8.08% 11.68% 9.25% Portfolio turnover rate 33% 52% 49% 33% 25% Net assets, end of period (in thousands) $602,568 $648,746 $1,117,231 $1,018,040 $759,925 Ratios with no waiver of fees and assumption of expenses by the Adviser and no reduction for fees paid indirectly: Total expenses 1.10% 1.09% 1.15% 1.32% 1.18% Net investment income 7.74% 7.37% 8.02% 11.46% 9.17% Ratios with waiver of fees and assumption of expenses by the Adviser and reduction for fees paid indirectly: Net expenses 1.10% 1.09% 1.10% 1.10% 1.10% Net investment income 7.74% 7.37% 8.07% 11.68% 9.25% ===================================================================================================================================
* Assumes initial investment at net asset value at the beginning of each period, reinvestment of all distributions, the complete redemption of the investment at net asset value at the end of each period, and no sales charges. Total return would be reduced if sales charges were taken into account. + Ratios with no reduction for fees paid indirectly. The accompanying notes are an integral part of these financial statements. 58 Pioneer Global High Yield Fund | Annual Report | 10/31/12
--------------------------------------------------------------------------------------------------------------------------------- Year Year Ended Ended Year Year Year 10/31/12 10/31/11 Ended Ended Ended (Consolidated) (Consolidated) 10/31/10 10/31/09 10/31/08 --------------------------------------------------------------------------------------------------------------------------------- Class B Net asset value, beginning of period $ 9.83 $ 10.53 $ 9.37 $ 7.54 $ 12.27 --------------------------------------------------------------------------------------------------------------------------------- Increase (decrease) from investment operations: Net investment income $ 0.68 $ 0.68 $ 0.70 $ 0.81 $ 0.93 Net realized and unrealized gain (loss) on investments and foreign currency transactions 0.36 (0.69) 1.15 2.01 (4.57) --------------------------------------------------------------------------------------------------------------------------------- Net increase (decrease) from investment operations $ 1.04 $ (0.01) $ 1.85 $ 2.82 $ (3.64) --------------------------------------------------------------------------------------------------------------------------------- Distributions to shareowners: Net investment income $ (0.73) $ (0.69) $ (0.69) $ (0.99) $ (0.98) Net realized gain -- -- -- -- (0.11) --------------------------------------------------------------------------------------------------------------------------------- Total distributions $ (0.73) $ (0.69) $ (0.69) $ (0.99) $ (1.09) --------------------------------------------------------------------------------------------------------------------------------- Net increase (decrease) in net asset value $ 0.31 $ (0.70) $ 1.16 $ 1.83 $ (4.73) --------------------------------------------------------------------------------------------------------------------------------- Net asset value, end of period $ 10.14 $ 9.83 $ 10.53 $ 9.37 $ 7.54 ================================================================================================================================= Total return* 11.10% (0.32)% 20.40% 42.42% (32.02)% Ratio of net expenses to average net assets+ 1.91% 1.90% 1.92% 2.00% 1.92% Ratio of net investment income to average net assets+ 6.94% 6.59% 7.27% 10.88% 8.47% Portfolio turnover rate 33% 52% 49% 33% 25% Net assets, end of period (in thousands) $38,965 $50,509 $80,100 $96,411 $83,412 Ratios with no waiver of fees and assumption of expenses by the Adviser and no reduction for fees paid indirectly: Total expenses 1.91% 1.90% 1.92% 2.08% 1.92% Net investment income 6.94% 6.56% 7.27% 10.80% 8.47% Ratios with waiver of fees and assumption of expenses by the Adviser and reduction for fees paid indirectly: Net expenses 1.91% 1.90% 1.92% 2.00% 1.92% Net investment income 6.94% 6.59% 7.27% 10.88% 8.47% =================================================================================================================================
* Assumes initial investment at net asset value at the beginning of each period, reinvestment of all distributions, the complete redemption of the investment at net asset value at the end of each period, and no sales charges. Total return would be reduced if sales charges were taken into account. + 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 | 10/31/12 59 Financial Highlights (continued)
-------------------------------------------------------------------------------------------------------------------------------- Year Year Ended Ended Year Year Year 10/31/12 10/31/11 Ended Ended Ended (Consolidated) (Consolidated) 10/31/10 10/31/09 10/31/08 -------------------------------------------------------------------------------------------------------------------------------- Class C Net asset value, beginning of period $ 9.80 $ 10.49 $ 9.34 $ 7.51 $ 12.24 -------------------------------------------------------------------------------------------------------------------------------- Increase (decrease) from investment operations: Net investment income $ 0.69 $ 0.70 $ 0.73 $ 0.82 $ 0.93 Net realized and unrealized gain (loss) on investments and foreign currency transactions 0.35 (0.69) 1.11 1.99 (4.57) -------------------------------------------------------------------------------------------------------------------------------- Net increase (decrease) from investment operations $ 1.04 $ 0.01 $ 1.84 $ 2.81 $ (3.64) -------------------------------------------------------------------------------------------------------------------------------- Distributions to shareowners: Net investment income $ (0.74) $ (0.70) $ (0.69) $ (0.98) $ (0.98) Net realized gain -- -- -- -- (0.11) -------------------------------------------------------------------------------------------------------------------------------- Total distributions $ (0.74) $ (0.70) $ (0.69) $ (0.98) $ (1.09) -------------------------------------------------------------------------------------------------------------------------------- Net increase (decrease) in net asset value $ 0.30 $ (0.69) $ 1.15 $ 1.83 $ (4.73) -------------------------------------------------------------------------------------------------------------------------------- Net asset value, end of period $ 10.10 $ 9.80 $ 10.49 $ 9.34 $ 7.51 ================================================================================================================================ Total return* 11.17% (0.13)% 20.43% 42.56% (32.08)% Ratio of net expenses to average net assets+ 1.78% 1.78% 1.82% 1.98% 1.85% Ratio of net investment income to average net assets+ 7.08% 6.72% 7.37% 10.78% 8.55% Portfolio turnover rate 33% 52% 49% 33% 25% Net assets, end of period (in thousands) $468,920 $460,476 $524,448 $461,644 $347,459 Ratios with no waiver of fees and assumption of expenses by the Adviser and no reduction for fees paid indirectly: Total expenses 1.78% 1.78% 1.82% 1.98% 1.85% Net investment income 7.08% 6.72% 7.37% 10.78% 8.55% Ratios with waiver of fees and assumption of expenses by the Adviser and reduction for fees paid indirectly: Net expenses 1.78% 1.78% 1.82% 1.98% 1.85% Net investment income 7.08% 6.72% 7.37% 10.78% 8.55% ================================================================================================================================
* Assumes initial investment at net asset value at the beginning of each period, reinvestment of all distributions, the complete redemption of the investment at net asset value at the end of each period, and no sales charges. Total return would be reduced if sales charges were taken into account. + Ratios with no reduction for fees paid indirectly. The accompanying notes are an integral part of these financial statements. 60 Pioneer Global High Yield Fund | Annual Report | 10/31/12
--------------------------------------------------------------------------------------------------------------------------------- Year Year Ended Ended Year Year Year 10/31/12 10/31/11 Ended Ended Ended (Consolidated) (Consolidated) 10/31/10 10/31/09 10/31/08 --------------------------------------------------------------------------------------------------------------------------------- Class Y Net asset value, beginning of period $ 9.66 $ 10.35 $ 9.25 $ 7.46 $ 12.10 --------------------------------------------------------------------------------------------------------------------------------- Increase (decrease) from investment operations: Net investment income $ 0.76 $ 0.81 $ 0.86 $ 0.94 $ 1.05 Net realized and unrealized gain (loss) on investments and foreign currency transactions 0.37 (0.70) 1.03 1.91 (4.48) --------------------------------------------------------------------------------------------------------------------------------- Net increase (decrease) from investment operations $ 1.13 $ 0.11 $ 1.89 $ 2.85 $ (3.43) --------------------------------------------------------------------------------------------------------------------------------- Distributions to shareowners: Net investment income $ (0.83) (0.80) (0.79) (1.06) (1.10) Net realized gain -- -- -- -- (0.11) --------------------------------------------------------------------------------------------------------------------------------- Total distributions $ (0.83) $ (0.80) $ (0.79) $ (1.06) $ (1.21) --------------------------------------------------------------------------------------------------------------------------------- Net increase (decrease) in net asset value $ 0.30 $ (0.69) $ 1.10 $ 1.79 $ (4.64) --------------------------------------------------------------------------------------------------------------------------------- Net asset value, end of period $ 9.96 $ 9.66 $ 10.35 $ 9.25 $ 7.46 ================================================================================================================================= Total return* 12.35% 0.85% 21.35% 43.78% (30.96)% Ratio of net expenses to average net assets+ 0.80% 0.74% 0.73% 0.78% 0.74% Ratio of net investment income to average net assets+ 8.03% 7.72% 8.42% 11.43% 9.82% Portfolio turnover rate 33% 52% 49% 33% 25% Net assets, end of period (in thousands) $945,946 $1,364,543 $958,596 $215,614 $50,477 Ratios with no waiver of fees and assumption of expenses by the Adviser and no reduction for fees paid indirectly: Total expenses 0.80% 0.74% 0.73% 0.79% 0.74% Net investment income 8.03% 7.72% 8.42% 11.43% 9.82% Ratios with waiver of fees and assumption of expenses by the Adviser and reduction for fees paid indirectly: Net expenses 0.80% 0.74% 0.73% 0.78% 0.74% Net investment income 8.03% 7.72% 8.42% 11.43% 9.82% =================================================================================================================================
* Assumes initial investment at net asset value at the beginning of each period, reinvestment of all distributions and the complete redemption of the investment at net asset value at the end of each period. + 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 | 10/31/12 61 Financial Highlights (continued)
----------------------------------------------------------------------------------------------------------------------------------- Year Year Ended Ended Year Year Year 10/31/12 10/31/11 Ended Ended Ended (Consolidated) (Consolidated) 10/31/10 10/31/09 10/31/08 ----------------------------------------------------------------------------------------------------------------------------------- Class Z Net asset value, beginning of period $ 10.11 $ 10.86 $ 9.67 $ 7.79 $ 12.31 ----------------------------------------------------------------------------------------------------------------------------------- Increase (decrease) from investment operations: Net investment income $ 0.82 $ 0.85 $ 0.87 $ 1.00 $ 1.07 Net realized and unrealized gain (loss) on investments and foreign currency transactions 0.36 (0.77) 1.13 1.98 (4.37) ----------------------------------------------------------------------------------------------------------------------------------- Net increase (decrease) from investment operations $ 1.18 $ 0.08 $ 2.00 $ 2.98 $ (3.30) ----------------------------------------------------------------------------------------------------------------------------------- Distributions to shareowners: Net investment income $ (0.86) (0.83) (0.81) (1.10) (1.11) Net realized gain -- -- -- -- (0.11) ----------------------------------------------------------------------------------------------------------------------------------- Total distributions $ (0.86) $ (0.83) $(0.81) $(1.10) $ (1.22) ----------------------------------------------------------------------------------------------------------------------------------- Net increase (decrease) in net asset value $ (0.32) $ (0.75) $ 1.19 $ 1.88 $ (4.52) ----------------------------------------------------------------------------------------------------------------------------------- Net asset value, end of period $ 10.43 $ 10.11 $10.86 $ 9.67 $ 7.79 =================================================================================================================================== Total return* 12.30% 0.53% 21.58% 43.69% (29.21)% Ratio of net expenses to average net assets+ 0.88% 0.76% 0.90% 0.90% 0.90% Ratio of net investment income to average net assets+ 7.99% 7.67% 8.26% 11.46% 9.85% Portfolio turnover rate 33% 52% 49% 33% 25% Net assets, end of period (in thousands) $10,069 $ 7,580 $7,416 $4,283 $ 2,366 Ratios with no waiver of fees and assumption of expenses by the Adviser and no reduction for fees paid indirectly: Total expenses 0.88% 0.76% 0.91% 1.23% 1.11% Net investment income 7.99% 7.67% 8.25% 11.13% 9.64% Ratios with waiver of fees and assumption of expenses by the Adviser and reduction for fees paid indirectly: Net expenses 0.88% 0.76% 0.90% 0.90% 0.90% Net investment income 7.99% 7.67% 8.26% 11.46% 9.85% ===================================================================================================================================
(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 each period, reinvestment of all distributions and the complete redemption of the investment at net asset value at the end of each period. ** Annualized. + 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 | 10/31/12 Notes to Financial Statements | 10/31/12 (Consolidated) 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 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 as of the close of business on 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. 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 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: Pioneer Global High Yield Fund | Annual Report | 10/31/12 63 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, an independent pricing service. 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 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. 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. 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. Securities or senior 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. The Fund may use fair value methods if it is determined that a significant event has occurred after the close of the exchange or market on which the security trades and prior to the determination of the Fund's net asset value. Examples of a significant event might include political or economic news, corporate restructurings, natural disasters, terrorist activity or trading halts. Thus, the valuation of the Fund's securities may differ from exchange prices. At October 31, 2012, two securities were valued using fair value methods (in addition to securities valued using prices supplied by independent pricing services) representing 0.2% 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. 64 Pioneer Global High Yield Fund | Annual Report | 10/31/12 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, 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 8). Pioneer Global High Yield Fund | Annual Report | 10/31/12 65 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. As of October 31, 2012, the Fund did not have any interest and penalties related to unrecognized tax positions, which, if applicable, would be recorded as an income tax expense in the Statement of Operations. Tax years for the prior three fiscal years remain subject to examination by federal and state 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, 2012, the Fund reclassified $2,083,984 to increase distributions in excess of net investment income, $2,689,147 to decrease accumulated net realized loss on investments and foreign currency transactions and $605,163 to decrease paid-in capital to reflect permanent book/tax differences. The reclassification has no impact on the net asset value of the Fund and is designed to present the Fund's capital accounts on a tax basis. At October 31, 2012, the Fund was permitted to carry forward indefinitely $6,237,181 of short term losses under the Regulated Investment Company Modernization Act of 2010 without limitation. Additionally, at October 31, 2012, the Fund had a net capital loss carryforward of $235,848,362, of which the following amounts will expire between 2016 and 2018 if not utilized: $4,718,467 in 2016, $204,858,985 in 2017 and $26,270,910 in 2018 The tax character of distributions paid during the years ended October 31, 2012 and October 31, 2011 were as follows:
-------------------------------------------------------------------------------- 2012 2011 -------------------------------------------------------------------------------- Distributions paid from: Ordinary income $ 197,278,625 $ 204,322,757 -------------------------------------------------------------------------------- Total $ 197,278,625 $ 204,322,757 ================================================================================
66 Pioneer Global High Yield Fund | Annual Report | 10/31/12 The following shows the components of distributable earnings on a federal income tax basis at October 31, 2012:
-------------------------------------------------------------------------------- 2012 -------------------------------------------------------------------------------- Distributable earnings: Capital loss carryforward $(242,085,543) Current year dividend payable (2,109,680) Unrealized depreciation (94,313,502) -------------------------------------------------------------------------------- Total $(338,508,725) ================================================================================
The difference between book basis and tax basis unrealized depreciation is attributable to the tax deferral of losses on wash sales, the mark-to-market of foreign currency contracts, adjustments relating to catastrophe bonds, credit default swaps, partnerships, interest on defaulted bonds, and interest accruals on preferred stock. 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 $206,236 in underwriting commissions on the sale of Class A shares during the year ended October 31, 2012. 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. During the year ended October 31, 2012, the Fund recognized gains of $28,496 in the settlement of class action lawsuits from several different companies, as reflected on the Statement of Operations. 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 5). Class Y and Class Z 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 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). Pioneer Global High Yield Fund | Annual Report | 10/31/12 67 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. Risks 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 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. H. 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. 68 Pioneer Global High Yield Fund | Annual Report | 10/31/12 I. Securities Lending The Fund may lend 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. As of October 31, 2012, the Fund had no securities on loan. J. 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 portfolio or to hedge the risk of default on portfolio securities. As a seller of protection, the Fund would be required to pay the notional (or other agreed-upon) value of the referenced debt obligation to the counterparty in the event of a default by a U.S. or foreign corporate issuer of a debt obligation, which would likely result in a loss to the Fund. In return, the Fund would receive from the counterparty a periodic stream of payments during the term of the contract provided that no event of default occurred. The maximum exposure of loss to the seller would be the notional value of the credit default swaps outstanding. If no default occurs, the Fund would keep the stream of payments and would have no payment obligation. The Fund may also buy credit default swap contracts in order to hedge against the risk of default of debt securities, in which case the Fund would function as the counterparty referenced above. Pioneer Global High Yield Fund | Annual Report | 10/31/12 69 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. During the year ended October 31, 2012, the Fund opened one credit default swap, with a notional principal of $4,100,000, which was still open at year end. Credit default swap contracts outstanding at year end are listed at the end of the Fund's schedule of investments. 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% on assets over $2 billion. For the year ended October 31, 2012, the effective management fee (excluding waivers and/or assumption of expenses) was equivalent to 0.60% of the Fund's 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. Class Y shares do not have an expense limitation. These expense limitations were in effect through March 1, 2012. 70 Pioneer Global High Yield Fund | Annual Report | 10/31/12 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 $139,874 in management fees, administrative costs and certain other reimbursements payable to PIM at October 31, 2012. Effective March 5, 2012, PIM has retained Brown Brothers Harriman & Co. to provide certain sub-administration and accounting services to the Fund. 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, 2012, such out-of-pocket expenses by class of shares were as follows:
-------------------------------------------------------------------------------- Shareholder Communications: -------------------------------------------------------------------------------- Class A $ 513,329 Class B 40,107 Class C 249,677 Class Y 1,540,430 Class Z 11,868 -------------------------------------------------------------------------------- Total $2,355,411 ================================================================================
Included in "Due to affiliates" reflected on the Statement of Assets and Liabilities is $576,858 in transfer agent fees and out-of-pocket reimbursements payable to PIMSS at October 31, 2012. 4. Basis for Consolidation of the Financial Statements The consolidated financial statements of the Fund include the accounts of the Subsidiary. All intercompany accounts and transactions have been eliminated in consolidation. The Subsidiary, a Delaware corporation, was incorporated on February 10, 2011 and is wholly-owned and controlled by the Fund. It is intended that the Fund will remain the sole shareholder of, and will continue to control, the Subsidiary. The Subsidiary acts as an investment vehicle for the Fund's interest in Blaze Recycling and Metals LLC, Class A Units. As of October 31, 2012, the Subsidiary represented approximately $2,977,188 or approximately 0.1% of the net assets of the Fund. Pioneer Global High Yield Fund | Annual Report | 10/31/12 71 5. 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 $35,871 in distribution fees payable to PFD at October 31, 2012. 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 12 months of purchase. Class B shares that are redeemed within five years of purchase are subject to a CDSC at declining rates beginning at 4.00%, based on the lower of cost or market value of shares being redeemed. Redemptions of Class C shares within one year of purchase are subject to a CDSC of 1.00% based on the lower of cost or market value of shares being redeemed. 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, 2012, CDSCs in the amount of $65,289 were paid to PFD. 6. Line of Credit Facility The Fund, along with certain other funds in the Pioneer Family of Funds (the Funds), participates in a committed, unsecured revolving line of credit facility. Borrowings are used solely for temporary or emergency purposes. The Fund may borrow up to the lesser of the amount available under the facility or the limits set for borrowing by the Fund's prospectus and the 1940 Act. The credit facility in effect until January 20, 2012 was in the amount of $165 million. Under such facility, interest on borrowings was 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 credit facility in effect as of February 15, 2012 is in the amount of $215 million. Under such facility, depending on the type of loan, interest on borrowings is payable at LIBOR plus 0.90% on an annualized basis, or the Alternate Base Rate, which is the greater of (a) the facility's administrative agent's daily announced prime rate on the borrowing date, (b) 2% plus the Federal Funds Rate on the borrowing date and (c) 2% plus the overnight Euro dollar rate on the 72 Pioneer Global High Yield Fund | Annual Report | 10/31/12 borrowing date. The Funds pay an annual commitment fee to participate in a credit facility. The commitment fee is allocated among participating Funds based on an allocation schedule set forth in the credit agreement. For the year ended October 31, 2012, the average daily amount of borrowings outstanding during the period was $17,900,000. The related weighted average annualized interest rate for the period was 1.25%, and the total interest expense on such borrowings was $8,256, which is included in interest expense, located on the Statement of Operations. As of October 31, 2012, there were no borrowings outstanding. 7. Expense Offset Arrangements The Fund has entered into certain expense offset arrangements with PIMSS which may result in a reduction in the Fund's total expenses due to interest earned on cash held by PIMSS. For the year ended October 31, 2012, the Fund's expenses were not reduced under such arrangements. 8. Forward Foreign Currency Contracts At October 31, 2012, 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 portfolio hedge contracts open during the year ended October 31, 2012 was $35,514,043. Open portfolio hedges at October 31, 2012 were as follows:
---------------------------------------------------------------------------------------------- Net Contracts In Exchange Settlement Unrealized Currency to deliver For USD Date Value Gain (Loss) ---------------------------------------------------------------------------------------------- EUR (Euro) (5,500,000) $ (7,212,040) 11/14/12 $ (7,130,699) $ 81,341 EUR (Euro) (12,230,000) (15,837,153) 11/14/12 (15,856,079) (18,926) GBP (Pound Sterling) (3,846,000) (6,075,465) 12/14/12 (6,202,566) (127,101) INR (Indian Rupee) 271,000,000 4,968,830 3/15/13 4,919,392 (49,438) ---------------------------------------------------------------------------------------------- Total $(114,124) ----------------------------------------------------------------------------------------------
9. Bridge Loan and Delayed Draw Loan Commitments As of October 31, 2012, the Fund had bridge loan and delayed draw loan commitments of $20,930,936 (excluding unrealized appreciation on those commitments of $68,403 as of October 31, 2012) which could be extended at the option of the borrower, pursuant to the following loan agreements:
--------------------------------------------------------------------------------------------- Unrealized Loan Shares Cost Value Gain --------------------------------------------------------------------------------------------- Cequel Communications, Bridge Loan 5,850,000 5,850,000 5,879,250 $ 29,250 DuPont Performance Bridge Loan 8,000,000 10,356,400 10,370,800 14,400 Hamilton Sundstrand Bridge Loan 4,500,000 4,500,000 4,522,500 22,500 Harvard Drug, Delayed Draw Term Loan 157,696 156,132 158,386 2,253 --------------------------------------------------------------------------------------------- Total $ 68,403 ---------------------------------------------------------------------------------------------
Pioneer Global High Yield Fund | Annual Report | 10/31/12 73 10. Additional Disclosures about Derivative Instruments and Hedging Activities: Values of derivative instruments as of October 31, 2012 were as follows:
----------------------------------------------------------------------------------------------------- Derivatives Not Accounted for as Asset Derivatives 2012 Liabilities Derivatives 2012 Hedging Instruments ------------------------------- ---------------------------------- Under Accounting Statement of Assets Statement of Assets Standards Codification and Liabilities and Liabilities (ASC) 815 Location Value Location Value ----------------------------------------------------------------------------------------------------- Unrealized appreciation/ depreciation on Forward Foreign Currency Portfolio Hedge Contracts Receivables $ -- Payables $ 114,124 Unrealized gain on credit Net Assets Net Assets Default Swaps Unrealized Unrealized Appreciation $ 25,202 Depreciation $ -- ----------------------------------------------------------------------------------------------------- Total $ 25,202 $ 114,124 =====================================================================================================
The effect of derivative instruments on the Statement of Operations for the year ended October 31, 2012 was as follows:
---------------------------------------------------------------------------------------------------------- Derivatives not Change in Accounted for as Realized Gain Unrealized Hedging Instruments or (Loss) Gain or (Loss) Under Accounting on Derivatives on Derivatives Standards Codification Location of Gain or (Loss) On Recognized Recognized (ASC) 815 Derivatives Recognized in Income in Income in Income ---------------------------------------------------------------------------------------------------------- Forward Foreign Net realized loss on forward foreign Currency portfolio currency contracts and other assets and hedge Contracts liabilities denominated in foreign currencies $1,035,660 Forward Foreign Change in unrealized loss on forward Currency portfolio foreign currency contracts and other hedge Contracts assets and liabilities denominated in foreign currencies $150,541 Forward Foreign Net realized gain on forward foreign Currency settlement currency settlement hedge contracts and hedge Contracts other assets and liabilities denominated in foreign currencies $10,800 Credit Default Swaps Net realized loss on credit default swaps $(348,106) Credit Default Swaps Change in unrealized loss on credit default swaps $211,052
74 Pioneer Global High Yield Fund | Annual Report | 10/31/12 Report of Independent Registered Public Accounting Firm To the Board of Trustees of the Series VII Trust and the Shareowners of Pioneer Global High Yield Fund: -------------------------------------------------------------------------------- We have audited the accompanying consolidated statement of assets and liabilities, including the consolidated schedule of investments, of Pioneer Global High Yield Fund (the "Fund") (one of the portfolios constituting the Series VII Trust) as of October 31, 2012, and the related consolidated statement of operations for the year then ended, the consolidated 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 Trust'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 Trust'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 Trust'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, 2012, by correspondence with the custodian, brokers and agent banks. We believe that our audits provide a reasonable basis for our opinion. In our opinion, the consolidated 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, 2012, the consolidated results of its operations for the year then ended, the changes in its net assets for 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, 2012 Pioneer Global High Yield Fund | Annual Report | 10/31/12 75 Trustees, Officers and Service Providers Investment Adviser Pioneer Investment Management, Inc. Custodian and Sub-Administrator 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 us.pioneerinvestments.com. This information is also available on the Securities and Exchange Commission's web site at www.sec.gov. Trustees and Officers The Fund's Trustees and Officers are listed on the following pages, 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 serves as a trustee of each of the 56 U.S. registered investment portfolios for which Pioneer serves as investment adviser (the "Pioneer Funds"). 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. 76 Pioneer Global High Yield Fund | Annual Report | 10/31/12
----------------------------------------------------------------------------------------------------------------------------------- Name, Age and Term of Office and Other Directorships Position Held with the Fund Length of Service Principal Occupation Held by Trustee ----------------------------------------------------------------------------------------------------------------------------------- Thomas J. Perna (61) Trustee since 2006. Chairman and Chief Executive Officer, Director, Broadridge Chairman of the Board and Serves until a successor Quadriserv, Inc. (technology products for Financial Solutions, Inc. Trustee trustee is elected or securities lending industry) (2008 - (investor communications earlier retirement or present); private investor (2004 - 2008); and securities processing removal. and Senior Executive Vice President, The provider for financial Bank of New York (financial and securities services industry) (2009 - services) (1986 - 2004) present); Director, Quadriserv, Inc. (2005 - present); and Commissioner, New Jersey State Civil Service Commission (2011 - present) ----------------------------------------------------------------------------------------------------------------------------------- David R. Bock (68) Trustee since 2005. Managing Partner, Federal City Capital Director of Enterprise Trustee Serves until a successor Advisors (corporate advisory services Community Investment, Inc. trustee is elected or company) (1997 - 2004 and 2008 - (privately-held affordable earlier retirement or present); Interim Chief Executive housing finance company) removal. Officer, Oxford Analytica, Inc. (1985 - 2010); Director of (privately held research and consulting Oxford Analytica, Inc. company) (2010); Executive Vice President (2008 - present); Director and Chief Financial Officer, I-trax, Inc. of The Swiss Helvetia Fund, (publicly traded health care services Inc. (closed-end fund) company) (2004 - 2007); and Executive (2010 - present); and Vice President and Chief Financial Director of New York Officer, Pedestal Inc. (internet-based Mortgage Trust (publicly mortgage trading company) (2000 - 2002) traded mortgage REIT) (2004 - 2009, 2012 - present) ----------------------------------------------------------------------------------------------------------------------------------- Benjamin M. Friedman (67) Trustee since 2008. William Joseph Maier Professor of Trustee, Mellon Trustee Serves until a successor Political Economy, Harvard University Institutional Funds trustee is elected or (1972 - present) Investment Trust and Mellon earlier retirement or Institutional Funds Master removal. Portfolio (oversaw 17 portfolios in fund complex) (1989-2008) ----------------------------------------------------------------------------------------------------------------------------------- Margaret B.W. Graham (65) Trustee since 2001. Founding Director, Vice President and None Trustee Serves until a successor Corporate Secretary, The Winthrop Group, trustee is elected or Inc. (consulting firm) (1982-present); earlier retirement or Desautels Faculty of Management, McGill removal. University (1999 - present); and Manager of Research Operations and Organizational Learning, Xerox PARC, Xerox's advance research center (1990-1994) -----------------------------------------------------------------------------------------------------------------------------------
Pioneer Global High Yield Fund | Annual Report | 10/31/12 77 Independent Trustees (continued)
----------------------------------------------------------------------------------------------------------------------------------- Name, Age and Term of Office and Other Directorships Position Held with the Fund Length of Service Principal Occupation Held by Trustee ----------------------------------------------------------------------------------------------------------------------------------- Marguerite A. Piret (64) Trustee since 2001. President and Chief Executive Officer, Director of New America Trustee Serves until a successor Newbury, Piret & Company, Inc. High Income Fund, Inc. trustee is elected or (investment banking firm) (1981 - present) (closed-end investment earlier retirement or company) (2004 - present); removal. and member, Board of Governors, Investment Company Institute (2000 - 2006) ----------------------------------------------------------------------------------------------------------------------------------- Stephen K. West (83) Trustee since 2001. Senior Counsel, Sullivan & Cromwell LLP Director, The Swiss Trustee Serves until a successor (law firm) (1998 - present); and Partner, Helvetia Fund, Inc. trustee is elected or Sullivan & Cromwell LLP (prior to 1998) (closed-end investment earlier retirement or company); and Director, removal. Invesco, Ltd. (formerly AMVESCAP, PLC) (investment manager) (1997-2005) -----------------------------------------------------------------------------------------------------------------------------------
78 Pioneer Global High Yield Fund | Annual Report | 10/31/12 Interested Trustees
----------------------------------------------------------------------------------------------------------------------------------- Name, Age and Term of Office and Other Directorships Position Held with the Fund Length of Service Principal Occupation Held by Trustee ----------------------------------------------------------------------------------------------------------------------------------- John F. Cogan, Jr. (86)* Trustee since 2001. Non-Executive Chairman and a director of None Trustee, President and Chief Serves until a successor Pioneer Investment Management USA Inc. Executive Officer of the Fund trustee is elected or ("PIM-USA"); Chairman and a director of earlier retirement or Pioneer; Chairman and Director of removal. Pioneer Institutional Asset Management, Inc. (since 2006); Director of Pioneer Alternative Investment Management Limited (Dublin) (until October 2011); 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 Nano-C, Inc. (since 2003); Director of Cole Management Inc. (2004 - 2011); Director of Fiduciary Counseling, Inc. (until December 2011); President of all of the Pioneer Funds; and Retired Partner, Wilmer Cutler Pickering Hale and Dorr LLP ----------------------------------------------------------------------------------------------------------------------------------- Daniel K. Kingsbury (53)* Trustee since 2007. Director, CEO and President of PIM-USA None Trustee and Executive Vice Serves until a successor (since February 2007); Director and President trustee is elected or President of Pioneer and Pioneer earlier retirement or Institutional Asset Management, Inc. removal. (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); 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. Pioneer Global High Yield Fund | Annual Report | 10/31/12 79 Fund Officers
----------------------------------------------------------------------------------------------------------------------------------- Name, Age and Term of Office and Other Directorships Position Held with the Fund Length of Service Principal Occupation Held by Officer ----------------------------------------------------------------------------------------------------------------------------------- Christopher J. Kelley (47) Since 2003. Serves at the Vice President and Associate General None Secretary discretion of the Board. Counsel of Pioneer since 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 (51) Since 2010. Serves at the Fund Governance Director of Pioneer None Assistant Secretary discretion of the Board. since December 2006 and 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 (49) Since 2010. Serves at the Counsel of Pioneer since June 2007 and None Assistant Secretary discretion of the Board. Assistant Secretary of 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 (52) Since 2008. Serves at the Vice President - Fund Treasury of None Treasurer and Chief Financial discretion of the Board. Pioneer; Treasurer of all of the Pioneer and Accounting Officer of the Funds since March 2008; Deputy Treasurer Fund of Pioneer from March 2004 to February 2008; and Assistant Treasurer of all of the Pioneer Funds from March 2004 to February 2008 ----------------------------------------------------------------------------------------------------------------------------------- Luis I. Presutti (47) Since 2001. Serves at the Assistant Vice President - Fund Treasury None Assistant Treasurer discretion of the Board. of Pioneer; and Assistant Treasurer of all of the Pioneer Funds ----------------------------------------------------------------------------------------------------------------------------------- Gary Sullivan (54) Since 2002. Serves at the Fund Accounting Manager - Fund Treasury None Assistant Treasurer discretion of the Board. of Pioneer; and Assistant Treasurer of all of the Pioneer Funds ----------------------------------------------------------------------------------------------------------------------------------- David F. Johnson (32) Since 2009. Serves at the Fund Administration Manager - Fund None Assistant Treasurer discretion of the Board. Treasury of Pioneer 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 -----------------------------------------------------------------------------------------------------------------------------------
80 Pioneer Global High Yield Fund | Annual Report | 10/31/12
----------------------------------------------------------------------------------------------------------------------------------- Name, Age and Term of Office and Other Directorships Position Held with the Fund Length of Service Principal Occupation Held by Officer ----------------------------------------------------------------------------------------------------------------------------------- Jean M. Bradley (59) Since 2010. Serves at the Chief Compliance Officer of Pioneer and None Chief Compliance Officer discretion of the Board. of all the Pioneer 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 ----------------------------------------------------------------------------------------------------------------------------------- Kelley O'Donnell (41) Since 2006. Serves at the Director--Transfer Agency Compliance of None Anti-Money Laundering discretion of the Board. Pioneer and Anti-Money Laundering Officer Officer of all the Pioneer Funds since 2006 -----------------------------------------------------------------------------------------------------------------------------------
Pioneer Global High Yield Fund | Annual Report | 10/31/12 81 This page for your notes. 82 Pioneer Global High Yield Fund | Annual Report | 10/31/12 This page for your notes. Pioneer Global High Yield Fund | Annual Report | 10/31/12 83 This page for your notes. 84 Pioneer Global High Yield Fund | Annual Report | 10/31/12 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: us.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 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 Invesments(R) Pioneer Investment Management, Inc. 60 State Street Boston, MA 02109 us.pioneerinvestments.com Securities offered through Pioneer Funds Distributor, Inc. 60 State Street, Boston, MA 02109 Underwriter of Pioneer Mutual Funds, Member SIPC (c) 2012 Pioneer Investments 19440-06-1212 Pioneer Global Aggregate Bond Fund -------------------------------------------------------------------------------- Annual Report | October 31, 2012 -------------------------------------------------------------------------------- Ticker Symbols: Class A PGABX Class C PGCBX Class Y PGYBX [LOGO] Pioneer Investment(R) visit us: 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 44 Notes to Financial Statements 51 Report of Independent Registered Public Accounting Firm 62 Trustees, Officers and Service Providers 63
Pioneer Global Aggregate Bond Fund | Annual Report | 10/31/12 1 President's Letter Dear Shareowner, The U.S. stock market rallied sharply through the third quarter of 2012 amid a sluggish, but nonetheless growing, U.S. economy. We have been cautiously optimistic about the U.S. from the start of the year, and the economic data continue to be encouraging. The housing and auto sectors are benefitting from record-low interest rates. The climate for consumer and business credit has improved, and inflation appears to be subdued. While corporate profits slowed in the third quarter, many U.S. companies continue to have strong balance sheets and to pay attractive dividends* compared to fixed-income securities. All of these factors contributed to gains for investors who owned riskier assets, including equities and higher-yielding corporate bonds. Year to date through the end of the third quarter, the Standard & Poor's 500 Index returned 16.35%. In fixed income, the Bank of America Merrill Lynch High Yield Master II Index was up by 12.02% during the same period, while the Barclays Capital Aggregate Bond Index gained 3.99%. Treasury bonds, by contrast, generated a comparatively sluggish return of 1.70%, as measured by the Barclays Capital Intermediate Treasuries Index. Despite this generally positive picture during the first three quarters of 2012, investors face powerful macroeconomic challenges in the months ahead. These include the threat of a so-called "fiscal cliff " in the U.S. budget process after the November elections, the European sovereign-debt crisis, and slowing growth in both Europe and China. Investors can continue to count on market volatility tied to these factors, although we remain optimistic that the underlying economic trends are moving in the right direction. At Pioneer, we have long advocated the benefits of staying diversified** and investing for the long term. And while diversification alone does not assure a profit or protect against loss in a declining market, we believe in actively seeking out opportunities in undervalued securities and sectors around the globe. 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. * Dividends are not guaranteed. ** Diversification does not assure a profit or protect against loss in a declining market. 2 Pioneer Global Aggregate Bond Fund | Annual Report | 10/31/12 Pioneer's investment professionals focus on finding good opportunities in both equity and bond markets using the same disciplined investment approach we have used since 1928. Our strategy is to identify undervalued individual securities with the greatest potential for success, carefully weighing risk against reward. Our teams of investment professionals continually monitor and analyze the relative valuations of different sectors and securities globally to help build portfolios that we believe can help you achieve your investment goals. 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 us.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 opinion 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 | 10/31/12 3 Portfolio Management Discussion | 10/31/12 Despite re-occurring concerns about the strength and durability of the global economic recovery, credit-sensitive fixed-income investments produced positive returns during the 12 months ended October 31, 2012, outperforming low-yielding government bonds. In the following interview, Charles Melchreit discusses the performance of Pioneer Global Aggregate Bond Fund during the 12-month period. Mr. Melchreit, vice president and portfolio manager at Pioneer, is responsible for the daily management of the Fund, along with Mr. Tanguy Le Saout, Head of European Fixed-Income Portfolio Management and European Fixed-Income Research at Pioneer. Q How did the Fund perform during the 12 months ended October 31, 2012? A Pioneer Global Aggregate Bond Fund's Class A shares returned 5.98% at net asset value during the 12 months ended October 31, 2012, while the Fund's benchmark, the Barclays Capital Global Aggregate Bond Index (the Barclays Index) returned 3.54%. During the same period, the average return of the 191 mutual funds in Lipper's Global Income Funds category was 6.64%. Q How would you describe the investment environment for fixed-income securities during the 12 months ended October 31, 2012? A Credit-sensitive sectors in the world's fixed-income markets tended to produce the best performance during the 12-month period, despite bursts of market volatility that resulted in temporary retreats from the dominant market trends. To be sure, markets in the United States, in developed European nations, and in the emerging markets--the three major market groups that make up the Fund's investable universe--behaved differently from each other during the period, as investors in each area reacted to certain developments. By the end of the 12-month period, however, the overall trend was that lower-rated, more credit-sensitive securities produced the best relative results, with emerging market debt and high-yielding and investment-grade corporate bonds substantially outperforming the higher-quality, sovereign-government debt of major industrialized nations. In the United States, the domestic economy continued to grow, albeit slowly, and the credit sectors outperformed. Corporate bonds and other credit-linked securities performed very well early in the period, but then faded in the late spring and early summer of 2012 as investors worried about the sustainability of the economic rebound, especially in the face of intensifying sovereign-debt problems in Europe and evidence of economic 4 Pioneer Global Aggregate Bond Fund | Annual Report | 10/31/12 weakening in China and other Asian nations. The resulting fears that the U.S. economy might fall back into recession were somewhat alleviated, however, when the Federal Reserve Board (the Fed) in late summer announced its third round of quantitative easing ("QE3") to encourage lower interest rates by buying mortgage-backed securities on the open market. After the Fed's announcement, the credit sectors again rallied and the comeback continued through the end of the period on October 31, 2012, although market anxieties did increase in the run-up to the November elections as investors grew concerned about whether the nation's political leaders would be able to resolve deep disagreements about tax and spending policies (the approaching "fiscal cliff ") at the end of 2012. In Europe, the trend favoring credit-sensitive investments was not as strong, as the markets worried about the deepening sovereign-debt problems in Spain and other smaller markets. The European Central Bank (ECB) did, however, announce a series of steps to aid debtor nations and ease borrowing. While the ECB's actions helped to avoid the worst-case scenario of potential defaults, they were not sufficient to keep most European economies from slipping back into recession. As a result, the fixed-income markets in Europe produced lackluster results, at best, during most of the 12 months ended October 31, 2012, although they did recover somewhat towards the end of the period as the ECB became more aggressive in easing monetary policy. The economic problems in Europe had a spillover effect on China, which ships a major portion of its exports to European markets. Early in the period, in particular, the effects of weakening growth in China also became a drag on other Asian countries as well as emerging market economies in general--countries that were dependent on demand from China. Investors also worried about the change in Chinese political leadership scheduled to take place in early 2013. Emerging market securities, however, staged a comeback late in the Fund's fiscal year due to renewed confidence that China would not fall into recession and that the global economy would continue to recover, despite the ongoing problems in Europe. The developments in the United States, Europe and China affected different markets in varying ways during the 12-month period. Non-U.S. dollar currencies make up more than 50% of the value in the benchmark Barclays Index, and, thus, currency positioning was important during the period. During the 12 months ended October 31, 2012, the U.S. dollar (USD) performed well in international currency markets. Non-USD currencies that also fared well included the Canadian, Australian and New Zealand dollars as well as the British pound and the currencies of some emerging market nations, such as Korea, Mexico, Malaysia, the Philippines and Pioneer Global Aggregate Bond Fund | Annual Report | 10/31/12 5 Turkey. In contrast, the euro weakened and performed poorly during the period, as did the correlated currencies of Switzerland, Denmark, Norway and Sweden. In addition, the Japanese yen and the currencies of the emerging market nations of Indonesia and South Africa also weakened. Q What were the Fund's main investment strategies during the 12 months ended October 31, 2012, and how did the strategies affect the Fund's performance relative to the Barclays Index? A The Fund's sector allocations gave substantial support to benchmark- relative performance during the 12-month period, particularly our decision to overweight the portfolio to the debt of U.S. financial institutions, and to underweight U.S. Treasuries. Among the Fund's U.S. financial holdings, investments in collateralized mortgage obligations (CMOs) were particularly successful during the period, as yield-seeking investors sought out a sector that had been largely avoided since the market setbacks of 2008 and 2009. Most of the Fund's CMO holdings were in non-agency securities. Despite the portfolio's success in U.S. financials, our decision to underweight European and British financials hurt benchmark-relative results during the period. The ECB's actions in support of the governments of Greece, Spain, and other nations struggling with sovereign-debt issues helped to lift the values of the debt of banks and other institutions that were holding the troubled sovereign debt. As a result, the Fund's underweight position in those securities detracted from relative results. The portfolio's currency strategy was successful during the period and also contributed to results, as an overweight position in the USD was a major factor in the Fund's benchmark-relative outperformance. At the end of the Fund's fiscal year on October 31, 2012, approximately 57% of the Fund's investments were denominated in the USD, representing a large overweight relative to the 41% allocation in the Barclays Index. Also aiding the Fund's performance during the period were overweight exposures to the Australian and New Zealand dollars and the Philippine peso. At the same time, the Fund's underweights to the euro and the Japanese yen supported results, given the struggles of both currencies during the period. Despite the overall success of the Fund's currency strategy, the portfolio's exposures to the currencies of Indonesia, Sweden and Canada detracted from benchmark-relative results during the period. While the Fund's sector and currency positioning aided results during the period, the portfolio's somewhat shorter-duration positioning was a slight detractor from relative returns during the period, as longer-term sovereigns rallied when market interest rates declined. The negative effects of the 6 Pioneer Global Aggregate Bond Fund | Annual Report | 10/31/12 Fund's overall duration strategy were offset somewhat by the positive effects of a longer-duration stance in U.S. and Mexican sovereigns. (Duration is a measure of a portfolio's price sensitivity to changes in interest rates.) As of October 31, 2012, U.S. corporate debt and foreign investment-grade debt represented the Fund's largest sector allocations. Q What individual holdings contributed to or detracted from the Fund's performance during the 12 months ended October 31, 2012? A Among individual holdings, U.S. commercial mortgages issued by Deutsche Bank and the corporate bonds of building materials company Masco performed particularly well for the Fund during the 12-month period. Disappointing portfolio holdings during the period included the convertible debt of U.S. truck manufacturer Navistar and bonds issued by Credit Foncier, a French institution that also guaranteed the mortgages securing the bonds. Q What is your investment outlook? A The riskier segments of the global fixed-income markets have been outperforming high-quality government debt, and we continue to favor investing the Fund in credit-linked debt rather than Treasuries and other government securities. Corporate bonds and mortgage-backed securities appear more attractive to us on a relative basis, especially in light of the risks associated with low-yielding sovereign securities at a time when many governments find themselves in weak fiscal positions. We have opportunistically increased the Fund's exposure to investments of stronger emerging market nations, including the Philippines, Indonesia, Malaysia and India, although the positions still remain just a small part of the overall portfolio. We believe that we may also see a developing opportunity in non-financial European bonds, which may be undervalued in light of the overall strengths of their issuing corporations--many of which are global companies that derive a major portion of their revenues from operations outside Europe. In recent years, the Fund has benefited from investments in commodity- driven economies, such as Australia and Canada. We continue to see some opportunities in that area, although we expect to be very selective. Pioneer Global Aggregate Bond Fund | Annual Report | 10/31/12 7 Please refer to the Schedule of Investments on pages 16-43 for a full listing of Fund securities. The portfolio may invest in mortgage-backed securities, which during times of fluctuating interest rates may increase or decrease more than other fixed-income securities. Mortgage-backed securities are also subject to pre-payments. The portfolio may invest in derivative securities, which may include futures and options. These types of instruments can increase price fluctuation. When interest rates rise, the prices of fixed-income securities in the Fund will generally fall. Conversely, when interest rates fall, the prices of fixed-income securities in the Fund will generally rise. Investments in the Fund are subject to possible loss due to the financial failure of issuers of underlying securities and their inability to meet their debt obligations. Investments in high-yield or lower-rated securities are subject to greater-than- average risk. Investing in foreign and/or emerging market securities involves risks relating to interest rates, currency exchange rates, economic, and political conditions. 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 opinion 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 | 10/31/12 Portfolio Summary | 10/31/12 Portfolio Diversification -------------------------------------------------------------------------------- (As a percentage of total investment portfolio) [THE FOLLOWING DATA WAS REPRESENTED AS A PIE CHART IN THE PRINTED MATERIAL]
Foreign Government Bonds 32.2% U.S. Corporate Bonds 23.4% Collateralized Mortgage Obligations 16.4% U.S. Government Securities 9.6% International Corporate Bonds 6.7% Asset Backed Securities 3.5% Municipal Bonds 3.4% Convertible Corporate Bonds 1.8% U.S. Preferred Stocks 1.3% Temporary Cash Investment 1.1% Convertible Preferred Stock 0.6%
10 Largest Holdings -------------------------------------------------------------------------------- (As a percentage of total long-term holdings)*
1. Fannie Mae, 5.0%, 7/1/40 2.86% -------------------------------------------------------------------------------- 2. Japan Government Ten Year Bond, 1.0%, 12/20/21 2.15 -------------------------------------------------------------------------------- 3. Indonesia Treasury Bond, 7.375%, 9/15/16 1.99 -------------------------------------------------------------------------------- 4. Finland Government Bond, 4.375%, 7/4/19 1.68 -------------------------------------------------------------------------------- 5. Poland Government Bond, 5.25%, 10/25/17 1.65 -------------------------------------------------------------------------------- 6. Japan Government Two Year Bond, 0.2%, 8/15/13 1.57 -------------------------------------------------------------------------------- 7. Japan Government Ten Year Bond, 1.7%, 9/20/16 1.43 -------------------------------------------------------------------------------- 8. Japan Government Twenty Year Bond, 1.5%, 3/20/19 1.30 -------------------------------------------------------------------------------- 9. France Government Bond OAT, 3.25%, 10/25/21 1.02 --------------------------------------------------------------------------------
* 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 | 10/31/12 9 Prices and Distributions | 10/31/12 Net Asset Value per Share --------------------------------------------------------------------------------
-------------------------------------------------------------------------------- Class 10/31/12 10/31/11 -------------------------------------------------------------------------------- A $11.49 $11.22 -------------------------------------------------------------------------------- C $11.51 $11.23 -------------------------------------------------------------------------------- Y $11.59 $11.30 --------------------------------------------------------------------------------
Distributions per Share: 11/1/11-10/31/12 --------------------------------------------------------------------------------
-------------------------------------------------------------------------------- Net Investment Short-Term Long-Term Class Income Capital Gains Capital Gains -------------------------------------------------------------------------------- A $0.3620 $0.0051 $0.0183 -------------------------------------------------------------------------------- C $0.2579 $0.0051 $0.0183 -------------------------------------------------------------------------------- Y $0.3753 $0.0051 $0.0183 --------------------------------------------------------------------------------
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. It is not possible to invest directly in an index. The index defined here pertains to the "Value of $10,000 Investment" and "Value of $5 Million Investment" charts appearing on pages 11-13. 10 Pioneer Global Aggregate Bond Fund | Annual Report | 10/31/12 Performance Update | 10/31/12 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, 2012) -------------------------------------------------------------------------------- Net Asset Public Offering Period Value (NAV) Price (POP) -------------------------------------------------------------------------------- Life-of-Class (12/27/07) 6.42% 5.42% 1 Year 5.98 1.20 -------------------------------------------------------------------------------- Expense Ratio (Per prospectus dated March 1, 2012) -------------------------------------------------------------------------------- Gross Net -------------------------------------------------------------------------------- 2.07% 1.00% --------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL] Value of $10,000 Investment
Pioneer Global Aggregate Barclays Capital Global Bond Fund Aggregate Bond Index 12/31/2007 $ 9,550 $ 10,000 10/31/2008 $ 9,100 $ 9,589 10/31/2009 $ 11,064 $ 11,354 10/31/2010 $ 11,861 $ 12,136 10/31/2011 $ 12,243 $ 12,631 10/31/2012 $ 12,975 $ 13,078
Call 1-800-225-6292 or visit us.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 March 1, 2014, 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 | 10/31/12 11 Performance Update | 10/31/12 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, 2012) -------------------------------------------------------------------------------- If If Period Held Redeemed -------------------------------------------------------------------------------- Life-of-Class (12/27/07) 5.54% 5.54% 1 Year 5.09 5.09 --------------------------------------------------------------------------------
Expense Ratio (Per prospectus dated March 1, 2012) -------------------------------------------------------------------------------- Gross Net -------------------------------------------------------------------------------- 2.94% 1.90% --------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL] Value of $10,000 Investment
Pioneer Global Aggregate Barclays Capital Global Bond Fund Aggregate Bond Index 12/31/2007 $ 10,000 $ 10,000 10/31/2008 $ 9,452 $ 9,589 10/31/2009 $ 11,395 $ 11,354 10/31/2010 $ 12,130 $ 12,136 10/31/2011 $ 12,420 $ 12,631 10/31/2012 $ 13,053 $ 13,078
Call 1-800-225-6292 or visit us.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 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 March 1, 2014, for Class C shares. There can be no assurance that Pioneer will extend the expense limitations beyond such time. Please see the prospectus and financial statements for more information. The performance table and graph do not reflect the deduction of fees and taxes that a shareowner would pay on Fund distributions or the redemption of Fund shares. 12 Pioneer Global Aggregate Bond Fund | Annual Report | 10/31/12 Performance Update | 10/31/12 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, 2012) -------------------------------------------------------------------------------- If If Period Held Redeemed -------------------------------------------------------------------------------- Life-of-Class (12/27/07) 6.66% 6.66% 1 Year 6.24 6.24 --------------------------------------------------------------------------------
Expense Ratio (Per prospectus dated March 1, 2012) -------------------------------------------------------------------------------- Gross Net -------------------------------------------------------------------------------- 1.55% 0.75% --------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL] Value of $10,000 Investment
Pioneer Global Aggregate Barclays Capital Global Bond Fund Aggregate 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 10/31/2011 $ 6,464,208 $ 6,315,276 10/31/2012 $ 6,867,704 $ 6,538,894
Call 1-800-225-6292 or visit us.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 net expense ratio reflects contractual expense limitations currently in effect through March 1, 2014, for Class Y 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 | 10/31/12 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, 2012, through October 31, 2012.
-------------------------------------------------------------------------------- Share Class A C Y -------------------------------------------------------------------------------- Beginning Account Value on 5/1/12 $1,000.00 $ 1,000.00 $ 1,000.00 -------------------------------------------------------------------------------- Ending Account Value (after expenses) on 10/31/12 $1,037.19 $ 1,032.62 $ 1,038.92 -------------------------------------------------------------------------------- Expenses Paid During Period* $ 5.12 $ 9.71 $ 4.05 --------------------------------------------------------------------------------
* Expenses are equal to the Fund's annualized expense ratio of 1.00%, 1.90%, and 0.79% for Class A, Class C, and Class Y shares, respectively, multiplied by the average account value over the period, multiplied by 184/366. 14 Pioneer Global Aggregate Bond Fund | Annual Report | 10/31/12 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% return per year before expenses, reflecting the period from May 1, 2012, through October 31, 2012.
-------------------------------------------------------------------------------- Share Class A C Y -------------------------------------------------------------------------------- Beginning Account Value on 5/1/12 $ 1,000.00 $ 1,000.00 $ 1,000.00 -------------------------------------------------------------------------------- Ending Account Value (after expenses) on 10/31/12 $ 1,020.11 $ 1,015.58 $ 1,021.17 -------------------------------------------------------------------------------- Expenses Paid During Period* $ 5.08 $ 9.63 $ 4.01 --------------------------------------------------------------------------------
* Expenses are equal to the Fund's annualized expense ratio of 1.00%, 1.90%, and 0.79% for Class A, Class C, and Class Y shares, respectively, multiplied by the average account value over the period, multiplied by 184/366. Pioneer Global Aggregate Bond Fund | Annual Report | 10/31/12 15 Schedule of Investments | 10/31/12
--------------------------------------------------------------------------------------------------------------- Floating S&P/Moody's Principal Rate(b) Ratings Amount ($) (unaudited) (unaudited) Value --------------------------------------------------------------------------------------------------------------- CONVERTIBLE CORPORATE BONDS -- 1.7% ENERGY -- 0.1% Coal & Consumable Fuels -- 0.1% 20,000 B+/NR Alpha Appalachia Holdings, Inc., 3.25%, 8/1/15 $ 18,912 -------------- Total Energy $ 18,912 --------------------------------------------------------------------------------------------------------------- CAPITAL GOODS -- 0.4% Electrical Components & Equipment -- 0.2% 56,000 B/B2 General Cable Corp., 4.5%, 11/15/29 (Step) $ 58,485 --------------------------------------------------------------------------------------------------------------- Construction & Farm Machinery & Heavy Trucks -- 0.2% 75,000 CCC+/NR Navistar International Corp., 3.0%, 10/15/14 $ 65,344 -------------- Total Capital Goods $ 123,829 --------------------------------------------------------------------------------------------------------------- HEALTH CARE EQUIPMENT & SERVICES -- 0.6% Health Care Equipment -- 0.3% 75,000 B+/NR Hologic, Inc., 2.0%, 12/15/37 (Step) $ 84,234 --------------------------------------------------------------------------------------------------------------- Managed Health Care -- 0.3% 100,000 A-/NR WellPoint, Inc., 2.75%, 10/15/42 (144A) $ 104,250 -------------- Total Health Care Equipment & Services $ 188,484 --------------------------------------------------------------------------------------------------------------- SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT -- 0.6% Semiconductor Equipment -- 0.3% 75,000 BBB-/Baa1 Lam Research Corp., 1.25%, 5/15/18 $ 73,172 --------------------------------------------------------------------------------------------------------------- Semiconductors -- 0.3% 85,000 A-/NR Intel Corp., 2.95%, 12/15/35 $ 92,225 -------------- Total Semiconductors & Semiconductor Equipment $ 165,397 --------------------------------------------------------------------------------------------------------------- TOTAL CONVERTIBLE CORPORATE BONDS (Cost $490,656) $ 496,622 --------------------------------------------------------------------------------------------------------------- Shares --------------------------------------------------------------------------------------------------------------- PREFERRED STOCKS -- 1.3% BANKS -- 0.6% Diversified Banks -- 0.4% 4,000 6.00 A-/A3 US Bancorp, Floating Rate Note (Perpetual) $ 114,800 ---------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements. 16 Pioneer Global Aggregate Bond Fund | Annual Report | 10/31/12
--------------------------------------------------------------------------------------------------------------- Floating S&P/Moody's Rate(b) Ratings Shares (unaudited) (unaudited) Value --------------------------------------------------------------------------------------------------------------- Regional Banks -- 0.2% 500 6.25 A-/NR CoBank ACB, Floating Rate Note (Perpetual) (144A) $ 52,906 -------------- Total Banks $ 167,706 --------------------------------------------------------------------------------------------------------------- DIVERSIFIED FINANCIALS -- 0.7% Other Diversified Financial Services -- 0.7% 6,527 7.88 BB/Ba2 Citigroup Capital XIII, Floating Rate Note, 10/30/40 $ 181,516 850 8.12 CCC+/B3 GMAC Capital Trust, Inc., Floating Rate Note, 2/15/40 22,219 -------------- $ 203,735 -------------- Total Diversified Financials $ 203,735 --------------------------------------------------------------------------------------------------------------- TOTAL PREFERRED STOCKS (Cost $335,928) $ 371,441 --------------------------------------------------------------------------------------------------------------- CONVERTIBLE PREFERRED STOCK -- 0.6% BANKS -- 0.6% Diversified Banks -- 0.6% 130 BBB+/Ba1 Wells Fargo & Co., 7.5% (Perpetual) $ 162,500 --------------------------------------------------------------------------------------------------------------- TOTAL CONVERTIBLE PREFERRED STOCK (Cost $136,282) $ 162,500 --------------------------------------------------------------------------------------------------------------- Principal Amount ($) --------------------------------------------------------------------------------------------------------------- ASSET BACKED SECURITIES -- 3.4% MATERIALS -- 0.4% Steel -- 0.4% 50,000 0.61 AAA/Aa2 First NLC Trust 2005-2, Floating Rate Note, 9/25/35 $ 47,950 9,559 0.56 AAA/Aaa New Century Home Equity Loan Trust Series 2005-1, Floating Rate Note, 3/25/35 9,242 66,618 AA-/Aa3 Terwin Mortgage Trust Series TMTS 2005-16HE, 4.523%, 9/25/36 (Step) 68,536 -------------- $ 125,728 -------------- Total Materials $ 125,728 --------------------------------------------------------------------------------------------------------------- AUTOMOBILES & COMPONENTS -- 0.6% Auto Parts & Equipment -- 0.5% CAD 131,505 AAA/NR Ford Auto Securitization Trust, 2.431%, 11/15/14 (144A) $ 133,585 ---------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements. Pioneer Global Aggregate Bond Fund | Annual Report | 10/31/12 17 Schedule of Investments | 10/31/12 (continued)
--------------------------------------------------------------------------------------------------------------- Floating S&P/Moody's Principal Rate(b) Ratings Amount ($) (unaudited) (unaudited) Value --------------------------------------------------------------------------------------------------------------- Automobile Manufacturers -- 0.1% 30,000 A/A1 Santander Drive Auto Receivables Trust 2012-1, 3.78%, 11/15/17 $ 31,450 -------------- Total Automobiles & Components $ 165,035 --------------------------------------------------------------------------------------------------------------- RETAILING -- 0.2% Automotive Retail -- 0.2% EURO 32,627 1.36 AAA/Aaa E-CARAT SA, Floating Rate Note, 10/18/18 $ 42,452 -------------- Total Retailing $ 42,452 --------------------------------------------------------------------------------------------------------------- BANKS -- 1.4% Diversified Banks -- 0.0% 9,086 0.30 NR/Aa1 Wells Fargo Home Equity Trust, Floating Rate Note, 4/25/37 $ 8,891 --------------------------------------------------------------------------------------------------------------- Thrifts & Mortgage Finance -- 1.4% 20,425 NR/A1 Bombardier Capital Mortgage Securitization Corp., 6.65%, 4/15/28 $ 21,388 59,364 AAA/B1 Citicorp Residential Mortgage Securities, Inc., 5.703%, 11/25/36 (Step) 59,216 75,019 A/B2 Citicorp Residential Mortgage Securities, Inc., 5.836%, 7/25/36 (Step) 74,740 1,005 0.31 BBB/A3 Citigroup Mortgage Loan Trust, Inc., Floating Rate Note, 1/25/37 1,003 CAD 34,726 NR/Aaa CNH Capital Canada Receivables Trust, 1.694%, 7/15/14 (144A) 34,727 13,491 0.58 AAA/A2 Countrywide Asset-Backed Certificates, Floating Rate Note, 1/25/36 12,973 25,282 4.46 BBB/Ba1 Countrywide Asset-Backed Certificates, Floating Rate Note, 10/25/35 25,395 24,280 5.07 BB+/B2 Countrywide Asset-Backed Certificates, Floating Rate Note, 2/25/36 24,593 6,428 0.56 BBB/Baa3 Countrywide Home Equity Loan Trust, Floating Rate Note, 11/15/28 6,404 5,049 0.86 A/A2 GSAMP Trust 2005-HE2, Floating Rate Note, 3/25/35 4,942 3,289 0.59 AAA/Aa1 GSAMP Trust 2005-WMC1, Floating Rate Note, 9/25/35 3,255 2,841 0.27 CCC/Ca Morgan Stanley ABS Capital, Inc., Floating Rate Note, 12/25/36 1,253 224 0.26 CCC/Caa2 Morgan Stanley IXIS Real Estate Capital Trust, Floating Rate Note, 11/25/36 91 28,909 0.47 AA+/Aa3 Option One Mortgage Loan Trust, Floating Rate Note, 11/25/35 28,409 16,711 5.91 AA/A3 Origen Manufactured Housing Contract Trust 2004-A, Floating Rate Note, 1/15/35 18,019
The accompanying notes are an integral part of these financial statements. 18 Pioneer Global Aggregate Bond Fund | Annual Report | 10/31/12
--------------------------------------------------------------------------------------------------------------- Floating S&P/Moody's Principal Rate(b) Ratings Amount ($) (unaudited) (unaudited) Value --------------------------------------------------------------------------------------------------------------- Thrifts & Mortgage Finance -- (continued) 15,461 0.65 AA+/A1 RASC Trust, Floating Rate Note, 8/25/35 $ 14,880 50,000 A/NR SNAAC Auto Receivables Trust, 3.11%, 6/15/17 (144A) 50,236 18,207 AA+/Baa2 Structured Asset Securities Corp., 4.77%, 10/25/34 (Step) 18,175 -------------- $ 399,699 -------------- Total Banks $ 408,590 --------------------------------------------------------------------------------------------------------------- DIVERSIFIED FINANCIALS -- 0.8% Other Diversified Financial Services -- 0.0% 2,728 NR/NR DT Auto Owner Trust 2009-1, 5.92%, 10/15/15 (144A) $ 2,732 --------------------------------------------------------------------------------------------------------------- Specialized Finance -- 0.5% 98,875 BBB+/Baa1 Dominos Pizza Master Issuer LLC, 5.216%, 1/25/42 (144A) $ 110,213 21,866 NR/Baa1 Irwin Home Equity Corp., 5.32%, 6/25/35 (Step) 21,256 -------------- $ 131,469 --------------------------------------------------------------------------------------------------------------- Consumer Finance -- 0.3% GBP 50,000 0.89 AAA/Aaa Chester Asset Receivables Dealings Plc/United Kingdom, Floating Rate Note, 4/15/16 $ 80,432 20,000 NR/Aaa Santander Drive Auto Receivables Trust 2011-2, 2.66%, 1/15/16 20,491 -------------- $ 100,923 -------------- Total Diversified Financials $ 235,124 --------------------------------------------------------------------------------------------------------------- TOTAL ASSET BACKED SECURITIES (Cost $954,038) $ 976,929 --------------------------------------------------------------------------------------------------------------- COLLATERALIZED MORTGAGE OBLIGATIONS -- 16.2% BANKS -- 9.8% Thrifts & Mortgage Finance -- 9.8% 20,525 NR/Ba3 Banc of America Alternative Loan Trust, 5.0%, 7/25/19 $ 20,987 31,457 NR/B1 Banc of America Alternative Loan Trust, 5.5%, 11/25/19 31,881 68,121 NR/Baa2 Banc of America Alternative Loan Trust, 5.5%, 9/25/33 69,337 27,798 A+/Baa2 Banc of America Alternative Loan Trust, 5.75%, 4/25/33 29,685
The accompanying notes are an integral part of these financial statements. Pioneer Global Aggregate Bond Fund | Annual Report | 10/31/12 19 Schedule of Investments | 10/31/12 (continued)
--------------------------------------------------------------------------------------------------------------- Floating S&P/Moody's Principal Rate(b) Ratings Amount ($) (unaudited) (unaudited) Value --------------------------------------------------------------------------------------------------------------- Thrifts & Mortgage Finance -- (continued) 18,984 NR/Ba2 Banc of America Alternative Loan Trust, 6.0%, 3/25/34 $ 19,585 21,059 0.66 NR/A1 Banc of America Alternative Loan Trust, Floating Rate Note, 12/25/33 20,175 37,331 CCC/NR Banc of America Funding Corp., 5.5%, 1/25/36 38,981 98,273 NR/Caa2 Bayview Commercial Asset Trust, 3.89%, 9/25/37 (Step) (144A) (c) 9,267 152,019 4.70 NR/Caa2 Bayview Commercial Asset Trust, Floating Rate Note, 7/25/37 (144A) (c) 9,486 50,000 0.38 BBB+/Aaa Citigroup Commercial Mortgage Trust, Floating Rate Note, 4/15/22 (144A) 48,210 100,000 5.03 NR/Aa1 Citigroup Commercial Mortgage Trust, Floating Rate Note, 9/20/51 (144A) 99,374 31,968 NR/Baa1 Citigroup Mortgage Loan Trust, Inc., 6.75%, 8/25/34 34,048 100,000 NR/Aaa COMM 2012-LC4 Mortgage Trust, 4.063%, 12/10/44 108,871 37,932 AA/Ba2 Countrywide Alternative Loan Trust, 4.25%, 4/25/34 38,217 105,000 AAA/Ba3 Countrywide Alternative Loan Trust, 5.0%, 7/25/19 109,947 10,182 B-/B2 Countrywide Alternative Loan Trust, 5.5%, 1/25/35 10,379 18,570 BB-/NR Countrywide Alternative Loan Trust, 5.5%, 8/25/34 18,372 15,030 0.66 CCC/NR Countrywide Alternative Loan Trust, Floating Rate Note, 8/25/18 14,071 19,306 4.81 AAA/Ba1 Countrywide Home Loan Mortgage Pass Through Trust, Floating Rate Note, 12/25/33 19,357 1,400,000 1.17 BBB/A2 Extended Stay America Trust 2010-ESH, Floating Rate Note, 1/5/16 (144A) (c) 1,352 7,984 CCC/NR First Horizon Mortgage Pass-Through Trust 2006-1, 6.0%, 5/25/36 8,067 50,000 NR/Aaa GS Mortgage Securities Corp., II, 3.377%, 5/10/45 54,113 50,000 NR/Aaa GS Mortgage Securities Corp., II, 5.56%, 11/10/39 57,931 101,136 2.78 AAA/NR GSR Mortgage Loan Trust, Floating Rate Note, 8/25/33 102,018 35,000 NR/Aaa JP Morgan Chase Commercial Mortgage Securities Corp., 4.171%, 8/15/46 40,026 48,620 0.57 NR/Ba1 JP Morgan Chase Commercial Mortgage Securities Corp., Floating Rate Note, 11/15/18 (144A) 40,927
The accompanying notes are an integral part of these financial statements. 20 Pioneer Global Aggregate Bond Fund | Annual Report | 10/31/12
--------------------------------------------------------------------------------------------------------------- Floating S&P/Moody's Principal Rate(b) Ratings Amount ($) (unaudited) (unaudited) Value --------------------------------------------------------------------------------------------------------------- Thrifts & Mortgage Finance -- (continued) 15,000 5.15 AA+/Aaa JP Morgan Chase Commercial Mortgage Securities Corp., Floating Rate Note, 7/12/35 $ 14,982 100,000 4.65 AA-/A1 JP Morgan Chase Commercial Mortgage Securities Corp., Floating Rate Note, 7/15/28 (144A) 101,110 20,121 B-/Ba2 JP Morgan Mortgage Trust, 6.0%, 9/25/34 20,664 18,041 4.89 AAA/Baa1 JP Morgan Mortgage Trust, Floating Rate Note, 2/25/34 18,427 3,258 4.43 AAA/A3 JP Morgan Mortgage Trust, Floating Rate Note, 2/25/35 3,262 169,007 3.06 AAA/NR JP Morgan Mortgage Trust, Floating Rate Note, 5/25/34 171,149 34,000 5.62 BBB+/NR LB-UBS Commercial Mortgage Trust, Floating Rate Note, 10/15/35 (144A) 33,910 5,670 5.41 AAA/Aaa Lehman Brothers Small Balance Commercial Mortgage Trust 2006-3, Floating Rate Note, 12/25/36 (144A) 5,610 6,295 A-/NR MASTR Alternative Loans Trust, 4.5%, 1/25/15 6,312 8,603 B+/NR MASTR Alternative Loans Trust, 5.5%, 10/25/19 8,853 19,874 A+/NR MASTR Alternative Loans Trust, 5.5%, 2/25/35 19,839 53,012 B/NR MASTR Alternative Loans Trust, 6.0%, 7/25/34 53,869 70,463 6.73 A-/NR MASTR Seasoned Securities Trust, Floating Rate Note, 9/25/32 74,118 19,300 0.67 AAA/A3 Merrill Lynch Mortgage Investors Trust Series MLCC 2004-A, Floating Rate Note, 4/25/29 18,739 29,656 0.67 AA+/Baa2 Merrill Lynch Mortgage Investors Trust Series MLCC 2005-A, Floating Rate Note, 3/25/30 29,066 2,074 AAA/Aaa Merrill Lynch Mortgage Trust, 4.556%, 6/12/43 2,083 100,000 NR/NR Morgan Stanley Re-REMIC Trust 2010-R9, 5.0%, 11/26/36 (144A) 97,875 GBP 108,246 1.10 AA+/NR Paragon Secured Finance Plc, Floating Rate Note, 11/15/35 169,103 6,686 B+/B2 RAAC Series, 6.0%, 1/25/32 6,820 EURO 93,044 0.62 AAA/A1 Rams Mortgage Securities Pty, Ltd., Floating Rate Note, 7/21/35 100,066 AUD 64,297 3.88 AAA/A1 Rams Mortgage Securities Pty, Ltd., Floating Rate Note, 7/21/35 65,939
The accompanying notes are an integral part of these financial statements. Pioneer Global Aggregate Bond Fund | Annual Report | 10/31/12 21 Schedule of Investments | 10/31/12 (continued)
--------------------------------------------------------------------------------------------------------------- Floating S&P/Moody's Principal Rate(b) Ratings Amount ($) (unaudited) (unaudited) Value --------------------------------------------------------------------------------------------------------------- Thrifts & Mortgage Finance -- (continued) 17,711 B-/NR Residential Asset Securitization Trust, 5.5%, 2/25/35 $ 18,032 21,022 CCC/NR Residential Asset Securitization Trust, 5.5%, 7/25/35 20,696 31,869 B+/NR Residential Asset Securitization Trust, 5.75%, 12/25/34 32,653 73,619 BB/NR RFMSI Trust, 5.25%, 8/25/35 76,534 25,882 0.43 AA+/Ba3 Sequoia Mortgage Trust 2005-2, Floating Rate Note, 3/20/35 25,226 57,132 2.90 AAA/Baa3 Structured Asset Securities Corp., Floating Rate Note, 10/25/33 57,391 50,000 AAA/Aa1 Timberstar Trust, 5.668%, 10/15/36 (144A) 56,434 5,375,935 0.01 AAA/Aaa Wachovia Bank Commercial Mortgage Trust, Floating Rate Note, 6/15/45 (c) 1,441 87,391 2.45 BBB+/NR WaMu Mortgage Pass Through Certificates, Floating Rate Note, 1/25/35 87,855 62,051 2.58 A+/Ba3 WaMu Mortgage Pass Through Certificates, Floating Rate Note, 6/25/34 63,170 454 2.50 BBB/NR WaMu Mortgage Pass Through Certificates, Floating Rate Note, 9/25/35 454 87,573 NR/Aaa Wells Fargo Commercial Mortgage Trust, 3.349%, 11/15/43 (144A) 94,758 11,019 AAA/Baa3 Wells Fargo Mortgage Backed Securities Trust, 4.75%, 12/25/18 11,400 16,327 AA+/A1 Wells Fargo Mortgage Backed Securities Trust, 5.0%, 11/25/36 16,967 18,396 BB-/B1 Wells Fargo Mortgage Backed Securities Trust, 5.5%, 10/25/35 19,099 44,451 NR/Caa1 Wells Fargo Mortgage Backed Securities Trust, 5.75%, 3/25/36 44,422 20,984 2.66 BBB-/Ba2 Wells Fargo Mortgage Backed Securities Trust, Floating Rate Note, 3/25/35 20,842 50,000 AA-/NR WFDB Commercial Mortgage Trust, 5.914%, 7/5/24 (144A) 52,050 -------------- $ 2,775,884 -------------- Total Banks $ 2,775,884 --------------------------------------------------------------------------------------------------------------- DIVERSIFIED FINANCIALS -- 4.1% Other Diversified Financial Services -- 2.3% 13,134 3.00 AAA/NR Banc of America Mortgage 2004-E Trust, Floating Rate Note, 6/25/34 $ 13,212 8,995 5.09 AA-/NR Banc of America Mortgage 2005-H Trust, Floating Rate Note, 9/25/35 9,046
The accompanying notes are an integral part of these financial statements. 22 Pioneer Global Aggregate Bond Fund | Annual Report | 10/31/12
--------------------------------------------------------------------------------------------------------------- Floating S&P/Moody's Principal Rate(b) Ratings Amount ($) (unaudited) (unaudited) Value --------------------------------------------------------------------------------------------------------------- Other Diversified Financial Services -- (continued) 26,035 A+/NR Banc of America Mortgage Trust 2004-11, 5.75%, 1/25/35 $ 26,699 17,586 A+/NR Banc of America Mortgage Trust 2004-9, 5.5%, 11/25/34 18,386 5,101 NR/B1 Citicorp Mortgage Securities, Inc., 5.0%, 2/25/36 5,404 100,000 5.42 NR/Aa2 DBUBS Mortgage Trust, Floating Rate Note, 8/10/44 (144A) 116,749 GBP 47,713 0.77 AA+/Aaa Epic Plc, Floating Rate Note, 10/28/16 76,266 152,151 AAA/NR RALI Trust, 4.0%, 3/25/34 155,629 96,541 BBB+/Ba1 RALI Trust, 4.25%, 1/25/34 97,923 40,157 NR/B1 RALI Trust, 5.0%, 9/25/19 41,351 13,307 NR/B3 RALI Trust, 5.5%, 12/25/34 13,163 48,895 AAA/NR RALI Trust, 6.0%, 10/25/34 49,871 16,697 0.76 BBB+/Ba1 RALI Trust, Floating Rate Note, 1/25/34 15,970 28,053 0.76 NR/Baa3 RALI Trust, Floating Rate Note, 10/25/17 26,438 -------------- $ 666,107 --------------------------------------------------------------------------------------------------------------- Specialized Finance -- 1.6% 1,329 AAA/NR COBALT CMBS Commercial Mortgage Trust 2006-C1, 5.174%, 8/15/48 $ 1,336 CAD 250,000 4.74 NR/Aaa Merrill Lynch Financial Assets, Inc., Floating Rate Note, 1/12/40 270,127 CAD 61,197 4.71 AAA/Aaa Merrill Lynch Financial Assets, Inc., Floating Rate Note, 3/12/49 64,945 EURO 100,000 1.46 AAA/Aaa Permanent Master Issuer Plc, Floating Rate Note, 7/15/42 132,595 -------------- $ 469,003 --------------------------------------------------------------------------------------------------------------- Investment Banking & Brokerage -- 0.2% 50,000 5.75 BB+/Baa3 Bear Stearns Commercial Mortgage Securities, Floating Rate Note, 9/11/38 $ 45,766 -------------- Total Diversified Financials $ 1,180,876 --------------------------------------------------------------------------------------------------------------- REAL ESTATE -- 1.0% Mortgage REITs -- 1.0% 11,457 1.56 AA+/Aa2 Credit Suisse First Boston Mortgage Securities Corp., Floating Rate Note, 12/25/33 $ 10,952 50,000 6.45 D/Caa2 Credit Suisse First Boston Mortgage Securities Corp., Floating Rate Note, 9/15/34 (144A) 24,309 25,000 4.29 A-/NR FREMF Mortgage Trust Class B, Floating Rate Note, 7/25/48 (144A) 26,604
The accompanying notes are an integral part of these financial statements. Pioneer Global Aggregate Bond Fund | Annual Report | 10/31/12 23 Schedule of Investments | 10/31/12 (continued)
--------------------------------------------------------------------------------------------------------------- Floating S&P/Moody's Principal Rate(b) Ratings Amount ($) (unaudited) (unaudited) Value --------------------------------------------------------------------------------------------------------------- Mortgage REITs -- (continued) 25,000 4.35 NR/A3 FREMF Mortgage Trust, Floating Rate Note, 1/25/46 (144A) $ 26,411 25,000 4.77 NR/A3 FREMF Mortgage Trust, Floating Rate Note, 4/25/44 (144A) 27,382 50,000 4.89 NR/A3 FREMF Mortgage Trust, Floating Rate Note, 7/25/44 (144A) 55,063 75,000 4.16 NR/Baa2 FREMF Mortgage Trust, Floating Rate Note, 9/25/44 (144A) 74,780 45,000 5.16 NR/NR FREMF Mortgage Trust, Floating Rate Note, 9/25/45 (144A) 50,206 -------------- $ 295,707 -------------- Total Real Estate $ 295,707 --------------------------------------------------------------------------------------------------------------- GOVERNMENT -- 1.3% 20,000 NR/NR Fannie Mae REMICS, 4.5%, 6/25/29 $ 22,288 93,176 NR/NR Fannie Mae REMICS, 6.0%, 3/25/35 98,363 40,000 NR/NR Freddie Mac REMICS, 5.0%, 6/15/34 41,578 23,468 NR/NR Freddie Mac REMICS, 5.5%, 2/15/33 23,767 50,000 NR/NR Government National Mortgage Association, 4.5%, 9/20/39 57,073 14,556 NR/NR Government National Mortgage Association, 5.25%, 8/16/35 (c) 17,286 932,483 0.68 NR/NR Government National Mortgage Association, Floating Rate Note, 11/16/51 (c) 38,802 248,397 1.03 NR/NR Government National Mortgage Association, Floating Rate Note, 2/16/53 (c) 21,752 297,327 1.10 NR/NR Government National Mortgage Association, Floating Rate Note, 8/16/52 (c) 23,335 348,279 1.07 NR/NR Government National Mortgage Association, Floating Rate Note, 9/16/52 (c) 30,459 -------------- $ 374,703 -------------- Total Government $ 374,703 --------------------------------------------------------------------------------------------------------------- TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (Cost $4,519,357) $ 4,627,170 --------------------------------------------------------------------------------------------------------------- CORPORATE BONDS -- 29.9% ENERGY -- 3.8% Oil & Gas Drilling -- 0.1% 25,000 BBB+/Baa1 Pride International, Inc., 6.875%, 8/15/20 $ 32,143 ---------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements. 24 Pioneer Global Aggregate Bond Fund | Annual Report | 10/31/12
--------------------------------------------------------------------------------------------------------------- Floating S&P/Moody's Principal Rate(b) Ratings Amount ($) (unaudited) (unaudited) Value --------------------------------------------------------------------------------------------------------------- Oil & Gas Equipment & Services -- 0.2% 25,000 BBB/Baa2 Weatherford International, Ltd., Bermuda, 5.95%, 4/15/42 $ 27,454 25,000 BBB/Baa2 Weatherford International, Ltd., Bermuda, 9.625%, 3/1/19 33,120 -------------- $ 60,574 --------------------------------------------------------------------------------------------------------------- Oil & Gas Exploration & Production -- 1.3% 10,000 BBB+/Baa1 Canadian Natural Resources, Ltd., 5.9%, 2/1/18 $ 12,060 50,000 B/B3 Carrizo Oil & Gas, Inc., 8.625%, 10/15/18 53,875 50,000 B/B2 EP Energy LLC, 9.375%, 5/1/20 (144A) 55,250 90,000 B/B2 Linn Energy LLC, 6.25%, 11/1/19 (144A) 90,000 51,000 B/B2 Linn Energy LLC, 8.625%, 4/15/20 55,781 23,000 BBB/Baa2 Marathon Oil Corp., 5.9%, 3/15/18 27,962 70,000 BB-/B1 Plains Exploration & Production Co., 6.75%, 2/1/22 70,350 -------------- $ 365,278 --------------------------------------------------------------------------------------------------------------- Oil & Gas Refining & Marketing -- 0.4% 40,000 A/A2 Motiva Enterprises LLC, 5.75%, 1/15/20 (144A) $ 48,786 25,000 BBB/Baa2 Spectra Energy Capital LLC, 6.2%, 4/15/18 30,441 21,000 BBB/Baa2 Valero Energy Corp., 9.375%, 3/15/19 28,866 -------------- $ 108,093 --------------------------------------------------------------------------------------------------------------- Oil & Gas Storage & Transportation -- 1.3% 25,000 BBB/Baa3 Buckeye Partners LP, 6.05%, 1/15/18 $ 27,858 25,000 BBB/Baa2 DCP Midstream LLC, 9.75%, 3/15/19 (144A) 32,696 65,000 7.00 BB+/Baa3 Enterprise Products Operating LLC, Floating Rate Note, 6/1/67 70,525 70,000 BBB/Baa2 Kinder Morgan Energy Partners LP, 4.15%, 3/1/22 77,305 10,000 BBB/Baa2 Kinder Morgan Energy Partners LP, 5.95%, 2/15/18 12,184 25,000 BBB/Baa2 Plains All American Pipeline LP, 6.125%, 1/15/17 29,610 10,000 A/A3 Questar Pipeline Co., 5.83%, 2/1/18 11,779
The accompanying notes are an integral part of these financial statements. Pioneer Global Aggregate Bond Fund | Annual Report | 10/31/12 25 Schedule of Investments | 10/31/12 (continued)
--------------------------------------------------------------------------------------------------------------- Floating S&P/Moody's Principal Rate(b) Ratings Amount ($) (unaudited) (unaudited) Value --------------------------------------------------------------------------------------------------------------- Oil & Gas Storage & Transportation -- (continued) 30,000 BB/Ba1 Rockies Express Pipeline LLC, 5.625%, 4/15/20 (144A) $ 28,575 10,000 BBB/Baa2 Spectra Energy Capital LLC, 6.75%, 7/15/18 11,854 60,000 BBB-/Baa3 Sunoco Logistics Partners Operations LP, 6.1%, 2/15/42 71,296 13,000 BBB-/Baa3 The Williams Companies, Inc., 7.75%, 6/15/31 16,951 -------------- $ 390,633 --------------------------------------------------------------------------------------------------------------- Coal & Consumable Fuels -- 0.5% 45,000 B+/B2 Alpha Natural Resources, Inc., 6.0%, 6/1/19 $ 39,488 25,000 BB-/B1 Berau Coal Energy Tbk PT, 7.25%, 3/13/17 (144A) 23,438 75,000 B/B2 Penn Virginia Resource Partners LP, 8.375%, 6/1/20 (144A) 78,750 -------------- $ 141,676 -------------- Total Energy $ 1,098,397 --------------------------------------------------------------------------------------------------------------- MATERIALS -- 1.3% Diversified Chemicals -- 0.1% 20,000 BBB/Baa2 Eastman Chemical Co., 4.8%, 9/1/42 $ 21,710 --------------------------------------------------------------------------------------------------------------- Specialty Chemicals -- 0.1% 25,000 BBB/Baa2 Cytec Industries, Inc., 8.95%, 7/1/17 $ 30,968 --------------------------------------------------------------------------------------------------------------- Construction Materials -- 0.1% 30,000 BBB/Baa2 Holcim US Finance Sarl & Cie SCS, 6.0%, 12/30/19 (144A) $ 33,627 --------------------------------------------------------------------------------------------------------------- Aluminum -- 0.1% 25,000 BBB-/Baa3 Alcoa, Inc., 6.15%, 8/15/20 $ 27,361 --------------------------------------------------------------------------------------------------------------- Diversified Metals & Mining -- 0.3% 50,000 BBB-/Baa2 AngloGold Ashanti Holdings Plc, 5.125%, 8/1/22 $ 50,991 35,000 BBB-/Baa2 AngloGold Ashanti Holdings Plc, 5.375%, 4/15/20 36,837 -------------- $ 87,828 --------------------------------------------------------------------------------------------------------------- Steel -- 0.6% 30,000 BB+/Baa3 ArcelorMittal SA, 6.125%, 6/1/18 $ 29,901 25,000 BB+/Ba2 Commercial Metals Co., 7.35%, 8/15/18 26,875 100,000 NR/B2 Metinvest BV, 10.25%, 5/20/15 (144A) 102,090 -------------- $ 158,866 -------------- Total Materials $ 360,360 ---------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements. 26 Pioneer Global Aggregate Bond Fund | Annual Report | 10/31/12
--------------------------------------------------------------------------------------------------------------- Floating S&P/Moody's Principal Rate(b) Ratings Amount ($) (unaudited) (unaudited) Value --------------------------------------------------------------------------------------------------------------- CAPITAL GOODS -- 1.2% Aerospace & Defense -- 0.1% 30,000 BB/Ba2 Esterline Technologies Corp., 6.625%, 3/1/17 $ 31,050 --------------------------------------------------------------------------------------------------------------- Building Products -- 0.4% 25,000 BBB-/Ba2 Masco Corp., 5.95%, 3/15/22 $ 27,974 85,000 BBB-/Ba2 Masco Corp., 7.125%, 3/15/20 98,578 -------------- $ 126,552 --------------------------------------------------------------------------------------------------------------- Electrical Components & Equipment -- 0.1% 25,000 B/B3 WireCo WorldGroup, Inc., 9.5%, 5/15/17 $ 26,500 --------------------------------------------------------------------------------------------------------------- Construction & Farm Machinery & Heavy Trucks -- 0.1% 10,000 A/Baa1 Cummins, Inc., 6.75%, 2/15/27 $ 12,490 --------------------------------------------------------------------------------------------------------------- Industrial Machinery -- 0.1% 15,000 BBB+/Baa1 Ingersoll-Rand Global Holding Co., Ltd., 9.5%, 4/15/14 $ 16,797 20,000 BBB-/Baa3 Valmont Industries, Inc., 6.625%, 4/20/20 23,702 -------------- $ 40,499 --------------------------------------------------------------------------------------------------------------- Trading Companies & Distributors -- 0.4% 55,000 BB+/NR Aviation Capital Group Corp., 6.75%, 4/6/21 (144A) $ 57,140 40,000 BBB/Baa2 GATX Corp., 6.0%, 2/15/18 44,748 -------------- $ 101,888 -------------- Total Capital Goods $ 338,979 --------------------------------------------------------------------------------------------------------------- TRANSPORTATION -- 0.4% Air Freight & Logistics -- 0.3% 75,000 B-/Ba3 CEVA Group Plc, 8.375%, 12/1/17 (144A) $ 72,188 --------------------------------------------------------------------------------------------------------------- Airlines -- 0.0% 13,743 A-/Baa2 Delta Air Lines 2010-2 Class A Pass Through Trust, 4.95%, 5/23/19 $ 14,843 --------------------------------------------------------------------------------------------------------------- Railroads -- 0.1% 25,000 BBB+/A3 Burlington Northern Santa Fe LLC, 5.75%, 3/15/18 $ 30,431 -------------- Total Transportation $ 117,462 ---------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements. Pioneer Global Aggregate Bond Fund | Annual Report | 10/31/12 27 Schedule of Investments | 10/31/12 (continued)
--------------------------------------------------------------------------------------------------------------- Floating S&P/Moody's Principal Rate(b) Ratings Amount ($) (unaudited) (unaudited) Value --------------------------------------------------------------------------------------------------------------- AUTOMOBILES & COMPONENTS -- 0.9% Auto Parts & Equipment -- 0.5% 100,000 B+/B2 Pittsburgh Glass Works LLC, 8.5%, 4/15/16 (144A) $ 92,250 50,000 B+/B1 Tower Automotive Holdings USA LLC, 10.625%, 9/1/17 (144A) 54,312 -------------- $ 146,562 --------------------------------------------------------------------------------------------------------------- Automobile Manufacturers -- 0.4% AUD 100,000 A/A2 BMW Australia Finance, Ltd., 6.5%, 2/28/14 $ 107,503 10,000 BBB+/A3 Nissan Motor Acceptance Corp., 4.5%, 1/30/15 (144A) 10,717 -------------- $ 118,220 -------------- Total Automobiles & Components $ 264,782 --------------------------------------------------------------------------------------------------------------- CONSUMER DURABLES & APPAREL -- 0.3% Homebuilding -- 0.2% 50,000 NR/Ba3 Desarrolladora Homex SAB de CV, 9.5%, 12/11/19 (144A) $ 49,940 --------------------------------------------------------------------------------------------------------------- Household Appliances -- 0.1% 25,000 BBB-/Baa3 Whirlpool Corp., 5.5%, 3/1/13 $ 25,378 -------------- Total Consumer Durables & Apparel $ 75,318 --------------------------------------------------------------------------------------------------------------- CONSUMER SERVICES -- 0.9% Casinos & Gaming -- 0.1% 25,000 BBB/Baa2 International Game Technology, Inc., 7.5%, 6/15/19 $ 29,868 --------------------------------------------------------------------------------------------------------------- Education Services -- 0.8% 25,000 NR/Aa2 Bowdoin College, 4.693%, 7/1/12 $ 24,909 25,000 AAA/Aaa Massachusetts Institute of Technology, 5.6%, 7/1/11 36,736 30,000 AAA/Aaa The Board of Trustees of The Leland Stanford Junior University, 4.75%, 5/1/19 35,721 75,000 AA-/Aa2 Tufts University, 5.017%, 4/15/12 86,534 50,000 AAA/Aaa Yale University, 2.9%, 10/15/14 52,368 -------------- $ 236,268 -------------- Total Consumer Services $ 266,136 --------------------------------------------------------------------------------------------------------------- MEDIA -- 0.4% Broadcasting -- 0.2% 50,000 B-/B3 Telesat Canada, 12.5%, 11/1/17 $ 55,500 ---------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements. 28 Pioneer Global Aggregate Bond Fund | Annual Report | 10/31/12
--------------------------------------------------------------------------------------------------------------- Floating S&P/Moody's Principal Rate(b) Ratings Amount ($) (unaudited) (unaudited) Value --------------------------------------------------------------------------------------------------------------- Cable & Satellite -- 0.2% 25,000 BBB+/Baa1 British Sky Broadcasting Group Plc, 6.1%, 2/15/18 (144A) $ 29,743 10,000 BBB/Baa2 Time Warner Cable, Inc., 8.25%, 4/1/19 13,520 5,000 BBB/Baa2 Time Warner Cable, Inc., 8.75%, 2/14/19 6,872 -------------- $ 50,135 -------------- Total Media $ 105,635 --------------------------------------------------------------------------------------------------------------- RETAILING -- 0.2% Internet Retail -- 0.2% 50,000 BBB-/Ba1 Expedia, Inc., 5.95%, 8/15/20 $ 55,207 -------------- Total Retailing $ 55,207 --------------------------------------------------------------------------------------------------------------- FOOD & STAPLES RETAILING -- 0.1% Drug Retail -- 0.1% 14,376 BBB+/Baa2 CVS Pass-Through Trust, 5.773%, 1/10/33 (144A) $ 17,146 -------------- Total Food & Staples Retailing $ 17,146 --------------------------------------------------------------------------------------------------------------- FOOD, BEVERAGE & TOBACCO -- 1.3% Brewers -- 0.1% 20,000 A/A3 Anheuser-Busch InBev Worldwide, Inc., 7.75%, 1/15/19 $ 27,133 --------------------------------------------------------------------------------------------------------------- Agricultural Products -- 0.2% 50,000 BBB-/Ba1 Viterra, Inc., 5.95%, 8/1/20 (144A) $ 53,977 --------------------------------------------------------------------------------------------------------------- Packaged Foods & Meats -- 1.0% 70,000 BBB/Baa2 Kraft Foods Group, Inc., 3.5%, 6/6/22 (144A) $ 75,896 45,000 BBB-/Baa2 Mondelez International, Inc., 6.5%, 2/9/40 63,434 150,000 B+/B1 Post Holdings, Inc., 7.375%, 2/15/22 (144A) 159,188 -------------- $ 298,518 -------------- Total Food, Beverage & Tobacco $ 379,628 --------------------------------------------------------------------------------------------------------------- HEALTH CARE EQUIPMENT & SERVICES -- 1.3% Health Care Equipment -- 0.4% 100,000 BB/B2 Hologic, Inc., 6.25%, 8/1/20 (144A) $ 106,000 --------------------------------------------------------------------------------------------------------------- Health Care Services -- 0.2% 50,000 AA-/Aa3 Catholic Health Initiatives, 4.35%, 11/1/42 $ 51,763 ---------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements. Pioneer Global Aggregate Bond Fund | Annual Report | 10/31/12 29 Schedule of Investments | 10/31/12 (continued)
--------------------------------------------------------------------------------------------------------------- Floating S&P/Moody's Principal Rate(b) Ratings Amount ($) (unaudited) (unaudited) Value --------------------------------------------------------------------------------------------------------------- Health Care Facilities -- 0.0% 10,000 BB/Ba3 HCA, Inc., 8.5%, 4/15/19 $ 11,238 --------------------------------------------------------------------------------------------------------------- Managed Health Care -- 0.4% 100,000 BB+/Ba2 AMERIGROUP Corp., 7.5%, 11/15/19 $ 116,750 --------------------------------------------------------------------------------------------------------------- Health Care Technology -- 0.3% 75,000 B-/B3 MedAssets, Inc., 8.0%, 11/15/18 $ 81,375 -------------- Total Health Care Equipment & Services $ 367,126 --------------------------------------------------------------------------------------------------------------- PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES -- 0.1% Biotechnology -- 0.1% 25,000 BBB+/Baa2 Biogen Idec, Inc., 6.0%, 3/1/13 $ 25,430 -------------- Total Pharmaceuticals, Biotechnology & Life Sciences $ 25,430 --------------------------------------------------------------------------------------------------------------- BANKS -- 5.8% Diversified Banks -- 3.7% NOK 250,000 AAA/Aaa Asian Development Bank, Ltd., 3.375%, 5/20/14 $ 45,065 EURO 50,000 NR/Aaa AXA Bank Europe SCF, 3.5%, 11/5/20 71,354 AUD 100,000 AA/Aa2 Cooperatieve Centrale Raiffeisen-Boerenleenbank BA Australia, 6.0%, 10/29/15 108,966 75,000 AA/Aa2 Cooperatieve Centrale Raiffeisen-Boerenleenbank BA Netherlands, 3.875%, 2/8/22 81,113 TRY 40,000 AA/Aa2 Cooperatieve Centrale Raiffeisen-Boerenleenbank BA Netherlands, 3/3/15 (d) 19,226 EURO 50,000 NR/Aaa Cooperatieve Centrale Raiffeisen-Boerenleenbank BA Netherlands, 6.875%, 3/19/20 69,806 AUD 50,000 AAA/Aaa Inter-American Development Bank, Inc., 6.5%, 8/20/19 60,679 NOK 1,500,000 AAA/Aaa International Bank for Reconstruction & Development, Ltd., 3.25%, 4/14/14 269,382 AUD 185,000 AAA/Aaa International Bank for Reconstruction & Development, Ltd., 5.75%, 10/21/19 216,346 100,000 BBB+/Baa2 Intesa Sanpaolo S.p.A., 6.5%, 2/24/21 (144A) 102,656 -------------- $ 1,044,593 --------------------------------------------------------------------------------------------------------------- Regional Banks -- 1.4% 70,000 BB+/Baa3 Capital One Capital VI, 8.875%, 5/15/40 $ 71,808
The accompanying notes are an integral part of these financial statements. 30 Pioneer Global Aggregate Bond Fund | Annual Report | 10/31/12
--------------------------------------------------------------------------------------------------------------- Floating S&P/Moody's Principal Rate(b) Ratings Amount ($) (unaudited) (unaudited) Value --------------------------------------------------------------------------------------------------------------- Regional Banks -- (continued) 25,000 A/A1 Mellon Funding Corp., 5.5%, 11/15/18 $ 29,471 65,000 8.25 BBB/Baa3 PNC Financial Services Group, Inc., Floating Rate Note (Perpetual) 67,321 115,000 6.75 BBB/Baa3 PNC Financial Services Group, Inc., Floating Rate Note (Perpetual) 132,617 75,000 BBB/Baa1 SunTrust Banks, Inc., 3.5%, 1/20/17 80,665 20,000 A+/A1 Wachovia Bank NA, 6.0%, 11/15/17 23,877 -------------- $ 405,759 --------------------------------------------------------------------------------------------------------------- Thrifts & Mortgage Finance -- 0.7% 50,000 BBB-/Baa2 Astoria Financial Corp., 5.0%, 6/19/17 $ 52,596 GBP 100,000 AAA/Aaa Cie de Financement Foncier SA, 4.625%, 12/28/12 162,093 -------------- $ 214,689 -------------- Total Banks $ 1,665,041 --------------------------------------------------------------------------------------------------------------- DIVERSIFIED FINANCIALS -- 4.1% Other Diversified Financial Services -- 1.1% 20,000 BBB+/Baa2 Alterra Finance LLC, 6.25%, 9/30/20 $ 22,184 TRY 65,000 AAA/Aaa European Investment Bank, 3/2/15 (d) 31,550 100,000 7.12 AA-/Baa1 General Electric Capital Corp., Floating Rate Note (Perpetual) 114,409 25,000 A/A2 JPMorgan Chase & Co., 6.0%, 1/15/18 29,753 100,000 7.90 BBB/Ba1 JPMorgan Chase & Co., Floating Rate Note (Perpetual) 115,173 -------------- $ 313,069 --------------------------------------------------------------------------------------------------------------- Specialized Finance -- 0.4% 91,000 BBB/Ba1 Cantor Fitzgerald LP, 7.875%, 10/15/19 (144A) $ 93,506 10,000 A+/A1 National Rural Utilities Cooperative Finance Corp., 5.45%, 2/1/18 12,109 -------------- $ 105,615 --------------------------------------------------------------------------------------------------------------- Consumer Finance -- 0.3% 35,000 A+/A1 American Honda Finance Corp., 6.7%, 10/1/13 (144A) $ 36,933 25,000 A/A2 Caterpillar Financial Services Corp., 7.05%, 10/1/18 32,542 30,000 CCC/Caa1 Springleaf Finance Corp., 6.9%, 12/15/17 26,400 -------------- $ 95,875 ---------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements. Pioneer Global Aggregate Bond Fund | Annual Report | 10/31/12 31 Schedule of Investments | 10/31/12 (continued)
--------------------------------------------------------------------------------------------------------------- Floating S&P/Moody's Principal Rate(b) Ratings Amount ($) (unaudited) (unaudited) Value --------------------------------------------------------------------------------------------------------------- Asset Management & Custody Banks -- 0.1% 25,000 A-/A3 Eaton Vance Corp., 6.5%, 10/2/17 $ 30,228 --------------------------------------------------------------------------------------------------------------- Investment Banking & Brokerage -- 2.2% 110,000 4.00 BB+/Ba2 Goldman Sachs Capital II, Floating Rate Note, 6/1/43 $ 86,944 35,000 BBB/Baa3 Jefferies Group, Inc., 5.125%, 4/13/18 35,962 50,000 BBB/Baa3 Jefferies Group, Inc., 6.875%, 4/15/21 54,625 25,000 BBB/Baa3 Jefferies Group, Inc., 8.5%, 7/15/19 29,250 10,000 BBB/A3 Macquarie Group, Ltd., 6.0%, 1/14/20 (144A) 10,909 50,000 A-/Baa2 Merrill Lynch & Co., Inc., 5.45%, 2/5/13 50,608 100,000 BBB+/Baa3 Merrill Lynch & Co., Inc., 7.75%, 5/14/38 131,772 50,000 BBB+/Baa2 Morgan Stanley, Inc., 4.875%, 11/1/22 50,547 10,000 A-/Baa1 Morgan Stanley, Inc., 5.5%, 1/26/20 11,041 45,000 A-/Baa1 Morgan Stanley, Inc., 6.625%, 4/1/18 52,339 25,000 BBB/Baa2 Raymond James Financial, Inc., 4.25%, 4/15/16 26,592 90,000 NR/Baa3 Scottrade Financial Services, Inc., 6.125%, 7/11/21 (144A) 92,483 -------------- $ 633,072 -------------- Total Diversified Financials $ 1,177,859 --------------------------------------------------------------------------------------------------------------- INSURANCE -- 2.8% Life & Health Insurance -- 1.1% 35,000 BBB/Baa2 Delphi Financial Group, Inc., 7.875%, 1/31/20 $ 43,109 15,000 A-/Baa2 Lincoln National Corp., 8.75%, 7/1/19 19,863 25,000 6.05 BBB/Ba1 Lincoln National Corp., Floating Rate Note, 4/20/67 25,000 35,000 BBB/Baa2 MetLife, Inc., 10.75%, 8/1/39 52,675 45,000 A-/Baa2 Protective Life Corp., 7.375%, 10/15/19 54,474 25,000 A/Baa2 Prudential Financial, Inc., 2.75%, 1/14/13 25,107 100,000 5.88 BBB+/Baa3 Prudential Financial, Inc., Floating Rate Note, 9/15/42 105,250 -------------- $ 325,478 --------------------------------------------------------------------------------------------------------------- Multi-line Insurance -- 0.2% 40,000 BBB-/Baa3 Genworth Financial, Inc., 7.2%, 2/15/21 $ 41,400 25,000 7.00 BB/Baa3 Liberty Mutual Group, Inc., Floating Rate Note, 3/15/37 (144A) 24,750 -------------- $ 66,150 ---------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements. 32 Pioneer Global Aggregate Bond Fund | Annual Report | 10/31/12
--------------------------------------------------------------------------------------------------------------- Floating S&P/Moody's Principal Rate(b) Ratings Amount ($) (unaudited) (unaudited) Value --------------------------------------------------------------------------------------------------------------- Property & Casualty Insurance -- 1.0% 95,000 7.51 BB+/Ba2 Sirius International Group, Ltd., Floating Rate Note (Perpetual) (144A) $ 98,696 110,000 6.50 BBB/Baa1 The Allstate Corp., Floating Rate Note, 5/15/57 118,250 50,000 BBB-/Baa3 The Hanover Insurance Group, Inc., 7.5%, 3/1/20 58,631 -------------- $ 275,577 --------------------------------------------------------------------------------------------------------------- Reinsurance -- 0.5% 50,000 BBB/NR Montpelier Re Holdings, Ltd., 4.7%, 10/15/22 $ 51,252 40,000 BBB/NR Platinum Underwriters Finance, Inc., 7.5%, 6/1/17 43,741 35,000 6.75 BBB-/Baa3 Reinsurance Group of America, Inc., Floating Rate Note, 12/15/65 35,411 -------------- $ 130,404 -------------- Total Insurance $ 797,609 --------------------------------------------------------------------------------------------------------------- REAL ESTATE -- 1.2% Diversified REITs -- 0.1% 20,000 BBB/Baa2 Digital Realty Trust LP, 4.5%, 7/15/15 $ 21,479 10,000 BBB/Baa2 Digital Realty Trust LP, 5.875%, 2/1/20 11,634 -------------- $ 33,113 --------------------------------------------------------------------------------------------------------------- Office REITs -- 0.2% 40,000 BBB-/Baa2 Alexandria Real Estate Equities, Inc., 4.6%, 4/1/22 $ 43,304 25,000 BBB/Baa2 Mack-Cali Realty LP, 5.125%, 2/15/14 26,114 -------------- $ 69,418 --------------------------------------------------------------------------------------------------------------- Retail REITs -- 0.1% 35,000 BBB-/Baa3 DDR Corp., 7.5%, 4/1/17 $ 42,232 --------------------------------------------------------------------------------------------------------------- Specialized REITs -- 0.6% 10,000 BBB-/Baa2 Health Care Real Estate Investment Trust, Inc., 6.2%, 6/1/16 $ 11,473 25,000 BBB-/Baa3 Healthcare Realty Trust, Inc., 6.5%, 1/17/17 28,624 40,000 BBB-/Baa2 Hospitality Properties Trust, 5.0%, 8/15/22 42,734 25,000 BBB-/Baa2 Hospitality Properties Trust, 7.875%, 8/15/14 26,964 45,000 BBB-/Baa3 Senior Housing Properties Trust, 6.75%, 4/15/20 51,386 -------------- $ 161,181 ---------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements. Pioneer Global Aggregate Bond Fund | Annual Report | 10/31/12 33 Schedule of Investments | 10/31/12 (continued)
--------------------------------------------------------------------------------------------------------------- Floating S&P/Moody's Principal Rate(b) Ratings Amount ($) (unaudited) (unaudited) Value --------------------------------------------------------------------------------------------------------------- Diversified Real Estate Activities -- 0.2% 35,000 A-/A2 WEA Finance LLC, 7.125%, 4/15/18 (144A) $ 43,061 -------------- Total Real Estate $ 349,005 --------------------------------------------------------------------------------------------------------------- SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT -- 0.1% Semiconductor Equipment -- 0.1% 25,000 BBB/Baa1 KLA-Tencor Corp., 6.9%, 5/1/18 $ 30,132 -------------- Total Semiconductors & Semiconductor Equipment $ 30,132 --------------------------------------------------------------------------------------------------------------- TELECOMMUNICATION SERVICES -- 2.3% Integrated Telecommunication Services -- 1.8% CHF 40,000 BBB+/Baa1 Deutsche Telekom AG, 3.75%, 4/22/14 $ 45,070 30,000 BB/Ba2 Frontier Communications Corp., 8.5%, 4/15/20 34,650 45,000 NR/A2 GTP Acquisition Partners I LLC, 4.347%, 6/15/16 (144A) 47,368 45,000 NR/A2 GTP Towers Issuer LLC, 4.436%, 2/15/15 (144A) 46,683 20,000 A/A2 Qtel International Finance, Ltd., 6.5%, 6/10/14 (144A) 21,650 EURO 50,000 BBB/Baa2 Telefonica Emisiones SAU, 5.496%, 4/1/16 69,756 75,000 BBB/Baa2 Telefonica Emisiones SAU, 6.221%, 7/3/17 81,000 150,000 BB-/Ba3 UPCB Finance V, Ltd., 7.25%, 11/15/21 (144A) 165,000 -------------- $ 511,177 --------------------------------------------------------------------------------------------------------------- Wireless Telecommunication Services -- 0.5% 35,000 B+/Ba2 Cricket Communications, Inc., 7.75%, 5/15/16 $ 37,012 30,000 NR/A2 Crown Castle Towers LLC, 4.883%, 8/15/20 (144A) 34,282 75,000 B/B2 MetroPCS Wireless, Inc., 6.625%, 11/15/20 80,625 -------------- $ 151,919 -------------- Total Telecommunication Services $ 663,096 --------------------------------------------------------------------------------------------------------------- UTILITIES -- 1.0% Electric Utilities -- 0.7% 10,000 A-/A3 Commonwealth Edison Co., 6.15%, 9/15/17 $ 12,296
The accompanying notes are an integral part of these financial statements. 34 Pioneer Global Aggregate Bond Fund | Annual Report | 10/31/12
--------------------------------------------------------------------------------------------------------------- Floating S&P/Moody's Principal Rate(b) Ratings Amount ($) (unaudited) (unaudited) Value --------------------------------------------------------------------------------------------------------------- Electric Utilities -- (continued) 25,000 BBB/Baa2 Commonwealth Edison Co., 6.95%, 7/15/18 $ 30,847 10,000 6.70 BB+/Ba1 PPL Capital Funding, Inc., Floating Rate Note, 3/30/67 10,538 70,000 BBB-/Baa3 Public Service Co. of New Mexico, 7.95%, 5/15/18 84,885 50,000 6.25 BBB-/Baa2 Southern California Edison Co., Floating Rate Note (Perpetual) 54,963 10,000 BBB+/A3 West Penn Power Co., 5.95%, 12/15/17 (144A) 11,929 -------------- $ 205,458 --------------------------------------------------------------------------------------------------------------- Multi-Utilities -- 0.1% 25,000 BBB+/Baa1 New York State Electric & Gas Corp., 6.15%, 12/15/17 (144A) $ 28,243 --------------------------------------------------------------------------------------------------------------- Independent Power Producers & Energy Traders -- 0.2% 37,115 BBB-/Baa3 Panoche Energy Center LLC, 6.885%, 7/31/29 (144A) $ 40,159 -------------- Total Utilities $ 273,860 --------------------------------------------------------------------------------------------------------------- GOVERNMENT -- 0.4% TRY 50,000 AAA/NR European Bank for Reconstruction & Development, 0.5%, 2/26/15 $ 24,727 GBP 50,000 AAA/NR European Bank for Reconstruction & Development, 1.875%, 12/10/13 81,789 -------------- $ 106,516 -------------- Total Government $ 106,516 --------------------------------------------------------------------------------------------------------------- TOTAL CORPORATE BONDS (Cost $7,731,611) $ 8,534,724 --------------------------------------------------------------------------------------------------------------- U.S. GOVERNMENT AND AGENCY OBLIGATIONS -- 9.4% 237,364 AAA/Aaa Fannie Mae, 4.0%, 11/1/41-12/1/41 $ 254,583 205,962 AAA/Aaa Fannie Mae, 4.5%, 4/1/41-12/1/41 223,155 787,061 AAA/Aaa Fannie Mae, 5.0%, 6/1/40-7/1/40 862,952 353,483 AAA/Aaa Federal Home Loan Mortgage Corp., 5.0%, 9/1/38-10/1/38 382,707 95,066 AAA/Aaa Federal Home Loan Mortgage Corp., 6.0%, 8/1/37 106,183 217,209 AAA/Aaa Federal Home Loan Mortgage Corp., 6.5%, 1/1/38-4/1/38 247,145
The accompanying notes are an integral part of these financial statements. Pioneer Global Aggregate Bond Fund | Annual Report | 10/31/12 35 Schedule of Investments | 10/31/12 (continued)
--------------------------------------------------------------------------------------------------------------- Floating S&P/Moody's Principal Rate(b) Ratings Amount ($) (unaudited) (unaudited) Value --------------------------------------------------------------------------------------------------------------- U.S. Government and Agency Obligations -- (continued) 122,553 AAA/Aaa Government National Mortgage Association I, 4.5%, 8/15/41 $ 133,721 126,811 AAA/Aaa Government National Mortgage Association II, 4.5%, 9/20/41 140,118 30,000 AA+/Aaa U.S. Treasury Bonds, 4.25%, 5/15/39 38,747 60,000 AA+/Aaa U.S. Treasury Bonds, 4.5%, 2/15/36 79,828 10,000 AA+/Aaa U.S. Treasury Bonds, 4.5%, 5/15/38 13,372 60,000 AA+/Aaa U.S. Treasury Bonds, 4.5%, 8/15/39 80,466 100,000 AA+/Aaa U.S. Treasury Bonds, 4.75%, 2/15/41 139,625 -------------- $ 2,702,602 --------------------------------------------------------------------------------------------------------------- TOTAL U.S. GOVERNMENT AND AGENCY OBLIGATIONS (Cost $2,548,280) $ 2,702,602 --------------------------------------------------------------------------------------------------------------- FOREIGN GOVERNMENT BONDS -- 31.8% AUD 100,000 NR/Aaa Australia Government Bond, 5.75%, 5/15/21 $ 125,308 AUD 200,000 NR/Aaa Australia Government Bond, 6.5%, 5/15/13 211,595 EURO 50,000 AA+/Aaa Austria Government Bond, 4.15%, 3/15/37 (144A) 79,350 EURO 50,000 AA+/Aaa Austria Government Bond, 4.35%, 3/15/19 (144A) 76,965 EURO 25,000 NR/Aa3 Belgium Government Bond, 5.5%, 3/28/28 42,395 EURO 100,000 NR/Aaa Bundesrepublik Deutschland, 3.25%, 1/4/20 149,981 EURO 125,000 NR/Aaa Bundesrepublik Deutschland, 6.5%, 7/4/27 256,681 CAD 10,000 AAA/Aaa Canada Housing Trust No. 1, 3.35%, 12/15/20 (144A) 10,931 CAD 100,000 AAA/Aaa Canada Housing Trust No. 1, 3.8%, 6/15/21 (144A) 112,863 CAD 60,000 AAA/Aaa Canadian Government Bond, 1.5%, 3/1/17 60,454 CZK 500,000 AA/A1 Czech Republic Government Bond, 3.7%, 6/16/13 26,369 DKK 250,000 AAA/Aaa Denmark Government Bond, 4.5%, 11/15/39 64,670 EURO 300,000 AAA/Aaa Finland Government Bond, 4.375%, 7/4/19 468,374 EURO 200,000 NR/Aaa France Government Bond OAT, 3.25%, 10/25/21 284,922
The accompanying notes are an integral part of these financial statements. 36 Pioneer Global Aggregate Bond Fund | Annual Report | 10/31/12
--------------------------------------------------------------------------------------------------------------- Floating S&P/Moody's Principal Rate(b) Ratings Amount ($) (unaudited) (unaudited) Value --------------------------------------------------------------------------------------------------------------- Foreign Government Bonds -- (continued) EURO 117,000 NR/Aaa France Government Bond OAT, 3.75%, 4/25/21 $ 173,163 EURO 25,000 NR/Aaa France Government Bond OAT, 4.0%, 10/25/38 37,387 HUF 5,000,000 BB+/Ba1 Hungary Government Bond, 6.75%, 2/12/13 22,824 IDR 200,000,000 BB+/NR Indonesia Recapitalization Bond, 14.25%, 6/15/13 22,012 IDR 100,000,000 BB+/NR Indonesia Recapitalization Bond, 14.275%, 12/15/13 11,456 IDR 400,000,000 BB+/Baa3 Indonesia Treasury Bond, 11.0%, 12/15/12 41,927 IDR 50,000,000 BB+/Baa3 Indonesia Treasury Bond, 12.5%, 3/15/13 5,351 IDR 222,000,000 NR/Baa3 Indonesia Treasury Bond, 6.125%, 5/15/28 23,006 IDR 200,000,000 NR/Baa3 Indonesia Treasury Bond, 7.0%, 5/15/27 22,353 IDR 5,000,000,000 NR/Baa3 Indonesia Treasury Bond, 7.375%, 9/15/16 556,668 IDR 1,210,000,000 NR/Baa3 Indonesia Treasury Bond, 8.25%, 6/15/32 150,164 IDR 25,000,000 NR/Baa3 Indonesia Treasury Bond, 9.0%, 9/15/13 2,693 EURO 90,000 BBB+/Ba1 Ireland Government Bond, 4.5%, 4/18/20 115,458 EURO 45,000 BBB+/Ba1 Ireland Government Bond, 5.0%, 10/18/20 59,159 EURO 50,000 BBB+/Ba1 Ireland Government Bond, 5.9%, 10/18/19 69,941 EURO 75,000 NR/Baa2 Italy Buoni Poliennali Del Tesoro, 2.25%, 11/1/13 97,694 EURO 50,000 NR/Baa2 Italy Buoni Poliennali Del Tesoro, 3.75%, 8/1/16 65,980 EURO 110,000 NR/Baa2 Italy Buoni Poliennali Del Tesoro, 4.75%, 2/1/13 143,825 EURO 25,000 NR/Baa2 Italy Buoni Poliennali Del Tesoro, 6.5%, 11/1/27 36,131 JPY 46,500,000 NR/Aa3 Japan Government Ten Year Bond, 1.0%, 12/20/21 599,336 JPY 30,000,000 NR/Aa3 Japan Government Ten Year Bond, 1.7%, 9/20/16 398,700 JPY 5,000,000 NR/Aa3 Japan Government Thirty Year Bond, 2.3%, 12/20/36 68,404
The accompanying notes are an integral part of these financial statements. Pioneer Global Aggregate Bond Fund | Annual Report | 10/31/12 37 Schedule of Investments | 10/31/12 (continued)
--------------------------------------------------------------------------------------------------------------- Floating S&P/Moody's Principal Rate(b) Ratings Amount ($) (unaudited) (unaudited) Value --------------------------------------------------------------------------------------------------------------- Foreign Government Bonds -- (continued) JPY 27,000,000 NR/Aa3 Japan Government Twenty Year Bond, 1.5%, 3/20/19 $ 363,206 JPY 35,000,000 NR/Aa3 Japan Government Two Year Bond, 0.2%, 8/15/13 439,089 MYR 435,000 NR/NR Malaysia Government Bond, 3.418%, 8/15/22 142,183 MXN 1,290,000 A-/Baa1 Mexican Bonos, 6.5%, 6/9/22 105,565 MXN 1,690,000 A-/Baa1 Mexican Bonos, 7.75%, 11/13/42 147,355 MXN 250,000 A-/Baa1 Mexican Bonos, 9.5%, 12/18/14 20,838 EURO 150,000 NR/Aaa Netherlands Government Bond, 4.0%, 7/15/16 (144A) 219,537 EURO 91,000 NR/Aaa Netherlands Government Bond, 5.5%, 1/15/28 (144A) 167,373 NOK 150,000 AAA/Aaa Norway Government Bond, 4.25%, 5/19/17 29,402 NOK 240,000 AAA/Aaa Norway Government Bond, 4.5%, 5/22/19 49,279 NOK 275,000 AAA/Aaa Norway Government Bond, 5.0%, 5/15/15 52,428 PHP 6,480,000 NR/Ba1 Philippine Government Bond, 5.875%, 3/1/32 161,927 PHP 150,000 NR/NR Philippine Government Bond, 6.125%, 10/24/37 3,709 PHP 3,570,000 NR/Ba1 Philippine Government Bond, 7.625%, 9/29/36 105,714 PHP 800,000 NR/Ba1 Philippine Government Bond, 8.0%, 7/19/31 24,878 PLN 250,000 A/A2 Poland Government Bond, 5.0%, 4/25/16 80,831 PLN 1,400,000 A/A2 Poland Government Bond, 5.25%, 10/25/17 460,592 NZD 250,000 AA-/Aa2 Province of Ontario Canada, 6.25%, 6/16/15 220,852 AUD 120,000 AA+/Aa1 Queensland Treasury Corp., 6.0%, 7/21/22 143,233 200,000 BBB/Baa1 Russian Federation, 4.5%, 4/4/22 (144A) 223,760 ZAR 1,500,000 NR/Baa1 South Africa Government Bond, 6.75%, 3/31/21 174,017 ZAR 250,000 A-/Baa1 South Africa Government Bond, 7.5%, 1/15/14 29,638 ZAR 300,000 A-/Baa1 South Africa Government Bond, 8.0%, 12/21/18 37,853
The accompanying notes are an integral part of these financial statements. 38 Pioneer Global Aggregate Bond Fund | Annual Report | 10/31/12
--------------------------------------------------------------------------------------------------------------- Floating S&P/Moody's Principal Rate(b) Ratings Amount ($) (unaudited) (unaudited) Value --------------------------------------------------------------------------------------------------------------- Foreign Government Bonds -- (continued) EURO 100,000 BBB-/Baa3 Spain Government Bond, 4.1%, 7/30/18 $ 126,124 SEK 500,000 AAA/Aaa Sweden Government Bond, 3.5%, 3/30/39 95,572 SEK 55,000 AAA/Aaa Sweden Government Bond, 3.75%, 8/12/17 9,339 SEK 1,000,000 AAA/Aaa Sweden Government Bond, 4.25%, 3/12/19 178,885 SEK 55,000 AAA/Aaa Sweden Government Bond, 6.75%, 5/5/14 9,029 TRY 80,000 BBB-/NR Turkey Government Bond, 10.5%, 1/15/20 51,255 GBP 50,000 NR/Aaa United Kingdom Gilt, 4.0%, 9/7/16 91,356 GBP 60,000 NR/Aaa United Kingdom Gilt, 4.25%, 12/7/27 119,723 GBP 70,000 NR/Aaa United Kingdom Gilt, 4.25%, 9/7/39 137,562 GBP 75,000 NR/Aaa United Kingdom Gilt, 8.75%, 8/25/17 166,731 -------------- 9,083,325 --------------------------------------------------------------------------------------------------------------- TOTAL FOREIGN GOVERNMENT BONDS (Cost $8,709,436) $ 9,083,325 --------------------------------------------------------------------------------------------------------------- MUNICIPAL BONDS -- 3.4% Municipal Airport -- 0.1% 20,000 BBB/Baa1 Indianapolis Airport Authority, 5.1%, 1/15/17 $ 22,590 --------------------------------------------------------------------------------------------------------------- Municipal Development -- 0.2% 50,000 AA-/Aa3 California Statewide Communities Development Authority, 6.0%, 8/15/42 $ 59,570 --------------------------------------------------------------------------------------------------------------- Municipal Higher Education -- 2.0% 25,000 A+/NR Baylor University, 4.313%, 3/1/42 $ 26,012 50,000 AA-/Aa2 California State University, 5.0%, 11/1/39 54,612 50,000 AAA/Aaa Connecticut State Health & Educational Facility Authority, 5.0%, 7/1/40 58,142 25,000 AAA/Aaa Connecticut State Health & Educational Facility Authority, 5.0%, 7/1/42 27,887 50,000 AAA/Aaa Houston Higher Education Finance Corp., 4.5%, 11/15/37 54,140 25,000 AA/Aa1 Illinois Finance Authority, 5.0%, 10/1/51 27,891 70,000 AAA/Aaa Massachusetts Health & Educational Facilities Authority, 5.5%, 11/15/36 84,769
The accompanying notes are an integral part of these financial statements. Pioneer Global Aggregate Bond Fund | Annual Report | 10/31/12 39 Schedule of Investments | 10/31/12 (continued)
--------------------------------------------------------------------------------------------------------------- Floating S&P/Moody's Principal Rate(b) Ratings Amount ($) (unaudited) (unaudited) Value --------------------------------------------------------------------------------------------------------------- Municipal Higher Education -- (continued) 25,000 AAA/Aaa Massachusetts Health & Educational Facilities Authority, 5.5%, 7/1/32 $ 36,203 10,000 AAA/Aaa Massachusetts Health & Educational Facilities Authority, 5.5%, 7/1/36 12,014 20,000 AAA/Aaa Massachusetts Health & Educational Facilities Authority, 6.0%, 7/1/36 24,627 30,000 AAA/Aaa Missouri State Health & Educational Facilities Authority, 5.0%, 11/15/39 35,878 50,000 AA/Aa1 New York State Dormitory Authority Series A, 5.0%, 7/1/40 57,132 50,000 AAA/Aaa New York State Dormitory Authority, 5.0%, 7/1/38 57,710 20,000 AAA/Aaa Permanent University Fund, 5.0%, 7/1/30 25,424 -------------- $ 582,441 --------------------------------------------------------------------------------------------------------------- Municipal Medical -- 0.1% 25,000 AA-/A1 Massachusetts Development Finance Agency, 5.25%, 4/1/37 $ 28,321 --------------------------------------------------------------------------------------------------------------- Municipal Transportation -- 0.2% 50,000 AA/Aa2 Harris County Metropolitan Transit Authority, 5.0%, 11/1/41 $ 57,454 --------------------------------------------------------------------------------------------------------------- Municipal Utilities -- 0.1% 25,000 AA-/Aa3 South Carolina State Public Service Authority, 5.0%, 12/1/43 $ 28,291 --------------------------------------------------------------------------------------------------------------- Municipal Water -- 0.5% 45,000 AAA/Aa1 City of Charleston South Carolina Waterworks & Sewer System Revenue, 5.0%, 1/1/41 $ 51,968 20,000 AAA/Aa2 Hampton Roads Sanitation District, 5.0%, 4/1/38 22,586 45,000 AAA/NR Tarrant Regional Water District, 5.0%, 3/1/52 51,023 -------------- $ 125,577 --------------------------------------------------------------------------------------------------------------- Municipal Obligation -- 0.2% 50,000 AA+/Aa1 State of Washington, 5.0%, 8/1/39 $ 57,602 --------------------------------------------------------------------------------------------------------------- TOTAL MUNICIPAL BONDS (Cost $860,425) $ 961,846 ---------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements. 40 Pioneer Global Aggregate Bond Fund | Annual Report | 10/31/12
--------------------------------------------------------------------------------------------------------------- Principal Amount ($) Value --------------------------------------------------------------------------------------------------------------- TEMPORARY CASH INVESTMENT -- 1.1% Repurchase Agreement -- 1.1% 305,000 JPMorgan, Inc., 0.30%, dated 10/31/12, repurchase price of $305,000 plus accrued interest on 11/1/12 collateralized by $319,984 Federal National Mortgage Association, 2.5-4.0%, 5/1/22-7/1/30 $ 305,000 --------------------------------------------------------------------------------------------------------------- TOTAL TEMPORARY CASH INVESTMENT (Cost $305,000) $ 305,000 --------------------------------------------------------------------------------------------------------------- TOTAL INVESTMENT IN SECURITIES -- 98.8% (Cost $26,591,011) (a) $ 28,222,159 --------------------------------------------------------------------------------------------------------------- OTHER ASSETS & LIABILITIES -- 1.2% $ 347,332 --------------------------------------------------------------------------------------------------------------- TOTAL NET ASSETS -- 100.0% $ 28,569,491 ===============================================================================================================
NR Not rated by either S&P or Moody's. (Step) Bond issued with an initial coupon rate which converts to a higher rate at a later date. REITs Real Estate Investment Trust. (Perpetual) Security with no stated maturity date. (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, 2012, the value of these securities amounted to $4,601,312 or 16.1% of total net assets. (a) At October 31, 2012, the net unrealized gain on investments based on cost for federal income tax purposes of $26,591,618 was as follows:
Aggregate gross unrealized gain for all investments in which there is an excess of value over tax cost $ 2,023,923 Aggregate gross unrealized loss for all investments in which there is an excess of tax cost over value (393,382) ------------ Net unrealized gain $ 1,630,541 ============
The accompanying notes are an integral part of these financial statements. Pioneer Global Aggregate Bond Fund | Annual Report | 10/31/12 41 Schedule of Investments | 10/31/12 (continued) (b) Debt obligation with a variable interest rate. Rate shown is rate at end of period. (c) Security represents the interest only portion of payments on a pool of underlying mortgages or mortgage-backed securities. (d) Security issued with a zero coupon. Income is accrued through accretion of discount. Principal amounts are denominated in U.S. Dollars unless otherwise noted: AUD Australian Dollar CAD Canadian Dollar CHF Swiss Franc CZK Czech Krona DKK Danish Kroner EURO Euro GBP British Pound Sterling HUF Hungarian Forint IDR Indonesian Rupiah JPY Japanese Yen MXN Mexican Peso MYR Malaysian Ringgit NOK Norwegian Krone NZD New Zealand Dollar PHP Philippine Peso PLN New Polish Zloty SEK Swedish Krone TRY Turkish Lira ZAR South African Rand Purchases and sales of securities (excluding temporary cash investments) for the year ended October 31, 2012 aggregated $10,013,174 and $8,456,585, 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. 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) Generally, equity securities are categorized as Level 1, fixed income securities and senior loans as Level 2 and securities valued using fair value methods (other than prices supplied by independent pricing services) are categorized as Level 3. See Notes to Financial Statements -- Note 1A. The accompanying notes are an integral part of these financial statements. 42 Pioneer Global Aggregate Bond Fund | Annual Report | 10/31/12 The following is a summary of the inputs used as of October 31, 2012, in valuing the Fund's investments:
------------------------------------------------------------------------------------------------------- Level 1 Level 2 Level 3 Total ------------------------------------------------------------------------------------------------------- Convertible Corporate Bonds $ -- $ 496,622 $ -- $ 496,622 Preferred Stocks 318,535 52,906 -- 371,441 Convertible Preferred Stocks 162,500 -- -- 162,500 Asset Backed Securities -- 976,929 -- 976,929 Collateralized Mortgage Obligations -- 4,627,170 -- 4,627,170 Corporate Bonds -- 8,534,724 -- 8,534,724 U.S. Government Agency Obligations -- 2,702,602 -- 2,702,602 Foreign Government Bonds -- 9,083,325 -- 9,083,325 Municipal Bonds -- 961,846 -- 961,846 Temporary Cash Investments -- 305,000 -- 305,000 ------------------------------------------------------------------------------------------------------- Total $ 481,035 $ 27,741,124 $ -- $ 28,222,159 ======================================================================================================= Other Financial Instruments Forward Foreign Currency Portfolio Hedge Contracts $ -- $ 1,546 $ -- $ 1,546 Futures Contracts* (2,547) -- -- (2,547) ------------------------------------------------------------------------------------------------------- Total Other Financial Instruments $ (2,547) $ 1,546 $ -- $ (1,001) =======================================================================================================
* Reflects unrealized appreciation/depreciation on futures contracts (See Note 1). The current day's variation margin is separately disclosed on the Statement of Assets and Liabilities. The accompanying notes are an integral part of these financial statements. Pioneer Global Aggregate Bond Fund | Annual Report | 10/31/12 43 Statement of Assets and Liabilities | 10/31/12
ASSETS: Investment in securities, at value (cost $26,591,011) $ 28,222,159 Futures collateral 9,400 Foreign currencies, at value (cost $236,524) 235,531 Receivables -- Investment securities sold 16,852 Fund shares sold 14,115 Interest 302,840 Variation margin 2,844 Due from Pioneer Investment Management, Inc. 25,404 Unrealized appreciation on forward foreign currency portfolio hedge contracts 1,546 Other 3,183 ---------------------------------------------------------------------------------------- Total assets $ 28,833,874 ======================================================================================== LIABILITIES: Payables -- Investment securities purchased $ 50,031 Fund shares repurchased 2,349 Dividends 58,473 Due to custodian 48,220 Due to affiliates 22,974 Accrued expenses 82,336 ---------------------------------------------------------------------------------------- Total liabilities $ 264,383 ======================================================================================== NET ASSETS: Paid-in capital $ 26,729,837 Distributions in excess of net investment income (19,345) Accumulated net realized gain on investments and foreign currency transactions 231,297 Net unrealized gain on investments 1,631,148 Net unrealized loss on futures contracts (2,547) Net unrealized loss on forward foreign currency contracts and other assets and liabilities denominated in foreign currencies (899) ---------------------------------------------------------------------------------------- Total net assets $ 28,569,491 ======================================================================================== NET ASSET VALUE PER SHARE: (No par value, unlimited number of shares authorized) Class A (based on $9,128,409/794,430 shares) $ 11.49 Class C (based on $4,143,655/359,936 shares) $ 11.51 Class Y (based on $15,297,427/1,320,374 shares) $ 11.59 MAXIMUM OFFERING PRICE: Class A ($11.49 (divided by) 95.5%) $ 12.03 ========================================================================================
The accompanying notes are an integral part of these financial statements. 44 Pioneer Global Aggregate Bond Fund | Annual Report | 10/31/12 Statement of Operations For the Year Ended 10/31/12
INVESTMENT INCOME: Interest (net of foreign taxes withheld of $5,919) $ 1,232,269 Dividends (net of foreign taxes withheld of $966) 22,037 Income from securities loaned, net 87 ---------------------------------------------------------------------------------------- Total investment income $ 1,254,393 ---------------------------------------------------------------------------------------- EXPENSES: Management fees $ 148,265 Transfer agent fees and expenses Class A 19,265 Class C 5,479 Class Y 632 Distribution fees Class A 29,965 Class C 37,713 Shareholder communications expense 14,400 Administrative reimbursements 9,949 Custodian fees 18,558 Registration fees 47,998 Professional fees 61,866 Printing expense 46,369 Fees and expenses of nonaffiliated trustees 7,062 Miscellaneous 3,838 ---------------------------------------------------------------------------------------- Total expenses $ 451,359 Less fees waived and expenses reimbursed by Pioneer Investment Management, Inc. (149,840) ---------------------------------------------------------------------------------------- Net expenses $ 301,519 ---------------------------------------------------------------------------------------- Net investment income $ 952,874 ---------------------------------------------------------------------------------------- REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS, FUTURES CONTRACTS AND FOREIGN CURRENCY TRANSACTIONS: Net realized gain (loss) on: Investments $ 221,629 Forward foreign currency contracts and other assets and liabilities denominated in foreign currencies (5,644) $ 215,985 ---------------------------------------------------------------------------------------- Change in net unrealized gain (loss) on: Investments $ 616,678 Futures contracts (2,547) Forward foreign currency contracts and other assets and liabilities denominated in foreign currencies (50,784) $ 563,347 ---------------------------------------------------------------------------------------- Net gain on investments, futures contracts and foreign currency transactions $ 779,332 ---------------------------------------------------------------------------------------- Net increase in net assets resulting from operations $ 1,732,206 ----------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements. Pioneer Global Aggregate Bond Fund | Annual Report | 10/31/12 45 Statements of Changes in Net Assets
---------------------------------------------------------------------------------------- Year Ended Year Ended 10/31/12 10/31/11 ---------------------------------------------------------------------------------------- FROM OPERATIONS: Net investment income $ 952,874 $ 531,809 Net realized gain on investments, futures contracts and foreign currency transactions 215,985 20,479 Change in net unrealized gain (loss) on investments, futures contracts and foreign currency transactions 563,347 54,872 ---------------------------------------------------------------------------------------- Net increase in net assets resulting from operations $ 1,732,206 $ 607,160 ---------------------------------------------------------------------------------------- DISTRIBUTIONS TO SHAREOWNERS: Net investment income: Class A ($0.36 and $0.32 per share, respectively) $ (386,138) $ (273,085) Class C ($0.26 and $0.22 per share, respectively) (86,797) (67,255) Class Y ($0.38 and $0.32 per share, respectively) (463,695) (152,769) Net realized gain: Class A ($0.02 and $0.00 per share, respectively) $ (27,154) $ -- Class C ($0.02 and $0.00 per share, respectively) (7,524) -- Class Y ($0.02 and $0.00 per share, respectively) (23,478) -- ---------------------------------------------------------------------------------------- Total distributions to shareowners $ (994,786) $ (493,109) ---------------------------------------------------------------------------------------- FROM FUND SHARE TRANSACTIONS: Net proceeds from sale of shares $ 7,636,227 $ 22,128,644 Reinvestment of distributions 347,577 230,156 Cost of shares repurchased (9,696,973) (6,631,172) ---------------------------------------------------------------------------------------- Net increase (decrease) in net assets resulting from Fund share transactions $ (1,713,169) $ 15,727,628 ---------------------------------------------------------------------------------------- Net increase (decrease) in net assets $ (975,749) $ 15,841,679 NET ASSETS: Beginning of year 29,545,240 13,703,561 ---------------------------------------------------------------------------------------- End of year $ 28,569,491 $ 29,545,240 ---------------------------------------------------------------------------------------- Distributions in excess of net investment income $ (19,345) $ (20,001) ----------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements. 46 Pioneer Global Aggregate Bond Fund | Annual Report | 10/31/12 Statements of Changes in Net Assets (continued)
---------------------------------------------------------------------------------------- '12 Shares '12 Amount '11 Shares '11 Amount ---------------------------------------------------------------------------------------- Class A Shares sold 250,541 $ 2,789,945 1,010,747 $11,248,729 Reinvestment of distributions 26,618 297,724 17,937 199,884 Less shares repurchased (803,862) (9,004,913) (264,524) (2,920,267) ---------------------------------------------------------------------------------------- Net increase (decrease) (526,703) $ (5,917,244) 764,160 $ 8,528,346 ======================================================================================== Class C Shares sold 83,899 $ 940,484 80,347 $ 891,114 Reinvestment of distributions 4,423 49,724 2,718 30,177 Less shares repurchased (44,926) (507,374) (58,160) (641,829) ---------------------------------------------------------------------------------------- Net increase 43,396 $ 482,834 24,905 $ 279,462 ======================================================================================== Class Y Shares sold 349,184 $ 3,905,798 886,941 $ 9,988,801 Reinvestment of distributions 11 129 8 95 Less shares repurchased (16,526) (184,686) (273,937) (3,069,076) ---------------------------------------------------------------------------------------- Net increase 332,669 $ 3,721,241 613,012 $ 6,919,820 ========================================================================================
The accompanying notes are an integral part of these financial statements. Pioneer Global Aggregate Bond Fund | Annual Report | 10/31/12 47 Financial Highlights
----------------------------------------------------------------------------------------------------------------------------- 12/28/07 (a) Year Year Year Year (Commencement Ended Ended Ended Ended of Operations) 10/31/12 10/31/11 10/31/10 10/31/09 to 10/31/08 ----------------------------------------------------------------------------------------------------------------------------- Class A Net asset value, beginning of period $ 11.22 $ 11.19 $ 10.84 $ 9.25 $ 10.00 ----------------------------------------------------------------------------------------------------------------------------- Increase (decrease) from investment operations: Net investment income $ 0.36 $ 0.34 $ 0.35 $ 0.39 $ 0.25 Net realized and unrealized gain (loss) on investments 0.29 0.01 0.41 1.57 (0.75) ----------------------------------------------------------------------------------------------------------------------------- Net increase (decrease) in net assets from investment operations $ 0.65 $ 0.35 $ 0.76 $ 1.96 $ (0.50) ----------------------------------------------------------------------------------------------------------------------------- Distributions to shareowners: Net investment income (0.36) (0.32) (0.40) (0.37) (0.18) Net realized gain (0.02) -- (0.01) -- (0.02) Tax return of capital -- -- -- -- (0.05) ----------------------------------------------------------------------------------------------------------------------------- Net increase (decrease) in net asset value $ 0.27 $ 0.03 $ 0.35 $ 1.59 $ (0.75) ----------------------------------------------------------------------------------------------------------------------------- Net asset value, end of period $ 11.49 $ 11.22 $ 11.19 $ 10.84 $ 9.25 ============================================================================================================================= Total return* 5.98% 3.22% 7.21% 21.58% (5.18)%*** Ratio of net expenses to average net assets 1.00% 1.00% 1.00% 1.00% 1.00%** Ratio of net investment income to average net assets 3.26% 2.94% 3.26% 3.83% 3.23%** Portfolio turnover rate 29% 34% 27% 28% 46%*** Net assets, end of period (in thousands) $ 9,128 $14,830 $ 6,235 $ 5,434 $ 3,628 Ratios with no waiver of fees and assumption of expenses by the Adviser: Total expenses 1.65% 2.07% 2.35% 2.90% 3.16%** Net investment income 2.60% 1.86% 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 each period, reinvestment of all distributions, the complete redemption of the investment at net asset value at the end of each period and no sales charges. Total return would be reduced if sales charges were taken into account. ** Annualized. *** Not annualized. The accompanying notes are an integral part of these financial statements. 48 Pioneer Global Aggregate Bond Fund | Annual Report | 10/31/12
----------------------------------------------------------------------------------------------------------------------------- 12/28/07 (a) Year Year Year Year (Commencement Ended Ended Ended Ended of Operations) 10/31/12 10/31/11 10/31/10 10/31/09 to 10/31/08 ----------------------------------------------------------------------------------------------------------------------------- Class C Net asset value, beginning of period $ 11.23 $ 11.19 $ 10.82 $ 9.23 $ 10.00 ----------------------------------------------------------------------------------------------------------------------------- Increase (decrease) from investment operations: Net investment income $ 0.26 $ 0.24 $ 0.25 $ 0.29 $ 0.18 Net realized and unrealized gain (loss) on investments 0.30 0.02 0.43 1.58 (0.76) ----------------------------------------------------------------------------------------------------------------------------- Net increase (decrease) in net assets from investment operations $ 0.56 $ 0.26 $ 0.68 $ 1.87 $ (0.58) ----------------------------------------------------------------------------------------------------------------------------- Distributions to shareowners: Net investment income (0.26) (0.22) (0.30) (0.28) (0.12) Net realized gain (0.02) -- (0.01) -- (0.02) Tax return of capital -- -- -- -- (0.05) ----------------------------------------------------------------------------------------------------------------------------- Net increase (decrease) in net asset value $ 0.28 $ 0.04 $ 0.37 $ 1.59 $ (0.77) ----------------------------------------------------------------------------------------------------------------------------- Net asset value, end of period $ 11.51 $ 11.23 $ 11.19 $ 10.82 $ 9.23 ============================================================================================================================= Total return* 5.09% 2.39% 6.45% 20.55% (5.95)%*** Ratio of net expenses to average net assets 1.90% 1.90% 1.90% 1.89% 1.90%** Ratio of net investment income to average net assets 2.33% 2.15% 2.37% 2.94% 2.29%** Portfolio turnover rate 29% 34% 27% 28% 46%*** Net assets, end of period (in thousands) $ 4,414 $ 3,555 $ 3,264 $ 3,281 $ 2,471 Ratios with no waiver of fees and assumption of expenses by the Adviser: Total expenses 2.39% 2.94% 3.00% 3.57% 3.84%** Net investment income 1.84% 1.11% 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 each period, reinvestment of all distributions, the complete redemption of the investment at net asset value at the end of each period and no sales charges. Total return would be reduced if sales charges were taken into account. ** Annualized. *** Not annualized. The accompanying notes are an integral part of these financial statements. Pioneer Global Aggregate Bond Fund | Annual Report | 10/31/12 49 Financial Highlights (continued)
----------------------------------------------------------------------------------------------------------------------------- 12/28/07 (a) Year Year Year Year (Commencement Ended Ended Ended Ended of Operations) 10/31/12 10/31/11 10/31/10 10/31/09 to 10/31/08 ----------------------------------------------------------------------------------------------------------------------------- Class Y Net asset value, beginning of period $ 11.30 $ 11.22 $ 10.85 $ 9.25 $ 10.00 ----------------------------------------------------------------------------------------------------------------------------- Increase (decrease) from investment operations: Net investment income $ 0.39 $ 0.35 $ 0.34 $ 0.38 $ 0.27 Net realized and unrealized gain (loss) on investments 0.30 0.05 0.45 1.59 (0.77) ----------------------------------------------------------------------------------------------------------------------------- Net increase (decrease) in net assets from investment operations $ 0.69 $ 0.40 $ 0.79 $ 1.97 $ (0.50) ----------------------------------------------------------------------------------------------------------------------------- Distributions to shareowners: Net investment income (0.38) (0.32) (0.41) (0.37) (0.18) Net realized gain (0.02) -- (0.01) -- (0.02) Tax return of capital -- -- -- -- (0.05) ----------------------------------------------------------------------------------------------------------------------------- Net increase (decrease) in net asset value $ 0.29 $ 0.08 $ 0.37 $ 1.60 $ (0.75) ----------------------------------------------------------------------------------------------------------------------------- Net asset value, end of period $ 11.59 $ 11.30 $ 11.22 $ 10.85 $ 9.25 ============================================================================================================================= Total return* 6.24% 3.66% 7.48% 21.69% (5.12)%*** Ratio of net expenses to average net assets 0.79% 0.82% 0.94% 1.00% 0.89%** Ratio of net investment income to average net assets 3.42% 3.01% 3.31% 3.83% 3.22%** Portfolio turnover rate 29% 34% 27% 28% 46%*** Net assets, end of period (in thousands) $15,297 $11,160 $ 4,205 $ 1,809 $ 1,542 Ratios with no waiver of fees and assumption of expenses by the Adviser: Total expenses 1.18% 1.55% 1.86% 2.48% 2.82%** Net investment income 3.04% 2.28% 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 each period, reinvestment of all distributions and the complete redemption of the investment at net asset value at the end of each period. ** Annualized. *** Not annualized. The accompanying notes are an integral part of these financial statements. 50 Pioneer Global Aggregate Bond Fund | Annual Report | 10/31/12 Notes to Financial Statements | 10/31/12 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. 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: Pioneer Global Aggregate Bond Fund | Annual Report | 10/31/12 51 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. Short-term fixed income securities with remaining maturities of sixty days or less generally are valued at amortized cost. 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. Examples of a significant event might include political or economic news, corporate restructurings, natural disasters, terrorist activity or trading halts. Thus, the valuation of the Fund's securities may differ from exchange prices. At October 31, 2012, 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. 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. 52 Pioneer Global Aggregate Bond Fund | Annual Report | 10/31/12 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). Pioneer Global Aggregate Bond Fund | Annual Report | 10/31/12 53 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. As of October 31, 2012, the Fund did not have any interest and penalties related to unrecognized tax positions, which, if applicable, would be recorded as an income tax expense in the Statement of Operations. Tax years for the prior three fiscal years are subject to examination by federal and state 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, 2012, the Fund reclassified $15,588 to increase distributions in excess of net investment income and $15,588 to increase accumulated net realized gain on investments and foreign currency transactions to reflect permanent book/tax differences. The reclassification has no impact on the net asset value of the Fund and is designed to present the Fund's capital accounts on a tax basis. The tax character of distributions paid during the years ended October 31, 2012 and October 31, 2011 were as follows:
-------------------------------------------------------------------------------- 2012 2011 -------------------------------------------------------------------------------- Distributions paid from: Ordinary income $949,306 $493,109 Long-term capital gain 45,480 -- -------------------------------------------------------------------------------- Total $994,786 $493,109 ================================================================================
The following shows the components of distributable earnings on a federal income tax basis at October 31, 2012:
-------------------------------------------------------------------------------- 2012 -------------------------------------------------------------------------------- Distributable earnings: Undistributed ordinary income $ 136,491 Undistributed long-term gain 131,789 Current year dividend payable (58,473) Unrealized appreciation 1,629,847 -------------------------------------------------------------------------------- Total $1,839,654 ================================================================================
54 Pioneer Global Aggregate Bond Fund | Annual Report | 10/31/12 The difference between book-basis and tax-basis net unrealized appreciation is attributable to the mark to market on forward foreign currency and futures contracts and interest accruals on preferred stock. E. Fund Shares The Fund records sales and repurchases of its shares as of trade date. Pioneer Funds Distributor, Inc. (PFD), the principal underwriter for the Fund and a wholly-owned indirect subsidiary of UniCredit S.p.A. (UniCredit), earned $2,114 in underwriting commissions on the sale of Class A shares during the year ended October 31, 2012. 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 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. Risks At times, the Fund's investments may represent industries or industry sectors that are interrelated or have common risks, making the Fund more susceptible to any economic, political, or regulatory developments or other risks affecting those industries and sectors. The Fund's investments in foreign markets and countries with limited developing markets may subject the Fund to a greater degree of risk than investments in a developed market. These risks include disruptive political or economic conditions and the imposition of adverse governmental laws or currency exchange restrictions. The Fund's prospectus contains unaudited information regarding the Fund's principal risks. Please refer to that document when considering the Fund's principal risks. Pioneer Global Aggregate Bond Fund | Annual Report | 10/31/12 55 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. H. Securities Lending The Fund may lend 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. At October 31, 2012, the Fund had no securities on loan. I. 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 56 Pioneer Global Aggregate Bond Fund | Annual Report | 10/31/12 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. During the year ended October 31, 2012, the Fund had 7 outstanding futures contracts. At October 31, 2012, open futures contracts were as follows
-------------------------------------------------------------------------------- Number of Contracts Settlement Unrealized Type Long/(Short) Month Value Loss -------------------------------------------------------------------------------- US 10 Yr Note (CBT) 6 12/12 $798,188 $(2,391) US Long Bond (CBT) 1 12/12 $149,312 $ (156) -------------------------------------------------------------------------------- Total 7 $947,500 $(2,547) ================================================================================
J. 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%, 1.90% and 0.75% of the average daily net assets attributable to Class A, Class C and Class Y shares, respectively. Fees waived and expenses reimbursed during the year ended October 31, 2012 are reflected on the Statement of Operations. These expense limitations are in effect through March 1, 2014. 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 | 10/31/12 57 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 $14,623 in management fees, administrative costs and certain other reimbursements payable to PIM at October 31, 2012. Effective March 5, 2012, PIM has retained Brown Brothers Harriman & Co. to provide certain sub-administration and accounting services to the fund. 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, 2012, such out-of-pocket expenses by class of shares were as follows:
-------------------------------------------------------------------------------- Shareholder Communications: -------------------------------------------------------------------------------- Class A $10,224 Class C 2,934 Class Y 1,242 -------------------------------------------------------------------------------- Total $14,400 ================================================================================
Included in "Due to affiliates" reflected on the Statement of Assets and Liabilities is $8,001 in transfer agent fees and out-of-pocket reimbursements payable to PIMSS at October 31, 2012. 4. Distribution Plan The Fund has adopted a Distribution Plan pursuant to Rule 12b-1 of the Invest- ment 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 $350 in distribution fees payable to PFD at October 31, 2012. Pioneer Global Aggregate Bond Fund | Annual Report | 10/31/12 58 In addition, redemptions of each class of shares (except Class Y shares) may be subject to a contingent deferred sales charge (CDSC). A CDSC of 1.00% may be imposed on redemptions of certain net asset value purchases of Class A shares within 12 months of purchase. Redemptions of Class C shares within 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 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, 2012, CDSCs in the amount of $705 were paid to PFD. 5. Expense Offset Arrangements The Fund has entered into certain expense offset arrangements with PIMSS which may result in a reduction in the Fund's total expenses due to interest earned on cash held by PIMSS. For the year ended October 31, 2012, the Fund's expenses were not reduced under such arrangements. 6. Forward Foreign Currency Contracts At October 31, 2012, 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, 2012 was $773,608. Open portfolio hedges at October 31, 2012 were as follows:
-------------------------------------------------------------------------------------------------- Net Contracts to In Exchange Settlement Unrealized Currency deliver For USD Date Value Gain (Loss) -------------------------------------------------------------------------------------------------- AUD (Australian Dollar) (130,000) $ (135,294) 11/19/12 $(134,720) $ 574 NOK (Norwegian Krone) 800,000 139,727 12/14/12 140,120 393 INR (Indian Rupee) 3,900,000 70,295 3/15/13 70,796 501 RUB (Russian Ruble) 2,200,000 70,153 3/15/13 68,637 (1,516) MYR (Malaysian Ringgit) 440,000 143,043 11/16/12 144,293 1,250 RUB (Russian Ruble) 6,600,000 205,569 3/15/13 205,913 344 -------------------------------------------------------------------------------------------------- Total $ 1,546 --------------------------------------------------------------------------------------------------
Pioneer Global Aggregate Bond Fund | Annual Report | 10/31/12 59 7. Additional Disclosures about Derivative Instruments and Hedging Activities Values of derivative instruments as of October 31, 2012 were as follows:
----------------------------------------------------------------------------------------------- Derivatives not accounted for as hedging instruments Asset Derivatives 2012 Liabilities Derivatives 2012 under Accounting -------------------------- ---------------------------- Standards Codification Statement of Assets Statement of Assets (ASC) 815 and Liabilities and Liabilities Location Value Location Value ----------------------------------------------------------------------------------------------- Unrealized gain/loss on Forward Foreign Currency Portfolio Hedge Contracts Receivables $ 1,546 Payables $ -- Interest Rate Net Assets - Net Assets - Futures* Unrealized Unrealized Appreciation $ -- Depreciation $ (2,547) ----------------------------------------------------------------------------------------------- Total $ 1,546 $ (2,547) ===============================================================================================
* Reflects unrealized appreciation/depreciation on futures contracts (See Note 1I). The current day's variation margin is separately disclosed on the Statement of Assets and Liabilities. The effect of derivative instruments on the Statement of Operations for the year ended October 31, 2012 was as follows:
----------------------------------------------------------------------------------------------- Change in Derivatives not Realized Unrealized accounted for as Gain or Gain or hedging instruments (Loss) on (Loss) on under Accounting Location of Gain or (Loss) Derivatives Derivatives Standards Codification On Derivatives Recognized Recognized Recognized (ASC) 185 in Income in Income in Income ----------------------------------------------------------------------------------------------- Forward Foreign Net realized gain (loss) on forward $30,122 Currency Portfolio foreign currency contracts and other Hedge Contracts assets and liabilities denominated in foreign currencies Forward Foreign Change in unrealized gain (loss) on $ 1,546 Currency Portfolio forward foreign currency contracts Hedge Contracts and other assets and liabilities denominated in foreign currencies Forward Foreign Change in unrealized gain (loss) on Currency Settlement forward foreign currency contracts and Hedge Contracts other assets and liabilities denominated in foreign currencies $ (3,583) Forward Foreign Net realized loss on forward foreign Currency Settlement currency contracts and other assets Hedge Contracts and liabilities denominated in foreign currencies $(2,481) Futures Contracts Change in net unrealized gain (loss) on futures contracts $ (2,547)
60 Pioneer Global Aggregate Bond Fund | Annual Report | 10/31/12 8. Line of Credit Facility The Fund, along with certain other funds in the Pioneer Family of Funds (the Funds), participates in a committed, unsecured revolving line of credit facility. Borrowings are used solely for temporary or emergency purposes. The Fund may borrow up to the lesser of the amount available under the facility or the limits set for borrowing by the Fund's prospectus and the 1940 Act. The credit facility in effect until January 20, 2012 was in the amount of $165 million. Under such facility, interest on borrowings was 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 credit facility in effect as of February 15, 2012 is in the amount of $215 million. Under such facility, depending on the type of loan, interest on borrowings is payable at LIBOR plus 0.90% on an annualized basis, or the Alternate Base Rate, which is the greater of (a) the facility's administrative agent's daily announced prime rate on the borrowing date, (b) 2% plus the Federal Funds Rate on the borrowing date and (c) 2% plus the overnight Euro dollar rate on the borrowing date. The Funds pay an annual commitment fee to participate in a credit facility. The commitment fee is allocated among participating Funds based on an allocation schedule set forth in the credit agreement. For the year ended October 31, 2012, the Fund had no borrowings under a credit facility. Pioneer Global Aggregate Bond Fund | Annual Report | 10/31/12 61 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, including the schedule of investments, of Pioneer Global Aggregate Bond Fund (the "Fund") (one of the portfolios constituting the Pioneer Series Trust VII), as of October 31, 2012, 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, 2012, by correspondence with the custodian and brokers. 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, 2012, 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 indi- cated therein, in conformity with U.S. generally accepted accounting principles. /S/ Ernst & Young LLP Boston, Massachusetts December 28, 2012 62 Pioneer Global Aggregate Bond Fund | Annual Report | 10/31/12 Trustees, Officers and Service Providers Investment Adviser Pioneer Investment Management, Inc. Custodian and Sub-Administrator 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 us.pioneerinvestments.com. This information is also available on the Securities and Exchange Commission's web site at www.sec.gov. Trustees and Officers The Fund's Trustees and Officers are listed on the following pages, 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 serves as a trustee of each of the 56 U.S. registered investment portfolios for which Pioneer serves as investment adviser (the "Pioneer Funds"). 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 | 10/31/12 63 Independent Trustees
-------------------------------------------------------------------------------------------------------------------------- Name, Age and Position Term of Office and Other Directorships Held with the Fund Length of Service Principal Occupation Held by Trustee -------------------------------------------------------------------------------------------------------------------------- Thomas J. Perna (61) Trustee since Chairman and Chief Executive Officer, Director, Broadridge Financial Chairman of the Board 2007. Serves Quadriserv, Inc. (technology products for Solutions, Inc. (investor and Trustee until a successor securities lending industry) (2008 - communications and securities trustee is present); private investor (2004 - 2008); processing provider for elected or and Senior Executive Vice President, The financial services industry) earlier Bank of New York (financial and securities (2009 - present); Director, retirement or services) (1986 - 2004) Quadriserv, Inc. (2005 - removal. present); and Commissioner, New Jersey State Civil Service Commission (2011 - present) -------------------------------------------------------------------------------------------------------------------------- David R. Bock (68) Trustee since Managing Partner, Federal City Capital Director of Enterprise Trustee 2007. Serves Advisors (corporate advisory services Community Investment, Inc. until a successor company) (1997 - 2004 and 2008 - present); (privately-held affordable trustee is Interim Chief Executive Officer, Oxford housing finance company) (1985 elected or Analytica, Inc. (privately held research - 2010); Director of Oxford earlier and consulting company) (2010); Executive Analytica, Inc. (2008 - retirement or Vice President and Chief Financial Officer, present); Director of The removal. I-trax, Inc. (publicly traded health care Swiss Helvetia Fund, Inc. services company) (2004 - 2007); and (closed-end fund) (2010 - Executive Vice President and Chief present); and Director of New Financial Officer, Pedestal Inc. York Mortgage Trust (publicly (internet-based mortgage trading company) traded mortgage REIT) (2004 - (2000 - 2002) 2009, 2012 - present) --------------------------------------------------------------------------------------------------------------------------
64 Pioneer Global Aggregate Bond Fund | Annual Report | 10/31/12
-------------------------------------------------------------------------------------------------------------------------- Name, Age and Position Term of Office and Other Directorships Held with the Fund Length of Service Principal Occupation Held by Trustee -------------------------------------------------------------------------------------------------------------------------- Benjamin M. Friedman Trustee since William Joseph Maier Professor of Trustee, Mellon Institutional (67) Trustee 2008. Serves Political Economy, Harvard University Funds Investment Trust and until a successor (1972 - present) Mellon Institutional Funds trustee is Master Portfolio (oversaw 17 elected or portfolios in fund complex) earlier (1989-2008) retirement or removal. -------------------------------------------------------------------------------------------------------------------------- Margaret B.W. Graham Trustee since Founding Director, Vice President and None (65) Trustee 2007. Serves Corporate Secretary, The Winthrop Group, until a successor Inc. (consulting firm) (1982-present); trustee is Desautels Faculty of Management, McGill elected or University (1999 - present); and Manager earlier of Research Operations and Organizational retirement or Learning, Xerox PARC, Xerox's advance removal. research center (1990-1994) -------------------------------------------------------------------------------------------------------------------------- Marguerite A. Piret Trustee since President and Chief Executive Officer, Director of New America High (64) Trustee 2007. Serves Newbury, Piret & Company, Inc. (investment Income Fund, Inc. (closed-end until a successor banking firm) (1981 - present) investment company) (2004 - trustee is present); and member, Board of elected or Governors, Investment Company earlier Institute (2000 - 2006) retirement or removal. -------------------------------------------------------------------------------------------------------------------------- Stephen K. West (83) Trustee since Senior Counsel, Sullivan & Cromwell LLP Director, The Swiss Helvetia Trustee 2007. Serves (law firm) (1998 - present); and Partner, Fund, Inc. (closed-end until a successor Sullivan & Cromwell LLP (prior to 1998) investment company); and trustee is Director, Invesco, Ltd. elected or (formerly AMVESCAP, PLC) earlier (investment manager) retirement or (1997-2005) removal. --------------------------------------------------------------------------------------------------------------------------
Pioneer Global Aggregate Bond Fund | Annual Report | 10/31/12 65 Interested Trustees
-------------------------------------------------------------------------------------------------------------------------- Name, Age and Position Term of Office and Other Directorships Held with the Fund Length of Service Principal Occupation Held by Trustee -------------------------------------------------------------------------------------------------------------------------- John F. Cogan, Jr. Trustee since Non-Executive Chairman and a director of None (86)* 2007. Serves Pioneer Investment Management USA Inc. Trustee, President and until a successor ("PIM-USA"); Chairman and a director of Chief Executive Officer trustee is Pioneer; Chairman and Director of Pioneer of the Fund elected or Institutional Asset Management, Inc. earlier (since 2006); Director of Pioneer retirement or Alternative Investment Management Limited removal. (Dublin) (until October 2011); 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 Nano-C, Inc. (since 2003); Director of Cole Management Inc. (2004 - 2011); Director of Fiduciary Counseling, Inc. (until December 2011); President of all of the Pioneer Funds; and Retired Partner, Wilmer Cutler Pickering Hale and Dorr LLP -------------------------------------------------------------------------------------------------------------------------- Daniel K. Kingsbury Trustee since Director, CEO and President of PIM-USA None (53)* Trustee and 2007. Serves (since February 2007); Director and Executive Vice until a successor President of Pioneer and Pioneer President trustee is Institutional Asset Management, Inc. elected or (since February 2007); Executive Vice earlier President of all of the Pioneer Funds retirement or (since March 2007); Director of PGAM (2007 removal. - 2010); Head of New Europe Division, PGAM (2000 - 2005); 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. 66 Pioneer Global Aggregate Bond Fund | Annual Report | 10/31/12 Fund Officers
-------------------------------------------------------------------------------------------------------------------------- Name, Age and Position Term of Office and Other Directorships Held with the Fund Length of Service Principal Occupation Held by Officer -------------------------------------------------------------------------------------------------------------------------- Christopher J. Kelley Since 2007. Serves Vice President and Associate General None (47) Secretary at the discretion Counsel of Pioneer since January 2008 and of the Board. 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 (51) Since 2010. Serves Fund Governance Director of Pioneer since None Assistant Secretary at the discretion December 2006 and Assistant Secretary of of the Board. 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 (49) Since 2010. Serves Counsel of Pioneer since June 2007 and None Assistant Secretary at the discretion Assistant Secretary of all the Pioneer of the Board. Funds since June 2010; and Vice President and Counsel at State Street Bank from October 2004 to June 2007 -------------------------------------------------------------------------------------------------------------------------- Mark E. Bradley (52) Since 2008. Serves Vice President - Fund Treasury of Pioneer; None Treasurer and Chief at the discretion Treasurer of all of the Pioneer Funds since Financial and of the Board. March 2008; Deputy Treasurer of Pioneer Accounting Officer of from March 2004 to February 2008; and the Fund Assistant Treasurer of all of the Pioneer Funds from March 2004 to February 2008 -------------------------------------------------------------------------------------------------------------------------- Luis I. Presutti (47) Since 2007. Serves Assistant Vice President - Fund Treasury of None Assistant Treasurer at the discretion Pioneer; and Assistant Treasurer of all of of the Board. the Pioneer Funds -------------------------------------------------------------------------------------------------------------------------- Gary Sullivan (54) Since 2007. Serves Fund Accounting Manager - Fund Treasury of None Assistant Treasurer at the discretion Pioneer; and Assistant Treasurer of all of of the Board. the Pioneer Funds --------------------------------------------------------------------------------------------------------------------------
Pioneer Global Aggregate Bond Fund | Annual Report | 10/31/12 67 Fund Officers (continued)
-------------------------------------------------------------------------------------------------------------------------- Name, Age and Position Term of Office and Other Directorships Held with the Fund Length of Service Principal Occupation Held by Officer -------------------------------------------------------------------------------------------------------------------------- David F. Johnson (32) Since 2009. Fund Administration Manager - Fund Treasury None Assistant Treasurer Serves at the of Pioneer since November 2008; Assistant discretion of the Treasurer of all of the Pioneer Funds since Board. January 2009; and Client Service Manager - Institutional Investor Services at State Street Bank from March 2003 to March 2007 -------------------------------------------------------------------------------------------------------------------------- Jean M. Bradley (59) Since 2010. Chief Compliance Officer of Pioneer and of None Chief Compliance Officer Serves at the all the Pioneer Funds since March 2010; discretion of the Director of Adviser and Portfolio Board. Compliance at Pioneer since October 2005; and Senior Compliance Officer for Columbia Management Advisers, Inc. from October 2003 to October 2005 -------------------------------------------------------------------------------------------------------------------------- Kelley O'Donnell (41) Since 2007. Director--Transfer Agency Compliance of None Anti-Money Laundering Serves at the Pioneer and Anti-Money Laundering Officer of Officer discretion of the all the Pioneer Funds since 2006 Board. --------------------------------------------------------------------------------------------------------------------------
68 Pioneer Global Aggregate Bond Fund | Annual Report | 10/31/12 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: us.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 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 Invesments(R) Pioneer Investment Management, Inc. 60 State Street Boston, MA 02109 us.pioneerinvestments.com Securities offered through Pioneer Funds Distributor, Inc. 60 State Street, Boston, MA 02109 Underwriter of Pioneer Mutual Funds, Member SIPC (c) 2012 Pioneer Investments 22520-04-1212 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 (see attachment); (2) Post the text of such code of ethics on its Internet website and disclose, in its most recent report on this Form N-CSR, its Internet address and the fact that it has posted such code of ethics on its Internet website; or (3) Undertake in its most recent report on this Form N-CSR to provide to any person without charge, upon request, a copy of such code of ethics and explain the manner in which such request may be made. See Item 10(2) ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT. (a) (1) Disclose that the registrant's board of trustees has determined that the registrant either: (i) Has at least one audit committee financial expert serving on its audit committee; or (ii) Does not have an audit committee financial expert serving on its audit committee. The registrant's Board of Trustees has determined that the registrant has at least one audit committee financial expert. (2) If the registrant provides the disclosure required by paragraph (a)(1)(i) of this Item, it must disclose the name of the audit committee financial expert and whether that person is "independent." In order to be considered "independent" for purposes of this Item, a member of an audit committee may not, other than in his or her capacity as a member of the audit committee, the board of trustees, or any other board committee: (i) Accept directly or indirectly any consulting, advisory, or other compensatory fee from the issuer; or (ii) Be an "interested person" of the investment company as defined in Section 2(a)(19) of the Act (15 U.S.C. 80a-2(a)(19)). Ms. Marguerite A. Piret, an independent trustee, is such an audit committee financial expert. (3) If the registrant provides the disclosure required by paragraph (a)(1) (ii) of this Item, it must explain why it does not have an audit committee financial expert. Not applicable. ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES. (a) Disclose, under the caption AUDIT FEES, the aggregate fees billed for each of the last two fiscal years for professional services rendered by the principal accountant for the audit of the registrant's annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years. Audit Fees Fees for audit services provided to the Trust, including fees associated with the annual filing of its Form N-1A, totaled approximately $85,352 in 2012 and $85,372 in 2011. (b) Disclose, under the caption AUDIT-RELATED FEES, the aggregate fees billed in each of the last two fiscal years for assurance and related services by the principal accountant that are reasonably related to the performance of the audit of the registrant's financial statements and are not reported under paragraph (a) of this Item. Registrants shall describe the nature of the services comprising the fees disclosed under this category. Audit-Related Fees There were no fees for audit-related services provided to the Fund during the fiscal years ended October 31, 2012 and 2011. (c) Disclose, under the caption TAX FEES, the aggregate fees billed in each of the last two fiscal years for professional services rendered by the principal accountant for tax compliance, tax advice, and tax planning. Registrants shall describe the nature of the services comprising the fees disclosed under this category. Tax Fees Fees for tax compliance services, primarily for tax returns, totaled approximately $16,580 for 2012 and $16,580 for 2011. (d) Disclose, under the caption ALL OTHER FEES, the aggregate fees billed in each of the last two fiscal years for products and services provided by the principal accountant, other than the services reported in paragraphs (a) through (c) of this Item. Registrants shall describe the nature of the services comprising the fees disclosed under this category. Other Fees There were no fees for other services provided to the Fund during the fiscal years ended October 31, 2012 and 2011. (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. Non-Audit Services Beginning with non-audit service contracts entered into on or after May 6, 2003, the effective date of the new SEC pre-approval rules, the Fund's 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, 2012 and 2011, there were no services provided to an affiliate that required the Fund's 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 2012 and $16,580 in 2011. (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 28, 2012 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 28, 2012 By (Signature and Title)* /s/ Mark Bradley Mark Bradley, Treasurer & Chief Accounting & Financial Officer Date December 28, 2012 * Print the name and title of each signing officer under his or her signature. EX-99 2 ethics.pdf begin 644 ethics.pdf M)5!$1BTQ+C0-)>+CS],-"C(T(#`@;V)J#3P\+TQI;F5AF4@-3`O4')E=B`U M.#@W.2]2;V]T(#(U(#`@4B]);F9O(#(S(#`@4B])1%L\.3(R-T1&.$$Q,C1! 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Cogan, Jr., certify that: 1. I have reviewed this report on Form N-CSR of Pioneer Series Trust VII; 2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; 3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report; 4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have: a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external in accordance with generally accepted accounting principles; c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and 5. The registrant's other certifying officer and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): a) All significant deficiencies in the design or operation of internal controls over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. Date: December 28, 2012 /s/ John F. Cogan, Jr. John F. Cogan, Jr. President CERTIFICATIONS -------------- I, Mark Bradley, certify that: 1. I have reviewed this report on Form N-CSR of Pioneer Series Trust VII; 2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; 3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report; 4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have: a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external in accordance with generally accepted accounting principles; c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and 5. The registrant's other certifying officer and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): a) All significant deficiencies in the design or operation of internal controls over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. Date: December 28, 2012 /s/ Mark Bradley Mark Bradley Treasurer & Chief Accounting & Financial Officer SECTION 906 CERTIFICATION Pursuant to 18 U.S.C. ss. 1350, the undersigned officer of Pioneer Series Trust VII (the "Trust"), hereby certifies, to the best of his knowledge, that the Trust's Report on Form N-CSR for the period ended October 31, 2012 (the "Report") fully complies with the requirements of Section 13 (a) or 15 (d), as applicable, of the Securities Exchange Act of 1934 and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Trust. Dated: December 28, 2012 /s/ John F. Cogan, Jr. John F. Cogan, Jr. President This certification is being furnished solely pursuant to 18 U.S.C. ss. 1350 and is not being filed as part of the Report or a separate disclosure document. A signed original of this written statement required by section 906 has been provided to the Fund and will be retained by the Fund and furnished to the SEC or its staff upon request. SECTION 906 CERTIFICATION Pursuant to 18 U.S.C. ss. 1350, the undersigned officer of Pioneer Series Trust VII (the "Trust"), hereby certifies, to the best of his knowledge, that the Trust's Report on Form N-CSR for the period ended October 31, 2012 (the "Report") fully complies with the requirements of Section 13 (a) or 15 (d), as applicable, of the Securities Exchange Act of 1934 and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Trust. Dated: December 28, 2012 /s/ Mark Bradley Mark Bradley Treasurer & Chief Accounting & Financial Officer This certification is being furnished solely pursuant to 18 U.S.C. ss. 1350 and is not being filed as part of the Report or a separate disclosure document. A signed original of this written statement required by section 906 has been provided to the Fund and will be retained by the Fund and furnished to the SEC or its staff upon request.