N-CSR 1 ncsr.txt OMB APPROVAL OMB Number: 3235-0570 Expires: January 31, 2017 Estimated average burden hours per response.....20.6 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, 2014 through April 30, 2015 Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles. A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget ("OMB") control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. ss. 3507. ITEM 1. REPORTS TO STOCKHOLDERS. Pioneer Global High Yield Fund -------------------------------------------------------------------------------- Semiannual Report | April 30, 2015 -------------------------------------------------------------------------------- Ticker Symbols: Class A PGHYX Class C PGYCX Class Y GHYYX Class Z PGHZX [LOGO] PIONEER Investments(R) visit us: us.pioneerinvestments.com Table of Contents President's Letter 2 Portfolio Management Discussion 4 Portfolio Summary 9 Prices and Distributions 10 Performance Update 11 Comparing Ongoing Fund Expenses 15 Schedule of Investments 17 Financial Statements 47 Notes to Financial Statements 55 Trustees, Officers and Service Providers 67
Pioneer Global High Yield Fund | Semiannual Report | 4/30/15 1 President's Letter Dear Shareowner, At mid-year, economic conditions and government policies around the world are far from homogeneous, and we expect them to continue to diverge. In the United States, an ongoing economic expansion has brought the unemployment rate down to levels where wage growth is likely to accelerate. Economic growth and fiscal austerity have dramatically reduced the Federal budget deficit, while very accommodative Federal Reserve System policies have kept interest rates exceptionally low. In Europe and Japan, cyclical economic recoveries/ expansions appear to be gaining traction, buttressed by aggressive quantitative easing policies of central banks as well as cheaper currencies. China's ongoing transition from an infrastructure investment-driven to a consumer-driven economy and the dramatic decline in the price of oil -- largely a result of U.S. "fracking" -- have benefited some countries while burdening others. On balance, though, the global economic outlook has continued to improve, although economic and geopolitical "storm clouds" remain. Today's market environment presents numerous opportunities as well as challenges for investors. While we believe that the capital markets may already have priced in some recent trends, such as the U.S. dollar's appreciation against a basket of global currencies, it is worth noting that investment risks and opportunities are not always aligned with the economic outlook. Since 1928, Pioneer's investment professionals have focused on identifying and capitalizing on the investment opportunities that present themselves in a variety of ever-changing economic and market conditions, including those we face today, while seeking to limit the risk of the permanent impairment of our clients' capital. Our ongoing goal is to deliver competitive returns consistent with our strategies' stated style and objectives and consistent with our shareholders' expectations over a range of market conditions. We believe our shareowners benefit from the experience and tenure of our investment teams, the insights generated from extensive research resources, and our commitment to prudent risk management. 2 Pioneer Global High Yield Fund | Semiannual Report | 4/30/15 We encourage you to work with your financial advisor to develop an overall investment plan that addresses both your short- and long-term goals, and to implement such a plan in a disciplined manner, as we do when managing the assets our clients have entrusted to us. We greatly appreciate your trust in us in the past and look forward to continuing to serve you in the future. Sincerely, /s/ Lisa M. Jones Lisa M. Jones 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 | Semiannual Report | 4/30/15 3 Portfolio Management Discussion | 4/30/15 Higher-yielding, lower-quality, corporate bonds generated modest performance during the six-month period ended April 30, 2015, as U.S. economic growth appeared to weaken over the second half of the period. In the following interview, Andrew Feltus and Tracy Wright discuss the market environment and the performance of Pioneer Global High Yield Fund during the six-month period. Mr. Feltus, Director of High Yield and Bank Loans, a senior vice president and a portfolio manager at Pioneer, is lead manager of the Fund, and Ms.Wright, a senior vice president and portfolio manager at Pioneer, is the co-manager of the Fund. Together, they are responsible for the day-to-day management of the Fund. Q How did the Fund perform during the six-month period ended April 30, 2015? A Pioneer Global High Yield Fund's Class A shares returned -1.35% at net asset value during the six-month period ended April 30, 2015, while the Fund's benchmarks, the Barclays Global High Yield Index (the Barclays Index) and the Bank of America Merrill Lynch High Yield Master II Index, returned -0.05% and 1.51%, respectively. During the same six-month period, the average return of the 663 mutual funds in Lipper's High Yield Funds category was 1.00%, and the average return of the 781 mutual funds in Morningstar's High Yield Bond Funds category was 1.08%. Q How would you describe the investment environment during the six-month period ended April 30, 2015? A Declining interest rates helped the performance of Treasuries and other higher-quality bonds during the period. However, reports suggesting an apparent weakening of U.S. economic growth in the first quarter of 2015 held back the performance of higher-yielding debt instruments. While U.S. gross domestic product (GDP) grew at an annual rate of 2.2% in the final quarter of 2014, the pace of the economic expansion slowed in the first quarter of 2015 (GDP was initially reported as 0.2% and later revised downward into negative territory). Although the domestic labor market continued to improve, manufacturing output also was disappointing, feeding fears that the economic revival was sputtering. Intermediate- and longer-term U.S. Treasuries, which are less sensitive to the economic cycle, continued to increase in price as interest rates fell over the first quarter of 2015, but credit-sensitive investments, including high-yield corporate bonds, generally underperformed Treasuries, although domestic high-yield corporates managed to generate a modest, positive return during the period. 4 Pioneer Global High Yield Fund | Semiannual Report | 4/30/15 A major event affecting global fixed-income markets during the six-month period was the decision of the European Central Bank (ECB) to implement a policy of quantitative easing (which involves bond purchases) to help support economies in Europe. In turn, the relative performance of European high-yield bonds began to improve as investors, especially in Europe, sought more yield in an environment that featured declining rates on government bonds and investment-grade corporates. The U.S. dollar continued to strengthen in world currency markets, helped by falling oil and commodity prices and the declining interest rates in Europe. In the first quarter of 2015, the emerging markets started to recover, after being hit hard during 2014 by the effects of declining commodity prices and fears of interest-rate increases. Nevertheless, the performance of emerging markets debt continued to lag that of the U.S. high-yield market. Economic growth in China seemed to be stabilizing early in 2015 after decelerating during much of 2014. Q Which factors had the biggest effects on the Fund's benchmark-relative performance during the six-month period ended April 30, 2015? A The main factor holding back the Fund's relative results during the period was disappointing performance from some individual security selections that were made late in 2014 -- despite the noticeable improvement of security selection results during the first four months of 2015. In addition, our de-emphasis of European corporate high-yield bonds in the portfolio did act as a drag on relative performance during the period as European corporates gained value in local markets, the result of investors' search for better yields. In addition, the Fund's short-duration positioning also held back relative returns, somewhat, as longer-maturity securities outperformed in a falling-rate environment. (Duration is a measure of the sensitivity of the price - the value of principal - of a fixed-income investment to a change in interest rates, expressed as a number of years.) The Fund was overweight in bonds issued by energy companies, a group that badly underperformed the market as world oil prices fell during the period. However, the negative effects of the energy overweight were ameliorated by our decision to increase the Fund's exposure to Russian energy companies, which had fallen to relatively cheap prices and offered good relative value. Also helping was our decision to take profits and reduce the Fund's exposure to Argentinian energy companies, which had outperformed earlier in the period. Overall, the biggest factors supporting the Fund's benchmark-relative performance during the period were an overweight position in the U.S. dollar and an underweight to the euro during a time when the U.S. currency gained against most foreign currencies. Pioneer Global High Yield Fund | Semiannual Report | 4/30/15 5 Q What were some of the individual investments that had noticeable effects on the Fund's performance during the six-month period ended April 30, 2015? A Among the more disappointing performers in the Fund's portfolio during the period was an investment in securities of OAS, a Brazilian construction company that became caught up in a political controversy. The Fund's position in the bonds of Towergate Finance, an insurance broker in the United Kingdom, also underperformed when the company defaulted on its debt. A position in securities of Metinvest, a Ukrainian iron company, was hurt both by declines in the price of iron ore and political tensions in the Ukraine. The investment in Metinvest held back the Fund's results before we liquidated the holding. There were several good performers in the Fund's portfolio during the six- month period, including a large position in the debt of Scientific Games International, a manufacturer of gambling machines used in casinos and by lotteries. The company's prospects improved significantly after its acquisition of a competitor. Another outperformer in the portfolio was a bond issued by Berau Resources, an Indonesian coal company that had defaulted on its debt in 2014. The company's debt rebounded early in 2015 when Berau merged with another firm. We subsequently sold the Fund's position. Also helping relative results was an investment in Galicia, an Argentinian banking company that posted good results during the period. Q Did the Fund invest in any derivative securities during the six-month period ended April 30, 2015, and if so, did the investment have any impact on performance? A We did invest in currency forward transactions as part of our policy to overweight the portfolio in the U.S. dollar. The exposure to the transactions had a positive effect on Fund performance as the dollar strengthened during the period. Q What were the principal factors affecting the Fund's yield during the six-month period ended April 30, 2015? A Our primary objective is to seek total return, which is a combination of price changes and yield, rather than focusing strictly on yield. However, as rates declined in the U.S., Europe and the emerging markets during the period, the Fund's yield also declined as older investments in the portfolio either were sold or called away, and we then had to reinvest the Fund's assets at lower interest rates. 6 Pioneer Global High Yield Fund | Semiannual Report | 4/30/15 Q What is your investment outlook? A We retain a positive view of opportunities in credit-sensitive securities, especially in domestic high-yield corporate bonds. The investment fundamentals of corporate debt are strong. Profits have continued to grow, corporate balance sheets have remained solid, and we anticipate that domestic economic growth will accelerate after the disappointing data from the first quarter of 2015, which may have been weather related. The overall credit quality of the high-yield market also looks attractive, and default rates remain below historical averages. However, the yield advantages of lower-quality, more credit-sensitive securities are not as significant as they were in the recent past, and so we continue to be cautious with regard to security selection. European high-yield bonds have begun to improve in performance, and we expect to see better growth trends in the euro zone. As a consequence, we may consider increasing the Fund's exposure to European investments. As we enter the second half of the Fund's fiscal year, the Fund's largest exposure was to U.S. corporate bonds, at nearly 47% of the Fund's total investment portfolio, while international corporate bonds accounted for another 34%. We intend to keep the Fund well diversified*, with exposures to the domestic, emerging and European markets. We also expect to keep the portfolio's duration short, as we continue to expect the U.S. Federal Reserve System to begin tightening monetary policy by raising interest rates late in 2015. The shorter-duration stance, in addition to protecting the value of the portfolio's investments in a rising interest-rate environment, also should give the Fund the flexibility to take advantage of opportunities among higher-yielding securities as they become available. The portfolio's exposures to floating-rate debt, including bank loans and catastrophe bonds, also gives the Fund additional protection as interest rates increase, given that the yields on such securities typically increase in a rising-rate environment. * Diversification does not assure a profit nor protect against loss in a declining market. Pioneer Global High Yield Fund | Semiannual Report | 4/30/15 7 Please refer to the Schedule of Investments on pages 17-46 for a full listing of Fund securities. Investments in high-yield or lower-rated securities are subject to greater-than-average price volatility, illiquidity and possibility of default. When interest rates rise, the prices of fixed-income securities 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. Investing in foreign and/or emerging markets securities involves risks relating to interest rates, currency exchange rates, and economic and political conditions. Prepayment risk is the chance that an issuer may exercise its right to repay its security, if falling interest rates prompt the issuer to do so. Forced to reinvest the unanticipated proceeds at lower interest rates, the Fund would experience a decline in income and lose the opportunity for additional price appreciation. The Fund may invest in mortgage-backed securities, which during times of fluctuating interest rates may increase or decrease more than other fixed-income securities. Mortgage-backed securities are also subject to pre-payments. The Fund may use derivatives, such as options, futures, inverse floating rate obligations, swaps, and others, which can be illiquid, may disproportionately increase losses, and have a potentially large impact on Fund performance. Derivatives may have a leveraging effect on the Fund. At times, the Fund's investments may represent industries or industry sectors that are interrelated or have common risks, making it more susceptible to any economic, political, or regulatory developments or other risks affecting those industries and sectors. These risks may increase share price volatility. Before investing, consider the product's investment objectives, risks, charges and expenses. Contact your advisor or Pioneer Investments for a prospectus or summary prospectus containing this information. Read it carefully. Any information in this shareholder report regarding market or economic trends or the factors influencing the Fund's historical or future performance are statements of opinion as of the date of this report. Past performance is no guarantee of future results. 8 Pioneer Global High Yield Fund | Semiannual Report | 4/30/15 Portfolio Summary | 4/30/15 Portfolio Diversification* -------------------------------------------------------------------------------- (As a percentage of total investment portfolio) [THE FOLLOWING DATA WAS REPRESENTED AS A PIE CHART IN THE PRINTED MATERIAL]
U.S. Corporate Bonds 46.3% International Corporate Bonds 33.1% Foreign Government Bonds 4.7% Senior Secured Loans 4.5% Convertible Corporate Bonds 3.5% Collateralized Mortgage Obligations 1.9% U.S. Preferred Stocks 1.8% International Preferred Stocks 1.2% U.S. Common Stocks 1.0% Asset Backed Securities 1.0% Warrants 0.8% International Common Stocks 0.2%
* Includes investments in Insurance Linked Securities totaling 4.7% of total investment portfolio. Geographical Distribution -------------------------------------------------------------------------------- (As a percentage of long-term holdings) [THE FOLLOWING DATA WAS REPRESENTED AS A BAR CHART IN THE PRINTED MATERIAL]
United States 56.4% Luxembourg 6.0% Mexico 3.9% Bermuda 3.6% Cayman Islands 3.1% Argentina 3.0% Ireland 2.9% Netherlands 2.6% United Kingdom 2.6% Canada 2.3% Peru 1.7% Supranational 1.3% Australia 1.0% Other (individually less than 1%) 9.6%
10 Largest Holdings -------------------------------------------------------------------------------- (As a percentage of total long-term holdings)**
1. Scientific Games International, Inc., 10.0%, 12/1/22 (144A) 1.33% --------------------------------------------------------------------------------- 2. EP Energy LLC, 9.375%, 5/1/20 1.23 --------------------------------------------------------------------------------- 3. Mexican Udibonos, 2.0%, 6/9/22 1.21 --------------------------------------------------------------------------------- 4. Minerva Luxembourg SA, 7.75%, 1/31/23 (144A) 1.16 --------------------------------------------------------------------------------- 5. Marfrig Overseas, Ltd., 9.5%, 5/4/20 (144A) 1.01 --------------------------------------------------------------------------------- 6. Frontier Communications Corp., 8.75%, 4/15/22 0.95 --------------------------------------------------------------------------------- 7. Corp Pesquera Inca SAC, 9.0%, 2/10/17 (144A) 0.82 --------------------------------------------------------------------------------- 8. Lantheus Medical Imaging, Inc., 9.75%, 5/15/17 0.80 --------------------------------------------------------------------------------- 9. GMAC Capital Trust I, Floating Rate Note, 2/15/40 0.79 --------------------------------------------------------------------------------- 10. Rain CII Carbon LLC, 8.0%, 12/1/18 (144A) 0.77 ---------------------------------------------------------------------------------
** 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 | Semiannual Report | 4/30/15 9 Prices and Distributions | 4/30/15
Net Asset Value per Share -------------------------------------------------------------------------------- Class 4/30/15 10/31/14 -------------------------------------------------------------------------------- A $9.37 $ 9.79 -------------------------------------------------------------------------------- C $9.35 $ 9.76 -------------------------------------------------------------------------------- Y $9.21 $ 9.62 -------------------------------------------------------------------------------- Z $9.64 $10.07 --------------------------------------------------------------------------------
Distributions per Share: 11/1/14-4/30/15 --------------------------------------------------------------------------------
-------------------------------------------------------------------------------- Short-Term Long-Term Class Dividends Capital Gains Capital Gains -------------------------------------------------------------------------------- A $0.2820 $-- $-- -------------------------------------------------------------------------------- C $0.2488 $-- $-- -------------------------------------------------------------------------------- Y $0.2916 $-- $-- -------------------------------------------------------------------------------- Z $0.2978 $-- $-- --------------------------------------------------------------------------------
Index Definitions -------------------------------------------------------------------------------- The Barclays Global High Yield Index is an unmanaged index that provides a broad-based measure of the global high-yield fixed-income markets. The index represents the union of the Barclays U.S. High-Yield, Barclays Pan-European High-Yield, Barclays U.S. Emerging Markets High-Yield, and Barclays Pan- European Emerging Markets High-Yield Indices. The BofA ML High Yield Master II Index is an unmanaged, commonly accepted measure of the performance of high-yield securities. Index returns are calculated monthly, assume reinvestment of dividends and, unlike Fund returns, do not reflect any fees, expenses or sales charges. It is not possible to invest directly in an index. The indices defined here pertain to the "Value of $10,000 Investment" and "Value of $5 Million Investment" charts appearing on pages 11-14. 10 Pioneer Global High Yield Fund | Semiannual Report | 4/30/15 Performance Update | 4/30/15 Class A Shares Investment Returns -------------------------------------------------------------------------------- The mountain chart on the right shows the change in value of a $10,000 investment made in Class A shares of Pioneer Global High Yield Fund at public offering price during the periods shown, compared to that of the Bank of America (BofA) Merrill Lynch (ML) High Yield Master II Index and the Barclays Global High Yield Index.
Average Annual Total Returns (As of April 30, 2015) -------------------------------------------------------------------------------- BofA ML Barclays Net Public High Global Asset Offering Yield High Value Price Master Yield Period (NAV) (POP) II Index Index -------------------------------------------------------------------------------- 10 Years 6.32% 5.83% 8.28% 8.53% 5 Years 5.55 4.58 8.18 8.02 1 Year (1.83) (6.27) 2.57 (0.81) -------------------------------------------------------------------------------- Expense Ratio (Per prospectus dated March 1, 2015) -------------------------------------------------------------------------------- Gross -------------------------------------------------------------------------------- 1.13% --------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL] Value of $10,000 Investment
Pioneer Global BofA ML High Yield Barclays Global High Yield Fund Master II Index High Yield Index 4/30/2005 $ 9,550 $10,000 $10,000 4/30/2006 $10,655 $10,907 $11,054 4/30/2007 $12,108 $12,260 $12,519 4/30/2008 $11,743 $12,159 $12,574 4/30/2009 $ 8,319 $10,373 $10,367 4/30/2010 $13,456 $14,958 $15,422 4/30/2011 $15,511 $16,954 $17,743 4/30/2012 $15,293 $17,827 $18,532 4/30/2013 $17,270 $20,330 $21,288 4/30/2014 $17,953 $21,610 $22,866 4/30/2015 $17,624 $22,165 $22,681
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 | Semiannual Report | 4/30/15 11 Performance Update | 4/30/15 Class C Shares Investment Returns -------------------------------------------------------------------------------- The mountain chart on the right shows the change in value of a $10,000 investment made in Class C shares of Pioneer Global High Yield Fund during the periods shown, compared to that of the Bank of America (BofA) Merrill Lynch (ML) High Yield Master II Index and the Barclays Global High Yield Index.
Average Annual Total Returns (As of April 30, 2015) -------------------------------------------------------------------------------- BofA ML Barclays High Global Yield High If If Master Yield Period Held Redeemed II Index Index -------------------------------------------------------------------------------- 10 Years 5.58% 5.58% 8.28% 8.53% 5 Years 4.86 4.86 8.18 8.02 1 Year (2.44) (2.44) 2.57 (0.81) -------------------------------------------------------------------------------- Expense Ratio (Per prospectus dated March 1, 2015) -------------------------------------------------------------------------------- Gross -------------------------------------------------------------------------------- 1.83% --------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL] Value of $10,000 Investment
Pioneer Global BofA ML High Yield Barclays Global High Yield Fund Master II Index High Yield Index 4/30/2005 $10,000 $10,000 $10,000 4/30/2006 $11,077 $10,907 $11,054 4/30/2007 $12,487 $12,260 $12,519 4/30/2008 $12,022 $12,159 $12,574 4/30/2009 $ 8,444 $10,373 $10,367 4/30/2010 $13,574 $14,958 $15,422 4/30/2011 $15,542 $16,954 $17,743 4/30/2012 $15,245 $17,827 $18,532 4/30/2013 $17,088 $20,330 $21,288 4/30/2014 $17,638 $21,610 $22,866 4/30/2015 $17,208 $22,165 $22,681
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 performance table and graph do not reflect the deduction of fees and taxes that a shareowner would pay on Fund distributions or the redemption of Fund shares. 12 Pioneer Global High Yield Fund | Semiannual Report | 4/30/15 Performance Update | 4/30/15 Class Y Shares Investment Returns -------------------------------------------------------------------------------- The mountain chart on the right shows the change in value of a $5 million investment made in Class Y shares of Pioneer Global High Yield Fund during the periods shown, compared to that of the Bank of America (BofA) Merrill Lynch (ML) High Yield Master II Index and the Barclays Global High Yield Index.
Average Annual Total Returns (As of April 30, 2015) -------------------------------------------------------------------------------- BofA ML Barclays Net High Global Asset Yield High Value Master Yield Period (NAV) II Index Index -------------------------------------------------------------------------------- 10 Years 6.45% 8.28% 8.53% 5 Years 5.85 8.18 8.02 1 Year (1.57) 2.57 (0.81) -------------------------------------------------------------------------------- Expense Ratio (Per prospectus dated March 1, 2015) -------------------------------------------------------------------------------- Gross -------------------------------------------------------------------------------- 0.84% --------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL] Value of $5 Million Investment
Pioneer Global BofA ML High Yield Barclays Global High Yield Fund Master II Index High Yield Index 4/30/2005 $5,000,000 $ 5,000,000 $ 5,000,000 4/30/2006 $5,483,695 $ 5,453,300 $ 5,526,771 4/30/2007 $6,251,495 $ 6,130,193 $ 6,259,634 4/30/2008 $6,099,415 $ 6,079,455 $ 6,287,044 4/30/2009 $4,342,404 $ 5,186,417 $ 5,318,617 4/30/2010 $7,034,728 $ 7,479,018 $ 7,710,934 4/30/2011 $8,119,420 $ 8,477,088 $ 8,871,540 4/30/2012 $8,036,502 $ 8,913,557 $ 9,265,895 4/30/2013 $9,102,594 $10,164,992 $10,644,136 4/30/2014 $9,495,054 $10,804,993 $11,432,956 4/30/2015 $9,346,022 $11,082,270 $11,340,626
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, is the net asset value 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. For the period beginning December 28, 2005, the actual performance of Class Y shares is reflected. Class Y shares are not subject to sales charges and are available for limited groups of eligible investors, including institutional investors. All results are historical and assume the reinvestment of dividends and capital gains. Other share classes are available for which performance and expenses will differ. Performance results reflect any applicable expense waivers in effect during the periods shown. Without such waivers Fund performance would be lower. Waivers may not be in effect for all funds. Certain fee waivers are contractual through a specified period. Otherwise, fee waivers can be rescinded at any time. See the prospectus and financial statements for more information. The performance table and graph do not reflect the deduction of fees and taxes that a shareowner would pay on Fund distributions or the redemption of Fund shares. Pioneer Global High Yield Fund | Semiannual Report | 4/30/15 13 Performance Update | 4/30/15 Class Z Shares Investment Returns -------------------------------------------------------------------------------- The mountain chart on the right shows the change in value of a $10,000 investment made in Class Z shares of Pioneer Global High Yield Fund during the periods shown, compared to that of the Bank of America (BofA) Merrill Lynch (ML) High Yield Master II Index and the Barclays Global High Yield Index.
Average Annual Total Returns (As of April 30, 2015) -------------------------------------------------------------------------------- BofA ML Barclays Net High Global Asset Yield High Value Master Yield Period (NAV) II Index Index -------------------------------------------------------------------------------- 10 Years 6.82% 8.28% 8.53% 5 Years 5.77 8.18 8.02 1 Year (1.61) 2.57 (0.81) -------------------------------------------------------------------------------- Expense Ratio (Per prospectus dated March 1, 2015) -------------------------------------------------------------------------------- Gross -------------------------------------------------------------------------------- 0.90% --------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL] Value of $10,000 Investment
Pioneer Global BofA ML High Yield Barclays Global High Yield Fund Master II Index High Yield Index 4/30/2005 $10,000 $10,000 $10,000 4/30/2006 $11,160 $10,907 $11,054 4/30/2007 $12,681 $12,260 $12,519 4/30/2008 $12,436 $12,159 $12,574 4/30/2009 $ 9,026 $10,373 $10,367 4/30/2010 $14,606 $14,958 $15,422 4/30/2011 $16,904 $16,954 $17,743 4/30/2012 $16,673 $17,827 $18,532 4/30/2013 $18,868 $20,330 $21,288 4/30/2014 $19,655 $21,610 $22,866 4/30/2015 $19,337 $22,165 $22,681
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, is the net asset value 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. For the period beginning July 6, 2007, the actual performance of Class Z shares is reflected. 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. 14 Pioneer Global High Yield Fund | Semiannual Report | 4/30/15 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 November 1, 2014, through April 30, 2015.
-------------------------------------------------------------------------------- Share Class A C Y Z -------------------------------------------------------------------------------- Beginning Account $1,000.00 $1,000.00 $1,000.00 $1,000.00 Value on 11/1/14 -------------------------------------------------------------------------------- Ending Account $ 986.50 $ 984.00 $ 988.30 $ 987.50 Value (after expenses) on 4/30/15 -------------------------------------------------------------------------------- Expenses Paid $ 5.61 $ 9.15 $ 4.19 $ 4.83 During Period* --------------------------------------------------------------------------------
* Expenses are equal to the Fund's annualized net expense ratio of 1.14%, 1.86%, 0.85%, and 0.98% for Class A, Class C, Class Y and Class Z shares, respectively, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period). Pioneer Global High Yield Fund | Semiannual Report | 4/30/15 15 Hypothetical Example for Comparison Purposes The table below provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. Please note that the expenses shown in the tables are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as sales charges (loads) that are charged at the time of the transaction. Therefore, the table below is useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher. Expenses Paid on a $1,000 Investment in Pioneer Global High Yield Fund Based on a hypothetical 5% return per year before expenses, reflecting the period from November 1, 2014, through April 30, 2015.
-------------------------------------------------------------------------------- Share Class A C Y Z -------------------------------------------------------------------------------- Beginning Account $1,000.00 $1,000.00 $1,000.00 $1,000.00 Value on 11/1/14 -------------------------------------------------------------------------------- Ending Account $1,019.14 $1,015.57 $1,020.58 $1,019.93 Value (after expenses) on 4/30/15 -------------------------------------------------------------------------------- Expenses Paid $ 5.71 $ 9.30 $ 4.26 $ 4.91 During Period* --------------------------------------------------------------------------------
* Expenses are equal to the Fund's annualized net expense ratio of 1.14%, 1.86%, 0.85%, and 0.98% for Class A, Class C, Class Y and Class Z shares, respectively, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period). 16 Pioneer Global High Yield Fund | Semiannual Report | 4/30/15 Schedule of Investments | 4/30/15 (unaudited)
----------------------------------------------------------------------------------------------------- Floating Principal Rate (b) Amount ($) (unaudited) Value ----------------------------------------------------------------------------------------------------- CONVERTIBLE CORPORATE BONDS -- 3.7% ENERGY -- 0.8% Integrated Oil & Gas -- 0.1% 2,770,000 American Energy -- Utica LLC, 3.5% (3.50% Cash, 0.00% PIK), 3/1/21 (144A) (PIK) $ 1,315,750 ----------------------------------------------------------------------------------------------------- Oil & Gas Exploration & Production -- 0.6% 5,335,000 Cobalt International Energy, Inc., 2.625%, 12/1/19 $ 4,094,612 2,430,000 Energy XXI, Ltd., 3.0%, 12/15/18 902,138 2,585,000 Whiting Petroleum Corp., 1.25%, 4/1/20 (144A) 3,079,381 ----------------- $ 8,076,131 ----------------------------------------------------------------------------------------------------- Oil & Gas Storage & Transportation -- 0.1% 800,000 Golar LNG, Ltd., 3.75%, 3/7/17 $ 864,880 ----------------- Total Energy $ 10,256,761 ----------------------------------------------------------------------------------------------------- MATERIALS -- 0.8% Construction Materials -- 0.6% 7,125,000 Cemex SAB de CV, 3.72%, 3/15/20 (144A) $ 7,757,344 ----------------------------------------------------------------------------------------------------- Diversified Metals & Mining -- 0.2% 3,545,787 Mirabela Nickel, Ltd., 9.5%, 6/24/19 (144A) (0.0% cash, 9.5% PIK) (PIK) $ 2,517,509 ----------------------------------------------------------------------------------------------------- Steel -- 0.0%+ EURO 237,096 New World Resources NV, 4.0%, 10/7/20 (144A) (4.0% cash, 8.0% PIK) (PIK) (e) $ 66,648 ----------------- Total Materials $ 10,341,501 ----------------------------------------------------------------------------------------------------- CAPITAL GOODS -- 0.1% Electrical Components & Equipment -- 0.1% 1,250,000 General Cable Corp., 4.5%, 11/15/29 (Step) $ 952,344 ----------------- Total Capital Goods $ 952,344 ----------------------------------------------------------------------------------------------------- CONSUMER DURABLES & APPAREL -- 0.4% Homebuilding -- 0.4% 4,640,000 KB Home, 1.375%, 2/1/19 $ 4,425,400 ----------------- Total Consumer Durables & Apparel $ 4,425,400 ----------------------------------------------------------------------------------------------------- PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES -- 0.1% Biotechnology -- 0.1% 775,000 ARIAD Pharmaceuticals, Inc., 3.625%, 6/15/19 (144A) $ 918,375 ----------------- Total Pharmaceuticals, Biotechnology & Life Sciences $ 918,375 -----------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements. Pioneer Global High Yield Fund | Semiannual Report | 4/30/15 17 Schedule of Investments | 4/30/15 (unaudited) (continued)
----------------------------------------------------------------------------------------------------- Floating Principal Rate (b) Amount ($) (unaudited) Value ----------------------------------------------------------------------------------------------------- SOFTWARE & SERVICES -- 1.2% Internet Software & Services -- 0.6% 3,750,000 WebMD Health Corp., 1.5%, 12/1/20 $ 4,103,362 3,485,000 WebMD Health Corp., 2.5%, 1/31/18 3,548,166 ----------------- $ 7,651,528 ----------------------------------------------------------------------------------------------------- Application Software -- 0.6% 1,945,000 Citrix Systems, Inc., 0.5%, 4/15/19 (144A) $ 2,066,562 1,025,000 Mentor Graphics Corp., 4.0%, 4/1/31 1,285,094 3,140,000 Nuance Communications, Inc., 2.75%, 11/1/31 3,130,188 ----------------- $ 6,481,844 ----------------- Total Software & Services $ 14,133,372 ----------------------------------------------------------------------------------------------------- TECHNOLOGY HARDWARE & EQUIPMENT -- 0.1% Electronic Components -- 0.1% 1,605,000 Vishay Intertechnology, Inc., 2.25%, 5/15/41 $ 1,299,047 ----------------- Total Technology Hardware & Equipment $ 1,299,047 ----------------------------------------------------------------------------------------------------- SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT -- 0.0%+ Semiconductors -- 0.0%+ 535,000 Suntech Power Holdings Co., Ltd., 3.0%, 3/15/13 (d) $ 669 ----------------- Total Semiconductors & Semiconductor Equipment $ 669 ----------------------------------------------------------------------------------------------------- UTILITIES -- 0.2% Independent Power Producers & Energy Traders -- 0.2% 2,290,000 SunPower Corp., 0.875%, 6/1/21 (144A) $ 2,322,919 ----------------- Total Utilities $ 2,322,919 ----------------------------------------------------------------------------------------------------- TOTAL CONVERTIBLE CORPORATE BONDS (Cost $48,757,640) $ 44,650,388 ----------------------------------------------------------------------------------------------------- PREFERRED STOCKS -- 2.9% ENERGY -- 0.1% Oil & Gas Storage & Transportation -- 0.1% 38,684 7.62 NuStar Logistics LP, Floating Rate Note, 1/15/43 $ 1,010,426 ----------------- Total Energy $ 1,010,426 ----------------------------------------------------------------------------------------------------- TRANSPORTATION -- 0.2% Air Freight & Logistics -- 0.2% 3,428 CEVA Group Plc, 12/31/14* (c) $ 2,571,128 ----------------- Total Transportation $ 2,571,128 -----------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements. 18 Pioneer Global High Yield Fund | Semiannual Report | 4/30/15
----------------------------------------------------------------------------------------------------- Floating Principal Rate (b) Amount ($) (unaudited) Value ----------------------------------------------------------------------------------------------------- BANKS -- 0.4% Diversified Banks -- 0.4% 160,000 7.12 Citigroup, Inc., Floating Rate Note (Perpetual) $ 4,438,400 ----------------- Total Banks $ 4,438,400 ----------------------------------------------------------------------------------------------------- DIVERSIFIED FINANCIALS -- 0.9% Consumer Finance -- 0.9% 1,550 Ally Financial, Inc., 7.0% (Perpetual) (144A) $ 1,587,006 355,600 8.12 GMAC Capital Trust I, Floating Rate Note, 2/15/40 9,345,168 ----------------- $ 10,932,174 ----------------- Total Diversified Financials $ 10,932,174 ----------------------------------------------------------------------------------------------------- INSURANCE -- 1.0% Insurance Brokers -- 0.6% GBP 4,613,242 Towergate Finance Plc (Class B) (d) (e) $ 6,837,517 ----------------------------------------------------------------------------------------------------- Reinsurance -- 0.4% 33,500 Lorenz Re, Ltd. (Perpetual)* (c) $ 83,750 4,070,000 Pangaea Re., 7/1/18 (c) 4,472,523 ----------------- $ 4,556,273 ----------------- Total Insurance $ 11,393,790 ----------------------------------------------------------------------------------------------------- UTILITIES -- 0.4% Electric Utilities -- 0.4% 212,000 PPL Capital Funding, Inc., 5.9%, 4/30/73 $ 5,327,560 ----------------- Total Utilities $ 5,327,560 ----------------------------------------------------------------------------------------------------- TOTAL PREFERRED STOCKS (Cost $34,852,840) $ 35,673,478 ----------------------------------------------------------------------------------------------------- CONVERTIBLE PREFERRED STOCKS -- 0.1% ENERGY -- 0.1% Oil & Gas Exploration & Production -- 0.1% 16,300 Penn Virginia Corp., 6.0% (Perpetual) (144A) $ 1,035,865 ----------------- Total Energy $ 1,035,865 ----------------------------------------------------------------------------------------------------- TOTAL CONVERTIBLE PREFERRED STOCKS (Cost $1,630,000) $ 1,035,865 ----------------------------------------------------------------------------------------------------- ----------------------------------------------------------------------------------------------------- Shares ----------------------------------------------------------------------------------------------------- COMMON STOCKS -- 1.4% ENERGY -- 0.3% Oil & Gas Exploration & Production -- 0.3% 2,316,568 Halcon Resources Corp.* $ 3,451,686 ----------------- Total Energy $ 3,451,686 -----------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements. Pioneer Global High Yield Fund | Semiannual Report | 4/30/15 19 Schedule of Investments | 4/30/15 (unaudited) (continued)
----------------------------------------------------------------------------------------------------- Shares Value ----------------------------------------------------------------------------------------------------- MATERIALS -- 0.3% Diversified Metals & Mining -- 0.3% 45,168 Freeport-McMoRan, Inc. $ 1,051,059 20,863,302 Mirabela Nickel, Ltd.* 2,227,887 ----------------- $ 3,278,946 ----------------- Total Materials $ 3,278,946 ----------------------------------------------------------------------------------------------------- CAPITAL GOODS -- 0.1% Construction & Engineering -- 0.1% 161,215 Newhall Land Development LLC* $ 564,252 ----------------------------------------------------------------------------------------------------- Industrial Machinery -- 0.0%+ 156,027 Liberty Tire Reclycling LLC (e) $ 1,560 ----------------- Total Capital Goods $ 565,812 ----------------------------------------------------------------------------------------------------- COMMERCIAL SERVICES & SUPPLIES -- 0.0%+ Diversified Support Services -- 0.0%+ 63 IAP Worldwide Services, Inc. $ 48,767 ----------------- Total Commercial Services & Supplies $ 48,767 ----------------------------------------------------------------------------------------------------- TRANSPORTATION -- 0.2% Air Freight & Logistics -- 0.1% 1,584 CEVA Group Plc* $ 1,187,738 ----------------------------------------------------------------------------------------------------- Marine -- 0.1% 2,370,345 Horizon Lines, Inc.* $ 1,659,242 ----------------- Total Transportation $ 2,846,980 ----------------------------------------------------------------------------------------------------- AUTOMOBILES & COMPONENTS -- 0.4% Automobile Manufacturers -- 0.4% 335,730 Ford Motor Co. $ 5,304,534 ----------------- Total Automobiles & Components $ 5,304,534 ----------------------------------------------------------------------------------------------------- CONSUMER SERVICES -- 0.0%+ Education Services -- 0.0%+ 11,492 Cengage Learning Holdings II LP $ 291,610 ----------------- Total Consumer Services $ 291,610 ----------------------------------------------------------------------------------------------------- DIVERSIFIED FINANCIALS -- 0.1% Specialized Finance -- 0.1% 894 Panolam Holdings Co.* (e) $ 657,984 ----------------- Total Diversified Financials $ 657,984 ----------------------------------------------------------------------------------------------------- INSURANCE -- 0.0%+ Insurance Brokers -- 0.0%+ GBP 4,840 Towergate Finance Plc (d) (e) $ 1,151 GBP 132,750 TIG TopCo Ltd. (d) (e) 31.541 ----------------- Total Insurance $ 32,692 -----------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements. 20 Pioneer Global High Yield Fund | Semiannual Report | 4/30/15
--------------------------------------------------------------------------------------------------------- Shares Value --------------------------------------------------------------------------------------------------------- SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT -- 0.0%+ Semiconductors -- 0.0%+ 158,800 LDK Solar Co, Ltd. (A.D.R.)* $ 20,676 ---------------- Total Semiconductors & Semiconductor Equipment $ 20,676 --------------------------------------------------------------------------------------------------------- TOTAL COMMON STOCKS (Cost $16,159,526) $ 16,499,687 --------------------------------------------------------------------------------------------------------- --------------------------------------------------------------------------------------------------------- Floating Principal Rate (b) Amount ($) (unaudited) --------------------------------------------------------------------------------------------------------- ASSET BACKED SECURITIES -- 1.1% TRANSPORTATION -- 0.1% Airlines -- 0.1% 1,213,302 Continental Airlines 1998-1 Class B Pass Through Trust, 6.748%, 3/15/17 $ 1,292,895 ---------------- Total Transportation $ 1,292,895 --------------------------------------------------------------------------------------------------------- CONSUMER SERVICES -- 0.0%+ Hotels, Resorts & Cruise Lines -- 0.0%+ 320,272 Westgate Resorts 2012-A LLC, 3.75%, 8/20/25 (144A) $ 322,198 ---------------- Total Consumer Services $ 322,198 --------------------------------------------------------------------------------------------------------- BANKS -- 0.4% Thrifts & Mortgage Finance -- 0.4% 1,397,531 1.16 Countrywide Asset-Backed Certificates, Floating Rate Note, 11/25/34 $ 1,320,575 1,293,707 6.55 Security National Mortgage Loan Trust 2007-1, Floating Rate Note, 4/25/37 (144A) 1,307,691 1,000,000 United Auto Credit Securitization Trust 2013-1, 4.4%, 4/15/19 (144A) 1,011,222 624,497 Westgate Resorts 2014-A LLC, 6.25%, 10/20/26 (144A) 626,645 ---------------- $ 4,266,133 ---------------- Total Banks $ 4,266,133 --------------------------------------------------------------------------------------------------------- DIVERSIFIED FINANCIALS -- 0.6% Other Diversified Financial Services -- 0.2% 6,198,806 0.66 Aircraft Finance Trust, Floating Rate Note, 5/15/24 $ 2,107,594 --------------------------------------------------------------------------------------------------------- Specialized Finance -- 0.4% 732,003 0.61 Lease Investment Flight Trust, Floating Rate Note, 7/15/31 $ 448,352 8,404,087 0.57 Lease Investment Flight Trust, Floating Rate Note, 7/15/31 5,147,503 ---------------- $ 5,595,855 ---------------- Total Diversified Financials $ 7,703,449 --------------------------------------------------------------------------------------------------------- TOTAL ASSET BACKED SECURITIES (Cost $14,499,043) $ 13,584,675 ---------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements. Pioneer Global High Yield Fund | Semiannual Report | 4/30/15 21 Schedule of Investments | 4/30/15 (unaudited) (continued)
--------------------------------------------------------------------------------------------------------- Floating Principal Rate (b) Amount ($) (unaudited) Value --------------------------------------------------------------------------------------------------------- COLLATERALIZED MORTGAGE OBLIGATIONS -- 1.9% MATERIALS -- 0.3% Forest Products -- 0.3% 4,315,000 TimberStar Trust I, 7.5296%, 10/15/36 (144A) $ 4,439,574 ---------------- Total Materials $ 4,439,574 --------------------------------------------------------------------------------------------------------- BANKS -- 1.6% Thrifts & Mortgage Finance -- 1.6% 1,480,000 5.96 COBALT CMBS Commercial Mortgage Trust 2007-C3, Floating Rate Note, 5/15/46 $ 1,409,188 455,000 5.96 COBALT CMBS Commercial Mortgage Trust 2007-C3, Floating Rate Note, 5/15/46 406,576 1,502,000 5.14 Credit Suisse First Boston Mortgage Securities Corp., Floating Rate Note, 10/15/39 (144A) 1,549,750 9,000,000 7.08 Credit Suisse First Boston Mortgage Securities Corp., Floating Rate Note, 12/15/35 (144A) 6,494,400 1,175,000 3.63 EQTY 2014-INNS Mortgage Trust, Floating Rate Note, 5/8/31 (144A) 1,172,542 777,948 4.93 EQTY 2014-MZ Mezzanine Trust, Floating Rate Note, 5/9/19 (144A) 773,298 1,500,000 4.94 GS Mortgage Securities Corp II Series 2005-GG4, Floating Rate Note, 7/10/39 1,511,412 874,409 Homeowner Assistance Program Reverse Mortgage Loan Trust 2013-RM1, 4.0%, 5/26/53 (144A) 858,320 2,100,000 6.21 JP Morgan Chase Commercial Mortgage Securities Trust 2007-LDP12, Floating Rate Note, 2/15/51 2,143,617 2,110,250 2.52 JP Morgan Mortgage Trust 2005-A1, Floating Rate Note, 2/25/35 2,042,553 775,000 6.14 Wachovia Bank Commercial Mortgage Trust Series 2007-C34, Floating Rate Note, 5/15/46 815,776 ---------------- $ 19,177,432 ---------------- Total Banks $ 19,177,432 --------------------------------------------------------------------------------------------------------- TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (Cost $25,198,986) $ 23,617,006 --------------------------------------------------------------------------------------------------------- CORPORATE BONDS -- 77.8% ENERGY -- 11.7% Oil & Gas Drilling -- 0.3% 3,765,000 Unit Corp., 6.625%, 5/15/21 $ 3,614,400 --------------------------------------------------------------------------------------------------------- Oil & Gas Equipment & Services -- 0.2% 1,860,000 Calfrac Holdings LP, 7.5%, 12/1/20 (144A) $ 1,687,950 ---------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements. 22 Pioneer Global High Yield Fund | Semiannual Report | 4/30/15
--------------------------------------------------------------------------------------------------------- Floating Principal Rate (b) Amount ($) (unaudited) Value --------------------------------------------------------------------------------------------------------- Integrated Oil & Gas -- 0.1% 1,155,000 American Energy-Permian Basin LLC, 7.375%, 11/1/21 (144A) $ 851,812 MXN 8,650,000 Petroleos Mexicanos, 7.19%, 9/12/24 (144A) 546,086 ---------------- $ 1,397,898 --------------------------------------------------------------------------------------------------------- Oil & Gas Exploration & Production -- 9.3% 1,750,000 Antero Resources Corp., 5.625%, 6/1/23 (144A) $ 1,787,188 2,165,000 Bonanza Creek Energy, Inc., 5.75%, 2/1/23 2,105,462 1,270,000 Bonanza Creek Energy, Inc., 6.75%, 4/15/21 1,292,225 2,830,000 BreitBurn Energy Partners LP, 7.875%, 4/15/22 2,320,600 3,725,000 Carrizo Oil & Gas, Inc., 6.25%, 4/15/23 3,780,875 2,000,000 Carrizo Oil & Gas, Inc., 7.5%, 9/15/20 2,104,600 2,596,000 Chaparral Energy, Inc., 7.625%, 11/15/22 2,076,800 4,240,000 Comstock Resources, Inc., 7.75%, 4/1/19 2,039,864 2,000,000 Comstock Resources, Inc., 9.5%, 6/15/20 1,000,000 3,695,000 Denbury Resources, Inc., 5.5%, 5/1/22 3,501,012 13,700,000 EP Energy LLC, 9.375%, 5/1/20 14,659,000 4,980,000 EPL Oil & Gas, Inc., 8.25%, 2/15/18 3,896,850 3,260,000 GeoPark Latin America, Ltd. Agencia en Chile, 7.5%, 2/11/20 (144A) 2,771,000 1,755,000 Gulfport Energy Corp., 6.625%, 5/1/23 (144A) 1,785,712 4,990,000 Gulfport Energy Corp., 7.75%, 11/1/20 5,264,450 3,910,000 Halcon Resources Corp., 8.875%, 5/15/21 3,053,710 3,790,000 Hilcorp Energy I LP, 5.0%, 12/1/24 (144A) 3,676,300 1,000,000 KazMunayGas National Co JSC, 4.4%, 4/30/23 (144A) 947,500 3,225,000 Memorial Production Partners LP, 6.875%, 8/1/22 (144A) 3,023,438 3,000,000 Memorial Production Partners LP, 7.625%, 5/1/21 2,932,500 1,525,000 Memorial Resource Development Corp., 5.875%, 7/1/22 (144A) 1,479,250 2,300,000 Midstates Petroleum Co., Inc., 9.25%, 6/1/21 1,219,000 2,350,000 Novatek OAO via Novatek Finance, Ltd., 4.422%, 12/13/22 (144A) 1,974,000 2,840,000 Oasis Petroleum, Inc., 6.5%, 11/1/21 2,854,200 7,570,000 Pacific Rubiales Energy Corp., 5.375%, 1/26/19 (144A) 5,925,039 3,250,000 PDC Energy, Inc., 7.75%, 10/15/22 3,461,250 2,250,000 Penn Virginia Corp., 8.5%, 5/1/20 2,193,750 6,995,000 Rosetta Resources, Inc., 5.875%, 6/1/22 6,977,512 1,935,000 Rosetta Resources, Inc., 5.875%, 6/1/24 1,920,488 3,765,000 Sanchez Energy Corp., 6.125%, 1/15/23 3,689,700 1,500,000 Sanchez Energy Corp., 7.75%, 6/15/21 1,563,750
The accompanying notes are an integral part of these financial statements. Pioneer Global High Yield Fund | Semiannual Report | 4/30/15 23 Schedule of Investments | 4/30/15 (unaudited) (continued)
--------------------------------------------------------------------------------------------------------- Floating Principal Rate (b) Amount ($) (unaudited) Value --------------------------------------------------------------------------------------------------------- Oil & Gas Exploration & Production -- (continued) 455,000 SM Energy Co., 5.0%, 1/15/24 $ 447,038 1,650,000 SM Energy Co., 6.5%, 1/1/23 1,732,500 2,410,000 Swift Energy Co., 8.875%, 1/15/20 1,132,700 3,020,000 Talos Production LLC, 9.75%, 2/15/18 (144A) 2,597,200 CAD 1,775,000 Trilogy Energy Corp., 7.25%, 12/13/19 (144A) 1,423,228 1,850,000 Ultra Petroleum Corp., 5.75%, 12/15/18 (144A) 1,739,000 1,245,000 Vanguard Natural Resources LLC, 7.875%, 4/1/20 1,235,662 5,215,000 Whiting Canadian Holding Co ULC, 8.125%, 12/1/19 5,534,158 ---------------- $ 113,118,511 --------------------------------------------------------------------------------------------------------- Oil & Gas Refining & Marketing -- 0.3% 4,025,000 Calumet Specialty Products Partners LP, 6.5%, 4/15/21 (144A) $ 4,004,875 --------------------------------------------------------------------------------------------------------- Oil & Gas Storage & Transportation -- 1.3% 2,170,000 Crestwood Midstream Partners LP, 6.25%, 4/1/23 (144A) $ 2,267,650 2,790,000 Energy Transfer Equity LP, 5.875%, 1/15/24 2,929,500 950,000 3.27 Energy Transfer Partners LP, Floating Rate Note, 11/1/66 820,562 NOK 13,000,000 6.63 Golar LNG Partners LP, Floating Rate Note, 10/12/17 1,787,399 4,000,000 Sabine Pass Liquefaction LLC, 5.625%, 2/1/21 4,091,320 4,350,000 Targa Resources Partners LP, 4.25%, 11/15/23 4,241,250 ---------------- $ 16,137,681 --------------------------------------------------------------------------------------------------------- Coal & Consumable Fuels -- 0.2% 315,000 Alpha Natural Resources, Inc., 6.0%, 6/1/19 $ 66,150 2,153,000 Berau Capital Resources Pte, Ltd., 12.5%, 7/8/15 (144A) (d) 1,171,232 1,900,000 Indo Energy Finance II BV, 6.375%, 1/24/23 (144A) 1,244,500 4,435,000 James River Coal Co., 7.875%, 4/1/19 (d) 444 ---------------- $ 2,482,326 ---------------- Total Energy $ 142,443,641 --------------------------------------------------------------------------------------------------------- MATERIALS -- 7.8% Commodity Chemicals -- 1.4% 4,635,000 Evolution Escrow Issuer LLC, 7.5%, 3/15/22 (144A) $ 4,692,938 EURO 2,500,000 KP Germany Erste GmbH, 11.625%, 7/15/17 (144A) 3,035,880 9,820,000 Rain CII Carbon LLC, 8.0%, 12/1/18 (144A) 9,132,600 ---------------- $ 16,861,418 ---------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements. 24 Pioneer Global High Yield Fund | Semiannual Report | 4/30/15
--------------------------------------------------------------------------------------------------------- Floating Principal Rate (b) Amount ($) (unaudited) Value --------------------------------------------------------------------------------------------------------- Diversified Chemicals -- 0.6% EURO 7,225,000 Ineos Finance Plc, 4.0%, 5/1/23 (144A) $ 8,032,397 --------------------------------------------------------------------------------------------------------- Specialty Chemicals -- 0.4% EURO 4,325,000 INEOS Group Holdings SA, 5.75%, 2/15/19 (144A) $ 4,978,527 --------------------------------------------------------------------------------------------------------- Construction Materials -- 0.1% 820,000 Union Andina de Cementos SAA, 5.875%, 10/30/21 (144A) $ 834,350 --------------------------------------------------------------------------------------------------------- Metal & Glass Containers -- 1.7% EURO 417,029 Ardagh Finance Holdings SA, 8.375%, 6/15/19 (0.00% cash, 8.375% PIK) (144A) (PIK) $ 497,464 3,089,777 Ardagh Finance Holdings SA, 8.625%, (0.00% Cash, 8.625% PIK) 6/15/19 (144A) (PIK) 3,298,337 423,529 Ardagh Packaging Finance Plc, 7.0%, 11/15/20 (144A) 433,059 EURO 2,100,000 Ardagh Packaging Finance Plc, 9.25%, 10/15/20 (144A) 2,520,624 2,400,000 Reynolds Group Issuer, Inc., 8.25%, 2/15/21 2,553,000 7,490,000 Reynolds Group Issuer, Inc., 8.5%, 5/15/18 7,677,250 3,785,000 Reynolds Group Issuer, Inc., 9.875%, 8/15/19 4,033,391 ---------------- $ 21,013,125 --------------------------------------------------------------------------------------------------------- Paper Packaging -- 0.3% 3,355,000 AEP Industries, Inc., 8.25%, 4/15/19 $ 3,396,938 --------------------------------------------------------------------------------------------------------- Diversified Metals & Mining -- 1.4% 6,210,000 Ausdrill Finance Pty, Ltd., 6.875%, 11/1/19 (144A) $ 5,154,300 1,600,000 FMG Resources August 2006 Pty, Ltd., 9.75%, 3/1/22 (144A) 1,649,000 4,000,000 MMC Norilsk Nickel OJSC via MMC Finance, Ltd., 5.55%, 10/28/20 (144A) 3,930,240 1,560,000 Prince Mineral Holding Corp., 11.5%, 12/15/19 (144A) 1,499,550 5,145,000 Vedanta Resources Plc, 8.25%, 6/7/21 (144A) 5,119,275 ---------------- $ 17,352,365 --------------------------------------------------------------------------------------------------------- Precious Metals & Minerals -- 0.2% 1,825,000 Fresnillo Plc, 5.5%, 11/13/23 (144A) $ 1,961,328 --------------------------------------------------------------------------------------------------------- Steel -- 1.2% 2,800,000 Cliffs Natural Resources, Inc., 8.25%, 3/31/20 (144A) $ 2,744,000 2,300,000 EVRAZ plc, 7.50%, 11/15/19 2,249,400 4,340,000 JMC Steel Group, Inc., 8.25%, 3/15/18 (144A) 3,622,815 4,150,000 Metalloinvest Finance, Ltd., 5.625%, 4/17/20 (144A) 3,763,585
The accompanying notes are an integral part of these financial statements. Pioneer Global High Yield Fund | Semiannual Report | 4/30/15 25 Schedule of Investments | 4/30/15 (unaudited) (continued)
--------------------------------------------------------------------------------------------------------- Floating Principal Rate (b) Amount ($) (unaudited) Value --------------------------------------------------------------------------------------------------------- Steel -- (continued) 2,660,000 Metalloinvest Finance, Ltd., 6.5%, 7/21/16 (144A) $ 2,657,340 EURO 101,612 0.00 New World Resources NV, Floating Rate Note, 10/7/20 (e) 18,280 EURO 135,483 0.00 New World Resources NV, Floating Rate Note, 10/7/20 (e) 59,411 ---------------- $ 15,114,831 --------------------------------------------------------------------------------------------------------- Paper Products -- 0.5% 2,025,000 Mercer International, Inc., 7.0%, 12/1/19 $ 2,148,626 3,735,000 Resolute Forest Products, Inc., 5.875%, 5/15/23 3,599,606 ---------------- $ 5,748,232 ---------------- Total Materials $ 95,293,511 --------------------------------------------------------------------------------------------------------- CAPITAL GOODS -- 5.0% Aerospace & Defense -- 0.5% 1,335,000 DigitalGlobe, Inc., 5.25%, 2/1/21 (144A) $ 1,345,012 2,433,000 DynCorp International, Inc., 10.375%, 7/1/17 2,080,215 EURO 2,240,000 TA MFG., Ltd., 3.625%, 4/15/23 (144A) 2,521,852 ---------------- $ 5,947,079 --------------------------------------------------------------------------------------------------------- Building Products -- 0.6% 6,750,000 Griffon Corp., 5.25%, 3/1/22 $ 6,817,500 --------------------------------------------------------------------------------------------------------- Construction & Engineering -- 1.8% EURO 640,000 Abengoa Finance SAU, 6.0%, 3/31/21 (144A) $ 672,841 6,900,000 Abengoa Finance SAU, 8.875%, 11/1/17 (144A) 7,193,250 4,400,000 Amsted Industries, Inc., 5.0%, 3/15/22 (144A) 4,537,500 2,230,000 Dycom Investments, Inc., 7.125%, 1/15/21 2,335,925 6,450,000 Empresas ICA SAB de CV, 8.9%, 2/4/21 (144A) 5,948,190 8,764,000 OAS Investments GmbH, 8.25%, 10/19/19 (144A) (d) 1,533,700 ---------------- $ 22,221,406 --------------------------------------------------------------------------------------------------------- Electrical Components & Equipment -- 0.3% 3,250,000 General Cable Corp., 5.75%, 10/1/22 $ 2,973,750 1,100,000 WireCo WorldGroup, Inc., 9.5%, 5/15/17 968,000 ---------------- $ 3,941,750 --------------------------------------------------------------------------------------------------------- Industrial Conglomerates -- 0.8% 4,385,000 Constellation Enterprises LLC, 10.625%, 2/1/16 (144A) $ 3,946,500 2,980,000 JB Poindexter & Co., Inc., 9.0%, 4/1/22 (144A) 3,233,300 2,800,000 Magnesita Finance, Ltd., 8.625% (Perpetual) (144A) 2,268,000 ---------------- $ 9,447,800 ---------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements. 26 Pioneer Global High Yield Fund | Semiannual Report | 4/30/15
--------------------------------------------------------------------------------------------------------- Floating Principal Rate (b) Amount ($) (unaudited) Value --------------------------------------------------------------------------------------------------------- Industrial Machinery -- 0.6% 4,440,000 Apex Tool Group LLC, 7.0%, 2/1/21 (144A) $ 4,206,900 3,992,000 Liberty Tire Recycling LLC, 11.0%, 3/31/21 (144A) (PIK) (e) 3,632,720 ---------------- $ 7,839,620 --------------------------------------------------------------------------------------------------------- Trading Companies & Distributors -- 0.4% 4,365,000 WESCO Distribution, Inc., 5.375%, 12/15/21 $ 4,452,300 ---------------- Total Capital Goods $ 60,667,455 --------------------------------------------------------------------------------------------------------- COMMERCIAL SERVICES & SUPPLIES -- 0.1% Diversified Support Services -- 0.1% 1,475,000 NANA Development Corp., 9.5%, 3/15/19 (144A) $ 1,408,625 ---------------- Total Commercial Services & Supplies $ 1,408,625 --------------------------------------------------------------------------------------------------------- TRANSPORTATION -- 2.7% Airlines -- 0.7% 3,525,000 Gol LuxCo SA, 8.875%, 1/24/22 (144A) $ 2,702,142 2,050,000 Guanay Finance, Ltd., 6.0%, 12/15/20 (144A) 2,160,188 3,250,000 TAM Capital 3, Inc., 8.375%, 6/3/21 (144A) 3,315,000 ---------------- $ 8,177,330 --------------------------------------------------------------------------------------------------------- Marine -- 0.4% 2,700,000 Far East Capital, Ltd. SA, 8.0%, 5/2/18 $ 1,390,500 3,650,000 Navios South American Logistics, Inc., 7.25%, 5/1/22 (144A) 3,540,500 ---------------- $ 4,931,000 --------------------------------------------------------------------------------------------------------- Railroads -- 0.3% 3,370,000 Florida East Coast Holdings Corp., 6.75%, 5/1/19 (144A) $ 3,353,150 --------------------------------------------------------------------------------------------------------- Trucking -- 0.3% 5,992,701 Inversiones Alsacia SA, 8.0%, 12/31/18 (144A) $ 3,475,767 --------------------------------------------------------------------------------------------------------- Airport Services -- 0.8% 3,038,875 Aeropuertos Argentina 2000 SA, 10.75%, 12/1/20 (144A) $ 3,221,208 6,100,000 Aguila 3 SA, 7.875%, 1/31/18 (144A) 6,161,000 ---------------- $ 9,382,208 --------------------------------------------------------------------------------------------------------- Highways & Railtracks -- 0.2% MXN 47,000,000 Red de Carreteras de Occidente SAPIB de CV, 9.0%, 6/10/28 (144A) $ 2,974,039 ---------------- Total Transportation $ 32,293,494 ---------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements. Pioneer Global High Yield Fund | Semiannual Report | 4/30/15 27 Schedule of Investments | 4/30/15 (unaudited) (continued)
--------------------------------------------------------------------------------------------------------- Floating Principal Rate (b) Amount ($) (unaudited) Value --------------------------------------------------------------------------------------------------------- AUTOMOBILES & COMPONENTS -- 1.0% Auto Parts & Equipment -- 0.4% 3,150,000 Meritor, Inc., 6.75%, 6/15/21 $ 3,291,750 1,462,000 Nexteer Automotive Group, Ltd., 5.875%, 11/15/21 (144A) 1,513,170 ---------------- $ 4,804,920 --------------------------------------------------------------------------------------------------------- Automobile Manufacturers -- 0.6% 1,880,000 Fiat Chrysler Automobiles NV, 4.5%, 4/15/20 (144A) $ 1,892,220 2,700,000 Geely Automobile Holdings, Ltd., 5.25%, 10/6/19 (144A) 2,811,375 670,000 ZF North America Capital, Inc., 4.5%, 4/29/22 (144A) 668,744 1,670,000 ZF North America Capital, Inc., 4.75%, 4/29/25 (144A) 1,674,175 ---------------- $ 7,046,514 ---------------- Total Automobiles & Components $ 11,851,434 --------------------------------------------------------------------------------------------------------- CONSUMER DURABLES & APPAREL -- 1.9% Homebuilding -- 1.5% 2,100,000 Brookfield Residential Properties, Inc., 6.5%, 12/15/20 (144A) $ 2,199,750 9,802,000 Desarrolladora Homex SAB de CV, 12/11/19 (144A) (c) (d) 636,150 4,450,000 Lennar Corp., 4.75%, 11/15/22 4,500,062 2,200,000 Rialto Holdings LLC, 7.0%, 12/1/18 (144A) 2,290,750 5,810,000 Standard Pacific Corp., 6.25%, 12/15/21 6,187,650 2,625,000 Taylor Morrison Communities, Inc., 5.875%, 4/15/23 2,677,500 ---------------- $ 18,491,862 --------------------------------------------------------------------------------------------------------- Leisure Products -- 0.4% 5,000,000 Icon Health & Fitness, Inc., 11.875%, 10/15/16 (144A) $ 4,987,500 ---------------- Total Consumer Durables & Apparel $ 23,479,362 --------------------------------------------------------------------------------------------------------- CONSUMER SERVICES -- 3.2% Casinos & Gaming -- 2.0% EURO 6,950,000 Cirsa Funding Luxembourg SA, 8.75%, 5/15/18 (144A) $ 8,009,944 78,344 Mashantucket Western Pequot Tribe, 6.5%, 7/1/36 (1.0% cash, 5.50% PIK) (PIK) (d) 979 17,000,000 Scientific Games International, Inc., 10.0%, 12/1/22 (144A) 15,767,491 625,000 Scientific Games International, Inc., 6.25%, 9/1/20 454,688 ---------------- $ 24,233,102 ---------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements. 28 Pioneer Global High Yield Fund | Semiannual Report | 4/30/15
--------------------------------------------------------------------------------------------------------- Floating Principal Rate (b) Amount ($) (unaudited) Value --------------------------------------------------------------------------------------------------------- Hotels, Resorts & Cruise Lines -- 0.5% 2,540,000 Sabre GLBL, Inc., 5.375%, 4/15/23 (144A) $ 2,590,800 2,860,000 Viking Cruises, Ltd., 8.5%, 10/15/22 (144A) 3,170,882 ---------------- $ 5,761,682 --------------------------------------------------------------------------------------------------------- Restaurants -- 0.1% BRL 4,250,000 Arcos Dorados Holdings, Inc., 10.25%, 7/13/16 (144A) $ 1,285,759 --------------------------------------------------------------------------------------------------------- Education Services -- 0.3% 4,225,000 Cambium Learning Group, Inc., 9.75%, 2/15/17 $ 4,225,000 --------------------------------------------------------------------------------------------------------- Specialized Consumer Services -- 0.3% EURO 3,285,000 Boing Group Financing Plc, 6.625%, 7/15/19 (144A) $ 3,619,855 ---------------- Total Consumer Services $ 39,125,398 --------------------------------------------------------------------------------------------------------- MEDIA -- 1.5% Broadcasting -- 0.5% EURO 5,000,000 United Group BV, 7.875%, 11/15/20 (144A) $ 5,992,602 --------------------------------------------------------------------------------------------------------- Cable & Satellite -- 0.8% 4,000,000 Intelsat Luxembourg SA, 7.75%, 6/1/21 $ 3,675,000 1,250,000 Numericable-SFR SAS, 6.0%, 5/15/22 (144A) 1,280,469 3,250,000 Videotron, Ltd., 5.375%, 6/15/24 (144A) 3,367,812 1,075,000 Ziggo Bond Finance BV, 5.875%, 1/15/25 (144A) 1,115,312 ---------------- $ 9,438,593 --------------------------------------------------------------------------------------------------------- Movies & Entertainment -- 0.1% 1,000,000 WMG Acquisition Corp., 6.75%, 4/15/22 (144A) $ 950,000 --------------------------------------------------------------------------------------------------------- Publishing -- 0.1% 1,675,000 MPL 2 Acquisition Canco, Inc., 9.875%, 8/15/18 (144A) $ 1,779,688 ---------------- Total Media $ 18,160,883 --------------------------------------------------------------------------------------------------------- RETAILING -- 1.1% Distributors -- 0.1% 1,250,000 LKQ Corp., 4.75%, 5/15/23 $ 1,231,250 --------------------------------------------------------------------------------------------------------- Department Stores -- 0.5% 2,285,000 Argos Merger Sub, Inc., 7.125%, 3/15/23 (144A) $ 2,399,250 3,850,000 Grupo Famsa SAB de CV, 7.25%, 6/1/20 (144A) 3,426,500 ---------------- $ 5,825,750 --------------------------------------------------------------------------------------------------------- Computer & Electronics Retail -- 0.2% 3,010,000 Rent-A-Center, Inc., 4.75%, 5/1/21 $ 2,663,850 ---------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements. Pioneer Global High Yield Fund | Semiannual Report | 4/30/15 29 Schedule of Investments | 4/30/15 (unaudited) (continued)
--------------------------------------------------------------------------------------------------------- Floating Principal Rate (b) Amount ($) (unaudited) Value --------------------------------------------------------------------------------------------------------- Specialty Stores -- 0.3% 4,365,000 Outerwall, Inc., 5.875%, 6/15/21 (144A) $ 3,884,850 ---------------- Total Retailing $ 13,605,700 --------------------------------------------------------------------------------------------------------- FOOD & STAPLES RETAILING -- 0.2% Food Retail -- 0.2% 2,535,000 C&S Group Enterprises LLC, 5.375%, 7/15/22 (144A) $ 2,515,988 ---------------- Total Food & Staples Retailing $ 2,515,988 --------------------------------------------------------------------------------------------------------- FOOD, BEVERAGE & TOBACCO -- 8.5% Distillers & Vintners -- 0.5% 2,507,279 CEDC Finance Corp International, Inc., 10.0%, 4/30/18 (10.0% cash, 0.0% PIK) (PIK) $ 1,604,659 4,829,992 CEDC Finance Corp International, Inc., 9.0%, 4/30/18 (Step) 4,540,192 ---------------- $ 6,144,851 --------------------------------------------------------------------------------------------------------- Soft Drinks -- 0.2% 3,200,000 Cott Beverages, Inc., 5.375%, 7/1/22 (144A) $ 3,076,160 --------------------------------------------------------------------------------------------------------- Agricultural Products -- 0.1% 1,625,000 Tonon Luxembourg SA, 10.5%, 5/14/24 (144A) $ 723,125 --------------------------------------------------------------------------------------------------------- Packaged Foods & Meats -- 7.2% 1,960,000 Agrokor dd, 8.875%, 2/1/20 (144A) $ 2,156,549 EURO 3,200,000 Agrokor dd, 9.875%, 5/1/19 (144A) 3,875,492 4,450,000 CFG Investment SAC, 9.75%, 7/30/19 (144A) 4,261,320 1,246,000 Chiquita Brands International, Inc., 7.875%, 2/1/21 1,361,255 9,720,000 Corp Pesquera Inca SAC, 9.0%, 2/10/17 (144A) 9,715,140 6,800,000 FAGE Dairy Industry SA, 9.875%, 2/1/20 (144A) 7,148,500 4,690,000 JBS Finance II, Ltd., 8.25%, 1/29/18 (144A) 4,837,782 2,020,000 JBS Investments GmbH, 7.75%, 10/28/20 (144A) 2,189,680 3,615,000 Marfrig Holding Europe BV, 6.875%, 6/24/19 (144A) 3,217,350 12,248,000 Marfrig Overseas, Ltd., 9.5%, 5/4/20 (144A) 11,972,420 6,300,000 MHP SA, 8.25%, 4/2/20 (144A) 5,040,000 3,755,000 Minerva Luxembourg SA, 12.25%, 2/10/22 (144A) 4,126,745 13,800,000 Minerva Luxembourg SA, 7.75%, 1/31/23 (144A) 13,765,500 6,500,000 Pesquera Exalmar S.A.A., 7.375%, 1/31/20 (144A) 5,313,750
The accompanying notes are an integral part of these financial statements. 30 Pioneer Global High Yield Fund | Semiannual Report | 4/30/15
--------------------------------------------------------------------------------------------------------- Floating Principal Rate (b) Amount ($) (unaudited) Value --------------------------------------------------------------------------------------------------------- Packaged Foods & Meats -- (continued) 5,340,000 Post Holdings, Inc., 6.0%, 12/15/22 (144A) $ 5,206,500 1,375,000 Post Holdings, Inc., 6.75%, 12/1/21 (144A) 1,390,812 1,675,000 Post Holdings, Inc., 7.375%, 2/15/22 1,737,812 ---------------- $ 87,316,607 --------------------------------------------------------------------------------------------------------- Tobacco -- 0.5% 7,165,000 Alliance One International, Inc., 9.875%, 7/15/21 $ 6,233,550 ---------------- Total Food, Beverage & Tobacco $ 103,494,293 --------------------------------------------------------------------------------------------------------- HEALTH CARE EQUIPMENT & SERVICES -- 2.6% Health Care Supplies -- 0.8% 5,750,000 ConvaTec Healthcare E SA, 10.5%, 12/15/18 (144A) $ 6,080,625 3,200,000 Immucor, Inc., 11.125%, 8/15/19 3,440,000 ---------------- $ 9,520,625 --------------------------------------------------------------------------------------------------------- Health Care Services -- 0.1% 1,320,000 Kindred Healthcare, Inc., 8.0%, 1/15/20 (144A) $ 1,424,016 --------------------------------------------------------------------------------------------------------- Health Care Facilities -- 1.3% 2,555,000 Amsurg Corp., 5.625%, 7/15/22 $ 2,593,836 5,675,000 CHS, 6.875%, 2/1/22 6,022,594 2,400,000 Kindred Healthcare Inc., 6.375%, 4/15/22 2,472,000 4,300,000 LifePoint Hospitals, Inc., 5.5%, 12/1/21 4,519,730 ---------------- $ 15,608,160 --------------------------------------------------------------------------------------------------------- Managed Health Care -- 0.4% 4,620,000 WellCare Health Plans, Inc., 5.75%, 11/15/20 $ 4,897,200 ---------------- Total Health Care Equipment & Services $ 31,450,001 --------------------------------------------------------------------------------------------------------- PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES -- 2.2% Biotechnology -- 0.8% 9,652,000 Lantheus Medical Imaging, Inc., 9.75%, 5/15/17 $ 9,483,090 --------------------------------------------------------------------------------------------------------- Pharmaceuticals -- 1.4% 4,980,000 DPx Holdings BV, 7.5%, 2/1/22 (144A) $ 5,222,775 6,165,000 Endo Finance LLC, 5.375%, 1/15/23 (144A) 6,064,819 1,740,000 Grifols Worldwide Operations, Ltd., 5.25%, 4/1/22 (144A) 1,779,150 856,000 Salix Pharmaceuticals, Ltd., 6.25%, 1/15/21 (144A) 971,560 3,100,000 Valeant Pharmaceuticals International, Inc., 5.875%, 5/15/23 (144A) 3,181,375 ---------------- $ 17,219,679 ---------------- Total Pharmaceuticals, Biotechnology & Life Sciences $ 26,702,769 ---------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements. Pioneer Global High Yield Fund | Semiannual Report | 4/30/15 31 Schedule of Investments | 4/30/15 (unaudited) (continued)
--------------------------------------------------------------------------------------------------------- Floating Principal Rate (b) Amount ($) (unaudited) Value --------------------------------------------------------------------------------------------------------- BANKS -- 3.9% Diversified Banks -- 3.4% 3,485,000 9.25 Access Bank Plc, Floating Rate Note, 6/24/21 (144A) $ 3,311,447 4,765,000 Banco de Galicia y Buenos Aires SA, 8.75%, 5/4/18 (144A) 4,896,038 820,000 9.75 Banco Macro SA, Floating Rate Note, 12/18/36 820,000 2,000,000 Banco Nacional de Costa Rica, 6.25%, 11/1/23 (144A) 2,062,500 2,400,000 6.38 Banco Santander SA, Floating Rate Note (Perpetual) 2,361,000 2,525,000 6.50 Bank of America Corp., Floating Rate Note, 10/23/49 2,682,812 3,425,000 6.25 Bank of America Corp., Floating Rate Note, 9/29/49 3,508,484 1,250,000 BBVA Bancomer SA Texas, 6.75%, 9/30/22 (144A) 1,420,312 2,150,000 5.90 Citigroup, Inc., Floating Rate Note (Perpetual) 2,167,469 1,200,000 5.88 Citigroup, Inc., Floating Rate Note (Perpetual) 1,209,000 4,185,000 CorpGroup Banking SA, 6.75%, 3/15/23 (144A) 4,150,449 1,225,000 FirstRand Bank, Ltd., 4.25%, 4/30/20 1,240,312 1,850,000 6.50 ING Groep NV, Floating Rate Note (Perpetual) 1,840,750 IDR 11,650,000,000 Inter-American Development Bank, 4.5%, 2/4/16 864,639 INR 42,350,000 Inter-American Development Bank, 6.0%, 9/5/17 656,980 IDR 5,140,000,000 Inter-American Development Bank, 7.25%, 7/17/17 387,884 750,000 Sberbank of Russia Via SB Capital SA, 5.25%, 5/23/23 (144A) 600,000 2,725,000 Vnesheconombank Via VEB Finance Plc, 6.902%, 7/9/20 (144A) 2,609,188 1,075,000 VTB Bank OJSC Via VTB Capital SA, 6.95%, 10/17/22 (144A) 985,324 3,175,000 5.88 Wells Fargo & Company, Floating Rate Note (Perpetual) 3,373,438 ---------------- $ 41,148,026 --------------------------------------------------------------------------------------------------------- Regional Banks -- 0.2% 2,555,000 6.75 The PNC Financial Services Group, Inc., Floating Rate Note (Perpetual) $ 2,871,820 --------------------------------------------------------------------------------------------------------- Thrifts & Mortgage Finance -- 0.3% 4,000,000 Alfa Bank OJSC Via Alfa Bond Issuance Plc, 7.5%, 9/26/19 (144A) $ 3,850,000 ---------------- Total Banks $ 47,869,846 ---------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements. 32 Pioneer Global High Yield Fund | Semiannual Report | 4/30/15
--------------------------------------------------------------------------------------------------------- Floating Principal Rate (b) Amount ($) (unaudited) Value --------------------------------------------------------------------------------------------------------- DIVERSIFIED FINANCIALS -- 4.6% Other Diversified Financial Services -- 0.5% 1,845,000 Africa Finance Corp., 4.375%, 4/29/20 (144A) $ 1,865,756 INR 227,100,000 European Bank for Reconstruction & Development, 6.0%, 3/3/16 3,546,260 ---------------- $ 5,412,016 --------------------------------------------------------------------------------------------------------- Specialized Finance -- 1.6% 3,045,000 Cantor Fitzgerald LP, 7.875%, 10/15/19 (144A) $ 3,312,860 EURO 3,695,000 EC Finance Plc, 5.125%, 7/15/21 (144A) 4,362,308 4,870,000 Nationstar Mortgage LLC, 6.5%, 6/1/22 4,729,988 3,000,000 Nationstar Mortgage LLC, 6.5%, 7/1/21 2,925,000 4,000,000 Unifin Financiera SAPI de CV SOFOM ENR, 6.25%, 7/22/19 (144A) 3,875,000 ---------------- $ 19,205,156 --------------------------------------------------------------------------------------------------------- Consumer Finance -- 1.1% 1,200,000 Ally Financial, Inc., 4.125%, 3/30/20 $ 1,206,000 INR 241,840,000 International Finance Corp., 7.75%, 12/3/16 3,841,447 INR 240,670,000 International Finance Corp., 8.25%, 6/10/21 4,032,618 4,263,547 Tarjeta Naranja SA, 9.0%, 1/28/17 (144A) 4,424,628 ---------------- $ 13,504,693 --------------------------------------------------------------------------------------------------------- Asset Management & Custody Banks -- 0.3% 3,800,000 JBS Investment Management, Ltd., 7.25%, 4/3/24 $ 3,963,400 --------------------------------------------------------------------------------------------------------- Investment Banking & Brokerage -- 1.1% 3,550,000 5.55 Morgan Stanley, Floating Rate Note (Perpetual) $ 3,567,750 3,225,000 5.38 The Goldman Sachs Group, Inc., Floating Rate Note (Perpetual) 3,220,969 5,650,000 UBS AG, 7.625%, 8/17/22 6,789,712 ---------------- $ 13,578,431 ---------------- Total Diversified Financials $ 55,663,696 --------------------------------------------------------------------------------------------------------- INSURANCE -- 4.6% Insurance Brokers -- 0.0%+ GBP 168,361 Towergate Finance Plc, Floating Rate Note, 3/2/20 (144A) (d) $ 258,367 --------------------------------------------------------------------------------------------------------- Life & Health Insurance -- 0.1% GBP 954,047 TIG FINCO Plc, 8.75%, 4/2/20 $ 1,464,080 --------------------------------------------------------------------------------------------------------- Reinsurance -- 4.5% 3,314,020 Altair Re, Variable Rate Notes, 6/30/16 $ 1,917,161 2,400,000 Altair Re, Variable Rate Notes, 6/30/17 2,447,520
The accompanying notes are an integral part of these financial statements. Pioneer Global High Yield Fund | Semiannual Report | 4/30/15 33 Schedule of Investments | 4/30/15 (unaudited) (continued)
--------------------------------------------------------------------------------------------------------- Floating Principal Rate (b) Amount ($) (unaudited) Value --------------------------------------------------------------------------------------------------------- Reinsurance -- (continued) 1,900,000 6.38 Aquarius + Investments Plc for Swiss Reinsurance Co., Ltd., Floating Rate Note, 9/1/24 $ 2,029,593 1,450,000 Arlington Segregated Account (Kane SAC Ltd.), Variable Rate Notes, 8/1/15 1,634,730 1,000,000 Bersick Segregated Account (KANE SAC Ltd.), Variable Rate Note, 1/22/16 1,019,300 475,000 4.28 Blue Danube II, Ltd., Floating Rate Note, 5/23/18 (Cat Bond) (144A) 475,760 3,120,000 Carnoustie Segregated Account (KANE SAC Ltd.), Variable Rate Notes, 2/19/16 3,317,496 814,976 Clarendon Segregated Account (Kane SAC Ltd.), Variable Rate Notes, 7/14/15 805,604 2,375,100 Exeter Segregated Account (KANE SAC Ltd.), Variable Rate Notes, 1/7/16 2,387,451 1,300,000 Fairfield Segregated Account (KANE SAC Ltd.), Variable Rate Notes, 2/2/16 1,224,730 2,400,000 Gloucester Segregated Account (Kane SAC Ltd.), Variable Rate Notes, 6/12/15 2,374,320 5,400,000 Gullane Segregated Account (KANE SAC Ltd.), Variable Rate Notes, 1/22/17 5,416,200 1,093,300 Hereford Segregated Account (KANE SAC Ltd.), Variable Rate Notes, 1/7/16 1,099,313 1,000,000 3.77 Kilimanjaro Re, Ltd., Floating Rate Note, 11/25/19 (Cat Bond) (144A) 989,700 500,000 Lahinch Re., 6/15/16 (c) 480,550 2,400,000 Lorenzo Re, Ltd., 3/31/18 2,414,160 1,067,200 Muirfield Segregated Account (KANE SAC Ltd.), Variable Rate Notes, 1/12/16 1,071,042 3,900,000 Pangaea Re, Series 2015-1, Principal at Risk Notes, 2/1/19 4,121,130 903,800 PI-1, Series E -- 2014 (Kane SAC Ltd.), Variable Rate Notes, 6/12/15 950,707 1,300,000 Prestwick Segregated Account (KANE SAC Ltd.), Variable Rate Notes, 7/1/16 1,319,110 750,000 9.01 Residential Reinsurance 2011, Ltd., Floating Rate Note, 6/6/15 (Cat Bond) (144A) 754,500 1,600,000 22.01 Residential Reinsurance 2012, Ltd., Floating Rate Note, 6/6/16 (Cat Bond) (144A) 1,777,920 13,467 Sector Re V, Ltd., 12/1/18 (144A) (c) 164,043 950,000 Sector Re V, Ltd., 12/1/19 (144A) (c) 987,715 1,721 Sector Re V, Ltd., 3/30/19 (144A) (c) 289,253 1,100,000 Sector Re V, Ltd., 3/1/20 (144A) (c) 1,100,000 750,000 Sector Re V, Ltd., 3/1/20 (144A) (c) 750,000
The accompanying notes are an integral part of these financial statements. 34 Pioneer Global High Yield Fund | Semiannual Report | 4/30/15
--------------------------------------------------------------------------------------------------------- Floating Principal Rate (b) Amount ($) (unaudited) Value --------------------------------------------------------------------------------------------------------- Reinsurance -- (continued) 2,000,000 Silverton Re, Ltd., 9/16/16 (144A) (c) $ 127,600 1,800,000 Silverton RE, Ltd., 9/18/17 (144A) (c) 1,927,800 1,325,000 7.51 Sirius International Group, Ltd., Floating Rate Note (Perpetual) (144A) 1,387,938 2,600,000 St. Andrews Segregated Account (KANE SAC Ltd.), Variable Rate Notes, 1/22/16 2,639,520 1,101,200 Troon Segregated Account (KANE SAC Ltd.), Variable Rate Notes, 1/12/16 1,104,063 506,000 Turnberry Segregated Account (KANE SAC Ltd.), Variable Rate Notes, 1/15/16 509,087 3,800,000 Versutus Ltd., Series 2015-A, Variable Rate Notes, 12/31/2017 3,917,040 ---------------- $ 54,932,056 ---------------- Total Insurance $ 56,654,503 --------------------------------------------------------------------------------------------------------- REAL ESTATE -- 1.4% Diversified REIT -- 0.1% 1,905,000 Trust F, 5.25%, 12/15/24 (144A) $ 2,019,300 --------------------------------------------------------------------------------------------------------- Specialized REIT -- 0.2% 2,528,093 AAF Holdings LLC, 12.0%, 7/1/19 (144A) (12.0% cash, 0.0% PIK) (PIK) $ 2,313,205 --------------------------------------------------------------------------------------------------------- Diversified Real Estate Activities -- 0.1% 995,000 Alam Synergy Pte, Ltd., 9.0%, 1/29/19 (144A) $ 1,037,288 --------------------------------------------------------------------------------------------------------- Real Estate Operating Companies -- 1.0% 6,405,000 IRSA Inversiones y Representaciones SA, 8.5%, 2/2/17 (144A) $ 6,405,000 5,750,000 IRSA Propiedades Comerciales SA, 7.875%, 5/11/17 (144A) 5,706,875 ---------------- $ 12,111,875 ---------------- Total Real Estate $ 17,481,668 --------------------------------------------------------------------------------------------------------- SOFTWARE & SERVICES -- 1.9% Internet Software & Services -- 1.2% 3,650,000 Cimpress NV, 7.0%, 3/24/22 (144A) $ 3,741,250 1,600,000 Equinix, Inc., 5.375%, 1/1/22 1,660,000 2,910,000 Equinix, Inc., 5.375%, 4/1/23 3,004,575 700,000 IAC, 4.875%, 11/30/18 724,500 4,430,000 VeriSign, Inc., 4.625%, 5/1/23 4,427,785 1,470,000 VeriSign, Inc., 5.25%, 4/1/25 (144A) 1,519,539 ---------------- $ 15,077,649 ---------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements. Pioneer Global High Yield Fund | Semiannual Report | 4/30/15 35 Schedule of Investments | 4/30/15 (unaudited) (continued)
--------------------------------------------------------------------------------------------------------- Floating Principal Rate (b) Amount ($) (unaudited) Value --------------------------------------------------------------------------------------------------------- Data Processing & Outsourced Services -- 0.5% 2,100,000 Audatex North America, Inc., 6.0%, 6/15/21 (144A) $ 2,168,901 2,440,000 Cardtronics, Inc., 5.125%, 8/1/22 (144A) 2,421,700 1,700,000 NeuStar, Inc., 4.5%, 1/15/23 1,496,000 ---------------- $ 6,086,601 --------------------------------------------------------------------------------------------------------- Home Entertainment Software -- 0.2% 1,850,000 Activision Blizzard, Inc., 6.125%, 9/15/23 (144A) $ 2,038,478 ---------------- Total Software & Services $ 23,202,728 --------------------------------------------------------------------------------------------------------- TECHNOLOGY HARDWARE & EQUIPMENT -- 1.4% Communications Equipment -- 0.1% 1,475,000 CommScope, Inc., 5.0%, 6/15/21 (144A) $ 1,475,000 --------------------------------------------------------------------------------------------------------- Technology Hardware, Storage & Peripherals -- 0.6% 6,925,000 Seagate HDD Cayman, 4.75%, 6/1/23 $ 7,265,059 --------------------------------------------------------------------------------------------------------- Electronic Equipment Manufacturers -- 0.4% 4,750,000 Viasystems, Inc., 7.875%, 5/1/19 (144A) $ 4,999,375 --------------------------------------------------------------------------------------------------------- Electronic Components -- 0.3% 1,000,000 Belden, Inc., 5.25%, 7/15/24 (144A) $ 1,012,500 EURO 1,800,000 Belden, Inc., 5.5%, 4/15/23 (144A) 2,173,184 ---------------- $ 3,185,684 ---------------- Total Technology Hardware & Equipment $ 16,925,118 --------------------------------------------------------------------------------------------------------- SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT -- 0.6% Semiconductor Equipment -- 0.2% 2,500,000 Entegris, Inc., 6.0%, 4/1/22 (144A) $ 2,612,500 --------------------------------------------------------------------------------------------------------- Semiconductors -- 0.4% 3,455,000 Advanced Micro Devices, Inc., 6.75%, 3/1/19 $ 3,005,850 1,355,000 Advanced Micro Devices, Inc., 7.0%, 7/1/24 1,053,512 2,266,700 LDK Solar Co, Ltd., 5.535%, 12/31/18, (5.535% cash, 5.535% PIK) (PIK) 544,008 ---------------- $ 4,603,370 ---------------- Total Semiconductors & Semiconductor Equipment $ 7,215,870 --------------------------------------------------------------------------------------------------------- TELECOMMUNICATION SERVICES -- 6.9% Integrated Telecommunication Services -- 4.2% 2,260,000 CenturyLink, Inc., 5.625%, 4/1/25 (144A) $ 2,257,175 2,790,000 Cincinnati Bell, Inc., 8.375%, 10/15/20 2,964,375 COP 1,626,000,000 Empresa de Telecomunicaciones de Bogota, 7.0%, 1/17/23 (144A) 649,854
The accompanying notes are an integral part of these financial statements. 36 Pioneer Global High Yield Fund | Semiannual Report | 4/30/15
--------------------------------------------------------------------------------------------------------- Floating Principal Rate (b) Amount ($) (unaudited) Value --------------------------------------------------------------------------------------------------------- Integrated Telecommunication Services -- (continued) 5,200,000 Frontier Communications Corp., 7.125%, 1/15/23 $ 5,226,000 2,940,000 Frontier Communications Corp., 8.5%, 4/15/20 3,256,050 10,345,000 Frontier Communications Corp., 8.75%, 4/15/22 11,327,775 500,000 GCI, Inc., 6.75%, 6/1/21 510,000 4,275,000 GCI, Inc., 6.875%, 4/15/25 (144A) 4,381,875 EURO 1,600,000 Telenet Finance V Luxembourg SCA, 6.25%, 8/15/22 (144A) 1,947,461 6,285,000 Windstream Corp., 7.5%, 6/1/22 5,986,462 6,765,000 Windstream Services LLC, 7.75%, 10/15/20 6,951,038 5,700,000 Windstream Services LLC, 8.125%, 9/1/18 5,954,220 ---------------- $ 51,412,285 --------------------------------------------------------------------------------------------------------- Wireless Telecommunication Services -- 2.7% 2,800,000 Altice Financing SA, 6.5%, 1/15/22 (144A) $ 2,856,000 1,320,000 Altice Financing SA, 6.625%, 2/15/23 (144A) 1,359,600 600,000 Altice Finco SA, 8.125%, 1/15/24 (144A) 631,500 1,000,000 Altice SA, 7.75%, 5/15/22 (144A) 1,010,010 1,500,000 Mobile Telesystems OJSC via MTS International Funding, Ltd., 5.0%, 5/30/23 (144A) 1,343,250 3,000,000 Sprint Corp., 7.25%, 9/15/21 3,011,250 2,880,000 T-Mobile USA, Inc., 6.542%, 4/28/20 3,038,256 1,940,000 T-Mobile USA, Inc., 6.633%, 4/28/21 2,046,700 1,300,000 T-Mobile USA, Inc., 6.731%, 4/28/22 1,369,875 2,750,000 Unison Ground Lease Funding LLC, 5.78%, 3/16/43 (144A) 2,758,222 7,800,000 Vimpel Communications Via VIP Finance Ireland, Ltd. OJSC, 7.748%, 2/2/21 (144A) 7,850,544 4,875,000 VimpelCom Holdings BV, 7.5043%, 3/1/22 (144A) 4,826,250 RUB 38,400,000 VimpelCom Holdings BV, 9.0%, 2/13/18 (144A) 665,785 ---------------- $ 32,767,242 ---------------- Total Telecommunication Services $ 84,179,527 --------------------------------------------------------------------------------------------------------- UTILITIES -- 3.0% Electric Utilities -- 1.4% 1,981,000 Cia de Transporte de Energia Electrica en Alta Tension Transener SA, 9.75%, 8/15/21 (144A) $ 1,713,565 1,610,000 ContourGlobal Power Holdings SA, 7.125%, 6/1/19 (144A) 1,680,035 3,725,000 5.25 Electricite de France SA, Floating Rate Note (Perpetual) (144A) 3,901,938
The accompanying notes are an integral part of these financial statements. Pioneer Global High Yield Fund | Semiannual Report | 4/30/15 37 Schedule of Investments | 4/30/15 (unaudited) (continued)
--------------------------------------------------------------------------------------------------------- Floating Principal Rate (b) Amount ($) (unaudited) Value --------------------------------------------------------------------------------------------------------- Electric Utilities -- (continued) 811,000 Empresa Distribuidora Y Comercializadora Norte, 9.75%, 10/25/22 (144A) $ 652,855 1,830,000 Empresa Electrica Angamos SA, 4.875%, 5/25/29 (144A) 1,850,588 2,995,000 8.13 Enel S.p.A., Floating Rate Note, 9/24/73 (144A) 3,604,482 71,485 FPL Energy National Wind Portfolio LLC, 6.125%, 3/25/19 (144A) 71,485 225,163 FPL Energy Wind Funding LLC, 6.876%, 6/27/17 (144A) 225,726 3,760,000 RJS Power Holdings LLC, 5.125%, 7/15/19 (144A) 3,694,200 ---------------- $ 17,394,874 --------------------------------------------------------------------------------------------------------- Multi-Utilities -- 0.5% 925,000 DTEK Finance Plc, 7.875%, 4/4/18 (144A) $ 416,250 5,027,062 Ormat Funding Corp., 8.25%, 12/30/20 5,127,603 ---------------- $ 5,543,853 --------------------------------------------------------------------------------------------------------- Independent Power Producers & Energy Traders -- 1.1% 1,650,000 AES Corp. Virginia, 5.5%, 3/15/24 $ 1,650,000 3,000,000 AES Corp., 5.5%, 4/15/25 2,962,500 940,000 Instituto Costarricense de Electricidad, 6.95%, 11/10/21 (144A) 1,006,975 1,500,000 InterGen NV, 7.0%, 6/30/23 (144A) 1,443,750 6,000,000 NRG Energy, Inc., 6.25%, 5/1/24 6,135,000 ---------------- $ 13,198,225 ---------------- Total Utilities $ 36,136,952 --------------------------------------------------------------------------------------------------------- TOTAL CORPORATE BONDS (Cost $987,394,195) $ 947,822,462 --------------------------------------------------------------------------------------------------------- FOREIGN GOVERNMENT BONDS -- 4.6% 2,655,000 Banque Cent de Tunisie, 5.75%, 1/30/25 (144A) $ 2,741,288 2,145,000 City of Buenos Aires Argentina, 8.95%, 2/19/21 (144A) 2,295,150 1,220,000 Ecuador Government International Bond, 10.5%, 3/24/20 (144A) 1,317,600 2,510,000 Ecuador Government International Bond, 7.95%, 6/20/24 (144A) 2,447,250 IDR 53,000,000,000 Indonesia Treasury Bond, 7.0%, 5/15/22 3,935,391 IDR 40,352,000,000 Indonesia Treasury Bond, 8.25%, 6/15/32 3,167,457 2,175,000 Kenya Government International Bond, 5.875%, 6/24/19 (144A) 2,249,668 2,530,000 Kenya Government International Bond, 6.875%, 6/24/24 (144A) 2,669,150
The accompanying notes are an integral part of these financial statements. 38 Pioneer Global High Yield Fund | Semiannual Report | 4/30/15
--------------------------------------------------------------------------------------------------------- Floating Principal Rate (b) Amount ($) (unaudited) Value --------------------------------------------------------------------------------------------------------- FOREIGN GOVERNMENT BONDS -- (continued) MXN 1,800,000 Mexican Bonos, 7.5%, 6/3/27 $ 130,275 MXN 231,881,859 Mexican Udibonos, 2.0%, 6/9/22 14,422,877 MXN 9,139,667 Mexican Udibonos, 3.5%, 12/14/17 625,503 EURO 2,175,000 Mexico Government International Bond, 4.0%, 3/15/15 2,443,124 2,964,960 Province of Salta Argentina, 9.5%, 3/16/22 (144A) 2,994,610 1,025,000 Provincia de Buenos Aires Argentina, 10.875%, 1/26/21 (144A) 1,066,000 1,125,000 Provincia de Buenos Aires Argentina, 11.75%, 10/5/15 (144A) 1,125,000 RON 20,830,000 Romania Government Bond, 5.85%, 4/26/23 6,289,585 RON 1,220,000 Romania Government Bond, 5.95%, 6/11/21 364,301 RUB 49,399,000 Russian Federal Bond -- OFZ, 7.0%, 8/16/23 769,206 2,000,000 Rwanda International Government Bond, 6.625%, 5/2/23 (144A) 2,030,596 3,700,000 Zambia Government International Bond, 5.375%, 9/20/22 (144A) 3,420,021 --------------------------------------------------------------------------------------------------------- TOTAL FOREIGN GOVERNMENT BONDS (Cost $64,908,332) $ 56,504,052 --------------------------------------------------------------------------------------------------------- MUNICIPAL BONDS -- 0.0%+ Municipal General -- 0.0%+ 8,875,000 0.00 Non-Profit Preferred Funding Trust I, Floating Rate Note, 9/15/37 (144A) $ 610,955 --------------------------------------------------------------------------------------------------------- TOTAL MUNICIPAL BONDS (Cost $8,858,943) $ 610,955 --------------------------------------------------------------------------------------------------------- SENIOR FLOATING RATE LOAN INTERESTS -- 3.4%** ENERGY -- 0.2% Coal & Consumable Fuels -- 0.2% 4,700,000 18.15 Bumi Resources Tbk PT, Term Loan, 8/15/13 $ 1,715,500 1,034,769 8.15 Long Haul Holdings, Ltd., Facility B Loan, 11/17/13 377,691 ---------------- $ 2,093,191 ---------------- Total Energy $ 2,093,191 --------------------------------------------------------------------------------------------------------- CAPITAL GOODS -- 0.0%+ Metal & Glass Containers -- 0.0%+ 538,421 5.50 Pro Mach Group, Inc., Dollar Term Loan, 10/22/21 $ 542,539 ---------------- Total Capital Goods $ 542,539 ---------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements. Pioneer Global High Yield Fund | Semiannual Report | 4/30/15 39 Schedule of Investments | 4/30/15 (unaudited) (continued)
--------------------------------------------------------------------------------------------------------- Floating Principal Rate (b) Amount ($) (unaudited) Value --------------------------------------------------------------------------------------------------------- COMMERCIAL SERVICES & SUPPLIES -- 0.1% Diversified Support Services -- 0.0%+ 499,627 5.76 IAP Worldwide Services, Inc., Term Loan, 7/18/19 $ 464,653 --------------------------------------------------------------------------------------------------------- Security & Alarm Services -- 0.1% 1,012,104 4.25 Monitronics International, Inc., Term B Loan, 3/23/18 $ 1,015,520 ---------------- Total Commercial Services & Supplies $ 1,480,173 --------------------------------------------------------------------------------------------------------- TRANSPORTATION -- 0.1% Air Freight & Logistics -- 0.1% 992,325 6.75 Ozburn-Hessey Holding Co LLC, Term Loan, 5/23/19 $ 994,806 ---------------- Total Transportation $ 994,806 --------------------------------------------------------------------------------------------------------- AUTOMOBILES & COMPONENTS -- 0.3% Auto Parts & Equipment -- 0.3% 3,174 3.50 Allison Transmission, Inc., Term B-3 Loan, 8/23/19 $ 3,198 3,088,459 4.25 TI Group Automotive Systems LLC, Term Loan Facility, 7/1/21 3,098,111 ---------------- $ 3,101,309 ---------------- Total Automobiles & Components $ 3,101,309 --------------------------------------------------------------------------------------------------------- MEDIA -- 0.3% Advertising -- 0.2% 2,171,060 6.75 Affinion Group, Inc., Tranche B Term Loan, 4/30/18 $ 2,088,740 --------------------------------------------------------------------------------------------------------- Cable & Satellite -- 0.1% 1,339,655 4.75 WideOpenWest Finance LLC, Term B Loan, 4/1/19 $ 1,348,387 ---------------- Total Media $ 3,437,127 --------------------------------------------------------------------------------------------------------- RETAILING -- 0.5% Automotive Retail -- 0.5% 5,871,250 5.75 CWGS Group LLC, Term Loan, 2/20/20 $ 5,945,193 ---------------- Total Retailing $ 5,945,193 --------------------------------------------------------------------------------------------------------- FOOD & STAPLES RETAILING -- 0.1% Food Distributors -- 0.1% 1,027,117 5.75 AdvancePierre Foods, Inc., Term Loan (First Lien), 7/10/17 $ 1,036,586 ---------------- Total Food & Staples Retailing $ 1,036,586 ---------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements. 40 Pioneer Global High Yield Fund | Semiannual Report | 4/30/15
--------------------------------------------------------------------------------------------------------- Floating Principal Rate (b) Amount ($) (unaudited) Value --------------------------------------------------------------------------------------------------------- HEALTH CARE EQUIPMENT & SERVICES -- 0.8% Health Care Services -- 0.7% 1,020,068 4.25 Alliance HealthCare Services, Inc., Initial Term Loan, 6/3/19 $ 1,017,837 1,281,034 6.75 Ardent Medical Services, Inc., 1st Lien Term Loan, 5/2/18 1,287,172 696,116 6.50 BioScrip, Inc., Initial Term B Loan, 7/31/20 693,070 417,670 6.50 BioScrip, Inc., Term Loan, 7/31/20 415,842 2,524,500 4.25 National Mentor Holdings, Inc., Tranche B Term Loan, 1/31/21 2,537,913 1,477,584 5.25 National Surgical Hospitals, Inc., Tranche B-2 Term Loan, 7/11/19 1,484,972 1,065,589 7.25 Virtual Radiologic Corp., Term Loan A, 12/22/16 913,743 ---------------- $ 8,350,549 --------------------------------------------------------------------------------------------------------- Managed Health Care -- 0.1% 780,441 9.75 MMM Holdings, Inc., Term Loan, 10/9/17 $ 655,570 567,383 9.75 MSO of Puerto Rico, Inc., MSO Term Loan, 12/12/17 476,602 ---------------- $ 1,132,172 ---------------- Total Health Care Equipment & Services $ 9,482,721 --------------------------------------------------------------------------------------------------------- PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES -- 0.0%+ Pharmaceuticals -- 0.0%+ 483,931 5.00 Generic Drug Holdings, Inc., Closing Date Term Loan, 8/16/20 $ 482,923 ---------------- Total Pharmaceuticals, Biotechnology & Life Sciences $ 482,923 --------------------------------------------------------------------------------------------------------- INSURANCE -- 0.2% Multi-line Insurance -- 0.2% 1,842,725 5.00 Alliant Holdings I, Inc., Initial Term Loan, 12/20/19 $ 1,850,212 ---------------- Total Insurance $ 1,850,212 --------------------------------------------------------------------------------------------------------- SOFTWARE & SERVICES -- 0.7% Application Software -- 0.7% 4,373,318 8.50 Expert Global Solutions, Inc., Term B Advance (First Lien), 4/3/18 $ 4,384,251 3,500,000 9.75 Vertafore, Inc., Term Loan (Second Lien), 10/29/17 3,533,540 ---------------- $ 7,917,791 ---------------- Total Software & Services $ 7,917,791 ---------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements. Pioneer Global High Yield Fund | Semiannual Report | 4/30/15 41 Schedule of Investments | 4/30/15 (unaudited) (continued)
--------------------------------------------------------------------------------------------------------- Floating Principal Rate (b) Amount ($) (unaudited) Value --------------------------------------------------------------------------------------------------------- TECHNOLOGY HARDWARE & EQUIPMENT -- 0.1% Electronic Components -- 0.1% 1,665,289 5.75 Scitor Corp., Term Loan, 2/15/17 $ 1,668,399 ---------------- Total Technology Hardware & Equipment $ 1,668,399 --------------------------------------------------------------------------------------------------------- TOTAL SENIOR FLOATING RATE LOAN INTERESTS (Cost $43,368,922) $ 40,032,970 --------------------------------------------------------------------------------------------------------- Shares --------------------------------------------------------------------------------------------------------- RIGHTS / WARRANTS -- 0.0%+ FOOD, BEVERAGE & TOBACCO -- 0.0%+ Distillers & Vintners -- 0.0%+ 5,578,091 Belvedere SA, 12/23/16 $ 501,761 ---------------- Total Food, Beverage & Tobacco $ 501,761 --------------------------------------------------------------------------------------------------------- INSURANCE -- 0.0%+ Insurance Brokers -- 0.0%+ GBP 4,613,242 Towergate Finance Plc (Class B) (d) (e) (f) $ -- ---------------- Total Insurance $ -- --------------------------------------------------------------------------------------------------------- TOTAL RIGHTS / WARRANTS (Cost $303,268) $ 501,761 --------------------------------------------------------------------------------------------------------- TOTAL INVESTMENT IN SECURITIES -- 96.9% (Cost $1,245,931,695) (a) (g) $ 1,180,533,299 --------------------------------------------------------------------------------------------------------- OTHER ASSETS & LIABILITIES -- 3.1% $ 37,990,023 --------------------------------------------------------------------------------------------------------- TOTAL NET ASSETS -- 100.0% $ 1,218,523,322 =========================================================================================================
* Non-income producing security. + Amount rounds to less than 0.1%. REIT Real Estate Investment Trust. (A.D.R.) American Depositary Receipts. (Perpetual) Security with no stated maturity date. (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. (Step) Bond issued with an initial coupon rate which converts to a higher rate at a later date. ** 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 of a certificate of deposit or (iv) other base lending rates used by commercial lenders. The rate shown is the coupon rate at period end. (PIK) Represents a pay in kind security. The accompanying notes are an integral part of these financial statements. 42 Pioneer Global High Yield Fund | Semiannual Report | 4/30/15 (144A) Security is exempt from registration under Rule 144A of the Securities Act of 1933. Such securities may be resold normally to qualified institutional buyers in a transaction exempt from registration. At April 30, 2015, the value of these securities amounted to $589,624,479 or 48.4% of total net assets. (a) At April 30, 2015, the net unrealized depreciation on investments based on cost for federal income tax purposes of $1,249,857,150 was as follows:
Aggregate gross unrealized appreciation for all investments in which there is an excess of value over tax cost $ 43,438,712 Aggregate gross unrealized depreciation for all investments in which there is an excess of tax cost over value (112,762,563) ------------- Net unrealized depreciation $ (69,323,851) =============
(b) Debt obligation with a variable interest rate. Rate shown is rate at end of period. (c) Security issued with a zero coupon. Income is recognized through accretion of discount. (d) Security is in default and is non-income producing. (e) Security is valued using fair value methods (other than prices supplied by independent pricing services or broker dealers). See Notes To Financial Statements -- Note 1A. (f) Warrants are exercised for 1,390 Class A shares. (g) Distributions of investments by country of issue (excluding temporary cash investments) as a percentage of total investment in securities, is as follows:
Argentina 3.0% Australia 1.0% Bermuda 3.6% Canada 2.3% Cayman Islands 3.1% Ireland 2.9% Luxembourg 6.0% Mexico 3.9% Netherlands 2.6% Peru 1.7% Supranational 1.3% United Kingdom 2.6% United States 56.4% Other (individually less than 1%) 9.6% ------ 100.0% ======
NOTE: Principal amounts are denominated in U.S. Dollars unless otherwise noted: BRL Brazilian Real CAD Canadian Dollar COP Columbian Peso EURO Euro GBP British Pound Sterling IDR Indonesian Rupiah INR Indian Rupee MXN Mexican Peso NOK Norwegian Krone RON Romanian Leu RUB Russian Ruble The accompanying notes are an integral part of these financial statements. Pioneer Global High Yield Fund | Semiannual Report | 4/30/15 43 Schedule of Investments | 4/30/15 (unaudited) (continued) Purchases and sales of securities (excluding temporary cash investments) for the six months ended April 30, 2015 aggregated $227,380,527 and $309,006,865, respectively. Various inputs are used in determining the value of the Portfolio'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.) See Notes to Financial Statements -- Note 1A. Level 3 - significant unobservable inputs (including the Portfolio's own assumptions in determining fair value of investments) See Notes to Financial Statements -- Note 1A. 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 or broker-dealers) as Level 3. The following is a summary of the inputs used as of April 30, 2015, in valuing the Portfolio's investments:
-------------------------------------------------------------------------------------- Level 1 Level 2 Level 3 Total -------------------------------------------------------------------------------------- Convertible Corporate Bonds Materials Steel $ -- $ -- $ 66,648 $ 66,648 All Other Convertible Corporate Bonds -- 44,583,740 -- 44,583,740 Preferred Stocks Transportation Air Freight & Logistics -- 2,571,128 -- 2,571,128 Diversified Financials Consumer Finance 9,345,168 1,587,006 -- 10,932,174 Insurance Insurance Brokers -- -- 6,837,517 6,837,517 Reinsurance -- -- 4,556,273 4,556,273 All Other Preferred Stocks 10,776,386 -- -- 10,776,386 Convertible Preferred Stocks -- 1,035,865 -- 1,035,865 Common Stock Capital Goods Construction & Engineering -- 564,252 -- 564,252 Industrial Machinery -- -- 1,560 1,560 Commercial Services & Supplies Diversified Support Services -- 48,767 -- 48,767 Transportation Air Freight & Logistics -- 1,187,738 -- 1,187,738 Consumer Services Education Services -- 291,610 -- 291,610 Diversified Financials Specialized Finance -- -- 657,984 657,984 Insurance Insurance Brokers -- -- 32,692 32,692 All Other Common Stocks 13,715,084 -- -- 13,715,084
The accompanying notes are an integral part of these financial statements. 44 Pioneer Global High Yield Fund | Semiannual Report | 4/30/15
-------------------------------------------------------------------------------------------------- Level 1 Level 2 Level 3 Total -------------------------------------------------------------------------------------------------- Asset Backed Securities $ -- $ 13,584,675 $ -- $ 13,584,675 Collateralized Mortgage Obligations -- 23,617,006 -- 23,617,006 Corporate Bonds Materials Steel -- -- 77,691 77,691 Capital Goods Industrial Machinery -- -- 3,632,720 3,632,720 Insurance Reinsurance -- -- 47,516,645 47,516,645 All Other Corporate Bonds -- 896,595,406 -- 896,595,406 U.S. Government Agency Obligations -- -- -- -- Foreign Government Bonds -- 56,504,052 -- 56,504,052 Municipal Bonds -- 610,955 -- 610,955 Senior Floating Rate Loan Interests -- 40,032,970 -- 40,032,970 Rights/Warrants 501,761 -- --* 501,761 -------------------------------------------------------------------------------------------------- Total $34,338,399 $1,082,815,170 $63,379,730 $1,180,533,299 ================================================================================================== Other Financial Instruments Net unrealized appreciation on forward foreign currency contracts $ -- $ 250,643 $ -- $ 250,643 Net unrealized depreciation on forward foreign currency contracts -- (307,930) -- $ (307,930) -------------------------------------------------------------------------------------------------- Total Other Financial Instruments $ -- $ (57,287) $ -- $ (57,287) ==================================================================================================
* Security is valued at $0. The accompanying notes are an integral part of these financial statements. Pioneer Global High Yield Fund | Semiannual Report | 4/30/15 45 Schedule of Investments | 4/30/15 (unaudited) (continued) The following is a reconciliation of assets valued using significant observable inputs (Level 3):
------------------------------------------------------------------------------------------------------- Convertible Common Corporate Preferred Corporate Stocks Bonds Stocks Bonds Total ------------------------------------------------------------------------------------------------------- Balance as of 10/31/14 $700,002 $ 3,047,736 $ 4,260,476 $ 28,067,018 $ 36,075,232 Realized gain (loss)(1) -- (133,042) -- (120,694) (253,736) Change in unrealized appreciation (depreciation)(2) (42,018) 742,462 295,797 (5,053,828) (4,057,587) Purchases 34,252 -- 6,837,517 39,772,936 46,644,705 Sales -- (3,046,500) -- (11,438,376) (14,484,876) Transfers in and out of Level 3 Categories -- (544,008) -- -- (544,008) Transfers in to Level 3* -- -- -- -- -- Transfers out of Level 3* -- -- -- -- -- ------------------------------------------------------------------------------------------------------- Balance as of 4/30/15 $692,236 $ 66,648 $11,393,790 $ 51,227,056 $ 63,379,730 =======================================================================================================
(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 appreciation (depreciation) on investments in the Statement of Operations. * Transfers are calculated on the beginning of period values. During the six months ended April 30, 2015, there were no transfers between Levels 1, 2 and 3.
Net change in unrealized appreciation (depreciation) of investments still held as of 4/30/15 $(5,722,888) ------------
The following table presents additional information about valuation techniques and inputs used for investments categorized as Level 3 at April 30, 2015. These amounts exclude valuations provided by a broker or through a third party insurance industry pricing model.
--------------------------------------------------------------------------------------------------- Fair Value Valuation Unobservable Asset Type 4/30/15 Technique (s) Input Value/Range --------------------------------------------------------------------------------------------------- Corporate Bonds $3,710,411 Market EBITDA Multiples(1) 5.5x to 6.5x Comparables Yield-to-Worst(2) 25-30% Convertible Corporate Bonds $ 66,648 Market Yield-to-Worst(2) 25-30% Comparables Preferred Stocks $6,837,517 Market EBITDA Multiples(1) 5.0x to 5.5x Comparables Common Stocks $ 692,236 Market EBITDA Multiples(1) 5.5x to 6.5x Comparables ---------------------------------------------------------------------------------------------------
(1) An increase in this unobservable input would result in a higher fair value measurement, while a decrease would result in a lower fair value measurement. (2) An increase in this unobservable input would result in a lower fair value measurement, while a decrease would result in a higher fair value measurement. The following is a summary of the fair valuation of certain Portfolio's assets as of April 30, 2015:
---------------------------------------------------------------------------------------- Level 1 Level 2 Level 3 Total ---------------------------------------------------------------------------------------- Assets: Foreign currencies, at value $ -- $23,282,388 $ -- $23,282,388 ---------------------------------------------------------------------------------------- Total $ -- $23,282,388 $ -- $23,282,388 ========================================================================================
The accompanying notes are an integral part of these financial statements. 46 Pioneer Global High Yield Fund | Semiannual Report | 4/30/15 Statement of Assets and Liabilities | 4/30/15 (unaudited)
ASSETS: Investment in securities (cost $1,245,931,695) $1,180,533,299 Cash 5,554,840 Foreign currencies, at value (cost $22,693,715) 23,282,388 Receivables -- Investment securities sold 16,397,483 Fund shares sold 2,348,518 Dividends 52,618 Interest 21,490,579 Net unrealized appreciation on forward foreign currency contracts 250,643 Other assets 74,004 ------------------------------------------------------------------------------------------- Total assets $1,249,984,372 ------------------------------------------------------------------------------------------- LIABILITIES: Payables -- Investment securities purchased $ 25,350,050 Fund shares repurchased 4,672,667 Dividends 663,828 Net unrealized depreciation on forward foreign currency contracts 307,930 Due to affiliates 344,368 Trustee Fees 8,268 Accrued expenses 113,939 ------------------------------------------------------------------------------------------- Total liabilities $ 31,461,050 ------------------------------------------------------------------------------------------- NET ASSETS: Paid-in capital $1,667,893,185 Distributions in excess of net investment income (3,437,221) Accumulated net realized loss on investments, written options and foreign currency transactions (380,410,912) Net unrealized depreciation on investments (65,398,396) Net unrealized depreciation on forward foreign currency contracts and other assets and liabilities denominated in foreign currencies (123,334) ------------------------------------------------------------------------------------------- Total net assets $1,218,523,322 ------------------------------------------------------------------------------------------- NET ASSET VALUE PER SHARE: No par value (unlimited number of shares authorized) Class A (based on $331,745,918/35,391,565 shares) $ 9.37 Class C (based on $295,941,030/31,655,995 shares) $ 9.35 Class Y (based on $585,011,379/63,489,013 shares) $ 9.21 Class Z (based on $5,824,995/604,325 shares) $ 9.64 MAXIMUM OFFERING PRICE: Class A ($9.37 (divided by) 95.5%) $ 9.81 ===========================================================================================
The accompanying notes are an integral part of these financial statements. Pioneer Global High Yield Fund | Semiannual Report | 4/30/15 47 Statement of Operations (unaudited) For the Six Months Ended 4/30/15
INVESTMENT INCOME: Interest (net of foreign taxes withheld of $33,115) $ 46,622,163 Dividends 1,425,873 ------------------------------------------------------------------------------------------------- Total investment income $ 48,048,036 ------------------------------------------------------------------------------------------------- EXPENSES: Management fees $ 4,141,343 Transfer agent fees Class A 91,128 Class B* 465 Class C 33,601 Class Y 7,167 Class Z 1,514 Distribution fees Class A 427,367 Class B* 4,672 Class C 1,548,162 Shareholder communication expense 754,902 Administrative reimbursements 178,409 Custodian fees 27,712 Registration fees 56,578 Professional fees 51,115 Printing expense 11,983 Fees and expenses of nonaffiliated Trustees 31,427 Miscellaneous 56,568 ------------------------------------------------------------------------------------------------- Total expenses $ 7,424,113 ------------------------------------------------------------------------------------------------- Net investment income $ 40,623,923 ------------------------------------------------------------------------------------------------- REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS, WRITTEN OPTIONS AND FOREIGN CURRENCY TRANSACTIONS: Net realized gain (loss) on: Investments $(66,643,879) Written options 81,114 Forward foreign currency contracts and other assets and liabilities denominated in foreign currencies (1,696,128) $(68,258,893) ------------------------------------------------------------------------------------------------- Change in net unrealized appreciation (depreciation) on: Investments $ 3,825,776 Written options (81,027) Forward foreign currency contracts and other assets and liabilities denominated in foreign currencies (648,168) $ 3,096,581 ------------------------------------------------------------------------------------------------- Net loss on investments $(65,162,312) ------------------------------------------------------------------------------------------------- Net decrease in net assets resulting from operations $(24,538,389) =================================================================================================
* Class B shares converted to Class A shares on November 10, 2014. The accompanying notes are an integral part of these financial statements. 48 Pioneer Global High Yield Fund | Semiannual Report | 4/30/15 Statements of Changes in Net Assets
--------------------------------------------------------------------------------------------- Six Months Ended 4/30/15 Year Ended (unaudited) 10/31/14 --------------------------------------------------------------------------------------------- FROM OPERATIONS: Net investment income $ 40,623,923 $ 106,077,996 Net realized loss on investments, written options and foreign currency transactions (68,258,893) (47,411,485) Change in net unrealized appreciation (depreciation) on investments, written options and foreign currency transactions 3,096,581 (5,339,705) --------------------------------------------------------------------------------------------- Net increase (decrease) in net assets resulting from operations $ (24,538,389) $ 53,326,806 --------------------------------------------------------------------------------------------- DISTRIBUTIONS TO SHAREOWNERS: Net investment income: Class A ($0.28 and $0.63 per share, respectively) $ (10,448,887) $ (29,832,295) Class B* ($0.02 and $0.54 per share, respectively) (27,063) (1,182,126) Class C ($0.25 and $0.56 per share, respectively) (8,385,025) (21,500,514) Class Y ($0.29 and $0.65 per share, respectively) (19,224,174) (47,729,543) Class Z ($0.30 and $0.67 per share, respectively) (181,890) (543,124) Tax return of capital: Class A ($0.00 and $0.03 per share, respectively) -- (1,332,258) Class B* ($0.00 and $0.03 per share, respectively) -- (59,960) Class C ($0.00 and $0.03 per share, respectively) -- (1,097,458) Class Y ($0.00 and $0.03 per share, respectively) -- (2,094,367) Class Z ($0.00 and $0.03 per share, respectively) -- (23,348) --------------------------------------------------------------------------------------------- Total distributions to shareowners $ (38,267,039) $ (105,394,993) --------------------------------------------------------------------------------------------- FROM FUND SHARE TRANSACTIONS: Net proceeds from sale or exchange of shares $ 151,562,233 $ 354,742,504 Reinvestment of distributions 33,309,520 90,790,119 Cost of shares repurchased (337,757,798) (727,085,172) --------------------------------------------------------------------------------------------- Net decrease in net assets resulting from Fund share transactions $ (152,886,045) $ (281,552,549) --------------------------------------------------------------------------------------------- Net decrease in net assets $ (215,691,473) $ (333,620,736) NET ASSETS: Beginning of period 1,434,214,795 1,767,835,531 --------------------------------------------------------------------------------------------- End of period $1,218,523,322 $1,434,214,795 --------------------------------------------------------------------------------------------- Distributions in excess of net investment income $ (3,437,221) $ (5,794,105) =============================================================================================
* Class B shares converted to Class A shares on November 10, 2014. The accompanying notes are an integral part of these financial statements. Pioneer Global High Yield Fund | Semiannual Report | 4/30/15 49 Statements of Changes in Net Assets (continued)
------------------------------------------------------------------------------------------------- '15 Shares '15 Amount (unaudited) (unaudited) '14 Shares '14 Amount ------------------------------------------------------------------------------------------------- Class A Shares sold 4,740,675 $ 44,718,582 8,067,204 $ 81,377,053 Reinvestment of distributions 998,472 9,287,430 2,764,874 27,820,854 Less shares repurchased (8,501,857) (78,932,400) (25,172,337) (253,478,131) ------------------------------------------------------------------------------------------------- Net decrease (2,762,710) $ (24,926,388) (14,340,259) $(144,280,224) ================================================================================================= Class B* Shares sold or exchanged -- $ -- 14,948 $ 150,417 Reinvestment of distributions -- -- 102,969 1,036,710 Less shares repurchased (1,751,406) (17,041,325) (915,740) (9,227,142) ------------------------------------------------------------------------------------------------- Net decrease (1,751,406) $ (17,041,325) (797,823) $ (8,040,015) ================================================================================================= Class C Shares sold 1,109,298 $ 10,317,419 2,475,431 $ 24,886,168 Reinvestment of distributions 712,464 6,612,475 1,754,663 17,594,670 Less shares repurchased (6,436,369) (59,556,248) (9,625,103) (96,598,207) ------------------------------------------------------------------------------------------------- Net decrease (4,614,607) $ (42,626,354) (5,395,009) $ (54,117,369) ================================================================================================= Class Y Shares sold 10,437,162 $ 95,229,666 24,549,196 $ 242,996,219 Reinvestment of distributions 1,889,683 17,283,407 4,439,341 43,873,059 Less shares repurchased (19,795,084) (180,482,861) (36,416,108) (360,141,371) ------------------------------------------------------------------------------------------------- Net decrease (7,468,239) $ (67,969,788) (7,427,571) $ (73,272,093) ================================================================================================= Class Z Shares sold 135,583 $ 1,296,566 509,128 $ 5,332,647 Reinvestment of distributions 13,188 126,208 44,874 464,826 Less shares repurchased (183,268) (1,744,964) (737,520) (7,640,321) ------------------------------------------------------------------------------------------------- Net decrease (34,497) $ (322,190) (183,518) $ (1,842,848) =================================================================================================
* Class B shares converted to Class A shares on November 10, 2014. The accompanying notes are an integral part of these financial statements. 50 Pioneer Global High Yield Fund | Semiannual Report | 4/30/15 Financial Highlights
------------------------------------------------------------------------------------------------------------------------------------ Six Months Ended Year Ended Year Ended Year Ended 4/30/15 Year Ended 10/31/13 10/31/12 10/31/11 Year Ended (unaudited) 10/31/14 (Consolidated) (Consolidated) (Consolidated) 10/31/10 ------------------------------------------------------------------------------------------------------------------------------------ Class A Net asset value, beginning of period $ 9.79 $ 10.13 $ 10.13 $ 9.83 $ 10.53 $ 9.39 ------------------------------------------------------------------------------------------------------------------------------------ Increase (decrease) from investment operations: Net investment income (loss) $ 0.30 $ 0.66 $ 0.71 $ 0.76 $ 0.77 $ 0.80 Net realized and unrealized gain (loss) on investments (0.44) (0.34) (0.02) 0.35 (0.70) 1.11 ------------------------------------------------------------------------------------------------------------------------------------ Net increase (decrease) from investment operations $ (0.14) $ 0.32 $ 0.69 $ 1.11 $ 0.07 $ 1.91 ------------------------------------------------------------------------------------------------------------------------------------ Distributions to shareowners: Net investment income $ (0.28) $ (0.63) $ (0.69) $ (0.81) $ (0.77) $ (0.77) Tax return of capital -- (0.03) -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Total distributions $ (0.28) $ (0.66) $ (0.69) $ (0.81) $ (0.77) $ (0.77) ------------------------------------------------------------------------------------------------------------------------------------ Net increase (decrease) in net asset value $ (0.42) $ (0.34) $ -- $ 0.30 $ (0.70) $ 1.14 ------------------------------------------------------------------------------------------------------------------------------------ Net asset value, end of period $ 9.37 $ 9.79 $ 10.13 $ 10.13 $ 9.83 $ 10.53 ==================================================================================================================================== Total return* (1.35)% 3.16% 6.96% 11.89% 0.49% 21.16% Ratio of net expenses to average net assets 1.14%** 1.13% 1.10% 1.10% 1.09% 1.10% Ratio of net investment income (loss) to average net assets 6.51%** 6.62% 6.97% 7.74% 7.37% 8.08% Portfolio turnover rate 37%** 32% 33% 33% 52% 49% Net assets, end of period (in thousands) $331,746 $373,543 $531,829 $602,568 $648,746 $1,117,231 ====================================================================================================================================
* 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. The accompanying notes are an integral part of these financial statements. Pioneer Global High Yield Fund | Semiannual Report | 4/30/15 51 Financial Highlights (continued)
------------------------------------------------------------------------------------------------------------------------------------ Six Months Ended Year Ended Year Ended Year Ended 4/30/15 Year Ended 10/31/13 10/31/12 10/31/11 Year Ended (unaudited) 10/31/14 (Consolidated) (Consolidated) (Consolidated) 10/31/10 ------------------------------------------------------------------------------------------------------------------------------------ Class C Net asset value, beginning of period $ 9.76 $ 10.10 $ 10.10 $ 9.80 $ 10.49 $ 9.34 ------------------------------------------------------------------------------------------------------------------------------------ Increase (decrease) from investment operations: Net investment income (loss) $ 0.26 $ 0.59 $ 0.63 $ 0.69 $ 0.70 $ 0.73 Net realized and unrealized gain (loss) on investments (0.42) (0.34) (0.01) 0.35 (0.69) 1.11 ------------------------------------------------------------------------------------------------------------------------------------ Net increase (decrease) from investment operations $ (0.16) $ 0.25 $ 0.62 $ 1.04 $ 0.01 $ 1.84 ------------------------------------------------------------------------------------------------------------------------------------ Distributions to shareowners: Net investment income $ (0.25) $ (0.56) $ (0.62) $ (0.74) $ (0.70) $ (0.69) Tax return of capital -- (0.03) -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Total distributions $ (0.25) $ (0.59) $ (0.62) $ (0.74) $ (0.70) $ (0.69) ------------------------------------------------------------------------------------------------------------------------------------ Net increase (decrease) in net asset value $ (0.41) $ (0.34) $ -- $ 0.30 $ (0.69) $ 1.15 ------------------------------------------------------------------------------------------------------------------------------------ Net asset value, end of period $ 9.35 $ 9.76 $ 10.10 $ 10.10 $ 9.80 $ 10.49 ==================================================================================================================================== Total return* (1.60)% 2.43% 6.23% 11.17% (0.13)% 20.43% Ratio of net expenses to average net assets 1.86%** 1.83% 1.81% 1.78% 1.78% 1.82% Ratio of net investment income (loss) to average net assets 5.79%** 5.91% 6.26% 7.08% 6.72% 7.37% Portfolio turnover rate 37%** 32% 33% 33% 52% 49% Net assets, end of period (in thousands) $295,941 $354,162 $420,932 $468,920 $460,476 $524,448 ====================================================================================================================================
* 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. The accompanying notes are an integral part of these financial statements. 52 Pioneer Global High Yield Fund | Semiannual Report | 4/30/15
------------------------------------------------------------------------------------------------------------------------------------ Six Months Ended Year Ended Year Ended Year Ended 4/30/15 Year Ended 10/31/13 10/31/12 10/31/11 Year Ended (unaudited) 10/31/14 (Consolidated) (Consolidated) (Consolidated) 10/31/10 ------------------------------------------------------------------------------------------------------------------------------------ Class Y Net asset value, beginning of period $ 9.62 $ 9.96 $ 9.96 $ 9.66 $ 10.35 $ 9.25 ------------------------------------------------------------------------------------------------------------------------------------ Increase (decrease) from investment operations: Net investment income (loss) $ 0.30 $ 0.67 $ 0.72 $ 0.76 $ 0.81 $ 0.86 Net realized and unrealized gain (loss) on investments (0.42) (0.33) (0.01) 0.37 (0.70) 1.03 ------------------------------------------------------------------------------------------------------------------------------------ Net increase (decrease) from investment operations $ (0.12) $ 0.34 $ 0.71 $ 1.13 $ 0.11 $ 1.89 ------------------------------------------------------------------------------------------------------------------------------------ Distributions to shareowners: Net investment income $ (0.29) $ (0.65) $ (0.71) $ (0.83) $ (0.80) $ (0.79) Tax return of capital -- (0.03) -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Total distributions $ (0.29) $ (0.68) $ (0.71) $ (0.83) $ (0.80) $ (0.79) ------------------------------------------------------------------------------------------------------------------------------------ Net increase (decrease) in net asset value $ (0.41) $ (0.34) $ -- $ 0.30 $ (0.69) $ 1.10 ------------------------------------------------------------------------------------------------------------------------------------ Net asset value, end of period $ 9.21 $ 9.62 $ 9.96 $ 9.96 $ 9.66 $ 10.35 ==================================================================================================================================== Total return* (1.17)% 3.40% 7.27% 12.35% 0.85% 21.35% Ratio of net expenses to average net assets 0.85%** 0.84% 0.82% 0.80% 0.74% 0.73% Ratio of net investment income (loss) to average net assets 6.79%** 6.88% 7.24% 8.03% 7.72% 8.42% Portfolio turnover rate 37%** 32% 33% 33% 52% 49% Net assets, end of period (in thousands) $585,011 $682,911 $780,656 $945,946 $1,364,543 $958,596 ====================================================================================================================================
* 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. The accompanying notes are an integral part of these financial statements. Pioneer Global High Yield Fund | Semiannual Report | 4/30/15 53 Financial Highlights (continued)
------------------------------------------------------------------------------------------------------------------------------------ Six Months Ended Year Ended Year Ended Year Ended 4/30/15 Year Ended 10/31/13 10/31/12 10/31/11 Year Ended (unaudited) 10/31/14 (Consolidated) (Consolidated) (Consolidated) 10/31/10 ------------------------------------------------------------------------------------------------------------------------------------ Class Z Net asset value, beginning of period $10.07 $10.42 $10.43 $ 10.11 $10.86 $ 9.67 ------------------------------------------------------------------------------------------------------------------------------------ Increase (decrease) from investment operations: Net investment income (loss) $ 0.32 $ 0.71 $ 0.75 $ 0.82 $ 0.85 $ 0.87 Net realized and unrealized gain (loss) on investments (0.45) (0.36) (0.03) 0.36 (0.77) 1.13 ------------------------------------------------------------------------------------------------------------------------------------ Net increase (decrease) from investment operations $(0.13) $ 0.35 $ 0.72 $ 1.18 $ 0.08 $ 2.00 ------------------------------------------------------------------------------------------------------------------------------------ Distributions to shareowners: Net investment income $(0.30) $(0.67) $(0.73) $ (0.86) $(0.83) $(0.81) Tax return of capital -- (0.03) -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Total distributions $(0.30) $(0.70) $(0.73) $ (0.86) $(0.83) $(0.81) ------------------------------------------------------------------------------------------------------------------------------------ Net increase (decrease) in net asset value $(0.43) $(0.35) $(0.01) $ 0.32 $(0.75) $ 1.19 ------------------------------------------------------------------------------------------------------------------------------------ Net asset value, end of period $ 9.64 $10.07 $10.42 $ 10.43 $10.11 $10.86 ==================================================================================================================================== Total return* (1.25)% 3.39% 7.11% 12.30% 0.53% 21.58% Ratio of net expenses to average net assets 0.98%** 0.90% 0.89% 0.88% 0.76% 0.90% Ratio of net investment income (loss) to average net assets 6.66%** 6.81% 7.18% 7.99% 7.67% 8.26% Portfolio turnover rate 37%** 32% 33% 33% 52% 49% Net assets, end of period (in thousands) $5,825 $6,432 $8,570 $10,069 $7,580 $7,416 ====================================================================================================================================
* 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. The accompanying notes are an integral part of these financial statements. 54 Pioneer Global High Yield Fund | Semiannual Report | 4/30/15 Notes to Financial Statements | 4/30/15 (unaudited) 1. Organization and Significant Accounting Policies Pioneer Global High Yield Fund (the Fund) is one of three portfolios comprising Pioneer Series Trust VII (the Trust), a Delaware statutory trust. The Fund is registered under the Investment Company Act of 1940 as a diversified, open-end management investment company. The investment objective of the Fund is to maximize total return through a combination of income and capital appreciation. The Fund offers four classes of shares designated as Class A, Class C, Class 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. The Fund ceased to offer Class B shares on November 10, 2014. Class B shares were converted to Class A shares as of the close of business on November 10, 2014. 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. 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. Pioneer Global High Yield Fund | Semiannual Report | 4/30/15 55 The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements, which are consistent with those policies generally accepted in the investment company industry: A. Security Valuation Security transactions are recorded as of trade date. The net asset value of the Fund is computed once daily, on each day the New York Stock Exchange (NYSE) is open, as of the close of regular trading on the NYSE. Fixed income securities 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. 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. If price information is not available from Loan Pricing Corporation, or if the price is deemed to be unreliable, price information will be obtained from an alternate loan interest pricing service. If no reliable price quotes are available from either the primary or alternative pricing service, broker quotes will be solicited. Event-linked bonds are valued at the bid price obtained from an independent third party pricing service. Other insurance-linked securities may be valued at the bid price obtained from an independent pricing service, or through a third party using a pricing matrix, insurance industry valuation models, or other fair value methods or techniques to provide an estimated value of the instrument. 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. Shares of money market mutual funds are valued at such funds' net asset value. Cash may include overnight time deposits at approved financial institutions. 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 for which market prices and/or quotations are not readily available or are considered to be unreliable are valued by a fair valuation team comprised of certain personnel of Pioneer Investment Management, Inc. 56 Pioneer Global High Yield Fund | Semiannual Report | 4/30/15 (PIM), the Fund's investment adviser, pursuant to procedures adopted by the Fund's Board of Trustees. PIM's fair valuation team uses fair value methods approved by the Valuation Committee of the Board of Trustees. PIM's fair value valuation team is responsible for monitoring developments that may impact fair valued securities and for discussing and assessing fair values on an ongoing basis, and at least quarterly, with the Valuation Committee of the Board of Trustees. Inputs used when applying fair value methods to value a security may include credit ratings, the financial condition of the company, current market conditions and comparable securities. The Trust 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 Trust'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 Trust's securities may differ significantly from exchange prices and such differences could be material. At April 30, 2015, 10 securities were valued using fair value methods (in addition to securities valued using prices supplied by independent pricing services or broker-dealers) representing 0.9% of net assets. B. Investment Income and Transactions 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 purchase prices of debt securities are accreted/ amortized for financial reporting purposes over the life of the respective securities, and such accretion/amortization is included in interest income. 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. Pioneer Global High Yield Fund | Semiannual Report | 4/30/15 57 C. Foreign Currency Translation The books and records of the Fund are maintained in U.S. dollars. Amounts denominated in foreign currencies are translated into U.S. dollars using current exchange rates. Net realized gains and losses on foreign currency transactions, if any, represent, among other things, the net realized gains and losses on foreign currency contracts, disposition of foreign currencies and the difference between the amount of income accrued and the U.S. dollars actually received. Further, the effects of changes in foreign currency exchange rates on investments are not segregated in the statement of operations from the effects of changes in the market prices of those securities but are included with the net realized and unrealized gain or loss on investments. D. Forward Foreign Currency Contracts The Fund may enter into forward foreign currency contracts (contracts) for the purchase or sale of a specific foreign currency at a fixed price on a future date. All contracts are marked to market daily at the applicable exchange rates, and any resulting unrealized appreciation or depreciation is recorded in the Fund's financial statements. The Fund records realized gains and losses at the time a 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 9). E. 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 provision for federal income taxes is required. As of October 31, 2014, the Fund did not accrue any interest or penalties with respect to uncertain tax positions, which, if applicable, would be recorded as an income tax expense in the Statement of Operations. Tax returns filed within the prior three years remain subject to examination by federal and state tax authorities. The amount and character of income and capital gain distributions to shareowners are determined in accordance with federal income tax rules, which may differ from U.S. generally accepted accounting principles. Distributions in excess of net investment income or net realized gains are temporary overdistributions for financial statement purposes resulting from differences in the recognition or classification of income or distributions for 58 Pioneer Global High Yield Fund | Semiannual Report | 4/30/15 financial statement and tax purposes. Capital accounts within the financial statements are adjusted for permanent book/tax differences to reflect tax character, but are not adjusted for temporary differences. The tax character of current year distributions payable will be determined at the end of the current taxable year. The tax character of distributions paid during the year ended October 31, 2014 was as follows:
---------------------------------------------------------------------------- 2014 ---------------------------------------------------------------------------- Distributions paid from: Ordinary income $100,787,602 Return of capital 4,607,391 ---------------------------------------------------------------------------- Total $105,394,993 ============================================================================
The following shows the components of distributable earnings on a federal income tax basis at October 31, 2014:
---------------------------------------------------------------------------- 2014 ---------------------------------------------------------------------------- Distributable earnings: Undistributed ordinary income $ -- Capital loss carryforward (312,133,268) Dividend payable (1,038,407) Net unrealized depreciation (73,392,760) ---------------------------------------------------------------------------- Total $(386,564,435) ============================================================================
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, partnerships, interest on defaulted bonds, and interest accruals on preferred stock. F. 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 $15,764 in underwriting commissions on the sale of Class A shares during the six months ended April 30, 2015. G. 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. Pioneer Global High Yield Fund | Semiannual Report | 4/30/15 59 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 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). 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, Class Y and Class Z shares can reflect different transfer agent and distribution expense rates. H. 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. I. Option Writing The Fund may write put and covered call options to seek to increase total return. When an option is written, the Fund receives a premium and becomes obligated to purchase or sell the underlying security at a fixed price, upon the exercise of the option. When the Fund writes an option, an amount equal to the premium received by the Fund is recorded as a liability and is subsequently adjusted to the current value of the option written. Premiums received from writing options that expire unexercised are treated by the Fund 60 Pioneer Global High Yield Fund | Semiannual Report | 4/30/15 on the expiration date as realized gains from investments. The difference between the premium and the amount paid on effecting a closing purchase transaction, including brokerage commissions, is also treated as a realized gain, or, if the premium is less than the amount paid for the closing purchase transaction, as a realized loss. If a call option is exercised, the premium is added to the proceeds from the sale of the underlying security in determining whether the Fund has realized a gain or loss. The Fund as writer of an option bears the market risk of an unfavorable change in the price of the security underlying the written option. The average value of contracts open during the six months ended April 30, 2015 was $12. Written call option contracts outstanding at period end are listed at the end of the Fund's schedule of investments. During the six months ended April 30, 2015, the Fund had no open written option contracts. Transactions in written call options for the six months ended April 30, 2015 are summarized as follows:
--------------------------------------------------------------------------------------- Number of Contracts Premium Received --------------------------------------------------------------------------------------- Options open at beginning of period -- $ -- Options opened (4,923,449) (81,114) Options exercised -- -- Options closed -- -- Options expired 4,923,449 81,114 --------------------------------------------------------------------------------------- Options open at end of period -- $ -- =======================================================================================
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 six months ended April 30, 2015, the effective management fee (excluding waivers and/or assumption of expenses) was equivalent to 0.66% of the Fund's average daily net assets. In addition, under the management and administration agreements, certain other services and costs, including accounting, regulatory reporting and insurance premiums, are paid by the Fund as administrative reimbursements. Included in "Due to affiliates" reflected on the Statement of Assets and Liabilities is $45,497 in management fees, administrative costs and certain other reimbursements payable to PIM at April 30, 2015. Pioneer Global High Yield Fund | Semiannual Report | 4/30/15 61 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 six months ended April 30, 2015, such out-of-pocket expenses by class of shares were as follows:
-------------------------------------------------------------------------------- Shareholder Communications: -------------------------------------------------------------------------------- Class A $195,783 Class B 649 Class C 179,328 Class Y 373,226 Class Z 5,916 -------------------------------------------------------------------------------- Total $754,902 ================================================================================
Included in "Due to affiliates" reflected on the Statement of Assets and Liabilities is $278,137 in transfer agent fees and out-of-pocket reimbursements payable to PIMSS at April 30, 2015. 4. Distribution Plan The Fund has adopted a Distribution Plan pursuant to Rule 12b-1 of the Investment Company Act of 1940 with respect to its Class A and Class C shares. Pursuant to the Plan, the Fund pays PFD 0.25% of the average daily net assets attributable to Class A shares as compensation for personal services and/or account maintenance services or distribution services with regard to Class A shares. Pursuant to the Plan, the Fund also pays PFD 1.00% of the average daily net assets attributable to Class C shares. The fee for Class C shares consists of a 0.25% service fee and a 0.75% distribution fee paid as compensation for personal services and/or account maintenance services or distribution services with regard to Class C shares. Included in "Due to affiliates" reflected on the Statement of Assets and Liabilities is $20,734 in distribution fees payable to PFD at April 30, 2015. 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. Redemptions of Class C shares within 12 months of purchase are subject to a CDSC of 1.00% based on the lower of cost or market value of shares being redeemed. Shares purchased 62 Pioneer Global High Yield Fund | Semiannual Report | 4/30/15 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 six months ended April 30, 2015, CDSCs in the amount of $7,671 were paid to PFD. 5. Line of Credit Facility The Fund, along with certain other funds in the Pioneer Family of Funds (the Funds), participates in a 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 during the six months ended April 30, 2015, was in the amount of $215 million. Under such facility, depending on the type of loan, interest on borrowings is payable at the London Interbank Offered Rate (LIBOR) plus 0.85% (0.90% prior to February 12, 2014) 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 the credit facility. The commitment fee is allocated among participating Funds based on an allocation schedule set forth in the credit agreement. For the six months ended April 30, 2015, the Fund had no borrowings under the credit facility. 6. 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 six months ended April 30, 2015, the Fund's expenses were not reduced under such arrangements. 7. Bridge Loan Commitments As of April 30, 2015, the Fund had no outstanding unfunded loan commitments. The Fund had the following bridge loan commitments outstanding as of April 30, 2015:
-------------------------------------------------------------------------------------------- Net Unrealized Loan Shares Cost Value Appreciation -------------------------------------------------------------------------------------------- A. Schulman, Inc., Bridge Loan 4,190,000 $4,190,000 $4,190,000 $ -- Concentra Inc., Bridge Term Loan 2,790,000 2,790,000 2,790,000 -- Sterigenics-Nordion, Bridge Loan 4,655,000 4,655,000 4,655,000 -- Tenet Healthcare, Term Loan 560,000 560,000 560,000 -- Tenet Healthcare, Unsecured Bridge 1,680,000 1,680,000 1,680,000 -- -------------------------------------------------------------------------------------------- Total $ -- ============================================================================================
Pioneer Global High Yield Fund | Semiannual Report | 4/30/15 63 8. Forward Foreign Currency Contracts At April 30, 2015, 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 six months ended April 30, 2015 was $7,829,437. Open forward foreign currency contracts at April 30, 2015 were as follows:
----------------------------------------------------------------------------------------------------------- Quantity/ Shares Net Currency Purchased/ Settlement US $ Value Unrealized Description Counterparty (Sold) Book Value Date at 4/30/15 Appreciation ----------------------------------------------------------------------------------------------------------- GPB (British Pound) Citibank NA (3,901,367) $ 6,024,141 6/3/15 $(5,985,739) $ 38,402 TRY (Turkish Lira) Citibank NA (88,087) 33,736 5/4/15 (33,016) 720 NGN (Nigerian JP Morgan Naira) Chase Bank 427,035,000 (2,033,500) 7/13/15 2,111,613 78,113 GPB (British Societe Pound) Generale 402,189 (612,083) 6/3/15 617,066 4,983 TRY Societe (Turkish Lira) Generale 88,087 (32,935) 5/4/15 33,016 81 EUR (European Societe Euro) Generale 3,656,539 4,111,412 4/28/15 (3,983,068) 128,344 ----------------------------------------------------------------------------------------------------------- Total $250,643 =========================================================================================================== --------------------------------------------------------------------------------------------------------- Quantity/ Shares Net Currency Purchased/ Settlement US $ Value Unrealized Description Counterparty (Sold) Book Value Date at 4/30/15 Depreciation --------------------------------------------------------------------------------------------------------- EUR (European JP Morgan Euro) Chase Bank (6,169,942) $6,907,360 06/04/2015 $(6,940,270) $ (32,910) JPY (Japanese JP Morgan Yen) Chase Bank (569,714,336) 4,702,063 06/18/2015 (4,775,496) (73,433) NGN (Nigerian JP Morgan Naira) Chase Bank (427,035,000) 2,035,632 07/13/2015 (2,111,613) (75,981) RUB (Russian JP Morgan Ruble) Chase Bank (64,825,000) 1,245,916 05/20/2015 (1,249,409) (3,493) RUB (Russian JP Morgan Ruble) Chase Bank (9,260,000) 178,248 05/20/2015 (178,473) (225) EUR (European Societe Euro) Generale (3,656,539) 3,991,249 06/04/2015 (4,113,065) (121,816) TRY Societe (Turkish Lira) Generale (88,087) 32,634 06/04/2015 (32,706) (72) --------------------------------------------------------------------------------------------------------- Total $(307,930) =========================================================================================================
64 Pioneer Global High Yield Fund | Semiannual Report | 4/30/15 9. Additional Disclosures about Derivative Instruments and Hedging Activities: Values of derivative instruments as of April 30, 2015 were as follows:
------------------------------------------------------------------------------------------------ Derivatives Not Accounted for as Asset Derivatives 2015 Liabilities Derivatives 2015 Hedging Instruments --------------------------------------------------------------- Under Accounting Statement of Assets Statement of Assets Standards Codification and Liabilities and Liabilities (ASC) 815 Location Value Location Value ------------------------------------------------------------------------------------------------ Forward Foreign Currency Net unrealized Net unrealized Contracts appreciation on depreciation on forward foreign forward foreign currency contracts $250,643 currency contracts $307,930 ------------------------------------------------------------------------------------------------ Total $250,643 $307,930 ================================================================================================
The effect of derivative instruments on the Statement of Operations for the six months ended April 30, 2015 was as follows:
------------------------------------------------------------------------------------------------- Change in Derivatives Not Unrealized Accounted for as Realized Appreciation Hedging Instruments Location of Gain Gain or (Loss) (Depreciation) Under Accounting or (Loss) on on Derivatives on Derivatives Standards Codification Derivatives Recognized Recognized Recognized (ASC) 815 in Income in Income in Income ------------------------------------------------------------------------------------------------- Forward Foreign Net realized gain (loss) on forward Currency Contracts foreign currency contracts $(575,204) Forward Foreign Change in unrealized appreciation Currency Contracts (depreciation) on forward foreign contracts $(825,255) Written options Net realized gain (loss) on written options $ 81,114 Written options Change in unrealized appreciation (depreciation) on written options $ (81,027)
10. Conversion of Class B Shares As of the close of business on November 10, 2014 (the "Conversion Date"), all outstanding Class B shares of the Fund were converted to Class A shares. 11. Change in Independent Registered Public Accounting Firm The Board of Trustees of the Fund, with the approval and recommendation of the Audit Committee, appointed Deloitte & Touche LLP to serve as the Fund's independent registered public accounting firm. Deloitte & Touche LLP replaced Ernst & Young LLP, which resigned as the Fund's independent registered public accounting firm, effective upon completion of the audit of the Fund's financial statements for the fiscal year ended October 31, 2013. Pioneer Global High Yield Fund | Semiannual Report | 4/30/15 65 During the periods that Ernst & Young LLP served as the Fund's independent registered public accounting firm, including the Fund's fiscal years ended October 31, 2013 and October 31, 2012, Ernst & Young LLP's reports on the financial statements of the Fund have not contained an adverse opinion or disclaimer of opinion and have not been qualified or modified as to uncertainty, audit scope or accounting principles. Further, there have been no disagreements with Ernst & Young LLP on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedure, which, if not resolved to the satisfaction of Ernst & Young LLP would have caused Ernst & Young LLP to make reference to the subject matter of the disagreement in connection with its report on the financial statements. In addition, there have been no reportable events of the kind described in Item 304 (a)(1)(v) of Regulation S-K under the Securities Exchange Act of 1934. 12. Subsequent Event As of the close of business on August 7, 2015 (the "Conversion Date"), all outstanding Class Z shares of the Fund will be converted to Class Y shares. Shareholders may continue to hold their Class Z shares until the Conversion. No sales charges or other charges will be assessed in connection with the Conversion. Additional Information PIM, the Trust's investment adviser, is currently an indirect, wholly-owned subsidiary of UniCredit. On April 23, 2015, UniCredit announced that it signed a preliminary and exclusive agreement with Banco Santander and affiliates of Warburg Pincus and General Atlantic (the "Private Equity Firms") with respect to Pioneer Investments ("Pioneer") and Santander Asset Management ("SAM") (the "Transaction"). Pursuant to the preliminary agreement, the Transaction will entail the establishment of a holding company, with the name Pioneer Investments, to be owned by UniCredit (50%) and the Private Equity Firms (50% between them). The holding company will control Pioneer's U.S. operations, including the Adviser. The holding company also will own 66.7% of Pioneer's and SAM's combined operations outside the U.S., while Banco Santander will own directly the remaining 33.3% stake. The completion of the Transaction is subject to the signing of a definitive agreement, as well as certain regulatory and corporate approvals, and other conditions. Under the Investment Company Act of 1940, completion of the Transaction will cause the Trust's investment advisory agreement with the Adviser to terminate. In connection with the Transaction, the Trust's Board of Trustees will be asked to approve a new investment advisory agreement for the Trust. If approved by the Board, the Trust's new investment advisory agreement will be submitted to the shareholders of the Trust for their approval. 66 Pioneer Global High Yield Fund | Semiannual Report | 4/30/15 Trustees, Officers and Service Providers Trustees Advisory Trustee Thomas J. Perna, Chairman Lorraine H. Monchak* David R. Bock Benjamin M. Friedman Officers Margaret B.W. Graham Lisa M. Jones, President and Chief Marguerite A. Piret Executive Officer Fred J. Ricciardi Mark E. Bradley, Treasurer and Kenneth J. Taubes Chief Financial Officer Christopher J. Kelley, Secretary and Chief Legal Officer Investment Adviser and Administrator Pioneer Investment Management, Inc. Custodian and Sub-Administrator Brown Brothers Harriman & Co. Principal Underwriter Pioneer Funds Distributor, Inc. Legal Counsel Morgan, Lewis & Bockius 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. * Ms. Monchak is a non-voting Advisory Trustee. Pioneer Global High Yield Fund | Semiannual Report | 4/30/15 67 This page for your notes. 68 Pioneer Global High Yield Fund | Semiannual Report | 4/30/15 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 Investments(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) 2015 Pioneer Investments 19382-09-0615 Pioneer Global Multisector Income Fund -------------------------------------------------------------------------------- Semiannual Report | April 30, 2015 -------------------------------------------------------------------------------- Ticker Symbols: Class A PGABX Class C PGCBX Class Y PGYBX [LOGO] PIONEER Investments(R) visit us: us.pioneerinvestments.com Table of Contents President's Letter 2 Portfolio Management Discussion 4 Portfolio Summary 10 Prices and Distributions 11 Performance Update 12 Comparing Ongoing Fund Expenses 15 Schedule of Investments 17 Financial Statements 37 Notes to Financial Statements 44 Trustees, Officers and Service Providers 59
Pioneer Global Multisector Income Fund | Semiannual Report | 4/30/15 1 President's Letter Dear Shareowner, At mid-year, economic conditions and government policies around the world are far from homogeneous, and we expect them to continue to diverge. In the United States, an ongoing economic expansion has brought the unemployment rate down to levels where wage growth is likely to accelerate. Economic growth and fiscal austerity have dramatically reduced the Federal budget deficit, while very accommodative Federal Reserve System policies have kept interest rates exceptionally low. In Europe and Japan, cyclical economic recoveries/ expansions appear to be gaining traction, buttressed by aggressive quantitative easing policies of central banks as well as cheaper currencies. China's ongoing transition from an infrastructure investment-driven to a consumer-driven economy and the dramatic decline in the price of oil -- largely a result of U.S. "fracking" -- have benefited some countries while burdening others. On balance, though, the global economic outlook has continued to improve, although economic and geopolitical "storm clouds" remain. Today's market environment presents numerous opportunities as well as challenges for investors. While we believe that the capital markets may already have priced in some recent trends, such as the U.S. dollar's appreciation against a basket of global currencies, it is worth noting that investment risks and opportunities are not always aligned with the economic outlook. Since 1928, Pioneer's investment professionals have focused on identifying and capitalizing on the investment opportunities that present themselves in a variety of ever-changing economic and market conditions, including those we face today, while seeking to limit the risk of the permanent impairment of our clients' capital. Our ongoing goal is to deliver competitive returns consistent with our strategies' stated style and objectives and consistent with our shareholders' expectations over a range of market conditions. We believe our shareowners benefit from the experience and tenure of our investment teams, the insights generated from extensive research resources, and our commitment to prudent risk management. 2 Pioneer Global Multisector Income Fund | Semiannual Report | 4/30/15 We encourage you to work with your financial advisor to develop an overall investment plan that addresses both your short- and long-term goals, and to implement such a plan in a disciplined manner, as we do when managing the assets our clients have entrusted to us. We greatly appreciate your trust in us in the past and look forward to continuing to serve you in the future. Sincerely, /s/ Lisa M. Jones Lisa M. Jones 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 Multisector Income Fund | Semiannual Report | 4/30/15 3 Portfolio Management Discussion | 4/30/15 The U.S. dollar rallied against most foreign currencies during the six-month period ended April 30, 2015. In bond markets, declining interest rates resulted in outperformance by higher-quality, longer-maturity debt. In the following interview, Charles Melchreit and Paresh Upadhyaya discuss the factors that affected the performance of Pioneer Global Multisector Income Fund during the six-month period. Mr. Melchreit, Director of Investment-Grade Management, a senior vice president and a portfolio manager at Pioneer, and Mr. Upadhyaya, a senior vice president and portfolio manager at Pioneer, are responsible for the day-to-day management of the Fund, along with Kenneth J. Taubes, Executive Vice President, Chief Investment Officer, U.S., and a portfolio manager at Pioneer, and Andrew Feltus, Director of High Yield and Bank Loans, a senior vice president and a portfolio manager at Pioneer. Q How did the Fund perform during the six-month period ended April 30, 2015? A Pioneer Global Multisector Income Fund's Class A shares returned 0.71% at net asset value during the six-month period ended April 30, 2015, while the Fund's benchmark, the Barclays Global Aggregate Bond Index (the Barclays Index), returned -1.92%. During the same period, the average return of the 217 mutual funds in Lipper's Global Income Funds category was -0.63%, and the average return of the 386 mutual funds in Morningstar's World Bond Funds category was -1.13%. Q How would you describe the investment environment during the six-month period ended April 30, 2015? A The U.S. dollar (USD) appreciated in value against most foreign currencies, particularly the euro, during the six-month period. Several factors combined to support the USD's strength on world currency markets. First, the European Central Bank (ECB) announced that it would begin easing monetary policy by cutting the benchmark interest rate to 0.05% and taking the deposit rate negative. Second, the ECB announced that it would purchase European securities in the open market (known as "quantitative easing") in an attempt to spur economic growth. Meanwhile, the U.S. Federal Reserve System (Fed) had already begun tightening domestic monetary policy by ending its own quantitative easing (QE) program in the final calendar quarter of 2014. The end of QE led to expectations that U.S. interest rates would begin to rise. The prospect of higher interest rates in the U.S. encouraged global investors to invest in the USD as well as dollar-denominated government securities. In Europe, on 4 Pioneer Global Multisector Income Fund | Semiannual Report | 4/30/15 the other hand, lower interest rates made the yields offered on debt securities appear less attractive, the consequence being that the USD rose and the euro currency sank during the period. Adding to the currency volatility was a decision in January 2015 by the Swiss National Bank to end its policy of tying (or pegging) the value of the Swiss franc to the value of the euro. As volatility in currency markets grew more intense, actual interest rates in some European markets fell into negative territory. Q In that environment, how did the Fund's positioning affect performance relative to the Barclays Index during the six-month period ended April 30, 2015? A The Fund's strong performance relative to the Barclays Index and its peer group funds during the period was driven by our heavy overweighting of the USD. We were bullish on the USD and so in addition to keeping the Fund overweight in the U.S. currency, we also underweighted the euro and Japanese yen throughout the six-month period. The currency positioning was the dominant factor in the Fund's strong benchmark-relative performance during the period. The advantages of the Fund's currency positioning, however, were partially offset by management of the portfolio's duration. (Duration is a measure of the sensitivity of the price - the value of principal - of a fixed-income investment to a change in interest rates, expressed as a number of years.) The Fund began the period with a short duration in the U.S., as we were sensitive to the possibility of rising interest rates in a stronger economy, which would erode bond values. Overseas, however, the Fund's investments -- especially those denominated in the euro -- had a very short duration. When interest rates in Europe fell, the short-duration stance detracted from the Fund's relative performance, as longer-maturity investments outperformed short-maturity investments in the declining interest-rate environment. In the U.S., longer- and intermediate-term Treasuries and government securities rallied in price over the first calendar quarter of 2015, and the Fund's shorter-duration positioning domestically also held back benchmark-relative performance. While the shorter-duration positioning was a handicap to the Fund's relative performance during the six months, we continue to believe it is likely that interest rates will begin to rise in the U.S. in the coming months as the Fed commences its rate-tightening cycle. As a consequence, we plan to maintain a shorter duration, which we believe should give the Fund's portfolio both greater price protection in a rising interest-rate environment and more flexibility to adjust to new investment opportunities as they develop. Pioneer Global Multisector Income Fund | Semiannual Report | 4/30/15 5 Q How did asset allocation and security selection affect the Fund's relative performance during the six-month period ended April 30, 2015? A Relative performance during the period was supported by the Fund's focus on the credit-sensitive sectors, including corporate bonds -- both in the U.S. and overseas. We kept the Fund's domestic and foreign portfolios of investments well diversified* in both investment-grade and high-yield securities, and we tended to favor debt issued by financial companies. The Fund's exposure to structured credit in the U.S., including overweight positions in commercial mortgages, collateralized mortgage obligations and asset-backed debt, worked out well and supported relative returns. Overseas, the portfolio was focused on stronger emerging markets credits, such as those offered in India and Mexico, where the governments have implemented structural economic reforms. While overall sector allocation added to the Fund's relative performance, exposure to the energy sector was a drag on relative results as securities issued by energy companies underperformed when global oil prices fell. The declines in oil prices also had a negative impact on some of the Fund's currency positions, as exposures to the currencies of two oil-exporting nations -- Mexico and Norway -- declined in value. Overall security selection had a slight positive effect on the Fund's relative performance during the period. Strong individual performers for the Fund during the period included positions in the municipal bonds issued by the City of Buenos Aires, Argentina; bonds issued by Enel, an Italian utility company; and by Ziggo, a cable and satellite communications company based in the Netherlands. The weakest-performing individual holdings in the portfolio during the period tended to be securities issued by energy companies, including two domestic firms: DCP Midstream, a pipeline company, and Alpha Natural Resources, a coal company. Q What were the principal factors affecting the Fund's yield during the six-month period ended April 30, 2015? A Yields paid by fixed-income investments have fallen globally as a result of the more accommodative monetary policies of several central banks. During the past six months, the dividend** yield paid by the Fund did decline as newer investments provided less current income than older portfolio investments that had either reached maturity, were called by issuers, or were sold. * Diversification does not assure a profit nor protect against loss in a declining market. ** Dividends are not guaranteed. 6 Pioneer Global Multisector Income Fund | Semiannual Report | 4/30/15 Q Did the Fund invest in any derivative securities during the six-month period ended April 30, 2015? If so, did they have an impact on Fund performance? A We did invest in currency forward transactions as part of the Fund's currency positioning, which, during the past six months, resulted in an overweighting of the USD. As the dollar strengthened, the strategy had a positive effect on the Fund's results. The Fund also had a very modest position in interest-rate futures as part of our strategy to maintain a relative short duration in the portfolio. Because longer-maturity securities outperformed as interest rates declined, the positions in interest-rate futures had a minor negative impact on the Fund's performance. In addition, the portfolio held a small number of credit default swaps to hedge exposure to high-yield securities. The swaps exerted a slight positive influence on the Fund's performance during the period. Q What is your investment outlook? A We anticipate that currency volatility is likely to continue to dominate global bond markets. However, we remain positive about opportunities in the credit-sensitive sectors. Despite the sluggish growth numbers for the domestic economy in the first quarter of 2015, the markets continue to expect that the domestic economy will strengthen. We believe the Fed will remain cautious as it considers interest-rate normalization, but some tightening should be seen before the end of 2015. One key factor supporting this belief is the strength of the U.S. labor market, which is adding jobs steadily and moving closer to the point at which wages begin to rise. Elsewhere, we are beginning to see signs of improving economic growth trends in Europe and we continue to see evidence that China's growth rate is gradually slowing - but stabilizing - to levels below recent trends. We also believe China's current leadership is focused on fostering greater stability in the financial markets. Going forward, we believe the expansion of the global economy will be less dependent on trends in China and more sensitive to trends in other major industrialized and developing economies. Global interest rates are likely to be under more, rather than less, pressure to rise from their current very low levels, as we see diminishing worries about deflationary pressures. Pioneer Global Multisector Income Fund | Semiannual Report | 4/30/15 7 Given this outlook, we plan to keep the duration of the Trust's portfolio relatively short in an attempt to protect principal and to give us the flexibility to take advantage of investment opportunities as they develop. We think the yield advantages of credit-sensitive securities are at full levels, but we also think they are appropriate given low default rates and our relatively optimistic view of the growth potential of the domestic and global economies. Please refer to the Schedule of Investments on pages 17-36 for a full listing of Fund securities. Investing in foreign and/or emerging markets securities involves risks relating to interest rates, currency exchange rates, and economic and political conditions. When interest rates rise, the prices of fixed income securities 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 price volatility, illiquidity and possibility of default. Prepayment risk is the chance that an issuer may exercise its right to prepay its security, if falling interest rates prompt the issuer to do so. Forced to reinvest the unanticipated proceeds at lower interest rates, the fund would experience a decline in income and lose the opportunity for additional price appreciation. The Fund may invest in mortgage-backed securities, which during times of fluctuating interest rates may increase or decrease more than other fixed-income securities. Mortgage-backed securities are also subject to pre-payments. The securities issued by U.S. Government-sponsored entities (e.g., FNMA, Freddie Mac) are neither guaranteed nor issued by the U.S. Government. Floating rate loans and similar instruments may be illiquid or less liquid than other instruments, and the value of any collateral can decline or be insufficient to meet the issuer's obligations. The value of municipal securities can be adversely affected by changes in financial condition of municipal issuers, lower revenues, and regulatory and political developments. The Fund is subject to currency risk, meaning that the Fund could experience losses based on changes in the exchange rate between non-U.S. currencies and the U.S. dollar. 8 Pioneer Global Multisector Income Fund | Semiannual Report | 4/30/15 The Fund may use derivatives, such as options, futures, inverse floating rate obligations, swaps, and others, which can be illiquid, may disproportionately increase losses, and have a potentially large impact on Fund performance. Derivatives may have a leveraging effect on the Fund. These risks may increase share price volatility. Before investing, consider the product's investment objectives, risks, charges and expenses. Contact your advisor or Pioneer Investments for a prospectus or summary prospectus containing this information. Read it carefully. Any information in this shareholder report regarding market or economic trends or the factors influencing the Fund's historical or future performance are statements of opinion as of the date of this report. Past performance is no guarantee of future results. Pioneer Global Multisector Income Fund | Semiannual Report | 4/30/15 9 Portfolio Summary | 4/30/15 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 40.0% U.S. Corporate Bonds 19.3% International Corporate Bonds 15.4% U.S. Government Securities 12.0% Collateralized Mortgage Obligations 7.0% Municipal Bonds 2.0% Asset Backed Securities 2.0% U.S. Preferred Stocks 1.3% Senior Secured Loans 0.4% Convertible Corporate Bonds 0.3% Convertible Preferred Stocks 0.3%
10 Largest Holdings -------------------------------------------------------------------------------- (As a percentage of total long-term holdings)**
1. New Zealand Government Bond, 5.5%, 4/15/23 3.74% -------------------------------------------------------------------------------- 2. Australia Government Bond, 3.25%, 4/21/25 2.97 -------------------------------------------------------------------------------- 3. New Zealand Government Bond, 4.5%, 4/15/27 2.72 -------------------------------------------------------------------------------- 4. United Kingdom Gilt, 1.75%, 7/22/19 2.67 -------------------------------------------------------------------------------- 5. Canadian Government Bond, 2.25%, 6/1/25 2.24 -------------------------------------------------------------------------------- 6. Canadian Government Bond, 1.75%, 9/1/19 2.04 -------------------------------------------------------------------------------- 7. U.S. Treasury Inflation Indexed Bonds, 0.125%, 7/15/24 1.61 -------------------------------------------------------------------------------- 8. Federal Home Loan Mortgage Corp., 4.0%, 5/1/44 1.44 -------------------------------------------------------------------------------- 9. Norway Government Bond, 4.5%, 5/22/19 1.39 -------------------------------------------------------------------------------- 10. Zambia Government International Bond, 5.375%, 9/20/22 (144A) 1.26 --------------------------------------------------------------------------------
* Includes investment in Insurance Linked Securities totaling 0.3% of total investment portfolio. ** 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. 10 Pioneer Global Multisector Income Fund | Semiannual Report | 4/30/15 Prices and Distributions | 4/30/15 Net Asset Value per Share --------------------------------------------------------------------------------
-------------------------------------------------------------------------------- Class 4/30/15 10/31/14 -------------------------------------------------------------------------------- A $10.74 $10.91 -------------------------------------------------------------------------------- C $10.77 $10.94 -------------------------------------------------------------------------------- Y $10.84 $11.00 --------------------------------------------------------------------------------
Distributions per Share: 11/1/14-4/30/15 --------------------------------------------------------------------------------
-------------------------------------------------------------------------------- Net Investment Short-Term Long-Term Class Income Capital Gains Capital Gains -------------------------------------------------------------------------------- A $0.1500 $0.0047 $0.0916 -------------------------------------------------------------------------------- C $0.1023 $0.0047 $0.0916 -------------------------------------------------------------------------------- Y $0.1651 $0.0047 $0.0916 --------------------------------------------------------------------------------
Index Definitions -------------------------------------------------------------------------------- The Barclays Global Aggregate Bond Index is an unmanaged index that provides a broad-based measure of the global investment-grade fixed-income markets. Index returns are calculated monthly, assume reinvestment of dividends and, unlike Fund returns, do not reflect any fees, expenses or sales charges. It is not possible to invest directly in an index. The index defined here pertains to the "Value of $10,000 Investment" and "Value of $5 Million Investment" charts appearing on pages 12-14. Pioneer Global Multisector Income Fund | Semiannual Report | 4/30/15 11 Performance Update | 4/30/15 Class A Shares Investment Returns -------------------------------------------------------------------------------- The mountain chart on the right shows the change in value of a $10,000 investment made in Class A shares of Pioneer Global Multisector Income Fund at public offering price during the periods shown, compared to that of the Barclays Global Aggregate Bond Index.
Average Annual Total Returns (As of April 30, 2015) -------------------------------------------------------------------------------- Barclays Net Public Global Asset Offering Aggregate Value Price Bond Period (NAV) (POP) Index -------------------------------------------------------------------------------- Life-of-Class (12/27/07) 4.67% 4.02% 3.11% 5 Years 4.02 3.06 2.52 1 Year 1.96 -2.67 -3.73 --------------------------------------------------------------------------------
Expense Ratio (Per prospectus dated March 1, 2015) -------------------------------------------------------------------------------- Gross Net -------------------------------------------------------------------------------- 2.52% 1.00% --------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL] Value of $10,000 Investment
Pioneer Global Barclays Global Multisector Income Fund Aggregate Bond Index 12/31/2007 $ 9,550 $10,000 4/30/2008 $ 9,982 $10,460 4/30/2009 $ 9,646 $10,229 4/30/2010 $11,020 $11,176 4/30/2011 $12,140 $12,345 4/30/2012 $12,509 $12,752 4/30/2013 $13,281 $12,937 4/30/2014 $13,162 $13,147 4/30/2015 $13,421 $12,657
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 the contractual expense limitation currently in effect through March 1, 2016, for Class A shares. There can be no assurance that Pioneer will extend the expense limitation beyond such time. Please see the prospectus and financial statements for more information. The performance table and graph do not reflect the deduction of fees and taxes that a shareowner would pay on Fund distributions or the redemption of Fund shares. 12 Pioneer Global Multisector Income Fund | Semiannual Report | 4/30/15 Performance Update | 4/30/15 Class C Shares Investment Returns -------------------------------------------------------------------------------- The mountain chart on the right shows the change in value of a $10,000 investment made in Class C shares of Pioneer Global Multisector Income Fund during the periods shown, compared to that of the Barclays Global Aggregate Bond Index.
Average Annual Total Returns (As of April 30, 2015) -------------------------------------------------------------------------------- Barclays Global Aggregate If If Bond Period Held Redeemed Index -------------------------------------------------------------------------------- Life-of-Class (12/27/07) 3.80% 3.80% 3.11% 5 Years 3.16 3.16 2.52 1 Year 0.97 0.97 -3.73 --------------------------------------------------------------------------------
Expense Ratio (Per prospectus dated March 1, 2015) -------------------------------------------------------------------------------- Gross Net -------------------------------------------------------------------------------- 2.71% 1.90% --------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL] Value of $10,000 Investment
Pioneer Global Barclays Global Multisector Income Fund Aggregate Bond Index 12/31/2007 $10,000 $10,000 4/30/2008 $10,429 $10,460 4/30/2009 $ 9,976 $10,229 4/30/2010 $11,309 $11,176 4/30/2011 $12,370 $12,345 4/30/2012 $12,640 $12,752 4/30/2013 $13,301 $12,937 4/30/2014 $13,088 $13,147 4/30/2015 $13,214 $12,657
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 the contractual expense limitation currently in effect through March 1, 2016, for Class C shares. There can be no assurance that Pioneer will extend the expense limitation beyond such time. Please see the prospectus and financial statements for more information. The performance table and graph do not reflect the deduction of fees and taxes that a shareowner would pay on Fund distributions or the redemption of Fund shares. Pioneer Global Multisector Income Fund | Semiannual Report | 4/30/15 13 Performance Update | 4/30/15 Class Y Shares Investment Returns -------------------------------------------------------------------------------- The mountain chart on the right shows the change in value of a $5 million investment made in Class Y shares of Pioneer Global Multisector Income Fund during the periods shown, compared to that of the Barclays Global Aggregate Bond Index.
Average Annual Total Returns (As of April 30, 2015) -------------------------------------------------------------------------------- Barclays Net Global Asset Aggregate Value Bond Period (NAV) Index -------------------------------------------------------------------------------- Life-of-Class (12/27/07) 4.92% 3.11% 5 Years 4.31 2.52 1 Year 2.23 -3.73 --------------------------------------------------------------------------------
Expense Ratio (Per prospectus dated March 1, 2015) -------------------------------------------------------------------------------- Gross Net -------------------------------------------------------------------------------- 1.50% 0.75% --------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL] Value of $5 Million Investment
Pioneer Global Barclays Global Multisector Income Fund Aggregate Bond Index 12/31/2007 $5,000,000 $5,000,000 4/30/2008 $5,227,750 $5,229,772 4/30/2009 $5,054,129 $5,114,537 4/30/2010 $5,790,645 $5,588,203 4/30/2011 $6,382,956 $6,172,351 4/30/2012 $6,610,228 $6,375,830 4/30/2013 $7,031,849 $6,468,690 4/30/2014 $6,994,963 $6,573,437 4/30/2015 $7,150,790 $6,328,422
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 the contractual expense limitation currently in effect through March 1, 2016, for Class Y shares. There can be no assurance that Pioneer will extend the expense limitation beyond such time. Please see the prospectus and financial statements for more information. The performance table and graph do not reflect the deduction of fees and taxes that a shareowner would pay on Fund distributions or the redemption of Fund shares. 14 Pioneer Global Multisector Income Fund | Semiannual Report | 4/30/15 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 Multisector Income Fund Based on actual returns from November 1, 2014 through April 30, 2015.
-------------------------------------------------------------------------------- Share Class A C Y -------------------------------------------------------------------------------- Beginning Account Value on 11/1/14 $1,000.00 $1,000.00 $1,000.00 -------------------------------------------------------------------------------- Ending Account Value (after expenses) on 4/30/15 $1,007.10 $1,002.70 $1,009.40 -------------------------------------------------------------------------------- Expenses Paid During Period* $ 4.98 $ 9.43 $ 3.74 --------------------------------------------------------------------------------
* Expenses are equal to the Fund's annualized net expense ratio of 1.00%, 1.90%, and 0.75% for Class A, Class C, and Class Y, respectively, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the partial year period). Pioneer Global Multisector Income Fund | Semiannual Report | 4/30/15 15 Hypothetical Example for Comparison Purposes The table below provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. Please note that the expenses shown in the tables are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as sales charges (loads) that are charged at the time of the transaction. Therefore, the table below is useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher. Expenses Paid on a $1,000 Investment in Pioneer Global Multisector Income Fund Based on a hypothetical 5% return per year before expenses, reflecting the period from November 1, 2014 through April 30, 2015.
-------------------------------------------------------------------------------- Share Class A C Y -------------------------------------------------------------------------------- Beginning Account Value on 11/1/14 $1,000.00 $1,000.00 $1,000.00 -------------------------------------------------------------------------------- Ending Account Value (after expenses) on 4/30/15 $1,019.84 $1,015.37 $1,021.08 -------------------------------------------------------------------------------- Expenses Paid During Period* $ 5.01 $ 9.49 $ 3.76 --------------------------------------------------------------------------------
* Expenses are equal to the Fund's annualized net expense ratio of 1.00%, 1.90%, and 0.75% for Class A, Class C, and Class Y, respectively, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the partial year period). 16 Pioneer Global Multisector Income Fund | Semiannual Report | 4/30/15 Schedule of Investments | 4/30/15 (unaudited)
------------------------------------------------------------------------------------------------ Floating Principal Rate (b) Amount ($) (unaudited) Value ------------------------------------------------------------------------------------------------ CONVERTIBLE CORPORATE BONDS -- 0.3% CAPITAL GOODS -- 0.1% Electrical Components & Equipment -- 0.1% 56,000 General Cable Corp., 4.5%, 11/15/29 (Step) $ 42,665 ------------ Total Capital Goods $ 42,665 ------------------------------------------------------------------------------------------------ CONSUMER DURABLES & APPAREL -- 0.2% Homebuilding -- 0.2% 50,000 KB Home, 1.375%, 2/1/19 $ 47,688 ------------ Total Consumer Durables & Apparel $ 47,688 ------------------------------------------------------------------------------------------------ TOTAL CONVERTIBLE CORPORATE BONDS (Cost $105,590) $ 90,353 ------------------------------------------------------------------------------------------------ PREFERRED STOCKS -- 1.4% BANKS -- 0.8% Diversified Banks -- 0.6% 2,107 7.88 Citigroup Capital XIII, Floating Rate Note, 10/30/40 $ 54,550 3,000 7.12 Citigroup, Inc., Floating Rate Note (Perpetual) 83,220 2,333 6.00 US Bancorp, Floating Rate Note (Perpetual) 62,991 ------------ $ 200,761 ------------------------------------------------------------------------------------------------ Regional Banks -- 0.2% 500 6.25 CoBank ACB, Floating Rate Note (Perpetual) (144A) $ 51,672 ------------ Total Banks $ 252,433 ------------------------------------------------------------------------------------------------ DIVERSIFIED FINANCIALS -- 0.3% Consumer Finance -- 0.2% 25 Ally Financial, Inc., 7.0% (Perpetual) (144A) $ 25,597 850 8.12 GMAC Capital Trust I, Floating Rate Note, 2/15/40 22,338 ------------ $ 47,935 ------------------------------------------------------------------------------------------------ Asset Management & Custody Banks -- 0.1% 1,000 5.90 State Street Corp., Floating Rate Note, 12/31/73 $ 26,930 ------------ Total Diversified Financials $ 74,865 ------------------------------------------------------------------------------------------------ INSURANCE -- 0.3% Property & Casualty Insurance -- 0.2% 2,225 5.10 The Allstate Corp., Floating Rate Note, 1/15/53 $ 58,184 ------------------------------------------------------------------------------------------------ Reinsurance -- 0.1% 30,000 Pangaea Re., 7/1/18 (c) $ 32,967 ------------ Total Insurance $ 91,151 ------------------------------------------------------------------------------------------------ TOTAL PREFERRED STOCKS (Cost $389,093) $ 418,449 ------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements. Pioneer Global Multisector Income Fund | Semiannual Report | 4/30/15 17 Schedule of Investments | 4/30/15 (unaudited) (continued)
------------------------------------------------------------------------------------------------ Floating Principal Rate (b) Amount ($) (unaudited) Value ------------------------------------------------------------------------------------------------ CONVERTIBLE PREFERRED STOCKS -- 0.3% BANKS -- 0.3% Diversified Banks -- 0.3% 80 Wells Fargo & Co., 7.5% (Perpetual) $ 97,500 ------------ Total Banks $ 97,500 ------------------------------------------------------------------------------------------------ TOTAL CONVERTIBLE PREFERRED STOCKS (Cost $83,502) $ 97,500 ------------------------------------------------------------------------------------------------ ASSET BACKED SECURITIES -- 2.0% 609 BCMSC Trust 1998-A, 6.65%, 4/15/28 $ 608 59,340 Bear Stearns Asset Backed Securities Trust, 8.41%, 10/25/29 (Step) 60,889 50,000 Capital Auto Receivables Asset Trust 2013-1, 1.74%, 10/22/18 50,181 48,500 CKE Restaurant Holdings, Inc., 4.474%, 3/20/43 (144A) 49,862 24,280 4.92 Countrywide Asset-Backed Certificates, Floating Rate Note, 12/25/35 25,098 3,850 4.46 CWABS Asset-Backed Certificates Trust 2005-4, Floating Rate Note, 9/27/32 3,844 96,625 Domino's Pizza Master Issuer LLC, 5.216%, 1/27/42 (144A) 100,658 25,000 First Investors Auto Owner Trust 2013-1, 2.02%, 1/15/19 (144A) 25,000 8,814 0.58 First NLC Trust 2005-2, Floating Rate Note, 9/25/35 8,786 6,118 Irwin Home Equity Loan Trust 2005-1, 5.32%, 6/25/35 (Step) 6,038 50,000 5.50 Mastr Specialized Loan Trust, Floating Rate Note, 10/25/34 52,146 18,750 0.68 Motor 2013-1 Plc, Floating Rate Note, 2/25/21 (144A) 18,762 9,559 0.88 New Century Home Equity Loan Trust 2005-1, Floating Rate Note, 3/25/35 9,481 11,214 5.91 Origen Manufactured Housing Contract Trust 2004-A, Floating Rate Note, 1/15/35 11,791 16,688 Santander Drive Auto Receivables Trust 2012-1, 3.78%, 11/15/17 16,820 30,000 0.60 SMART ABS Series 2015-1US Trust, Floating Rate Note, 8/14/17 30,000 76,171 Springleaf Funding Trust 2013-A, 2.58%, 9/15/21 (144A) 76,410 2,448 Structured Asset Securities Corp., 4.77%, 10/25/34 (Step) 2,540 56,262 Terwin Mortgage Trust Series TMTS 2005-16HE, 4.417717%, 9/25/36 (Step) 58,080 ----------------------------------------------------------------------------------------------- TOTAL ASSET BACKED SECURITIES (Cost $591,421) $ 606,994 -----------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements. 18 Pioneer Global Multisector Income Fund | Semiannual Report | 4/30/15
------------------------------------------------------------------------------------------------ Floating Principal Rate (b) Amount ($) (unaudited) Value ------------------------------------------------------------------------------------------------ COLLATERALIZED MORTGAGE OBLIGATIONS -- 6.9% 108,031 3.50 Agate Bay Mortgage Trust 2015-1, Floating Rate Note, 1/25/45 (144A) $ 109,601 6,254 0.63 Alternative Loan Trust 2003-14T1, Floating Rate Note, 8/25/18 5,966 5,555 Alternative Loan Trust 2004-4CB, 4.25%, 4/25/34 5,615 62,203 1.66 Arran Residential Mortgages Funding 2010-1 Plc, Floating Rate Note, 5/16/47 (144A) 62,472 5,266 0.63 Banc of America Alternative Loan Trust 2003-10, Floating Rate Note, 12/25/33 5,227 16,652 Banc of America Alternative Loan Trust 2003-2, 5.75%, 4/25/33 17,256 11,683 Banc of America Alternative Loan Trust 2004-6, 5.0%, 7/25/19 12,013 11,467 Banc of America Mortgage Trust 2004-11, 5.75%, 1/25/35 11,654 10,408 Banc of America Mortgage Trust 2004-9, 5.5%, 11/25/34 10,588 104,622 Bayview Commercial Asset Trust 2007-2, 7/27/37 (Step) (144A) (c) (d) -- 67,832 Bayview Commercial Asset Trust 2007-4, 3.487707%, 9/25/37 (Step) (144A) (d) 2,727 7,992 2.59 CHL Mortgage Pass-Through Trust 2003-56, Floating Rate Note, 12/25/33 8,041 21,872 Citigroup Mortgage Loan Trust, Inc., 6.75%, 9/25/34 24,043 100,000 4.65 City Center Trust 2011-CCHP, Floating Rate Note, 7/17/28 (144A) 100,326 100,000 COMM 2012-LC4 Mortgage Trust, 4.063%, 12/12/44 108,497 50,000 COMM 2013-LC6 Mortgage Trust, 2.941%, 1/12/46 51,170 33,755 Credit Suisse Commercial Mortgage Trust Series 2007-C1, 5.361%, 2/15/40 35,453 78,557 0.34 Crusade Global Trust No 1 of 2007, Floating Rate Note, 4/19/38 77,349 52,458 0.34 Crusade Global Trust No. 1 of 2006, Floating Rate Note, 7/20/38 (144A) 52,299 68,920 0.32 Crusade Global Trust No.2 of 2006, Floating Rate Note, 11/15/37 68,100 100,000 5.58 DBUBS 2011-LC3 Mortgage Trust, Floating Rate Note, 8/12/44 (144A) 114,772 100,000 4.30 Federal Home Loan Mortgage Corp., Floating Rate Note, 9/26/44 (144A) 103,644 13,686 Federal National Mortgage Association REMICS, 4.5%, 6/25/29 14,811
The accompanying notes are an integral part of these financial statements. Pioneer Global Multisector Income Fund | Semiannual Report | 4/30/15 19 Schedule of Investments | 4/30/15 (unaudited) (continued)
------------------------------------------------------------------------------------------------ Floating Principal Rate (b) Amount ($) (unaudited) Value ------------------------------------------------------------------------------------------------ COLLATERALIZED MORTGAGE OBLIGATIONS -- (continued) 45,000 5.36 FREMF Mortgage Trust 2010-K9 REMICS, Floating Rate Note, 9/25/45 (144A) $ 50,459 25,000 4.49 FREMF Mortgage Trust 2011-K12, Floating Rate Note, 1/25/46 (144A) 27,024 50,000 4.77 FREMF Mortgage Trust 2011-K702, Floating Rate Note, 4/25/44 (144A) 53,612 50,000 5.05 FREMF Mortgage Trust 2011-K703, Floating Rate Note, 7/25/44 (144A) 53,877 48,197 Government National Mortgage Association, 4.5%, 9/20/39 52,030 16,593 Government National Mortgage Association, 5.25%, 8/16/35 18,551 50,000 GS Mortgage Securities Corp. II, 3.377%, 5/10/45 52,830 25,000 GS Mortgage Securities Corp. II, 3.682%, 2/10/46 (144A) 25,759 48,023 GS Mortgage Securities Corp. II, 5.56%, 11/10/39 50,214 60,484 2.45 GSR Mortgage Loan Trust 2003-9, Floating Rate Note, 8/25/33 61,119 41,833 0.54 JP Morgan Chase Commercial Mortgage Securities Trust 2006-FL2, Floating Rate Note, 11/15/18 (144A) 40,366 35,000 JP Morgan Chase Commercial Mortgage Securities Trust 2011-C5, 4.1712%, 8/17/46 38,593 6,793 2.49 JP Morgan Mortgage Trust 2004-A1, Floating Rate Note, 2/25/34 6,898 13,604 JP Morgan Mortgage Trust 2004-S1, 5.0%, 9/25/34 14,108 14,038 JP Morgan Mortgage Trust 2004-S1, 6.0%, 9/25/34 14,771 37,717 MASTR Alternative Loan Trust 2004-6, 6.0%, 7/25/34 38,394 75,000 5.48 ML-CFC Commercial Mortgage Trust 2006-3, Floating Rate Note, 7/12/46 76,727 46,031 3.25 NRP Mortgage Trust 2013-1, Floating Rate Note, 7/25/43 (144A) 46,073 GBP 59,747 0.96 Paragon Secured Finance No 1 Plc, Floating Rate Note, 11/15/35 90,867 30,880 RAAC Series 2004-SP2 Trust, 6.0%, 1/25/32 31,435 8,932 0.72 RALI Series 2002-QS16 Trust, Floating Rate Note, 10/25/17 8,615 18,846 RALI Series 2004-QS13 Trust, 5.0%, 9/25/19 19,219 4,140 Residential Asset Securitization Trust 2004-A10, 5.5%, 2/25/35 4,195 16,039 Residential Asset Securitization Trust 2004-A9, 5.75%, 12/25/34 16,650
The accompanying notes are an integral part of these financial statements. 20 Pioneer Global Multisector Income Fund | Semiannual Report | 4/30/15
------------------------------------------------------------------------------------------------ Floating Principal Rate (b) Amount ($) (unaudited) Value ------------------------------------------------------------------------------------------------ COLLATERALIZED MORTGAGE OBLIGATIONS -- (continued) 22,287 0.40 Sequoia Mortgage Trust 2005-2, Floating Rate Note, 3/20/35 $ 19,724 34,677 2.50 Sequoia Mortgage Trust 2013-4, Floating Rate Note, 4/27/43 33,582 26,255 2.52 Structured Asset Securities Corp. Mortgage Certificates Series 2003-31A, Floating Rate Note, 10/25/33 26,037 50,000 TimberStar Trust I REMICS, 5.668%, 10/15/36 (144A) 52,766 35,000 UBS Commercial Mortgage Trust 2012-C1, 3.4%, 5/12/45 36,883 3,670 Wells Fargo Mortgage Backed Securities 2006-16 Trust, 5.0%, 11/25/36 3,769 ------------------------------------------------------------------------------------------------ TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (Cost $1,997,188) $ 2,066,771 ------------------------------------------------------------------------------------------------ CORPORATE BONDS -- 33.2% ENERGY -- 4.2% Oil & Gas Drilling -- 0.4% 25,000 Pride International, Inc., 6.875%, 8/15/20 $ 28,653 100,000 Rowan Companies, Inc., 4.75%, 1/15/24 94,693 ------------ $ 123,346 ------------------------------------------------------------------------------------------------ Oil & Gas Equipment & Services -- 0.2% 25,000 Weatherford International, Ltd. Bermuda, 5.95%, 4/15/42 $ 22,788 25,000 Weatherford International, Ltd. Bermuda, 9.625%, 3/1/19 29,076 ------------ $ 51,864 ------------------------------------------------------------------------------------------------ Oil & Gas Exploration & Production -- 1.6% 60,000 Antero Resources Corp., 5.375%, 11/1/21 $ 60,600 25,000 Carrizo Oil & Gas, Inc., 7.5%, 9/15/20 26,308 50,000 EP Energy LLC, 9.375%, 5/1/20 53,500 45,000 Freeport-McMoran Oil & Gas LLC, 6.75%, 2/1/22 48,105 90,000 Linn Energy LLC, 6.25%, 11/1/19 76,050 23,000 Marathon Oil Corp., 5.9%, 3/15/18 25,504 25,000 Newfield Exploration Co., 5.375%, 1/1/26 26,000 100,000 Range Resources Corp., 5.0%, 3/15/23 101,500 75,000 SM Energy Co., 6.5%, 1/1/23 78,750 ------------ $ 496,317 ------------------------------------------------------------------------------------------------ Oil & Gas Refining & Marketing -- 0.4% 90,000 EnLink Midstream Partners LP, 4.4%, 4/1/24 $ 93,643 21,000 Valero Energy Corp., 9.375%, 3/15/19 26,244 ------------ $ 119,887 ------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements. Pioneer Global Multisector Income Fund | Semiannual Report | 4/30/15 21 Schedule of Investments | 4/30/15 (unaudited) (continued)
------------------------------------------------------------------------------------------------ Floating Principal Rate (b) Amount ($) (unaudited) Value ------------------------------------------------------------------------------------------------ Oil & Gas Storage & Transportation -- 1.6% 25,000 Buckeye Partners LP, 6.05%, 1/15/18 $ 27,254 50,000 Crestwood Midstream Partners LP, 6.25%, 4/1/23 (144A) 52,250 25,000 DCP Midstream LLC, 9.75%, 3/15/19 (144A) 28,547 50,000 5.85 DCP Midstream LLC, Floating Rate Note, 5/21/43 (144A) 37,750 70,000 Kinder Morgan Energy Partners LP, 4.15%, 3/1/22 71,665 25,000 Plains All American Pipeline LP, 6.125%, 1/15/17 26,900 10,000 Questar Pipeline Co., 5.83%, 2/1/18 11,039 25,000 Spectra Energy Capital LLC, 6.2%, 4/15/18 27,686 10,000 Spectra Energy Capital LLC, 6.75%, 7/15/18 11,252 60,000 Sunoco Logistics Partners Operations LP, 6.1%, 2/15/42 65,808 13,000 The Williams Companies, Inc., 7.75%, 6/15/31 14,330 100,000 TransCanada PipeLines, Ltd., 1.875%, 1/12/18 100,947 ------------ $ 475,428 ------------------------------------------------------------------------------------------------ Coal & Consumable Fuels -- 0.0%+ 45,000 Alpha Natural Resources, Inc., 6.0%, 6/1/19 $ 9,450 ------------ Total Energy $ 1,276,292 ------------------------------------------------------------------------------------------------ MATERIALS -- 2.6% Commodity Chemicals -- 0.1% 25,000 Methanex Corp., 4.25%, 12/1/24 $ 25,491 ------------------------------------------------------------------------------------------------ Diversified Chemicals -- 0.4% 20,000 Eastman Chemical Co., 4.8%, 9/1/42 $ 20,735 EURO 100,000 Ineos Finance Plc, 4.0%, 5/1/23 (144A) 111,175 ------------ $ 131,910 ------------------------------------------------------------------------------------------------ Construction Materials -- 1.1% 150,000 Cemex SAB de CV, 5.875%, 3/25/19 (144A) $ 154,800 30,000 Holcim US Finance Sarl & Cie SCS, 6.0%, 12/30/19 (144A) 34,523 150,000 Union Andina de Cementos SAA, 5.875%, 10/30/21 (144A) 152,625 ------------ $ 341,948 ------------------------------------------------------------------------------------------------ Paper Packaging -- 0.4% EURO 100,000 SIG Combibloc Holdings SCA, 7.75%, 2/15/23 (144A) $ 120,451 ------------------------------------------------------------------------------------------------ Diversified Metals & Mining -- 0.3% 35,000 Freeport-McMoRan, Inc., 3.875%, 3/15/23 $ 32,930 50,000 Volcan Cia Minera SAA, 5.375%, 2/2/22 (144A) 49,075 ------------ $ 82,005 ------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements. 22 Pioneer Global Multisector Income Fund | Semiannual Report | 4/30/15
------------------------------------------------------------------------------------------------ Floating Principal Rate (b) Amount ($) (unaudited) Value ------------------------------------------------------------------------------------------------ Steel -- 0.3% 50,000 EVRAZ plc, 7.50%, 11/15/19 $ 48,900 25,000 Glencore Funding LLC, 4.125%, 5/30/23 (144A) 25,203 ------------ $ 74,103 ------------ Total Materials $ 775,908 ------------------------------------------------------------------------------------------------ CAPITAL GOODS -- 1.2% Building Products -- 0.7% 30,000 Building Materials Corp of America, 5.375%, 11/15/24 (144A) $ 30,750 25,000 Masco Corp., 5.95%, 3/15/22 28,125 85,000 Masco Corp., 7.125%, 3/15/20 99,238 50,000 5.75 Stanley Black & Decker, Inc., Floating Rate Note, 12/15/53 54,250 ------------ $ 212,363 ------------------------------------------------------------------------------------------------ Electrical Components & Equipment -- 0.1% 25,000 WireCo WorldGroup, Inc., 9.5%, 5/15/17 $ 22,000 ------------------------------------------------------------------------------------------------ Construction & Farm Machinery & Heavy Trucks -- 0.3% 60,000 Cummins, Inc., 5.65%, 3/1/98 $ 67,723 10,000 Cummins, Inc., 6.75%, 2/15/27 12,861 ------------ $ 80,584 ------------------------------------------------------------------------------------------------ Industrial Machinery -- 0.0%+ 7,000 Valmont Industries, Inc., 6.625%, 4/20/20 $ 8,170 ------------------------------------------------------------------------------------------------ Trading Companies & Distributors -- 0.1% 40,000 GATX Corp., 6.0%, 2/15/18 $ 43,927 ------------ Total Capital Goods $ 367,044 ------------------------------------------------------------------------------------------------ TRANSPORTATION -- 2.2% Airlines -- 1.0% 95,231 Air Canada 2013-1 Class A Pass Through Trust, 4.125%, 11/15/26 (144A) $ 100,706 10,174 Delta Air Lines 2010-2 Class A Pass Through Trust, 4.95%, 5/23/19 10,886 71,679 United Airlines 2013-1 Class B Pass Through Trust, 5.375%, 8/15/21 75,084 97,088 US Airways 2013-1 Class A Pass Through Trust, 3.95%, 5/15/27 101,457 ------------ $ 288,133 ------------------------------------------------------------------------------------------------ Marine -- 0.6% 200,000 Pelabuhan Indonesia II PT, 4.25%, 5/5/25 (144A) $ 196,500 ------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements. Pioneer Global Multisector Income Fund | Semiannual Report | 4/30/15 23 Schedule of Investments | 4/30/15 (unaudited) (continued)
------------------------------------------------------------------------------------------------ Floating Principal Rate (b) Amount ($) (unaudited) Value ------------------------------------------------------------------------------------------------ Railroads -- 0.1% 25,000 Burlington Northern Santa Fe LLC, 5.75%, 3/15/18 $ 27,999 ------------------------------------------------------------------------------------------------ Airport Services -- 0.5% 150,000 Aguila 3 SA, 7.875%, 1/31/18 (144A) $ 151,500 ------------ Total Transportation $ 664,132 ------------------------------------------------------------------------------------------------ CONSUMER DURABLES & APPAREL -- 0.1% Home Furnishings -- 0.1% 25,000 Mohawk Industries, Inc., 3.85%, 2/1/23 $ 25,529 ------------ Total Consumer Durables & Apparel $ 25,529 ------------------------------------------------------------------------------------------------ CONSUMER SERVICES -- 1.1% Casinos & Gaming -- 0.7% 25,000 International Game Technology, 7.5%, 6/15/19 $ 26,699 200,000 Wynn Macau Ltd., 5.25%, 10/15/21 (144A) 187,500 ------------ $ 214,199 ------------------------------------------------------------------------------------------------ Education Services -- 0.4% 25,000 Bowdoin College, 4.693%, 7/1/12 $ 24,958 75,000 Tufts University, 5.017%, 4/15/12 81,354 ------------ $ 106,312 ------------ Total Consumer Services $ 320,511 ------------------------------------------------------------------------------------------------ MEDIA -- 0.8% Cable & Satellite -- 0.8% 25,000 Sky Plc, 6.1%, 2/15/18 (144A) $ 27,781 200,000 Ziggo Bond Finance BV, 5.875%, 1/15/25 (144A) 207,500 ------------ $ 235,281 ------------ Total Media $ 235,281 ------------------------------------------------------------------------------------------------ RETAILING -- 0.2% Internet Retail -- 0.2% 50,000 Expedia, Inc., 5.95%, 8/15/20 $ 56,154 ------------ Total Retailing $ 56,154 ------------------------------------------------------------------------------------------------ FOOD & STAPLES RETAILING -- 0.0%+ Drug Retail -- 0.0%+ 13,369 CVS Pass-Through Trust, 5.773%, 1/10/33 (144A) $ 15,540 ------------ Total Food & Staples Retailing $ 15,540 ------------------------------------------------------------------------------------------------ FOOD, BEVERAGE & TOBACCO -- 1.3% Brewers -- 0.1% 20,000 Anheuser-Busch InBev Worldwide, Inc., 7.75%, 1/15/19 $ 24,097 ------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements. 24 Pioneer Global Multisector Income Fund | Semiannual Report | 4/30/15
------------------------------------------------------------------------------------------------- Floating Principal Rate (b) Amount ($) (unaudited) Value ------------------------------------------------------------------------------------------------- Agricultural Products -- 0.2% 50,000 Viterra, Inc., 5.95%, 8/1/20 (144A) $ 55,706 ------------------------------------------------------------------------------------------------- Packaged Foods & Meats -- 0.9% 50,000 B&G Foods, Inc., 4.625%, 6/1/21 $ 50,125 70,000 Kraft Foods Group, Inc., 3.5%, 6/6/22 71,562 150,000 Post Holdings, Inc., 7.375%, 2/15/22 155,625 ------------ $ 277,312 ------------------------------------------------------------------------------------------------- Tobacco -- 0.1% 20,000 Lorillard Tobacco Co., 3.75%, 5/20/23 $ 20,317 ------------ Total Food, Beverage & Tobacco $ 377,432 ------------------------------------------------------------------------------------------------- HEALTH CARE EQUIPMENT & SERVICES -- 0.3% Health Care Technology -- 0.3% 75,000 MedAssets, Inc., 8.0%, 11/15/18 $ 78,188 ------------ Total Health Care Equipment & Services $ 78,188 ------------------------------------------------------------------------------------------------- PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES -- 0.1% Pharmaceuticals -- 0.1% 21,000 DPx Holdings BV, 7.5%, 2/1/22 (144A) $ 22,024 ------------ Total Pharmaceuticals, Biotechnology & Life Sciences $ 22,024 ------------------------------------------------------------------------------------------------- BANKS -- 4.9% Diversified Banks -- 4.6% 200,000 9.25 Access Bank Plc, Floating Rate Note, 6/24/21 (144A) $ 190,040 EURO 50,000 AXA Bank Europe SCF, 3.5%, 11/5/20 66,250 125,000 6.50 Bank of America Corp., Floating Rate Note, 10/23/49 132,812 75,000 5.90 Citigroup, Inc., Floating Rate Note (Perpetual) 75,609 15,000 5.95 Citigroup, Inc., Floating Rate Note (Perpetual) 14,944 75,000 Cooperatieve Centrale Raiffeisen-Boerenleenbank BA Netherlands, 3.875%, 2/8/22 80,237 200,000 FirstRand Bank, Ltd., 4.25%, 4/30/20 202,500 IDR 850,000,000 Inter-American Development Bank, 4.5%, 2/4/16 63,085 INR 700,000 Inter-American Development Bank, 6.0%, 9/5/17 10,859 IDR 1,210,000,000 Inter-American Development Bank, 7.2%, 1/22/18 90,882 AUD 185,000 International Bank for Reconstruction & Development, 5.75%, 10/21/19 165,729 100,000 Intesa Sanpaolo S.p.A., 6.5%, 2/24/21 (144A) 117,213 100,000 Macquarie Bank, Ltd., 6.625%, 4/7/21 (144A) 117,676 50,000 4.50 Scotiabank Peru SAA, Floating Rate Note, 12/13/27 (144A) 50,125 ------------ $ 1,377,961 -------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements. Pioneer Global Multisector Income Fund | Semiannual Report | 4/30/15 25 Schedule of Investments | 4/30/15 (unaudited) (continued)
------------------------------------------------------------------------------------------------ Floating Principal Rate (b) Amount ($) (unaudited) Value ------------------------------------------------------------------------------------------------ Regional Banks -- 0.3% 65,000 4.48 The PNC Financial Services Group, Inc., Floating Rate Note (Perpetual) $ 65,103 40,000 6.75 The PNC Financial Services Group, Inc., Floating Rate Note (Perpetual) 44,960 ------------ $ 110,063 ------------ Total Banks $ 1,488,024 ------------------------------------------------------------------------------------------------ DIVERSIFIED FINANCIALS -- 5.2% Other Diversified Financial Services -- 1.9% 200,000 Africa Finance Corp., 4.375%, 4/29/20 (144A) $ 202,250 25,000 Carlyle Holdings II Finance LLC, 5.625%, 3/30/43 (144A) 27,921 INR 5,100,000 European Bank for Reconstruction & Development, 6.0%, 3/3/16 79,639 IDR 1,120,000,000 European Investment Bank, 7.2%, 7/9/19 (144A) 83,711 NZD 100,000 JPMorgan Chase & Co., 4.25%, 11/2/18 76,696 45,000 5.15 JPMorgan Chase & Co., Floating Rate Note (Perpetual) 43,622 50,000 6.75 JPMorgan Chase & Co., Floating Rate Note, 8/29/49 54,615 ------------ $ 568,454 ------------------------------------------------------------------------------------------------ Specialized Finance -- 0.8% 55,000 Aviation Capital Group Corp., 6.75%, 4/6/21 (144A) $ 63,880 100,000 BM&FBovespa SA - Bolsa de Valores Mercadorias e Futuros, 5.5%, 7/16/20 (144A) 108,250 56,000 Cantor Fitzgerald LP, 7.875%, 10/15/19 (144A) 60,926 ------------ $ 233,056 ------------------------------------------------------------------------------------------------ Consumer Finance -- 1.6% INR 17,800,000 International Finance Corp., 6.3%, 11/25/24 $ 263,331 INR 3,790,000 International Finance Corp., 7.75%, 12/3/16 60,201 INR 9,500,000 International Finance Corp., 8.25%, 6/10/21 159,180 ------------ $ 482,712 ------------------------------------------------------------------------------------------------ Asset Management & Custody Banks -- 0.3% 100,000 KKR Group Finance Co. II LLC, 5.5%, 2/1/43 (144A) $ 106,447 ------------------------------------------------------------------------------------------------ Investment Banking & Brokerage -- 0.6% 10,000 Macquarie Group, Ltd., 6.0%, 1/14/20 (144A) $ 11,402 75,000 Morgan Stanley, 4.1%, 5/22/23 76,934 50,000 Morgan Stanley, 4.875%, 11/1/22 54,166 25,000 Raymond James Financial, Inc., 4.25%, 4/15/16 25,754 ------------ $ 168,256 ------------ Total Diversified Financials $ 1,558,925 ------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements. 26 Pioneer Global Multisector Income Fund | Semiannual Report | 4/30/15
----------------------------------------------------------------------------------------------------- Floating Principal Rate (b) Amount ($) (unaudited) Value ---------------------------------------------------------------------------------------------------- INSURANCE -- 1.9% Life & Health Insurance -- 0.5% 45,000 Protective Life Corp., 7.375%, 10/15/19 $ 53,769 100,000 5.88 Prudential Financial, Inc., Floating Rate Note, 9/15/42 108,500 ------------- $ 162,269 ---------------------------------------------------------------------------------------------------- Multi-line Insurance -- 0.3% 60,000 AXA SA, 8.6%, 12/15/30 $ 83,969 ---------------------------------------------------------------------------------------------------- Property & Casualty Insurance -- 0.6% 35,000 Delphi Financial Group, Inc., 7.875%, 1/31/20 $ 41,972 20,000 OneBeacon US Holdings, Inc., 4.6%, 11/9/22 20,777 110,000 6.50 The Allstate Corp., Floating Rate Note, 5/15/57 128,095 ------------- $ 190,844 ---------------------------------------------------------------------------------------------------- Reinsurance -- 0.5% 31,264 Altair Re, Variable Rate Notes, 6/30/16 $ 18,086 30,000 Lorenzo Re, Ltd., 3/31/18 30,177 15,000 Platinum Underwriters Finance, Inc., 7.5%, 6/1/17 16,589 45,000 7.51 Sirius International Group, Ltd., Floating Rate Note (Perpetual) (144A) 47,138 25,000 5.88 Wilton Re Finance LLC, Floating Rate Note, 3/30/33 (144A) 27,012 ------------- $ 139,002 ------------- Total Insurance $ 576,084 ---------------------------------------------------------------------------------------------------- REAL ESTATE -- 0.9% Diversified REIT -- 0.1% 20,000 Digital Realty Trust LP, 4.5%, 7/15/15 $ 20,048 ---------------------------------------------------------------------------------------------------- Office REIT -- 0.6% 40,000 Alexandria Real Estate Equities, Inc., 4.6%, 4/1/22 $ 42,785 20,000 Corporate Office Properties LP, 3.6%, 5/15/23 19,274 50,000 DuPont Fabros Technology LP, 5.875%, 9/15/21 51,812 35,000 Highwoods Realty LP, 3.625%, 1/15/23 35,477 50,000 Piedmont Operating Partnership LP, 3.4%, 6/1/23 48,465 ------------- $ 197,813 ---------------------------------------------------------------------------------------------------- Health Care REIT -- 0.2% 45,000 Senior Housing Properties Trust, 6.75%, 4/15/20 $ 51,060 ------------- Total Real Estate $ 268,921 ---------------------------------------------------------------------------------------------------- SOFTWARE & SERVICES -- 0.5% Internet Software & Services -- 0.3% 100,000 Bankrate, Inc., 6.125%, 8/15/18 (144A) $ 98,375 ----------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements. Pioneer Global Multisector Income Fund | Semiannual Report | 4/30/15 27 Schedule of Investments | 4/30/15 (unaudited) (continued)
------------------------------------------------------------------------------------------------ Floating Principal Rate (b) Amount ($) (unaudited) Value ------------------------------------------------------------------------------------------------ Home Entertainment Software -- 0.2% 50,000 Activision Blizzard, Inc., 6.125%, 9/15/23 (144A) $ 55,094 ------------ Total Software & Services $ 153,469 ------------------------------------------------------------------------------------------------ TECHNOLOGY HARDWARE & EQUIPMENT -- 0.3% Electronic Manufacturing Services -- 0.3% 100,000 Flextronics International, Ltd., 4.625%, 2/15/20 $ 104,500 ------------ Total Technology Hardware & Equipment $ 104,500 ------------------------------------------------------------------------------------------------ SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT -- 0.3% Semiconductor Equipment - 0.1% 25,000 Entegris, Inc., 6.0%, 4/1/22 (144A) $ 26,125 ------------------------------------------------------------------------------------------------ Semiconductors -- 0.2% 55,000 Micron Technology, Inc., 5.25%, 8/1/23 (144A) $ 55,192 ------------ Total Semiconductors & Semiconductor Equipment $ 81,317 ------------------------------------------------------------------------------------------------ TELECOMMUNICATION SERVICES -- 2.2% Integrated Telecommunication Services -- 1.2% COP 124,000,000 Empresa de Telecomunicaciones de Bogota, 7.0%, 1/17/23 (144A) $ 49,558 30,000 Frontier Communications Corp., 8.5%, 4/15/20 33,225 50,000 GCI, Inc., 6.75%, 6/1/21 51,000 45,000 GTP Acquisition Partners I LLC, 4.347%, 6/15/41 (144A) 45,053 EURO 50,000 Telefonica Emisiones SAU, 5.496%, 4/1/16 58,865 25,000 Unison Ground Lease Funding LLC, 2.981%, 3/16/43 (144A) 25,543 38,000 Verizon Communications, Inc., 5.012%, 8/21/54 37,523 40,000 Verizon Communications, Inc., 6.55%, 9/15/43 50,049 ------------ $ 350,816 ------------------------------------------------------------------------------------------------ Wireless Telecommunication Services -- 1.0% 30,000 Crown Castle Towers LLC, 4.883%, 8/15/20 (144A) $ 32,844 200,000 MTN Mauritius Investments, Ltd., 4.755%, 11/11/24 (144A) 205,532 75,000 T-Mobile USA, Inc., 6.625%, 11/15/20 78,281 ------------ $ 316,657 ------------ Total Telecommunication Services $ 667,473 ------------------------------------------------------------------------------------------------ UTILITIES -- 2.9% Electric Utilities -- 1.7% 100,000 Electricite de France SA, 6.0%, 1/22/14 (144A) $ 113,746 200,000 8.13 Enel S.p.A., Floating Rate Note, 9/24/73 (144A) 240,700 70,000 Public Service Co. of New Mexico, 7.95%, 5/15/18 82,236
The accompanying notes are an integral part of these financial statements. 28 Pioneer Global Multisector Income Fund | Semiannual Report | 4/30/15
------------------------------------------------------------------------------------------------ Floating Principal Rate (b) Amount ($) (unaudited) Value ------------------------------------------------------------------------------------------------ Electric Utilities -- (continued) 50,000 6.25 Southern California Edison Co., Floating Rate Note (Perpetual) $ 56,304 10,000 West Penn Power Co., 5.95%, 12/15/17 (144A) 11,073 ------------ $ 504,059 ------------------------------------------------------------------------------------------------ Gas Utilities -- 0.4% 90,176 Nakilat, Inc., 6.267%, 12/31/33 (144A) $ 105,280 15,000 Suburban Propane Partners LP, 5.75%, 3/1/25 15,525 ------------ $ 120,805 ------------------------------------------------------------------------------------------------ Independent Power Producers & Energy Traders -- 0.8% 200,000 Colbun SA, 4.5%, 7/10/24 (144A) $ 208,040 33,772 Panoche Energy Center LLC, 6.885%, 7/31/29 (144A) 39,714 ------------ $ 247,754 ------------ Total Utilities $ 872,618 ------------------------------------------------------------------------------------------------ TOTAL CORPORATE BONDS (Cost $9,668,661) $ 9,985,366 ------------------------------------------------------------------------------------------------ U.S. GOVERNMENT AND AGENCY OBLIGATIONS -- 11.7% 60,000 Fannie Mae, 3.0%, 5/18/15 $ 62,786 58,000 Fannie Mae, 3.5%, 2/1/29 61,593 245,015 Fannie Mae, 3.5%, 5/1/44 257,612 200,000 Fannie Mae, 3.5%, 6/11/15 209,156 191,553 Fannie Mae, 3.5%, 9/1/42 201,407 200,000 Fannie Mae, 4.0%, 5/13/15 213,715 30,721 Fannie Mae, 4.5%, 4/1/41 33,536 200,000 Fannie Mae, 4.5%, 5/13/15 217,672 30,840 Fannie Mae, 5.0%, 6/1/40 34,320 194,619 Federal Home Loan Mortgage Corp., 3.5%, 12/1/44 203,807 224,289 Federal Home Loan Mortgage Corp., 4.0%, 1/1/44 239,123 23,397 Federal Home Loan Mortgage Corp., 4.0%, 12/1/44 25,100 397,329 Federal Home Loan Mortgage Corp., 4.0%, 5/1/44 423,590 81,010 Federal Home Loan Mortgage Corp., 4.5%, 6/1/41 88,402 58,810 Federal Home Loan Mortgage Corp., 5.0%, 10/1/38 65,296 50,163 Federal Home Loan Mortgage Corp., 5.0%, 9/1/38 55,695
The accompanying notes are an integral part of these financial statements. Pioneer Global Multisector Income Fund | Semiannual Report | 4/30/15 29 Schedule of Investments | 4/30/15 (unaudited) (continued)
------------------------------------------------------------------------------------------------ Floating Principal Rate (b) Amount ($) (unaudited) Value ------------------------------------------------------------------------------------------------ U.S. GOVERNMENT AND AGENCY OBLIGATIONS -- (continued) 39,632 Federal Home Loan Mortgage Corp., 6.0%, 8/1/37 $ 45,322 25,600 Federal Home Loan Mortgage Corp., 6.5%, 1/1/38 31,228 75,797 Federal Home Loan Mortgage Corp., 6.5%, 4/1/38 87,072 51,275 Government National Mortgage Association I, 4.5%, 1/15/40 57,040 46,209 Government National Mortgage Association I, 4.5%, 7/15/41 51,082 51,342 Government National Mortgage Association I, 4.5%, 9/15/40 57,057 67,670 Government National Mortgage Association II, 4.5%, 9/20/41 73,602 60,000 U.S. Treasury Bonds, 4.5%, 2/15/36 79,458 60,000 U.S. Treasury Bonds, 4.5%, 8/15/39 79,523 469,552 U.S. Treasury Inflation Indexed Bonds, 0.125%, 7/15/24 472,193 99,100 U.S. Treasury Inflation Indexed Bonds, 0.25%, 1/15/25 100,370 ------------------------------------------------------------------------------------------------ TOTAL U.S. GOVERNMENT AND AGENCY OBLIGATIONS (Cost $3,406,115) $ 3,526,757 ------------------------------------------------------------------------------------------------ FOREIGN GOVERNMENT BONDS -- 39.7% AUD 1,050,000 Australia Government Bond, 3.25%, 4/21/25 $ 873,605 EURO 50,000 Austria Government Bond, 4.15%, 3/15/37 (144A) (144A) 92,294 200,000 Banque Cent de Tunisie, 5.75%, 1/30/25 (144A) 206,500 200,000 Brazil Minas SPE via State of Minas Gerais, 5.333%, 2/15/28 (144A) 196,000 EURO 215,000 Bundesschatzanweisungen, 0.25%, 3/11/16 242,769 CAD 700,000 Canadian Government Bond, 1.75%, 9/1/19 599,416 CAD 750,000 Canadian Government Bond, 2.25%, 6/1/25 657,037 CNY 500,000 China Government Bond, 3.0%, 11/21/19 78,993 CNY 500,000 China Government Bond, 3.38%, 11/21/24 79,631 200,000 City of Buenos Aires Argentina, 8.95%, 2/19/21 (144A) 214,000 200,000 Croatia Government International Bond, 5.5%, 4/4/23 (144A) 212,310 200,000 Ecuador Government International Bond, 7.95%, 6/20/24 (144A) 195,000 IDR 222,000,000 Indonesia Treasury Bond, 6.125%, 5/15/28 14,643 IDR 200,000,000 Indonesia Treasury Bond, 7.0%, 5/15/27 14,403 IDR 2,500,000,000 Indonesia Treasury Bond, 7.375%, 9/15/16 193,337 IDR 1,210,000,000 Indonesia Treasury Bond, 8.25%, 6/15/32 94,980
The accompanying notes are an integral part of these financial statements. 30 Pioneer Global Multisector Income Fund | Semiannual Report | 4/30/15
------------------------------------------------------------------------------------------------ Floating Principal Rate (b) Amount ($) (unaudited) Value ------------------------------------------------------------------------------------------------ FOREIGN GOVERNMENT BONDS -- (continued) EURO 100,000 Italy Buoni Poliennali Del Tesoro, 4.75%, 8/1/23 (144A) (144A) $ 142,567 200,000 Ivory Coast Government International Bond, 5.375%, 7/23/24 (144A) 191,366 200,000 Ivory Coast Government International Bond, 6.375%, 3/3/28 (144A) 200,500 JPY 20,000,000 Japan Government Ten Year Bond, 1.0%, 12/20/21 177,244 JPY 20,000,000 Japan Government Twenty Year Bond, 1.5%, 3/20/19 177,045 MXN 3,830,000 Mexican Bonos, 4.75%, 6/14/18 249,259 MXN 2,400,000 Mexican Bonos, 6.5%, 6/9/22 163,216 MXN 300,000 Mexican Bonos, 7.5%, 6/3/27 21,712 MXN 3,603,792 Mexican Udibonos, 2.0%, 6/9/22 224,153 MXN 4,782,384 Mexican Udibonos, 3.5%, 12/14/17 327,298 MXN 3,849,819 Mexican Udibonos, 5.0%, 6/16/16 261,316 EURO 100,000 Mexico Government International Bond, 4.0%, 3/15/15 112,328 NZD 950,000 New Zealand Government Bond, 4.5%, 4/15/27 798,464 NZD 1,250,000 New Zealand Government Bond, 5.5%, 4/15/23 1,099,049 NOK 1,800,000 Norway Government Bond, 2.0%, 5/24/23 249,024 NOK 2,700,000 Norway Government Bond, 4.5%, 5/22/19 408,431 NOK 1,675,000 Norway Government Bond, 5.0%, 5/15/15 222,673 PLN 1,000,000 Poland Government Bond, 5.25%, 10/25/17 301,159 100,000 Poland Government International Bond, 4.0%, 1/22/24 108,803 NZD 100,000 Province of Ontario Canada, 6.25%, 6/16/15 76,590 AUD 100,000 Queensland Treasury Corp., 5.75%, 7/22/24 95,643 RON 650,000 Romania Government Bond, 5.85%, 4/26/23 196,266 RON 1,150,000 Romania Government Bond, 5.95%, 6/11/21 343,399 RUB 5,545,000 Russian Federal Bond - OFZ, 7.0%, 8/16/23 86,343 SEK 2,300,000 Sweden Government Bond, 2.5%, 5/12/25 331,350 GBP 500,000 United Kingdom Gilt, 1.75%, 7/22/19 784,817 GBP 70,000 United Kingdom Gilt, 4.25%, 9/7/39 141,868 GBP 75,000 United Kingdom Gilt, 8.75%, 8/25/17 136,965 400,000 Zambia Government International Bond, 5.375%, 9/20/22 (144A) 369,732 ------------------------------------------------------------------------------------------------ TOTAL FOREIGN GOVERNMENT BONDS (Cost $12,647,206) $ 11,963,498 ------------------------------------------------------------------------------------------------ MUNICIPAL BONDS -- 2.0% Municipal Airport -- 0.1% 20,000 Indianapolis Airport Authority, 5.1%, 1/15/17 $ 21,393 ------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements. Pioneer Global Multisector Income Fund | Semiannual Report | 4/30/15 31 Schedule of Investments | 4/30/15 (unaudited) (continued)
------------------------------------------------------------------------------------------------ Floating Principal Rate (b) Amount ($) (unaudited) Value ------------------------------------------------------------------------------------------------ Municipal General -- 1.0% 50,000 California Statewide Communities Development Authority, 6.0%, 8/15/42 $ 59,726 70,000 JobsOhio Beverage System, 3.985%, 1/1/29 74,824 20,000 JobsOhio Beverage System, 4.532%, 1/1/35 21,976 25,000 Massachusetts Development Finance Agency, 5.25%, 4/1/37 28,310 50,000 State of Washington, 5.0%, 7/1/30 58,704 30,000 Virginia Commonwealth Transportation Board, 4.0%, 5/15/31 31,774 30,000 Virginia Commonwealth Transportation Board, 4.0%, 5/15/32 31,606 ------------ $ 306,920 ------------------------------------------------------------------------------------------------ Higher Municipal Education -- 0.6% 25,000 Baylor University, 4.313%, 3/1/42 $ 26,514 25,000 Massachusetts Health & Educational Facilities Authority, Massachusetts Institute of Technology -Series K, 5.5%, 7/1/32 33,579 25,000 Massachusetts Institute of Technology, 5.6%, 7/1/11 32,646 20,000 Permanent University Fund, 5.0%, 7/1/30 23,831 50,000 University of California, 3.38%, 5/15/28 50,658 ------------ $ 167,228 ------------------------------------------------------------------------------------------------ Municipal Obligation -- 0.3% 50,000 State of Texas, 4.0%, 10/1/44 $ 51,950 20,000 Washington Suburban Sanitary Commission, 4.0%, 6/1/43 20,756 20,000 Washington Suburban Sanitary Commission, 4.0%, 6/1/44 20,741 ------------ $ 93,447 ------------------------------------------------------------------------------------------------ TOTAL MUNICIPAL BONDS (Cost $547,227) $ 588,988 ------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements. 32 Pioneer Global Multisector Income Fund | Semiannual Report | 4/30/15
------------------------------------------------------------------------------------------------ Floating Principal Rate (b) Amount ($) (unaudited) Value ------------------------------------------------------------------------------------------------ SENIOR FLOATING RATE LOAN INTERESTS -- 0.1%** TELECOMMUNICATION SERVICES -- 0.1% Integrated Telecommunication Services -- 0.1% 42,977 3.25 West Corp., B-10 Term Loan (First Lien), 6/30/18 $ 43,111 ------------ Total Telecommunication Services $ 43,111 ------------------------------------------------------------------------------------------------ TOTAL SENIOR FLOATING RATE LOAN INTERESTS (Cost $43,552) $ 43,111 ------------------------------------------------------------------------------------------------ TOTAL INVESTMENT IN SECURITIES -- 97.6% (Cost $29,479,555) (a) $ 29,387,787 ------------------------------------------------------------------------------------------------ OTHER ASSETS & LIABILITIES -- 2.4% $ 718,644 ------------------------------------------------------------------------------------------------ TOTAL NET ASSETS -- 100.0% $ 30,106,431 ================================================================================================
+ Amount rounds to less than 0.1%. (Perpetual) Security with no stated maturity date. (Step) Step up bond issued with an initial coupon rate which converts to a higher rate at a later date. REIT Real Estate Investment Trust. REMICS Real Estate Mortgage Investment Conduits. (144A) Security is exempt from registration under Rule 144A of the Securities Act of 1933. Such securities may be resold normally to qualified institutional buyers in a transaction exempt from registration. At April 30, 2015, the value of these securities amounted to $7,551,773 or 25.1% of total net assets. ** Senior floating rate loan interests in which the Fund invests generally pay interest at rates that are periodically redetermined by reference to a base lending rate plus a premium. These base lending rates are generally (i) the lending rate offered by one or more major European banks, such as LIBOR (London InterBank Offered Rate), (ii) the prime rate offered by one or more major United States banks, (iii) the rate of a certificate of deposit or (iv) other base lending rates used by commercial lenders. The rate shown is the coupon rate at period end. (a) At April 30, 2015, the net unrealized depreciation on investments based on cost for federal income tax purposes of $29,492,418 was as follows:
Aggregate gross unrealized appreciation for all investments in which there is an excess of value over tax cost $ 1,290,770 Aggregate gross unrealized depreciation for all investments in which there is an excess of tax cost over value (1,395,401) ------------ Net unrealized depreciation $ (104,631) ============
(b) Debt obligation with a variable interest rate. Rate shown is rate at end of period. (c) Security issued with a zero coupon. Income is earned through accretion of discount. (d) Security represents the interest only portion payments on a pool of underlying mortgages or mortgage-backed securities. The accompanying notes are an integral part of these financial statements. Pioneer Global Multisector Income Fund | Semiannual Report | 4/30/15 33 Schedule of Investments | 4/30/15 (unaudited) (continued) Principal amounts are denominated in U.S. Dollars unless otherwise noted: AUD Australian Dollar CAD Canadian Dollar CNY Chinese Yuan COP Colombian Peso EURO Euro GBP British Pound Sterling IDR Indonesian Rupiah INR Indian Rupee JPY Japanese Yen MXN Mexican Peso NOK Norwegian Krone NZD New Zealand Dollar PLN New Polish Zloty RON Romanian New Leu RUB Russian Ruble SEK Swedish Krona Purchases and sales of securities (excluding temporary cash investments) for the six months ended April 30, 2015 aggregated $13,072,281 and $7,153,566, respectively. CENTRALLY CLEARED CREDIT DEFAULT SWAP AGREEMENTS -- SELL PROTECTION
------------------------------------------------------------------------------------------------------------ Net Notional Obligation Credit Expiration Premiums Unrealized Principal ($)(1) Counterparty Entity/Index Coupon Rating(2) Date Received Appreciation ------------------------------------------------------------------------------------------------------------ Markit CDX Chicago North America Mercantile High Yield 346,872 Exchange Index 5.00% B+ 12/20/19 $18,825 $11,448 ------------------------------------------------------------------------------------------------------------ $18,825 $11,448 ============================================================================================================
CREDIT DEFAULT SWAP AGREEMENTS -- SELL PROTECTION
------------------------------------------------------------------------------------------------------------ Net Notional Obligation Credit Expiration Premiums Unrealized Principal ($)(1) Counterparty Entity/Index Coupon Rating(2) Date Paid Depreciation ------------------------------------------------------------------------------------------------------------ Morgan Stanley Diamond Capital Offshore 50,000 Services LLC Drill Inc. 1.00% BBB+ 12/20/19 $(1,873) $(1,533) ------------------------------------------------------------------------------------------------------------ $(1,873) $(1,533) ============================================================================================================
(1) The notional amount is the maximum amount that a seller of credit protection would be obligated to pay upon occurrence of a credit event. (2) Based on Standard & Poor's rating or the issuer of the weighted average rating of all the underlying securities of the index. The accompanying notes are an integral part of these financial statements. 34 Pioneer Global Multisector Income Fund | Semiannual Report | 4/30/15 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.) See Notes to Financial Statements -- Note 1A. Level 3 - significant unobservable inputs (including the Fund's own assumptions in determining fair value of investments) See Notes to Financial Statements -- Note 1A. 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 or broker-dealers) are categorized as Level 3. See Notes to Financial Statements -- Note 1A. The following is a summary of the inputs used as of April 30, 2015, in valuing the Fund's assets:
----------------------------------------------------------------------------------------- Level 1 Level 2 Level 3 Total ----------------------------------------------------------------------------------------- Convertible Corporate Bonds $ -- $ 90,353 $ -- $ 90,353 Preferred Stocks Banks Regional Banks -- 51,672 -- 51,672 Diversified Financials Consumer Finance -- 25,597 -- 25,597 Insurance Reinsurance -- -- 32,967 32,967 All Other Preferred Stocks 308,213 -- -- 308,213 Convertible Preferred Stock 97,500 -- -- 97,500 Asset Backed Securities -- 606,994 -- 606,994 Collateralized Mortgage Obligations -- 2,066,771 -- 2,066,771 Corporate Bonds Insurance Reinsurance -- -- 48,263 48,263 All Other Corporate Bonds -- 9,937,103 -- 9,937,103 U.S. Government Agency Obligations -- 3,526,757 -- 3,526,757 Foreign Government Bonds -- 11,963,498 -- 11,963,498 Municipal Bonds -- 588,988 -- 588,988 Senior Floating Rate Loan Interest -- 43,111 -- 43,111 ----------------------------------------------------------------------------------------- Total $405,713 $28,900,844 $81,230 $29,387,787 ========================================================================================= Other Financial Instruments Net unrealized appreciation on futures contracts $ 5,305 $ -- $ -- $ 5,305 Net unrealized appreciation on forward foreign currency contracts -- 46,461 -- 46,461 Net unrealized depreciation on forward foreign currency contracts -- (319,586) -- (319,586) Net unrealized appreciation on swap contracts -- 9,915 -- 9,915 ----------------------------------------------------------------------------------------- Total Other Financial Instruments $ 5,305 $ (263,210) $ -- $ (257,905) =========================================================================================
The accompanying notes are an integral part of these financial statements. Pioneer Global Multisector Income Fund | Semiannual Report | 4/30/15 35 Schedule of Investments | 4/30/15 (unaudited) (continued) The following is a summary of the fair valuation of certain Portfolio's assets and liabilities as of April 30, 2015:
--------------------------------------------------------------------------------------- Level 1 Level 2 Level 3 Total --------------------------------------------------------------------------------------- Assets: Futures collateral $ -- $ 45,550 $-- $ 45,550 Centrally cleared swap collateral -- 25,000 -- 25,000 Foreign currencies, at value -- 469,507 -- 469,507 Variation margin for futures contracts 4,508 -- -- 4,508 Liabilities: Variation margin for centrally cleared swap contracts -- (1,130) -- (1,130) --------------------------------------------------------------------------------------- Total $ 4,508 $538,927 $-- $543,435 =======================================================================================
The following is a reconciliation of assets valued using significant observable inputs (Level 3):
--------------------------------------------------------------------------------------- Preferred Corporate Stocks Bonds Total --------------------------------------------------------------------------------------- Balance as of 10/31/14 $31,404 $ 53,730 $ 85,134 Realized gain (loss)(1) -- 66 66 Change in unrealized appreciation (depreciation)(2) 1,563 (16,797) (15,234) Purchases -- 30,000 30,000 Sales -- (18,736) (18,736) Transfers in to Level 3* -- -- -- Transfers out of Level 3* -- -- -- --------------------------------------------------------------------------------------- Balance as of 4/30/15 $32,967 $ 48,263 $ 81,230 =======================================================================================
(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 appreciation (depreciation) on investments in the Statement of Operations. * Transfers are calculated on the beginning of period values. During the six months ended April 30, 2015, there were no transfers between Levels 1, 2 and 3.
Net change in unrealized appreciation (depreciation) of investments still held as of 4/30/15 $(15,234) --------
The accompanying notes are an integral part of these financial statements. 36 Pioneer Global Multisector Income Fund | Semiannual Report | 4/30/15 Statement of Assets and Liabilities | 4/30/15 (unaudited)
ASSETS: Investment in securities, at value (cost $29,479,555) $29,387,787 Cash 1,144,669 Futures collateral 45,550 Centrally cleared swap collateral 25,000 Foreign currencies, at value (cost $456,661) 469,507 Receivables -- Investment securities sold 338,822 Fund shares sold 15,282 Interest 312,275 Variation margin for futures contracts 4,508 Swap contracts, net premium paid 16,952 Net unrealized appreciation on futures contracts 5,305 Unrealized appreciation on centrally cleared swap contracts 11,448 Net unrealized appreciation on forward foreign currency contracts 46,461 Due from Pioneer Investment Management, Inc. 49,825 Prepaid expenses 23,960 ---------------------------------------------------------------------------------------- Total assets $31,897,351 ======================================================================================== LIABILITIES: Payables -- Investment securities purchased $ 1,329,873 Fund shares repurchased 4,343 Dividends 35,814 Variation margin for centrally cleared swap contracts 1,130 Trustee fees 421 Unrealized depreciation on swap contracts 1,533 Net unrealized depreciation on forward foreign currency contracts 319,586 Due to affiliates 45,987 Accrued expenses 52,233 ---------------------------------------------------------------------------------------- Total liabilities $ 1,790,920 ======================================================================================== NET ASSETS: Paid-in capital $30,157,582 Distributions in excess of net investment income (130,144) Accumulated net realized gain on investments, futures contracts, swap contracts, written options, and foreign currency transactions 427,252 Net unrealized depreciation on investments (91,768) Net unrealized appreciation on futures contracts 5,305 Net unrealized appreciation on swap contracts 9,915 Net unrealized depreciation on forward foreign currency contracts and other assets and liabilities denominated in foreign currencies (271,711) ----------------------------------------------------------------------------------------- Total net assets $30,106,431 ========================================================================================= NET ASSET VALUE PER SHARE: (No par value, unlimited number of shares authorized) Class A (based on $12,690,969/1,181,508 shares) $ 10.74 Class C (based on $4,858,236/450,943 shares) $ 10.77 Class Y (based on $12,557,226/1,158,412 shares) $ 10.84 MAXIMUM OFFERING PRICE: Class A ($10.74 (divided by) 95.5%) $ 11.25 =========================================================================================
The accompanying notes are an integral part of these financial statements. Pioneer Global Multisector Income Fund | Semiannual Report | 4/30/15 37 Statement of Operations (unaudited) For the Six Months Ended 4/30/15
INVESTMENT INCOME: Interest (net of foreign taxes withheld of $1,946) $ 494,483 Dividends 18,526 -------------------------------------------------------------------------------------- Total investment income $ 513,009 -------------------------------------------------------------------------------------- EXPENSES: Management fees $ 72,575 Transfer agent fees and expenses Class A 5,268 Class C 2,761 Class Y 320 Distribution fees Class A 15,112 Class C 22,698 Shareholder communications expense 55,395 Administrative reimbursements 11,598 Custodian fees 17,628 Registration fees 19,362 Professional fees 27,466 Printing expense 7,654 Pricing expense 9,909 Fees and expenses of non-affiliated Trustees 3,434 Miscellaneous 11,972 -------------------------------------------------------------------------------------- Total expenses $ 283,152 Less fees waived and expenses reimbursed by Pioneer Investment Management, Inc. (133,074) --------------------------------------------------------------------------------------- Net expenses $ 150,078 --------------------------------------------------------------------------------------- Net investment income $ 362,931 --------------------------------------------------------------------------------------- REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS, FUTURES CONTRACTS, SWAP CONTRACTS, WRITTEN OPTIONS AND FOREIGN CURRENCY TRANSACTIONS: Net realized gain (loss) on: Investments $(272,493) Futures contracts (49,084) Written options 1,386 Swap contracts (5,495) Forward foreign currency contracts and other assets and liabilities denominated in foreign currencies 742,059 $ 416,373 -------------------------------------------------------------------------------------- Change in net unrealized appreciation (depreciation) on: Investments $(223,711) Futures contracts 23,314 Written options (1,386) Swap contracts 9,967 Forward foreign currency contracts and other assets and liabilities denominated in foreign currencies (354,833) $(546,649) -------------------------------------------------------------------------------------- Net loss on investments, futures contracts, swap contracts, written options and foreign currency transactions $(130,276) --------------------------------------------------------------------------------------- Net increase in net assets resulting from operations $ 232,655 =======================================================================================
The accompanying notes are an integral part of these financial statements. 38 Pioneer Global Multisector Income Fund | Semiannual Report | 4/30/15 Statements of Changes in Net Assets
------------------------------------------------------------------------------------------------- Six Months Ended 4/30/15 Year Ended (unaudited) 10/31/14 ------------------------------------------------------------------------------------------------- FROM OPERATIONS: Net investment income $ 362,931 $ 930,817 Net realized gain on investments, futures contracts, written options, swap contracts and foreign currency transactions 416,373 89,341 Change in net unrealized depreciation on investments, futures contracts, written options, swap contracts and foreign currency transactions (546,649) (186,594) ------------------------------------------------------------------------------------------------- Net increase in net assets resulting from operations $ 232,655 $ 833,564 ------------------------------------------------------------------------------------------------- DISTRIBUTIONS TO SHAREOWNERS: Net investment income: Class A ($0.15 and $0.35 per share, respectively) $ (169,583) $ (215,775) Class C ($0.10 and $0.25 per share, respectively) (43,102) (89,290) Class Y ($0.17 and $0.38 per share, respectively) (190,017) (530,301) Net realized gain: Class A ($0.10 and $0.06 per share, respectively) (103,854) (39,795) Class C ($0.10 and $0.06 per share, respectively) (36,964) (21,563) Class Y ($0.10 and $0.06 per share, respectively) (110,052) (98,561) ------------------------------------------------------------------------------------------------- Total distributions to shareowners $ (653,572) $ (995,285) ================================================================================================= FROM FUND SHARE TRANSACTIONS: Net proceeds from sale of shares $ 3,678,916 $ 10,994,366 Reinvestment of distributions 298,927 266,757 Cost of shares repurchased (1,732,264) (10,990,573) ------------------------------------------------------------------------------------------------- Net increase in net assets resulting from Fund share transactions $ 2,245,579 $ 270,550 ------------------------------------------------------------------------------------------------- Net increase in net assets $ 1,824,662 $ 108,829 NET ASSETS: Beginning of period 28,281,769 28,172,940 ------------------------------------------------------------------------------------------------- End of period $30,106,431 $ 28,281,769 ------------------------------------------------------------------------------------------------- Undistributed (distributions in excess of) net investment income $ (130,144) $ (90,373) =================================================================================================
The accompanying notes are an integral part of these financial statements. Pioneer Global Multisector Income Fund | Semiannual Report | 4/30/15 39 Statements of Changes in Net Assets (continued)
----------------------------------------------------------------------------------------- '15 Shares '15 Amount (unaudited) (unaudited) '14 Shares '14 Amount ----------------------------------------------------------------------------------------- Class A Shares sold 199,892 $ 2,146,091 636,610 $ 6,945,753 Reinvestment of distributions 21,910 236,101 18,155 197,869 Less shares repurchased (104,069) (1,121,359) (218,557) (2,379,129) ----------------------------------------------------------------------------------------- Net increase 117,733 $ 1,260,833 436,208 $ 4,764,493 ========================================================================================= Class C Shares sold 111,122 $ 1,196,372 81,364 $ 893,280 Reinvestment of distributions 4,358 47,104 5,807 63,487 Less shares repurchased (44,440) (478,721) (56,519) (620,157) ----------------------------------------------------------------------------------------- Net increase 71,040 $ 764,755 30,652 $ 336,610 ========================================================================================= Class Y Shares sold 31,026 $ 336,453 288,193 $ 3,155,333 Reinvestment of distributions 1,446 15,722 490 5,401 Less shares repurchased (12,178) (132,184) (725,553) (7,991,287) ----------------------------------------------------------------------------------------- Net increase (decrease) 20,294 $ 219,991 (436,870) $ (4,830,553) =========================================================================================
The accompanying notes are an integral part of these financial statements. 40 Pioneer Global Multisector Income Fund | Semiannual Report | 4/30/15 Financial Highlights
------------------------------------------------------------------------------------------------------------------------------------ Six Months Ended Year Year Year Year Year 4/30/15 Ended Ended Ended Ended Ended (unaudited) 10/31/14 10/31/13 10/31/12 10/31/11 10/31/10 ------------------------------------------------------------------------------------------------------------------------------------ Class A Net asset value, beginning of period $ 10.91 $ 10.98 $ 11.49 $ 11.22 $ 11.19 $ 10.84 ------------------------------------------------------------------------------------------------------------------------------------ Increase (decrease) from investment operations: Net investment income (loss) $ 0.14 $ 0.38 $ 0.30 $ 0.36 $ 0.34 $ 0.35 Net realized and unrealized gain (loss) on investments (0.06) (0.04) (0.35) 0.29 0.01 0.41 ------------------------------------------------------------------------------------------------------------------------------------ Net increase (decrease) from investment operations $ 0.08 $ 0.34 $ (0.05) $ 0.65 $ 0.35 $ 0.76 ------------------------------------------------------------------------------------------------------------------------------------ Distribution to shareowners: Net investment income $ (0.15) $ (0.35) $ (0.29) $ (0.36) $ (0.32) $ (0.40) Net realized gain (0.10) (0.06) (0.17) (0.02) -- (0.01) ------------------------------------------------------------------------------------------------------------------------------------ Total distributions $ (0.25) $ (0.41) $ (0.46) $ (0.38) $ (0.32) $ (0.41) ------------------------------------------------------------------------------------------------------------------------------------ Net increase (decrease) in net asset value $ (0.17) $ (0.07) $ (0.51) $ 0.27 $ 0.03 $ 0.35 ------------------------------------------------------------------------------------------------------------------------------------ Net asset value, end of period $ 10.74 $ 10.91 $ 10.98 $ 11.49 $ 11.22 $ 11.19 ==================================================================================================================================== Total return* 0.71% 3.16% (0.45)% 5.98% 3.22% 7.21% Ratio of net expenses to average net assets 1.00%** 1.01%(a) 1.00% 1.00% 1.00% 1.00% Ratio of net investment income (loss) to average net assets 2.53%** 3.57% 3.36% 3.26% 2.94% 3.26% Portfolio turnover rate 52%** 51% 33% 29% 34% 27% Net assets, end of period (in thousands) $ 12,691 $ 11,601 $ 6,888 $ 9,128 $ 14,830 $ 6,235 Ratios with no waiver of fees and assumption of expenses by the Adviser and no reduction for fees paid indirectly: Total expense to average net assets 2.48%** 2.52%(a) 2.05% 1.65% 2.07% 2.35% Net investment income (loss) to average net assets 1.05%** 2.06% 2.31% 2.60% 1.86% 1.91% ====================================================================================================================================
* 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. (a) Includes interest expense of 0.01%. The accompanying notes are an integral part of these financial statements. Pioneer Global Multisector Income Fund | Semiannual Report | 4/30/15 41 Financial Highlights (continued)
------------------------------------------------------------------------------------------------------------------------------------ Six Months Ended Year Year Year Year Year 4/30/15 Ended Ended Ended Ended Ended (unaudited) 10/31/14 10/31/13 10/31/12 10/31/11 10/31/10 ------------------------------------------------------------------------------------------------------------------------------------ Class C Net asset value, beginning of period $ 10.94 $ 11.01 $ 11.51 $ 11.23 $ 11.19 $ 10.82 ------------------------------------------------------------------------------------------------------------------------------------ Increase (decrease) from investment operations: Net investment income (loss) $ 0.09 $ 0.29 $ 0.20 $ 0.26 $ 0.24 $ 0.25 Net realized and unrealized gain (loss) on investments (0.06) (0.05) (0.34) 0.30 0.02 0.43 ------------------------------------------------------------------------------------------------------------------------------------ Net increase (decrease) from investment operations $ 0.03 $ 0.24 $ (0.14) $ 0.56 $ 0.26 $ 0.68 ------------------------------------------------------------------------------------------------------------------------------------ Distribution to shareowners: Net investment income $ (0.10) $ (0.25) $ (0.19) $ (0.26) $ (0.22) $ (0.30) Net realized gain (0.10) (0.06) (0.17) (0.02) -- (0.01) ------------------------------------------------------------------------------------------------------------------------------------ Total distributions $ (0.20) $ (0.31) $ (0.36) $ (0.28) $ (0.22) $ (0.31) ------------------------------------------------------------------------------------------------------------------------------------ Net increase (decrease) in net asset value $ (0.17) $ (0.07) $ (0.50) $ 0.28 $ 0.04 $ 0.37 ------------------------------------------------------------------------------------------------------------------------------------ Net asset value, end of period $ 10.77 $ 10.94 $ 11.01 $ 11.51 $ 11.23 $ 11.19 ==================================================================================================================================== Total return* 0.27% 2.24% (1.24)% 5.09% 2.39% 6.45% Ratio of net expenses to average net assets 1.90%** 1.91%(a) 1.90% 1.90% 1.90% 1.90% Ratio of net investment income (loss) to average net assets 1.63%** 2.67% 2.46% 2.33% 2.15% 2.37% Portfolio turnover rate 52%** 51% 33% 29% 34% 27% Net assets, end of period (in thousands) $ 4,858 $ 4,156 $ 3,847 $ 4,414 $ 3,555 $ 3,264 Ratios with no waiver of fees and assumption of expenses by the Adviser and no reduction for fees paid indirectly: Total expenses to average net assets 2.42%** 2.71%(a) 2.75% 2.39% 2.94% 3.00% Net investment income (loss) to average net assets 1.11%** 1.87% 1.61% 1.84% 1.11% 1.27% ====================================================================================================================================
* 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. (a) Includes interest expense of 0.01%. The accompanying notes are an integral part of these financial statements. 42 Pioneer Global Multisector Income Fund | Semiannual Report | 4/30/15
------------------------------------------------------------------------------------------------------------------------------------ Six Months Ended Year Year Year Year Year 4/30/15 Ended Ended Ended Ended Ended (unaudited) 10/31/14 10/31/13 10/31/12 10/31/11 10/31/10 ------------------------------------------------------------------------------------------------------------------------------------ Class Y Net asset value, beginning of period $ 11.00 $ 11.07 $ 11.59 $ 11.30 $ 11.22 $ 10.85 ------------------------------------------------------------------------------------------------------------------------------------ Increase (decrease) from investment operations: Net investment income (loss) $ 0.15 $ 0.42 $ 0.33 $ 0.39 $ 0.35 $ 0.34 Net realized and unrealized gain (loss) on investments (0.04) (0.05) (0.36) 0.30 0.05 0.45 ------------------------------------------------------------------------------------------------------------------------------------ Net increase (decrease) from investment operations $ 0.11 $ 0.37 $ (0.03) $ 0.69 $ 0.40 $ 0.79 ------------------------------------------------------------------------------------------------------------------------------------ Distribution to shareowners: Net investment income $ (0.17) $ (0.38) $ (0.32) $ (0.38) $ (0.32) $ (0.41) Net realized gain (0.10) (0.06) (0.17) (0.02) -- (0.01) ------------------------------------------------------------------------------------------------------------------------------------ Total distributions $ (0.27) $ (0.44) $ (0.49) $ (0.40) $ (0.32) $ (0.42) ------------------------------------------------------------------------------------------------------------------------------------ Net increase (decrease) in net asset value $ (0.16) $ (0.07) $ (0.52) $ 0.29 $ 0.08 $ 0.37 ------------------------------------------------------------------------------------------------------------------------------------ Net asset value, end of period $ 10.84 $ 11.00 $ 11.07 $ 11.59 $ 11.30 $ 11.22 ==================================================================================================================================== Total return* 0.94% 3.42% (0.25)% 6.24% 3.66% 7.48% Ratio of net expenses to average net assets 0.75%** 0.76%(a) 0.75% 0.79% 0.82% 0.94% Ratio of net investment income (loss) to average net assets 2.78%** 3.81% 3.58% 3.42% 3.01% 3.31% Portfolio turnover rate 52%** 51% 33% 29% 34% 27% Net assets, end of period (in thousands) $ 12,557 $ 12,525 $ 17,438 $ 15,297 $ 11,160 $ 4,205 Ratios with no waiver of fees and assumption of expenses by the Adviser and no reduction for fees paid indirectly: Total expenses to average net assets 1.26%** 1.50%(a) 1.57% 1.18% 1.55% 1.86% Net investment income to average net assets 2.27%** 3.07% 2.76% 3.04% 2.28% 2.38% ====================================================================================================================================
* 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. (a) Includes interest expense of 0.01%. The accompanying notes are an integral part of these financial statements. Pioneer Global Multisector Income Fund | Semiannual Report | 4/30/15 43 Notes to Financial Statements | 4/30/15 (unaudited) 1. Organization and Significant Accounting Policies Pioneer Global Multisector Income Fund (formerly known as 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 a high level of current income. 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 commenced operations on December 27, 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: 44 Pioneer Global Multisector Income Fund | Semiannual Report | 4/30/15 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 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. 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. If price information is not available from Loan Pricing Corporation, or if the price information is deemed to be unreliable, price information will be obtained from an alternative loan interest pricing service. If no reliable price quotes are available from either the primary or alternative pricing service, broker quotes will be solicited. Event-linked bonds are valued at the bid price obtained from an independent third party pricing service. Other insurance-linked securities may be valued at the bid price obtained from an independent pricing service, or through a third party using a pricing matrix, insurance industry valuation models, or other fair value methods or techniques to provide an estimated value of the instrument. 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. Cash may include overnight time deposits at approved financial institutions. 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 for which market prices and/or quotations are not readily available or are considered to be unreliable are valued by a fair valuation team comprised of certain personnel of Pioneer Investment Management, Inc. (PIM), the Fund's investment adviser, pursuant to procedures adopted by the Fund's Board of Trustees. PIM's fair valuation team uses fair value methods approved by the Valuation Committee of the Board of Trustees. PIM's fair valuation team is responsible for monitoring developments that may impact fair valued securities and for discussing and assessing fair values on an ongoing basis, and at least quarterly, with the Valuation Committee of the Board of Trustees. Pioneer Global Multisector Income Fund | Semiannual Report | 4/30/15 45 Inputs used when applying fair value methods to value a security may include credit ratings, the financial condition of the company, current market conditions and comparable securities. The Fund may use fair value methods if it is determined that a significant event has occurred after the close of the exchange or market on which the security trades and prior to the determination of the Fund's net asset value. Examples of a significant event might include political or economic news, corporate restructurings, natural disasters, terrorist activity or trading halts. Thus, the valuation of the Fund's securities may differ significantly from exchange prices and such differences could be material. At April 30, 2015, there were no securities that were valued using fair value methods (other than securities valued using prices supplied by independent pricing services or broker-dealers). B. Investment Income and Transactions 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 purchase prices of debt securities are accreted/ amortized for financial reporting purposes over the life of the respective securities, and such accretion/amortization is included in interest income. 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. C. Foreign Currency Translation The books and records of the Fund are maintained in U.S. dollars. Amounts denominated in foreign currencies are translated into U.S. dollars using current exchange rates. Net realized gains and losses on foreign currency transactions, if any, represent, among other things, the net realized gains and losses on foreign currency contracts, disposition of foreign currencies and the difference between the amount of income accrued and the U.S. dollars actually received. Further, the effects of changes in foreign currency exchange rates on 46 Pioneer Global Multisector Income Fund | Semiannual Report | 4/30/15 investments are not segregated in the statement of operations from the effects of changes in the market prices of those securities but are included with the net realized and unrealized gain or loss on investments. D. Forward Foreign Currency Contracts The Fund may enter into forward foreign currency contracts (contracts) for the purchase or sale of a specific foreign currency at a fixed price on a future date. All contracts are marked to market daily at the applicable exchange rates, and any resulting unrealized appreciation or depreciation is recorded in the Fund's financial statements. The Fund records realized gains and losses at the time a contract is offset by entry into a closing transaction or extinguished by delivery of the currency. Risks may arise upon entering into these contracts from the potential inability of counterparties to meet the terms of the contract and from unanticipated movements in the value of foreign currencies relative to the U.S. dollar (see Note 6). E. 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 provision for federal income taxes is required. As of October 31, 2014, the Fund did not accrue any interest or penalties with respect to uncertain tax positions, which, if applicable, would be recorded as an income tax expense in the Statement of Operations. Tax returns filed within the prior three years remain subject to examination by federal and state tax authorities. The amount and character of income and capital gain distributions to shareowners are determined in accordance with federal income tax rules, which may differ from U.S. generally accepted accounting principles. Distributions in excess of net investment income or net realized gains are temporary overdistributions for financial statement purposes resulting from differences in the recognition or classification of income or distributions for financial statement and tax purposes. Capital accounts within the financial statements are adjusted for permanent book/tax differences to reflect tax character, but are not adjusted for temporary differences. The tax character of current year distributions payable will be determined at the end of the current table year. The tax character of distributions paid during the six months ended October 31, 2014 was as follows:
---------------------------------------------------------------------------- 2014 ---------------------------------------------------------------------------- Distributions paid from: Ordinary income $835,366 Long-term capital gain 159,919 ---------------------------------------------------------------------------- Total $995,285 ============================================================================
Pioneer Global Multisector Income Fund | Semiannual Report | 4/30/15 47 The following shows the components of distributable earnings on a federal income tax basis at October 31, 2014:
---------------------------------------------------------------------------- 2014 ---------------------------------------------------------------------------- Distributable earnings: Undistributed ordinary income $ 65,050 Undistributed long-term gain 238,617 Current year dividend payable (40,259) Unrealized appreciation 106,358 ---------------------------------------------------------------------------- Total $369,766 ============================================================================
The difference between book-basis and tax-basis net unrealized appreciation is attributable to the tax deferral of losses on wash sales, adjustments related to sidecars, the mark-to-market of forward and futures contracts, and interest accruals on preferred stock. F. 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 $938 in underwriting commissions on the sale of Class A shares during the six months ended April 30, 2015. G. 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. 48 Pioneer Global Multisector Income Fund | Semiannual Report | 4/30/15 H. 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. 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. I. Futures Contracts The Fund may enter into futures transactions in order to attempt to hedge against changes in interest rates, securities prices and currency exchange rates or to seek to increase total return. Futures contracts are types of derivatives. All futures contracts entered into by the Fund are traded on a futures exchange. Upon entering into a futures contract, the Fund is required to deposit with a broker an amount of cash or securities equal to the minimum "initial margin" requirements of the associated futures exchange. The amount of cash deposited with the broker as collateral at April 30, 2015 was $45,500. Subsequent payments for futures contracts ("variation margin") are paid or received by the Fund, depending on the daily fluctuation in the value of the contracts, and are recorded by the Fund as unrealized gains or losses. When the contract is closed, the Fund realizes a gain or loss equal to the difference between the opening and closing value of the contract as well as any fluctuation in foreign currency exchange rates where applicable. Futures contracts are subject to market risk, interest rate risk and currency exchange rate risk. Changes in value of the contracts may not directly correlate to the changes in value of the underlying securities. 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. The average value of contracts open during the six months ended April 30, 2015 was $2,050,575. Pioneer Global Multisector Income Fund | Semiannual Report | 4/30/15 49 At April 30, 2015, open futures contracts were as follows:
--------------------------------------------------------------------------------------- Net Number of Unrealized Contracts Settlement Appreciation Type Long/(Short) Month Value (Depreciation) --------------------------------------------------------------------------------------- FC US Ultra Bond (CBT) 2 6/15 $ 329,000 $(7,484) FC US Long Bond (CBT) (3) 6/15 (478,781) 8,306 FC US 10 Yr Note (CBT) (26) 6/15 (3,337,750) 8,227 FC US 5 Yr Note (CBT) (5) 6/15 (600,664) (3,744) --------------------------------------------------------------------------------------- Total $(4,088,195) $ 5,305 =======================================================================================
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. PIM is responsible for determining that the value of the collateral remains at least equal to the repurchase price. During the six months ended April 30, 2015, the Fund had no open repurchase agreements. K. 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 seek to increase the Fund's income, or to attempt to hedge the risk of default on portfolio securities. A credit default swap index is used to hedge risk or take a position on a basket of credit entities or indices. As a seller of protection, the Fund would be required to pay the notional (or other agreed-upon) value of the referenced debt obligation to the counterparty in the event of a default by a U.S. or foreign corporate issuer of a debt obligation, which would likely result in a loss to the Fund. In return, the Fund would receive from the counterparty a periodic stream of payments during the term of the contract provided that no event of default occurred. The maximum exposure of loss to the seller would be the notional value of the credit default swaps outstanding. If no default occurs, the Fund would keep the stream of payments and would have no payment obligation. The Fund may also buy credit default swap contracts in order to hedge against the risk of default of debt securities, in which case the Fund would function as the counterparty referenced above. When the Fund enters into a credit default swap contract, 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 made by the Fund, as the protection buyer, is recorded as an asset in the Statement of Assets and Liabilities. Periodic payments received or paid by the Fund are recorded as realized gains or losses in the Statement of Operations. 50 Pioneer Global Multisector Income Fund | Semiannual Report | 4/30/15 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 appreciation or depreciation in the Statement of Assets and Liabilities. Payments received or made as a result of a credit event or upon termination of the contract are recognized, net of the appropriate amount of the upfront payment, as realized gains or losses in the Statement of Operations. Credit default swap contracts involving the sale of protection may involve greater risks than if the Fund had invested in the referenced debt instrument directly. Credit default swap contracts are subject to general market risk, liquidity risk, counterparty risk and credit risk. If the Fund is a protection buyer and no credit event occurs, it will lose its investment. If the Fund is a protection seller and a credit event occurs, the value of the referenced debt instrument received by the Fund, together with the periodic payments received, may be less than the amount the Fund pays to the protection buyer, resulting in a loss to the Fund. Certain swap contracts that are cleared through a central clearinghouse are referred to as centrally cleared swaps. All payments made or received by the Fund are pursuant to a centrally cleared swap contract with the central clearing party rather than the original counterparty. Upon entering into a centrally cleared swap contract, the Fund is required to make an initial margin deposit, either in cash or in securities. The daily change in value on open centrally cleared contracts is recorded as variation margin on centrally cleared swaps on the Statement of Assets and Liabilities. Open credit default swap contracts at April 30, 2015 are listed in the Schedule of Investments. The average value of swap contracts open during the six months ended April 30, 2015 was $10,536. 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 six months ended April 30, 2015 are reflected on the Statement of Operations. These expense limitations are in effect through March 1, 2016. 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 Multisector Income Fund | Semiannual Report | 4/30/15 51 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 from affiliates" reflected on the Statement of Assets and Liabilities is $13,973 in management fees, administrative costs and certain other reimbursements due to PIM at April 30, 2015. 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 six months ended April 30, 2015, such out-of-pocket expenses by class of shares were as follows:
-------------------------------------------------------------------------------- Shareholder Communications: -------------------------------------------------------------------------------- Class A $53,854 Class C 1,016 Class Y 525 -------------------------------------------------------------------------------- Total: $55,395 ================================================================================
Included in "Due to affiliates" reflected on the Statement of Assets and Liabilities is $31,574 in transfer agent fees and out-of-pocket reimbursements payable to PIMSS at April 30, 2015. 4. Distribution Plan The Fund has adopted a Distribution Plan pursuant to Rule 12b-1 of the Investment Company Act of 1940 with respect to its Class A and Class C shares. Pursuant to the Plan, the Fund pays PFD 0.25% of the average daily net assets attributable to Class A shares as compensation for personal services and/or account maintenance services or distribution services with regard to Class A shares. Pursuant to the Plan, the Fund also pays PFD 1.00% of the average daily net assets attributable to Class C shares. The fee for Class C shares consists of a 0.25% service fee and a 0.75% distribution fee paid as compensation for personal services and/or account maintenance services or distribution services with regard to Class C shares. Included in "Due to affiliates" reflected on the Statement of Assets and Liabilities is $440 in distribution fees payable to PFD at April 30, 2015. 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 52 Pioneer Global Multisector Income Fund | Semiannual Report | 4/30/15 shares within 12 months of purchase. Redemptions of Class C shares within 12 months of purchase are subject to a CDSC of 1.00%, based on the lower of cost or market value of shares being redeemed. Shares purchased as part of an exchange remain subject to any CDSC that applied to the original purchase of those shares. There is no CDSC for Class Y shares. Proceeds from the CDSCs are paid to PFD. For the six months ended April 30, 2015, CDSCs in the amount of $167 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 six months ended April 30, 2015, the Fund's expenses were not reduced under such arrangements. 6. Forward Foreign Currency Contracts At April 30, 2015, 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 forward foreign currency contracts open during the six months ended April 30, 2015 was $7,029,462. Open forward foreign currency contracts at April 30, 2015 were as follows:
------------------------------------------------------------------------------------------------- Quantity/ Shares US $ Net Currency Purchased/ Book Settlement Value at Unrealized Description Counterparty (Sold) Value Date 4/30/15 Appreciation ------------------------------------------------------------------------------------------------- GBP (British Pound) Citibank NA (606,249) $ (936,115) 06/03/2015 $ 930,148 $ 5,967 PLN (Polish Zloty) Citibank NA 2,136,441 (569,554) 06/08/2015 592,704 23,150 EUR (European JP Morgan Euro) Chase Bank 62,434 (68,181) 05/15/2015 70,210 2,029 NGN (Nigerian JP Morgan Naira) Chase Bank 31,430,000 (149,667) 07/13/2015 155,416 5,749 SGD JP Morgan (Singapore Chase Bank 144,956 (109,446) 05/04/2015 109,467 21 Dollar) CZK (Czech Societe Koruna) Generale 13,500,000 (551,601) 05/04/2015 553,256 1,655 JPY (Japanese Societe Yen) Generale (37,579,466) 315,697 07/21/2015 (315,144) 553 NZD (New Zealand Dollar) UBS 2,779,669 (2,115,356) 05/04/2015 2,122,693 7,337 ------------------------------------------------------------------------------------------------- Total $46,461 =================================================================================================
Pioneer Global Multisector Income Fund | Semiannual Report | 4/30/15 53
-------------------------------------------------------------------------------------------------- Quantity/ Shares US $ Net Currency Purchased/ Book Settlement Value at Unrealized Description Counterparty (Sold) Value Date 4/30/15 Depreciation -------------------------------------------------------------------------------------------------- CAD (Canadian Dollar) Citibank NA (122,753) $ 97,275 5/19/15 $ (101,448) $ (4,173) CZK (Czech Koruna) Citibank NA (13,500,000) 552,360 5/4/15 (553,256) (896) EUR (European Euro) Citibank NA (94,992) 101,433 7/14/15 (106,912) (5,479) EUR (European Euro) Citibank NA (1,781,495) 1,888,340 7/14/15 (2,005,039) (116,699) HUF (Hungarian Forint) Citibank NA (66,994,656) 243,104 7/7/15 (247,866) (4,762) MXN (Mexican Peso) Citibank NA 1,494,926 (97,276) 5/19/15 97,189 (87) NOK (Norwegian Krone) Citibank NA (1,233,475) 152,109 5/26/15 (163,749) (11,640) CAD (Canadian JP Morgan Dollar) Chase Bank (1,250,023) 998,646 5/6/15 (1,033,261) (34,615) CLP (Chilean JP Morgan Peso) Chase Bank (91,560,000) 148,335 6/16/15 (149,120) (785) EUR (European JP Morgan Euro) Chase Bank (197,148) 214,985 7/8/15 (221,867) (6,882) NGN (Nigerian JP Morgan Naira) Chase Bank (31,430,000) 149,824 7/13/15 (155,416) (5,592) NOK (Norwegian JP Morgan Krone) Chase Bank (538,787) 68,181 5/15/15 (71,550) (3,369) NZD (New Zealand JP Morgan Dollar) Chase Bank (1,050,000) 781,286 5/4/15 (801,832) (20,546) RUB (Russian JP Morgan Ruble) Chase Bank (3,995,000) 76,783 5/20/15 (76,998) (215) RUB (Russian JP Morgan Ruble) Chase Bank (570,000) 10,972 5/20/15 (10,986) (14) SEK (Swedish JP Morgan Krona) Chase Bank (2,810,000) 334,655 5/18/15 (337,641) (2,986) SGD (Singapore JP Morgan Dollar) Chase Bank (144,956) 109,239 8/5/15 (109,288) (49) AUD (Australian Societe Dollar) Generale (756,932) 591,249 5/5/15 (598,700) (7,451) AUD (Australian Societe Dollar) Generale (1,150,000) 870,764 5/5/15 (909,600) (38,836) CAD (Canadian Societe Dollar) Generale (464,773) 368,617 5/6/15 (384,179) (15,562) CZK (Czech Societe Koruna) Generale (13,500,000) 552,217 8/5/15 (553,920) (1,703) MXN (Mexican Societe Peso) Generale (3,853,277) 248,706 5/18/15 (250,530) (1,824) NZD (New Zealand Societe Dollar) Generale (1,747,753) 1,310,143 5/4/15 (1,334,671) (24,528) SGD (Singapore Societe Dollar) Generale (144,956) 106,908 5/4/15 (109,467) (2,559) NZD (New Zealand Dollar) UBS (2,779,669) 2,102,517 7/6/15 (2,109,364) (6,847) ZAR (South African Rand) UBS (3,129,438) 261,055 5/8/15 (262,542) (1,487) -------------------------------------------------------------------------------------------------- Total $(319,586) ==================================================================================================
54 Pioneer Global Multisector Income Fund | Semiannual Report | 4/30/15 7. Assets and Liabilities Offsetting Financial instruments subject to an enforceable master netting agreement have been offset on the Statement of Assets and Liabilities. The following charts show gross assets and liabilities of the Fund as of April 30, 2015.
---------------------------------------------------------------------------------------------------- Assets: Gross Amounts Net Gross Amounts Not Offset Offset Amounts of in the Statement of in the Assets Assets and Liabilities Gross Statement Presented In -------------------------- Amounts of of Assets the Statement Cash Recognized and of Assets and Financial Collateral Net Description Assets Liabilities Liabilities Instruments Received Amount ---------------------------------------------------------------------------------------------------- Swap contracts $11,448 $-- $11,448 $-- $25,000 $36,448 ---------------------------------------------------------------------------------------------------- $11,448 $-- $11,448 $-- $25,000 $36,448 ==================================================================================================== --------------------------------------------------------------------------------------------------- Liabilities: Gross Amounts Net Gross Amounts Not Offset Offset Amounts of in the Statement of in the Liabilities Assets and Liabilities Gross Statement Presented In -------------------------- Amounts of of Assets the Statement Cash Recognized and of Assets and Financial Collateral Net Description Liabilities Liabilities Liabilities Instruments Pledged Amount --------------------------------------------------------------------------------------------------- Swap contracts $1,533 $-- $1,533 $-- $-- $1,533 --------------------------------------------------------------------------------------------------- $1,533 $-- $1,533 $-- $-- $1,533 ===================================================================================================
Pioneer Global Multisector Income Fund | Semiannual Report | 4/30/15 55 8. Additional Disclosures about Derivative Instruments and Hedging Activities Values of derivative instruments as of April 30, 2015 were as follows:
--------------------------------------------------------------------------------------------- Derivatives not accounted for as Asset Derivatives 2015 Liabilities Derivatives 2015 hedging instruments ------------------------------------------------------------- under Accounting Statement of Assets Statement of Assets Standards Codification and Liabilities and Liabilities (ASC) 815 Location Value Location Value --------------------------------------------------------------------------------------------- Forward Foreign Net unrealized Net unrealized Currency Contracts appreciation on depreciation on forward foreign forward foreign currency currency contracts $46,461 contracts $319,586 Futures contracts Net unrealized Net unrealized appreciation on depreciation on futures contracts 5,305 futures contracts -- Swap contracts Net unrealized Net unrealized appreciation on depreciation on swap contracts 11,448 swap contracts 1,533 --------------------------------------------------------------------------------------------- Total $63,214 $321,119 =============================================================================================
The effect of derivative instruments on the Statement of Operations for the six months ended April 30, 2015 was as follows:
------------------------------------------------------------------------------------------------- Change in Derivatives Not Unrealized Accounted for as Realized Appreciation or hedging instruments Location of Gain Gain (Loss) (Depreciation) under Accounting or (Loss) on on Derivatives on Derivatives Standards Codification Derivatives Recognized Recognized Recognized (ASC) 185 in Income in Income in Income ------------------------------------------------------------------------------------------------- Futures Contracts Net realized gain (loss) on futures contracts $ (49,084) Futures Contracts Change in net unrealized appreciation (depreciation) on futures contracts $ 23,314 Forward Foreign Net realized gain (loss) on Currency Contracts forward foreign currency contracts $ 764,343 Forward Foreign Change in unrealized appreciation Currency Contracts (depreciation) on forward foreign currency contracts $ (369,512) Swap contracts Net realized gain (loss) swap contracts $ (5,495) Swap contracts Change in unrealized appreciation (depreciation) on swap contracts $ 9,967 Written Options Net realized gain (loss) on written options $ 1,386 Written Options Change in unrealized appreciation (depreciation) on written options $ (1,386)
56 Pioneer Global Multisector Income Fund | Semiannual Report | 4/30/15 9. 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 during the six months ended April 30, 2015 was in the amount of $215 million. Under such facility, depending on the type of loan, interest on borrowings is payable at the London Interbank Offered Rate (LIBOR) plus 0.85% (0.90% prior to February 12, 2014) 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 eurodollar rate on the borrowing date. The Funds pay an annual commitment fee to participate in the credit facility. The commitment fee is allocated among participating Funds based on an allocation schedule set forth in the credit agreement. For the six months ended April 30, 2015, the Fund had no borrowings under the credit facility. 10. Change in Independent Registered Public Accounting Firm The Board of Trustees of the Fund, with the approval and recommendation of the Audit Committee, appointed Deloitte & Touche LLP to serve as the Fund's independent registered public accounting firm. Deloitte & Touche LLP replaced Ernst & Young LLP, which resigned as the Fund's independent registered public accounting firm, effective upon completion of the audit of the Fund's financial statements for the fiscal year ended October 31, 2013. During the periods that Ernst & Young LLP served as the Fund's independent registered public accounting firm, including the Fund's fiscal years ended October 31, 2013 and October 31, 2012, Ernst & Young LLP's reports on the financial statements of the Fund have not contained an adverse opinion or disclaimer of opinion and have not been qualified or modified as to uncertainty, audit scope or accounting principles. Further, there have been no disagreements with Ernst & Young LLP on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedure, which, if not resolved to the satisfaction of Ernst & Young LLP would have caused Ernst & Young LLP to make reference to the subject matter of the disagreement in connection with its report on the financial statements. In addition, there have been no reportable events of the kind described in Item 304 (a)(1)(v) of Regulation S-K under the Securities Exchange Act of 1934. Pioneer Global Multisector Income Fund | Semiannual Report | 4/30/15 57 11. Additional Information PIM, the Trust's investment adviser, is currently an indirect, wholly-owned subsidiary of UniCredit. On April 23, 2015, UniCredit announced that it signed a preliminary and exclusive agreement with Banco Santander and affiliates of Warburg Pincus and General Atlantic (the "Private Equity Firms") with respect to Pioneer Investments ("Pioneer") and Santander Asset Management ("SAM") (the "Transaction"). Pursuant to the preliminary agreement, the Transaction will entail the establishment of a holding company, with the name Pioneer Investments, to be owned by UniCredit (50%) and the Private Equity Firms (50% between them). The holding company will control Pioneer's U.S. operations, including the Adviser. The holding company also will own 66.7% of Pioneer's and SAM's combined operations outside the U.S., while Banco Santander will own directly the remaining 33.3% stake. The completion of the Transaction is subject to the signing of a definitive agreement, as well as certain regulatory and corporate approvals, and other conditions. Under the Investment Company Act of 1940, completion of the Transaction will cause the Trust's investment advisory agreement with the Adviser to terminate. In connection with the Transaction, the Trust's Board of Trustees will be asked to approve a new investment advisory agreement for the Trust. If approved by the Board, the Trust's new investment advisory agreement will be submitted to the shareholders of the Trust for their approval. 58 Pioneer Global Multisector Income Fund | Semiannual Report | 4/30/15 Trustees, Officers and Service Providers Trustees Advisory Trustee Thomas J. Perna, Chairman Lorraine H. Monchak* David R. Bock Benjamin M. Friedman Officers Margaret B.W. Graham Lisa M. Jones, President and Chief Marguerite A. Piret Executive Officer Fred J. Ricciardi Mark E. Bradley,Treasurer and Kenneth J. Taubes Chief Financial Officer Christopher J. Kelley, Secretary and Chief Legal Officer Investment Adviser and Administrator Pioneer Investment Management, Inc. Custodian and Sub-Administrator Brown Brothers Harriman & Co. Principal Underwriter Pioneer Funds Distributor, Inc. Legal Counsel Morgan, Lewis & Bockius 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. * Ms. Monchak is a non-voting Advisory Trustee. Pioneer Global Multisector Income Fund | Semiannual Report | 4/30/15 59 This page for your notes. 60 Pioneer Global Multisector Income Fund | Semiannual Report | 4/30/15 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 Investments(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) 2015 Pioneer Investments 21910-07-0615 Pioneer Emerging Markets Local Currency Debt Fund -------------------------------------------------------------------------------- Semiannual Report | April 30, 2015 -------------------------------------------------------------------------------- Ticker Symbols: Class A LCEMX Class C LCECX Class Y LCYEX Note to Shareholders: The Trustees of the Fund have authorized the liquidation of the Fund. It is anticipated that the Fund will be liquidated on or about August 7, 2015. The Fund discontinued accepting requests to purchase shares or process exchanges into the Fund effective as of May 20, 2015. Shareholders can redeem their shares of the Fund at any time prior to the liquidation. [LOGO] PIONEER Investments(R) visit us: us.pioneerinvestments.com Table of Contents President's Letter 2 Portfolio Management Discussion 4 Portfolio Summary 11 Prices and Distributions 12 Performance Update 13 Comparing Ongoing Fund Expenses 16 Schedule of Investments 18 Financial Statements 24 Notes to Financial Statements 31 Trustees, Officers and Service Providers 47
Pioneer Emerging Markets Local Currency Debt Fund | Semiannual Report | 4/30/15 1 President's Letter Dear Shareowner, At mid-year, economic conditions and government policies around the world are far from homogeneous, and we expect them to continue to diverge. In the United States, an ongoing economic expansion has brought the unemployment rate down to levels where wage growth is likely to accelerate. Economic growth and fiscal austerity have dramatically reduced the Federal budget deficit, while very accommodative Federal Reserve System policies have kept interest rates exceptionally low. In Europe and Japan, cyclical economic recoveries/ expansions appear to be gaining traction, buttressed by aggressive quantitative easing policies of central banks as well as cheaper currencies. China's ongoing transition from an infrastructure investment-driven to a consumer-driven economy and the dramatic decline in the price of oil -- largely a result of U.S. "fracking" -- have benefited some countries while burdening others. On balance, though, the global economic outlook has continued to improve, although economic and geopolitical "storm clouds" remain. Today's market environment presents numerous opportunities as well as challenges for investors. While we believe that the capital markets may already have priced in some recent trends, such as the U.S. dollar's appreciation against a basket of global currencies, it is worth noting that investment risks and opportunities are not always aligned with the economic outlook. Since 1928, Pioneer's investment professionals have focused on identifying and capitalizing on the investment opportunities that present themselves in a variety of ever-changing economic and market conditions, including those we face today, while seeking to limit the risk of the permanent impairment of our clients' capital. Our ongoing goal is to deliver competitive returns consistent with our strategies' stated style and objectives and consistent with our shareholders' expectations over a range of market conditions. We believe our shareowners benefit from the experience and tenure of our investment teams, the insights generated from extensive research resources, and our commitment to prudent risk management. 2 Pioneer Emerging Markets Local Currency Debt Fund | Semiannual Report | 4/30/15 We encourage you to work with your financial advisor to develop an overall investment plan that addresses both your short- and long-term goals, and to implement such a plan in a disciplined manner, as we do when managing the assets our clients have entrusted to us. We greatly appreciate your trust in us in the past and look forward to continuing to serve you in the future. Sincerely, /s/ Lisa M. Jones Lisa M. Jones 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 Emerging Markets Local Currency Debt Fund | Semiannual Report | 4/30/15 3 Portfolio Management Discussion | 4/30/15 In the following discussion, portfolio manager Hakan Aksoy reviews recent market events and describes the factors that affected the performance of Pioneer Emerging Markets Local Currency Debt Fund during the six-month reporting period ended April 30, 2015. Mr. Aksoy, a senior portfolio manager based in Pioneer's London office, is responsible for the day-to-day management of the Fund. Q How did the Fund perform during the six-month period ended April 30, 2015? A Pioneer Emerging Markets Local Currency Debt Fund's Class A shares returned -9.46% at net asset value during the six-month period ended April 30, 2015, while the Fund's benchmark, the JP Morgan Government Bond Index-Emerging Markets Global Diversified Index (the JP Morgan Index), returned -8.24%. During the same period, the average return of the 116 mutual funds in Lipper's Emerging Markets Local Currency Debt Funds category was -7.02%, and the average return of the 422 mutual funds in Morningstar's Emerging Markets Bond Funds category was -3.16%. Q What factors affected the performance of local currency emerging markets debt during the six-month period ended April 30, 2015? A Although the emerging bond markets generated modest gains during the period, local currency debt, as measured by the JP Morgan Index, registered a significantly negative return as a result of weakness among emerging markets currencies relative to the U.S. dollar. The emerging bond markets experienced a challenging six months, but returns were roughly flat when currency effects were removed from the equation. After performing poorly during November and December of 2014 due to the sharp drop in the prices of oil and other commodities, the emerging markets bounced back in early 2015 due to a combination of renewed stability in oil prices, improving economic growth in the developed markets and signs that the U.S. Federal Reserve System (the Fed) would maintain its "lower for longer" interest-rate policy. These factors helped fuel investor demand for emerging markets debt, despite slowing growth in key emerging economies such as China, Brazil and Russia. 4 Pioneer Emerging Markets Local Currency Debt Fund | Semiannual Report | 4/30/15 While the emerging bond markets finished the period slightly positive, those gains were more than offset by currency weakness. In contrast to bonds, which hit their low in mid-December 2014, emerging markets currencies continued to slide through the middle of March 2015. The primary cause for the downturn was the improvement in the U.S. economy and expectations that the Fed should begin raising interest rates at some point in 2015 - both positives for the U.S. dollar. The dollar lost some ground late in the period on the heels of a series of weaker-than-expected economic reports and the growing sentiment that the Fed may not raise rates before September. Still, the resulting rally in emerging markets currencies was limited and insufficient to make up for the earlier shortfall. Q Which of your investment decisions had the largest effects on the Fund's benchmark-relative performance during the six-month period ended April 30, 2015, both from a positive and negative standpoint? A The Fund's relative performance was pressured by the portfolio's overweight (above-benchmark) position in Mexico. While we anticipated that Mexico's bond market would be helped by the prospects of government reforms, Mexico's bonds, in fact, lagged the broader asset class due to the weakness in commodity prices. An overweight position in Indonesia, which also underperformed during the period, further contributed to the Fund's shortfall relative to the JP Morgan Index. The Fund's allocation to corporate bonds also detracted from performance during the period. We often have sought to take advantage of opportunities in the corporate bond market, where many securities offer attractive yields relative to the associated risks. However, during times in which investor risk-aversion is elevated -- as was the case in the first half of the six-month period -- corporate bonds typically lag. We have, however, retained an allocation to corporate bonds in the Fund's portfolio, as we believe they offer a compelling risk/reward profile on a longer-term basis. On the plus side, the Fund's benchmark-relative performance during the period was helped by its underweight positions in a number of lagging markets, including Turkey, Colombia and Brazil. In addition, portfolio underweights in markets sensitive to the euro, such as Poland, Hungary and Romania, boosted relative performance given the substantial downturn in that currency. Pioneer Emerging Markets Local Currency Debt Fund | Semiannual Report | 4/30/15 5 Q Did the Fund have any investments in derivatives during the six-month period ended April 30, 2015? If so, did those investments have any effect on the Fund's performance? A The Fund employed derivatives (futures, options, and swaps) during the semiannual reporting period. The purpose of the strategy was not to boost the Fund's returns, but rather to attempt to manage portfolio risk and to target more specific weightings in certain positions. For instance, the Fund used derivatives to target a specific duration exposure (interest-rate sensitivity) in South Africa. On a net basis, the use of derivatives had a positive impact on the Fund's performance during the six-month period. Q How was the Fund's portfolio positioned as of April 30, 2015? A We employ a longer-term investment strategy that is designed to identify countries whose bond markets, we think, are poised to outperform over a multi-year period. At the same time, we use an opportunistic currency strategy designed to boost the Fund's exposure to currencies when we believe they are inexpensive, and to reduce exposure when the currencies reach what we believe are full valuations. The approach prompted us to establish overweight portfolio positions in both India and Indonesia. India's economic growth is accelerating, and we believe it can exceed the 7% level, thanks in part to the aggressive reforms being put in place by the country's government. Indonesia's new leadership is also oriented towards reform, and we anticipate positive changes there since the president, Joko Widodo, is unique in the country's history in that he doesn't come from a military background. We believe yields in Indonesia, particularly on the long end of the yield curve, are very attractive relative to the country's underlying economic fundamentals. Also in Asia, the Fund is underweight in Thailand, where we believe yields are too low and currency risk is elevated, and in Malaysia, where the economy has been pressured by falling oil prices. In Latin America, we retained the Fund's overweight position in Mexico, despite the country's underperformance of the past six months, believing that stronger U.S. growth will have a positive impact on the Mexican economy. In addition, we believe the Mexican peso is inexpensive relative to other currencies in the region. The Fund is also overweight in Chile, which we 6 Pioneer Emerging Markets Local Currency Debt Fund | Semiannual Report | 4/30/15 think offers very attractive valuation following its underperformance of the past year, and underweight in Brazil, due to the challenging economic backdrop there and the risks associated with political instability in the country. The Fund holds a neutral weighting in both Peru and Colombia. The portfolio was underweight in the latter country for much of the six-month period, but we increased the weighting more recently following the stabilization in oil prices. In Europe/Middle East/Africa region, the Fund's meaningful underweights in Poland, Hungary and Romania represent the portfolio's largest deviation from the JP Morgan Index benchmark. We believe yields in all three countries are so low that investors aren't being adequately compensated for the risks. Hungary represents the smallest underweight of the three, as the country has moved to a current account surplus and has close ties to the relatively strong German economy. The Fund also holds underweight positions in South Africa, where slowing economic growth argues against taking on either interest-rate or currency risk, and in Russia, where we believe the risks remain too high to justify a larger position. The Fund's duration remained below that of the benchmark throughout the period, largely due to the portfolio's substantial position in corporate bonds. (Duration is a measure of the sensitivity of the price - the value of principal - of a fixed-income investment to a change in interest rates, expressed as a number of years.) Q What is your longer-term view on local currency emerging markets debt? A We caution investors that the asset class could remain volatile through the remainder of this year, as asset flows remain vulnerable to currency fluctuations, the shifting outlook for global economic growth and changing perceptions about the likely course of Fed policy. From a longer-term standpoint, we believe local currency emerging markets bonds continue to offer a way for yield-oriented investors to diversify their exposure to the U.S. dollar. An important element of support is the high yields available in the emerging markets relative to those in the developed markets, which not only attracts demand from yield-seeking investors, but also provides a favorable Pioneer Emerging Markets Local Currency Debt Fund | Semiannual Report | 4/30/15 7 starting point for total return in the low-rate environment. Against this backdrop, we believe our diversified*, actively-managed, and long-term investment approach can add value for the Fund's shareholders. Important note to shareholders: The Board of Trustees of the Fund has approved a plan to liquidate the Fund, effective at the close of business on or about August 7, 2015. Shareholders will receive a letter detailing the Fund's closure. In general, shareholders will recognize a gain or loss for Federal income tax purposes upon the liquidation of shares. * Diversification does not assure a profit nor protect against loss in a declining market. 8 Pioneer Emerging Markets Local Currency Debt Fund | Semiannual Report | 4/30/15 Please refer to the Schedule of Investments on pages 18-23 for a full listing of Fund securities. Investing in foreign and/or emerging markets securities involves risks relating to interest rates, currency exchange rates, and economic and political conditions. The Fund is non-diversified, which means that it can invest a large percentage of its assets in the securities of any one or more issuers. This increases the Fund's potential risk exposure. To the extent the Fund invests in issuers located within specific countries or regions, the Fund may be particularly affected by adverse markets, rates, and events which may occur in those countries and regions. The Fund is subject to currency risk, meaning that the Fund could experience losses based on changes in the exchange rate between non-U.S. currencies and the U.S. dollar. Investments in high-yield or lower rated securities are subject to greater-than- average price volatility, illiquidity and possibility of default. When interest rates rise, the prices of fixed income securities 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. Prepayment risk is the chance that an issuer may exercise its right to prepay its security, if falling interest rates prompt the issuer to do so. Forced to reinvest the unanticipated proceeds at lower interest rates, the Fund would experience a decline in income and lose the opportunity for additional price appreciation. At times, the Fund's investments may represent industries or sectors that are interrelated or have common risks, making them more susceptible to any economic, political, or regulatory developments or other risks affecting those industries and sectors. The Fund may use derivatives, such as options, futures, inverse floating rate obligations, swaps, and others, which can be illiquid, may disproportionately increase losses, and have a potentially large impact on Fund performance. Derivatives may have a leveraging effect on the Fund. Pioneer Emerging Markets Local Currency Debt Fund | Semiannual Report | 4/30/15 9 These risks may increase share price volatility. Before investing, consider the product's investment objectives, risks, charges and expenses. Contact your advisor or Pioneer Investments for a prospectus or summary prospectus containing this information. Read it carefully. Any information in this shareholder report regarding market or economic trends or the factors influencing the Fund's historical or future performance are statements of opinion as of the date of this report. Past performance is no guarantee of future results. 10 Pioneer Emerging Markets Local Currency Debt Fund | Semiannual Report | 4/30/15 Portfolio Summary | 4/30/15 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 65.7% Foreign Corporate Bonds 34.3%
Country Diversification -------------------------------------------------------------------------------- (As a percentage of total investment portfolio) [THE FOLLOWING DATA WAS REPRESENTED AS A PIE CHART IN THE PRINTED MATERIAL]
Turkey 11.5% Mexico 11.4% Brazil 10.4% South Africa 10.1% Indonesia 8.6% Supranational 7.7% Malaysia 7.4% Colombia 6.8% Poland 6.1% South Korea 4.6% Hungary 3.9% Thailand 2.8% Ireland 2.2% Romania 1.9% United States 1.4% Peru 1.4% Russia 1.0% Chile 0.8%
10 Largest Holdings -------------------------------------------------------------------------------- (As a percentage of total debt holdings)*
1. Akbank TAS, 7.5%, 2/5/18 3.73% -------------------------------------------------------------------------------- 2. Export-Import Bank of Korea, 7.55%, 8/27/15 2.92 -------------------------------------------------------------------------------- 3. European Investment Bank, 4.25%, 10/25/22 2.66 -------------------------------------------------------------------------------- 4. Eskom Holdings SOC, Ltd., 10.0%, 1/25/23 2.62 -------------------------------------------------------------------------------- 5. Indonesia Treasury Bond, 11.0%, 9/15/25 2.46 -------------------------------------------------------------------------------- 6. Emgesa SA ESP, 8.75%, 1/25/21 2.44 -------------------------------------------------------------------------------- 7. Malaysia Government Bond, 3.58%, 9/28/18 2.41 -------------------------------------------------------------------------------- 8. International Bank for Reconstruction & Development, 10.0%, 10/28/15 2.26 -------------------------------------------------------------------------------- 9. Indonesia Treasury Bond, 10.5%, 8/15/30 2.26 -------------------------------------------------------------------------------- 10. Malaysia Government Bond, 4.378%, 11/29/19 2.22 --------------------------------------------------------------------------------
* 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 Emerging Markets Local Currency Debt Fund | Semiannual Report | 4/30/15 11 Prices and Distributions | 4/30/15 Net Asset Value per Share --------------------------------------------------------------------------------
-------------------------------------------------------------------------------- Class 4/30/15 10/31/14 -------------------------------------------------------------------------------- A $7.35 $8.34 -------------------------------------------------------------------------------- C $7.34 $8.33 -------------------------------------------------------------------------------- Y $7.36 $8.35 --------------------------------------------------------------------------------
Distributions per Share: 11/1/14-4/30/15 --------------------------------------------------------------------------------
-------------------------------------------------------------------------------- Short-Term Long-Term Tax Return of Class Dividends Capital Gains Capital Gains Capital -------------------------------------------------------------------------------- A $0.2040 $-- $-- $-- -------------------------------------------------------------------------------- C $0.1751 $-- $-- $-- -------------------------------------------------------------------------------- Y $0.2154 $-- $-- $-- --------------------------------------------------------------------------------
JP Morgan Government Bond Index--Emerging Markets Global Diversified Index is an unmanaged, comprehensive, global, local emerging markets index, and consists of regularly traded, liquid-fixed-rate, domestic currency government bonds to which international investors can gain exposure. 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 on pages 13-15. 12 Pioneer Emerging Markets Local Currency Debt Fund | Semiannual Report | 4/30/15 Performance Update | 4/30/15 Class A Shares Investment Returns -------------------------------------------------------------------------------- The mountain chart on the right shows the change in value of a $10,000 investment made in Class A shares of Pioneer Emerging Markets Local Currency Debt Fund at public offering price during the periods shown, compared to that of the JP Morgan Government Bond Index-Emerging Markets (JPM GBI EM) Global Diversified Index.
Average Annual Total Returns (As of April 30, 2015) -------------------------------------------------------------------------------- JPM GBI- Net Public EM Asset Offering Global Value Price Diversified Period (NAV) (POP) Index -------------------------------------------------------------------------------- Life-of-Class (2/4/2013) -9.10% -10.95% -15.51% 1 Year -11.30 -15.28 -9.35 -------------------------------------------------------------------------------- Expense Ratio (Per prospectus dated March 1, 2015) -------------------------------------------------------------------------------- Gross Net -------------------------------------------------------------------------------- 2.71% 1.20% --------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL] Value of $10,000 Investment
Pioneer Emerging Markets Local JPM GBI EM Global Currency Debt Fund Diversified Index 2/28/2013 $9,550 $10,000 4/30/2013 $9,777 $10,290 4/30/2014 $8,827 $ 9,321 4/30/2015 $7,830 $ 8,449
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 the contractual expense limitation currently in effect through March 1, 2016, for Class A shares. There can be no assurance that Pioneer will extend the expense limitation beyond such time. Please see the prospectus and financial statements for more information. The performance table and graph do not reflect the deduction of fees and taxes that a shareowner would pay on Fund distributions or the redemption of Fund shares. Pioneer Emerging Markets Local Currency Debt Fund | Semiannual Report | 4/30/15 13 Performance Update | 4/30/15 Class C Shares Investment Returns -------------------------------------------------------------------------------- The mountain chart on the right shows the change in value of a $10,000 investment made in Class C shares of Pioneer Emerging Markets Local Currency Debt Fund during the periods shown, compared to that of the JP Morgan Government Bond Index-Emerging Markets (JPM GBI EM) Global Diversified Index.
Average Annual Total Returns (As of April 30, 2015) -------------------------------------------------------------------------------- JPM GBI- EM Global If If Diversified Period Held Redeemed Index -------------------------------------------------------------------------------- Life-of-Class (2/4/2013) -9.77% -9.77% -15.51% 1 Year -11.98 -11.98 -9.35 -------------------------------------------------------------------------------- Expense Ratio (Per prospectus dated March 1, 2015) -------------------------------------------------------------------------------- Gross Net -------------------------------------------------------------------------------- 3.44% 2.10% --------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL] Value of $10,000 Investment
Pioneer Emerging Markets Local JPM GBI EM Global Currency Debt Fund Diversified Index 2/28/2013 $10,000 $10,000 4/30/2013 $10,233 $10,290 4/30/2014 $ 9,168 $ 9,321 4/30/2015 $ 8,070 $ 8,449
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 the contractual expense limitation currently in effect through March 1, 2016, for Class C shares. There can be no assurance that Pioneer will extend the expense limitation beyond such time. Please see the prospectus and financial statements for more information. The performance table and graph do not reflect the deduction of fees and taxes that a shareowner would pay on Fund distributions or the redemption of Fund shares. 14 Pioneer Emerging Markets Local Currency Debt Fund | Semiannual Report | 4/30/15 Performance Update | 4/30/15 Class Y Shares Investment Returns -------------------------------------------------------------------------------- The mountain chart on the right shows the change in value of a $5 million investment made in Class Y shares of Pioneer Emerging Markets Local Currency Debt Fund during the periods shown, compared to that of the JP Morgan Government Bond Index-Emerging Markets (JPM GBI EM) Global Diversified Index.
Average Annual Total Returns (As of April 30, 2015) -------------------------------------------------------------------------------- JPM GBI- Net EM Asset Global Value Diversified Period (NAV) Index -------------------------------------------------------------------------------- Life-of-Class (2/4/2013) -8.82% -15.51% 1 Year -11.02 -9.35 -------------------------------------------------------------------------------- Expense Ratio (Per prospectus dated March 1, 2015) -------------------------------------------------------------------------------- Gross Net -------------------------------------------------------------------------------- 2.42% 0.85% --------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL] Value of $5 Million Investment
Pioneer Emerging Markets Local JPM GBI EM Global Currency Debt Fund Diversified Index 2/28/2013 $5,000,000 $5,000,000 4/30/2013 $5,121,704 $5,144,969 4/30/2014 $4,636,823 $4,660,476 4/30/2015 $4,125,810 $4,224,613
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 the contractual expense limitation currently in effect through March 1, 2016, for Class Y shares. There can be no assurance that Pioneer will extend the expense limitation beyond such time. Please see the prospectus and financial statements for more information. The performance table and graph do not reflect the deduction of fees and taxes that a shareowner would pay on Fund distributions or the redemption of Fund shares. Pioneer Emerging Markets Local Currency Debt Fund | Semiannual Report | 4/30/15 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 Emerging Markets Local Currency Debt Fund Based on actual returns from November 1, 2014, through April 30, 2015.
-------------------------------------------------------------------------------- Share Class A C Y -------------------------------------------------------------------------------- Beginning Account Value on 11/1/14 $1,000.00 $1,000.00 $1,000.00 -------------------------------------------------------------------------------- Ending Account Value (after expenses) $ 905.40 $ 901.80 $ 906.80 on 4/30/15 -------------------------------------------------------------------------------- Expenses Paid During Period* $ 5.34 $ 8.82 $ 4.02 --------------------------------------------------------------------------------
* Expenses are equal to the Fund's annualized net expense ratio of 1.13%, 1.87% and 0.85% for Class A, Class C and Class Y shares, respectively, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the partial year period). 16 Pioneer Emerging Markets Local Currency Debt Fund | Semiannual Report | 4/30/15 Hypothetical Example for Comparison Purposes The table below provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. Please note that the expenses shown in the tables are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as sales charges (loads) that are charged at the time of the transaction. Therefore, the table below is useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher. Expenses Paid on a $1,000 Investment in Pioneer Emerging Markets Local Currency Debt Fund Based on a hypothetical 5% return per year before expenses, reflecting the period from November 1, 2014, through April 30, 2015.
-------------------------------------------------------------------------------- Share Class A C Y -------------------------------------------------------------------------------- Beginning Account Value on 11/1/14 $1,000.00 $1,000.00 $1,000.00 -------------------------------------------------------------------------------- Ending Account Value (after expenses) $1,019.19 $1,015.52 $1,020.58 on 4/30/15 -------------------------------------------------------------------------------- Expenses Paid During Period* $ 5.66 $ 9.35 $ 4.26 --------------------------------------------------------------------------------
* Expenses are equal to the Fund's annualized net expense ratio of 1.13%, 1.87% and 0.85% for Class A, Class C and Class Y shares, respectively, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the partial year period). Pioneer Emerging Markets Local Currency Debt Fund | Semiannual Report | 4/30/15 17 Schedule of Investments | 4/30/15 (unaudited)
----------------------------------------------------------------------------------------------- Principal Amount ($) Value ----------------------------------------------------------------------------------------------- CORPORATE BONDS -- 39.6% TRANSPORTATION -- 1.8% Railroads -- 1.8% RUB 12,000,000 Russian Railways via RZD Capital Plc, 8.3%, 4/2/19 $ 199,647 ------------ Total Transportation $ 199,647 ----------------------------------------------------------------------------------------------- CONSUMER DURABLES & APPAREL -- 1.0% Household Appliances -- 1.0% EURO 100,000 Arcelik AS, 3.875%, 9/16/21 $ 113,508 ------------ Total Consumer Durables & Apparel $ 113,508 ----------------------------------------------------------------------------------------------- BANKS -- 20.3% Diversified Banks -- 18.9% TRY 1,150,000 Akbank TAS, 7.5%, 2/5/18 $ 388,893 BRL 700,000 Banco ABC Brasil SA, 8.5%, 3/28/16 223,990 CLP 50,000,000 Banco Santander Chile, 6.5%, 9/22/20 81,031 RUB 16,000,000 Export-Import Bank of Korea, 7.55%, 8/27/15 304,136 TRY 270,000 Export-Import Bank of Korea, 8.2%, 5/31/16 98,534 IDR 1,000,000,000 Export-Import Bank of Korea, 8.4%, 7/6/16 76,168 200,000 Finansbank AS, 6.25%, 4/30/19 203,512 IDR 700,000,000 Inter-American Development Bank, 7.25%, 7/17/17 52,825 NGN 50,000,000 International Bank for Reconstruction & Development, 10.0%, 10/28/15 236,034 COP 130,000,000 International Bank for Reconstruction & Development, 4.5%, 8/3/17 54,285 BRL 400,000 Itau Unibanco Holding SA, 10.5%, 11/23/15 129,789 RON 650,000 Raiffeisen Bank SA, 5.35%, 5/15/19 175,863 TRY 300,000 Turkiye Is Bankasi, 11/16/15 (b) 106,048 ------------ $ 2,131,108 ----------------------------------------------------------------------------------------------- Regional Banks -- 1.4% IDR 2,000,000,000 JPMorgan Chase Bank NA, 7.7%, 6/1/16 $ 149,863 ------------ Total Banks $ 2,280,971 ----------------------------------------------------------------------------------------------- DIVERSIFIED FINANCIALS -- 7.7% Other Diversified Financial Services -- 7.7% BRL 700,000 Banco Safra SA, 10.25%, 8/8/16 $ 219,568 ZAR 6,600,000 Development Bank of Southern Africa, Ltd., 12/31/27 (b) 156,395 INR 8,000,000 European Bank for Reconstruction & Development, 5.625%, 3/15/17 125,652 IDR 800,000,000 European Bank for Reconstruction & Development, 7.25%, 8/22/17 60,466 PLN 870,000 European Investment Bank, 4.25%, 10/25/22 277,101 RUB 2,000,000 Federal Grid Co OJS via Federal Grid Finance, Ltd., 8.446%, 3/13/19 33,445 ------------ $ 872,627 ------------ Total Diversified Financials $ 872,627 -----------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements. 18 Pioneer Emerging Markets Local Currency Debt Fund | Semiannual Report | 4/30/15
----------------------------------------------------------------------------------------------- Principal Amount ($) Value ----------------------------------------------------------------------------------------------- TELECOMMUNICATION SERVICES -- 4.0% Wireless Telecommunication Services -- 4.0% MXN 2,000,000 America Movil SAB de CV, 6.0%, 6/9/19 $ 129,790 MXN 3,000,000 America Movil SAB de CV, 6.45%, 12/5/22 189,277 MXN 2,000,000 America Movil SAB de CV, 7.125%, 12/9/24 128,944 ------------ $ 448,011 ------------ Total Telecommunication Services $ 448,011 ----------------------------------------------------------------------------------------------- UTILITIES -- 4.8% Electric Utilities -- 2.6% COP 400,000,000 Empresas Publicas de Medellin ESP, 8.375%, 2/1/21 $ 177,817 ZAR 2,000,000 Eskom Holdings SOC, Ltd., 12/31/18 (b) 113,098 ------------ $ 290,915 ----------------------------------------------------------------------------------------------- Independent Power Producers & Energy Traders -- 2.2% COP 560,000,000 Emgesa SA ESP, 8.75%, 1/25/21 $ 254,280 ------------ Total Utilities $ 545,195 ----------------------------------------------------------------------------------------------- TOTAL CORPORATE BONDS (Cost $6,079,271) $ 4,459,959 ----------------------------------------------------------------------------------------------- FOREIGN GOVERNMENT BONDS -- 53.1% BRL 360,000 Brazil Notas do Tesouro Nacional Serie F, 10.0%, 1/1/17 $ 113,742 BRL 450,000 Brazil Notas do Tesouro Nacional Serie F, 10.0%, 1/1/19 137,180 BRL 530,000 Brazil Notas do Tesouro Nacional Serie F, 10.0%, 1/1/21 156,911 BRL 350,000 Brazil Notas do Tesouro Nacional Serie F, 10.0%, 1/1/23 101,168 COP 200,000,000 Colombian TES, 10.0%, 7/24/24 102,477 COP 120,000,000 Colombian TES, 6.0%, 4/28/28 44,921 COP 300,000,000 Colombian TES, 7.0%, 5/4/22 130,247 ZAR 3,000,000 Eskom Holdings SOC, Ltd., 10.0%, 1/25/23 273,807 HUF 14,000,000 Hungary Government Bond, 6.0%, 11/24/23 61,751 HUF 24,500,000 Hungary Government Bond, 6.5%, 6/24/19 103,839 HUF 12,770,000 Hungary Government Bond, 7.0%, 6/24/22 58,062 HUF 40,000,000 Hungary Government Bond, 7.5%, 11/12/20 181,521 IDR 1,200,000,000 Indonesia Treasury Bond, 10.0%, 9/15/24 105,998 IDR 2,520,000,000 Indonesia Treasury Bond, 10.5%, 8/15/30 235,759 IDR 2,720,000,000 Indonesia Treasury Bond, 11.0%, 9/15/25 256,734 IDR 1,380,000,000 Indonesia Treasury Bond, 8.25%, 6/15/32 108,324 IDR 2,140,000,000 Indonesia Treasury Bond, 9.5%, 7/15/31 186,142 MYR 891,000 Malaysia Government Bond, 3.58%, 9/28/18 251,160 MYR 800,000 Malaysia Government Bond, 4.16%, 7/15/21 229,734 MYR 800,000 Malaysia Government Bond, 4.378%, 11/29/19 231,881 MYR 200,000 Malaysia Government Bond, 4.498%, 4/15/30 58,970 MXN 2,250,000 Mexican Bonos, 10.0%, 11/20/36 207,380 MXN 2,000,000 Mexican Bonos, 10.0%, 12/5/24 168,583 MXN 1,000,000 Mexican Bonos, 6.0%, 6/18/15 65,332 MXN 3,340,000 Mexican Bonos, 6.5%, 6/10/21 227,015
The accompanying notes are an integral part of these financial statements. Pioneer Emerging Markets Local Currency Debt Fund | Semiannual Report | 4/30/15 19 Schedule of Investments | 4/30/15 (unaudited) (continued)
----------------------------------------------------------------------------------------------- Principal Amount ($) Value ----------------------------------------------------------------------------------------------- Foreign Government Bonds -- (continued) MXN 1,000,000 Mexican Bonos, 8.5%, 12/13/18 $ 72,651 PEN 100,000 Peru Government Bond, 6.95%, 8/12/31 33,046 PEN 100,000 Peru Government Bond, 7.84%, 8/12/20 36,277 PEN 200,000 Peru Government Bond, 8.2%, 8/12/26 74,632 PLN 250,000 Poland Government Bond, 3.25%, 7/25/19 72,517 PLN 100,000 Poland Government Bond, 4.75%, 10/25/16 29,014 PLN 600,000 Poland Government Bond, 4.75%, 4/25/17 176,507 PLN 381,000 Poland Government Bond, 5.0%, 4/25/16 109,246 PLN 300,000 Poland Government Bond, 5.25%, 10/25/17 90,348 PLN 500,000 Poland Government Bond, 5.5%, 10/25/19 158,575 RON 90,000 Romania Government Bond, 5.85%, 4/26/23 27,175 RUB 5,000,000 Russian Federal Bond -- OFZ, 7.4%, 4/19/17 91,611 RUB 500,000 Russian Federal Bond -- OFZ, 7.5%, 3/15/18 8,928 ZAR 494,664 South Africa Government Bond -- CPI Linked, 2.75%, 1/31/22 45,039 ZAR 1,200,000 South Africa Government Bond, 6.25%, 3/31/36 78,426 ZAR 1,200,000 South Africa Government Bond, 7.0%, 2/28/31 88,217 ZAR 1,905,000 South Africa Government Bond, 7.25%, 1/15/20 158,723 ZAR 620,000 South Africa Government Bond, 8.0%, 1/31/30 50,331 ZAR 1,000,000 South Africa Government Bond, 8.25%, 9/15/17 86,203 THB 1,375,000 Thailand Government Bond, 3.625%, 6/16/23 45,347 THB 3,700,000 Thailand Government Bond, 5.125%, 3/13/18 122,526 THB 3,637,000 Thailand Government Bond, 5.625%, 1/12/19 124,457 TRY 280,000 Turkey Government Bond, 10.4%, 3/20/24 112,819 TRY 48,047 Turkey Government Bond, 2.4%, 5/8/24 17,973 TRY 100,000 Turkey Government Bond, 5.0%, 5/13/15 37,410 TRY 70,000 Turkey Government Bond, 8.5%, 7/10/19 25,424 TRY 150,000 Turkey Government Bond, 8.5%, 9/14/22 54,185 TRY 105,000 Turkey Government Bond, 8.8%, 9/27/23 38,411 TRY 260,000 Turkey Government Bond, 9.0%, 1/27/16 96,623 TRY 30,000 Turkey Government Bond, 9.5%, 1/12/22 11,357 ----------------------------------------------------------------------------------------------- TOTAL FOREIGN GOVERNMENT BONDS (Cost $6,813,250) $ 5,972,636 ----------------------------------------------------------------------------------------------- ----------------------------------------------------------------------------------------------- Shares ----------------------------------------------------------------------------------------------- PURCHASED CALL OPTION -- 0.0%+ 100,000 Call EUR/Put MXN, 19, 7/20/15 $ 281 ----------------------------------------------------------------------------------------------- TOTAL PURCHASED CALL OPTION (Cost $1,289) $ 281 ----------------------------------------------------------------------------------------------- TOTAL INVESTMENT IN SECURITIES -- 92.7% (Cost $12,893,810) (a) $ 10,432,876 ----------------------------------------------------------------------------------------------- OTHER ASSETS & LIABILITIES -- 7.3% $ 825,413 ----------------------------------------------------------------------------------------------- TOTAL NET ASSETS -- 100.0% $ 11,258,289 ===============================================================================================
The accompanying notes are an integral part of these financial statements. 20 Pioneer Emerging Markets Local Currency Debt Fund | Semiannual Report | 4/30/15
----------------------------------------------------------------------------------------------- Shares Value ----------------------------------------------------------------------------------------------- WRITTEN CALL OPTIONS -- (0.1)% (50,000) Call EUR/Put HUF, 330, 8/20/15 $ (162) (100,000) Call EUR/Put MXN, 19, 7/20/15 (281) (200,000) Call EUR/Put PLN, 4.40, 10/22/15 (932) (150,000) Call GBP/Put TRY, 4.50, 12/22/15 (8,136) ------------ $ (9,511) ----------------------------------------------------------------------------------------------- TOTAL WRITTEN CALL OPTIONS (Premiums Received $(13,490)) $ (9,511) -----------------------------------------------------------------------------------------------
+ Amount rounds to less than 0.1% or (0.1)%. (a) At April 30, 2015, the net unrealized depreciation on investments based on cost for federal income tax purposes of $12,893,810 was as follows:
Aggregate gross unrealized appreciation for all investments in which there is an excess of value over tax cost $ 165,861 Aggregate gross unrealized depreciation for all investments in which there is an excess of tax cost over value (2,626,795) ----------- Net unrealized depreciation $(2,460,934) ===========
(b) Security issued with a zero coupon. Income is recognized through accretion of discount. NOTE: Principal amounts are denominated in U.S. Dollars unless otherwise noted: BRL Brazilian Real CLP Chilean Peso COP Colombian Peso EURO Euro HUF Hungarian Forint IDR Indonesian Rupiah INR Indian Rupee MXN Mexican Peso MYR Malaysian Ringgit NGN Nigerian Naira PEN Peruvian Nuevo Sol PLN Polish Zloty RON Romanian Leu RUB Russian Ruble THB Thai Baht TRY Turkish Lira ZAR South African Rand Purchases and sales of securities (excluding temporary cash investments) for the six months ended April 30, 2015 aggregated $5,560,503 and $4,769,210, respectively. The accompanying notes are an integral part of these financial statements. Pioneer Emerging Markets Local Currency Debt Fund | Semiannual Report | 4/30/15 21 Schedule of Investments | 4/30/15 (unaudited) (continued) CREDIT DEFAULT SWAP AGREEMENTS -- SELL PROTECTION
----------------------------------------------------------------------------------------------------------- Net Notional Obligation Credit Expiration Premiums Unrealized Principal ($)(1) Counterparty Entity/Index Coupon Rating(2) Date Paid Appreciation ----------------------------------------------------------------------------------------------------------- 100,000 Barclays Russian 1.00% BB+ 12/20/15 $(1,796) $658 Bank Plc Federation ----------------------------------------------------------------------------------------------------------- $(1,796) $658 ===========================================================================================================
(1) The notional amount is the maximum amount that a seller of credit protection would be obligated to pay upon occurrence of a credit event. (2) Based on Standard & Poor's rating or the issuer of the weighted average rating of all the underlying securities of the index. INTEREST RATE SWAP AGREEMENTS
-------------------------------------------------------------------------------------------------------------- Net Annual Unrealized Notional Paid/ Floating Fixed Expiration Appreciation Principal ($) Counterparty Receive Rate Rate Date (Depreciation) -------------------------------------------------------------------------------------------------------------- BRL 52,457 Goldman Sachs Receive BRL-CDI 10.795% 1/4/21 $ 791 International BRL 212,403 Goldman Sachs Paid BRL-CDI 11.025% 1/2/18 (2,690) International ZAR 6,000,000 Goldman Sachs Paid JIBAR 3 Month 6.93% 3/24/17 (1,157) International -------------------------------------------------------------------------------------------------------------- $(3,056) ==============================================================================================================
BRL-CDI Brazil CETIP Interbank Deposit JIBAR Johannesburg Interbank Agreed Rate Principal amounts are denominated in U.S. Dollars unless otherwise noted: BRL Brazilian Real ZAR South African Rand 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.) See Notes to Financial Statements -- Note 1A. Level 3 - significant unobservable inputs (including the Fund's own assumptions in determining fair value of investments) See Notes to Financial Statements -- Note 1A. 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 or broker-dealers) as Level 3. The accompanying notes are an integral part of these financial statements. 22 Pioneer Emerging Markets Local Currency Debt Fund | Semiannual Report | 4/30/15 The following is a summary of the inputs used as of April 30, 2015, in valuing the Fund's investments:
------------------------------------------------------------------------------------------------- Level 1 Level 2 Level 3 Total ------------------------------------------------------------------------------------------------- Corporate Bonds $ -- $ 4,459,959 $ -- $ 4,459,959 Foreign Government Bonds -- 5,972,636 -- 5,972,636 Purchased Call Option -- 281 -- 281 ------------------------------------------------------------------------------------------------- Total $ -- $10,432,876 $ -- $10,432,876 ================================================================================================= Other Financial Instruments Net unrealized appreciation on forward foreign currency contracts $ -- $ 21,170 $ -- $ 21,170 Net unrealized depreciation on forward foreign currency contracts -- (39,713) -- (39,713) Net unrealized depreciation on swap contracts -- (2,398) -- (2,398) Net unrealized appreciation on written call options -- 3,978 -- 3,978 ------------------------------------------------------------------------------------------------- Total $ -- $ (16,963) $ -- $ (16,963) =================================================================================================
During the six months ended April 30, 2015, there were no transfers between Levels 1, 2 and 3. The following is a summary of the fair valuation of certain Portfolio's assets as of April 30, 2015:
---------------------------------------------------------------------------------------------- Level 1 Level 2 Level 3 Total ---------------------------------------------------------------------------------------------- Assets: Foreign currencies $-- $222,970 $-- $222,970 ---------------------------------------------------------------------------------------------- Total $-- $222,970 $-- $222,970 ==============================================================================================
The accompanying notes are an integral part of these financial statements. Pioneer Emerging Markets Local Currency Debt Fund | Semiannual Report | 4/30/15 23 Statement of Assets and Liabilities | 4/30/15 (unaudited)
ASSETS: Investment in securities (cost $12,893,810) $10,432,876 Cash 313,354 Foreign currencies, at value (cost $214,777) 222,970 Receivables -- Investment securities sold 480,906 Interest 268,131 Due from Pioneer Investment Management, Inc. 42,355 Net unrealized appreciation on forward foreign currency contracts 21,170 Prepaid expenses 5,736 -------------------------------------------------------------------------------------- Total assets $11,787,498 ====================================================================================== LIABILITIES: Payables -- Fund shares repurchased $ 360,547 Dividends 45,195 Trustee fees 218 Swap contracts payable 5,806 Swap contracts, net premiums received 1,796 Written options (premiums received $13,490) 9,511 Net unrealized depreciation on forward foreign currency contracts 39,713 Net unrealized depreciation on swap contracts 2,398 Due to affiliates 7,719 Accrued expenses 54,803 Reserve for repatriation taxes 1,503 -------------------------------------------------------------------------------------- Total liabilities $ 529,209 ====================================================================================== NET ASSETS: Paid-in capital $15,032,990 Distributions in excess of net investment income (70,726) Accumulated net realized loss on investments, futures contracts, written options, swap contracts and foreign currency transactions (1,217,609) Net unrealized depreciation on investments (2,460,934) Net unrealized appreciation on written options 3,979 Net unrealized depreciation on swap contracts (2,398) Net unrealized depreciation on other assets and liabilities denominated in foreign currencies (27,013) -------------------------------------------------------------------------------------- Total net assets $11,258,289 ====================================================================================== NET ASSET VALUE PER SHARE: (No par value, unlimited number of shares authorized) Class A (based on $3,798,351/516,773 shares) $ 7.35 Class C (based on $3,781,845/515,456 shares) $ 7.34 Class Y (based on $3,678,093/500,000 shares) $ 7.36 MAXIMUM OFFERING PRICE: Class A ($7.35 (divided by) 95.5%) $ 7.70 ======================================================================================
The accompanying notes are an integral part of these financial statements. 24 Pioneer Emerging Markets Local Currency Debt Fund | Semiannual Report | 4/30/15 Statement of Operations (unaudited) For the Six Months Ended 4/30/15
INVESTMENT INCOME: Interest (net of foreign taxes withheld of $5,546) $ 357,308 ------------------------------------------------------------------------------------------- Total investment income $ 357,308 ------------------------------------------------------------------------------------------- EXPENSES: Management fees $ 40,477 Transfer agent fees and expenses Class A 386 Class C 361 Class Y 117 Distribution fees Class A 4,861 Class C 19,496 Shareholder communications expense 177 Administrative reimbursement 9,263 Custodian fees 19,355 Registration fees 36,470 Professional fees 33,899 Printing expense 6,950 Fees and expenses of nonaffiliated Trustees 2,773 Pricing expense 7,798 Miscellaneous 5,178 ------------------------------------------------------------------------------------------- Total expenses $ 187,561 Less fees waived and expenses reimbursed by Pioneer Investment Management, Inc. (113,200) ------------------------------------------------------------------------------------------- Net expenses $ 74,361 ------------------------------------------------------------------------------------------- Net investment income $ 282,947 ------------------------------------------------------------------------------------------- REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS, FUTURES CONTRACTS, WRITTEN OPTIONS, SWAP CONTRACTS AND FOREIGN CURRENCY TRANSACTIONS: Net realized gain (loss) on: Investments (net of foreign capital gains taxes of $1,503) $(1,048,347) Futures contracts (3,930) Written options 2,288 Swap contracts (7,838) Forward foreign currency contracts and other assets and liabilities denominated in foreign currencies (27,811) $(1,085,638) ------------------------------------------------------------------------------------------- Change in net unrealized appreciation (depreciation) on: Investments (net decrease in reserve for capital gains taxes of $1,378) $ (401,099) Futures contracts 3,125 Written options 768 Swap contracts 2,260 Forward foreign currency contracts and other assets and liabilities denominated in foreign currencies (20,349) $ (415,295) ------------------------------------------------------------------------------------------- Net loss on investments, futures contracts, written options, swap contracts and foreign currency transactions $(1,500,933) ------------------------------------------------------------------------------------------- Net decrease in net assets resulting from operations $(1,217,986) ===========================================================================================
The accompanying notes are an integral part of these financial statements. Pioneer Emerging Markets Local Currency Debt Fund | Semiannual Report | 4/30/15 25 Statements of Changes in Net Assets
--------------------------------------------------------------------------------------- Six Months Ended 4/30/15 Year Ended (unaudited) 10/31/14 --------------------------------------------------------------------------------------- FROM OPERATIONS: Net investment income $ 282,947 $ 675,703 Net realized loss on investments, futures contracts, written options, swap contracts and foreign currency transactions (1,085,638) (315,394) Change in net unrealized depreciation on investments, futures contracts, written options, swap contracts and foreign currency transactions (415,295) (882,358) --------------------------------------------------------------------------------------- Net decrease in net assets resulting from operations $(1,217,986) $ (522,049) --------------------------------------------------------------------------------------- DISTRIBUTIONS TO SHAREOWNERS: Net investment income: Class A ($0.20 and $0.29 per share, respectively) $ (105,142) $ (147,053) Class C ($0.18 and $0.22 per share, respectively) (90,613) (113,460) Class Y ($0.22 and $0.31 per share, respectively) (107,700) (154,975) Tax return of capital: Class A ($0.00 and $0.12 per share, respectively) -- (60,038) Class C ($0.00 and $0.12 per share, respectively) -- (59,999) Class Y ($0.00 and $0.12 per share, respectively) -- (59,075) --------------------------------------------------------------------------------------- Total distributions to shareowners $ (303,455) $ (594,600) --------------------------------------------------------------------------------------- FROM FUND SHARE TRANSACTIONS: Net proceeds from sale of shares $ 35,616 $ 290,324 Reinvestment of distributions 6,147 8,952 Cost of shares repurchased (70,577) (99,797) --------------------------------------------------------------------------------------- Net increase (decrease) in net assets resulting from Fund share transactions $ (28,814) $ 199,479 --------------------------------------------------------------------------------------- Net decrease in net assets $(1,550,255) $ (917,170) NET ASSETS: Beginning of period 12,808,544 13,725,714 --------------------------------------------------------------------------------------- End of period $11,258,289 $12,808,544 --------------------------------------------------------------------------------------- Distributions in excess of net investment income $ (70,726) $ (50,218) =======================================================================================
The accompanying notes are an integral part of these financial statements. 26 Pioneer Emerging Markets Local Currency Debt Fund | Semiannual Report | 4/30/15
---------------------------------------------------------------------------------------------- '15 Shares '15 Amount (unaudited) (unaudited) '14 Shares '14 Amount ---------------------------------------------------------------------------------------------- Class A Shares sold 2,437 $ 18,789 17,351 $151,909 Reinvestment of distributions 414 3,121 561 4,814 Less shares repurchased (972) (7,550) (10,588) (91,691) ---------------------------------------------------------------------------------------------- Net increase 1,879 $ 14,360 7,324 $ 65,032 ============================================================================================== Class C Shares sold 2,227 $ 16,827 15,860 $138,415 Reinvestment of distributions 399 3,026 481 4,138 Less shares repurchased (8,266) (63,027) (965) (8,106) ---------------------------------------------------------------------------------------------- Net increase (decrease) (5,640) $ (43,174) 15,376 $134,447 ============================================================================================== Class Y Shares sold -- $ -- -- $ -- Reinvestment of distributions -- -- -- -- Less shares repurchased -- -- -- -- ---------------------------------------------------------------------------------------------- Net increase -- $ -- -- $ -- ==============================================================================================
The accompanying notes are an integral part of these financial statements. Pioneer Emerging Markets Local Currency Debt Fund | Semiannual Report | 4/30/15 27 Financial Highlights
------------------------------------------------------------------------------------------------ Six Months Ended Year 2/4/13 4/30/15 Ended to (unaudited) 10/31/14 10/31/13 ------------------------------------------------------------------------------------------------ Class A Net asset value, beginning of period $ 8.34 $ 9.07 $ 9.98 ------------------------------------------------------------------------------------------------ Increase (decrease) from investment operations: Net investment income (loss) $ 0.19 $ 0.46 $ 0.29 Net realized and unrealized gain (loss) on investments (0.98) (0.78) (1.01) ------------------------------------------------------------------------------------------------ Net increase (decrease) from investment operations (0.79) $(0.32) $(0.72) ------------------------------------------------------------------------------------------------ Distribution to shareowners: Net investment income $(0.20) $(0.29) $(0.15) Tax return of capital -- (0.12) (0.04) ------------------------------------------------------------------------------------------------ Total distributions $(0.20) $(0.41) $(0.19) ------------------------------------------------------------------------------------------------ Net increase (decrease) in net asset value $(0.99) $(0.73) $(0.91) ------------------------------------------------------------------------------------------------ Net asset value, end of period $ 7.35 $ 8.34 $ 9.07 ================================================================================================ Total return* (9.46)% (3.65)% (7.37)%(a) Ratio of net expenses to average net assets 1.13%** 1.14% 1.12%** Ratio of net investment income (loss) to average net assets 5.05%** 5.26% 4.16%** Portfolio turnover rate 87%** 29% 23% Net assets, end of period (in thousands) $3,798 $4,295 $4,605 Ratios with no waiver of fees and assumption of expenses by the Adviser and no reduction for fees paid indirectly: Total expenses 3.08%** 2.71% 2.79%** Net investment income (loss) 3.10%** 3.69% 2.49%** ================================================================================================
(a) Not annualized. * Assumes initial investment at net asset value at the beginning of the period, reinvestment of all distributions, the complete redemption of the investment at net asset value at the end of the period and no sales charges. Total return would be reduced if sales charges were taken into account. ** Annualized. The accompanying notes are an integral part of these financial statements. 28 Pioneer Emerging Markets Local Currency Debt Fund | Semiannual Report | 4/30/15
------------------------------------------------------------------------------------------------ Six Months Ended Year 2/4/13 4/30/15 Ended to (unaudited) 10/31/14 10/31/13 ------------------------------------------------------------------------------------------------ Class C Net asset value, beginning of period $ 8.33 $ 9.06 $ 9.97 ------------------------------------------------------------------------------------------------ Increase (decrease) from investment operations: Net investment income (loss) $ 0.16 $ 0.39 $ 0.23 Net realized and unrealized gain (loss) on investments (0.97) (0.78) (0.99) ------------------------------------------------------------------------------------------------ Net increase (decrease) from investment operations $(0.81) $(0.39) $(0.76) ------------------------------------------------------------------------------------------------ Distribution to shareowners: Net investment income $(0.18) $(0.22) $(0.11) Tax return of capital -- (0.12) (0.04) ------------------------------------------------------------------------------------------------ Total distributions $(0.18) $(0.34) $(0.15) ------------------------------------------------------------------------------------------------ Net increase (decrease) in net asset value $(0.99) $(0.73) $(0.91) ------------------------------------------------------------------------------------------------ Net asset value, end of period $ 7.34 $ 8.33 $ 9.06 ================================================================================================ Total return* (9.82)% (4.37)% (7.83)%(a) Ratio of net expenses to average net assets 1.87%** 1.87% 1.86%** Ratio of net investment income (loss) to average net assets 4.31%** 4.53% 3.42%** Portfolio turnover rate 87%** 29% 23% Net assets, end of period (in thousands) $3,782 $4,340 $4,581 Ratios with no waiver of fees and assumption of expenses by the Adviser and no reduction for fees paid indirectly: Total expenses 3.82%** 3.44% 3.54%** Net investment income (loss) 2.36%** 2.96% 1.74%** ================================================================================================
(a) Not annualized. * Assumes initial investment at net asset value at the beginning of the period, reinvestment of all distributions, the complete redemption of the investment at net asset value at the end of the period and no sales charges. ** Annualized. The accompanying notes are an integral part of these financial statements. Pioneer Emerging Markets Local Currency Debt Fund | Semiannual Report | 4/30/15 29 Financial Highlights (continued)
------------------------------------------------------------------------------------------------ Six Months Ended Year 2/4/13 4/30/15 Ended to (unaudited) 10/31/14 10/31/13 ------------------------------------------------------------------------------------------------ Class Y Net asset value, beginning of period $ 8.35 $ 9.08 $ 9.98 ------------------------------------------------------------------------------------------------ Increase (decrease) from investment operations: Net investment income (loss) $ 0.20 $ 0.48 $ 0.31 Net realized and unrealized gain (loss) on investments (0.97) (0.78) (1.01) ------------------------------------------------------------------------------------------------ Net increase (decrease) from investment operations $(0.77) $(0.30) $(0.70) ------------------------------------------------------------------------------------------------ Distribution to shareowners: Net investment income $(0.22) $(0.31) $(0.16) Tax return of capital -- (0.12) (0.04) ------------------------------------------------------------------------------------------------ Total distributions $(0.22) $(0.43) $(0.20) ------------------------------------------------------------------------------------------------ Net increase (decrease) in net asset value $(0.99) $(0.73) $(0.90) ------------------------------------------------------------------------------------------------ Net asset value, end of period $ 7.36 $ 8.35 $ 9.08 ================================================================================================ Total return* (9.32)% (3.37)% (7.15)%(a) Ratio of net expenses to average net assets 0.85%** 0.85% 0.85%** Ratio of net investment income (loss) to average net assets 5.33%** 5.55% 4.43%** Portfolio turnover rate 87%** 29% 23% Net assets, end of period (in thousands) $3,678 $4,174 $4,540 Ratios with no waiver of fees and assumption of expenses by the Adviser and no reduction for fees paid indirectly: Total expenses 2.81%** 2.42% 2.53%** Net investment income (loss) 3.37%** 3.98% 2.75%** ================================================================================================
(a) Not annualized. * Assumes initial investment at net asset value at the beginning of the period, reinvestment of all distributions, the complete redemption of the investment at net asset value at the end of the period. ** Annualized. The accompanying notes are an integral part of these financial statements. 30 Pioneer Emerging Markets Local Currency Debt Fund | Semiannual Report | 4/30/15 Notes to Financial Statements | 4/30/15 (unaudited) 1. Organization and Significant Accounting Policies Pioneer Emerging Markets Local Currency Debt Fund (the Fund) is a series of Pioneer Series Trust VII, a Delaware statutory trust. The Fund is registered under the Investment Company Act of 1940 as a non-diversified, open-end management investment company. The investment objective of the Fund is total return through a combination of income and capital appreciation. 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 commenced operations on February 4, 2013. 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 Emerging Markets Local Currency Debt Fund | Semiannual Report | 4/30/15 31 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 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. Cash may include overnight time deposits at approved financial institutions. 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 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 by a fair valuation team comprised of certain personnel of Pioneer Investment Management, Inc. (PIM), the Fund's investment adviser, pursuant to procedures adopted by the Fund's Board of Trustees. PIM's fair valuation team uses fair value methods approved by the Valuation Committee of the Board of Trustees. PIM's fair valuation team is responsible for monitoring developments that may impact fair valued securities and for discussing and assessing fair values on an ongoing basis, and at least quarterly, with the Valuation Committee of the Board of Trustees. Inputs used when applying fair value methods to value a security may include credit ratings, the financial condition of the company, current market conditions and comparable securities. The Fund may use fair value methods if it is determined that a significant event has occurred after the close of the exchange or market on which the security trades and prior to the determination of the Fund's net asset value. Examples of a significant event might include political or economic news, corporate restructurings, natural disasters, terrorist activity or trading halts. Thus, the valuation of the Fund's securities may differ significantly from exchange prices and such differences could be material. At April 30, 2015, there were no securities that were valued using fair value methods (other than securities that were valued using prices supplied by independent pricing services or broker-dealers). 32 Pioneer Emerging Markets Local Currency Debt Fund | Semiannual Report | 4/30/15 B. Investment Income and Transactions 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 purchase prices of debt securities are accreted/amortized for financial reporting purposes over the life of the respective securities, and such accretion/amortization is included in interest income. 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. C. 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, 2014, the Fund did not accrue any interest or penalties with respect to unrecognized tax positions, which, if applicable, would be recorded as an income tax expense in the Statement of Operations. Tax returns filed within the prior three years are subject to examination by federal and state tax authorities. In addition to the requirements of the internal Revenue Code, the fund may also be required to pay local taxes on the recognition of capital gains and/or the repatriation of foreign currencies in certain countries. During the six months ended April 30, 2015, the Fund paid $1,503 in such taxes. In determining the daily net asset value, the Fund estimates the reserve for such taxes, if any, associated with investments in certain countries. The estimated reserve for the capital gains is based on the net unrealized appreciation on certain portfolio securities, the holding period of such securities and the related tax rates, tax loss carryforward (if applicable) and other such factors. As of April 30, 2015, the Fund had $1,503 in reserve related to capital losses. Pioneer Emerging Markets Local Currency Debt Fund | Semiannual Report | 4/30/15 33 The amount and character of income and capital gain distributions to shareowners are determined in accordance with federal income tax rules, which may differ from U.S. generally accepted accounting principles. Distributions in excess of net investment income or net realized gains are temporary overdistributions for financial statement purposes resulting from differences in the recognition or classification of income or distributions for financial statement and tax purposes. Capital accounts within the financial statements are adjusted for permanent book/tax differences to reflect tax character, but are not adjusted for temporary differences. The tax character of current year distributions payable will be determined at the end of the current table year. The tax character of distributions paid during the year ended October 31, 2014 was as follows:
--------------------------------------------------------------------------- 2014 --------------------------------------------------------------------------- Distributions paid from: Ordinary income $415,488 Return of capital 179,112 --------------------------------------------------------------------------- Total $594,600 ===========================================================================
The following shows the components of distributable earnings on a federal income tax basis at October 31, 2014:
--------------------------------------------------------------------------- 2014 --------------------------------------------------------------------------- Distributable earnings: Capital loss carryforward $ (135,096) Dividend payable (52,455) Net unrealized depreciation (2,065,709) --------------------------------------------------------------------------- Total $(2,253,260) ===========================================================================
The difference between book-basis and tax-basis net unrealized depreciation is attributable to the mark-to-market of forward, futures, option and swap contracts, and tax adjustments relating to credit default swaps. D. 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 $58 in underwriting commissions on the sale of Class A shares during the during the six months ended April 30, 2015. E. 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. 34 Pioneer Emerging Markets Local Currency Debt Fund | Semiannual Report | 4/30/15 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 the market prices of those securities but are included with the net realized and unrealized gain or loss on investments. F. Forward Foreign Currency Contracts The Fund may enter into forward foreign currency contracts (contracts) for the purchase or sale of a specific foreign currency at a fixed price on a future date. All contracts are marked to market daily at the applicable exchange rates, and any resulting unrealized appreciation or depreciation is recorded in the Fund's financial statements. The Fund records realized gains and losses at the time a contract is offset by entry into a closing transaction or extinguished by delivery of the currency. Risks may arise upon entering into these contracts from the potential inability of counterparties to meet the terms of the contract and from unanticipated movements in the value of foreign currencies relative to the U.S. dollar (see Note 5). G. 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. Pioneer Emerging Markets Local Currency Debt Fund | Semiannual Report | 4/30/15 35 H. 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. I. Futures Contracts The Fund may enter into futures transactions in order to attempt to hedge against changes in interest rates, securities prices and currency exchange rates or to seek to increase total return. Futures contracts are types of derivatives. All futures contracts entered into by the Fund are traded on a futures exchange. Upon entering into a futures contract, the Fund is required to deposit with a broker an amount of cash or securities equal to the minimum "initial margin" requirements of the associated futures exchange. There was no cash deposited with the broker as collateral at April 30, 2015. Subsequent payments for futures contracts ("variation margin") are paid or received by the Fund, depending on the daily fluctuation in the value of the contracts, and are recorded by the Fund as unrealized appreciation or depreciation. When the contract is closed, the Fund realizes a gain or loss equal to the difference between the opening and closing value of the contract. The use of futures contracts involves, to varying degrees, elements of market, interest rate, currency exchange rate and counterparty risks, which may exceed the amounts recognized by the Fund. Changes in value of the contracts may not directly correlate to changes in value of the underlying securities. The average value of contracts open during the six months ended April 30, 2015 was $170,658. During the six months ended April 30, 2015, the Fund had no open futures contracts. J. Interest Rate Swap Contracts The Fund may enter into interest rate swaps to attempt to hedge against interest rate fluctuations or to enhance its income. Pursuant to the interest rate swap agreement, the Fund negotiates with a counterparty to exchange a periodic stream of payments based on a benchmark interest rate. One cash flow stream will typically be a floating rate payment based upon the specified 36 Pioneer Emerging Markets Local Currency Debt Fund | Semiannual Report | 4/30/15 floating benchmark interest rate while the other is typically a fixed interest rate. Payment flows are usually netted against each other, with the difference being paid by one party to the other on a monthly basis. Periodic payments received or paid by the Fund are recorded as realized gains or losses in the Statement of Operations. Interest rate swap contracts are marked-to-market daily using valuations supplied by independent sources and the change in value, if any, is recorded as unrealized appreciation or depreciation in the Statement of Assets and Liabilities. Interest rate swap contracts are subject to counterparty risk and movements in interest rates. Open interest rate swap contracts at April 30, 2015 are listed in the Schedule of Investments. The average value of interest rate swap contracts open during the six months ended April 30, 2015 was $2,328. K. 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 seek to increase the Fund's income, or to attempt to hedge the risk of default on portfolio securities. A credit default swap index is used to hedge risk or take a position on a basket of credit entities or indices. As a seller of protection, the Fund would be required to pay the notional (or other agreed-upon) value of the referenced debt obligation to the counterparty in the event of a default by a U.S. or foreign corporate issuer of a debt obligation, which would likely result in a loss to the Fund. In return, the Fund would receive from the counterparty a periodic stream of payments during the term of the contract provided that no event of default occurred. The maximum exposure of loss to the seller would be the notional value of the credit default swaps outstanding. If no default occurs, the Fund would keep the stream of payments and would have no payment obligation. The Fund may also buy credit default swap contracts in order to hedge against the risk of default of debt securities, in which case the Fund would function as the counterparty referenced above. When the Fund enters into a credit default swap contract, 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 made by the Fund, as the protection buyer, is recorded as an asset in the Statement of Assets and Liabilities. Periodic payments received or paid by the Fund are recorded as realized gains or losses in the Statement of Operations. Credit default swap contracts are marked-to-market daily using valuations supplied by independent sources and the change in value, if any, is recorded as unrealized appreciation or depreciation in the Statement of Assets and Liabilities. Payments received or made as a result of a credit event or upon Pioneer Emerging Markets Local Currency Debt Fund | Semiannual Report | 4/30/15 37 termination of the contract are recognized, net of the appropriate amount of the upfront payment, as realized gains or losses in the Statement of Operations. Credit default swap contracts involving the sale of protection may involve greater risks than if the Fund had invested in the referenced debt instrument directly. Credit default swap contracts are subject to general market risk, liquidity risk, counterparty risk and credit risk. If the Fund is a protection buyer and no credit event occurs, it will lose its investment. If the Fund is a protection seller and a credit event occurs, the value of the referenced debt instrument received by the Fund, together with the periodic payments received, may be less than the amount the Fund pays to the protection buyer, resulting in a loss to the Fund. Certain swap contracts that are cleared through a central clearinghouse are referred to as centrally cleared swaps. All payments made or received by the Fund are pursuant to a centrally cleared swap contract with the central clearing party rather than the original counterparty. Upon entering into a centrally cleared swap contract, the Fund is required to make an initial margin deposit, either in cash or in securities. The daily change in value on open centrally cleared contracts is recorded as variation margin on centrally cleared swaps on the Statement of Assets and Liabilities. Open credit default swap contracts at April 30, 2015 are listed in the Schedule of Investments. The average value of swap contracts open during the six months ended April 30, 2015 was $2,225. L. Cross Currency Swap Contracts The Fund may enter into a cross currency swap contract to attempt to manage and/or gain exposure to fluctuations in interest and/or currency exchange rates. When entering into a cross currency swap contract, the Fund negotiates with the counterparty to exchange a periodic stream of payments (determined using fixed or floating rates) based on the notional amount of two different currencies. The notional amounts are typically determined based on exchange rates at the opening of the contract. Cross currency swap contracts are marked-to-market daily using valuations supplied by independent sources and the change in value, if any, is recorded as unrealized appreciation or depreciation in the Statement of Assets and Liabilities. Payments received or made under the contract or upon termination of the contract are recognized, net of the appropriate amount of any upfront payment, as realized gains or losses in the Statement of Operations. Cross currency swaps are subject to counterparty risk. 38 Pioneer Emerging Markets Local Currency Debt Fund | Semiannual Report | 4/30/15 The average value of cross currency swap contracts open during the six months ended April 30, 2015 was $794. During the six months ended April 30, 2015, the Fund had no open cross currency swap contracts. M. Option Writing The Fund may write put and covered call options to seek to increase total return. When an option is written, the Fund receives a premium and becomes obligated to purchase or sell the underlying security at a fixed price, upon the exercise of the option. When the Fund writes an option, an amount equal to the premium received by the Fund is recorded as a liability and is subsequently adjusted to the current value of the option written. Premiums received from writing options that expire unexercised are treated by the Fund on the expiration date as realized gains from investments. The difference between the premium and the amount paid on effecting a closing purchase transaction, including brokerage commissions, is also treated as a realized gain, or, if the premium is less than the amount paid for the closing purchase transaction, as a realized loss. If a call option is exercised, the premium is added to the proceeds from the sale of the underlying security in determining whether the Fund has realized a gain or loss. The Fund as writer of an option bears the market risk of an unfavorable change in the price of the security underlying the written option. The average value of contracts open during the six months ended April 30, 2015 was $4,963. Written call option contracts outstanding at period end are listed at the end of the Fund's schedule of investments. The Fund held four written call option contracts that were open at April 30, 2015. If the call options were exercised at April 30, 2015, the maximum amount the Fund would have been required to pay was $13,490. Transactions in written options for the period ended April 30, 2015 are summarized as follows:
--------------------------------------------------------------------------- Number of Contracts Premium Received --------------------------------------------------------------------------- Options open at beginning of period (350,000) $ (6,366) Options opened (350,000) (9,412) Options exercised -- -- Options closed -- -- Options expired 200,000 2,288 --------------------------------------------------------------------------- Options open at end of period (500,000) $(13,490) ===========================================================================
Pioneer Emerging Markets Local Currency Debt Fund | Semiannual Report | 4/30/15 39 N. Purchased Options The Fund may purchase put and call options to seek increase total return. Purchased call and put options entitle the Fund to buy and sell a specified number of shares or units of a particular security, currency or index at a specified price at a specific date or within a specific period of time. Upon the purchase of a call or put option, the premium paid by the Fund is included in the Statement of Assets and Liabilities as an investment. All premiums are marked-to-market daily, and any unrealized gains or losses are recorded in the Fund's financial statements. As the purchaser of an index option, the Fund has the right to receive a cash payment equal to any depreciation in the value of the index below the strike price of the option (in the case of a put) or equal to any appreciation in the value of the index over the strike price of the option (in the case of a call) as of the valuation date of the option. Premiums paid for purchased calls and put options which have expired are treated as realized losses on investments in the Statement of Operations. Upon the exercise or closing of a purchased put option, the premium is offset against the proceeds on the sale of the underlying security or financial instrument in order to determine the realized gain or loss on investments. Upon the exercise or closing of a purchased call option, the premium is added to the cost of the security or financial instrument. The risk associated with purchasing options is limited to the premium originally paid. The average value of purchased options open for the six months ended April 30, 2015 was $937. There were no purchased options outstanding on April 30, 2015. 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 0.70% of the Fund's average daily net assets up to $1 billion and 0.65% on assets over $1 billion. For the six months ended April 30, 2015, the effective management fee was equivalent to 0.70% 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 1.20%, 2.10% and 0.85% of the average daily net assets attributable to Class A, Class C and Class Y shares, respectively. Fees waived and expenses reimbursed during the six months ended April 30, 2015 are reflected on the Statement of Operations. These expense limitations are in effect through March 1, 2016. There can be no assurance that PIM will extend the expense limitation agreement for a class of shares beyond the date referred to above. In addition, under the management and administration agreements, certain other services and costs, including accounting, regulatory reporting and insurance premiums, are paid by the Fund as administrative reimbursements. 40 Pioneer Emerging Markets Local Currency Debt Fund | Semiannual Report | 4/30/15 Included in "Due to affiliates" reflected on the Statement of Assets and Liabilities is $7,286 in management fees, administrative costs and certain other reimbursements payable to PIM at April 30, 2015. 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 six months ended April 30, 2015, such out-of-pocket expenses by class of shares were as follows:
-------------------------------------------------------------------------------- Shareholder Communications: -------------------------------------------------------------------------------- Class A $ 85 Class C 81 Class Y 11 -------------------------------------------------------------------------------- Total $177 ================================================================================
Included in "Due from affiliates" reflected on the Statement of Assets and Liabilities is $172 in transfer agent fees and out-of-pocket reimbursements payable from PIMSS at April 30, 2015. 4. Distribution Plan The Fund has adopted a Distribution Plan pursuant to Rule 12b-1 of the Investment Company Act of 1940 with respect to its Class A and Class C shares. Pursuant to the Plan, the Fund pays PFD 0.25% of the average daily net assets attributable to Class A shares as compensation for personal services and/or account maintenance services or distribution services with regard to Class A shares. Pursuant to the Plan, the Fund also pays PFD 1.00% of the average daily net assets attributable to Class C shares. The fee for Class C shares consists of a 0.25% service fee and a 0.75% distribution fee paid as compensation for personal services and/or account maintenance services or distribution services with regard to Class C shares. Included in "Due to affiliates" reflected on the Statement of Assets and Liabilities is $261 in distribution fees payable to PFD at April 30, 2015. In addition, redemptions of each class of shares (except Class Y shares) may be subject to a contingent deferred sales charge (CDSC). A CDSC of 1.00% may be imposed on redemptions of certain net asset value purchases of Class A shares within 12 months of purchase. Redemptions of Class C shares within 12 months of purchase are subject to a CDSC of 1.00%, based on the lower of Pioneer Emerging Markets Local Currency Debt Fund | Semiannual Report | 4/30/15 41 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 six months ended April 30, 2015, CDSCs in the amount of $7 were paid to PFD. 5. Forward Foreign Currency Contracts At April 30, 2015, 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 forward foreign currency contracts open during the six months ended April 30, 2015 was $14,661. Open forward foreign currency contracts at April 30, 2015 were as follows:
-------------------------------------------------------------------------------------------------------------------- Quantity/ Shares Net Currency Purchased/ Settlement US $ Value Unrealized Description Counterparty (Sold) Book Value Date at 4/30/15 Appreciation -------------------------------------------------------------------------------------------------------------------- COP (Colombian Goldman, Peso) Sachs & Co. 578,680,000 $(230,000) 6/26/15 $ 241,726 $11,726 EUR (European Goldman, Euro) Sachs & Co. 282,000,000 (112,865) 4/17/15 118,387 5,522 INR (Indian Goldman, Rupee) Sachs & Co. (7,569,600) 120,000 7/3/15 (117,627) 2,373 TRY (Turkish Morgan Lira) Stanley 150,560 (55,000) 6/29/15 55,474 474 EUR (European Morgan Euro) Stanley 98,261 (110,000) 5/4/15 110,485 485 EUR (European Morgan Euro) Stanley 74,046 (82,668) 5/4/15 83,258 590 -------------------------------------------------------------------------------------------------------------------- Total $21,170 ====================================================================================================================
42 Pioneer Emerging Markets Local Currency Debt Fund | Semiannual Report | 4/30/15
-------------------------------------------------------------------------------------------------------------------- Quantity/ Shares Net Currency Purchased/ Settlement US $ Value Unrealized Description Counterparty (Sold) Book Value Date at 4/30/15 Depreciation -------------------------------------------------------------------------------------------------------------------- RUB (Russian Ruble) Barclays (4,135,240) $ 53,600 08/28/2015 $ (77,034) $(23,434) TRY (Turkish Lira) Barclays (150,470) 55,000 06/29/2015 (55,441) (441) COP Brown (Colombian Brothers Peso) Harriman 6,778,551 2,826 05/04/2015 (2,846) (20) COP (Colombian Goldman, Peso) Sachs & Co. 105,170 113,410 04/17/2015 (118,253) (4,843) COP (Colombian Goldman, Peso) Sachs & Co. (573,390,000) 230,000 06/26/2015 (239,516) (9,516) INR (Indian Goldman, Rupee) Sachs & Co. 7,702,800 (120,000) 07/03/2015 119,697 (303) TRY (Turkish Morgan Lira) Stanley (152,459) 55,000 06/30/2015 (56,156) (1,156) -------------------------------------------------------------------------------------------------------------------- Total $(39,713) ====================================================================================================================
6. 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 six months ended April 30, 2015, the Fund's expenses were not reduced under such arrangements. 7. Assets and Liabilities Offsetting Financial instruments subject to an enforceable master netting agreement have been offset on the Statement of Assets and Liabilities. The following charts show gross assets and liabilities of the Fund as of April 30, 2015. Pioneer Emerging Markets Local Currency Debt Fund | Semiannual Report | 4/30/15 43
-------------------------------------------------------------------------------------------------------------- Assets: Gross Amounts Net Gross Amounts Not Offset Offset Amounts of in the Statement of in the Assets Assets and Liabilities Gross Statement Presented in ------------------------------ Amounts of of Assets the Statement Cash Recognized and of Assets and Financial Collateral Net Description Assets Liabilities Liabilities Instruments Received Amount -------------------------------------------------------------------------------------------------------------- Written options $ 9,511 $-- $ 9,511 $-- $-- $ 9,511 Swap contracts 1,449 -- 1,449 -- -- 1,449 -------------------------------------------------------------------------------------------------------------- $10,960 $-- $10,960 $-- $-- $10,960 ==============================================================================================================
--------------------------------------------------------------------------------------------------------------- Liabilities: Gross Amounts Net Gross Amounts Not Offset Offset Amounts of in the Statement of in the Liabilities Assets and Liabilities Gross Statement Presented in ------------------------------ Amounts of of Assets the Statement Cash Recognized and of Assets and Financial Collateral Net Description Liabilities Liabilities Liabilities Instruments Pledged* Amount --------------------------------------------------------------------------------------------------------------- Written options $ -- $ -- $ -- $-- $ -- $-- Swap contracts 3,847 (1,449) 2,398 -- (2,398) -- --------------------------------------------------------------------------------------------------------------- $3,847 $(1,449) $2,398 $-- $(2,398) $-- ===============================================================================================================
* The amount presented here may be less than the total amount of collateral received/pledged, as the net amount of derivative assets and liabilities cannot be less than $0. 8. Additional Disclosures about Derivative Instruments and Hedging Activities Values of derivative instruments as of April 30, 2015 were as follows:
------------------------------------------------------------------------------------------------- Derivatives Not Accounted for as Asset Derivatives 2015 Liabilities Derivatives 2015 Hedging Instruments ------------------------------------------------------------- Under Accounting Statement of Assets Statement of Assets Standards Codification and Liabilities and Liabilities (ASC) 815 Location Value Location Value ------------------------------------------------------------------------------------------------- Forward foreign currency Net unrealized Net unrealized contracts appreciation on depreciation on forward foreign forward foreign currency contracts $21,170 currency contracts $39,713 Swap contracts Net unrealized Net unrealized appreciation on depreciation on swaps contracts -- swap contracts 2,398 Written options Written options 9,511 Written options -- ------------------------------------------------------------------------------------------------- Total $30,681 $42,111 =================================================================================================
44 Pioneer Emerging Markets Local Currency Debt Fund | Semiannual Report | 4/30/15 The effect of derivative instruments on the Statement of Operations for the six months ended April 30, 2015 was as follows:
---------------------------------------------------------------------------------------------------- Change in Derivatives Not Unrealized Accounted for as Realized Appreciation or Hedging Instruments Gain on (Depreciation) Under Accounting Location of Gain or (Loss) Derivatives on Derivatives Standards Codification on Derivatives Recognized Recognized Recognized (ASC) 815 in Income in Income in Income ---------------------------------------------------------------------------------------------------- Forward foreign currency Net realized gain (loss) on forward contracts foreign currency contracts $30,310 Forward foreign Change in unrealized appreciation currency contracts (depreciation) on forward foreign currency contracts $(15,511) Futures contracts Net realized gain (loss) on futures contracts $(3,930) Futures contracts Change in net unrealized appreciation (depreciation) on futures contracts $ 3,125 Swap contracts Net realized gain (loss) on swap contracts $(7,838) Swap contracts Change in net unrealized appreciation (depreciation) on swap contracts $ 2,260 Written options Net realized gain (loss) on written options $ 2,288 Written options Change in net unrealized appreciation (depreciation) on written options $ 768
9. Change in Independent Registered Public Accounting Firm The Board of Trustees of the Fund, with the approval and recommendation of the Audit Committee, appointed Deloitte & Touche LLP to serve as the Fund's independent registered public accounting firm. Deloitte & Touche LLP replaces Ernst & Young LLP, which resigned as the Fund's independent registered public accounting firm, effective upon completion of the audit of the Fund's financial statements for the fiscal year ended October 31, 2013. During the periods that Ernst & Young LLP served as the Fund's independent registered public accounting firm, including the Fund's fiscal years ended October 31, 2013 and October 31, 2012, Ernst & Young LLP's reports on the financial statements of the Fund have not contained an adverse opinion or disclaimer of opinion and have not been qualified or modified as to uncertainty, audit scope or accounting principles. Further, there have been no disagreements with Ernst & Young LLP on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedure, which, if not resolved to the satisfaction of Ernst & Young LLP would have caused Ernst & Pioneer Emerging Markets Local Currency Debt Fund | Semiannual Report | 4/30/15 45 Young LLP to make reference to the subject matter of the disagreement in connection with its report on the financial statements. In addition, there have been no reportable events of the kind described in Item 304 (a)(1)(v) of Regulation S-K under the Securities Exchange Act of 1934. 10. Additional Information PIM, the Trust's investment adviser, is currently an indirect, wholly-owned subsidiary of UniCredit. On April 23, 2015, UniCredit announced that it signed a preliminary and exclusive agreement with Banco Santander and affiliates of Warburg Pincus and General Atlantic (the "Private Equity Firms") with respect to Pioneer Investments ("Pioneer") and Santander Asset Management ("SAM") (the "Transaction"). Pursuant to the preliminary agreement, the Transaction will entail the establishment of a holding company, with the name Pioneer Investments, to be owned by UniCredit (50%) and the Private Equity Firms (50% between them). The holding company will control Pioneer's U.S. operations, including the Adviser. The holding company also will own 66.7% of Pioneer's and SAM's combined operations outside the U.S., while Banco Santander will own directly the remaining 33.3% stake. The completion of the Transaction is subject to the signing of a definitive agreement, as well as certain regulatory and corporate approvals, and other conditions. Under the Investment Company Act of 1940, completion of the Transaction will cause the Trust's investment advisory agreement with the Adviser to terminate. In connection with the Transaction, the Trust's Board of Trustees will be asked to approve a new investment advisory agreement for the Trust. If approved by the Board, the Trust's new investment advisory agreement will be submitted to the shareholders of the Trust for their approval. 11. Liquidation of the Fund The Trustees of the Fund have authorized the liquidation of the Fund. It is anticipated that the Fund will be liquidated on or about August 7, 2015. The Fund discontinued accepting requests to purchase shares or process exchanges into the Fund effective as of May 20, 2015. Shareholders can redeem their shares of the Fund at any time prior to liquidation. Prior to the Fund's liquidation, all or a substantial portion of the Fund's assets may be invested in cash, cash equivalents and debt securities with remaining maturities of less than one year. When invested in such instruments in anticipation of the liquidation, the Fund may not be able to achieve its investment objective. The liquidation of the Fund may result in income tax liabilities for the Fund's shareholders. 46 Pioneer Emerging Markets Local Currency Debt Fund | Semiannual Report | 4/30/15 Trustees, Officers and Service Providers Trustees Advisory Trustee Thomas J. Perna, Chairman Lorraine H. Monchak* David R. Bock Benjamin M. Friedman Officers Margaret B.W. Graham Lisa M. Jones, President and Chief Marguerite A. Piret Executive Officer Fred J. Ricciardi Mark E. Bradley, Treasurer and Kenneth J. Taubes Chief Financial Officer Christopher J. Kelley, Secretary and Chief Legal Officer Investment Adviser and Administrator Pioneer Investment Management, Inc. Custodian and Sub-Administrator Brown Brothers Harriman & Co. Principal Underwriter Pioneer Funds Distributor, Inc. Legal Counsel Morgan, Lewis & Bockius 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. * Ms. Monchak is a non-voting Advisory Trustee. Pioneer Emerging Markets Local Currency Debt Fund | Semiannual Report | 4/30/15 47 This page for your notes. 48 Pioneer Emerging Markets Local Currency Debt Fund | Semiannual Report | 4/30/15 This page for your notes. Pioneer Emerging Markets Local Currency Debt Fund | Semiannual Report | 4/30/15 49 This page for your notes. 50 Pioneer Emerging Markets Local Currency Debt Fund | Semiannual Report | 4/30/15 This page for your notes. Pioneer Emerging Markets Local Currency Debt Fund | Semiannual Report | 4/30/15 51 This page for your notes. 52 Pioneer Emerging Markets Local Currency Debt Fund | Semiannual Report | 4/30/15 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 Investments(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 (C) 2015 Pioneer Investments 26827-02-0615 ITEM 2. CODE OF ETHICS. (a) Disclose whether, as of the end of the period covered by the report, the registrant has adopted a code of ethics that applies to the registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party. If the registrant has not adopted such a code of ethics, explain why it has not done so. The registrant has adopted, as of the end of the period covered by this report, a code of ethics that applies to the registrant's principal executive officer, principal financial officer, principal accounting officer and controller. (b) For purposes of this Item, the term "code of ethics" means written standards that are reasonably designed to deter wrongdoing and to promote: (1) Honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships; (2) Full, fair, accurate, timely, and understandable disclosure in reports and documents that a registrant files with, or submits to, the Commission and in other public communications made by the registrant; (3) Compliance with applicable governmental laws, rules, and regulations; (4) The prompt internal reporting of violations of the code to an appropriate person or persons identified in the code; and (5) Accountability for adherence to the code. (c) The registrant must briefly describe the nature of any amendment, during the period covered by the report, to a provision of its code of ethics that applies to the registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party, and that relates to any element of the code of ethics definition enumerated in paragraph (b) of this Item. The registrant must file a copy of any such amendment as an exhibit pursuant to Item 10(a), unless the registrant has elected to satisfy paragraph (f) of this Item by posting its code of ethics on its website pursuant to paragraph (f)(2) of this Item, or by undertaking to provide its code of ethics to any person without charge, upon request, pursuant to paragraph (f)(3) of this Item. The registrant has made no amendments to the code of ethics during the period covered by this report. (d) If the registrant has, during the period covered by the report, granted a waiver, including an implicit waiver, from a provision of the code of ethics to the registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party, that relates to one or more of the items set forth in paragraph (b) of this Item, the registrant must briefly describe the nature of the waiver, the name of the person to whom the waiver was granted, and the date of the waiver. Not applicable. (e) If the registrant intends to satisfy the disclosure requirement under paragraph (c) or (d) of this Item regarding an amendment to, or a waiver from, a provision of its code of ethics that applies to the registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions and that relates to any element of the code of ethics definition enumerated in paragraph (b) of this Item by posting such information on its Internet website, disclose the registrant's Internet address and such intention. Not applicable. (f) The registrant must: (1) File with the Commission, pursuant to Item 12(a)(1), a copy of its code of ethics that applies to the registrant's principal executive officer,principal financial officer, principal accounting officer or controller, or persons performing similar functions, as an exhibit to its annual report on this Form N-CSR (see attachment); (2) Post the text of such code of ethics on its Internet website and disclose, in its most recent report on this Form N-CSR, its Internet address and the fact that it has posted such code of ethics on its Internet website; or (3) Undertake in its most recent report on this Form N-CSR to provide to any person without charge, upon request, a copy of such code of ethics and explain the manner in which such request may be made. See Item 10(2) ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT. (a) (1) Disclose that the registrant's board of trustees has determined that the registrant either: (i) Has at least one audit committee financial expert serving on its audit committee; or (ii) Does not have an audit committee financial expert serving on its audit committee. The registrant's Board of Trustees has determined that the registrant has at least one audit committee financial expert. (2) If the registrant provides the disclosure required by paragraph (a)(1)(i) of this Item, it must disclose the name of the audit committee financial expert and whether that person is "independent." In order to be considered "independent" for purposes of this Item, a member of an audit committee may not, other than in his or her capacity as a member of the audit committee, the board of trustees, or any other board committee: (i) Accept directly or indirectly any consulting, advisory, or other compensatory fee from the issuer; or (ii) Be an "interested person" of the investment company as defined in Section 2(a)(19) of the Act (15 U.S.C. 80a-2(a)(19)). 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. Not applicable. (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. Not applicable. (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. Not applicable. (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. Not applicable. (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 period ended April 30, 2015, 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 accountants engagement to audit the registrant's financial statements for the most recent fiscal year that were attributed to work performed by persons other than the principal accountant's full-time, permanent employees. N/A (g) Disclose the aggregate non-audit fees billed by the registrants accountant for services rendered to the registrant, and rendered to the registrants investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant for each of the last two fiscal years of the registrant. Not applicable. (h) Disclose whether the registrants audit committee of the board of trustees has considered whether the provision of non-audit services that were rendered to the registrants investment adviser (not including any subadviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant's independence. The Fund's audit committee of the Board of Trustees has considered whether the provision of non-audit services that were rendered to the Affiliates (as defined) that were not pre- approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant's independence. ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS (a) If the registrant is a listed issuer as defined in Rule 10A-3 under the Exchange Act (17 CFR 240.10A-3), state whether or not the registrant has a separately-designated standing audit committee established in accordance with Section 3(a)(58)(A) of the Exchange Act (15 U.S.C. 78c(a)(58)(A)). If the registrant has such a committee, however designated, identify each committee member. If the entire board of directors is acting as the registrant's audit committee as specified in Section 3(a)(58)(B) of the Exchange Act (15 U.S.C. 78c(a)(58)(B)), so state. N/A (b) If applicable, provide the disclosure required by Rule 10A-3(d) under the Exchange Act (17 CFR 240.10A-3(d)) regarding an exemption from the listing standards for audit committees. N/A ITEM 6. SCHEDULE OF INVESTMENTS. File Schedule of Investments in securities of unaffiliated issuers as of the close of the reporting period as set forth in 210.1212 of Regulation S-X [17 CFR 210.12-12], unless the schedule is included as part of the report to shareholders filed under Item 1 of this Form. Included in Item 1 ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES. A closed-end management investment company that is filing an annual report on this Form N-CSR must, unless it invests exclusively in non-voting securities, describe the policies and procedures that it uses to determine how to vote proxies relating to portfolio securities, including the procedures that the company uses when a vote presents a conflict between the interests of its shareholders, on the one hand, and those of the company's investment adviser; principal underwriter; or any affiliated person (as defined in Section 2(a)(3) of the Investment Company Act of 1940 (15 U.S.C. 80a-2(a)(3)) and the rules thereunder) of the company, its investment adviser, or its principal underwriter, on the other. Include any policies and procedures of the company's investment adviser, or any other third party, that the company uses, or that are used on the company's behalf, to determine how to vote proxies relating to portfolio securities. Not applicable to open-end management investment companies. ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES. (a) If the registrant is a closed-end management investment company that is filing an annual report on this Form N-CSR,provide the following information: (1) State the name, title, and length of service of the person or persons employed by or associated with the registrant or an investment adviser of the registrant who are primarily responsible for the day-to-day management of the registrant's portfolio ("Portfolio Manager"). Also state each Portfolio Manager's business experience during the past 5 years. Not applicable to open-end management investment companies. ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS. (a) If the registrant is a closed-end management investment company, in the following tabular format, provide the information specified in paragraph (b) of this Item with respect to any purchase made by or on behalf of the registrant or any affiliated purchaser, as defined in Rule 10b-18(a)(3) under the Exchange Act (17 CFR 240.10b-18(a)(3)), of shares or other units of any class of the registrant's equity securities that is registered by the registrant pursuant to Section 12 of the Exchange Act (15 U.S.C. 781). Not applicable to open-end management investment companies. ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS. Describe any material changes to the procedures by which shareholders may recommend nominees to the registrant's board of directors, where those changes were implemented after the registrant last provided disclosure in response to the requirements of Item 407(c)(2)(iv) of Regulation S-R(17 CFR 229.407)(as required by Item 22(b)(15)) of Schedule 14A (17 CFR 240.14a-101), or this Item. There have been no material changes to the procedures by which the shareholders may recommend nominees to the registrant's board of directors since the registrant last provided disclosure in response to the requirements of Item 407(c)(2)(iv) of Regulation S-R of Schedule 14(A) in its definitive proxy statement, or this item. ITEM 11. CONTROLS AND PROCEDURES. (a) Disclose the conclusions of the registrant's principal executive and principal financials officers, or persons performing similar functions, regarding the effectiveness of the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Act (17 CFR 270.30a-3(c))) as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the Act (17 CFR 270.30(a)-3(b) and Rules 13a-15(b) or 15d-15(b) under the Exchange Act (17 CFR 240.13a-15(b) or 240.15d-15(b)). The registrant's principal executive officer and principal financial officer have concluded that the registrant's disclosure controls and procedures are effective based on the evaluation of these controls and procedures as of a date within 90 days of the filing date of this report. (b) Disclose any change in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Act (17CFR 270.30a-3(d)) that occured during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting. There were no significant changes in the registrant's internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant's internal control over financial reporting. The registrant's principal executive officer and principal financial officer, however, voluntarily are reporting the following information: In August of 2006 the registrant's investment adviser enhanced its internal procedures for reporting performance information required to be included in prospectuses. Those enhancements involved additional internal controls over the appropriateness of performance data generated for this purpose. Such enhancements were made following an internal review which identified prospectuses relating to certain classes of shares of a limited number of registrants where, inadvertently, performance information not reflecting the deduction of applicable sales charges was included. Those prospectuses were revised, and the revised prospectuses were distributed to shareholders. ITEM 12. EXHIBITS. (a) File the exhibits listed below as part of this Form. Letter or number the exhibits in the sequence indicated. (1) Any code of ethics, or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy the Item 2 requirements through filing of an exhibit. (2) A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Act (17 CFR 270.30a-2(a)) , exactly as set forth below: Filed herewith. SIGNATURES [See General Instruction F] Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. (Registrant) Pioneer Series Trust VII By (Signature and Title)* /s/ Lisa M. Jones Lisa M. Jones, President & Chief Executive Officer Date June 26, 2015 Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated. By (Signature and Title)* /s/ Lisa M. Jones Lisa M. Jones, President & Chief Executive Officer Date June 26, 2015 By (Signature and Title)* /s/ Mark Bradley Mark Bradley, Treasurer & Chief Accounting & Financial Officer Date June 26, 2015 * Print the name and title of each signing officer under his or her signature.