0001094521-19-000036.txt : 20190701 0001094521-19-000036.hdr.sgml : 20190701 20190701155115 ACCESSION NUMBER: 0001094521-19-000036 CONFORMED SUBMISSION TYPE: N-CSRS PUBLIC DOCUMENT COUNT: 4 CONFORMED PERIOD OF REPORT: 20190430 FILED AS OF DATE: 20190701 DATE AS OF CHANGE: 20190701 EFFECTIVENESS DATE: 20190701 FILER: COMPANY DATA: COMPANY CONFORMED NAME: PIONEER SERIES TRUST VII CENTRAL INDEX KEY: 0001140157 IRS NUMBER: 043567848 STATE OF INCORPORATION: DE FISCAL YEAR END: 1031 FILING VALUES: FORM TYPE: N-CSRS SEC ACT: 1940 Act SEC FILE NUMBER: 811-10395 FILM NUMBER: 19933118 BUSINESS ADDRESS: STREET 1: 60 STATE STREET 13TH FLOOR CITY: BOSTON STATE: MA ZIP: 02109 BUSINESS PHONE: 6174224947 MAIL ADDRESS: STREET 1: 60 STATE STREET 13TH FLOOR CITY: BOSTON STATE: MA ZIP: 02109 FORMER COMPANY: FORMER CONFORMED NAME: PIONEER GLOBAL HIGH YIELD FUND DATE OF NAME CHANGE: 20010507 0001140157 S000010203 Pioneer Global High Yield Fund C000028246 Pioneer Global High Yield Fund: Class Y GHYYX C000028247 Pioneer Global High Yield Fund: Class A PGHYX C000028249 Pioneer Global High Yield Fund: Class C PGYCX C000200547 Pioneer Global High Yield Fund: Class K 0001140157 S000019711 Pioneer Global Multisector Income Fund C000055267 Pioneer Global Multisector Income Fund: Class A Shares PGABX C000055268 Pioneer Global Multisector Income Fund: Class C Shares PGCBX C000055269 Pioneer Global Multisector Income Fund: Class Y Shares PGYBX C000200548 Pioneer Global Multisector Income Fund: Class K N-CSRS 1 ncsr.txt 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, Amundi Pioneer Asset 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, 2018 through April 30, 2019 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, 2019 -------------------------------------------------------------------------------- Ticker Symbols: Class A PGHYX Class C PGYCX Class Y GHYYX Beginning in April 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Fund's shareholder reports like this one will no longer be sent by mail, unless you specifically request paper copies of the reports from the Fund or from your financial intermediary, such as a broker-dealer, bank or insurance company. Instead, the reports will be made available on the Fund's website, and you will be notified by mail each time a report is posted and provided with a website link to access the report. If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications electronically by contacting your financial intermediary or, if you invest directly with the Fund, by calling 1-800-225-6292. You may elect to receive all future reports in paper free of charge. If you invest directly with the Fund, you can inform the Fund that you wish to continue receiving paper copies of your shareholder reports by calling 1-800-225-6292. If you invest through a financial intermediary, you can contact your financial intermediary to request that you continue to receive paper copies of your shareholder reports. Your election to receive reports in paper will apply to all funds held in your account if you invest through your financial intermediary or all funds held within the Pioneer Fund complex if you invest directly. [LOGO] Amundi Pioneer ============== ASSET MANAGEMENT visit us: www.amundipioneer.com/us 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 14 Schedule of Investments 16 Financial Statements 39 Notes to Financial Statements 46 Trustees, Officers and Service Providers 63
Pioneer Global High Yield Fund | Semiannual Report | 4/30/19 1 President's Letter Since 1928, active portfolio management based on in-depth, fundamental research, has been the foundation of Amundi Pioneer's investment approach. We believe an active management investment strategy is a prudent approach to investing, especially during periods of market volatility, which can result from any number of risk factors, including slow U.S. economic growth, rising interest rates, and geopolitical factors. Of course, in today's global economy, risk factors extend well beyond U.S. borders. In fact, it's not unusual for political and economic issues on the international front to cause or contribute to volatility in U.S. markets. At Amundi Pioneer, each security under consideration is researched by our team of experienced investment professionals, who visit companies and meet with their management teams. At the end of this research process, if we have conviction in a company's business model and management team, and regard the security as a potentially solid investment opportunity, an Amundi Pioneer portfolio manager makes an active decision to invest in that security. The portfolio resulting from these decisions represents an expression of his or her convictions, and strives to balance overall risk and return opportunity. As an example, the Standard & Poor's 500 Index -- the predominant benchmark for many U.S. Large-Cap Core Equity funds -- has 500 stocks. An Amundi Pioneer portfolio manager chooses to invest in only those companies that he or she believes can offer the most attractive opportunities to pursue the fund's investment objective, thus potentially benefiting the fund's shareowners. This process results in a portfolio that does not own all 500 stocks, but a much narrower universe. The same active decision to invest in a company is also applied when we decide to sell a security, either due to changing fundamentals, valuation concerns, or market risks. We apply this active decision-making across all of our equity, fixed-income, and global portfolios. Today, as investors, we have many options. It is our view that active management can serve shareholders well not only when markets are thriving, but also during periods of market volatility and uncertainty, thus making it a compelling investment choice. As you consider the many choices today, 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. 2 Pioneer Global High Yield Fund | Semiannual Report | 4/30/19 We greatly appreciate the trust you have placed in us and look forward to continuing to serve you in the future. Sincerely, /s/ Lisa M. Jones Lisa M. Jones Head of the Americas, President and CEO of U.S. Amundi Pioneer Asset Management USA, Inc. April 30, 2019 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. Past performance is no guarantee of future results. Pioneer Global High Yield Fund | Semiannual Report | 4/30/19 3 Portfolio Management Discussion | 4/30/19 In the following interview, Andrew Feltus discusses the market environment and the performance of Pioneer Global High Yield Fund during the six-month period ended April 30, 2019. Mr. Feltus, Managing Director, Co-Director of High Yield, and a portfolio manager at Amundi Pioneer Asset Management, Inc. (Amundi Pioneer) is the lead manager of the Fund, which is co-managed by Kenneth J. Monaghan, Managing Director, Co-Director of High Yield, and a portfolio manager at Amundi Pioneer. Q How did the Fund perform during the six-month period ended April 30, 2019? A Pioneer Global High Yield Fund's Class A shares returned 4.11% at net asset value during the six-month period ended April 30, 2019, while the Fund's benchmarks, the Bloomberg Barclays Global High Yield Index (the Bloomberg Barclays Index) and the ICE Bank of America Merrill Lynch (BofA ML) U.S. High Yield Index, returned 5.41% and 5.55%, respectively. During the same period, the average return of the 717 mutual funds in Morningstar's High Yield Bond Funds category was 4.69%. Q Could you please describe the market environment for global high-yield investors during the six-month period ended April 30, 2019? A Late 2018 saw investor sentiment for riskier assets weaken due to a range of concerns, including U.S.-China trade tensions, softening economic growth overseas, Italy's budget crisis, and political uncertainty. In mid-December, the U.S. Federal Reserve (the Fed) met expectations and raised its short- term rate target rate to the 2.25% to 2.50% range, its fourth rate hike in calendar year 2018, while also noting the potential for additional rate increases in 2019. In combination with signs of slowing global economic growth and yet another setback in the "Brexit" negotiations in the United Kingdom, fears that the Fed would overshoot on interest rates led to a spike in volatility in the market for risk assets. December 2018 saw the 10-year U.S. Treasury yield decline from 3.01% to 2.69%, as investors sought a safe haven from the market turmoil. Energy-related issues declined sharply as crude oil prices plunged over the fourth quarter, mainly due to concerns about a weaker demand outlook and higher-than-expected supply driven in part by a loosening of U.S. sanctions on Iran. Risk-oriented assets rebounded sharply in January of 2019, however, as the Fed pivoted on monetary policy and took on a less aggressive tone, announcing an early end to its balance-sheet reduction program while also 4 Pioneer Global High Yield Fund | Semiannual Report | 4/30/19 indicating it would become more "data dependent" with regard to interest rates, thus putting further increases on hold, at least temporarily. In addition to the Fed's policy actions, weak economic data out of the euro zone and China led to renewed monetary accommodations from both the European Central Bank and the People's Bank of China. Modest progress on trade matters, a firming in oil prices, and positive corporate earnings reports also helped boost credit-market sentiment during the first quarter of 2019. While the overall pace of gains moderated and there was some interim market volatility over the final weeks of the period, credit-sensitive assets continued to outperform interest-rate-sensitive issues through the end of April. Q What were the principal factors that affected the Fund's benchmark- relative performance over the six-month period ended April 30, 2019? A Within the U.S., high-yield corporate bond market, a portfolio overweight to energy-related companies detracted from the Fund's benchmark-relative returns, as energy issues struggled in the wake of late-2018's sharp decline in crude oil prices. We have since moved the Fund closer to a neutral weight in energy, given the volatility we have seen in that market segment. Another detractor from the Fund's benchmark-relative performance during the period was the portfolio's allocation to credit-default-swap index securities. As part of our efforts to maintain an appropriate level of portfolio liquidity, we utilized the swap indices to achieve a portion of the Fund's U.S. high- yield exposure. In an environment that featured declining Treasury yields over the six-month period, those instruments acted as a modest drag on the Fund's relative returns due to their lack of duration and corresponding interest-rate sensitivity. (Duration is a measure of the sensitivity of the price, or the value of principal, of a fixed-income investment to a change in interest rates, expressed as a number of years.) Modest out-of-benchmark positions in leveraged bank loans and insurance- linked securities (ILS), the latter of which are sponsored by insurance companies to help mitigate the risk of having to pay claims in the wake of natural disasters, also detracted from the Fund's benchmark-relative performance over the period. Despite the setback, we still like both bank loans and ILS due to their potential to help mitigate the impact of any rise in interest rates, as well as their relative lack of correlation with traditional fixed-income instruments. Positive contributors to the Fund's relative results during the period included a modest underweight to the emerging markets and an underweight to Europe. The portfolio's underweight to the emerging Pioneer Global High Yield Fund | Semiannual Report | 4/30/19 5 markets -- where we have favored corporates over sovereign issues in order to help manage exposure to idiosyncratic risk -- aided the Fund's benchmark-relative performance, with contributions highlighted by a position in Russian aluminum producer RUSAL, which saw its bond price rebound as implementation of U.S. sanctions was cancelled in December of 2018. That positive was offset in part by the Fund's position in Nostrum Oil & Gas, as the energy producer reported poor results over successive quarters. The Fund's underweight to Europe helped relative performance as a weakening euro versus the U.S. dollar (USD) weighed on the region's returns. Meanwhile, European high-yield bonds underperformed U.S. high yield due to low coupons, slowing economic growth, and a volatile political situation. In addition, our hedging of the Fund's exposure to issues denominated in the euro and British pound benefited benchmark-relative results over the six-month period. With regard to individual portfolio holdings of U.S. high-yield securities, the biggest detractors from the Fund's benchmark-relative results for the period were primarily energy issuers. In particular, the debt of Sanchez Energy hurt relative performance as the company reported a series of poor quarterly results, which led to concerns about whether the driller would have enough cash to complete its planned projects. We trimmed the Fund's position during the period. Individual positions that contributed positively to the Fund's benchmark-relative performance during the period included the debt of Cardtronic and the convertible bonds of Insmed. Cash management and ATM services company Cardtronic posted strong results during the period, while biopharmaceutical firm Insmed saw rapid uptake of its new treatment for a rare lung disease. Q Did the Fund have any investments in derivative securities during the six-month period ended April 30, 2019, and did the derivative positions have an effect on benchmark-relative performance? A Yes, as noted earlier, we invested in some credit-default-swap indices in an attempt to manage the portfolio's exposure to the high-yield corporate sector during periods of asset flows into or out of the Fund. The investments experienced positive returns overall, but detracted slightly from the Fund's relative returns. We also used forward foreign currency contracts (currency forwards) and options on currencies to manage currency risk in the portfolio. Both the currency forwards and the currency options were small positive contributors to the Fund's relative returns, with the forwards benefiting from the fact that the euro declined relative to the USD over the six-month period. 6 Pioneer Global High Yield Fund | Semiannual Report | 4/30/19 Q Did the Fund's distributions* to shareholders change during the six-month period ended April 30, 2019? A The Fund's distributions remained relatively stable during the six months, despite volatility in both Treasury yields and credit spreads. (Credit spreads are commonly defined as the differences in yield between Treasuries and other types of fixed-income securities with similar maturities.) Q What is your investment outlook? A In our view, credit fundamentals remain largely supportive for the high- yield market. The outlook for U.S. economic growth and corporate earnings remains positive. Unemployment is low, wages have been trending modestly higher, and consumer balance sheets are sound in aggregate. While economic growth in 2019 is expected to be in the modest 2% to 2.5% range, we believe that rate should be sufficient to maintain current fundamentals. Risks to the outlook include slowing economic growth overseas, as the economies of both China and Europe disappointed in 2018, leading to central-bank easing that could help conditions going forward. In addition, while the U.S.-China trade dispute does not appear to have weighed heavily on the global economy to date, any adverse development on that front would not be supportive of risk-market sentiment. The run-up to the 2020 U.S. presidential election also has the potential to blur the outlook. From a technical perspective, high-yield issuance has shown restraint with respect to lower-rated deals in the CCC quality range as well as deals designed to finance large leveraged buyouts or special shareholder-friendly corporate actions. In broad terms, the Fund is overweight to the U.S. market, while we've maintained a conservative stance within high-yield corporates and moderate exposure to bank loans and ILS. We view high-yield valuations in Europe as somewhat inexpensive, but have kept an essentially neutral Fund positioning with respect to our long-term target for the region, given currency risk. Relative to the benchmark Bloomberg Barclays Global High Yield Index, the Fund is underweight in Europe, and we are underweighting the portfolio in the emerging markets, with a focus on corporates that are less interest-rate sensitive compared with sovereign issues. * Distributions are not guaranteed. Pioneer Global High Yield Fund | Semiannual Report | 4/30/19 7 Please refer to the Schedule of Investments on pages 16-38 for a full listing of Fund securities. All investments are subject to risk, including the possible loss of principal. In the past several years, financial markets have experienced increased volatility, depressed valuations, decreased liquidity and heightened uncertainty. These conditions may continue, recur, worsen or spread. 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 held by the Fund will generally fall. Conversely, when interest rates fall, the prices of fixed-income securities held by 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 Amundi Pioneer Asset Management, Inc. 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 | 4/30/19 Portfolio Summary | 4/30/19 Portfolio Diversification -------------------------------------------------------------------------------- (As a percentage of total investments)* [THE FOLLOWING DATA WAS REPRESENTED AS A PIE CHART IN THE PRINTED MATERIAL]
Corporate Bonds 76.5% Foreign Government Bonds 7.3% Insurance-Linked Securities 4.5% Senior Secured Floating Rate Loan Interests 3.2% U.S. Government and Agency Obligations 3.1% Convertible Corporate Bonds 1.8% Collateralized Mortgage Obligations 1.6% Convertible Preferred Stocks 0.8% Common Stocks 0.7% Supranational Bonds 0.2% Over The Counter (OTC) Currency Put Options Purchased 0.2% Asset Backed Securities 0.1% Rights/Warrants 0.0%+ Over The Counter (OTC) Call Options Purchased 0.0%+
+ Amount rounds to less than 0.1%. Geographical Distribution -------------------------------------------------------------------------------- (As a percentage of total investments based on country of domicile)* [THE FOLLOWING DATA WAS REPRESENTED AS A PIE CHART IN THE PRINTED MATERIAL]
United States 50.3% Luxembourg 7.0% Bermuda 4.3% Netherlands 3.9% Argentina 3.7% Mexico 2.8% France 2.6% United Kingdom 2.3% Canada 2.3% Ireland 2.0% Cayman Islands 1.9% Turkey 1.7% Egypt 1.5% Brazil 1.2% Uruguay 1.1% Other (individually less than 1%) 11.4%
10 Largest Holdings -------------------------------------------------------------------------------- (As a percentage of total investments)*
1. U.S. Treasury Bills, 5/21/19 3.06% -------------------------------------------------------------------------------------------- 2. Minerva Luxembourg SA, 5.875%, 1/19/28 (144A) 1.32 -------------------------------------------------------------------------------------------- 3. Nationstar Mortgage LLC/Nationstar Capital Corp., 6.5%, 6/1/22 1.06 -------------------------------------------------------------------------------------------- 4. Sprint Corp., 7.25%, 9/15/21 1.05 -------------------------------------------------------------------------------------------- 5. Bausch Health Cos., Inc., 4.5%, 5/15/23 1.05 -------------------------------------------------------------------------------------------- 6. YPF SA, 6.95%, 7/21/27 (144A) 1.02 -------------------------------------------------------------------------------------------- 7. Platin 1426 GmbH, 5.375%, 6/15/23 (144A) 0.88 -------------------------------------------------------------------------------------------- 8. eDreams ODIGEO SA, 5.5%, 9/1/23 (144A) 0.85 -------------------------------------------------------------------------------------------- 9. Frontier Communications Corp., 8.75%, 4/15/22 0.83 -------------------------------------------------------------------------------------------- 10. Hidrovias International Finance S.a.r.l., 5.95%, 1/24/25 (144A) 0.82 --------------------------------------------------------------------------------------------
* Excludes temporary cash investments and all derivative contracts except for options purchased. The Fund is actively managed, and current holdings may be different. The holdings listed should not be considered recommendations to buy or sell any securities. Pioneer Global High Yield Fund | Semiannual Report | 4/30/19 9 Prices and Distributions | 4/30/19 Net Asset Value per Share --------------------------------------------------------------------------------
-------------------------------------------------------------------------------- Class 4/30/19 10/31/18 -------------------------------------------------------------------------------- A $8.62 $8.51 -------------------------------------------------------------------------------- C $8.60 $8.49 -------------------------------------------------------------------------------- Y $8.47 $8.36 --------------------------------------------------------------------------------
Distributions per Share: 11/1/18-4/30/19 --------------------------------------------------------------------------------
-------------------------------------------------------------------------------- Net Investment Short-Term Long-Term Tax Return Class Income Capital Gains Capital Gains of Capital -------------------------------------------------------------------------------- A $0.2320 $ -- $ -- $ -- -------------------------------------------------------------------------------- C $0.1975 $ -- $ -- $ -- -------------------------------------------------------------------------------- Y $0.2373 $ -- $ -- $ -- --------------------------------------------------------------------------------
Index Definitions -------------------------------------------------------------------------------- The Bloomberg 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 ICE BofA ML U.S. High Yield 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 11-13. 10 Pioneer Global High Yield Fund | Semiannual Report | 4/30/19 Performance Update | 4/30/19 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 Bloomberg Barclays Global High Yield Index and the ICE Bank of America (BofA) Merrill Lynch (ML) U.S. High Yield Index.
Average Annual Total Returns (As of April 30, 2019) ------------------------------------------------------ BBG ICE Barclays BofA Net Public Global ML U.S. Asset Offering High High Value Price Yield Yield Period (NAV) (POP) Index Index ------------------------------------------------------ 10 years 9.32% 8.81% 10.07% 10.19% 5 years 2.41 1.47 3.96 4.84 1 year 2.18 -2.42 3.48 6.71 ------------------------------------------------------ Expense Ratio (Per prospectus dated March 1, 2019) ------------------------------------------------------ Gross ------------------------------------------------------ 1.17% ------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL] Value of $10,000 Investment
Pioneer Global Bloomberg Barclays ICE BofA High Yield Global High ML U.S. High Fund Yield Index Yield Index 4/09 $ 9,550 $10,000 $10,000 4/10 $15,447 $14,498 $14,420 4/11 $17,806 $16,680 $16,350 4/12 $17,556 $17,422 $17,186 4/13 $19,826 $20,013 $19,599 4/14 $20,666 $21,496 $20,833 4/15 $20,288 $21,322 $21,368 4/16 $19,404 $21,657 $21,082 4/17 $21,735 $24,120 $23,962 4/18 $22,778 $25,229 $24,732 4/19 $23,274 $26,107 $26,391
Call 1-800-225-6292 or visit www.amundipioneer.com/us 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. POP returns reflect deduction of maximum 4.50% sales charge. NAV returns would have been lower had sales charge 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. Please refer to the financial highlights for a more current expense ratio. Pioneer Global High Yield Fund | Semiannual Report | 4/30/19 11 Performance Update | 4/30/19 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 Bloomberg Barclays Global High Yield Index and the ICE Bank of America (BofA) Merrill Lynch (ML) U.S. High Yield Index.
Average Annual Total Returns (As of April 30, 2019) ------------------------------------------------------ BBG ICE Barclays BofA Global ML U.S. High High If If Yield Yield Period Held Redeemed Index Index ------------------------------------------------------ 10 years 8.55% 8.55% 10.07% 10.19% 5 years 1.69 1.69 3.96 4.84 1 year 1.40 1.40 3.48 6.71 ------------------------------------------------------ Expense Ratio (Per prospectus dated March 1, 2019) ------------------------------------------------------ Gross ------------------------------------------------------ 1.90% ------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL] Value of $10,000 Investment
Pioneer Global Bloomberg Barclays ICE BofA High Yield Global High ML U.S. High Fund Yield Index Yield Index 4/09 $10,000 $10,000 $10,000 4/10 $16,076 $14,498 $14,420 4/11 $18,407 $16,680 $16,350 4/12 $18,055 $17,422 $17,186 4/13 $20,237 $20,013 $19,599 4/14 $20,894 $21,496 $20,833 4/15 $20,384 $21,322 $21,368 4/16 $19,333 $21,657 $21,082 4/17 $21,509 $24,120 $23,962 4/18 $22,407 $25,229 $24,732 4/19 $22,721 $26,107 $26,391
Call 1-800-225-6292 or visit www.amundipioneer.com/us 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. NAV 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. Please refer to the financial highlights for a more current expense ratio. 12 Pioneer Global High Yield Fund | Semiannual Report | 4/30/19 Performance Update | 4/30/19 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 Bloomberg Barclays Global High Yield Index and the ICE Bank of America (BofA) Merrill Lynch (ML) U.S. High Yield Index.
Average Annual Total Returns (As of April 30, 2019) ------------------------------------------------------ BBG ICE Barclays BofA Net Global ML U.S. Asset High High Value Yield Yield Period (NAV) Index Index ------------------------------------------------------ 10 years 9.58% 10.07% 10.19% 5 years 2.68 3.96 4.84 1 year 2.50 3.48 6.71 ------------------------------------------------------ Expense Ratio (Per prospectus dated March 1, 2019) ------------------------------------------------------ Gross ------------------------------------------------------ 0.92% ------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL] Value of $5 Million Investment
Pioneer Global Bloomberg Barclays ICE BofA High Yield Global High ML U.S. High Fund Yield Index Yield Index 4/09 $ 5,000,000 $ 5,000,000 $ 5,000,000 4/10 $ 8,100,039 $ 7,249,008 $ 7,210,199 4/11 $ 9,348,992 $ 8,340,098 $ 8,174,832 4/12 $ 9,253,519 $ 8,710,821 $ 8,593,176 4/13 $10,481,055 $10,006,453 $ 9,799,632 4/14 $10,935,660 $10,748,070 $10,416,630 4/15 $10,764,016 $10,661,235 $10,683,940 4/16 $10,307,764 $10,828,473 $10,541,165 4/17 $11,588,663 $12,060,094 $11,980,943 4/18 $12,177,649 $12,614,370 $12,366,040 4/19 $12,481,687 $13,053,394 $13,195,510
Call 1-800-225-6292 or visit www.amundipioneer.com/us for the most recent month-end performance results. Current performance may be lower or higher than the performance data quoted. The performance data quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, and shares, when redeemed, may be worth more or less than their original cost. Class Y shares are not subject to sales charges and are available for limited groups of eligible investors, including institutional investors. All results are historical and assume the reinvestment of dividends and capital gains. Other share classes are available for which performance and expenses will differ. Performance results reflect any applicable expense waivers in effect during the periods shown. Without such waivers Fund performance would be lower. Waivers may not be in effect for all funds. Certain fee waivers are contractual through a specified period. Otherwise, fee waivers can be rescinded at any time. See the prospectus and financial statements for more information. The performance table and graph do not reflect the deduction of fees and taxes that a shareowner would pay on Fund distributions or the redemption of Fund shares. Please refer to the financial highlights for a more current expense ratio. Pioneer Global High Yield Fund | Semiannual Report | 4/30/19 13 Comparing Ongoing Fund Expenses As a shareowner in the Fund, you incur two types of costs: (1) ongoing costs, including management fees, distribution and/or service (12b-1) fees, and other Fund expenses; and (2) transaction costs, including sales charges (loads) on purchase payments. This example is intended to help you understand your ongoing expenses (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 at the beginning of the Fund's latest six-month period and held throughout the six months. Using the Tables -------------------------------------------------------------------------------- Actual Expenses The first table below provides information about actual account values and actual expenses. You may use the information in this table, together with the amount you invested, to estimate the expenses that you paid over the period as follows: (1) Divide your account value by $1,000 Example: an $8,600 account value [divided by] $1,000 = 8.6 (2) Multiply the result in (1) above by the corresponding share class's number in the third row under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. Expenses Paid on a $1,000 Investment in Pioneer Global High Yield Fund Based on actual returns from November 1, 2018, through April 30, 2019.
---------------------------------------------------------------------------------------- Share Class A C Y ---------------------------------------------------------------------------------------- Beginning Account $1,000.00 $1,000.00 $1,000.00 Value on 11/1/18 ---------------------------------------------------------------------------------------- Ending Account Value (after expenses) $1,041.10 $1,037.00 $1,042.50 on 4/30/19 ---------------------------------------------------------------------------------------- Expenses Paid During Period* $ 6.22 $ 9.90 $ 4.71 ----------------------------------------------------------------------------------------
* Expenses are equal to the Fund's annualized net expense ratio of 1.23%, 1.96% and 0.93% 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 one-half year period). 14 Pioneer Global High Yield Fund | Semiannual Report | 4/30/19 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, 2018, through April 30, 2019.
---------------------------------------------------------------------------------------- Share Class A C Y ---------------------------------------------------------------------------------------- Beginning Account $1,000.00 $1,000.00 $1,000.00 Value on 11/1/18 ---------------------------------------------------------------------------------------- Ending Account Value (after expenses) $1,018.70 $1,015.08 $1,020.18 on 4/30/19 ---------------------------------------------------------------------------------------- Expenses Paid During Period* $ 6.16 $ 9.79 $ 4.66 ----------------------------------------------------------------------------------------
* Expenses are equal to the Fund's annualized net expense ratio of 1.23%, 1.96% and 0.93% 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 one-half year period). Pioneer Global High Yield Fund | Semiannual Report | 4/30/19 15 Schedule of Investments | 4/30/19 (unaudited)
------------------------------------------------------------------------------------------------------------------------- Shares Value ------------------------------------------------------------------------------------------------------------------------- UNAFFILIATED ISSUERS -- 97.1% COMMON STOCKS -- 0.6% of Net Assets Construction & Engineering -- 0.0%+ 6,013,974(a) Abengoa SA, Class B $ 90,427 ------------ Total Construction & Engineering $ 90,427 ------------------------------------------------------------------------------------------------------------------------- Household Durables -- 0.0%+ 1,443,476(a) Desarrolladora Homex SAB de CV $ 9,449 ------------ Total Household Durables $ 9,449 ------------------------------------------------------------------------------------------------------------------------- Oil, Gas & Consumable Fuels -- 0.6% 5,735,146^(a) Ascent CNR Corp. $ 1,290,408 74,262 Frontera Energy Corp. 656,053 ------------ Total Oil, Gas & Consumable Fuels $ 1,946,461 ------------------------------------------------------------------------------------------------------------------------- Paper & Forest Products -- 0.0%+ 459,481 Emerald Plantation Holdings, Ltd. $ 27,569 ------------ Total Paper & Forest Products $ 27,569 ------------------------------------------------------------------------------------------------------------------------- TOTAL COMMON STOCKS (Cost $11,902,006) $ 2,073,906 ------------------------------------------------------------------------------------------------------------------------- CONVERTIBLE PREFERRED STOCKS -- 0.8% of Net Assets Banks -- 0.8% 979(b) Bank of America Corp., 7.25% $ 1,292,779 1,033(b) Wells Fargo & Co., 7.5% 1,350,586 ------------ Total Banks $ 2,643,365 ------------------------------------------------------------------------------------------------------------------------- TOTAL CONVERTIBLE PREFERRED STOCKS (Cost $2,489,585) $ 2,643,365 ------------------------------------------------------------------------------------------------------------------------- ------------------------------------------------------------------------------------------------------------------------- Principal Amount USD ($) ------------------------------------------------------------------------------------------------------------------------- ASSET BACKED SECURITY -- 0.1% of Net Assets 450,000 InSite Issuer LLC, Series 2016-1A, Class C, 6.414%, 11/15/46 (144A) $ 458,316 ------------------------------------------------------------------------------------------------------------------------- TOTAL ASSET BACKED SECURITY (Cost $450,000) $ 458,316 ------------------------------------------------------------------------------------------------------------------------- COLLATERALIZED MORTGAGE OBLIGATIONS -- 1.5% of Net Assets 630,000(c) BAMLL Commercial Mortgage Securities Trust, Series 2016-FR14, Class C, 1.347%, 2/27/48 (144A) $ 563,850 801,628(c) Banc of America Commercial Mortgage Trust, Series 2007-4, Class H, 5.86%, 2/10/51 (144A) 765,555 997,162(c) COBALT CMBS Commercial Mortgage Trust, Series 2007-C3, Class B, 5.802%, 5/15/46 1,000,377 71,211(c) COBALT CMBS Commercial Mortgage Trust, Series 2007-C3, Class C, 5.802%, 5/15/46 73,269 750,000(d) COMM Mortgage Trust, Series 2014-FL5, Class D, 3.87% (1 Month USD LIBOR + 400 bps), 10/15/31 (144A) 741,475
The accompanying notes are an integral part of these financial statements. 16 Pioneer Global High Yield Fund | Semiannual Report | 4/30/19
------------------------------------------------------------------------------------------------------------------------- Principal Amount USD ($) Value ------------------------------------------------------------------------------------------------------------------------- COLLATERALIZED MORTGAGE OBLIGATIONS (continued) 400,000(c) JP Morgan Chase Commercial Mortgage Securities Trust, Series 2013-LC11, Class D, 4.307%, 4/15/46 $ 353,385 750,000(c) Morgan Stanley Bank of America Merrill Lynch Trust, Series 2014-C17, Class D, 4.859%, 8/15/47 (144A) 714,427 500,000(c) Ready Capital Mortgage Trust, Series 2019-5, Class E, 5.647%, 2/25/52 (144A) 410,297 425,000(c) Wells Fargo Commercial Mortgage Trust, Series 2014-LC18, Class D, 3.957%, 12/15/47 (144A) 391,048 100,000(c) WFRBS Commercial Mortgage Trust, Series 2011-C4, Class E, 5.397%, 6/15/44 (144A) 98,523 ------------------------------------------------------------------------------------------------------------------------- TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (Cost $4,904,657) $ 5,112,206 ------------------------------------------------------------------------------------------------------------------------- CONVERTIBLE CORPORATE BONDS -- 1.8% of Net Assets Airlines -- 0.1% 520,000 GOL Equity Finance SA, 3.75%, 7/15/24 (144A) $ 454,876 ------------ Total Airlines $ 454,876 ------------------------------------------------------------------------------------------------------------------------- Banks -- 0.0%+ IDR 11,178,198,000^ PT Bakrie & Brothers Tbk, 0.0%, 12/22/22 $ 78,443 ------------ Total Banks $ 78,443 ------------------------------------------------------------------------------------------------------------------------- Biotechnology -- 0.7% 353,000 Alder Biopharmaceuticals, Inc., 2.5%, 2/1/25 $ 338,582 945,000 Insmed, Inc., 1.75%, 1/15/25 983,391 700,000 Medicines Co., 2.75%, 7/15/23 640,219 229,000 Medicines Co., 3.5%, 1/15/24 (144A) 328,150 ------------ Total Biotechnology $ 2,290,342 ------------------------------------------------------------------------------------------------------------------------- Building Materials -- 0.3% 850,000 Cemex SAB de CV, 3.72%, 3/15/20 $ 845,705 ------------ Total Building Materials $ 845,705 ------------------------------------------------------------------------------------------------------------------------- Healthcare-Products -- 0.2% 618,000 Wright Medical Group, Inc., 1.625%, 6/15/23 (144A) $ 671,241 ------------ Total Healthcare-Products $ 671,241 ------------------------------------------------------------------------------------------------------------------------- Media -- 0.2% 798,000 DISH Network Corp., 2.375%, 3/15/24 $ 693,629 ------------ Total Media $ 693,629 ------------------------------------------------------------------------------------------------------------------------- Transportation -- 0.3% 875,000 Golar LNG, Ltd., 2.75%, 2/15/22 $ 820,312 ------------ Total Transportation $ 820,312 ------------------------------------------------------------------------------------------------------------------------- TOTAL CONVERTIBLE CORPORATE BONDS (Cost $6,632,181) $ 5,854,548 ----------------------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements. Pioneer Global High Yield Fund | Semiannual Report | 4/30/19 17 Schedule of Investments | 4/30/19 (unaudited) (continued)
------------------------------------------------------------------------------------------------------------------------- Principal Amount USD ($) Value ------------------------------------------------------------------------------------------------------------------------- CORPORATE BONDS -- 74.4% of Net Assets Advertising -- 0.6% 2,340,000 MDC Partners, Inc., 6.5%, 5/1/24 (144A) $ 1,977,300 ------------ Total Advertising $ 1,977,300 ------------------------------------------------------------------------------------------------------------------------- Aerospace & Defense -- 0.5% 685,000 Bombardier, Inc., 7.5%, 3/15/25 (144A) $ 687,569 1,037,000 Bombardier, Inc., 7.875%, 4/15/27 (144A) 1,043,481 ------------ Total Aerospace & Defense $ 1,731,050 ------------------------------------------------------------------------------------------------------------------------- Airlines -- 1.0% 596,036 Guanay Finance, Ltd., 6.0%, 12/15/20 (144A) $ 602,741 1,210,000 Latam Finance, Ltd., 6.875%, 4/11/24 (144A) 1,245,683 1,385,000 Latam Finance, Ltd., 7.0%, 3/1/26 (144A) 1,417,894 ------------ Total Airlines $ 3,266,318 ------------------------------------------------------------------------------------------------------------------------- Apparel -- 0.3% EUR 1,025,000 Takko Luxembourg 2 SCA, 5.375%, 11/15/23 (144A) $ 957,502 ------------ Total Apparel $ 957,502 ------------------------------------------------------------------------------------------------------------------------- Auto Manufacturers -- 0.3% 825,000 Ford Motor Credit Co. LLC, 5.584%, 3/18/24 $ 867,507 ------------ Total Auto Manufacturers $ 867,507 ------------------------------------------------------------------------------------------------------------------------- Auto Parts & Equipment -- 1.2% EUR 1,070,000 Garrett LX I S.a.r.l./Garrett Borrowing LLC, 5.125%, 10/15/26 (144A) $ 1,173,632 EUR 919,000 LKQ European Holdings BV, 4.125%, 4/1/28 (144A) 1,081,523 EUR 925,000 Panther BF Aggregator 2 LP/Panther Finance Co., Inc., 4.375%, 5/15/26 (144A) 1,065,188 733,000 Titan International, Inc., 6.5%, 11/30/23 703,680 ------------ Total Auto Parts & Equipment $ 4,024,023 ------------------------------------------------------------------------------------------------------------------------- Banks -- 5.9% 1,150,000 Akbank TAS, 5.125%, 3/31/25 $ 989,863 2,000,000(b)(c) Alfa Bank AO Via Alfa Bond Issuance Plc, 8.0% (5 Year USD Swap Rate + 666 bps) 1,958,400 ARS 8,000,000(d) Banco de la Ciudad de Buenos Aires, 49.577% (BADLARPP + 399 bps), 12/5/22 93,048 725,000(b)(c) Banco do Brasil SA, 9.0% (5 Year CMT Index + 636 bps) 772,125 1,400,000(b)(c) Barclays Plc, 7.75% (5 Year USD Swap Rate + 484 bps) 1,447,250 1,762,000(b)(c) BNP Paribas SA, 6.625% (5 Year USD Swap Rate + 415 bps) (144A) 1,797,240 410,000(b)(c) BNP Paribas SA, 7.625% (5 Year USD Swap Rate + 631 bps) (144A) 432,037 759,000(b)(c) Credit Suisse Group AG, 7.125% (5 Year USD Swap Rate + 511 bps) 791,258 2,230,000 Freedom Mortgage Corp., 8.125%, 11/15/24 (144A) 1,979,125 1,565,000 Freedom Mortgage Corp., 8.25%, 4/15/25 (144A) 1,388,937 2,435,000(b)(c) ING Groep NV, 6.5% (5 Year USD Swap Rate + 445 bps) 2,464,707
The accompanying notes are an integral part of these financial statements. 18 Pioneer Global High Yield Fund | Semiannual Report | 4/30/19
------------------------------------------------------------------------------------------------------------------------- Principal Amount USD ($) Value ------------------------------------------------------------------------------------------------------------------------- Banks (continued) 950,000(b)(c) Intesa Sanpaolo S.p.A., 7.7% (5 Year USD Swap Rate + 546 bps) (144A) $ 930,411 1,660,000(b)(c) Lloyds Banking Group Plc, 7.5% (5 Year USD Swap Rate + 450 bps) 1,722,665 1,122,000 Provident Funding Associates LP/PFG Finance Corp., 6.375%, 6/15/25 (144A) 1,049,070 1,325,000 QNB Finansbank AS, 4.875%, 5/19/22 (144A) 1,248,283 465,000(b)(c) Societe Generale SA, 8.0% (5 Year USD 1100 Run ICE Swap Rate + 587 bps) (144A) 503,944 9,000(c) Turkiye Vakiflar Bankasi TAO, 8.0% (5 Year USD Swap Rate + 585 bps), 11/1/27 (144A) 7,303 ------------ Total Banks $ 19,575,666 ------------------------------------------------------------------------------------------------------------------------- Building Materials -- 0.6% EUR 690,000 Cemex SAB de CV, 2.75%, 12/5/24 (144A) $ 790,702 EUR 954,000 Cemex SAB de CV, 3.125%, 3/19/26 (144A) 1,094,355 323,000 Summit Material LLC/Summit Materials Finance Corp., 6.5%, 3/15/27 (144A) 333,901 ------------ Total Building Materials $ 2,218,958 ------------------------------------------------------------------------------------------------------------------------- Chemicals -- 2.9% 1,275,000 Braskem Netherlands Finance BV, 4.5%, 1/10/28 (144A) $ 1,249,500 EUR 1,920,000 INEOS Finance Plc, 2.875%, 5/1/26 (144A) 2,143,660 EUR 1,335,000 Kraton Polymers LLC/Kraton Polymers Capital Corp., 5.25%, 5/15/26 (144A) 1,550,508 2,750,000 Nufarm Australia, Ltd./Nufarm Americas, Inc., 5.75%, 4/30/26 (144A) 2,557,500 EUR 729,000 OCI NV, 5.0%, 4/15/23 (144A) 863,083 1,218,000 Rain CII Carbon LLC/CII Carbon Corp., 7.25%, 4/1/25 (144A) 1,151,010 ------------ Total Chemicals $ 9,515,261 ------------------------------------------------------------------------------------------------------------------------- Coal -- 0.2% 670,000 SunCoke Energy Partners LP/SunCoke Energy Partners Finance Corp., 7.5%, 6/15/25 (144A) $ 675,862 ------------ Total Coal $ 675,862 ------------------------------------------------------------------------------------------------------------------------- Commercial Services -- 3.1% EUR 1,355,000 Avis Budget Finance Plc, 4.75%, 1/30/26 (144A) $ 1,581,263 860,000 Cardtronics, Inc./Cardtronics USA, Inc., 5.5%, 5/1/25 (144A) 847,100 EUR 695,000 Intertrust Group BV, 3.375%, 11/15/25 (144A) 814,953 EUR 705,000 Loxam SAS, 6.0%, 4/15/25 (144A) 836,125 560,000 Prime Security Services Borrower LLC/Prime Finance, Inc., 5.25%, 4/15/24 (144A) 561,400 590,000 Prime Security Services Borrower LLC/Prime Finance, Inc., 5.75%, 4/15/26 (144A) 596,018 1,237,000 Prime Security Services Borrower LLC/Prime Finance, Inc., 9.25%, 5/15/23 (144A) 1,303,736
The accompanying notes are an integral part of these financial statements. Pioneer Global High Yield Fund | Semiannual Report | 4/30/19 19 Schedule of Investments | 4/30/19 (unaudited) (continued)
------------------------------------------------------------------------------------------------------------------------- Principal Amount USD ($) Value ------------------------------------------------------------------------------------------------------------------------- Commercial Services (continued) MXN 14,000,000 Red de Carreteras de Occidente SAPIB de CV, 9.0%, 6/10/28 (144A) $ 708,187 1,430,000 Team Health Holdings, Inc., 6.375%, 2/1/25 (144A) 1,215,500 315,000 United Rentals North America, Inc., 5.25%, 1/15/30 316,575 460,000 United Rentals North America, Inc., 6.5%, 12/15/26 492,200 979,000 Verscend Escrow Corp., 9.75%, 8/15/26 (144A) 1,035,293 ------------ Total Commercial Services $ 10,308,350 ------------------------------------------------------------------------------------------------------------------------- Distribution & Wholesale -- 0.5% 1,820,000 Global Partners LP/GLP Finance Corp., 7.0%, 6/15/23 $ 1,820,000 ------------ Total Distribution & Wholesale $ 1,820,000 ------------------------------------------------------------------------------------------------------------------------- Diversified Financial Services -- 4.0% EUR 1,250,000 Alliance Data Systems Corp., 4.5%, 3/15/22 (144A) $ 1,434,762 471,000 Alpha Holding SA de CV, 10.0%, 12/19/22 (144A) 450,982 700,000 Avation Capital SA, 6.5%, 5/15/21 (144A) 700,000 1,644,000 Banco BTG Pactual SA, 5.5%, 1/31/23 (144A) 1,657,358 1,525,000 Credito Real SAB de CV SOFOM ER, 7.25%, 7/20/23 (144A) 1,578,375 2,615,000 Financiera Independencia SAB de CV SOFOM ENR, 8.0%, 7/19/24 (144A) 2,297,931 900,000 Mongolian Mortgage Corp. Hfc LLC, 9.75%, 1/29/22 (144A) 913,500 3,470,000 Nationstar Mortgage LLC/Nationstar Capital Corp., 6.5%, 6/1/22 3,416,909 900,000 Oxford Finance LLC/Oxford Finance Co-Issuer II, Inc., 6.375%, 12/15/22 (144A) 929,250 ------------ Total Diversified Financial Services $ 13,379,067 ------------------------------------------------------------------------------------------------------------------------- Electric -- 1.8% 530,000(c) AES Gener SA, 7.125% (5 Year USD Swap Rate + 464 bps), 3/26/79 (144A) $ 555,175 1,150,000 Cemig Geracao e Transmissao SA, 9.25%, 12/5/24 (144A) 1,265,000 587,000 Clearway Energy Operating LLC, 5.75%, 10/15/25 (144A) 600,207 425,000(b)(c) Electricite de France SA, 5.25% (10 Year USD Swap Rate + 371 bps) (144A) 429,250 1,120,000 Genneia SA, 8.75%, 1/20/22 (144A) 887,040 1,350,000 Light Servicos de Eletricidade SA/Light Energia SA, 7.25%, 5/3/23 (144A) 1,370,250 1,045,821 Stoneway Capital Corp., 10.0%, 3/1/27 (144A) 894,177 16,000 Talen Energy Supply LLC, 4.6%, 12/15/21 15,440 ------------ Total Electric $ 6,016,539 ------------------------------------------------------------------------------------------------------------------------- Electrical Components & Equipment -- 1.6% EUR 1,505,000 Belden, Inc., 2.875%, 9/15/25 (144A) $ 1,727,163 EUR 815,000 Belden, Inc., 3.375%, 7/15/27 (144A) 937,338 EUR 2,250,000 Belden, Inc., 3.875%, 3/15/28 (144A) 2,610,035 ------------ Total Electrical Components & Equipment $ 5,274,536 -------------------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements. 20 Pioneer Global High Yield Fund | Semiannual Report | 4/30/19
------------------------------------------------------------------------------------------------------------------------- Principal Amount USD ($) Value ------------------------------------------------------------------------------------------------------------------------- Engineering & Construction -- 0.4% EUR 1,200,000 Novafives SAS, 5.0%, 6/15/25 (144A) $ 1,261,029 ------------ Total Engineering & Construction $ 1,261,029 ------------------------------------------------------------------------------------------------------------------------- Entertainment -- 3.8% GBP 900,000 AMC Entertainment Holdings, Inc., 6.375%, 11/15/24 $ 1,173,256 EUR 1,175,000 Cirsa Finance International S.a.r.l., 6.25%, 12/20/23 (144A) 1,399,044 EUR 1,870,000 Codere Finance 2 Luxembourg SA, 6.75%, 11/1/21 (144A) 2,007,448 1,330,000 Codere Finance 2 Luxembourg SA, 7.625%, 11/1/21 (144A) 1,235,687 1,373,000 Enterprise Development Authority, 12.0%, 7/15/24 (144A) 1,407,325 EUR 2,125,000 Intralot Capital Luxembourg SA, 5.25%, 9/15/24 (144A) 1,201,569 EUR 1,124,000 Scientific Games International, Inc., 3.375%, 2/15/26 (144A) 1,241,300 EUR 1,312,000 Scientific Games International, Inc., 5.5%, 2/15/26 (144A) 1,427,588 506,000 Scientific Games International, Inc., 8.25%, 3/15/26 (144A) 524,343 809,000 Scientific Games International, Inc., 10.0%, 12/1/22 851,473 ------------ Total Entertainment $ 12,469,033 ------------------------------------------------------------------------------------------------------------------------- Environmental Control -- 0.9% 957,000 Covanta Holding Corp., 6.0%, 1/1/27 $ 973,748 945,000 GFL Environmental, Inc., 8.5%, 5/1/27 (144A) 984,463 1,081,000 Tervita Escrow Corp., 7.625%, 12/1/21 (144A) 1,094,513 ------------ Total Environmental Control $ 3,052,724 ------------------------------------------------------------------------------------------------------------------------- Food -- 4.2% 754,000 Albertsons Cos. LLC/Safeway, Inc./New Albertsons LP/Albertson's LLC, 5.75%, 3/15/25 $ 748,345 266,000 Albertsons Cos. LLC/Safeway, Inc./New Albertsons LP/Albertson's LLC, 7.5%, 3/15/26 (144A) 281,960 1,285,000 C&S Group Enterprises LLC, 5.375%, 7/15/22 (144A) 1,281,787 1,635,000 JBS USA LUX SA/JBS USA Finance, Inc., 5.75%, 6/15/25 (144A) 1,671,787 2,100,000 JBS USA LUX SA/JBS USA Finance, Inc., 6.75%, 2/15/28 (144A) 2,220,750 505,000 JBS USA LUX SA/JBS USA Food Co./JBS USA Finance, Inc., 6.5%, 4/15/29 (144A) 535,300 4,591,000 Minerva Luxembourg SA, 5.875%, 1/19/28 (144A) 4,264,259 660,000 Minerva Luxembourg SA, 6.5%, 9/20/26 (144A) 652,245 1,250,000 Nova Austral SA, 8.25%, 5/26/21 (144A) 1,178,125 713,000 Pilgrim's Pride Corp., 5.875%, 9/30/27 (144A) 736,173 555,000 Simmons Foods, Inc., 5.75%, 11/1/24 (144A) 510,600 ------------ Total Food $ 14,081,331 ------------------------------------------------------------------------------------------------------------------------- Forest Products & Paper -- 0.5% 1,659,000 Schweitzer-Mauduit International, Inc., 6.875%, 10/1/26 (144A) $ 1,704,623 ------------ Total Forest Products & Paper $ 1,704,623 -------------------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements. Pioneer Global High Yield Fund | Semiannual Report | 4/30/19 21 Schedule of Investments | 4/30/19 (unaudited) (continued)
------------------------------------------------------------------------------------------------------------------------- Principal Amount USD ($) Value ------------------------------------------------------------------------------------------------------------------------- Healthcare-Services -- 1.7% 1,043,000 Centene Corp., 5.625%, 2/15/21 $ 1,059,949 495,000 CHS/Community Health Systems, Inc., 6.25%, 3/31/23 482,006 488,000 HCA, Inc., 5.625%, 9/1/28 519,720 324,000 HCA, Inc., 5.875%, 2/1/29 348,705 1,887,000 Rede D'or Finance S.a.r.l., 4.95%, 1/17/28 (144A) 1,773,780 787,000 Surgery Centre Holdings, Inc., 10.0%, 4/15/27 (144A) 808,643 755,000 WellCare Health Plans, Inc., 5.25%, 4/1/25 779,537 ------------ Total Healthcare-Services $ 5,772,340 ------------------------------------------------------------------------------------------------------------------------- Home Builders -- 2.5% 750,000 Beazer Homes USA, Inc., 5.875%, 10/15/27 $ 676,875 1,984,000 Beazer Homes USA, Inc., 6.75%, 3/15/25 1,914,560 637,000 KB Home, 6.875%, 6/15/27 664,869 2,079,000 Lennar Corp., 4.75%, 11/15/22 2,127,960 810,000 Lennar Corp., 4.75%, 11/29/27 825,755 870,000 Meritage Homes Corp., 6.0%, 6/1/25 922,200 1,325,000 Taylor Morrison Communities, Inc./Taylor Morrison Holdings II, Inc., 5.875%, 4/15/23 (144A) 1,363,201 ------------ Total Home Builders $ 8,495,420 ------------------------------------------------------------------------------------------------------------------------- Home Furnishings -- 0.6% EUR 1,695,000 International Design Group S.p.A., 6.5%, 11/15/25 (144A) $ 1,899,297 ------------ Total Home Furnishings $ 1,899,297 ------------------------------------------------------------------------------------------------------------------------- Household Products & Wares -- 0.4% EUR 1,400,000 Diamond BC BV, 5.625%, 8/15/25 (144A) $ 1,506,531 ------------ Total Household Products & Wares $ 1,506,531 ------------------------------------------------------------------------------------------------------------------------- Internet -- 1.4% EUR 2,390,000 eDreams ODIGEO SA, 5.5%, 9/1/23 (144A) $ 2,725,479 EUR 1,250,000 Netflix, Inc., 3.875%, 11/15/29 (144A) 1,435,993 408,000 Netflix, Inc., 4.375%, 11/15/26 403,410 ------------ Total Internet $ 4,564,882 ------------------------------------------------------------------------------------------------------------------------- Iron & Steel -- 1.2% 770,000 Commercial Metals Co., 5.375%, 7/15/27 $ 758,450 758,000 Commercial Metals Co., 5.75%, 4/15/26 765,580 2,598,000 Metinvest BV, 7.75%, 4/23/23 (144A) 2,543,562 ------------ Total Iron & Steel $ 4,067,592 ------------------------------------------------------------------------------------------------------------------------- Leisure Time -- 0.6% 2,027,000 Viking Cruises, Ltd., 5.875%, 9/15/27 (144A) $ 2,016,865 ------------ Total Leisure Time $ 2,016,865 ------------------------------------------------------------------------------------------------------------------------- Lodging -- 0.7% 1,315,000 Grupo Posadas SAB de CV, 7.875%, 6/30/22 (144A) $ 1,298,563 883,000 MGM Resorts International, 5.5%, 4/15/27 910,594 ------------ Total Lodging $ 2,209,157 -------------------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements. 22 Pioneer Global High Yield Fund | Semiannual Report | 4/30/19
------------------------------------------------------------------------------------------------------------------------- Principal Amount USD ($) Value ------------------------------------------------------------------------------------------------------------------------- Machinery-Diversified -- 0.9% EUR 2,542,000 Platin 1426 GmbH, 5.375%, 6/15/23 (144A) $ 2,838,116 ------------ Total Machinery-Diversified $ 2,838,116 ------------------------------------------------------------------------------------------------------------------------- Media -- 1.7% 600,000 Altice Finco SA, 8.125%, 1/15/24 (144A) $ 621,000 850,000 Altice Luxembourg SA, 7.75%, 5/15/22 (144A) 865,937 1,400,000 CCO Holdings LLC/CCO Holdings Capital Corp., 5.125%, 5/1/27 (144A) 1,421,000 541,000 Clear Channel Worldwide Holdings, Inc., 9.25%, 2/15/24 (144A) 582,251 575,000 CSC Holdings LLC, 5.5%, 4/15/27 (144A) 592,325 515,000 Sinclair Television Group, Inc., 5.875%, 3/15/26 (144A) 517,575 EUR 800,000 Ziggo BV, 4.25%, 1/15/27 (144A) 935,705 ------------ Total Media $ 5,535,793 ------------------------------------------------------------------------------------------------------------------------- Metal Fabricate & Hardware -- 0.3% 900,000 Novelis Corp., 5.875%, 9/30/26 (144A) $ 914,625 ------------ Total Metal Fabricate & Hardware $ 914,625 ------------------------------------------------------------------------------------------------------------------------- Mining -- 2.0% 745,000 Coeur Mining, Inc., 5.875%, 6/1/24 $ 707,750 1,430,000 First Quantum Minerals, Ltd., 6.875%, 3/1/26 (144A) 1,338,837 931,000 Hudbay Minerals, Inc., 7.25%, 1/15/23 (144A) 965,913 375,000 Rusal Capital, DAC, 4.85%, 2/1/23 (144A) 363,413 2,650,000 Rusal Capital, DAC, 5.125%, 2/2/22 (144A) 2,614,384 500,000 Vedanta Resources Ltd., 6.375%, 7/30/22 (144A) 487,750 ------------ Total Mining $ 6,478,047 ------------------------------------------------------------------------------------------------------------------------- Miscellaneous Manufacturers -- 0.8% 1,725,000 Amsted Industries, Inc., 5.375%, 9/15/24 (144A) $ 1,725,000 951,000 EnPro Industries, Inc., 5.75%, 10/15/26 (144A) 977,153 ------------ Total Miscellaneous Manufacturers $ 2,702,153 ------------------------------------------------------------------------------------------------------------------------- Multi-National -- 0.2% IDR 8,430,000,000 Inter-American Development Bank, 7.875%, 3/14/23 $ 596,223 ------------ Total Multi-National $ 596,223 ------------------------------------------------------------------------------------------------------------------------- Oil & Gas -- 7.6% 332,000 Calumet Specialty Products Partners LP/Calumet Finance Corp., 6.5%, 4/15/21 $ 321,210 714,000 Centennial Resource Production LLC, 6.875%, 4/1/27 (144A) 739,882 1,144,000 Ensign Drilling, Inc., 9.25%, 4/15/24 (144A) 1,145,899 264,211(d) EP PetroEcuador via Noble Sovereign Funding I, Ltd., 8.24% (3 Month USD LIBOR + 563 bps), 9/24/19 264,211 880,000 Great Western Petroleum LLC/Great Western Finance Corp., 9.0%, 9/30/21 (144A) 715,000 1,055,000 Gulfport Energy Corp., 6.0%, 10/15/24 925,108 587,000 Halcon Resources Corp., 6.75%, 2/15/25 377,147
The accompanying notes are an integral part of these financial statements. Pioneer Global High Yield Fund | Semiannual Report | 4/30/19 23 Schedule of Investments | 4/30/19 (unaudited) (continued)
------------------------------------------------------------------------------------------------------------------------- Principal Amount USD ($) Value ------------------------------------------------------------------------------------------------------------------------- Oil & Gas (continued) 1,040,000 Hilcorp Energy I LP/Hilcorp Finance Co., 5.0%, 12/1/24 (144A) $ 1,032,200 901,000 Indigo Natural Resources LLC, 6.875%, 2/15/26 (144A) 835,678 175,000 MEG Energy Corp., 7.0%, 3/31/24 (144A) 165,977 1,135,000 Neptune Energy Bondco Plc, 6.625%, 5/15/25 (144A) 1,143,512 1,765,000 Nostrum Oil & Gas Finance BV, 7.0%, 2/16/25 (144A) 1,185,197 1,965,000 Nostrum Oil & Gas Finance BV, 8.0%, 7/25/22 (144A) 1,402,126 1,434,000 Oasis Petroleum, Inc., 6.875%, 3/15/22 1,439,378 1,460,000 Parsley Energy LLC/Parsley Finance Corp., 5.375%, 1/15/25 (144A) 1,483,269 250,000 Parsley Energy LLC/Parsley Finance Corp., 6.25%, 6/1/24 (144A) 259,375 415,000 PBF Holding Co. LLC/PBF Finance Corp., 7.0%, 11/15/23 426,931 1,100,000 Petroleum Co. of Trinidad & Tobago, Ltd., 9.75%, 8/14/19 (144A) 1,078,275 1,873,000 SEPLAT Petroleum Development Co. Plc, 9.25%, 4/1/23 (144A) 1,947,920 2,070,000 Shelf Drilling Holdings, Ltd., 8.25%, 2/15/25 (144A) 2,028,600 150,000 SM Energy Co., 6.125%, 11/15/22 151,500 945,000 SM Energy Co., 6.75%, 9/15/26 904,838 1,590,000 Transocean, Inc., 7.25%, 11/1/25 (144A) 1,574,100 3,875,000 YPF SA, 6.95%, 7/21/27 (144A) 3,294,525 ARS 22,125,000 YPF SA, 16.5%, 5/9/22 (144A) 321,892 ------------ Total Oil & Gas $ 25,163,750 ------------------------------------------------------------------------------------------------------------------------- Oil & Gas Services -- 1.5% 1,000,000 Archrock Partners LP/Archrock Partners Finance Corp., 6.0%, 10/1/22 $ 1,007,500 730,000 Archrock Partners LP/Archrock Partners Finance Corp., 6.875%, 4/1/27 (144A) 760,112 402,000 Calfrac Holdings LP, 8.5%, 6/15/26 (144A) 333,660 1,015,000 Exterran Energy Solutions LP/EES Finance Corp., 8.125%, 5/1/25 1,050,525 778,000 FTS International, Inc., 6.25%, 5/1/22 764,385 505,000 SESI LLC, 7.75%, 9/15/24 372,437 573,000 USA Compression Partners LP/USA Compression Finance Corp., 6.875%, 9/1/27 (144A) 603,083 ------------ Total Oil & Gas Services $ 4,891,702 ------------------------------------------------------------------------------------------------------------------------- Packaging & Containers -- 0.9% EUR 700,000(e) ARD Finance SA, 6.625% (7.375% PIK 6.625% cash), 9/15/23 $ 796,482 EUR 410,000 Ardagh Packaging Finance Plc/Ardagh Holdings USA, Inc., 6.75%, 5/15/24 (144A) 485,291 630,000 Ardagh Packaging Finance Plc/Ardagh Holdings USA, Inc., 7.25%, 5/15/24 (144A) 663,736 EUR 890,000 Crown European Holdings SA, 2.875%, 2/1/26 (144A) 1,043,789 ------------ Total Packaging & Containers $ 2,989,298 -------------------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements. 24 Pioneer Global High Yield Fund | Semiannual Report | 4/30/19
------------------------------------------------------------------------------------------------------------------------- Principal Amount USD ($) Value ------------------------------------------------------------------------------------------------------------------------- Pharmaceuticals -- 2.2% 370,000 Bausch Health Americas, Inc., 8.5%, 1/31/27 (144A) $ 403,069 EUR 2,975,000 Bausch Health Cos., Inc., 4.5%, 5/15/23 3,366,769 511,000 Bausch Health Cos., Inc., 5.875%, 5/15/23 (144A) 514,935 755,000 Bausch Health Cos., Inc., 7.0%, 3/15/24 (144A) 795,581 354,000 Horizon Pharma USA, Inc., 6.625%, 5/1/23 364,620 318,000 Par Pharmaceutical, Inc., 7.5%, 4/1/27 (144A) 329,861 EUR 1,315,000 Rossini S.a.r.l., 6.75%, 10/30/25 (144A) 1,591,378 ------------ Total Pharmaceuticals $ 7,366,213 ------------------------------------------------------------------------------------------------------------------------- Pipelines -- 3.2% 750,000 American Midstream Partners LP/American Midstream Finance Corp., 9.5%, 12/15/21 (144A) $ 721,875 1,233,000 Cheniere Corpus Christi Holdings LLC, 5.125%, 6/30/27 1,285,402 745,000 Cheniere Energy Partners LP, 5.25%, 10/1/25 759,900 1,033,000 DCP Midstream Operating LP, 5.6%, 4/1/44 981,350 1,500,000 Delek Logistics Partners LP/Delek Logistics Finance Corp., 6.75%, 5/15/25 1,500,000 868,000 Energy Transfer Operating LP, 5.5%, 6/1/27 943,101 1,085,000 Energy Transfer Operating LP, 5.875%, 1/15/24 1,184,354 1,110,000 Genesis Energy LP/Genesis Energy Finance Corp., 6.25%, 5/15/26 1,098,900 1,395,000 Genesis Energy LP/Genesis Energy Finance Corp., 6.5%, 10/1/25 1,401,557 850,000 Targa Resources Partners LP/Targa Resources Partners Finance Corp., 4.25%, 11/15/23 848,961 ------------ Total Pipelines $ 10,725,400 ------------------------------------------------------------------------------------------------------------------------- REITS -- 1.0% EUR 1,140,000 Equinix, Inc., 2.875%, 2/1/26 $ 1,316,048 1,970,000 Uniti Group LP/Uniti Group Finance, Inc./CSL Capital LLC, 6.0%, 4/15/23 (144A) 1,891,200 ------------ Total REITS $ 3,207,248 ------------------------------------------------------------------------------------------------------------------------- Retail -- 0.4% 995,000 Golden Nugget, Inc., 8.75%, 10/1/25 (144A) $ 1,042,262 525,000 JC Penney Corp., Inc., 5.875%, 7/1/23 (144A) 448,875 ------------ Total Retail $ 1,491,137 ------------------------------------------------------------------------------------------------------------------------- Software -- 0.5% 589,000 Rackspace Hosting, Inc., 8.625%, 11/15/24 (144A) $ 549,242 961,000 SS&C Technologies, Inc., 5.5%, 9/30/27 (144A) 985,626 ------------ Total Software $ 1,534,868 ------------------------------------------------------------------------------------------------------------------------- Telecommunications -- 5.8% 800,000 Altice France SA, 6.25%, 5/15/24 (144A) $ 820,000 1,047,000 Altice France SA, 8.125%, 2/1/27 (144A) 1,094,115 1,267,000 CenturyLink, Inc., 5.625%, 4/1/25 1,247,995 2,820,000 Digicel, Ltd., 6.0%, 4/15/21 (144A) 2,483,010
The accompanying notes are an integral part of these financial statements. Pioneer Global High Yield Fund | Semiannual Report | 4/30/19 25 Schedule of Investments | 4/30/19 (unaudited) (continued)
------------------------------------------------------------------------------------------------------------------------- Principal Amount USD ($) Value ------------------------------------------------------------------------------------------------------------------------- Telecommunications (continued) 3,875,000 Frontier Communications Corp., 8.75%, 4/15/22 $ 2,683,437 775,000 Frontier Communications Corp., 11.0%, 9/15/25 501,812 1,233,000 Millicom International Cellular SA, 6.25%, 3/25/29 (144A) 1,276,155 2,090,000 MTN Mauritius Investments, Ltd., 5.373%, 2/13/22 (144A) 2,113,015 3,235,000 Sprint Corp., 7.25%, 9/15/21 3,388,663 860,000 Sprint Corp., 7.625%, 3/1/26 860,000 2,100,000(f) Windstream Services LLC/Windstream Finance Corp., 8.625%, 10/31/25 (144A) 2,068,500 312,000(f) Windstream Services LLC/Windstream Finance Corp., 8.75%, 12/15/24 (144A) 68,640 ------------ Total Telecommunications $ 18,605,342 ------------------------------------------------------------------------------------------------------------------------- Transportation -- 1.6% 1,000,000(d) Golar LNG Partners LP, 8.934% (3 Month USD LIBOR + 625 bps), 5/18/21 (144A) $ 1,010,000 2,645,000 Hidrovias International Finance S.a.r.l., 5.95%, 1/24/25 (144A) 2,627,014 2,905,025(f) Inversiones Alsacia SA, 8.0%, 12/31/18 (144A) 72,626 1,725,000 Navios South American Logistics, Inc./Navios Logistics Finance US, Inc., 7.25%, 5/1/22 (144A) 1,582,687 ------------ Total Transportation $ 5,292,327 ------------------------------------------------------------------------------------------------------------------------- Water -- 0.4% 1,350,000 Aegea Finance S.a.r.l., 5.75%, 10/10/24 (144A) $ 1,354,725 ------------ Total Water $ 1,354,725 ------------------------------------------------------------------------------------------------------------------------- TOTAL CORPORATE BONDS (Cost $256,784,829) $246,395,730 ------------------------------------------------------------------------------------------------------------------------- FOREIGN GOVERNMENT BONDS -- 7.0% of Net Assets Angola -- 0.4% 1,132,000 Angolan Government International Bond, 8.25%, 5/9/28 (144A) $ 1,183,544 ------------ Total Angola $ 1,183,544 ------------------------------------------------------------------------------------------------------------------------- Argentina -- 2.0% 875,000 Argentine Republic Government International Bond, 6.875%, 1/26/27 $ 627,375 1,850,000 Argentine Republic Government International Bond, 7.5%, 4/22/26 1,387,500 2,000,000 Autonomous City of Buenos Aires Argentina, 7.5%, 6/1/27 (144A) 1,605,000 501,544 Province of Salta Argentina, 9.5%, 3/16/22 (144A) 485,244 1,840,000 Provincia de Entre Rios Argentina, 8.75%, 2/8/25 (144A) 1,184,776 1,665,000 Provincia del Chubut Argentina, 7.75%, 7/26/26 (144A) 1,286,212 ------------ Total Argentina $ 6,576,107 -------------------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements. 26 Pioneer Global High Yield Fund | Semiannual Report | 4/30/19
------------------------------------------------------------------------------------------------------------------------- Principal Amount USD ($) Value ------------------------------------------------------------------------------------------------------------------------- Bahrain -- 0.3% 780,000 Bahrain Government International Bond, 7.0%, 10/12/28 (144A) $ 842,400 ------------ Total Bahrain $ 842,400 ------------------------------------------------------------------------------------------------------------------------- Cote D'Ivoire -- 0.2% EUR 725,000 Ivory Coast Government International Bond, 5.125%, 6/15/25 (144A) $ 831,534 ------------ Total Cote D'Ivoire $ 831,534 ------------------------------------------------------------------------------------------------------------------------- Dominican Republic -- 0.3% DOP 57,750,000 Dominican Republic International Bond, 8.9%, 2/15/23 (144A) $ 1,121,099 ------------ Total Dominican Republic $ 1,121,099 ------------------------------------------------------------------------------------------------------------------------- Egypt -- 1.4% EUR 1,100,000 Egypt Government International Bond, 4.75%, 4/11/25 (144A) $ 1,229,289 1,658,000 Egypt Government International Bond, 7.6%, 3/1/29 (144A) 1,670,766 EGP 28,275,000(g) Egypt Treasury Bills, 2/4/20 1,456,798 EGP 7,675,000(g) Egypt Treasury Bills, 3/3/20 391,026 ------------ Total Egypt $ 4,747,879 ------------------------------------------------------------------------------------------------------------------------- Oman -- 0.3% 1,010,000 Oman Government International Bond, 5.375%, 3/8/27 (144A) $ 949,400 ------------ Total Oman $ 949,400 ------------------------------------------------------------------------------------------------------------------------- Sri Lanka -- 0.2% 575,000 Sri Lanka Government International Bond, 7.85%, 3/14/29 (144A) $ 591,273 ------------ Total Sri Lanka $ 591,273 ------------------------------------------------------------------------------------------------------------------------- Turkey -- 1.0% 2,550,000 Turkey Government International Bond, 3.25%, 3/23/23 $ 2,232,489 EUR 1,005,000 Turkey Government International Bond, 4.625%, 3/31/25 1,087,564 ------------ Total Turkey $ 3,320,053 ------------------------------------------------------------------------------------------------------------------------- Ukraine -- 0.3% 1,175,000 Ukraine Government International Bond, 8.994%, 2/1/24 (144A) $ 1,171,029 ------------ Total Ukraine $ 1,171,029 ------------------------------------------------------------------------------------------------------------------------- Uruguay -- 0.6% UYU 38,800,000 Uruguay Government International Bond, 8.5%, 3/15/28 (144A) $ 951,694 UYU 37,635,000 Uruguay Government International Bond, 9.875%, 6/20/22 (144A) 1,074,110 ------------ Total Uruguay $ 2,025,804 ------------------------------------------------------------------------------------------------------------------------- TOTAL FOREIGN GOVERNMENT BONDS (Cost $26,016,247) $ 23,360,122 -------------------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements. Pioneer Global High Yield Fund | Semiannual Report | 4/30/19 27 Schedule of Investments | 4/30/19 (unaudited) (continued)
------------------------------------------------------------------------------------------------------------------------- Principal Amount USD ($) Value ------------------------------------------------------------------------------------------------------------------------- INSURANCE-LINKED SECURITIES -- 4.4% of Net Assets(h) Catastrophe Linked Bonds -- 1.4% Earthquakes - California -- 0.3% 600,000(d) Ursa Re, 6.0% (ZERO + 600 bps), 5/27/20 (144A) $ 595,200 250,000(d) Ursa Re, 7.785% (3 Month U.S. Treasury Bill + 537 bps), 12/10/20 (144A) 248,275 ------------ $ 843,475 ------------------------------------------------------------------------------------------------------------------------- Earthquakes - Mexico -- 0.1% 250,000(d) International Bank for Reconstruction & Development, 10.734% (3 Month USD LIBOR + 825 bps), 2/14/20 (144A) $ 248,675 ------------------------------------------------------------------------------------------------------------------------- Earthquakes - Peru -- 0.1% 250,000(d) International Bank for Reconstruction & Development, 8.484% (3 Month USD LIBOR + 600 bps), 2/15/21 (144A) $ 249,600 ------------------------------------------------------------------------------------------------------------------------- Multiperil - U.S. -- 0.5% 500,000(d) Caelus Re V, 2.92% (1 Month U.S. Treasury Bill + 50 bps), 6/5/20 (144A) $ 50 250,000(d) Caelus Re V, 9.92% (3 Month U.S. Treasury Bill + 750 bps), 6/7/21 (144A) 208,600 500,000(d) Kilimanjaro II Re, 12.941% (6 Month USD LIBOR + 949 bps), 4/20/21 (144A) 496,650 400,000(d) Northshore Re II 2017 A, 9.625% (3 Month U.S. Treasury Bill + 721 bps), 7/6/20 (144A) 397,360 500,000(d) Residential Reinsurance 2016, 7.615% (3 Month U.S. Treasury Bill + 520 bps), 12/6/20 (144A) 484,750 250,000(d) Tailwind Re, 13.005% (3 Month U.S. Treasury Bill + 1,059 bps), 1/8/22 (144A) 248,425 ------------ $ 1,835,835 ------------------------------------------------------------------------------------------------------------------------- Multiperil - Worldwide -- 0.3% 300,000(d) Galilei Re, 8.116% (6 Month USD LIBOR + 560 bps), 1/8/20 (144A) $ 297,780 300,000(d) Galilei Re, 9.296% (6 Month USD LIBOR + 678 bps), 1/8/20 (144A) 298,260 300,000(d) Galilei Re, 9.316% (6 Month USD LIBOR + 678 bps), 1/8/21 (144A) 299,880 250,000(d) Galilei Re, 11.146% (6 Month USD LIBOR + 863 bps), 1/8/20 (144A) 248,875 ------------ $ 1,144,795 ------------------------------------------------------------------------------------------------------------------------- Pandemic - Worldwide -- 0.1% 250,000(d) International Bank for Reconstruction & Development, 13.965% (6 Month USD LIBOR + 1,150 bps), 7/15/20 (144A) $ 193,750 ------------ Total Catastrophe Linked Bonds $ 4,516,130 -------------------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements. 28 Pioneer Global High Yield Fund | Semiannual Report | 4/30/19
------------------------------------------------------------------------------------------------------------------------- Face Amount USD ($) Value ------------------------------------------------------------------------------------------------------------------------- Collateralized Reinsurance -- 1.0% Multiperil - U.S. -- 0.0%+ 300,000+(a)(x) Kingsbarns Re 2017, 5/19/20 $ 45,960 ------------------------------------------------------------------------------------------------------------------------- Multiperil - Worldwide -- 0.8% 345,430+(a)(x) Clarendon Re 2018, 1/15/20 $ 307,544 600,000+(a)(x) Cypress Re 2017, 1/10/20 51,960 300,442+(a)(x) Dartmouth Re 2018, 1/15/20 162,359 115,581+(a)(x) Dartmouth Re 2019, 1/31/20 93,676 250,000+(a)(x) Dingle Re 2019, 2/1/20 230,264 389,876+(a)(x) Gloucester Re 2018, 1/15/20 302,520 368,836+(x) Kilarney Re 2018, 4/15/20 312,588 12,000+(x) Limestone Re, 8/31/21 44,274 12,000+(x) Limestone Re 2016-1, 8/31/21 44,274 250,000+(x) Merion Re 2018, 12/31/21 15,875 259,644+(x) Merion Re 2019-1, 12/31/22 220,743 277,770+(a)(x) Oyster Bay Re 2018, 1/15/20 252,104 250,000+(a)(x) Resilience Re, 4/6/20 256,200 400,000+(a)(x) Resilience Re, 5/1/19 40 283,700+(a)(x) Seminole Re 2018, 1/15/20 117,026 71,428+(x) Seminole Re 2019, 1/31/20 56,021 276,582+(a)(x) Walton Health Re 2018, 6/15/19 138,291 ------------ $ 2,605,759 ------------------------------------------------------------------------------------------------------------------------- Windstorm - Florida -- 0.2% 250,000+(x) Formby Re 2018, 6/15/19 $ 255,968 86,906+(a)(x) Formby Re 2018-2, 6/30/19 712 300,000+(a)(x) Portrush Re 2017, 6/15/19 198,870 ------------ $ 455,550 ------------------------------------------------------------------------------------------------------------------------- Windstorm - U.S. Regional -- 0.0%+ 250,000+(a)(x) Oakmont Re 2017, 4/15/20 $ 7,350 250,000+(a)(y) Promissum Re 2018, 6/15/19 18,300 ------------ $ 25,650 ------------ Total Collateralized Reinsurance $ 3,132,919 ------------------------------------------------------------------------------------------------------------------------- Industry Loss Warranties -- 0.1% Multiperil - U.S. -- 0.1% 319,300+(x) Cypress Re 2018, 7/15/19 $ 23,309 500,000+(x) Cypress Re 2019, 1/31/20 465,779 ------------ Total Industry Loss Warranties $ 489,088 ------------------------------------------------------------------------------------------------------------------------- Reinsurance Sidecars -- 1.9% All Natural Peril - Worldwide -- 0.1% 250,000+(a)(z) Thopas Re 2019, 12/31/22 $ 255,625 264,763+(a)(x) Versutus Re 2019-A, 12/31/21 268,311 ------------ $ 523,936 -------------------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements. Pioneer Global High Yield Fund | Semiannual Report | 4/30/19 29 Schedule of Investments | 4/30/19 (unaudited) (continued)
------------------------------------------------------------------------------------------------------------------------- Face Amount USD ($) Value ------------------------------------------------------------------------------------------------------------------------- Multiperil - U.S. -- 0.4% 3,900,000+(a)(x) Carnoustie Re 2015, 7/1/19 $ 12,480 2,600,000+(a)(x) Carnoustie Re 2016, 11/30/20 70,200 800,000+(a)(x) Carnoustie Re 2017, 11/30/21 203,360 250,000+(a)(x) Carnoustie Re 2018, 12/31/21 24,950 1,000,000+(a)(z) Harambee Re 2018, 12/31/21 185,837 695,349+(a)(z) Harambee Re 2019, 12/31/22 703,554 1,300,000+(a)(x) Prestwick Re 2015-1, 7/1/19 22,100 ------------ $ 1,222,481 ------------------------------------------------------------------------------------------------------------------------- Multiperil - Worldwide -- 1.4% 250,000+(a)(x) Alturas Re 2019-2, 3/10/22 $ 252,650 1,300,000+(a)(x) Arlington Re 2015, 2/1/20 63,180 490,000+(a)(x) Bantry Re 2016, 3/31/20 39,494 300,000+(a)(x) Bantry Re 2017, 3/31/20 95,130 250,000+(a)(x) Bantry Re 2018, 12/31/21 15,350 250,000+(a)(x) Bantry Re 2019, 12/31/22 254,426 1,422,258+(x) Berwick Re 2018-1, 12/31/21 234,815 600,000+(a)(x) Berwick Re 2019-1, 12/31/22 613,680 250,000+(a)(z) Blue Lotus Re 2018, 12/31/21 266,650 22,500+(a)(x) Eden Re II, 3/22/22 (144A) 53,037 12,500+(a)(x) Eden Re II, 3/22/22 (144A) 30,377 1,600,000+(a)(x) Gleneagles Re 2016, 11/30/20 99,200 250,000+(a)(x) Gleneagles Re 2018, 12/31/21 29,575 250,000+(a)(x) Limestone Re, 3/1/22 262,750 450,000+(a)(z) Lorenz Re 2017, 3/31/20 26,820 450,000+(a)(z) Lorenz Re 2018, 7/1/21 332,505 600,000+(a)(x) Merion Re 2018-2, 12/31/21 596,940 3,900,000+(a)(x) Pangaea Re 2015-1, 2/1/20 7,020 3,500,000+(x) Pangaea Re 2016-1, 11/30/20 4,550 1,000,000+(x) Pangaea Re 2016-2, 11/30/20 3,900 300,000+(a)(x) Pangaea Re 2018-1, 12/31/21 17,640 300,000+(a)(x) Pangaea Re 2018-3, 7/1/22 255,990 245,774+(a)(x) Pangaea Re 2019-1, 2/1/23 249,338 500,000+(a)(x) St. Andrews Re 2017-1, 2/1/20 33,900 521,395+(a)(x) St. Andrews Re 2017-4, 6/1/19 51,305 250,000+(a)(z) Thopas Re 2018, 12/31/21 42,175 600,000+(a)(x) Versutus Re 2017, 11/30/21 2,880 300,000+(a)(x) Versutus Re 2018, 12/31/21 20,970 35,236+(a)(x) Versutus Re 2019-B, 12/31/21 35,708 250,000+(a)(z) Viribus Re 2018, 12/31/21 78,950 106,153+(a)(z) Viribus Re 2019, 12/31/22 111,599 253,645+(a)(x) Woburn Re 2018, 12/31/21 107,799 244,914+(a)(x) Woburn Re 2019, 12/31/22 252,074 ------------ $ 4,542,377 ------------ Total Reinsurance Sidecars $ 6,288,794 ------------------------------------------------------------------------------------------------------------------------- TOTAL INSURANCE-LINKED SECURITIES (Cost $15,353,564) $ 14,426,931 -------------------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements. 30 Pioneer Global High Yield Fund | Semiannual Report | 4/30/19
------------------------------------------------------------------------------------------------------------------------- Principal Amount USD ($) Value ------------------------------------------------------------------------------------------------------------------------- SENIOR SECURED FLOATING RATE LOAN INTERESTS -- 3.2% of Net Assets*(d) Automobile -- 0.0%+ 969 Allison Transmission, Inc., Initial Term Loan, 4.479% (LIBOR + 200 bps), 3/29/26 $ 979 ------------ Total Automobile $ 979 ------------------------------------------------------------------------------------------------------------------------- Diversified & Conglomerate Service -- 0.1% 479,490 IAP Worldwide Services, Inc., Second Lien Term Loan, 9.101% (LIBOR + 650 bps), 7/18/19 $ 480,689 ------------ Total Diversified & Conglomerate Service $ 480,689 ------------------------------------------------------------------------------------------------------------------------- Healthcare, Education & Childcare -- 0.7% 847,656 Alliance HealthCare Services, Inc., First Lien Initial Term Loan, 6.983% (LIBOR + 450 bps), 10/24/23 $ 852,954 1,170,573 Regionalcare Hospital Partners Holdings, Inc., First Lien Term B Loan, 6.987% (LIBOR + 450 bps), 11/16/25 1,179,718 ------------ Total Healthcare, Education & Childcare $ 2,032,672 ------------------------------------------------------------------------------------------------------------------------- Metals & Mining -- 0.4% 1,389,500 Aleris International, Inc., Initial Term Loan, 7.233% (LIBOR + 475 bps), 2/27/23 $ 1,395,362 ------------ Total Metals & Mining $ 1,395,362 ------------------------------------------------------------------------------------------------------------------------- Oil & Gas -- 0.1% 248,554 Gavilan Resources LLC, Second Lien Initial Term Loan, 8.477% (LIBOR + 600 bps), 3/1/24 $ 187,451 ------------ Total Oil & Gas $ 187,451 ------------------------------------------------------------------------------------------------------------------------- Personal, Food & Miscellaneous Services -- 0.6% 2,520,062 Revlon Consumer Products Corp., Initial Term B Loan, 6.129% (LIBOR + 350 bps), 9/7/23 $ 1,980,769 ------------ Total Personal, Food & Miscellaneous Services $ 1,980,769 ------------------------------------------------------------------------------------------------------------------------- Retail -- 0.4% 1,476,623 Neiman Marcus Group, Ltd. LLC, Other Term Loan, 5.724% (LIBOR + 325 bps), 10/25/20 $ 1,372,733 ------------ Total Retail $ 1,372,733 ------------------------------------------------------------------------------------------------------------------------- Telecommunications -- 0.5% 1,660,000 Commscope, Inc., Initial Term Loan, 5.733% (LIBOR + 325 bps), 4/6/26 $ 1,676,807 ------------ Total Telecommunications $ 1,676,807 ------------------------------------------------------------------------------------------------------------------------- Transportation -- 0.2% 602,922 DynCorp International, Inc., Term Loan B2, 8.48% (LIBOR + 600 bps), 7/7/20 $ 599,907 ------------ Total Transportation $ 599,907 -------------------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements. Pioneer Global High Yield Fund | Semiannual Report | 4/30/19 31 Schedule of Investments | 4/30/19 (unaudited) (continued)
------------------------------------------------------------------------------------------------------------------------- Principal Amount USD ($) Value ------------------------------------------------------------------------------------------------------------------------- Utilities -- 0.2% 696,469 Vistra Operations Co. LLC (fka Tex Operations Co., LLC), Initial Term Loan, 4.483% (LIBOR + 200 bps), 8/4/23 $ 697,973 ------------ Total Utilities $ 697,973 ------------------------------------------------------------------------------------------------------------------------- TOTAL SENIOR SECURED FLOATING RATE LOAN INTERESTS (Cost $10,819,971) $ 10,425,342 ------------------------------------------------------------------------------------------------------------------------- SUPRANATIONAL BOND -- 0.2% of Net Assets IDR 11,423,400,000 International Bank for Reconstruction & Development, 7.45%, 8/20/21 $ 801,563 ------------------------------------------------------------------------------------------------------------------------- TOTAL SUPRANATIONAL BOND (Cost $815,199) $ 801,563 ------------------------------------------------------------------------------------------------------------------------- U.S. GOVERNMENT AND AGENCY OBLIGATIONS -- 2.9% of Net Assets 9,602,300(g) U.S. Treasury Bills, 5/21/19 $ 9,589,527 266,000(g)(p) U.S. Treasury Notes, 2/29/24 264,480 ------------------------------------------------------------------------------------------------------------------------- TOTAL U.S. GOVERNMENT AND AGENCY OBLIGATIONS (Cost $9,854,083) $ 9,854,007 ------------------------------------------------------------------------------------------------------------------------- ------------------------------------------------------------------------------------------------------------------------- Shares ------------------------------------------------------------------------------------------------------------------------- RIGHTS/WARRANTS -- 0.0%+ of Net Assets Machinery -- 0.0%+ 747^(a)(i) LTR Intermediate Holdings, Inc. $ -- ------------ Total Machinery $ -- ------------------------------------------------------------------------------------------------------------------------- Metals & Mining -- 0.0%+ 318,254(j) ANR, Inc. $ 3,819 ------------ Total Metals & Mining $ 3,819 ------------------------------------------------------------------------------------------------------------------------- Oil, Gas & Consumable Fuels -- 0.0%+ 61(a)(k) Contura Energy, Inc. $ 1,220 7,597^(a)(l) Midstates Petroleum Co., Inc. -- ------------ Total Oil, Gas & Consumable Fuels $ 1,220 ------------------------------------------------------------------------------------------------------------------------- TOTAL RIGHTS/WARRANTS (Cost $36,833) $ 5,039 -------------------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements. 32 Pioneer Global High Yield Fund | Semiannual Report | 4/30/19
-------------------------------------------------------------------------------------------------------------------------- Number of Strike Expiration Contracts Description Counterparty Notional Price Date Value -------------------------------------------------------------------------------------------------------------------------- OVER THE COUNTER (OTC) CALL OPTIONS PURCHASED -- 0.0%+ 297,012^(m) Desarrolladora Bank of Homex New York SAB de CV Mellon Corp. MXN -- MXN --(o) 10/23/22 $ -- 297,012^(n) Desarrolladora Bank of Homex New York SAB de CV Mellon Corp. MXN -- MXN --(o) 10/23/22 -- ------------- $ -- -------------------------------------------------------------------------------------------------------------------------- TOTAL OVER THE COUNTER (OTC) CALL OPTIONS PURCHASED (Premiums paid $0) $ -- -------------------------------------------------------------------------------------------------------------------------- OVER THE COUNTER (OTC) CURRENCY PUT OPTIONS PURCHASED -- 0.2% 21,795,000 Put EUR Bank of Call USD America NA EUR 303,808 EUR 1.15 5/27/19 $ 523,104 3,900,000 Put EUR Bank of Call USD America NA EUR 58,449 EUR 1.15 9/23/19 95,088 5,925,000 Put EUR Bank of Call USD America NA EUR 81,546 EUR 1.13 1/9/20 94,796 ------------- $ 712,988 -------------------------------------------------------------------------------------------------------------------------- TOTAL OVER THE COUNTER (OTC) CURRENCY PUT OPTIONS PURCHASED (Premiums paid $443,803) $ 712,988 -------------------------------------------------------------------------------------------------------------------------- TOTAL OPTIONS PURCHASED (Premiums paid $443,803) $ 712,988 -------------------------------------------------------------------------------------------------------------------------- TOTAL INVESTMENTS IN UNAFFILIATED ISSUERS -- 97.1% (Cost $346,502,958) $322,124,063 -------------------------------------------------------------------------------------------------------------------------- -------------------------------------------------------------------------------------------------------------------------- Number of Strike Expiration Contracts Description Counterparty Notional Price Date -------------------------------------------------------------------------------------------------------------------------- OVER THE COUNTER (OTC) CURRENCY CALL OPTIONS WRITTEN -- (0.0)%+ (21,795,000) Call EUR Bank of Put USD America NA EUR 303,808 EUR 1.27 5/29/19 $ -- (3,900,000) Call EUR Bank of Put USD America NA EUR 58,449 EUR 1.27 9/23/19 (398) (5,925,000) Call EUR Bank of Put USD America NA EUR 81,546 EUR 1.25 1/9/20 (11,837) ------------- $ (12,235) -------------------------------------------------------------------------------------------------------------------------- TOTAL OVER THE COUNTER (OTC) CURRENCY CALL OPTIONS WRITTEN (Premiums received $(443,803)) $ (12,235) -------------------------------------------------------------------------------------------------------------------------- OTHER ASSETS AND LIABILITIES -- 2.9% $ 9,636,554 -------------------------------------------------------------------------------------------------------------------------- NET ASSETS -- 100.0% $331,748,382 ==========================================================================================================================
The accompanying notes are an integral part of these financial statements. Pioneer Global High Yield Fund | Semiannual Report | 4/30/19 33 Schedule of Investments | 4/30/19 (unaudited) (continued) BADLARPP Argentine Deposit Rate Badlar Private Banks 30-35 Days. bps Basis Points. CMT Constant Maturity Treasury Index. ICE Intercontinental Exchange. LIBOR London Interbank Offered Rate. REIT Real Estate Investment Trust. ZERO Zero Constant Index. (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, 2019, the value of these securities amounted to $204,153,289, or 61.5% of net assets. + Amount rounds to less than 0.1%. * Senior secured 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, (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 interest rate shown is the rate accruing at April 30, 2019. + Securities that used significant unobservable inputs to determine their value. ^ Security is valued using fair value methods (other than supplied by independent pricing services). (a) Non-income producing security. (b) Security is perpetual in nature and has no stated maturity date. (c) The interest rate is subject to change periodically. The interest rate and/or reference index and spread shown at April 30, 2019. (d) Floating rate note. Coupon rate, reference index and spread shown at April 30, 2019. (e) Payment-in-kind (PIK) security which may pay interest in the form of additional principal amount. (f) Security is in default. (g) Security issued with a zero coupon. Income is recognized through accretion of discount. (h) Securities are restricted as to resale. (i) LTR Intermediate Holdings, Inc. warrants are exercisable into 747 shares. (j) ANR, Inc. warrants are exercisable into 318,254 shares. (k) Contura Energy, Inc. warrants are exercisable into 61 shares. (l) Midstates Petroleum Co., Inc. warrants are exercisable into 7,597 shares. (m) Option does not become effective until underlying company's outstanding common shares reach a market capitalization of MXN 12.5 Billion. (n) Option does not become effective until underlying company's outstanding common shares reach a market capitalization of MXN 15.0 Billion. (o) Strike price is 1 Mexican Peso (MXN). (p) Security collateralized by $264,480. (x) Issued as participation notes. (y) Issued as participation shares. (z) Issued as preference shares. The accompanying notes are an integral part of these financial statements. 34 Pioneer Global High Yield Fund | Semiannual Report | 4/30/19 FORWARD FOREIGN CURRENCY CONTRACTS
-------------------------------------------------------------------------------------------------------- In Unrealized Currency Exchange Currency Settlement Appreciation Purchased for Sold Deliver Counterparty Date (Depreciation) -------------------------------------------------------------------------------------------------------- USD 703,641 MXN (13,498,708) Citibank NA 5/24/19 $ (6,390) NOK 20,938,362 EUR (2,156,733) Goldman Sachs International 5/28/19 4,496 EUR 3,880,102 USD (4,411,229) State Street Bank & Trust Co. 5/24/19 (48,824) USD 2,123,329 EUR (1,881,304) State Street Bank & Trust Co. 5/24/19 8,177 USD 1,565,955 EUR (1,392,259) State Street Bank & Trust Co. 6/25/19 (3,780) -------------------------------------------------------------------------------------------------------- TOTAL FORWARD FOREIGN CURRENCY CONTRACTS $(46,321) ========================================================================================================
SWAP CONTRACTS CENTRALLY CLEARED CREDIT DEFAULT SWAP CONTRACTS -- SELL PROTECTION
------------------------------------------------------------------------------------------------------------------------------- Obligation Annual Notional Reference/ Pay/ Fixed Expiration Premiums Unrealized Market Amount ($)(1) Index Receive(2) Rate Date Paid Appreciation Value ------------------------------------------------------------------------------------------------------------------------------- 4,105,950 Markit CDX Receive 5.00% 12/20/20 $227,698 $24,572 $252,270 North America High Yield Index Series 25 3,144,500 Markit CDX Receive 5.00% 6/20/21 219,393 6,282 225,675 North America High Yield Index Series 26 ------------------------------------------------------------------------------------------------------------------------------- TOTAL CENTRALLY CLEARED CREDIT DEFAULT SWAP CONTRACTS -- SELL PROTECTION $447,091 $30,854 $477,945 ===============================================================================================================================
OVER THE COUNTER (OTC) CREDIT DEFAULT SWAP CONTRACTS -- SELL PROTECTION
----------------------------------------------------------------------------------------------------------------------------------- Obligation Annual Notional Reference/ Pay/ Fixed Expiration Premiums Unrealized Market Amount ($)(1) Counterparty Index Receive(2) Rate Date (Received) Appreciation Value ----------------------------------------------------------------------------------------------------------------------------------- 690,000 Goldman Sachs Chesapeake Receive 5.00% 6/20/22 $ (77,625) $109,982 $ 32,357 International Energy Corp. 415,000 Goldman Sachs Chesapeake Receive 5.00% 6/20/22 (50,838) 70,299 19,461 International Energy Corp. 650,000 Goldman Sachs Chesapeake International Energy Corp. Receive 5.00% 6/20/22 (79,625) 110,106 30,481 ----------------------------------------------------------------------------------------------------------------------------------- TOTAL OVER THE COUNTER (OTC) CREDIT DEFAULT SWAP CONTRACTS -- SELL PROTECTION $(208,088) $290,387 $ 82,299 ----------------------------------------------------------------------------------------------------------------------------------- TOTAL SWAP CONTRACTS $ 239,003 $321,241 $560,244 ===================================================================================================================================
(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) Receives quarterly. The accompanying notes are an integral part of these financial statements. Pioneer Global High Yield Fund | Semiannual Report | 4/30/19 35 Schedule of Investments | 4/30/19 (unaudited) (continued) Principal amounts are denominated in U.S. dollars ("USD") unless otherwise noted. ARS -- Argentine Peso DOP -- Dominican Republic peso EGP -- Egyptian Pound EUR -- Euro GBP -- Great British Pound IDR -- Indonesian Rupiah MXN -- Mexican Peso NOK -- Norwegian Krone UYU -- Uruguayan Peso Purchases and sales of securities (excluding temporary cash investments) for the six months ended April 30, 2019, aggregated $65,016,718 and $115,199,143, respectively. The Fund is permitted to engage in purchase and sale transactions ("cross trades") with certain funds and accounts for which Amundi Pioneer Asset Management, Inc. (the "Adviser"), serves as the investment adviser, as set forth in Rule 17a-7 under the Investment Company Act of 1940, pursuant to procedures adopted by the Board of Trustees. Under these procedures, cross trades are effected at current market prices. During the six months ended April 30, 2019, the Fund engaged in purchases of $2,029,775 which resulted in a net realized gain/(loss) of $0. During the six months ended April 30, 2019, the Fund did not engage in sales pursuant to these procedures. At April 30, 2019, the net unrealized depreciation on investments based on cost for federal tax purposes of $347,339,011 was as follows:
Aggregate gross unrealized appreciation for all investments in which there is an excess of value over tax cost $ 9,108,750 Aggregate gross unrealized depreciation for all investments in which there is an excess of tax cost over value (33,822,010) ------------ Net unrealized depreciation $(24,713,260) ============
Various inputs are used in determining the value of the Fund's investments. These inputs are summarized in the three broad levels 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 risks, 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. The accompanying notes are an integral part of these financial statements. 36 Pioneer Global High Yield Fund | Semiannual Report | 4/30/19 The following is a summary of the inputs used as of April 30, 2019, in valuing the Fund's investments:
------------------------------------------------------------------------------------------------------------------- Level 1 Level 2 Level 3 Total ------------------------------------------------------------------------------------------------------------------- Common Stocks Oil, Gas & Consumable Fuels $ 656,053 $ -- $ 1,290,408 $ 1,946,461 Paper & Forest Products -- 27,569 -- 27,569 All Other Common Stocks 99,876 -- -- 99,876 Convertible Preferred Stocks 2,643,365 -- -- 2,643,365 Asset Backed Security -- 458,316 -- 458,316 Collateralized Mortgage Obligations -- 5,112,206 -- 5,112,206 Convertible Corporate Bonds -- 5,854,548 -- 5,854,548 Corporate Bonds -- 246,395,730 -- 246,395,730 Foreign Government Bonds -- 23,360,122 -- 23,360,122 Insurance-Linked Securities Collateralized Reinsurance Multiperil - U.S. -- -- 45,960 45,960 Multiperil - Worldwide -- -- 2,605,759 2,605,759 Windstorm - Florida -- -- 455,550 455,550 Windstorm - U.S. Regional -- -- 25,650 25,650 Industry Loss Warranties Multiperil - U.S. -- -- 489,088 489,088 Reinsurance Sidecars All Natural Peril - Worldwide -- -- 523,936 523,936 Multiperil - U.S. -- -- 1,222,481 1,222,481 Multiperil - Worldwide -- -- 4,542,377 4,542,377 All Other Insurance-Linked Securities -- 4,516,130 -- 4,516,130 Senior Secured Floating Rate Loan Interests -- 10,425,342 -- 10,425,342 Supranational Bond -- 801,563 -- 801,563 U.S. Government and Agency Obligations -- 9,854,007 -- 9,854,007 Rights/Warrants Machinery -- --* --* --* Metals & Mining -- 3,819 -- 3,819 Oil, Gas & Consumable Fuels 1,220 -- --* 1,220 Over The Counter (OTC) Call Options Purchased -- --* -- --* Over The Counter (OTC) Currency Put Options Purchased -- 712,988 -- 712,988 ------------------------------------------------------------------------------------------------------------------- Total Investments in Securities $3,400,514 $307,522,340 $11,201,209 $322,124,063 =================================================================================================================== Other Financial Instruments Over The Counter (OTC) Currency Call Option Written $ -- $ (12,235) $ -- $ (12,235) Net unrealized depreciation on forward foreign currency contracts -- (46,321) -- (46,321) Swap contracts, at value -- 560,244 -- 560,244 ------------------------------------------------------------------------------------------------------------------- Total Other Financial Instruments $ -- $ 501,688 $ -- $ 501,688 ===================================================================================================================
* Security is valued at $0. The accompanying notes are an integral part of these financial statements. Pioneer Global High Yield Fund | Semiannual Report | 4/30/19 37 Schedule of Investments | 4/30/19 (unaudited) (continued) The following is a reconciliation of assets valued using significant unobservable inputs (Level 3):
---------------------------------------------------------------------------------------------------------- Insurance Common Linked Stocks Securities Total ---------------------------------------------------------------------------------------------------------- Balance as of 10/31/18 $1,233,056 $13,830,093 $15,063,149 Realized gain (loss)(1) -- (100,098) (100,098) Change in unrealized appreciation (depreciation)(2) 57,352 (928,698) (871,346) Accrued discounts/premiums -- (64) (64) Purchases -- 4,723,750 4,723,750 Sales -- (7,614,182) (7,614,182) Transfers in to Level 3* -- -- -- Transfers out of Level 3* -- -- -- Transfers in and out of Level 3 categories* -- -- -- ---------------------------------------------------------------------------------------------------------- Balance as of 4/30/19 $1,290,408 $ 9,910,801 $11,201,209 ==========================================================================================================
(1) Realized gain (loss) on these securities is included in the realized gain (loss) from investments on the Statement of Operations. (2) Unrealized appreciation (depreciation) on these securities is included in the change in unrealized appreciation (depreciation) from investments on the Statement of Operations. * Transfers are calculated on the beginning of period value. For the six months ended April 30, 2019, there were no transfers between Levels 1, 2 and 3.
Net change in unrealized appreciation (depreciation) of Level 3 investments still held and considered Level 3 at April 30, 2019: $ (808,949) ----------
The accompanying notes are an integral part of these financial statements. 38 Pioneer Global High Yield Fund | Semiannual Report | 4/30/19 Statement of Assets and Liabilities | 4/30/19 (unaudited)
ASSETS: Investments in unaffiliated issuers, at value (cost $346,502,958) $ 322,124,063 Cash 2,026,377 Foreign currencies, at value (cost $1,654,535) 1,640,537 Swap contracts, at value (net premiums paid $239,003) 560,244 Swaps collateral 325,165 Receivables -- Investment securities sold 4,643,583 Fund shares sold 278,943 Dividends 7,777 Interest 4,565,542 Other assets 34,341 ---------------------------------------------------------------------------------------------- Total assets $ 336,206,572 ============================================================================================== LIABILITIES: Payables -- Investment securities purchased $ 1,850,083 Fund shares repurchased 1,668,604 Distributions 172,902 Trustees' fees 1,196 Variation margin for swap contracts 481 Due to broker for swaps 480,473 Net unrealized depreciation on forward foreign currency contracts 46,321 Written options outstanding (net premiums received $(443,803)) 12,235 Due to affiliates 43,991 Accrued expenses 181,904 ---------------------------------------------------------------------------------------------- Total liabilities $ 4,458,190 ============================================================================================== NET ASSETS: Paid-in capital $ 631,534,400 Distributable earnings (loss) (299,786,018) ---------------------------------------------------------------------------------------------- Net assets $ 331,748,382 ============================================================================================== NET ASSET VALUE PER SHARE: No par value (unlimited number of shares authorized) Class A (based on $163,329,287/18,948,827 shares) $ 8.62 Class C (based on $48,769,532/5,671,505 shares) $ 8.60 Class Y (based on $119,649,563/14,132,503 shares) $ 8.47 MAXIMUM OFFERING PRICE PER SHARE: Class A (based on $8.62 net asset value per share/100%-4.50% maximum sales charge) $ 9.03 ==============================================================================================
The accompanying notes are an integral part of these financial statements. Pioneer Global High Yield Fund | Semiannual Report | 4/30/19 39
Statement of Operations (unaudited) For the Six Months Ended 4/30/19 INVESTMENT INCOME: Interest from unaffiliated issuers $11,367,575 Dividends from unaffiliated issuers (net of withholding tax of $5,457) 485,133 ----------------------------------------------------------------------------------------------------- Total investment income $11,852,708 ----------------------------------------------------------------------------------------------------- EXPENSES: Management fees $ 1,188,845 Administrative expense 78,516 Transfer agent fees Class A 97,672 Class C 30,057 Class Y 53,478 Distribution fees Class A 205,266 Class C 267,699 Shareowner communications expense 21,208 Custodian fees 16,008 Registration fees 26,689 Professional fees 25,539 Printing expense 24,257 Trustees' fees 5,098 Pricing expense 13,389 Insurance expense 3,132 Miscellaneous 41,803 ----------------------------------------------------------------------------------------------------- Total expenses $ 2,098,656 ----------------------------------------------------------------------------------------------------- Net investment income $ 9,754,052 ----------------------------------------------------------------------------------------------------- REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS: Net realized gain (loss) on: Investments in unaffiliated issuers $(5,455,262) Forward foreign currency contracts (110,430) Swap contracts 102,064 Other assets and liabilities denominated in foreign currencies (41,060) $(5,504,688) ----------------------------------------------------------------------------------------------------- Change in net unrealized appreciation (depreciation) on: Investments in unaffiliated issuers $ 8,662,156 Written options 118,558 Forward foreign currency contracts (10,702) Swap contracts (10,290) Other assets and liabilities denominated in foreign currencies 10,131 $ 8,769,853 ----------------------------------------------------------------------------------------------------- Net realized and unrealized gain (loss) on investments $ 3,265,165 ----------------------------------------------------------------------------------------------------- Net increase in net assets resulting from operations $13,019,217 =====================================================================================================
The accompanying notes are an integral part of these financial statements. 40 Pioneer Global High Yield Fund | Semiannual Report | 4/30/19 Statements of Changes in Net Assets
-------------------------------------------------------------------------------------------------- Six Months Ended 4/30/19 Year Ended (unaudited) 10/31/18 -------------------------------------------------------------------------------------------------- FROM OPERATIONS: Net investment income (loss) $ 9,754,052 $ 28,464,225 Net realized gain (loss) on investments (5,504,688) (4,779,834) Change in net unrealized appreciation (depreciation) on investments 8,769,853 (31,734,115) -------------------------------------------------------------------------------------------------- Net increase (decrease) in net assets resulting from operations $ 13,019,217 $ (8,049,724) -------------------------------------------------------------------------------------------------- DISTRIBUTIONS TO SHAREOWNERS: Class A ($0.23 and $0.45 per share, respectively) $ (4,549,728) $ (8,507,743) Class C ($0.20 and $0.39 per share, respectively) (1,266,626) (5,087,160) Class Y ($0.24 and $0.47 per share, respectively) (3,517,018) (12,802,730) -------------------------------------------------------------------------------------------------- Total distributions to shareowners $ (9,333,372) $ (26,397,633) -------------------------------------------------------------------------------------------------- FROM FUND SHARE TRANSACTIONS: Net proceeds from sales of shares $ 20,456,031 $ 128,334,116 Reinvestment of distributions 7,944,773 22,985,297 Cost of shares repurchased (67,641,862) (368,719,457) -------------------------------------------------------------------------------------------------- Net decrease in net assets resulting from Fund share transactions $(39,241,058) $(217,400,044) -------------------------------------------------------------------------------------------------- Net decrease in net assets $(35,555,213) $(251,847,401) NET ASSETS: Beginning of period $367,303,595 $ 619,150,996 -------------------------------------------------------------------------------------------------- End of period $331,748,382 $ 367,303,595 ==================================================================================================
The accompanying notes are an integral part of these financial statements. Pioneer Global High Yield Fund | Semiannual Report | 4/30/19 41 Statements of Changes in Net Assets (continued)
---------------------------------------------------------------------------------------------------------- Six Months Six Months Ended Ended 4/30/19 4/30/19 Year Ended Year Ended Shares Amount 10/31/18 10/31/18 (unaudited) (unaudited) Shares Amount ---------------------------------------------------------------------------------------------------------- Class A Shares sold 1,210,145 $ 10,215,168 7,151,862 $ 61,978,329 Reinvestment of distributions 475,561 4,014,237 825,177 7,294,518 Less shares repurchased (3,128,453) (26,352,006) (7,649,884) (67,507,298) ---------------------------------------------------------------------------------------------------------- Net increase (decrease) (1,442,747) $(12,122,601) 327,155 $ 1,765,549 ========================================================================================================== Class C Shares sold 68,146 $ 564,398 1,264,768 $ 10,969,813 Reinvestment of distributions 128,937 1,083,800 517,538 4,577,234 Less shares repurchased (1,675,716) (14,091,885) (10,426,906) (90,716,240) ---------------------------------------------------------------------------------------------------------- Net decrease (1,478,633) $(12,443,687) (8,644,600) $ (75,169,193) ========================================================================================================== Class Y Shares sold 1,167,727 $ 9,676,465 6,297,721 $ 55,385,974 Reinvestment of distributions 343,608 2,846,736 1,275,654 11,113,545 Less shares repurchased (3,292,053) (27,197,971) (24,359,673) (210,495,919) ---------------------------------------------------------------------------------------------------------- Net decrease (1,780,718) $(14,674,770) (16,786,298) $(143,996,400) ==========================================================================================================
The accompanying notes are an integral part of these financial statements. 42 Pioneer Global High Yield Fund | Semiannual Report | 4/30/19 Financial Highlights
------------------------------------------------------------------------------------------------------------------------------------ Six Months Ended Year Year Year Year Year 4/30/19 Ended Ended Ended Ended Ended (unaudited) 10/31/18 10/31/17 10/31/16* 10/31/15* 10/31/14* ------------------------------------------------------------------------------------------------------------------------------------ Class A Net asset value, beginning of period $ 8.51 $ 9.12 $ 8.71 $ 8.64 $ 9.79 $ 10.13 ------------------------------------------------------------------------------------------------------------------------------------ Increase (decrease) from investment operations: Net investment income (loss) $ 0.24(a) $ 0.49(a) $ 0.51(a) $ 0.54(a) $ 0.58(a) $ 0.66 Net realized and unrealized gain (loss) on investments 0.10 (0.65) 0.37 0.04(b) (1.19) (0.34) ------------------------------------------------------------------------------------------------------------------------------------ Net increase (decrease) from investment operations $ 0.34 $ (0.16) $ 0.88 $ 0.58 $ (0.61) $ 0.32 ------------------------------------------------------------------------------------------------------------------------------------ Distributions to shareowners: Net investment income $ (0.23) $ (0.45) $ (0.42) $ (0.47) $ (0.46) $ (0.63) Tax return of capital -- -- (0.05) (0.04) (0.08) (0.03) ------------------------------------------------------------------------------------------------------------------------------------ Total distributions $ (0.23) $ (0.45) $ (0.47) $ (0.51) $ (0.54) $ (0.66) ------------------------------------------------------------------------------------------------------------------------------------ Net increase (decrease) in net asset value $ 0.11 $ (0.61) $ 0.41 $ 0.07 $ (1.15) $ (0.34) ------------------------------------------------------------------------------------------------------------------------------------ Net asset value, end of period $ 8.62 $ 8.51 $ 9.12 $ 8.71 $ 8.64 $ 9.79 ==================================================================================================================================== Total return (c) 4.11%(d) (1.78)% 10.33% 7.14%(e) (6.36)% 3.16% Ratio of net expenses to average net assets 1.23%(f) 1.17% 1.18% 1.19% 1.17% 1.13% Ratio of net investment income (loss) to average net assets 5.75%(f) 5.56% 5.71% 6.50% 6.31% 6.62% Portfolio turnover rate 20%(d) 48% 53% 40% 32% 32% Net assets, end of period (in thousands) $163,329 $173,588 $182,900 $201,360 $254,056 $373,543 ====================================================================================================================================
* The Fund was audited by an independent registered public accounting firm other than Ernst & Young LLP. (a) The per-share data presented above is based on the average shares outstanding for the period presented. (b) The amount shown for a share outstanding does not correspond with the aggregate loss on investments for the period due to the timing of sales and repurchases of shares in relation to fluctuating market values of the investments of the Fund. (c) 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. (d) Not annualized. (e) If the Fund had not recognized gains in the settlement of class action lawsuits during the year ended October 31, 2016, the total return would have been 7.01%. (f) Annualized. The accompanying notes are an integral part of these financial statements. Pioneer Global High Yield Fund | Semiannual Report | 4/30/19 43 Financial Highlights (continued)
------------------------------------------------------------------------------------------------------------------------------------ Six Months Ended Year Year Year Year Year 4/30/19 Ended Ended Ended Ended Ended (unaudited) 10/31/18 10/31/17 10/31/16* 10/31/15* 10/31/14* ------------------------------------------------------------------------------------------------------------------------------------ Class C Net asset value, beginning of period $ 8.49 $ 9.09 $ 8.69 $ 8.62 $ 9.76 $ 10.10 ------------------------------------------------------------------------------------------------------------------------------------ Increase (decrease) from investment operations: Net investment income (loss) $ 0.21(a) $ 0.42(a) $ 0.44(a) $ 0.48(a) $ 0.51(a) $ 0.59 Net realized and unrealized gain (loss) on investments 0.10 (0.63) 0.36 0.04(b) (1.17) (0.34) ------------------------------------------------------------------------------------------------------------------------------------ Net increase (decrease) from investment operations $ 0.31 $ (0.21) $ 0.80 $ 0.52 $ (0.66) $ 0.25 ------------------------------------------------------------------------------------------------------------------------------------ Distributions to shareowners: Net investment income $ (0.20) $ (0.39) $ (0.35) $ (0.41) $ (0.40) $ (0.56) Tax return of capital -- -- (0.05) (0.04) (0.08) (0.03) ------------------------------------------------------------------------------------------------------------------------------------ Total distributions $ (0.20) $ (0.39) $ (0.40) $ (0.45) $ (0.48) $ (0.59) ------------------------------------------------------------------------------------------------------------------------------------ Net increase (decrease) in net asset value $ 0.11 $ (0.60) $ 0.40 $ 0.07 $ (1.14) $ (0.34) ------------------------------------------------------------------------------------------------------------------------------------ Net asset value, end of period $ 8.60 $ 8.49 $ 9.09 $ 8.69 $ 8.62 $ 9.76 ==================================================================================================================================== Total return (c) 3.70%(d) (2.39)% 9.46% 6.40%(e) (6.96)% 2.43% Ratio of net expenses to average net assets 1.96%(f) 1.90% 1.89% 1.90% 1.87% 1.83% Ratio of net investment income (loss) to average net assets 5.01%(f) 4.75% 5.01% 5.79% 5.61% 5.91% Portfolio turnover rate 20%(d) 48% 53% 40% 32% 32% Net assets, end of period (in thousands) $48,770 $60,700 $143,587 $183,542 $237,163 $354,162 ====================================================================================================================================
* The Fund was audited by an independent registered public accounting firm other than Ernst & Young LLP. (a) The per-share data presented above is based on the average shares outstanding for the period presented. (b) The amount shown for a share outstanding does not correspond with the aggregate loss on investments for the period due to the timing of sales and repurchases of shares in relation to fluctuating market values of the investments of the Fund. (c) 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 and no sales charges. Total return would be reduced if sales charges were taken into account. (d) Not annualized. (e) If the Fund had not recognized gains in the settlement of class action lawsuits during the year ended October 31, 2016 the total return would have been 6.28%. (f) Annualized. The accompanying notes are an integral part of these financial statements. 44 Pioneer Global High Yield Fund | Semiannual Report | 4/30/19
------------------------------------------------------------------------------------------------------------------------------------ Six Months Ended Year Year Year Year Year 4/30/19 Ended Ended Ended Ended Ended (unaudited) 10/31/18 10/31/17 10/31/16* 10/31/15* 10/31/14* ------------------------------------------------------------------------------------------------------------------------------------ Class Y Net asset value, beginning of period $ 8.36 $ 8.95 $ 8.55 $ 8.49 $ 9.62 $ 9.96 ------------------------------------------------------------------------------------------------------------------------------------ Increase (decrease) from investment operations: Net investment income (loss) $ 0.25(a) $ 0.50(a) $ 0.52(a) $ 0.57(a) $ 0.60(a) $ 0.67 Net realized and unrealized gain (loss) on investments 0.10 (0.62) 0.36 0.01(b) (1.17) (0.33) ------------------------------------------------------------------------------------------------------------------------------------ Net increase (decrease) from investment operations $ 0.35 $ (0.12) $ 0.88 $ 0.58 $ (0.57) $ 0.34 ------------------------------------------------------------------------------------------------------------------------------------ Distributions to shareowners: Net investment income $ (0.24) $ (0.47) $ (0.43) $ (0.48) $ (0.48) $ (0.65) Tax return of capital -- -- (0.05) (0.04) (0.08) (0.03) ------------------------------------------------------------------------------------------------------------------------------------ Total distributions $ (0.24) $ (0.47) $ (0.48) $ (0.52) $ (0.56) $ (0.68) ------------------------------------------------------------------------------------------------------------------------------------ Net increase (decrease) in net asset value $ 0.11 $ (0.59) $ 0.40 $ 0.06 $ (1.13) $ (0.34) ------------------------------------------------------------------------------------------------------------------------------------ Net asset value, end of period $ 8.47 $ 8.36 $ 8.95 $ 8.55 $ 8.49 $ 9.62 ==================================================================================================================================== Total return (c) 4.25%(d) (1.41)% 10.60% 7.34% (6.08)% 3.40% Ratio of net expenses to average net assets 0.93%(e) 0.92% 0.91% 0.90% 0.87% 0.84% Ratio of net investment income (loss) to average net assets 6.05%(e) 5.73% 5.96% 6.93% 6.60% 6.88% Portfolio turnover rate 20%(d) 48% 53% 40% 32% 32% Net assets, end of period (in thousands) $119,650 $133,015 $292,664 $280,262 $485,344 $682,911 ====================================================================================================================================
* The Fund was audited by an independent registered public accounting firm other than Ernst & Young LLP. (a) The per-share data presented above is based on the average shares outstanding for the period presented. (b) The amount shown for a share outstanding does not correspond with the aggregate loss on investments for the period due to the timing of sales and repurchases of shares in relation to fluctuating market values of the investments of the Fund. (c) 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. (d) Not annualized. (e) Annualized. The accompanying notes are an integral part of these financial statements. Pioneer Global High Yield Fund | Semiannual Report | 4/30/19 45 Notes to Financial Statements | 4/30/19 (unaudited) 1. Organization and Significant Accounting Policies Pioneer Global High Yield Fund (the "Fund") is one of two 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 K and Class Y shares. Class K shares had not commenced operations as of April 30, 2019. 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 of Trustees the flexibility to specify either per-share voting or dollar-weighted voting when submitting matters for shareowner approval. Under per-share voting, each share of a class of the Fund is entitled to one vote. Under dollar-weighted voting, a shareowner'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. Amundi Pioneer Asset Management, Inc., an indirect, wholly owned subsidiary of Amundi and Amundi's wholly owned subsidiary, Amundi USA, Inc., serves as the Fund's investment adviser (the "Adviser"). Amundi Pioneer Distributor, Inc., an affiliate of Amundi Pioneer Asset Management, Inc., serves as the Fund's distributor (the "Distributor"). In August 2018, the Securities and Exchange Commission ("SEC") released a Disclosure Update and Simplification Final Rule. The Final Rule amends Regulation S-X disclosures requirements to conform them to U.S. Generally Accepted Accounting Principles ("U.S. GAAP") for investment companies. The Fund's financial statements were prepared in compliance with the new amendments to Regulation S-X. 46 Pioneer Global High Yield Fund | Semiannual Report | 4/30/19 The Fund is an investment company and follows investment company accounting and reporting guidance under U.S. GAAP. U.S. GAAP requires the management of the Fund to 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: A. Security Valuation 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 by using 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, or may use a pricing matrix or other fair value methods or techniques to provide an estimated value of the security or instrument. A pricing matrix is a means of valuing a debt security on the basis of current market prices for other debt securities, historical trading patterns in the market for fixed-income securities and/or other factors. Non-U.S. debt securities that are listed on an exchange will be valued at the bid price obtained from an independent third party pricing service. When independent third party pricing services are unable to supply prices, or when prices or market quotations are considered to be unreliable, the value of that security may be determined using quotations from one or more broker-dealers. Loan interests 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 third party 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 or catastrophe bonds are valued at the bid price obtained from an independent third party pricing service. Other insurance-linked securities (including sidecars, collateralized reinsurance and industry loss warranties) may be valued at the bid price obtained from an independent Pioneer Global High Yield Fund | Semiannual Report | 4/30/19 47 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. Equity securities that have traded on an exchange are valued by using 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 or, if both last bid and asked prices are not available, at the last quoted bid price. Last sale and bid and asked prices are provided by independent third party pricing services. In the case of equity securities not traded on an exchange, prices are typically determined by independent third party pricing services using a variety of techniques and methods. The value of foreign securities is translated into U.S. dollars based on foreign currency exchange rate quotations supplied by a third party pricing source. Trading in non-U.S. equity securities is substantially completed each day at various times prior to the close of the NYSE. The values of such securities used in computing the net asset value of the Fund's shares are determined as of such times. The Fund may use a fair value model developed by an independent pricing service to value non-U.S. equity securities. Options contracts are generally valued at the mean between the last bid and ask prices on the principal exchange where they are traded. Over-the-counter ("OTC") options and options on swaps ("swaptions") are valued using 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, or may use a pricing matrix or other fair value methods or techniques to provide an estimated value of the security or instrument. Repurchase agreements are valued at par. Cash may include overnight time deposits at approved financial institutions. Forward foreign currency exchange contracts are valued daily using the foreign exchange rate or, for longer term forward contract positions, the spot currency rate and the forward points on a daily basis, in each case provided by a third party pricing service. Contracts whose forward settlement date falls between two quoted days are valued by interpolation. Swap contracts, including interest rate swaps, caps and floors (other than centrally cleared swap contracts) are valued at the dealer quotations obtained from reputable International Swap Dealers Association members. Centrally cleared swaps are valued at the daily settlement price provided by the central clearing counterparty. 48 Pioneer Global High Yield Fund | Semiannual Report | 4/30/19 Securities or loan interests for which independent pricing services or broker-dealers 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 the Adviser pursuant to procedures adopted by the Fund's Board of Trustees. The Adviser's fair valuation team uses fair value methods approved by the Valuation Committee of the Board of Trustees. The Adviser'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, 2019, six securities were valued using fair value methods (in addition to securities valued using prices supplied by independent pricing services, broker-dealers or using a third party insurance pricing model) representing 0.41% of net assets. The value of this fair valued security was $1,368,851. B. Investment Income and Transactions 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 and net of income accrued on defaulted securities. Interest and dividend income payable by delivery of additional shares is reclassified as PIK (payment-in-kind) income upon receipt and is included in interest and dividend income, respectively. 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 Pioneer Global High Yield Fund | Semiannual Report | 4/30/19 49 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. Security transactions are recorded as of trade date. 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 investments are not segregated on 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. 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 net 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, 2018, 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 on 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. GAAP. Distributions in excess of net investment income or net realized gains are temporary over distributions 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. 50 Pioneer Global High Yield Fund | Semiannual Report | 4/30/19 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, 2018 was as follows:
-------------------------------------------------------------------------- 2018 -------------------------------------------------------------------------- Distributions paid from: Ordinary income $26,397,633 -------------------------------------------------------------------------- Total $26,397,633 ==========================================================================
The following shows the components of distributable earnings on a federal income tax basis at October 31, 2018:
-------------------------------------------------------------------------- 2018 -------------------------------------------------------------------------- Distributable earnings: Capital loss carryforward $(269,396,585) Dividend payable (195,768) Net unrealized depreciation (33,879,510) -------------------------------------------------------------------------- Total $(303,471,863) ==========================================================================
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 and swaps, adjustments relating to catastrophe bonds and swaps. E. Fund Shares The Fund records sales and repurchases of its shares as of trade date. The Distributor earned $3,400 in underwriting commissions on the sale of Class A shares during the six months ended April 30, 2019. F. Class Allocations Income, common expenses and realized and unrealized gains and losses are calculated at the Fund level and allocated daily to each class of shares based on its respective percentage of adjusted net assets at the beginning of the day. Distribution fees are calculated based on the average daily net asset value attributable to Class A and Class C shares of the Fund, respectively (see Note 4). Class Y shares do not pay distribution fees. All expenses and fees paid to the Fund's transfer agent 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 Pioneer Global High Yield Fund | Semiannual Report | 4/30/19 51 the Fund with respect to each class of shares are calculated in the same manner and at the same time, except that net investment income dividends to Class A, Class C and Class Y shares can reflect different transfer agent and distribution expense rates. G. Risks The value of securities held by the Fund may go up or down, sometimes rapidly or unpredictably, due to general market conditions, such as real or perceived adverse economic, political or regulatory conditions, inflation, changes in interest rates, lack of liquidity in the bond markets or adverse investor sentiment. In the past several years, financial markets have experienced increased volatility, depressed valuations, decreased liquidity and heightened uncertainty. These conditions may continue, recur, worsen or spread. A general rise in interest rates could adversely affect the price and liquidity of fixed-income securities and could also result in increased redemptions from the Fund. 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 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. With the increased use of technologies such as the Internet to conduct business, the Fund is susceptible to operational, information security and related risks. While the Fund's Adviser has established business continuity plans in the event of, and risk management systems to prevent, limit or mitigate, such cyber-attacks, there are inherent limitations in such plans and systems, including the possibility that certain risks have not been identified. Furthermore, the Fund cannot control the cybersecurity plans and systems put in place by service providers to the Fund such as Brown Brothers Harriman & Co., the Fund's custodian and accounting agent, and DST Asset Manager Solutions, Inc., the Fund's transfer agent. In addition, many 52 Pioneer Global High Yield Fund | Semiannual Report | 4/30/19 beneficial owners of Fund shares hold them through accounts at broker-dealers, retirement platforms and other financial market participants over which neither the Fund nor Amundi Pioneer exercises control. Each of these may in turn rely on service providers to them, which are also subject to the risk of cyber-attacks. Cybersecurity failures or breaches at Amundi Pioneer or the Fund's service providers or intermediaries have the ability to cause disruptions and impact business operations, potentially resulting in financial losses, interference with the Fund's ability to calculate its net asset value, impediments to trading, the inability of Fund shareowners to effect share purchases, redemptions or exchanges or receive distributions, loss of or unauthorized access to private shareowner information and violations of applicable privacy and other laws, regulatory fines, penalties, reputational damage, or additional compliance costs. Such costs and losses may not be covered under any insurance. In addition, maintaining vigilance against cyber-attacks may involve substantial costs over time, and system enhancements may themselves be subject to cyber-attacks. 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. H. Insurance-Linked Securities ("ILS") The Fund invests in ILS. The Fund could lose a portion or all of the principal it has invested in an ILS, and the right to additional interest or dividend payments with respect to the security, upon the occurrence of one or more trigger events, as defined within the terms of an insurance-linked security. Trigger events, generally, are hurricanes, earthquakes, or other natural events of a specific size or magnitude that occur in a designated geographic region during a specified time period, and/or that involve losses or other metrics that exceed a specific amount. There is no way to accurately predict whether a trigger event will occur, and accordingly, ILS carry significant risk. The Fund is entitled to receive principal, and interest and/or dividend payments so long as no trigger event occurs of the description and magnitude specified by the instrument. In addition to the specified trigger events, ILS may expose the Fund to other risks, including but not limited to issuer (credit) default, adverse regulatory or jurisdictional interpretations and adverse tax consequences. The Fund's investments in ILS may include event-linked bonds. ILS also may include special purpose vehicles ("SPVs") or similar instruments structured to comprise a portion of a reinsurer's catastrophe-oriented business, known as quota share instruments (sometimes referred to as reinsurance sidecars), or to provide reinsurance relating to specific risks to insurance or reinsurance companies through a collateralized instrument, known as collateralized Pioneer Global High Yield Fund | Semiannual Report | 4/30/19 53 reinsurance. Structured reinsurance investments also may include industry loss warranties ("ILWs"). A traditional ILW takes the form of a bilateral reinsurance contract, but there are also products that take the form of derivatives, collateralized structures, or exchange-traded instruments. Where the ILS are based on the performance of underlying reinsurance contracts, the Fund has limited transparency into the individual underlying contracts, and therefore must rely upon the risk assessment and sound underwriting practices of the issuer. Accordingly, it may be more difficult for the Adviser to fully evaluate the underlying risk profile of the Fund's structured reinsurance investments, and therefore the Fund's assets are placed at greater risk of loss than if the Adviser had more complete information. Structured reinsurance instruments generally will be considered illiquid securities by the Fund. These securities may be difficult to purchase, sell or unwind. Illiquid securities also may be difficult to value. If the Fund is forced to sell an illiquid asset, the Fund may be forced to sell at a loss. I. Repurchase Agreements Repurchase agreements are arrangements under which the Fund purchases securities from a broker-dealer or a bank, called the counterparty, upon the agreement of the counterparty to repurchase the securities from the Fund at a later date, and at a specific price, which is typically higher than the purchase price paid by the Fund. The securities purchased serve as the Fund's collateral for the obligation of the counterparty to repurchase the securities. The value of the 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 sub-custodian of the Fund. The Adviser is responsible for determining that the value of the collateral remains at least equal to the repurchase price. In the event of a default by the counterparty, the Fund is entitled to sell the securities, but the Fund may not be able to sell them for the price at which they were purchased, thus causing a loss to the Fund. Additionally, if the counterparty becomes insolvent, there is some risk that the Fund will not have a right to the securities, or the immediate right to sell the securities. As of April 30, 2019, the Fund had no open repurchase agreements. J. Purchased Options The Fund may purchase put and call options to seek to 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 on 54 Pioneer Global High Yield Fund | Semiannual Report | 4/30/19 the Statement of Assets and Liabilities as an investment. All premiums are marked-to-market daily, and any unrealized appreciation or depreciation is recorded on the Fund's Statement of Operations. 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 call and put options which have expired are treated as realized losses on investments on 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 market value of purchased options contracts open during the six months ended April 30, 2019, was $575,148. Open purchased options at April 30, 2019, are listed in the Fund's Schedule of Investments. K. 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 "Written options outstanding" on the Statement of Assets and Liabilities 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 on the Statement of Operations. 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 on the Statement of Operations, or, if the premium is less than the amount paid for the closing purchase transaction, as a realized loss on the Statement of Operations. 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 market value of written options for the six months ended April 30, 2019, was $(37,061). Open written options contracts at April 30, 2019, are listed in the Fund's Schedule of Investments. Pioneer Global High Yield Fund | Semiannual Report | 4/30/19 55 L. 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 X). At April 30, 2019, the Fund had entered into various forward foreign currency contracts that obligated 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 market value of forward foreign currency contracts open during the six months ended April 30, 2019, was $1,241,250. Open forward foreign currency contracts outstanding at April 30, 2019, are listed in the Schedule of Investments. M. Credit Default Swap Contracts A credit default swap is a contract between a buyer of protection and a seller of protection against a pre-defined credit event or an underlying reference obligation, which may be a single security or a basket or index of securities. 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. 56 Pioneer Global High Yield Fund | Semiannual Report | 4/30/19 As a buyer of protection, the Fund 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 within the "Swap contracts, at value" line item on the Statement of Assets and Liabilities. Periodic payments received or paid by the Fund are recorded as realized gains or losses on 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 within the "Swap contracts, at value" line item on 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 on 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. In addition, obligations under sell protection credit default swaps may be partially offset by net amounts received from settlement of buy protection credit default swaps entered into by the Fund for the same reference obligation with the same counterparty. 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 for centrally cleared swaps" on the Statement of Assets and Liabilities. Cash received from or paid to the broker related to previous margin movement is held in a segregated account at the broker and is recorded as either "Due from broker for swaps" or "Due to broker for swaps" on the Statement of Assets and Liabilities. The amount of cash deposited with a broker as collateral at April 30, 2019, is recorded as "Swaps collateral" on the Statement of Assets and Liabilities. The average market value of credit default swap contracts open during the six months ended April 30, 2019, was $425,573. Open credit default swap contracts at April 30, 2019, are listed in the Schedule of Investments. Pioneer Global High Yield Fund | Semiannual Report | 4/30/19 57 2. Management Agreement The 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, 2019, the effective management fee (excluding waivers and/or assumption of expenses) was equivalent to 0.70% 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 $31,711 in management fees, administrative costs and certain other reimbursements payable to the Adviser at April 30, 2019. 3. Transfer Agent DST Asset Manager Solutions, Inc. serves as the transfer agent to the Fund at negotiated rates. Transfer agent fees and payables shown on the Statement of Operations and the Statement of Assets and Liabilities, respectively, include sub-transfer agent expenses incurred through the Fund's omnibus relationship contracts. In addition, the Fund reimbursed the transfer agent for out-of-pocket expenses incurred by the transfer agent related to shareowner communications activities such as proxy and statement mailings, and outgoing phone calls. For the six months ended April 30, 2019, such out-of-pocket expenses by class of shares were as follows:
-------------------------------------------------------------------------------- Shareowner Communications -------------------------------------------------------------------------------- Class A $15,807 Class C 3,725 Class Y 1,676 -------------------------------------------------------------------------------- Total $21,208 ================================================================================
4. Distribution and Service Plans The Fund has adopted a distribution plan (the "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 the Distributor 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 the Distributor 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 58 Pioneer Global High Yield Fund | Semiannual Report | 4/30/19 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 $12,280 in distribution fees payable to the Distributor at April 30, 2019. 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 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 the Distributor. For the six months ended April 30, 2019, CDSCs in the amount of $828 were paid to the Distributor. 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. Effective August 1, 2018, the Fund participates in a credit facility in the amount of $250 million. Prior to August 1, 2018, the credit facility was in the amount of $195 million. Under such credit facility, depending on the type of loan, interest on borrowings is payable at the London Interbank Offered Rate ("LIBOR") plus 0.90% on an annualized basis, or the Alternate Base Rate, which is the greater of (a) the facility's administrative agent's daily announced prime rate on the borrowing date, or (b) 2% plus the Federal Funds Rate on the borrowing date or, (c) 2% plus the overnight Eurodollar rate on the borrowing date. The Fund pays an annual commitment fee to participate in a credit facility. The commitment fee is allocated among participating Funds based on an allocation schedule set forth in the credit agreement. For the six months ended April 30, 2019, the Fund had no borrowings under the credit facility. 6. Master Netting Agreement The Fund has entered into an International Swaps and Derivatives Association, Inc. Master Agreement ("ISDA Master Agreement") or similar agreement with substantially all its derivative counterparties. An ISDA Master Agreement is a bilateral agreement between the Fund and a counterparty that governs the trading of certain Over the Counter ("OTC") derivatives and typically contains, among other things, close-out and set-off provisions which apply upon the occurrence of an event of default and/or a termination event as Pioneer Global High Yield Fund | Semiannual Report | 4/30/19 59 defined under the relevant ISDA Master Agreement. The ISDA Master Agreement may also give a party the right to terminate all transactions traded under such agreement if, among other things, there is deterioration in the credit quality of the other party. Upon an event of default or a termination of the ISDA Master Agreement, the non-defaulting party has the right to close out all transactions under such agreement and to net amounts owed under each transaction to determine one net amount payable by one party to the other. The right to close out and net payments across all transactions under the ISDA Master Agreement could result in a reduction of the Fund's credit risk to its counterparty equal to any amounts payable by the Fund under the applicable transactions, if any. However, the Fund's right to setoff may be restricted or prohibited by the bankruptcy or insolvency laws of the particular jurisdiction to which each specific ISDA of each counterparty is subject. The collateral requirements for derivatives transactions under an ISDA Master Agreement are governed by a credit support annex to the ISDA Master Agreement. Collateral requirements are generally determined at the close of business each day and are typically based on changes in market values for each transaction under an ISDA Master Agreement and netted into one amount for such agreement. Generally, the amount of collateral due from or to a counterparty is subject to threshold (a "minimum transfer amount") before a transfer is required, which may vary by counterparty. Collateral pledged for the benefit of the Fund and/or counterparty is held in segregated accounts by the Fund's custodian and cannot be sold, re-pledged, assigned or otherwise used while pledged. Cash that has been segregated to cover the Fund's collateral obligations, if any, will be reported separately on the Statement of Assets and Liabilities as "Swaps collateral". Securities pledged by the Fund as collateral, if any, are identified as such in the Schedule of Investments. Financial instruments subject to an enforceable master netting agreement such as an ISDA Master Agreement have not been offset on the Statement of Assets and Liabilities. The following charts show gross assets and liabilities of the Fund as of April 30, 2019.
----------------------------------------------------------------------------------------------------------------- Derivative Assets Derivatives Non-Cash Cash Net Amount Subject to Master Available for Collateral Collateral of Derivative Counterparty Netting Agreement Offset Received (a) Received (a) Assets (b) ----------------------------------------------------------------------------------------------------------------- Bank of America NA $ 712,988 $(12,235) $ -- $ -- $700,753 Bank of New York Mellon Corp. -- -- -- -- -- Citibank N.A. -- -- -- -- -- Goldman Sachs International 294,883 -- -- -- 294,883 State Street Bank & Trust Co. 8,177 (8,177) -- -- -- ----------------------------------------------------------------------------------------------------------------- Total $1,016,048 $(20,412) $ -- $ -- $995,636 =================================================================================================================
60 Pioneer Global High Yield Fund | Semiannual Report | 4/30/19
------------------------------------------------------------------------------------------------------------------ Derivative Liabilities Derivatives Non-Cash Cash Net Amount Subject to Master Available for Collateral Collateral of Derivative Counterparty Netting Agreement Offset Pledged (a) Pledged (a) Liabilities (c) ------------------------------------------------------------------------------------------------------------------ Bank of America NA $12,235 $(12,235) $ -- $ -- $ -- Bank of New York Mellon Corp. -- -- -- -- -- Citibank N.A. 6,390 -- -- -- 6,390 Goldman Sachs International -- -- -- -- -- State Street Bank & Trust Co. 52,604 (8,177) -- -- 44,427 ------------------------------------------------------------------------------------------------------------------ Total $71,229 $(20,412) $ -- $ -- $50,817 ==================================================================================================================
(a) 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. (b) Represents the net amount due from the counterparty in the event of default. (c) Represents the net amount payable to the counterparty in the event of default. 7. Additional Disclosures about Derivative Instruments and Hedging Activities The Fund's use of derivatives may enhance or mitigate the Fund's exposure to the following risks: Interest rate risk relates to the fluctuations in the value of interest-bearing securities due to changes in the prevailing levels of market interest rates. Credit risk relates to the ability of the issuer of a financial instrument to make further principal or interest payments on an obligation or commitment that it has to the Fund. Foreign exchange rate risk relates to fluctuations in the value of an asset or liability due to changes in currency exchange rates. Equity risk relates to the fluctuations in the value of financial instruments as a result of changes in market prices (other than those arising from interest rate risk or foreign exchange rate risk), whether caused by factors specific to an individual investment, its issuer, or all factors affecting all instruments traded in a market or market segment. Commodity risk relates to the risk that the value of a commodity or commodity index will fluctuate based on increases or decreases in the commodities market and factors specific to a particular industry or commodity. Pioneer Global High Yield Fund | Semiannual Report | 4/30/19 61 The fair value of open derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) by risk exposure at April 30, 2019, was as follows:
--------------------------------------------------------------------------------------------- Foreign Statement of Interest Credit Exchange Equity Commodity Assets and Liabilities Rate Risk Risk Rate Risk Risk Risk --------------------------------------------------------------------------------------------- Assets Currency put options purchased* $ -- $ -- $712,988 $ -- $ -- Swap contracts, at value -- 560,244 -- -- -- --------------------------------------------------------------------------------------------- Total Value $ -- $560,244 $712,988 $ -- $ -- ============================================================================================= Liabilities Written options outstanding $ -- $ -- $ 12,235 $ -- $ -- Net unrealized depreciation on forward foreign currency contracts -- -- 46,321 -- -- --------------------------------------------------------------------------------------------- Total Value $ -- $ -- $ 58,556 $ -- $ -- =============================================================================================
* Reflects the market value of purchased option contracts (see Note 1J.). These amounts are included in investments in unaffiliated issuers, at value, on the Statement of Assets and Liabilities. The effect of derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) on the Statement of Operations by risk exposure at April 30, 2019, was as follows:
------------------------------------------------------------------------------------------------ Foreign Statement Interest Credit Exchange Equity Commodity of Operations Rate Risk Risk Rate Risk Risk Risk ------------------------------------------------------------------------------------------------ Net realized gain (loss) on: Forward foreign currency contracts $ -- $ -- $(110,430) $ -- $ -- Swap contracts -- 102,064 -- -- -- ------------------------------------------------------------------------------------------------ Total Value $ -- $102,064 $(110,430) $ -- $ -- ================================================================================================ Change in net unrealized appreciation (depreciation) on: Currency put options purchased** $ -- $ -- $ 9,440 $ -- $ -- Written options -- -- 118,558 -- -- Forward foreign currency contracts -- -- (10,702) -- -- Swap contracts -- (10,290) -- -- -- ------------------------------------------------------------------------------------------------ Total Value $ -- $(10,290) $ 117,296 $ -- $ -- ================================================================================================
** Reflects the change in net unrealized appreciation (depreciation) on purchased option contracts (see Note 1J). These amounts are included in change in net unrealized appreciation (depreciation) on Investments in unaffiliated issuers, on the Statements of Operations. 62 Pioneer Global High Yield Fund | Semiannual Report | 4/30/19 Trustees, Officers and Service Providers Trustees Officers Thomas J. Perna, Chairman Lisa M. Jones, President and David R. Bock Chief Executive Officer Benjamin M. Friedman Mark E. Bradley, Treasurer and Margaret B.W. Graham Chief Financial and Lisa M. Jones Accounting Officer Lorraine H. Monchak Christopher J. Kelley, Secretary and Marguerite A. Piret Chief Legal Officer Fred J. Ricciardi Kenneth J. Taubes Investment Adviser and Administrator Amundi Pioneer Asset Management, Inc. Custodian and Sub-Administrator Brown Brothers Harriman & Co. Principal Underwriter Amundi Pioneer Distributor, Inc. Legal Counsel Morgan, Lewis & Bockius LLP Transfer Agent DST Asset Manager Solutions, Inc. Proxy Voting Policies and Procedures of the Fund are available without charge, upon request, by calling our toll free number (1-800-225-6292). Information regarding how the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is publicly available to shareowners at www.amundipioneer.com/us. This information is also available on the Securities and Exchange Commission's web site at www.sec.gov. Pioneer Global High Yield Fund | Semiannual Report | 4/30/19 63 This page is for your notes. 64 Pioneer Global High Yield Fund | Semiannual Report | 4/30/19 This page is for your notes. Pioneer Global High Yield Fund | Semiannual Report | 4/30/19 65 This page is for your notes. 66 Pioneer Global High Yield Fund | Semiannual Report | 4/30/19 This page is for your notes. Pioneer Global High Yield Fund | Semiannual Report | 4/30/19 67 This page is for your notes. 68 Pioneer Global High Yield Fund | Semiannual Report | 4/30/19 How to Contact Amundi 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 FactFoneSM for automated fund yields, prices, account information and transactions 1-800-225-4321 Retirement plans information 1-800-622-0176 Write to us: -------------------------------------------------------------------------------- Amundi Pioneer P.O. Box 219427 Kansas City, MO 64121-9427 Our toll-free fax 1-800-225-4240 Our internet e-mail address us.askamundipioneer@amundipioneer.com (for general questions about Amundi Pioneer only) Visit our web site: www.amundipioneer.com/us This report must be preceded or accompanied by a prospectus. The Fund files a complete schedule of portfolio holdings with the Securities and Exchange Commission for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. Shareholders may view the filed Form N-PORT by visiting the Commission's web site at https://www.sec.gov. [LOGO] Amundi Pioneer ============== ASSET MANAGEMENT Amundi Pioneer Asset Management, Inc. 60 State Street Boston, MA 02109 www.amundipioneer.com/us Securities offered through Amundi Pioneer Distributor, Inc. 60 State Street, Boston, MA 02109 Underwriter of Pioneer Mutual Funds, Member SIPC [C] 2019 Amundi Pioneer Asset Management 19382-13-0619 Pioneer Global Multisector Income Fund -------------------------------------------------------------------------------- Semiannual Report | April 30, 2019 -------------------------------------------------------------------------------- Ticker Symbols: Class A PGABX Class C PGCBX Class Y PGYBX Beginning in April 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Fund's shareholder reports like this one will no longer be sent by mail, unless you specifically request paper copies of the reports from the Fund or from your financial intermediary, such as a broker-dealer, bank or insurance company. Instead, the reports will be made available on the Fund's website, and you will be notified by mail each time a report is posted and provided with a website link to access the report. If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications electronically by contacting your financial intermediary or, if you invest directly with the Fund, by calling 1-800-225-6292. You may elect to receive all future reports in paper free of charge. If you invest directly with the Fund, you can inform the Fund that you wish to continue receiving paper copies of your shareholder reports by calling 1-800-225-6292. If you invest through a financial intermediary, you can contact your financial intermediary to request that you continue to receive paper copies of your shareholder reports. Your election to receive reports in paper will apply to all funds held in your account if you invest through your financial intermediary or all funds held within the Pioneer Fund complex if you invest directly. [LOGO] Amundi Pioneer ============== ASSET MANAGEMENT visit us: www.amundipioneer.com/us 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 42 Notes to Financial Statements 49 Trustees, Officers and Service Providers 68
Pioneer Global Multisector Income Fund | Semiannual Report | 4/30/19 1 President's Letter Since 1928, active portfolio management based on in-depth, fundamental research, has been the foundation of Amundi Pioneer's investment approach. We believe an active management investment strategy is a prudent approach to investing, especially during periods of market volatility, which can result from any number of risk factors, including slow U.S. economic growth, rising interest rates, and geopolitical factors. Of course, in today's global economy, risk factors extend well beyond U.S. borders. In fact, it's not unusual for political and economic issues on the international front to cause or contribute to volatility in U.S. markets. At Amundi Pioneer, each security under consideration is researched by our team of experienced investment professionals, who visit companies and meet with their management teams. At the end of this research process, if we have conviction in a company's business model and management team, and regard the security as a potentially solid investment opportunity, an Amundi Pioneer portfolio manager makes an active decision to invest in that security. The portfolio resulting from these decisions represents an expression of his or her convictions, and strives to balance overall risk and return opportunity. As an example, the Standard & Poor's 500 Index -- the predominant benchmark for many U.S. Large-Cap Core Equity funds -- has 500 stocks. An Amundi Pioneer portfolio manager chooses to invest in only those companies that he or she believes can offer the most attractive opportunities to pursue the fund's investment objective, thus potentially benefiting the fund's shareowners. This process results in a portfolio that does not own all 500 stocks, but a much narrower universe. The same active decision to invest in a company is also applied when we decide to sell a security, either due to changing fundamentals, valuation concerns, or market risks. We apply this active decision-making across all of our equity, fixed-income, and global portfolios. Today, as investors, we have many options. It is our view that active management can serve shareholders well not only when markets are thriving, but also during periods of market volatility and uncertainty, thus making it a compelling investment choice. As you consider the many choices today, 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. 2 Pioneer Global Multisector Income Fund | Semiannual Report | 4/30/19 We greatly appreciate the trust you have placed in us and look forward to continuing to serve you in the future. Sincerely, /s/ Lisa M. Jones Lisa M. Jones Head of the Americas, President and CEO of U.S. Amundi Pioneer Asset Management USA, Inc. April 30, 2019 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. Past performance is no guarantee of future results. Pioneer Global Multisector Income Fund | Semiannual Report | 4/30/19 3 Portfolio Management Discussion | 4/30/19 In the following interview, Andrew Feltus, Paresh Upadhyaya, and Bradley R. Komenda, discuss the factors that affected the performance of Pioneer Global Multisector Income Fund during the six-month period ended April 30, 2019. Mr. Feltus, CFA, Managing Director, Co-Director of High Yield, and a portfolio manager at Amundi Pioneer Asset Management, Inc. (Amundi Pioneer); Mr. Upadhyaya, Director of Currency Strategy, U.S., a senior vice president, and a portfolio manager at Amundi Pioneer; and Mr. Komenda, Deputy Director of Investment-Grade Corporates, a senior vice president, and a portfolio manager at Amundi 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 Amundi Pioneer. Q How did the Fund perform during the six-month period ended April 30, 2019? A Pioneer Global Multisector Income Fund's Class A shares returned 2.91% at net asset value during the six-month period ended April 30, 2019, while the Fund's benchmark, the Bloomberg Barclays Global Aggregate Bond Index (the Bloomberg Barclays Index), returned 4.28% . During the same period, the average return of the 227 mutual funds in Morningstar's World Bond Funds category was 3.80%. Q How would you describe the investment environment for fixed-income securities during the six-month period ended April 30, 2019? A The world's bond markets delivered strong, broad-based gains during the period, reflecting a general shift in global central-bank policies toward a more accommodative stance. When the reporting period began on November 1, 2018, the financial markets were still under pressure from expectations that the U.S. Federal Reserve (the Fed) would continue to raise interest rates in the year ahead. The adverse outlook stemmed from both strong economic growth in the middle part of 2018, particularly in the U.S., as well as Fed Chairman Jerome Powell's October statement that interest-rate policy was "a long way from neutral." The backdrop changed considerably late in the year, however, thus setting the stage for an unusually strong rally. Economic data began to show weakness across the globe, especially in Europe and China, dashing hopes that the rapid expansion of mid-2018 would prove sustainable. In turn, the downshift in the growth outlook prompted the Fed - after increasing rates for the fourth time in 2018 at its December meeting - to indicate it would take a more "data dependent" approach going forward, 4 Pioneer Global Multisector Income Fund | Semiannual Report | 4/30/19 and would likely "pause" on further rate hikes, if not rule them out entirely. Foreign central banks also pivoted to a more accommodative posture, which ran contrary to earlier expectations that the European Central Bank (ECB) and its developed-market peers were set to tighten monetary policy in 2019. The sudden shift in the investment backdrop sparked robust gains across the interest-rate-sensitive segments of the bond market for the six-month period. The yield on the 10-year U.S. Treasury note, which had stood at 3.24% at its most recent peak in early November 2018, fell to 2.39% at its March 2019 low. (Bond prices and yields move in opposite directions.) The Fed's shift to a neutral policy stance helped fuel strong returns for securitized assets, higher-rated corporate debt, and international government bonds, and led to a revival in investors' appetite for risk, which drove sizable gains for credit-sensitive assets such as domestic high-yield bonds and emerging markets debt. The rally resulted in all major market segments within fixed income finishing the six-month period in positive territory, with the best returns occurring among long-term bonds and lower-rated securities. The U.S. dollar (USD) gained ground against the majority of foreign currencies over the period, as the Fed's more accommodative approach did not lead to protracted weakness in the USD (as would ordinarily be expected), since other central banks generally followed the Fed's lead. In addition, the USD benefited from the ongoing strength in the U.S. economy compared with the rest of the world. Q What were the principal factors that either contributed to or detracted from the Fund's benchmark-relative returns during the six-month period ended April 30, 2019? A The Fund's currency positioning was the primary cause of its benchmark-relative underperformance for the period. We believed there would be a convergence in economic growth rates and interest-rate policies between Europe and the United States, which we expected would support the euro against the USD. We therefore established a long position in the Swedish krona, which we saw as a better way to capture the theme, given that the krona tends to be more volatile than the euro (and thus likely to experience larger gains in the event of a rally.) The USD in fact moved steadily higher throughout the period, however, causing the Fund's positioning to detract from performance. Long positions in the Uruguay peso and South African rand further detracted from benchmark-relative results. Pioneer Global Multisector Income Fund | Semiannual Report | 4/30/19 5 The Fund's duration positioning also weighed on benchmark-relative performance. We kept the portfolio's duration below that of the Bloomberg Barclays Index, meaning the Fund had a lower degree of interest-rate sensitivity. During a time that saw yields decline as prices rose, the duration element of our investment strategy prevented the Fund from gaining the full benefit of the rally in the bond market. (Duration is a measure of the sensitivity of the price, or the value of principal, of a fixed-income investment to a change in interest rates, expressed as a number of years.) Our allocation decisions had a neutral effect on the Fund's benchmark-relative results. On the positive side, the Fund's performance benefited from our emphasis on investments in the credit-sensitive sectors, including high-yield bonds and the emerging markets. Conversely, the Fund lost some ground from an allocation to insurance-linked securities (ILS). ILS, which are sponsored by insurance companies to help mitigate the risk of having to pay claims in the wake of natural disasters, finished the six-month period in the red largely due to the claims generated by the California wildfires in late 2018. The Fund held a position in ILS based on our view that the securities offered both above-average yield potential as well as a source of portfolio diversification*. Unfortunately, those traits were not reflected in the performance of ILS in the environment we experienced over the six-month period. We significantly reduced the Fund's weighting in ILS before period-end, as we saw better opportunities elsewhere. Security selection was a net positive for the Fund's performance during the period, with the best results coming from the emerging markets, where portfolio positions in Buenos Aires (both the province and the city) were the strongest contributors. The Fund's investments in Bahrain, Senegal, Sri Lanka, and Uruguay also added value. Q Did the Fund invest in any derivative securities during the six-month period ended April 30, 2019? If so, did the derivatives have a material impact on benchmark-relative performance? A We invested the Fund in three types of derivatives during the period: forward foreign currency transactions (forwards), U.S. Treasury futures, and credit default swaps (CDS). Since we have typically achieved our desired currency positioning for the Fund by using derivatives, the forwards had a negative effect on benchmark-relative returns due to our bias towards a lower USD, as we discussed earlier. We invested in Treasury futures to * Diversification does not assure a profit nor protect against loss. 6 Pioneer Global Multisector Income Fund | Semiannual Report | 4/30/19 help manage the portfolio's interest-rate risk, and they had a slight positive effect on benchmark-relative returns. The investments in CDS had a neutral impact on the Fund's relative performance. Q Were there any changes in the Fund's distributions** to shareholders during the six-month period ended April 30, 2019? A The Fund's distributions increased over the six-month period compared with the level on October 31, 2018. Q How was the Fund positioned as of period end, and how does the positioning reflect your broader outlook? A Global economic growth experienced a soft patch in late 2018, but in our view, more recent data reveals that growth remains on a positive track, with a low probability of recession. Developments in China have been particularly encouraging, led by data related to industrial production, consumer spending, and credit growth. While a great deal of uncertainty continues to surround the European economy, we believe the overall outlook there remains favorable. With that said, we think careful security selection will remain essential given the lingering questions, such as trade-related issues, that continue to affect the broader outlook. Within the credit-sensitive sectors, we have been gradually reducing the Fund's allocations to high-yield bonds and investment-grade corporates, as those market segments appear to offer less value after their strong rallies thus far in 2019. We have also become more cautious on bank loans, given that their floating-rate features could experience lower investor demand now that the Fed has paused its interest-rate increases. We believe relative values are more attractive in the structured credit sectors -- including non-agency mortgage-backed securities and asset-backed securities -- due to the stronger credit protections the securities offer in relation to their quality ratings. We believe both areas also have the ability to benefit from the current strength of the U.S. consumer. We have not been finding an abundance of opportunities in developed-market, non-U.S. sovereigns, where many issues have negative nominal yields and nearly all have negative real (inflation-adjusted) yields. Even so, we remain on the lookout for securities that can potentially benefit from a weaker USD. Although the USD has performed very well in recent years, we see latitude for the currency to give back some ground if overseas ** Distributions are not guaranteed. Pioneer Global Multisector Income Fund | Semiannual Report | 4/30/19 7 economic growth picks up steam and foreign central banks are compelled to adopt monetary policies that are more aggressive than investors currently anticipate. For the same reason, we also see opportunities in emerging markets debt and currencies. In total, we believe the various aspects of the Fund's positioning help to underscore the value of a flexible, selective investment approach that seeks to manage portfolio risk and capitalize on potential value opportunities as they emerge. Please refer to the Schedule of Investments on pages 17-41 for a full listing of Fund securities. All investments are subject to risk, including the possible loss of principal. In the past several years, financial markets have experienced increased volatility, depressed valuations, decreased liquidity and heightened uncertainty. These conditions may continue, recur, worsen or spread. 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 held by the Fund will generally fall. Conversely, when interest rates fall, the prices of fixed income securities held by 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. 8 Pioneer Global Multisector Income Fund | Semiannual Report | 4/30/19 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. 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 Amundi Pioneer Asset Management, Inc., 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 | 4/30/19 9 Portfolio Summary | 4/30/19 Portfolio Diversification -------------------------------------------------------------------------------- (As a percentage of total investments)* [THE FOLLOWING DATA WAS REPRESENTED AS A PIE CHART IN THE PRINTED MATERIAL]
Corporate Bonds 39.4% Foreign Government Bonds 22.3% U.S. Government and Agency Obligations 17.0% Senior Secured Floating Rate Loan Interests 8.3% Collateralized Mortgage Obligations 6.9% Affiliated Closed-End Fund(j) 3.8% Convertible Preferred Stocks 0.6% Municipal Bonds 0.6% Asset Backed Securities 0.4% Supranational Bond 0.3% Over The Counter (OTC) Currency Put Options Purchased 0.2% Insurance-Linked Securities 0.2%
Geographical Distribution -------------------------------------------------------------------------------- (As a percentage of total investments)* [THE FOLLOWING DATA WAS REPRESENTED AS A BAR CHART IN THE PRINTED MATERIAL]
United States 51.8% United Kingdom 8.1% Japan 4.5% France 4.0% Netherlands 3.5% Argentina 1.9% Italy 1.8% Mexico 1.7% Switzerland 1.7% Uruguay 1.6% Luxembourg 1.5% Nigeria 1.4% Austria 1.2% Turkey 1.0% Ireland 1.0% Sweden 1.0% Oman 1.0% Other (individually less than 1%) 11.3%
10 Largest Holdings -------------------------------------------------------------------------------- (As a percentage of total investments)*
1. Pioneer ILS Interval Fund(j) 3.74% -------------------------------------------------------------------------------------- 2. Japan Government Twenty Year Bond, 0.6%, 12/20/37 2.62 -------------------------------------------------------------------------------------- 3. United Kingdom Gilt, 3.5%, 1/22/45 2.04 -------------------------------------------------------------------------------------- 4. Japan Government Thirty Year Bond, 0.8%, 12/20/47 1.82 -------------------------------------------------------------------------------------- 5. United Kingdom Gilt, 0.5%, 7/22/22 1.55 -------------------------------------------------------------------------------------- 6. Mexican Bonos, 8.0%, 12/7/23 1.20 -------------------------------------------------------------------------------------- 7. U.S. Treasury Inflation Indexed Bonds, 1.0%, 2/15/48 1.09 -------------------------------------------------------------------------------------- 8. U.S. Treasury Inflation Indexed Bonds, 0.875%, 2/15/47 0.96 -------------------------------------------------------------------------------------- 9. Uruguay Government International Bond, 8.5%, 3/15/28 (144A) 0.93 -------------------------------------------------------------------------------------- 10. Africa Finance Corp., 4.375%, 4/17/26 (144A) 0.86 --------------------------------------------------------------------------------------
* Excludes temporary cash investments and all derivative contracts except for options purchased. The Fund is actively managed, and current holdings may be different. The holdings listed should not be considered recommendations to buy or sell any securities. (j) Pioneer ILS Interval Fund is an affiliated fund managed by Amundi Pioneer Asset Management, Inc., (the "Adviser"). 10 Pioneer Global Multisector Income Fund | Semiannual Report | 4/30/19 Prices and Distributions | 4/30/19 Net Asset Value per Share --------------------------------------------------------------------------------
-------------------------------------------------------------------------------- Class 4/30/19 10/31/18 -------------------------------------------------------------------------------- A $10.17 $10.00 -------------------------------------------------------------------------------- C $10.20 $10.03 -------------------------------------------------------------------------------- Y $10.26 $10.08 --------------------------------------------------------------------------------
Distributions per Share: 11/1/18-4/30/19 --------------------------------------------------------------------------------
-------------------------------------------------------------------------------- Net Investment Short-Term Long-Term Class Income Capital Gains Capital Gains -------------------------------------------------------------------------------- A $0.1200 $ -- $ -- -------------------------------------------------------------------------------- C $0.0803 $ -- $ -- -------------------------------------------------------------------------------- Y $0.1336 $ -- $ -- --------------------------------------------------------------------------------
Index Definitions -------------------------------------------------------------------------------- The Bloomberg 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 | 4/30/19 11 Performance Update | 4/30/19 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 Bloomberg Barclays Global Aggregate Bond Index.
Average Annual Total Returns (As of April 30, 2019) ---------------------------------------------------- BBG Barclays Net Public Global Asset Offering Aggregate Value Price Bond Period (NAV) (POP) Index ---------------------------------------------------- 10 years 3.96% 3.48% 2.93% 5 years 1.56 0.62 0.75 1 year -1.42 -5.85 0.94 ---------------------------------------------------- Expense Ratio (Per prospectus dated March 1, 2019) ---------------------------------------------------- Gross Net ---------------------------------------------------- 2.06% 1.04% ----------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL] Value of $10,000 Investment
Pioneer Global Multisector Bloomberg Barclays Global Income Fund Aggregate Bond Index 4/09 $ 9,550 $10,000 4/10 $10,911 $10,926 4/11 $12,019 $12,068 4/12 $12,385 $12,466 4/13 $13,150 $12,648 4/14 $13,032 $12,852 4/15 $13,288 $12,373 4/16 $13,422 $12,973 4/17 $13,921 $12,700 4/18 $14,280 $13,219 4/19 $14,078 $13,344
Call 1-800-225-6292 or visit www.amundipioneer.com/us 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. POP returns reflect deduction of maximum 4.50% sales charge. NAV 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, 2020, for Class A shares. There can be no assurance that Amundi 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. Please refer to the financial highlights for a more current expense ratio. 12 Pioneer Global Multisector Income Fund | Semiannual Report | 4/30/19 Performance Update | 4/30/19 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 Bloomberg Barclays Global Aggregate Bond Index.
Average Annual Total Returns (As of April 30, 2019) ---------------------------------------------------- BBG Barclays Global Aggregate If If Bond Period Held Redeemed Index ---------------------------------------------------- 10 years 3.10% 3.10% 2.93% 5 years 0.67 0.67 0.75 1 year -2.21 -2.21 0.94 ---------------------------------------------------- Expense Ratio (Per prospectus dated March 1, 2019) ---------------------------------------------------- Gross Net ---------------------------------------------------- 2.21% 1.94% ----------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL] Value of $10,000 Investment
Pioneer Global Multisector Bloomberg Barclays Global Income Fund Aggregate Bond Index 4/09 $10,000 $10,000 4/10 $11,337 $10,926 4/11 $12,401 $12,068 4/12 $12,671 $12,466 4/13 $13,333 $12,648 4/14 $13,120 $12,852 4/15 $13,247 $12,373 4/16 $13,262 $12,973 4/17 $13,637 $12,700 4/18 $13,873 $13,219 4/19 $13,567 $13,344
Call 1-800-225-6292 or visit www.amundipioneer.com/us 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. NAV 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, 2020, for Class C shares. There can be no assurance that Amundi 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. Please refer to the financial highlights for a more current expense ratio. Pioneer Global Multisector Income Fund | Semiannual Report | 4/30/19 13 Performance Update | 4/30/19 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 Bloomberg Barclays Global Aggregate Bond Index.
Average Annual Total Returns (As of April 30, 2019) ---------------------------------------------------- BBG Barclays Net Global Asset Aggregate Value Bond Period (NAV) Index ---------------------------------------------------- 10 years 4.23% 2.93% 5 years 1.80 0.75 1 year -1.05 0.94 ---------------------------------------------------- Expense Ratio (Per prospectus dated March 1, 2019) ---------------------------------------------------- Gross Net ---------------------------------------------------- 1.21% 0.79% ----------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL] Value of $5 Million Investment
Pioneer Global Multisector Bloomberg Barclays Global Income Fund Aggregate Bond Index 4/09 $5,000,000 $5,000,000 4/10 $5,728,628 $5,463,093 4/11 $6,314,596 $6,034,112 4/12 $6,540,686 $6,232,984 4/13 $6,957,875 $6,323,838 4/14 $6,921,384 $6,426,233 4/15 $7,075,580 $6,186,732 4/16 $7,166,683 $6,486,397 4/17 $7,444,066 $6,350,235 4/18 $7,647,740 $6,609,707 4/19 $7,567,706 $6,671,921
Call 1-800-225-6292 or visit www.amundipioneer.com/us 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, 2020, for Class Y shares. There can be no assurance that Amundi 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. Please refer to the financial highlights for a more current expense ratio. 14 Pioneer Global Multisector Income Fund | Semiannual Report | 4/30/19 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, 2018, through April 30, 2019.
-------------------------------------------------------------------------------- Share Class A C Y -------------------------------------------------------------------------------- Beginning Account Value on 11/1/18 $1,000.00 $1,000.00 $1,000.00 -------------------------------------------------------------------------------- Ending Account Value (after expenses) $1,029.10 $1,025.00 $1,031.30 on 4/30/19 -------------------------------------------------------------------------------- Expenses Paid During Period* $ 5.03 $ 9.29 $ 3.78 --------------------------------------------------------------------------------
* Expenses are equal to the Fund's annualized expense ratio of 1.00%, 1.85%, 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. Pioneer Global Multisector Income Fund | Semiannual Report | 4/30/19 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, 2018, through April 30, 2019.
-------------------------------------------------------------------------------- Share Class A C Y -------------------------------------------------------------------------------- Beginning Account Value on 11/1/18 $1,000.00 $1,000.00 $1,000.00 -------------------------------------------------------------------------------- Ending Account Value (after expenses) $1,019.84 $1,015.62 $1,021.08 on 4/30/19 -------------------------------------------------------------------------------- Expenses Paid During Period* $ 5.01 $ 9.25 $ 3.76 --------------------------------------------------------------------------------
* Expenses are equal to the Fund's annualized expense ratio of 1.00%, 1.85%, 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. 16 Pioneer Global Multisector Income Fund | Semiannual Report | 4/30/19 Schedule of Investments | 4/30/19 (unaudited)
------------------------------------------------------------------------------------------------------------------ Shares Value ------------------------------------------------------------------------------------------------------------------ UNAFFILIATED ISSUERS -- 93.2% CONVERTIBLE PREFERRED STOCKS -- 0.6% of Net Assets Banks -- 0.6% 94(a) Bank of America Corp., 7.25% $ 124,128 95(a) Wells Fargo & Co., 7.5% 124,207 ----------- Total Banks $ 248,335 ------------------------------------------------------------------------------------------------------------------ TOTAL CONVERTIBLE PREFERRED STOCKS (Cost $238,057) $ 248,335 ------------------------------------------------------------------------------------------------------------------ ------------------------------------------------------------------------------------------------------------------ Principal Amount USD ($) ------------------------------------------------------------------------------------------------------------------ ASSET BACKED SECURITIES -- 0.4% of Net Assets 69,650 Hardee's Funding LLC, Series 2018-1A, Class A2II, 4.959%, 6/20/48 (144A) $ 72,315 100,000 Progress Residential Trust, Series 2017-SFR1, Class E, 4.261%, 8/17/34 (144A) 101,111 145(b) Structured Asset Securities Corp., Series 2004-19XS, Class A6B, 4.883%, 10/25/34 149 ------------------------------------------------------------------------------------------------------------------ TOTAL ASSET BACKED SECURITIES (Cost $169,796) $ 173,575 ------------------------------------------------------------------------------------------------------------------ COLLATERALIZED MORTGAGE OBLIGATIONS -- 6.7% of Net Assets 44,279(c) Agate Bay Mortgage Trust, Series 2015-1, Class A13, 3.5%, 1/25/45 (144A) $ 44,019 239(d) Alternative Loan Trust, Series 2003-14T1, Class A9, 2.927% (1 Month USD LIBOR + 45 bps), 8/25/18 148 100,000(d) Arbor Realty Commercial Real Estate Notes, Ltd., Series 2017-FL1, Class B, 4.973% (1 Month USD LIBOR + 250 bps), 4/15/27 (144A) 103,000 80,000 BANK, Series 2017-BNK5, Class AS, 3.624%, 6/15/60 80,812 50,000(c) BANK, Series 2017-BNK8, Class B, 3.931%, 11/15/50 51,426 59,223 Bayview Commercial Asset Trust, Series 2007-2A, Class IO, 7/25/37 (144A) -- 150,000 Benchmark Mortgage Trust, Series 2018-B2, Class A4, 3.615%, 2/15/51 154,877 2,657(c) CHL Mortgage Pass-Through Trust, Series 2003-56, Class 4A2, 4.528%, 12/25/33 2,735 100,000(c) Citigroup Commercial Mortgage Trust, Series 2014-GC19, Class B, 4.805%, 3/10/47 106,188 75,000(c) Citigroup Commercial Mortgage Trust, Series 2014-GC25, Class B, 4.345%, 10/10/47 78,373 100,000 Citigroup Commercial Mortgage Trust, Series 2015-GC27, Class A5, 3.137%, 2/10/48 100,734 250,000 Citigroup Commercial Mortgage Trust, Series 2016-P5, Class D, 3.0%, 10/10/49 (144A) 213,246
The accompanying notes are an integral part of these financial statements. Pioneer Global Multisector Income Fund | Semiannual Report | 4/30/19 17 Schedule of Investments | 4/30/19 (unaudited) (continued)
------------------------------------------------------------------------------------------------------------------ Principal Amount USD ($) Value ------------------------------------------------------------------------------------------------------------------ COLLATERALIZED MORTGAGE OBLIGATIONS -- (continued) 100,000(d) CLNS Trust, Series 2017-IKPR, Class C, 3.584% (1 Month USD LIBOR + 110 bps), 6/11/32 (144A) $ 99,874 100,000(d) Cold Storage Trust, Series 2017-ICE3, Class C, 3.823% (1 Month USD LIBOR + 135 bps), 4/15/36 (144A) 100,029 88,219 COMM Mortgage Trust, Series 2012-CR3, Class A3, 2.822%, 10/15/45 87,952 50,000 COMM Mortgage Trust, Series 2013-LC6, Class A4, 2.941%, 1/10/46 50,117 100,000(c) COMM Mortgage Trust, Series 2015-CR23, Class CMD, 3.807%, 5/10/48 (144A) 99,932 100,000(c) COMM Mortgage Trust, Series 2015-CR25, Class B, 4.695%, 8/10/48 104,601 240,370 Commercial Mortgage Pass Through Certificates, Series 2016-CR28, Class AHR, 3.651%, 2/10/49 245,170 50,000(c) CSAIL Commercial Mortgage Trust, Series 2016-C5, Class C, 4.687%, 11/15/48 51,155 4,295 Federal National Mortgage Association REMICS, Series 2009-36, Class HX, 4.5%, 6/25/29 4,433 45,000(c) FREMF Mortgage Trust, Series 2010-K9, Class B, 5.374%, 9/25/45 (144A) 46,137 50,000(c) FREMF Mortgage Trust, Series 2015-K51, Class B, 4.088%, 10/25/48 (144A) 51,036 20,461 Government National Mortgage Association, Series 2005-61, Class UZ, 5.25%, 8/16/35 21,388 17,703 Government National Mortgage Association, Series 2009-83, Class EB, 4.5%, 9/20/39 18,848 193,359 Government National Mortgage Association, Series 2018-20, Class A, 2.5%, 9/16/49 189,672 71,070(c) GS Mortgage Securities RE-Remic Trust, Series 2015-FRR1, Class K3A, 3.409%, 6/27/41 70,855 100,000(d) IMT Trust, Series 2017-APTS, Class BFL, 3.423% (1 Month USD LIBOR + 95 bps), 6/15/34 (144A) 99,670 40,229(d) Interstar Millennium Trust, Series 2003-3G, Class A2, 3.109% (3 Month USD LIBOR + 50 bps), 9/27/35 38,866 19,896 JP Morgan Chase Commercial Mortgage Securities Trust, Series 2011-C5, Class A3, 4.171%, 8/15/46 20,391 75,000 JP Morgan Chase Commercial Mortgage Securities Trust, Series 2012-LC9, Class A5, 2.84%, 12/15/47 75,140 50,000(c) Morgan Stanley Bank of America Merrill Lynch Trust, Series 2015-C22, Class D, 4.378%, 4/15/48 (144A) 45,409 105,000 Morgan Stanley Capital I Trust, Series 2016-UBS9, Class D, 3.0%, 3/15/49 (144A) 92,395 68(d) RALI Trust, Series 2002-QS16, Class A2, 3.027% (1 Month USD LIBOR + 55 bps), 10/25/17 69 198,661(c) Sequoia Mortgage Trust, Series 2013-4, Class A2, 2.5%, 4/25/43 191,142 ------------------------------------------------------------------------------------------------------------------ TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (Cost $2,726,591) $ 2,739,839 ------------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements. 18 Pioneer Global Multisector Income Fund | Semiannual Report | 4/30/19
------------------------------------------------------------------------------------------------------------------ Principal Amount USD ($) Value ------------------------------------------------------------------------------------------------------------------ CORPORATE BONDS -- 38.2% of Net Assets Aerospace/Defense -- 0.1% 40,000 United Technologies Corp., 4.125%, 11/16/28 $ 41,727 ----------- Total Aerospace/Defense $ 41,727 ------------------------------------------------------------------------------------------------------------------ Agriculture -- 1.1% EUR 160,000 Altria Group, Inc., 3.125%, 6/15/31 $ 188,205 EUR 100,000 BAT Capital Corp., 1.125%, 11/16/23 115,176 EUR 100,000 Imperial Brands Finance Plc, 2.25%, 2/26/21 116,260 ----------- Total Agriculture $ 419,641 ------------------------------------------------------------------------------------------------------------------ Airlines -- 0.0%+ 1,696 Delta Air Lines 2010-2 Class A Pass Through Trust, 4.95%, 5/23/19 $ 1,698 ----------- Total Airlines $ 1,698 ------------------------------------------------------------------------------------------------------------------ Auto Manufacturers -- 0.5% 110,000 Ford Motor Co., 4.346%, 12/8/26 $ 108,244 90,000 General Motors Co., 6.6%, 4/1/36 98,536 ----------- Total Auto Manufacturers $ 206,780 ------------------------------------------------------------------------------------------------------------------ Banks -- 9.1% 200,000 Access Bank Plc, 10.5%, 10/19/21 (144A) $ 217,612 EUR 200,000(c) Barclays Plc, 2.625% (5 Year EUR Swap Rate + 245 bps), 11/11/25 227,914 EUR 150,000 BNP Paribas SA, 2.375%, 2/17/25 179,411 EUR 200,000 BPCE SA, 2.875%, 4/22/26 248,712 75,000 Cooperatieve Rabobank UA, 3.875%, 2/8/22 77,163 200,000(a)(c) Credit Suisse Group AG, 7.125% (5 Year USD Swap Rate + 511 bps) 208,500 EUR 200,000(a)(c) Erste Group Bank AG, 8.875% (5 Year EUR Swap Rate + 902 bps) 258,644 150,000 Freedom Mortgage Corp., 8.125%, 11/15/24 (144A) 133,125 EUR 100,000 Goldman Sachs Group, Inc., 1.625%, 7/27/26 115,933 105,000(c) Goldman Sachs Group, Inc., 4.223% (3 Month USD LIBOR + 130 bps), 5/1/29 107,267 EUR 100,000 HSBC Holdings Plc, 0.875%, 9/6/24 114,038 EUR 200,000(c) ING Groep NV, 3.0% (5 Year EUR Swap Rate + 285 bps), 4/11/28 240,115 EUR 200,000(a)(c) Intesa Sanpaolo S.p.A., 7.75% (5 Year EUR Swap Rate + 719 bps) 252,306 EUR 200,000(a)(c) Lloyds Banking Group Plc, 6.375% (5 Year EUR Swap Rate + 529 bps) 234,238 EUR 100,000(d) Mediobanca Banca di Credito Finanziario S.p.A., 0.492% (3 Month EURIBOR + 80 bps), 5/18/22 111,251 EUR 100,000 Nykredit Realkredit AS, 0.75%, 7/14/21 113,379 200,000 QNB Finansbank AS, 4.875%, 5/19/22 (144A) 188,420 200,000(a)(c) Societe Generale SA, 7.375% (5 Year USD Swap Rate + 624 bps) (144A) 208,000
The accompanying notes are an integral part of these financial statements. Pioneer Global Multisector Income Fund | Semiannual Report | 4/30/19 19 Schedule of Investments | 4/30/19 (unaudited) (continued)
------------------------------------------------------------------------------------------------------------------ Principal Amount USD ($) Value ------------------------------------------------------------------------------------------------------------------ Banks -- (continued) EUR 200,000 UBS Group Funding Switzerland AG, 1.75%, 11/16/22 $ 236,285 200,000(a)(c) UBS Group Funding Switzerland AG, 7.0% (5 Year USD Swap Rate + 434 bps) (144A) 208,494 ----------- Total Banks $ 3,680,807 ------------------------------------------------------------------------------------------------------------------ Beverages -- 0.5% 115,000 Anheuser-Busch InBev Worldwide, Inc., 5.55%, 1/23/49 $ 127,728 100,000 Bacardi, Ltd., 5.3%, 5/15/48 (144A) 97,064 ----------- Total Beverages $ 224,792 ------------------------------------------------------------------------------------------------------------------ Biotechnology -- 0.3% 115,000 Biogen, Inc., 5.2%, 9/15/45 $ 122,479 ----------- Total Biotechnology $ 122,479 ------------------------------------------------------------------------------------------------------------------ Building Materials -- 1.1% EUR 100,000 Buzzi Unicem S.p.A., 2.125%, 4/28/23 $ 116,327 EUR 100,000 HeidelbergCement AG, 2.25%, 6/3/24 120,981 EUR 100,000 Holcim Finance Luxembourg SA, 2.25%, 5/26/28 120,269 35,000 Owens Corning, 3.4%, 8/15/26 33,280 27,000 Owens Corning, 4.3%, 7/15/47 22,126 20,000 Owens Corning, 4.4%, 1/30/48 16,342 ----------- Total Building Materials $ 429,325 ------------------------------------------------------------------------------------------------------------------ Chemicals -- 0.3% EUR 100,000 Arkema SA, 1.5%, 1/20/25 $ 118,438 ----------- Total Chemicals $ 118,438 ------------------------------------------------------------------------------------------------------------------ Commercial Services -- 0.3% EUR 100,000 Brisa Concessao Rodoviaria SA, 2.0%, 3/22/23 $ 119,420 ----------- Total Commercial Services $ 119,420 ------------------------------------------------------------------------------------------------------------------ Diversified Financial Services -- 0.4% 56,000 Cantor Fitzgerald LP, 7.875%, 10/15/19 (144A) $ 57,160 125,000 Capital One Financial Corp., 4.25%, 4/30/25 130,375 ----------- Total Diversified Financial Services $ 187,535 ------------------------------------------------------------------------------------------------------------------ Electric -- 1.6% GBP 125,000 Cadent Finance Plc, 2.125%, 9/22/28 $ 158,368 EUR 100,000 Coentreprise de Transport d'Electricite SA, 0.875%, 9/29/24 115,192 5,000 Edison International, 2.4%, 9/15/22 4,752 EUR 100,000 EDP Finance BV, 1.875%, 9/29/23 119,273 GBP 75,000 innogy Finance BV, 5.625%, 12/6/23 114,387 85,000 NextEra Energy Capital Holdings, Inc., 3.55%, 5/1/27 86,060 65,000 Sempra Energy, 3.4%, 2/1/28 63,103 ----------- Total Electric $ 661,135 ------------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements. 20 Pioneer Global Multisector Income Fund | Semiannual Report | 4/30/19
------------------------------------------------------------------------------------------------------------------ Principal Amount USD ($) Value ------------------------------------------------------------------------------------------------------------------ Electrical Components & Equipment -- 0.6% EUR 100,000 Belden, Inc., 2.875%, 9/15/25 (144A) $ 114,762 EUR 100,000 Legrand SA, 1.875%, 7/6/32 121,678 ----------- Total Electrical Components & Equipment $ 236,440 ------------------------------------------------------------------------------------------------------------------ Electronics -- 0.5% 41,000 Amphenol Corp., 3.2%, 4/1/24 $ 41,385 63,000 Amphenol Corp., 4.35%, 6/1/29 67,122 100,000 Flex, Ltd., 4.625%, 2/15/20 101,110 ----------- Total Electronics $ 209,617 ------------------------------------------------------------------------------------------------------------------ Engineering & Construction -- 0.2% EUR 100,000(a)(c) Ferrovial Netherlands BV, 2.124% (5 Year EUR Swap Rate + 213 bps) $ 101,270 ----------- Total Engineering & Construction $ 101,270 ------------------------------------------------------------------------------------------------------------------ Entertainment -- 0.4% 28,000 Scientific Games International, Inc., 10.0%, 12/1/22 $ 29,470 EUR 90,000 WMG Acquisition Corp., 4.125%, 11/1/24 (144A) 105,634 ----------- Total Entertainment $ 135,104 ------------------------------------------------------------------------------------------------------------------ Forest Products & Paper -- 0.1% 50,000 International Paper Co., 4.8%, 6/15/44 $ 49,664 5,000 International Paper Co., 6.0%, 11/15/41 5,601 ----------- Total Forest Products & Paper $ 55,265 ------------------------------------------------------------------------------------------------------------------ Gas -- 0.3% 15,000 Boston Gas Co., 3.15%, 8/1/27 (144A) $ 14,704 78,838 Nakilat, Inc., 6.267%, 12/31/33 (144A) 88,511 ----------- Total Gas $ 103,215 ------------------------------------------------------------------------------------------------------------------ Healthcare-Products -- 0.3% 24,000 Abbott Laboratories, 3.75%, 11/30/26 $ 25,010 100,000 Boston Scientific Corp., 4.0%, 3/1/28 102,882 ----------- Total Healthcare-Products $ 127,892 ------------------------------------------------------------------------------------------------------------------ Healthcare-Services -- 0.9% 38,000 Anthem, Inc., 3.35%, 12/1/24 $ 38,252 40,000 Anthem, Inc., 3.65%, 12/1/27 39,651 6,000 Anthem, Inc., 4.101%, 3/1/28 6,137 30,000 Centene Corp., 5.625%, 2/15/21 30,487 80,000 Humana, Inc., 3.95%, 3/15/27 80,263 173,000 Rede D'or Finance S.a.r.l., 4.95%, 1/17/28 (144A) 162,620 ----------- Total Healthcare-Services $ 357,410 ------------------------------------------------------------------------------------------------------------------ Insurance -- 3.8% EUR 100,000(a)(c) Allianz SE, 3.375% (EUAMDB10 + 320 bps) $ 121,027 EUR 200,000 Assicurazioni Generali S.p.A., 4.125%, 5/4/26 243,825 EUR 100,000(c) Aviva Plc, 6.125% (5 Year EUR Swap Rate + 513 bps), 7/5/43 131,424
The accompanying notes are an integral part of these financial statements. Pioneer Global Multisector Income Fund | Semiannual Report | 4/30/19 21 Schedule of Investments | 4/30/19 (unaudited) (continued)
------------------------------------------------------------------------------------------------------------------ Principal Amount USD ($) Value ------------------------------------------------------------------------------------------------------------------ Insurance -- (continued) EUR 100,000(a)(c) AXA SA, 3.875% (EUR Swap Rate + 325 bps) $ 122,028 60,000 AXA SA, 8.6%, 12/15/30 80,700 EUR 100,000(c) CNP Assurances, 6.0% (3 Month EURIBOR + 447 bps), 9/14/40 121,035 35,000 Delphi Financial Group, Inc., 7.875%, 1/31/20 36,203 100,000(c) Farmers Insurance Exchange, 4.747% (3 Month USD LIBOR + 323 bps), 11/1/57 (144A) 87,125 100,000 Liberty Mutual Insurance Co., 7.697%, 10/15/97 (144A) 131,727 EUR 100,000(c) Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen, 6.25% (3 Month EURIBOR + 495 bps), 5/26/42 131,547 EUR 100,000(a)(c) NN Group NV, 4.375% (3 Month EURIBOR + 390 bps) 121,322 60,000 Protective Life Corp., 4.3%, 9/30/28 (144A) 60,650 100,000 Teachers Insurance & Annuity Association of America, 4.9%, 9/15/44 (144A) 112,503 65,000 Torchmark Corp., 4.55%, 9/15/28 68,744 ----------- Total Insurance $ 1,569,860 ------------------------------------------------------------------------------------------------------------------ Internet -- 0.4% 125,000 Booking Holdings, Inc., 3.55%, 3/15/28 $ 126,232 50,000 Expedia Group, Inc., 3.8%, 2/15/28 49,239 ----------- Total Internet $ 175,471 ------------------------------------------------------------------------------------------------------------------ Iron & Steel -- 0.5% 200,000 Gerdau Trade, Inc., 4.875%, 10/24/27 (144A) $ 204,052 ----------- Total Iron & Steel $ 204,052 ------------------------------------------------------------------------------------------------------------------ Lodging -- 0.3% EUR 100,000 Accor SA, 1.25%, 1/25/24 $ 114,687 ----------- Total Lodging $ 114,687 ------------------------------------------------------------------------------------------------------------------ Media -- 1.2% 60,000 Comcast Corp., 4.15%, 10/15/28 $ 63,508 50,000 Comcast Corp., 4.25%, 10/15/30 53,188 200,000 CSC Holdings LLC, 5.375%, 2/1/28 (144A) 203,250 EUR 150,000 Sky, Ltd., 1.5%, 9/15/21 174,273 ----------- Total Media $ 494,219 ------------------------------------------------------------------------------------------------------------------ Mining -- 0.3% EUR 100,000 Anglo American Capital Plc, 3.25%, 4/3/23 $ 123,272 ----------- Total Mining $ 123,272 ------------------------------------------------------------------------------------------------------------------ Multi-National -- 1.1% 340,000 Africa Finance Corp., 4.375%, 4/17/26 (144A) $ 340,483 TRY 170,000 European Bank for Reconstruction & Development, 27.5%, 10/2/19 28,118 IDR 1,160,000,000 Inter-American Development Bank, 7.875%, 3/14/23 82,042 ----------- Total Multi-National $ 450,643 ------------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements. 22 Pioneer Global Multisector Income Fund | Semiannual Report | 4/30/19
------------------------------------------------------------------------------------------------------------------ Principal Amount USD ($) Value ------------------------------------------------------------------------------------------------------------------ Oil & Gas -- 1.6% 37,000 Apache Corp., 4.375%, 10/15/28 $ 37,629 90,000 Continental Resources, Inc., 4.375%, 1/15/28 92,361 95,000 EQT Corp., 3.9%, 10/1/27 89,660 80,000 Marathon Petroleum Corp., 5.375%, 10/1/22 (144A) 81,507 45,000 Noble Energy, Inc., 5.25%, 11/15/43 47,287 EUR 200,000(c) Repsol International Finance BV, 4.5% (EUR Swap Rate + 420 bps), 3/25/75 251,631 29,000 Valero Energy Corp., 6.625%, 6/15/37 35,548 ARS 2,154,200 YPF SA, 16.5%, 5/9/22 (144A) 31,341 ----------- Total Oil & Gas $ 666,964 ------------------------------------------------------------------------------------------------------------------ Pharmaceuticals -- 1.6% EUR 100,000 Bausch Health Cos., Inc., 4.5%, 5/15/23 $ 113,169 116,000 Cardinal Health, Inc., 3.079%, 6/15/24 113,772 45,000 Cigna Corp., 4.375%, 10/15/28 (144A) 46,417 11,404 CVS Pass-Through Trust, 5.773%, 1/10/33 (144A) 12,271 200,000 Perrigo Finance Unlimited Co., 3.9%, 12/15/24 194,262 206,000 Shire Acquisitions Investments Ireland, DAC, 2.875%, 9/23/23 203,253 ----------- Total Pharmaceuticals $ 683,144 ------------------------------------------------------------------------------------------------------------------ Pipelines -- 3.3% 45,000 Cheniere Energy Partners LP, 5.25%, 10/1/25 $ 45,900 100,000 Enable Midstream Partners LP, 4.4%, 3/15/27 98,579 75,000 Enable Midstream Partners LP, 4.95%, 5/15/28 76,411 100,000 Energy Transfer Operating LP, 5.875%, 1/15/24 109,157 60,000 Energy Transfer Operating LP, 6.0%, 6/15/48 65,138 155,000 EnLink Midstream Partners LP, 5.45%, 6/1/47 136,787 20,000 EnLink Midstream Partners LP, 5.6%, 4/1/44 18,025 185,000 Kinder Morgan, Inc., 5.55%, 6/1/45 201,500 125,000 MPLX LP, 4.875%, 12/1/24 133,467 125,000 Phillips 66 Partners LP, 3.75%, 3/1/28 123,731 34,000 Plains All American Pipeline LP/PAA Finance Corp., 4.9%, 2/15/45 32,736 60,000 Sabine Pass Liquefaction LLC, 5.0%, 3/15/27 63,899 60,000 Sunoco Logistics Partners Operations LP, 6.1%, 2/15/42 64,458 90,000 Texas Eastern Transmission LP, 3.5%, 1/15/28 (144A) 87,512 57,000 Williams Cos., Inc., 5.75%, 6/24/44 62,060 13,000 Williams Cos., Inc., 7.75%, 6/15/31 16,441 ----------- Total Pipelines $ 1,335,801 ------------------------------------------------------------------------------------------------------------------ Real Estate -- 0.9% EUR 100,000 Akelius Residential Property AB, 1.125%, 3/14/24 $ 112,243 EUR 100,000 Annington Funding Plc, 1.65%, 7/12/24 113,436 EUR 100,000(a)(c) ATF Netherlands BV, 3.75% (5 Year EUR Swap Rate + 438 bps) 114,948 ----------- Total Real Estate $ 340,627 ------------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements. Pioneer Global Multisector Income Fund | Semiannual Report | 4/30/19 23 Schedule of Investments | 4/30/19 (unaudited) (continued)
------------------------------------------------------------------------------------------------------------------ Principal Amount USD ($) Value ------------------------------------------------------------------------------------------------------------------ REITS -- 1.8% 25,000 Alexandria Real Estate Equities, Inc., 3.9%, 6/15/23 $ 25,855 55,000 Essex Portfolio LP, 3.625%, 5/1/27 55,140 EUR 200,000 GELF Bond Issuer I SA, 0.875%, 10/20/22 226,815 60,000 Healthcare Trust of America Holdings LP, 3.75%, 7/1/27 59,387 35,000 Highwoods Realty LP, 3.625%, 1/15/23 35,278 23,000 Hudson Pacific Properties LP, 4.65%, 4/1/29 23,700 EUR 100,000 Merlin Properties Socimi SA, 2.225%, 4/25/23 118,405 50,000 SBA Tower Trust, 2.877%, 7/9/21 (144A) 49,724 27,000 UDR, Inc., 4.0%, 10/1/25 27,749 25,000 UDR, Inc., 4.4%, 1/26/29 26,232 100,000 Uniti Group LP/Uniti Group Finance, Inc./CSL Capital LLC, 6.0%, 4/15/23 (144A) 96,000 ----------- Total REITS $ 744,285 ------------------------------------------------------------------------------------------------------------------ Retail -- 0.2% 75,000 Alimentation Couche-Tard, Inc., 3.55%, 7/26/27 (144A) $ 73,641 ----------- Total Retail $ 73,641 ------------------------------------------------------------------------------------------------------------------ Savings & Loans -- 0.3% EUR 100,000 Leeds Building Society, 1.375%, 5/5/22 $ 114,406 ----------- Total Savings & Loans $ 114,406 ------------------------------------------------------------------------------------------------------------------ Software -- 0.3% EUR 100,000 IQVIA, Inc., 2.875%, 9/15/25 (144A) $ 113,893 ----------- Total Software $ 113,893 ------------------------------------------------------------------------------------------------------------------ Telecommunications -- 1.7% 200,000 Digicel, Ltd., 6.0%, 4/15/21 (144A) $ 176,100 40,000 Frontier Communications Corp., 7.125%, 1/15/23 24,900 GBP 100,000 Koninklijke KPN NV, 5.0%, 11/18/26 143,443 EUR 125,000(a)(c) Orange SA, 5.0% (5 Year EUR Swap Rate + 399 bps) 162,196 50,000 Sprint Corp., 7.25%, 9/15/21 52,375 20,000 Sprint Corp., 7.625%, 3/1/26 20,000 EUR 100,000 Telekom Finanzmanagement GmbH, 3.5%, 7/4/23 127,721 ----------- Total Telecommunications $ 706,735 ------------------------------------------------------------------------------------------------------------------ Water -- 0.3% EUR 100,000 FCC Aqualia SA, 1.413%, 6/8/22 $ 114,706 ----------- Total Water $ 114,706 ------------------------------------------------------------------------------------------------------------------ TOTAL CORPORATE BONDS (Cost $15,640,632) $15,566,396 ------------------------------------------------------------------------------------------------------------------ FOREIGN GOVERNMENT BONDS -- 21.5% of Net Assets Angola -- 0.5% 200,000 Angolan Government International Bond, 8.25%, 5/9/28 (144A) $ 209,107 ----------- Total Angola $ 209,107 ------------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements. 24 Pioneer Global Multisector Income Fund | Semiannual Report | 4/30/19
------------------------------------------------------------------------------------------------------------------ Principal Amount USD ($) Value ------------------------------------------------------------------------------------------------------------------ Argentina -- 1.8% 100,000 Argentine Republic Government International Bond, 6.875%, 1/26/27 $ 71,700 300,000 Argentine Republic Government International Bond, 7.5%, 4/22/26 225,000 250,000 Autonomous City of Buenos Aires Argentina, 7.5%, 6/1/27 (144A) 200,625 300,000 Provincia de Buenos Aires, 9.125%, 3/16/24 (144A) 226,125 ----------- Total Argentina $ 723,450 ------------------------------------------------------------------------------------------------------------------ Austria -- 0.2% EUR 50,000 Republic of Austria Government Bond, 4.15%, 3/15/37 (144A) $ 87,795 ----------- Total Austria $ 87,795 ------------------------------------------------------------------------------------------------------------------ Bahrain -- 0.5% 200,000 Bahrain Government International Bond, 7.0%, 10/12/28 (144A) $ 216,000 ----------- Total Bahrain $ 216,000 ------------------------------------------------------------------------------------------------------------------ Dominican Republic -- 0.4% DOP 8,000,000 Dominican Republic International Bond, 8.9%, 2/15/23 (144A) $ 155,304 ----------- Total Dominican Republic $ 155,304 ------------------------------------------------------------------------------------------------------------------ Ecuador -- 0.1% 26,316(d) EP PetroEcuador via Noble Sovereign Funding I, Ltd., 8.24% (3 Month USD LIBOR + 563 bps), 9/24/19 $ 26,316 ----------- Total Ecuador $ 26,316 ------------------------------------------------------------------------------------------------------------------ Egypt -- 0.6% EGP 1,050,000 Egypt Treasury Bills, 17.5%, 3/3/20 $ 53,495 EGP 3,875,000 Egypt Treasury Bills, 18.061%, 2/4/20 199,650 ----------- Total Egypt $ 253,145 ------------------------------------------------------------------------------------------------------------------ Egypt -- 0.6% 269,000 Egypt Government International Bond, 7.6%, 3/1/29 (144A) $ 271,071 ----------- Total Egypt $ 271,071 ------------------------------------------------------------------------------------------------------------------ Indonesia -- 0.6% IDR 3,744,000,000 Indonesia Treasury Bond, 6.125%, 5/15/28 $ 235,806 ----------- Total Indonesia $ 235,806 ------------------------------------------------------------------------------------------------------------------ Japan -- 4.3% JPY 75,000,000 Japan Government Thirty Year Bond, 0.8%, 12/20/47 $ 720,773 JPY 110,000,000 Japan Government Twenty Year Bond, 0.6%, 12/20/37 1,036,032 ----------- Total Japan $ 1,756,805 ------------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements. Pioneer Global Multisector Income Fund | Semiannual Report | 4/30/19 25 Schedule of Investments | 4/30/19 (unaudited) (continued)
------------------------------------------------------------------------------------------------------------------ Principal Amount USD ($) Value ------------------------------------------------------------------------------------------------------------------ Kenya -- 0.5% 200,000 Kenya Government International Bond, 7.25%, 2/28/28 (144A) $ 198,290 ----------- Total Kenya $ 198,290 ------------------------------------------------------------------------------------------------------------------ Mexico -- 1.6% MXN 300,000 Mexican Bonos, 7.5%, 6/3/27 $ 15,272 MXN 8,955,000 Mexican Bonos, 8.0%, 12/7/23 473,532 MXN 3,606,251 Mexican Udibonos, 2.0%, 6/9/22 179,240 ----------- Total Mexico $ 668,044 ------------------------------------------------------------------------------------------------------------------ Oman -- 0.9% 200,000 Oman Government International Bond, 5.375%, 3/8/27 (144A) $ 188,000 200,000 Oman Government International Bond, 5.625%, 1/17/28 (144A) 190,037 ----------- Total Oman $ 378,037 ------------------------------------------------------------------------------------------------------------------ Portugal -- 0.3% EUR 100,000 Portugal Obrigacoes do Tesouro OT, 4.95%, 10/25/23 (144A) $ 137,325 ----------- Total Portugal $ 137,325 ------------------------------------------------------------------------------------------------------------------ Senegal -- 0.5% 200,000 Senegal Government International Bond, 6.25%, 5/23/33 (144A) $ 192,541 ----------- Total Senegal $ 192,541 ------------------------------------------------------------------------------------------------------------------ Sri Lanka -- 0.6% 225,000 Sri Lanka Government International Bond, 7.85%, 3/14/29 (144A) $ 231,367 ----------- Total Sri Lanka $ 231,367 ------------------------------------------------------------------------------------------------------------------ Sweden -- 0.7% SEK 2,300,000 Sweden Government Bond, 2.5%, 5/12/25 $ 280,996 ----------- Total Sweden $ 280,996 ------------------------------------------------------------------------------------------------------------------ Turkey -- 0.5% 250,000 Turkey Government International Bond, 3.25%, 3/23/23 $ 218,872 ----------- Total Turkey $ 218,872 ------------------------------------------------------------------------------------------------------------------ Ukraine -- 0.5% 200,000 Ukraine Government International Bond, 8.994%, 2/1/24 (144A) $ 199,324 ----------- Total Ukraine $ 199,324 ------------------------------------------------------------------------------------------------------------------ United Kingdom -- 4.2% GBP 475,000 United Kingdom Gilt, 0.5%, 7/22/22 $ 613,760 GBP 450,000 United Kingdom Gilt, 3.5%, 1/22/45 806,386 GBP 150,000 United Kingdom Gilt, 4.25%, 9/7/39 283,998 ----------- Total United Kingdom $ 1,704,144 ------------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements. 26 Pioneer Global Multisector Income Fund | Semiannual Report | 4/30/19
------------------------------------------------------------------------------------------------------------------ Principal Amount USD ($) Value ------------------------------------------------------------------------------------------------------------------ Uruguay -- 1.6% UYU 15,035,000 Uruguay Government International Bond, 8.5%, 3/15/28 (144A) $ 368,782 UYU 9,771,000 Uruguay Government International Bond, 9.875%, 6/20/22 (144A) 278,866 ----------- Total Uruguay $ 647,648 ------------------------------------------------------------------------------------------------------------------ TOTAL FOREIGN GOVERNMENT BONDS (Cost $9,068,211) $ 8,791,387 ------------------------------------------------------------------------------------------------------------------ ------------------------------------------------------------------------------------------------------------------ Face Amount USD ($) ------------------------------------------------------------------------------------------------------------------ INSURANCE-LINKED SECURITIES -- 0.2% of Net Assets(e) Reinsurance Sidecars -- 0.2% Multiperil -- Worldwide -- 0.2% 30,000+(f) Lorenz Re 2017, 3/31/20 $ 1,788 30,000+(f) Lorenz Re 2018, 7/1/21 22,167 30,000+ Pangaea Re 2015-2, 11/30/19 27 30,000+ Pangaea Re 2016-1, 11/30/20 39 50,000+(f) Pangaea Re 2017-1, 11/30/21 -- 50,000+(f) Pangaea Re 2018-1, 12/31/21 2,940 40,962+(f) Pangaea Re 2019-1, 2/1/23 41,556 ----------- Total Reinsurance Sidecars $ 68,517 ------------------------------------------------------------------------------------------------------------------ TOTAL INSURANCE-LINKED SECURITIES (Cost $91,920) $ 68,517 ------------------------------------------------------------------------------------------------------------------ ------------------------------------------------------------------------------------------------------------------ Principal Amount USD ($) ------------------------------------------------------------------------------------------------------------------ MUNICIPAL BONDS -- 0.6% of Net Assets(g) Municipal General Obligation -- 0.3% 50,000(h) State of Texas, Transportation Commission Mobility Fund, Series A, 4.0%, 10/1/44 $ 52,475 30,000 Virginia Commonwealth Transportation Board, Transportation Capital Projects, 4.0%, 5/15/31 32,118 30,000 Virginia Commonwealth Transportation Board, Transportation Capital Projects, 4.0%, 5/15/33 32,424 ----------- Total Municipal General Obligation $ 117,017 ------------------------------------------------------------------------------------------------------------------ Municipal Higher Education -- 0.1% 15,000 Massachusetts Development Finance Agency, Harvard University, Series A, 5.0%, 7/15/40 $ 20,281 50,000 University of Virginia, Refunding General Green, Series A-2, 5.0%, 4/1/45 57,296 ----------- Total Municipal Higher Education $ 77,577 ------------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements. Pioneer Global Multisector Income Fund | Semiannual Report | 4/30/19 27 Schedule of Investments | 4/30/19 (unaudited) (continued)
------------------------------------------------------------------------------------------------------------------ Principal Amount USD ($) Value ------------------------------------------------------------------------------------------------------------------ Municipal School District -- 0.2% 25,000(h) Frisco Independent School District, 4.0%, 8/15/40 $ 26,531 25,000(h) Frisco Independent School District, 4.0%, 8/15/45 26,430 ----------- Total Municipal School District $ 52,961 ------------------------------------------------------------------------------------------------------------------ TOTAL MUNICIPAL BONDS (Cost $237,879) $ 247,555 ------------------------------------------------------------------------------------------------------------------ SENIOR SECURED FLOATING RATE LOAN INTERESTS -- 8.1% of Net Assets*(d) Automobile -- 0.5% 97,990 American Axle & Manufacturing, Inc., Tranche B Term Loan, 4.767% (LIBOR + 225 bps), 4/6/24 $ 96,980 147,862 CWGS Group LLC, Term Loan, 5.229% (LIBOR + 275 bps), 11/8/23 137,364 ----------- Total Automobile $ 234,344 ------------------------------------------------------------------------------------------------------------------ Beverage, Food & Tobacco -- 0.3% 110,134 JBS USA Lux SA (fka JBS USA LLC), Initial Term Loan, 4.98% (LIBOR + 250 bps), 10/30/22 $ 110,321 ----------- Total Beverage, Food & Tobacco $ 110,321 ------------------------------------------------------------------------------------------------------------------ Broadcasting & Entertainment -- 0.3% 98,987 Sinclair Television Group, Inc., Tranche B Term Loan, 4.74% (LIBOR + 225 bps), 1/3/24 $ 99,111 40,813 UPC Financing Partnership, Facility AR, 4.973% (LIBOR + 250 bps), 1/15/26 40,875 ----------- Total Broadcasting & Entertainment $ 139,986 ------------------------------------------------------------------------------------------------------------------ Chemicals, Plastics & Rubber -- 0.4% 99,000 Axalta Coating Systems Dutch Holding B BV (Axalta Coating Systems US Holdings, Inc.), Term B-3 Dollar Loan, 4.351% (LIBOR + 175 bps), 6/1/24 $ 98,602 45,679 PQ Corp., Third Amendment Tranche B-1 Term Loan, 5.083% (LIBOR + 250 bps), 2/8/25 45,720 ----------- Total Chemicals, Plastics & Rubber $ 144,322 ------------------------------------------------------------------------------------------------------------------ Computers & Electronics -- 0.6% 25,888 Energy Acquisition LP, (aka Electrical Components International), First Lien Initial Term Loan, 6.851% (LIBOR + 425 bps), 6/26/25 $ 25,241 123,750 Iron Mountain Information Management LLC, Incremental Term B Loan, 4.233% (LIBOR + 175 bps), 1/2/26 121,739 60,324 Microchip Technology, Inc., Initial Term Loan, 4.49% (LIBOR + 200 bps), 5/29/25 60,513 ----------- Total Computers & Electronics $ 207,493 ------------------------------------------------------------------------------------------------------------------ Diversified & Conglomerate Service -- 1.1% 95,742 ASGN, Inc. (fka On Assignment, Inc.), Initial Term B-2 Loan, 4.483% (LIBOR + 200 bps), 4/2/25 $ 95,817 24,000 Change Healthcare Holdings, Inc. (fka Emdeon, Inc.), Closing Date Term Loan, 5.233% (LIBOR + 275 bps), 3/1/24 24,024
The accompanying notes are an integral part of these financial statements. 28 Pioneer Global Multisector Income Fund | Semiannual Report | 4/30/19
------------------------------------------------------------------------------------------------------------------ Principal Amount USD ($) Value ------------------------------------------------------------------------------------------------------------------ Diversified & Conglomerate Service -- (continued) 49,520 DG Investment Intermediate Holdings 2, Inc. (aka Convergint Technologies Holdings LLC), First Lien Initial Term Loan, 5.483% (LIBOR + 300 bps), 2/3/25 $ 49,149 49,501 NVA Holdings, Inc., First Lien Term B-3 Loan, 5.233% (LIBOR + 275 bps), 2/2/25 48,800 99,250 West Corp., Incremental Term B-1 Loan, 6.129% (LIBOR + 350 bps), 10/10/24 95,120 152,460 Worldplay LLC, New Term B-4 Loan (2018), 4.208% (LIBOR + 175 bps), 8/9/24 152,584 ----------- Total Diversified & Conglomerate Service $ 465,494 ------------------------------------------------------------------------------------------------------------------ Electric & Electrical -- 0.2% 98,982 Micron Technology, Inc., Term Loan, 4.24% (LIBOR + 175 bps), 4/26/22 $ 99,254 7,918 Rackspace Hosting, Inc., First Lien Term B Loan, 5.738% (LIBOR + 300 bps), 11/3/23 7,528 ----------- Total Electric & Electrical $ 106,782 ------------------------------------------------------------------------------------------------------------------ Electronics -- 0.3% 100,000 First Data Corp., 2024A New Dollar Term Loan, 4.481% (LIBOR + 200 bps), 4/26/24 $ 100,101 49,500 Scientific Games International, Inc., Initial Term B-5 Loan, 5.233% (LIBOR + 275 bps), 8/14/24 49,479 ----------- Total Electronics $ 149,580 ------------------------------------------------------------------------------------------------------------------ Environmental Services -- 0.3% 99,277 GFL Environmental, Inc., Effective Date Incremental Term Loan, 5.483% (LIBOR + 300 bps), 5/30/25 $ 98,645 ----------- Total Environmental Services $ 98,645 ------------------------------------------------------------------------------------------------------------------ Financial Services -- 0.1% 47,189 RPI Finance Trust, Initial Term Loan B-6, 4.483% (LIBOR + 200 bps), 3/27/23 $ 47,307 ----------- Total Financial Services $ 47,307 ------------------------------------------------------------------------------------------------------------------ Healthcare & Pharmaceuticals -- 0.6% 98,250 Endo Luxembourg Finance Co. I S.a r.l., Initial Term Loan, 6.75% (LIBOR + 425 bps), 4/29/24 $ 97,635 36,359 Gentiva Health Services, Inc., First Lien Closing Date Initial Term Loan, 6.25% (LIBOR + 375 bps), 7/2/25 36,518 99,000 Prospect Medical Holdings, Inc., Term B-1 Loan, 8.0% (LIBOR + 550 bps), 2/22/24 93,184 ----------- Total Healthcare & Pharmaceuticals $ 227,337 ------------------------------------------------------------------------------------------------------------------ Healthcare, Education & Childcare -- 0.5% 49,491 ATI Holdings Acquisition, Inc., First Lien Initial Term Loan, 5.987% (LIBOR + 350 bps), 5/10/23 $ 48,666 48,879 KUEHG Corp. (fka KC MergerSub, Inc.) (aka KinderCare), Term B-3 Loan, 6.351% (LIBOR + 375 bps), 2/21/25 48,989 98,747 Life Time Fitness, Inc., 2017 Refinancing Term Loan, 5.379% (LIBOR + 275 bps), 6/10/22 98,716 ----------- Total Healthcare, Education & Childcare $ 196,371 ------------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements. Pioneer Global Multisector Income Fund | Semiannual Report | 4/30/19 29 Schedule of Investments | 4/30/19 (unaudited) (continued)
------------------------------------------------------------------------------------------------------------------ Principal Amount USD ($) Value ------------------------------------------------------------------------------------------------------------------ Hotel, Gaming & Leisure -- 0.1% 49,000 1011778 BC Unlimited Liability Co. (New Red Finance, Inc.) (aka Burger King/Tim Hortons), Term B-3 Loan, 4.733% (LIBOR + 225 bps), 2/16/24 $ 49,000 ----------- Total Hotel, Gaming & Leisure $ 49,000 ------------------------------------------------------------------------------------------------------------------ Insurance -- 0.3% 45,886 Asurion LLC (fka Asurion Corp.), New B-7 Term Loan, 5.483% (LIBOR + 300 bps), 11/3/24 $ 46,096 49,112 Integro Parent, Inc., First Lien Initial Term Loan, 8.368% (LIBOR + 575 bps), 10/31/22 48,989 49,497 USI, Inc. (fka Compass Investors, Inc.), 2017 New Term Loan, 5.601% (LIBOR + 300 bps), 5/16/24 49,176 ----------- Total Insurance $ 144,261 ------------------------------------------------------------------------------------------------------------------ Leasing -- 0.5% 106,644 Avolon TLB Borrower 1 (US) LLC, Term B-3 Loan, 4.487% (LIBOR + 200 bps), 1/15/25 $ 106,769 74,250 IBC Capital I, Ltd. (aka Goodpack, Ltd.), First Lien Tranche B-1 Term Loan, 6.365% (LIBOR + 375 bps), 9/11/23 73,461 ----------- Total Leasing $ 180,230 ------------------------------------------------------------------------------------------------------------------ Leisure & Entertainment -- 0.1% 48,620 Six Flags Theme Parks, Inc., Tranche B Term Loan, 4.59%, 4/17/26 $ 48,803 ----------- Total Leisure & Entertainment $ 48,803 ------------------------------------------------------------------------------------------------------------------ Manufacturing -- 0.2% 69,477 Aristocrat Leisure, Ltd., Term B-3 Loan, 4.342% (LIBOR + 175 bps), 10/19/24 $ 69,446 ----------- Total Manufacturing $ 69,446 ------------------------------------------------------------------------------------------------------------------ Media -- 0.2% 49,500 CSC Holdings LLC (fka CSC Holdings, Inc. (Cablevision)), January 2018 Incremental Term Loan, 4.973% (LIBOR + 250 bps), 1/25/26 $ 49,562 31,694 CSC Holdings LLC (fka CSC Holdings, Inc. (Cablevision)), October 2018 Incremental Term Loan, 4.723% (LIBOR + 225 bps), 1/15/26 31,693 ----------- Total Media $ 81,255 ------------------------------------------------------------------------------------------------------------------ Metals & Mining -- 0.2% 48,484 Atkore International, Inc., First Lien Initial Incremental Term Loan, 5.36% (LIBOR + 275 bps), 12/22/23 $ 48,575 48,265 Zekelman Industries, Inc. (fka JMC Steel Group, Inc.), Term Loan, 4.734% (LIBOR + 225 bps), 6/14/21 48,310 ----------- Total Metals & Mining $ 96,885 ------------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements. 30 Pioneer Global Multisector Income Fund | Semiannual Report | 4/30/19
------------------------------------------------------------------------------------------------------------------ Principal Amount USD ($) Value ------------------------------------------------------------------------------------------------------------------ Personal, Food & Miscellaneous Services -- 0.2% 97,990 Revlon Consumer Products Corp., Initial Term B Loan, 6.129% (LIBOR + 350 bps/PRIME + 350 bps), 9/7/23 $ 77,020 ----------- Total Personal, Food & Miscellaneous Services $ 77,020 ------------------------------------------------------------------------------------------------------------------ Professional & Business Services -- 0.3% 99,000 Lamar Media Corp., Term B Loan, 4.25% (LIBOR + 175 bps), 3/14/25 $ 99,309 ----------- Total Professional & Business Services $ 99,309 ------------------------------------------------------------------------------------------------------------------ Telecommunications -- 0.5% 24,536 Go Daddy Operating Co., LLC (GD Finance Co., Inc.), Tranche B-1 Term Loan, 4.483% (LIBOR + 200 bps), 2/15/24 $ 24,606 99,250 SBA Senior Finance II LLC, Initial Term Loan, 4.49% (LIBOR + 200 bps), 4/11/25 98,800 98,495 Sprint Communications, Inc., Initial Term Loan, 5.0% (LIBOR + 250 bps), 2/2/24 95,786 ----------- Total Telecommunications $ 219,192 ------------------------------------------------------------------------------------------------------------------ Utilities -- 0.3% 99,239 Vistra Operations Co. LLC (fka Tex Operations Co. LLC), Initial Term Loan, 4.483% (LIBOR + 200 bps), 8/4/23 $ 99,453 ----------- Total Utilities $ 99,453 ------------------------------------------------------------------------------------------------------------------ TOTAL SENIOR SECURED FLOATING RATE LOAN INTERESTS (Cost $3,338,077) $ 3,292,836 ------------------------------------------------------------------------------------------------------------------ SUPRANATIONAL BOND -- 0.3% of Net Assets AUD 185,000 International Bank for Reconstruction & Development, 5.75%, 10/21/19 $ 132,951 ------------------------------------------------------------------------------------------------------------------ TOTAL SUPRANATIONAL BOND (Cost $181,395) $ 132,951 ------------------------------------------------------------------------------------------------------------------ U.S. GOVERNMENT AND AGENCY OBLIGATIONS -- 16.4% of Net Assets 20,105 Fannie Mae, 3.0%, 5/1/31 $ 20,257 37,663 Fannie Mae, 3.0%, 2/1/43 37,415 25,282 Fannie Mae, 3.0%, 3/1/43 25,114 24,377 Fannie Mae, 3.0%, 5/1/43 24,216 28,327 Fannie Mae, 3.0%, 5/1/43 28,140 27,778 Fannie Mae, 3.0%, 6/1/45 27,615 21,106 Fannie Mae, 3.0%, 9/1/46 20,888 41,336 Fannie Mae, 3.0%, 10/1/46 40,909 57,960 Fannie Mae, 3.0%, 11/1/46 57,362 41,267 Fannie Mae, 3.0%, 1/1/47 40,995 31,539 Fannie Mae, 3.0%, 3/1/47 31,214 41,147 Fannie Mae, 3.5%, 6/1/42 41,908 110,081 Fannie Mae, 3.5%, 9/1/42 111,948
The accompanying notes are an integral part of these financial statements. Pioneer Global Multisector Income Fund | Semiannual Report | 4/30/19 31 Schedule of Investments | 4/30/19 (unaudited) (continued)
------------------------------------------------------------------------------------------------------------------ Principal Amount USD ($) Value ------------------------------------------------------------------------------------------------------------------ U.S. GOVERNMENT AND AGENCY OBLIGATIONS -- (continued) 123,723 Fannie Mae, 3.5%, 5/1/44 $ 125,798 29,341 Fannie Mae, 3.5%, 2/1/45 29,906 77,567 Fannie Mae, 3.5%, 2/1/45 79,167 18,885 Fannie Mae, 3.5%, 6/1/45 19,157 16,036 Fannie Mae, 3.5%, 8/1/45 16,243 38,422 Fannie Mae, 3.5%, 8/1/45 38,919 18,605 Fannie Mae, 3.5%, 9/1/45 18,989 55,334 Fannie Mae, 3.5%, 9/1/45 56,033 85,144 Fannie Mae, 3.5%, 10/1/45 86,374 18,677 Fannie Mae, 3.5%, 1/1/46 18,916 20,445 Fannie Mae, 3.5%, 7/1/46 20,676 33,407 Fannie Mae, 3.5%, 9/1/46 33,797 63,259 Fannie Mae, 3.5%, 12/1/46 63,982 32,714 Fannie Mae, 3.5%, 1/1/47 33,180 39,446 Fannie Mae, 3.5%, 1/1/47 40,161 41,714 Fannie Mae, 3.5%, 1/1/47 42,186 33,092 Fannie Mae, 4.0%, 10/1/40 34,555 66,545 Fannie Mae, 4.0%, 1/1/42 68,875 14,056 Fannie Mae, 4.0%, 2/1/42 14,548 24,445 Fannie Mae, 4.0%, 5/1/42 25,301 36,128 Fannie Mae, 4.0%, 11/1/43 37,621 14,564 Fannie Mae, 4.0%, 10/1/44 15,025 72,185 Fannie Mae, 4.0%, 11/1/44 74,503 58,533 Fannie Mae, 4.0%, 10/1/45 60,400 44,807 Fannie Mae, 4.0%, 12/1/45 46,236 32,638 Fannie Mae, 4.0%, 6/1/46 33,669 31,735 Fannie Mae, 4.0%, 8/1/46 32,731 18,982 Fannie Mae, 4.0%, 11/1/46 19,575 20,444 Fannie Mae, 4.0%, 11/1/46 21,086 137,329 Fannie Mae, 4.0%, 1/1/47 141,410 20,708 Fannie Mae, 4.0%, 4/1/47 21,438 34,265 Fannie Mae, 4.0%, 4/1/47 35,336 36,164 Fannie Mae, 4.0%, 4/1/47 37,439 21,386 Fannie Mae, 4.0%, 6/1/47 22,055 65,069 Fannie Mae, 4.0%, 6/1/47 67,103 19,199 Fannie Mae, 4.0%, 7/1/47 19,799 35,153 Fannie Mae, 4.0%, 8/1/47 36,252 40,461 Fannie Mae, 4.0%, 12/1/47 41,705 142,778 Fannie Mae, 4.0%, 4/1/48 147,011 191,000 Fannie Mae, 4.0%, 5/1/49 (TBA) 196,006 28,000 Fannie Mae, 4.0%, 6/1/49 (TBA) 28,716 11,682 Fannie Mae, 4.5%, 4/1/41 12,380 9,060 Fannie Mae, 4.5%, 5/1/41 9,604
The accompanying notes are an integral part of these financial statements. 32 Pioneer Global Multisector Income Fund | Semiannual Report | 4/30/19
------------------------------------------------------------------------------------------------------------------ Principal Amount USD ($) Value ------------------------------------------------------------------------------------------------------------------ U.S. GOVERNMENT AND AGENCY OBLIGATIONS -- (continued) 24,228 Fannie Mae, 4.5%, 11/1/43 $ 25,494 30,081 Fannie Mae, 4.5%, 2/1/44 31,656 36,161 Fannie Mae, 4.5%, 2/1/44 38,051 28,144 Fannie Mae, 4.5%, 5/1/46 29,469 35,988 Fannie Mae, 4.5%, 2/1/47 37,625 18,000 Fannie Mae, 4.5%, 5/1/49 (TBA) 18,729 28,179 Fannie Mae, 5.0%, 8/1/31 29,714 13,083 Fannie Mae, 5.0%, 6/1/40 14,072 8,235 Fannie Mae, 5.5%, 10/1/35 9,012 12,339 Federal Home Loan Mortgage Corp., 3.0%, 9/1/42 12,259 13,938 Federal Home Loan Mortgage Corp., 3.0%, 1/1/43 13,847 26,929 Federal Home Loan Mortgage Corp., 3.0%, 2/1/43 26,754 31,529 Federal Home Loan Mortgage Corp., 3.0%, 4/1/43 31,324 53,042 Federal Home Loan Mortgage Corp., 3.0%, 4/1/43 52,697 14,441 Federal Home Loan Mortgage Corp., 3.0%, 5/1/43 14,347 20,905 Federal Home Loan Mortgage Corp., 3.0%, 9/1/46 20,691 20,957 Federal Home Loan Mortgage Corp., 3.0%, 12/1/46 20,738 62,555 Federal Home Loan Mortgage Corp., 3.0%, 2/1/47 61,911 14,891 Federal Home Loan Mortgage Corp., 3.5%, 10/1/42 15,154 78,362 Federal Home Loan Mortgage Corp., 3.5%, 6/1/45 79,876 95,314 Federal Home Loan Mortgage Corp., 3.5%, 11/1/45 96,769 16,893 Federal Home Loan Mortgage Corp., 3.5%, 3/1/46 17,096 70,180 Federal Home Loan Mortgage Corp., 3.5%, 7/1/46 71,566 29,942 Federal Home Loan Mortgage Corp., 3.5%, 8/1/46 30,451 80,638 Federal Home Loan Mortgage Corp., 3.5%, 8/1/46 82,071 98,101 Federal Home Loan Mortgage Corp., 3.5%, 8/1/46 99,996 61,434 Federal Home Loan Mortgage Corp., 3.5%, 12/1/46 62,598 93,622 Federal Home Loan Mortgage Corp., 4.0%, 1/1/44 96,814 156,445 Federal Home Loan Mortgage Corp., 4.0%, 5/1/44 161,613 12,159 Federal Home Loan Mortgage Corp., 4.0%, 12/1/44 12,533 18,824 Federal Home Loan Mortgage Corp., 4.0%, 1/1/46 19,401 29,982 Federal Home Loan Mortgage Corp., 4.0%, 2/1/46 30,898 20,968 Federal Home Loan Mortgage Corp., 4.0%, 4/1/47 21,723 21,691 Federal Home Loan Mortgage Corp., 4.0%, 4/1/47 22,472 41,001 Federal Home Loan Mortgage Corp., 4.0%, 4/1/47 42,238 43,925 Federal Home Loan Mortgage Corp., 4.0%, 4/1/47 45,507 91,458 Federal Home Loan Mortgage Corp., 4.0%, 4/1/47 94,216 104,934 Federal Home Loan Mortgage Corp., 4.0%, 5/1/47 108,179 193,851 Federal Home Loan Mortgage Corp., 4.0%, 10/1/47 199,695 137,069 Federal Home Loan Mortgage Corp., 4.0%, 12/1/47 141,191 36,681 Federal Home Loan Mortgage Corp., 4.5%, 6/1/41 38,979 59,731 Federal Home Loan Mortgage Corp., 4.5%, 5/1/47 62,537 18,007 Federal Home Loan Mortgage Corp., 5.0%, 9/1/38 19,345
The accompanying notes are an integral part of these financial statements. Pioneer Global Multisector Income Fund | Semiannual Report | 4/30/19 33 Schedule of Investments | 4/30/19 (unaudited) (continued)
------------------------------------------------------------------------------------------------------------------ Principal Amount USD ($) Value ------------------------------------------------------------------------------------------------------------------ U.S. GOVERNMENT AND AGENCY OBLIGATIONS -- (continued) 20,942 Federal Home Loan Mortgage Corp., 5.0%, 10/1/38 $ 22,498 3,249 Federal Home Loan Mortgage Corp., 5.0%, 5/1/39 3,494 6,043 Federal Home Loan Mortgage Corp., 5.0%, 12/1/39 6,508 10,266 Federal Home Loan Mortgage Corp., 6.0%, 8/1/37 11,139 14,428 Federal Home Loan Mortgage Corp., 6.5%, 1/1/38 16,599 23,717 Federal Home Loan Mortgage Corp., 6.5%, 4/1/38 26,190 45,526 Government National Mortgage Association I, 3.5%, 11/15/41 46,512 8,606 Government National Mortgage Association I, 3.5%, 10/15/42 8,810 28,101 Government National Mortgage Association I, 3.5%, 8/15/46 28,579 32,347 Government National Mortgage Association I, 4.0%, 4/15/45 33,362 45,367 Government National Mortgage Association I, 4.0%, 6/15/45 46,776 24,169 Government National Mortgage Association I, 4.5%, 1/15/40 25,543 19,825 Government National Mortgage Association I, 4.5%, 9/15/40 20,878 7,908 Government National Mortgage Association I, 4.5%, 10/15/40 8,326 17,258 Government National Mortgage Association I, 4.5%, 7/15/41 18,164 30,199 Government National Mortgage Association II, 3.0%, 9/20/46 30,206 26,622 Government National Mortgage Association II, 4.5%, 9/20/41 27,991 59,493 Government National Mortgage Association II, 4.5%, 9/20/44 61,449 16,934 Government National Mortgage Association II, 4.5%, 10/20/44 17,798 35,887 Government National Mortgage Association II, 4.5%, 11/20/44 37,709 144,882 Government National Mortgage Association II, 4.5%, 4/20/48 151,047 387,449 U.S. Treasury Inflation Indexed Bonds, 0.875%, 2/15/47 380,064 240,035 U.S. Treasury Inflation Indexed Bonds, 1.0%, 2/15/46 242,577 425,400 U.S. Treasury Inflation Indexed Bonds, 1.0%, 2/15/48 430,207 300,000(i) United States Treasury Bill, 5/28/19 299,463 ------------------------------------------------------------------------------------------------------------------ TOTAL U.S. GOVERNMENT AND AGENCY OBLIGATIONS (Cost $6,720,781) $ 6,695,041 ------------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements. 34 Pioneer Global Multisector Income Fund | Semiannual Report | 4/30/19
------------------------------------------------------------------------------------------------------------------ Number of Strike Expiration Contracts Description Counterparty Notional Price Date Value ------------------------------------------------------------------------------------------------------------------ OVER THE COUNTER (OTC) CURRENCY PUT OPTIONS PURCHASED -- 0.2% 1,566,000 Put EUR Bank of Call USD America NA EUR 22,307 EUR 1.15 5/27/19 $ 37,586 1,000,000 Put EUR Bank of Call USD America NA EUR 14,987 EUR 1.15 9/23/19 24,382 825,000 Put EUR Bank of Call USD America NA EUR 11,993 EUR 1.12 1/17/20 10,665 1,230,000 Put EUR Bank of Call USD America NA EUR 16,929 EUR 1.13 1/9/20 19,679 ----------- $ 92,312 ------------------------------------------------------------------------------------------------------------------ TOTAL OVER THE COUNTER (OTC) CURRENCY PUT OPTIONS PURCHASED (Premiums paid $66,215) $ 92,312 ------------------------------------------------------------------------------------------------------------------ TOTAL OPTIONS PURCHASED (Premiums paid $66,215) $ 92,312 ------------------------------------------------------------------------------------------------------------------ TOTAL INVESTMENTS IN UNAFFILIATED ISSUERS -- 93.2% (Cost $38,479,554) $38,048,744 ------------------------------------------------------------------------------------------------------------------ ------------------------------------------------------------------------------------------------------------------ Net Change in Net Realized Unrealized Dividend Gain Appreciation Shares Income (Loss) (Depreciation) ------------------------------------------------------------------------------------------------------------------ AFFILIATED ISSUER -- 3.6% CLOSED-END FUNDS -- 3.6% of Net Assets 171,396(j) Pioneer ILS Interval Fund $94,988 $ -- $(229,671) $ 1,479,151 ------------------------------------------------------------------------------------------------------------------ TOTAL CLOSED-END FUNDS (Cost $1,707,478) $ 1,479,151 ------------------------------------------------------------------------------------------------------------------ TOTAL INVESTMENTS IN AFFILIATED ISSUER -- 3.6% (Cost $1,707,478) $ 1,479,151 ------------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements. Pioneer Global Multisector Income Fund | Semiannual Report | 4/30/19 35 Schedule of Investments | 4/30/19 (unaudited) (continued)
------------------------------------------------------------------------------------------------------------------- Number of Strike Expiration Contracts Description Counterparty Notional Price Date Value ------------------------------------------------------------------------------------------------------------------- OVER THE COUNTER (OTC) CURRENCY CALL OPTIONS WRITTEN -- (0.0)%+ (1,566,000) Call EUR Bank of Put USD America NA EUR 22,307 EUR 1.27 5/27/19 $ -- (1,000,000) Call EUR Bank of Put USD America NA EUR 14,987 EUR 1.27 9/23/19 (102) (825,000) Call EUR Bank of Put USD America NA EUR 11,993 EUR 1.23 1/17/20 (2,952) (1,230,000) Call EUR Bank of Put USD America NA EUR 16,929 EUR 1.25 1/9/20 (2,457) ------------ $ (5,511) ------------------------------------------------------------------------------------------------------------------- TOTAL OVER THE COUNTER (OTC) CURRENCY CALL OPTIONS WRITTEN (Premiums received $(66,215)) $ (5,511) ------------------------------------------------------------------------------------------------------------------- OTHER ASSETS AND LIABILITIES -- 3.2% $ 1,284,815 ------------------------------------------------------------------------------------------------------------------- NET ASSETS -- 100.0% $40,807,199 ===================================================================================================================
bps Basis Points. FREMF Freddie Mac Multifamily Fixed-Rate Mortgage Loans. GO General Obligation. LIBOR London Interbank Offered Rate. PRIME U.S. Federal Funds Rate. 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, 2019, the value of these securities amounted to $8,023,034, or 19.7% of net assets. (TBA) "To Be Announced" Securities. + Amount rounds to less than 0.1%. * Senior secured 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, (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 interest rate shown is the rate accruing at April 30, 2019. + Security that used significant unobservable inputs to determine its value. (a) Security is perpetual in nature and has no stated maturity date. (b) Debt obligation initially issued at one coupon which converts to a higher coupon at a specific date. The rate shown is the rate at April 30, 2019. (c) The interest rate is subject to change periodically. The interest rate and/or reference index and spread shown at April 30, 2019. (d) Floating rate note. Coupon rate, reference index and spread shown at April 30, 2019. (e) Securities are restricted as to resale. The accompanying notes are an integral part of these financial statements. 36 Pioneer Global Multisector Income Fund | Semiannual Report | 4/30/19 (f) Non-income producing security. (g) Consists of Revenue Bonds unless otherwise indicated. (h) Represents a General Obligation Bond. (i) Security issued with a zero coupon. Income is recognized through accretion of discount. (j) Affiliated fund managed by Amundi Pioneer Asset Management, Inc., (the "Adviser"). FORWARD FOREIGN CURRENCY CONTRACTS
--------------------------------------------------------------------------------------------------------------------- Unrealized Currency Currency Settlement Appreciation Purchased In Exchange for Sold Deliver Counterparty Date (Depreciation) --------------------------------------------------------------------------------------------------------------------- AUD 575,000 NZD (605,375) Goldman Sachs 6/26/19 $ 1,290 International COP 639,775,000 USD (205,798) Goldman Sachs 5/24/19 (8,150) International CZK 11,565,370 USD (509,333) Goldman Sachs 5/24/19 (2,760) International SEK 3,358,005 EUR (321,812) Goldman Sachs 5/28/19 (7,212) International NOK 5,313,912 USD (618,904) HSBC Bank NA 6/25/19 (1,482) USD 173,001 MXN (3,314,602) JPMorgan Chase 5/24/19 (1,347) Bank NA USD 468,688 TWD (14,392,464) JPMorgan Chase 5/24/19 2,230 Bank NA AUD 289,392 USD (205,648) State Street Bank 5/24/19 (1,484) & Trust Co. CHF 410,623 USD (416,139) State Street Bank 5/24/19 (12,161) & Trust Co. EUR 4,808,558 USD (5,470,007) State Street Bank 5/24/19 (63,737) & Trust Co. INR 16,386,000 USD (236,782) State Street Bank 5/24/19 (2,195) & Trust Co. JPY 477,677,018 USD (4,358,531) State Street Bank 5/24/19 (60,257) & Trust Co. JPY 20,700,318 USD (186,131) State Street Bank 6/25/19 622 & Trust Co. SEK 4,144,917 USD (443,085) State Street Bank 6/25/19 (4,241) & Trust Co. USD 101,427 GBP (76,651) State Street Bank 5/24/19 1,365 & Trust Co. --------------------------------------------------------------------------------------------------------------------- TOTAL FORWARD FOREIGN CURRENCY CONTRACTS $(159,519) =====================================================================================================================
The accompanying notes are an integral part of these financial statements. Pioneer Global Multisector Income Fund | Semiannual Report | 4/30/19 37 Schedule of Investments | 4/30/19 (unaudited) (continued) FUTURES CONTRACTS FIXED INCOME INDEX FUTURES CONTRACTS
------------------------------------------------------------------------------------------------ Number of Contracts Expiration Notional Market Unrealized Long Description Date Amount Value Appreciation ------------------------------------------------------------------------------------------------ 11 Australia 6/17/19 $1,042,187 $1,072,513 $30,326 10-Year Bond 6 Canada 6/19/19 610,707 619,040 8,333 10-Year Bond 5 Euro BUXL 6/6/19 1,024,590 1,058,926 34,336 30 Year Bond 4 Euro-Bund 6/6/19 731,968 741,977 10,009 1 U.S. Ultra Bond 6/19/19 161,331 164,281 2,950 ------------------------------------------------------------------------------------------------ $3,570,783 $3,656,737 $85,954 ================================================================================================
------------------------------------------------------------------------------------------------- Number of Contracts Expiration Notional Market Unrealized Short Description Date Amount Value (Depreciation) ------------------------------------------------------------------------------------------------- 17 Euro-Bobl 6/6/19 $ 2,519,137 $ 2,535,733 $(16,596) 10 U.S. 5 Year Note 6/28/19 1,147,021 1,156,406 (9,385) 18 U.S. 10 Year Note 6/19/19 2,201,071 2,226,094 (25,023) 17 U.S. 10 Year Ultra 6/19/19 2,208,273 2,240,281 (32,008) 6 U.S. Long Bond 6/19/19 872,625 884,812 (12,187) ------------------------------------------------------------------------------------------------- $ 8,948,127 $ 9,043,326 $(95,199) ------------------------------------------------------------------------------------------------- TOTAL FUTURES CONTRACTS $(5,377,344) $(5,386,589) $ (9,245) =================================================================================================
SWAP CONTRACTS CENTRALLY CLEARED CREDIT DEFAULT SWAP CONTRACT -- SELL PROTECTION
-------------------------------------------------------------------------------------------------------------------------- Annual Notional Pay/ Fixed Expiration Premiums Unrealized Market Amount ($)(1) Obligation Reference/Index Receive(2) Rate Date Paid Appreciation Value -------------------------------------------------------------------------------------------------------------------------- 597,523 Markit CDX North America High Yield Index Series 32 Receive 5.00% 6/20/24 $39,274 $ 9,772 $ 49,046 ==========================================================================================================================
OVER THE COUNTER (OTC) CREDIT DEFAULT SWAP CONTRACT -- SELL PROTECTION
---------------------------------------------------------------------------------------------------------------------------------- Obligation Annual Notional Reference/ Pay/ Fixed Expiration Premiums Unrealized Market Amount ($)(1) Counterparty Index Receive(2) Rate Date (Received) Appreciation Value ---------------------------------------------------------------------------------------------------------------------------------- 50,000 Morgan Stanley Diamond Capital Offshore Services LLC Drilling, Inc. Receive 1.00% 12/20/19 $(1,873) $ 2,087 $ 214 ================================================================================================================================== TOTAL SWAP CONTRACTS $37,401 $11,859 $49,260 ==================================================================================================================================
(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) Receives Quarterly. The accompanying notes are an integral part of these financial statements. 38 Pioneer Global Multisector Income Fund | Semiannual Report | 4/30/19 Principal amounts are denominated in U.S. dollars ("USD") unless otherwise noted. ARS Argentine Peso AUD Australian Dollar CHF Swiss Franc COP Colombian Peso CZK Czech Koruna DOP Dominican Republic Peso EGP Egyptian Pound EUR Euro GBP Great British Pound IDR Indonesian Rupiah INR Indian Rupee JPY Japanese Yen MXN Mexican Peso NOK Norwegian Krone NZD New Zealand Dollar SEK Swedish Krona TRY Turkish Lira UYU Uruguayan Peso Purchases and sales of securities (excluding temporary cash investments) for the six months ended April 30, 2019, were as follows:
-------------------------------------------------------------------------------- Purchases Sales -------------------------------------------------------------------------------- Long-Term U.S. Government $ 394,635 $ 1,909,347 Other Long-Term Securities $2,788,147 $10,583,235
The Fund is permitted to engage in purchase and sale transactions ("cross trades") with certain funds and accounts for which the Adviser, serves as the Fund's investment adviser, as set forth in Rule 17a-7 under the Investment Company Act of 1940, pursuant to procedures adopted by the Board of Trustees. Under these procedures, cross trades are effected at current market prices. During the six months ended April 30, 2019, the Fund did not engage in cross trade activity. At April 30, 2019, the net unrealized depreciation on investments based on cost for federal tax purposes of $40,000,066 was as follows:
Aggregate gross unrealized appreciation for all investments in which there is an excess of value over tax cost $ 1,117,326 Aggregate gross unrealized depreciation for all investments in which there is an excess of tax cost over value (1,714,512) ----------- Net unrealized depreciation $ (597,186) ===========
Various inputs are used in determining the value of the Fund's investments. These inputs are summarized in the three broad levels 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 risks, 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. The accompanying notes are an integral part of these financial statements. Pioneer Global Multisector Income Fund | Semiannual Report | 4/30/19 39 Schedule of Investments | 4/30/19 (unaudited) (continued) The following is a summary of the inputs used as of April 30, 2019, in valuing the Fund's investments:
----------------------------------------------------------------------------------------------------- Level 1 Level 2 Level 3 Total ----------------------------------------------------------------------------------------------------- Convertible Preferred Stocks $248,335 $ -- $ -- $ 248,335 Asset Backed Securities -- 173,575 -- 173,575 Collateralized Mortgage Obligations -- 2,739,839 -- 2,739,839 Corporate Bonds -- 15,566,396 -- 15,566,396 Foreign Government Bonds -- 8,791,387 -- 8,791,387 Insurance-Linked Securities Reinsurance Sidecars Multiperil -- Worldwide -- -- 68,517 68,517 Municipal Bonds -- 247,555 -- 247,555 Senior Secured Floating Rate Loan Interests -- 3,292,836 -- 3,292,836 Supranational Bond -- 132,951 -- 132,951 U.S. Government and Agency Obligations -- 6,695,041 -- 6,695,041 Over The Counter (OTC) Currency Put Options Purchased -- 92,312 -- 92,312 Affiliated Closed-End Fund -- 1,479,151 -- 1,479,151 ----------------------------------------------------------------------------------------------------- Total Investments in Securities $248,335 $39,211,043 $68,517 $39,527,895 ===================================================================================================== Other Financial Instruments Over The Counter (OTC) Currency Call Option Written $ -- $ (5,511) $ -- $ (5,511) Net unrealized depreciation on forward foreign currency contracts -- (159,519) -- (159,519) Net unrealized depreciation on futures contracts (9,245) -- -- (9,245) Swap contracts, at value -- 49,260 -- 49,260 ----------------------------------------------------------------------------------------------------- Total Other Financial Instruments $ (9,245) $ (115,770) $ -- $ (125,015) =====================================================================================================
The accompanying notes are an integral part of these financial statements. 40 Pioneer Global Multisector Income Fund | Semiannual Report | 4/30/19 The following is a reconciliation of assets valued using significant unobservable inputs (Level 3):
------------------------------------------------------------------------------------ Insurance- Linked Securities ------------------------------------------------------------------------------------ Balance as of 10/31/18 $ 87,326 Realized gain (loss)(1) -- Change in unrealized appreciation (depreciation)(2) (12,741) Accrued discounts/premiums -- Purchases 40,962 Sales (47,030) Transfer in to Level 3* -- Transfer out of Level 3* -- ------------------------------------------------------------------------------------ Balance as of 4/30/19 $ 68,517 ====================================================================================
(1) Realized gain (loss) on these securities is included in net realized gain (loss) on investments on the Statement of Operations. (2) Unrealized appreciation (depreciation) on these securities is included in the change in unrealized appreciation (depreciation) from investments on the Statement of Operations. * Transfers are calculated on the beginning of period values. For the six months ended April 30, 2019, there were no transfers between Levels 1, 2 and 3.
Net change in unrealized appreciation (depreciation) of Level 3 investments still held and considered Level 3 at April 30, 2019: $(12,741) --------
The accompanying notes are an integral part of these financial statements. Pioneer Global Multisector Income Fund | Semiannual Report | 4/30/19 41 Statement of Assets and Liabilities | 4/30/19 (unaudited)
ASSETS: Investments in unaffiliated securities, at value (cost $38,479,554) $38,048,744 Investments in affiliated securities, at value (cost $1,707,478) 1,479,151 Cash 539,040 Foreign currencies, at value (cost $412,520) 410,286 Futures collateral 133,256 Swaps collateral 69,884 Due from broker for futures 31,768 Variation margin for centrally cleared swap contracts 376 Swap contracts, at value (net premiums paid $37,401) 49,260 Receivables -- Investment securities sold 373,403 Fund shares sold 14,801 Interest 338,474 Due from the Adviser 52,219 Other assets 28,921 --------------------------------------------------------------------------------------------- Total assets $41,569,583 ============================================================================================= LIABILITIES: Payables -- Investment securities purchased $ 325,778 Fund shares repurchased 14,898 Distributions 51,343 Trustees' fees 563 Professional fees 31,401 Transfer Agent fees 24,636 Pricing fees 12,862 Administrative fees 11,235 Variation margin for futures contracts 14,948 Due to broker for swaps 49,097 Written options outstanding (net premiums received $(66,215)) 5,511 Net unrealized depreciation on forward foreign currency contracts 159,519 Net unrealized depreciation on futures contracts 9,245 Due to affiliates 18,857 Accrued expenses 32,491 --------------------------------------------------------------------------------------------- Total liabilities $ 762,384 ============================================================================================= NET ASSETS: Paid-in capital $42,304,925 Distributable earnings (loss) (1,497,726) --------------------------------------------------------------------------------------------- Net assets $40,807,199 ============================================================================================= NET ASSET VALUE PER SHARE: No par value (unlimited number of shares authorized) Class A (based on $18,545,023/1,822,956 shares) $ 10.17 Class C (based on $8,754,383/858,328 shares) $ 10.20 Class Y (based on $13,507,793/1,316,514 shares) $ 10.26 MAXIMUM OFFERING PRICE PER SHARE: Class A (based on $10.17 net assets value per share/100%-4.50% maximum sales charge) $ 10.65 =============================================================================================
The accompanying notes are an integral part of these financial statements. 42 Pioneer Global Multisector Income Fund | Semiannual Report | 4/30/19 Statement of Operations (unaudited) For the Six Months Ended 4/30/19
INVESTMENT INCOME: Interest from unaffiliated issuers $ 778,535 Dividends from affiliated issuers 94,988 Dividends from unaffiliated issuers 9,477 ---------------------------------------------------------------------------------------------------------- Total investment income $ 883,000 ---------------------------------------------------------------------------------------------------------- EXPENSES: Management fees $ 111,963 Administrative expense 36,460 Transfer agent fees Class A 49,147 Class C 1,706 Class Y 7,007 Distribution fees Class A 23,218 Class C 43,440 Shareowner communications expense 3,643 Custodian fees 31,564 Registration fees 28,436 Professional fees 31,253 Printing expense 30,250 Pricing fees 21,629 Trustees' fees 3,444 Insurance expense 417 Miscellaneous 16,184 ---------------------------------------------------------------------------------------------------------- Total expenses $ 439,761 Less fees waived and expenses reimbursed by the Adviser (200,855) ---------------------------------------------------------------------------------------------------------- Net expenses $ 238,906 ---------------------------------------------------------------------------------------------------------- Net investment income $ 644,094 ---------------------------------------------------------------------------------------------------------- REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS: Net realized gain (loss) on: Investments in unaffiliated issuers $ (584,158) Forward foreign currency contracts (362,910) Futures contracts 39,455 Swap contracts 44,937 Other assets and liabilities denominated in foreign currencies (69,308) $ (931,984) ---------------------------------------------------------------------------------------------------------- Change in net unrealized appreciation (depreciation) on: Investments in unaffiliated issuers $1,834,881 Investments in affiliated issuers (229,671) Written options 30,747 Forward foreign currency contracts 60,670 Futures contracts (113,971) Swap contracts 9,542 Other assets and liabilities denominated in foreign currencies 6,692 $1,598,890 ---------------------------------------------------------------------------------------------------------- Net realized and unrealized gain (loss) on investments $ 666,906 ---------------------------------------------------------------------------------------------------------- Net increase in net assets resulting from operations $1,311,000 ==========================================================================================================
The accompanying notes are an integral part of these financial statements. Pioneer Global Multisector Income Fund | Semiannual Report | 4/30/19 43 Statements of Changes in Net Assets
----------------------------------------------------------------------------------------------------- Six Months Ended 4/30/19 Year Ended (unaudited) 10/31/18 ----------------------------------------------------------------------------------------------------- FROM OPERATIONS: Net investment income (loss) $ 644,094 $ 1,416,690 Net realized gain (loss) on investments (931,984) (1,518,415) Change in net unrealized appreciation (depreciation) on investments 1,598,890 (3,298,829) ----------------------------------------------------------------------------------------------------- Net increase (decrease) in net assets resulting from operations $ 1,311,000 $ (3,400,554) ----------------------------------------------------------------------------------------------------- DISTRIBUTIONS TO SHAREOWNERS: Class A ($0.12 and $0.05 per share, respectively) $ (222,730) $ (114,781) Class C ($0.08 and $0.04 per share, respectively) (69,520) (35,907) Class Y ($0.13 and $0.06 per share, respectively) (231,082) (78,523) Tax return of capital: Class A ($-- and $0.19 per share, respectively) -- (469,180) Class C ($-- and $0.11 per share, respectively) -- (102,276) Class Y ($-- and $0.21 per share, respectively) -- (568,688) ----------------------------------------------------------------------------------------------------- Total distributions to shareowners $ (523,332) $ (1,369,355) ----------------------------------------------------------------------------------------------------- FROM FUND SHARE TRANSACTIONS: Net proceeds from sales of shares $ 1,334,653 $ 78,877,441 Reinvestment of distributions 237,373 735,353 Cost of shares repurchased (10,482,825) (73,833,356) ----------------------------------------------------------------------------------------------------- Net increase (decrease) in net assets from Fund share transactions $ (8,910,799) $ 5,779,438 ----------------------------------------------------------------------------------------------------- Net increase (decrease) in net assets $ (8,123,131) $ 1,009,529 ----------------------------------------------------------------------------------------------------- NET ASSETS: Beginning of period $ 48,930,330 $ 47,920,801 ----------------------------------------------------------------------------------------------------- End of period $ 40,807,199 $ 48,930,330 =====================================================================================================
The accompanying notes are an integral part of these financial statements. 44 Pioneer Global Multisector Income Fund | Semiannual Report | 4/30/19
------------------------------------------------------------------------------------------------------------ Six Months Six Months Ended Ended 4/30/19 4/30/19 Year Ended Year Ended Shares Amount 10/31/18 10/31/18 (unaudited) (unaudited) Shares Amount ------------------------------------------------------------------------------------------------------------ Class A Shares sold 75,768 $ 764,592 1,975,874 $ 21,070,396 Reinvestment of distributions 13,334 134,763 32,537 341,157 Less shares repurchased (161,174) (1,626,684) (2,286,732) (23,964,912) ------------------------------------------------------------------------------------------------------------ Net decrease (72,072) $ (727,329) (278,321) $ (2,553,359) ============================================================================================================ Class C Shares sold 33,460 $ 335,680 782,897 $ 8,390,073 Reinvestment of distributions 1,876 19,014 4,183 44,184 Less shares repurchased (52,430) (527,218) (845,759) (9,033,239) ------------------------------------------------------------------------------------------------------------ Net decrease (17,094) $ (172,524) (58,679) $ (598,982) ============================================================================================================ Class Y Shares sold 23,224 $ 234,381 4,588,417 $ 49,416,972 Reinvestment of distributions 8,234 83,596 32,990 350,012 Less shares repurchased (817,790) (8,328,923) (3,874,730) (40,835,205) ------------------------------------------------------------------------------------------------------------ Net increase (decrease) (786,332) $(8,010,946) 746,677 $ 8,931,779 ============================================================================================================
The accompanying notes are an integral part of these financial statements. Pioneer Global Multisector Income Fund | Semiannual Report | 4/30/19 45 Financial Highlights
------------------------------------------------------------------------------------------------------------------------------------ Six Months Ended Year Year Year Year Year 4/30/19 Ended Ended Ended Ended Ended (unaudited) 10/31/18 10/31/17 10/31/16* 10/31/15* 10/31/14* ------------------------------------------------------------------------------------------------------------------------------------ Class A Net asset value, beginning of period $ 10.00 $ 10.70 $ 10.60 $ 10.40 $ 10.91 $ 10.98 ------------------------------------------------------------------------------------------------------------------------------------ Increase (decrease) from investment operations: Net investment income (loss) $ 0.15(a) $ 0.24(a) $ 0.30(a) $ 0.31(a) $ 0.31(a) $ 0.38 Net realized and unrealized gain (loss) on investments 0.14 (0.70) 0.09 0.25 (0.41) (0.04) ------------------------------------------------------------------------------------------------------------------------------------ Net increase (decrease) from investment operations $ 0.29 $ (0.46) $ 0.39 $ 0.56 $ (0.10) $ 0.34 ------------------------------------------------------------------------------------------------------------------------------------ Distributions to shareowners: Net investment income $ (0.12) $ (0.05) $ (0.19) $ (0.28) $ (0.31) $ (0.35) Net realized gain -- -- (0.06) -- (0.10) (0.06) Tax return of capital -- (0.19) (0.04) (0.08) -- -- ------------------------------------------------------------------------------------------------------------------------------------ Total distributions $ (0.12) $ (0.24) $ (0.29) $ (0.36) $ (0.41) (0.41) ------------------------------------------------------------------------------------------------------------------------------------ Net increase (decrease) in net asset value $ 0.17 $ (0.70) $ 0.10 $ 0.20 $ (0.51) $ (0.07) ------------------------------------------------------------------------------------------------------------------------------------ Net asset value, end of period $ 10.17 $ 10.00 $ 10.70 $ 10.60 $ 10.40 $ 10.91 ==================================================================================================================================== Total return (b) 2.91%(c) (4.41)% 3.75% 5.59% (1.00)% 3.16% Ratio of net expenses to average net assets 1.00%(d) 1.00% 1.00% 1.00% 1.00% 1.01% Ratio of net investment income (loss) to average net assets 2.93%(d) 2.31% 2.83% 2.99% 2.87% 3.57% Portfolio turnover rate 7%(c) 64% 70% 37% 34% 51% Net assets, end of period (in thousands) $18,545 $18,954 $23,252 $13,579 $12,737 $11,601 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 2.21%(d) 1.99% 2.13% 2.67% 2.67% 2.52% Net investment income (loss) to average net assets 1.72%(d) 1.32% 1.70% 1.32% 1.20% 2.06% ====================================================================================================================================
* The Fund was audited by an independent registered public accounting firm other than Ernst & Young LLP. (a) The per-share data presented above is based upon the average shares outstanding for the period presented. (b) 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. (c) Not annualized. (d) Annualized. The accompanying notes are an integral part of these financial statements. 46 Pioneer Global Multisector Income Fund | Semiannual Report | 4/30/19
------------------------------------------------------------------------------------------------------------------------------------ Six Months Ended Year Year Year Year Year 4/30/19 Ended Ended Ended Ended Ended (unaudited) 10/31/18 10/31/17 10/31/16* 10/31/15* 10/31/14* ------------------------------------------------------------------------------------------------------------------------------------ Class C Net asset value, beginning of period $10.03 $10.73 $ 10.63 $10.43 $10.94 $11.01 ------------------------------------------------------------------------------------------------------------------------------------ Increase (decrease) from investment operations: Net investment income (loss) $ 0.10(a) $ 0.16(a) $ 0.21(a) $ 0.22(a) $ 0.21(a) $ 0.29 Net realized and unrealized gain (loss) on investments 0.15 (0.71) 0.09 0.25 (0.41) (0.05) ------------------------------------------------------------------------------------------------------------------------------------ Net increase (decrease) from investment operations $ 0.25 $(0.55) $ 0.30 $ 0.47 $(0.20) $ 0.24 ------------------------------------------------------------------------------------------------------------------------------------ Distributions to shareowners: Net investment income $(0.08) $(0.04) $ (0.10) $(0.19) $(0.21) $(0.25) Net realized gain -- -- (0.06) -- (0.10) (0.06) Tax return of capital -- (0.11) (0.04) (0.08) -- -- ------------------------------------------------------------------------------------------------------------------------------------ Total distributions $(0.08) $(0.15) $ (0.20) $(0.27) $(0.31) $(0.31) ------------------------------------------------------------------------------------------------------------------------------------ Net increase (decrease) in net asset value $ 0.17 $(0.70) $ 0.10 $ 0.20 $(0.51) $(0.07) ------------------------------------------------------------------------------------------------------------------------------------ Net asset value, end of period $10.20 $10.03 $ 10.73 $10.63 $10.43 $10.94 ==================================================================================================================================== Total return (b) 2.50%(c) (5.19)% 2.88% 4.67% (1.87)% 2.24% Ratio of net expenses to average net assets 1.85%(d) 1.81% 1.81% 1.90% 1.90% 1.91% Ratio of net investment income (loss) to average net assets 2.09%(d) 1.53% 2.00% 2.10% 1.96% 2.67% Portfolio turnover rate 7%(c) 64% 70% 37% 34% 51% Net assets, end of period (in thousands) $8,754 $8,781 $10,024 $4,370 $4,113 $4,156 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 2.47%(d) 2.14% 2.21% 2.53% 2.56% 2.71% Net investment income (loss) to average net assets 1.47%(d) 1.20% 1.60% 1.46% 1.30% 1.87% ====================================================================================================================================
* The Fund was audited by an independent registered public accounting firm other than Ernst & Young LLP. (a) The per-share data presented above is based upon the average shares outstanding for the period presented. (b) 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. (c) Not annualized. (d) Annualized. The accompanying notes are an integral part of these financial statements. Pioneer Global Multisector Income Fund | Semiannual Report | 4/30/19 47 Financial Highlights (continued)
------------------------------------------------------------------------------------------------------------------------------------ Six Months Ended Year Year Year Year Year 4/30/19 Ended Ended Ended Ended Ended (unaudited) 10/31/18 10/31/17 10/31/16* 10/31/15* 10/31/14* ------------------------------------------------------------------------------------------------------------------------------------ Class Y Net asset value, beginning of period $ 10.08 $ 10.80 $ 10.69 $ 10.50 $ 11.00 $ 11.07 ------------------------------------------------------------------------------------------------------------------------------------ Increase (decrease) from investment operations: Net investment income (loss) $ 0.16(a) $ 0.26(a) $ 0.33(a) $ 0.34(a) $ 0.33(a) 0.42 Net realized and unrealized gain (loss) on investments 0.15 (0.71) 0.10 0.24 (0.39) (0.05) ------------------------------------------------------------------------------------------------------------------------------------ Net increase (decrease) from investment operations $ 0.31 $ (0.45) $ 0.43 $ 0.58 $ (0.06) 0.37 ------------------------------------------------------------------------------------------------------------------------------------ Distributions to shareowners: Net investment income $ (0.13) $ (0.06) $ (0.22) $ (0.31) $ (0.34) $ (0.38) Net realized gain -- -- (0.06) -- (0.10) (0.06) Tax return of capital -- (0.21) (0.04) (0.08) -- -- ------------------------------------------------------------------------------------------------------------------------------------ Total distributions $ (0.13) $ (0.27) $ (0.32) $ (0.39) $ (0.44) $ (0.44) ------------------------------------------------------------------------------------------------------------------------------------ Net increase (decrease) in net asset value $ 0.18 $ (0.72) $ 0.11 $ 0.19 $ (0.50) (0.07) ------------------------------------------------------------------------------------------------------------------------------------ Net asset value, end of period $ 10.26 $ 10.08 $ 10.80 $ 10.69 $ 10.50 $ 11.00 ==================================================================================================================================== Total return (b) 3.13%(c) (4.29)% 4.10% 5.73% (0.62)% 3.42% Ratio of net expenses to average net assets 0.75%(d) 0.75% 0.75% 0.75% 0.75% 0.76% Ratio of net investment income (loss) to average net assets 3.21%(d) 2.46% 3.10% 3.24% 3.12% 3.81% Portfolio turnover rate 7%(c) 64% 70% 37% 34% 51% Net assets, end of period (in thousands) $13,508 $21,195 $14,645 $10,767 $12,178 $12,525 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 1.45%(d) 1.14% 1.17% 1.41% 1.39% 1.50% Net investment income (loss) to average net assets 2.51%(d) 2.07% 2.68% 2.59% 2.48% 3.07% ====================================================================================================================================
* The Fund was audited by an independent registered public accounting firm other than Ernst & Young LLP. (a) The per-share data presented above is based upon the average shares outstanding for the period presented. (b) 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. (c) Not annualized. (d) Annualized. The accompanying notes are an integral part of these financial statements. 48 Pioneer Global Multisector Income Fund | Semiannual Report | 4/30/19 Notes to Financial Statements | 4/30/19 (unaudited) 1. Organization and Significant Accounting Policies Pioneer Global Multisector Income 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 four classes of shares designated as Class A, Class C, Class K and Class Y shares. Class K shares had not commenced operations as of April 30, 2019. 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 of Trustees the flexibility to specify either per-share voting or dollar-weighted voting when submitting matters for shareowner approval. Under per-share voting, each share of a class of the Fund is entitled to one vote. Under dollar-weighted voting, a shareowner'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. Amundi Pioneer Asset Management, Inc., an indirect, wholly owned subsidiary of Amundi and Amundi's wholly owned subsidiary, Amundi USA, Inc., serves as the Fund's investment adviser (the "Adviser"). Amundi Pioneer Distributor, Inc., an affiliate of Amundi Pioneer Asset Management, Inc., serves as the Fund's distributor (the "Distributor"). In August 2018, the Securities and Exchange Commission ("SEC") released a Disclosure Update and Simplification Final Rule. The Final Rule amends Regulation S-X disclosures requirements to conform them to U.S. Generally Accepted Accounting Principles ("U.S. GAAP") for investment companies. The Fund's financial statements were prepared in compliance with the new amendments to Regulation S-X. The Fund is an investment company and follows investment company accounting and reporting guidance under U.S. GAAP. U.S. GAAP requires the management of the Fund to make estimates and assumptions that affect the Pioneer Global Multisector Income Fund | Semiannual Report | 4/30/19 49 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: A. Security Valuation 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 by using 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, or may use a pricing matrix or other fair value methods or techniques to provide an estimated value of the security or instrument. A pricing matrix is a means of valuing a debt security on the basis of current market prices for other debt securities, historical trading patterns in the market for fixed-income securities and/or other factors. Non-U.S. debt securities that are listed on an exchange will be valued at the bid price obtained from an independent third party pricing service. When independent third party pricing services are unable to supply prices, or when prices or market quotations are considered to be unreliable, the value of that security may be determined using quotations from one or more broker-dealers. The value of foreign securities is translated into U.S. dollars based on foreign currency exchange rate quotations supplied by a third party pricing source. Trading in non-U.S. equity securities is substantially completed each day at various times prior to the close of the NYSE. The values of such securities used in computing the net asset value of the Fund's shares are determined as of such times. The Fund may use a fair value model developed by an independent pricing service to value non-U.S. equity securities. Loan interests 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 third party 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. 50 Pioneer Global Multisector Income Fund | Semiannual Report | 4/30/19 Event-linked bonds or catastrophe bonds are valued at the bid price obtained from an independent third party pricing service. Other insurance-linked securities (including sidecars, collateralized reinsurance and industry loss warranties) 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. Equity securities that have traded on an exchange are valued by using 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 or, if both last bid and asked prices are not available, at the last quoted bid price. Last sale and bid and asked prices are provided by independent third party pricing services. In the case of equity securities not traded on an exchange, prices are typically determined by independent third party pricing services using a variety of techniques and methods. Options contracts are generally valued at the mean between the last bid and ask prices on the principal exchange where they are traded. Over-the-counter ("OTC") options and options on swaps ("swaptions") are valued using 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, or may use a pricing matrix or other fair value methods or techniques to provide an estimated value of the security or instrument. Forward foreign currency exchange contracts are valued daily using the foreign exchange rate or, for longer term forward contract positions, the spot currency rate and the forward points on a daily basis, in each case provided by a third party pricing service. Contracts whose forward settlement date falls between two quoted days are valued by interpolation. Futures contracts are generally valued at the closing settlement price established by the exchange on which they are traded. Swap contracts, including interest rate swaps, caps and floors (other than centrally cleared swap contracts) are valued at the dealer quotations obtained from reputable International Swap Dealers Association members. Centrally cleared swaps are valued at the daily settlement price provided by the central clearing counterparty. Shares of open-end registered investment companies (including money market mutual funds) are valued at such funds' net asset value. Shares of exchange-listed closed-end funds are valued by using the last sale price on the principal exchange where they are traded. Pioneer Global Multisector Income Fund | Semiannual Report | 4/30/19 51 Securities or loan interests for which independent pricing services or broker-dealers 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 the Adviser pursuant to procedures adopted by the Fund's Board of Trustees. The Adviser's fair valuation team uses fair value methods approved by the Valuation Committee of the Board of Trustees. The Adviser'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, 2019, no securities were valued using fair value methods (other than securities valued using prices supplied by independent pricing services, broker-dealers or using a third party insurance industry pricing model). B. Investment Income and Transactions 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 and net of income accrued on defaulted securities. Interest and dividend income payable by delivery of additional shares is reclassified as PIK (payment-in-kind) income upon receipt and is included in interest and dividend income, respectively. 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. 52 Pioneer Global Multisector Income Fund | Semiannual Report | 4/30/19 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. Security transactions are recorded as of trade date. 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 investments are not segregated on 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. 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 net 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, 2018, 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 on 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. GAAP. Distributions in excess of net investment income or net realized gains are temporary over distributions 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. Pioneer Global Multisector Income Fund | Semiannual Report | 4/30/19 53 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, 2018 was as follows:
-------------------------------------------------------------------------- 2018 -------------------------------------------------------------------------- Distributions paid from: Distribution in excess $ 229,221 Return of capital 1,140,144 -------------------------------------------------------------------------- Total $1,369,355 ==========================================================================
The following shows the components of distributable losses on a federal income tax basis at October 31, 2018:
-------------------------------------------------------------------------- 2018 -------------------------------------------------------------------------- Distributable earnings: Current year dividend payable $ (43,968) Unrealized depreciation (2,241,426) -------------------------------------------------------------------------- Total $(2,285,394) ==========================================================================
The difference between book-basis and tax-basis net unrealized depreciation is attributable to the adjustments related to sidecars, the mark-to-market of forward, swaps and futures contracts, and interest accruals on preferred stock. E. Fund Shares The Fund records sales and repurchases of its shares as of trade date. The Distributor earned $244 in underwriting commissions on the sale of Class A shares during the six months ended April 30, 2019. F. Class Allocations Income, common expenses and realized and unrealized gains and losses are calculated at the Fund level and allocated daily to each class of shares based on its respective percentage of adjusted net assets at the beginning of the day. Distribution fees are calculated based on the average daily net asset value attributable to Class A and Class C shares of the Fund, respectively (see Note 4). Class Y shares do not pay distribution fees. All expenses and fees paid to the Fund's transfer agent 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 54 Pioneer Global Multisector Income Fund | Semiannual Report | 4/30/19 to shareowners are recorded as of the ex-dividend date. Distributions paid by the Fund with respect to each class of shares are calculated in the same manner and at the same time, except that net investment income dividends to Class A, Class C and Class Y shares can reflect different transfer agent and distribution expense rates. G. Risks The value of securities held by the Fund may go up or down, sometimes rapidly or unpredictably, due to general market conditions, such as real or perceived adverse economic, political or regulatory conditions, inflation, changes in interest rates, lack of liquidity in the bond markets or adverse investor sentiment. In the past several years, financial markets have experienced increased volatility, depressed valuations, decreased liquidity and heightened uncertainty. These conditions may continue, recur, worsen or spread. A general rise in interest rates could adversely affect the price and liquidity of fixed-income securities and could also result in increased redemptions from the Fund. 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 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. With the increased use of technologies such as the Internet to conduct business, the Fund is susceptible to operational, information security and related risks. While the Fund's Adviser has established business continuity plans in the event of, and risk management systems to prevent, limit or mitigate, such cyber-attacks, there are inherent limitations in such plans and systems, including the possibility that certain risks have not been identified. Furthermore, the Fund cannot control the cybersecurity plans and systems put in place by service providers to the Fund such as Brown Brothers Harriman & Co., the Fund's custodian and accounting agent, and DST Asset Pioneer Global Multisector Income Fund | Semiannual Report | 4/30/19 55 Manager Solutions, Inc., the Fund's transfer agent. In addition, many beneficial owners of Fund shares hold them through accounts at broker-dealers, retirement platforms and other financial market participants over which neither the Fund nor Amundi Pioneer exercises control. Each of these may in turn rely on service providers to them, which are also subject to the risk of cyber-attacks. Cybersecurity failures or breaches at Amundi Pioneer or the Fund's service providers or intermediaries have the ability to cause disruptions and impact business operations, potentially resulting in financial losses, interference with the Fund's ability to calculate its net asset value, impediments to trading, the inability of Fund shareowners to effect share purchases, redemptions or exchanges or receive distributions, loss of or unauthorized access to private shareowner information and violations of applicable privacy and other laws, regulatory fines, penalties, reputational damage, or additional compliance costs. Such costs and losses may not be covered under any insurance. In addition, maintaining vigilance against cyber-attacks may involve substantial costs over time, and system enhancements may themselves be subject to cyber-attacks. 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. H. Insurance-Linked Securities ("ILS") The Fund invests in ILS. The Fund could lose a portion or all of the principal it has invested in an ILS, and the right to additional interest or dividend payments with respect to the security, upon the occurrence of one or more trigger events, as defined within the terms of an insurance-linked security. Trigger events, generally, are hurricanes, earthquakes, or other natural events of a specific size or magnitude that occur in a designated geographic region during a specified time period, and/or that involve losses or other metrics that exceed a specific amount. There is no way to accurately predict whether a trigger event will occur and, accordingly, ILS carry significant risk. The Fund is entitled to receive principal, and interest and/or dividend payments so long as no trigger event occurs of the description and magnitude specified by the instrument. In addition to the specified trigger events, ILS may expose the Fund to other risks, including but not limited to issuer (credit) default, adverse regulatory or jurisdictional interpretations and adverse tax consequences. The Fund's investments in ILS may include event-linked bonds. ILS also may include special purpose vehicles ("SPVs") or similar instruments structured to comprise a portion of a reinsurer's catastrophe-oriented business, known as quota share instruments (sometimes referred to as reinsurance sidecars), 56 Pioneer Global Multisector Income Fund | Semiannual Report | 4/30/19 or to provide reinsurance relating to specific risks to insurance or reinsurance companies through a collateralized instrument, known as collateralized reinsurance. Structured reinsurance investments also may include industry loss warranties ("ILWs"). A traditional ILW takes the form of a bilateral reinsurance contract, but there are also products that take the form of derivatives, collateralized structures, or exchange-traded instruments. Where the ILS are based on the performance of underlying reinsurance contracts, the Fund has limited transparency into the individual underlying contracts, and therefore must rely upon the risk assessment and sound underwriting practices of the issuer. Accordingly, it may be more difficult for the Adviser to fully evaluate the underlying risk profile of the Fund's structured reinsurance investments, and therefore the Fund's assets are placed at greater risk of loss than if the Adviser had more complete information. Structured reinsurance instruments generally will be considered illiquid securities by the Fund. These securities may be difficult to purchase, sell or unwind. Illiquid securities also may be difficult to value. If the Fund is forced to sell an illiquid asset, the Fund may be forced to sell at a loss. Additionally, the Fund may gain exposure to ILS by investing in a closed-end interval fund, Pioneer ILS Interval Fund, an affiliate of the Adviser. The Fund's investment in Pioneer ILS Interval Fund at April 30, 2019, is listed in the Schedule of Investments. I. Purchased Options The Fund may purchase put and call options to seek to 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 on the Statement of Assets and Liabilities as an investment. All premiums are marked-to-market daily, and any unrealized appreciation or depreciation is recorded on the Fund's Statement of Operations. 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 call and put options which have expired are treated as realized losses on investments on 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 Pioneer Global Multisector Income Fund | Semiannual Report | 4/30/19 57 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 market value of purchased options contracts open during the six months ended April 30, 2019, was $71,245. Open purchased options at April 30, 2019, are listed in the Fund's Schedule of Investments. J. 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 "Written options outstanding" on the Statement of Assets and Liabilities 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 on the Statement of Operations. 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 on the Statement of Operations, or, if the premium is less than the amount paid for the closing purchase transaction, as a realized loss on the Statement of Operations. 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 market value of written options for the six months ended April 30, 2019, was $(10,611). Open written options contracts at April 30, 2019, are listed in the Fund's Schedule of Investments. K. 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). 58 Pioneer Global Multisector Income Fund | Semiannual Report | 4/30/19 At April 30, 2019, the Fund had entered into various forward foreign currency contracts that obligated 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 market value of forward foreign currency contracts open during the six months ended April 30, 2019, was $11,703,734. Open forward foreign currency contracts outstanding at April 30, 2019, are listed in the Schedule of Investments. L. 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, 2019, is recorded as "Futures collateral" on the Statement of Assets and Liabilities. 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. Cash received from or paid to the broker related to previous margin movement is held in a segregated account at the broker and is recorded as either "Due from broker for futures" or "Due to broker for futures" on the Statement of Assets and Liabilities. 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 reduced 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 market value of contracts open during the six months ended April 30, 2019, was $(4,488,207). Open futures contracts outstanding at April 30, 2019, are listed in the Schedule of Investments. Pioneer Global Multisector Income Fund | Semiannual Report | 4/30/19 59 M. Credit Default Swap Contracts A credit default swap is a contract between a buyer of protection and a seller of protection against a pre-defined credit event or an underlying reference obligation, which may be a single security or a basket or index of securities. 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. As a buyer of protection, the Fund 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 within the "Swap contracts, at value" line item on the Statement of Assets and Liabilities. Periodic payments received or paid by the Fund are recorded as realized gains or losses on 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 within the "Swap contracts, at value" line item on 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 on 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 60 Pioneer Global Multisector Income Fund | Semiannual Report | 4/30/19 received, may be less than the amount the Fund pays to the protection buyer, resulting in a loss to the Fund. In addition, obligations under sell protection credit default swaps may be partially offset by net amounts received from settlement of buy protection credit default swaps entered into by the Fund for the same reference obligation with the same counterparty. 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 for centrally cleared swaps" on the Statement of Assets and Liabilities. Cash received from or paid to the broker related to previous margin movement is held in a segregated account at the broker and is recorded as either "Due from broker for swaps" or "Due to broker for swaps" on the Statement of Assets and Liabilities. The amount of cash deposited with a broker as collateral at April 30, 2019, is recorded as "Swaps collateral" on the Statement of Assets and Liabilities. The average market value of credit default swap contracts open during the six months ended April 30, 2019, was $38,257. Open credit default swap contracts at April 30, 2019, are listed in the Schedule of Investments. 2. Management Agreement The Adviser manages the Fund's portfolio. Effective October 1, 2018, Management fees are calculated daily at the annual rate of 0.50% of the Fund's average daily net assets up to $1 billion and 0.45% of the of the Fund's average daily net assets over $1 billion. Prior to October 1, 2018, Management fees were calculated daily at the annual rate of 0.50% of the Fund's average daily net assets. For the six months ended April 30, 2019, the effective management fee (excluding waivers and/or assumption of expenses) was equivalent to 0.50% of the Fund's average daily net assets. The Adviser has agreed to waive its management fee with respect to any portion of the Portfolio's assets invested in Pioneer ILS Interval Fund, an affiliated fund managed by the Adviser. For the six months ended April 30, 2019, the Adviser waived $13,208 in management fees with respect to the Portfolio, which is reflected on the Statement of Operations as an expense waiver. Pioneer Global Multisector Income Fund | Semiannual Report | 4/30/19 61 The Adviser has contractually agreed to limit ordinary operating expenses (ordinary operating expenses means all fund expenses other than extraordinary expenses, such as litigation, taxes, brokerage commissions and acquired fund fees and 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. These expense limitations are in effect through March 1, 2020. There can be no assurance that the Adviser will extend the expense limitation agreement beyond the date referred to above. Fees waived and expenses reimbursed during the six months ended April 30, 2019, are reflected on the Statement of Operations. 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 $17,028 in management fees, administrative costs and certain other reimbursements payable to the Adviser at April 30, 2019. 3. Transfer Agent DST Asset Manager Solutions, Inc. serves as the transfer agent to the Fund at negotiated rates. Transfer agent fees and payables shown on the Statement of Operations and the Statement of Assets and Liabilities, respectively, include sub-transfer agent expenses incurred through the Fund's omnibus relationship contracts. In addition, the Fund reimbursed the transfer agent for out-of-pocket expenses incurred by the transfer agent related to shareowner communications activities such as proxy and statement mailings, and outgoing phone calls. For the six months ended April 30, 2019, such out-of-pocket expenses by class of shares were as follows:
-------------------------------------------------------------------------------- Shareowner Communications: -------------------------------------------------------------------------------- Class A $2,397 Class C 1,108 Class Y 138 -------------------------------------------------------------------------------- Total $3,643 ================================================================================
4. Distribution and Service Plans The Fund has adopted a distribution plan (the "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 the Distributor 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 62 Pioneer Global Multisector Income Fund | Semiannual Report | 4/30/19 services with regard to Class A shares. Pursuant to the Plan, the Fund also pays the Distributor 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 $1,829 in distribution fees payable to the Distributor at April 30, 2019. In addition, redemptions of Class A and Class C 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 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 the Distributor. For the six months ended April 30, 2019, CDSCs in the amount of $20 were paid to the Distributor. 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. Effective August 1, 2018, the Fund participates in a credit facility in the amount of $250 million. Prior to August 1, 2018, the credit facility was in the amount of $195 million. Under such credit facility, depending on the type of loan, interest on borrowings is payable at the London Interbank Offered Rate ("LIBOR") plus 0.90% on an annualized basis, or the Alternate Base Rate, which is the greater of (a) the facility's administrative agent's daily announced prime rate on the borrowing date, (b) 2% plus the Federal Funds Rate on the borrowing date or (c) 2% plus the overnight Eurodollar rate on the borrowing date. The Funds pays an annual commitment fee to participate in a credit facility. The commitment fee is allocated among participating Funds based on an allocation schedule set forth in the credit agreement. For the six months ended April 30, 2019, the Fund had no borrowings under the credit facility. Pioneer Global Multisector Income Fund | Semiannual Report | 4/30/19 63 6. Master Netting Agreements The Fund has entered into an International Swaps and Derivatives Association, Inc. Master Agreement ("ISDA Master Agreement") or similar agreement with substantially all its derivative counterparties. An ISDA Master Agreement is a bilateral agreement between the Fund and a counterparty that governs the trading of certain Over the Counter ("OTC") derivatives and typically contains, among other things, close-out and set-off provisions which apply upon the occurrence of an event of default and/or a termination event as defined under the relevant ISDA Master Agreement. The ISDA Master Agreement may also give a party the right to terminate all transactions traded under such agreement if, among other things, there is deterioration in the credit quality of the other party. Upon an event of default or a termination of the ISDA Master Agreement, the non-defaulting party has the right to close-out all transactions under such agreement and to net amounts owed under each transaction to determine one net amount payable by one party to the other. The right to close out and net payments across all transactions under the ISDA Master Agreement could result in a reduction of the Fund's credit risk to its counterparty equal to any amounts payable by the Fund under the applicable transactions, if any. However, the Fund's right to set-off may be restricted or prohibited by the bankruptcy or insolvency laws of the particular jurisdiction to which each specific ISDA Master Agreement of each counterparty is subject. The collateral requirements for derivatives transactions under an ISDA Master Agreement are governed by a credit support annex to the ISDA Master Agreement. Collateral requirements are generally determined at the close of business each day and are typically based on changes in market values for each transaction under an ISDA Master Agreement and netted into one amount for such agreement. Generally, the amount of collateral due from or to a counterparty is subject to threshold (a "minimum transfer amount") before a transfer is required, which may vary by counterparty. Collateral pledged for the benefit of the Fund and/or counterparty is held in segregated accounts by the Fund's custodian and cannot be sold, re-pledged, assigned or otherwise used while pledged. Cash that has been segregated to cover the Fund's collateral obligations, if any, will be reported separately on the Statement of Assets and Liabilities as "Swaps collateral". Securities pledged by the Fund as collateral, if any, are identified as such in the Schedule of Investments. Financial instruments subject to an enforceable master netting agreement, such as an ISDA Master 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, 2019. 64 Pioneer Global Multisector Income Fund | Semiannual Report | 4/30/19
---------------------------------------------------------------------------------------------------------------- Derivative Assets Subject to Derivatives Non-Cash Cash Net Amount Master Netting Available Collateral Collateral of Derivative Counterparty Agreement for Offset Received (a) Received (a) Assets (b) ---------------------------------------------------------------------------------------------------------------- Bank of America NA $92,312 $ (5,511) $ -- $ -- $86,801 Goldman Sachs International 1,290 (1,290) -- -- -- HSBC Bank NA -- -- -- -- -- JPMorgan Chase Bank NA 2,230 (1,347) -- -- 883 Morgan Stanley Capital Services LLC 2,087 -- -- -- 2,087 State Street Bank & Trust Co. 1,987 (1,987) -- -- -- ---------------------------------------------------------------------------------------------------------------- Total $99,906 $(10,135) $ -- $ -- $89,771 ================================================================================================================
------------------------------------------------------------------------------------------------------------ Derivative Liabilities Subject to Derivatives Non-Cash Cash Net Amount Master Netting Available Collateral Collateral of Derivative Counterparty Agreement for Offset Pledged (a) Pledged (a) Liabilities (c) ------------------------------------------------------------------------------------------------------------ Bank of America NA $ 5,511 $ (5,511) $ -- $ -- $ -- Goldman Sachs International 18,122 (1,290) -- -- 16,832 HSBC Bank NA 1,482 -- -- -- 1,482 JPMorgan Chase Bank NA 1,347 (1,347) -- -- -- Morgan Stanley Capital Services LLC -- -- -- -- -- State Street Bank & Trust Co. 144,075 (1,987) -- -- 142,088 ------------------------------------------------------------------------------------------------------------ Total $170,537 $(10,135) $ -- $ -- $160,402 ============================================================================================================
(a) 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. (b) Represents the net amount due from the counterparty in the event of default. (c) Represents the net amount payable to the counterparty in the event of default. 7. Additional Disclosures about Derivative Instruments and Hedging Activities The Fund's use of derivatives may enhance or mitigate the Fund's exposure to the following risks: Interest rate risk relates to the fluctuations in the value of interest-bearing securities due to changes in the prevailing levels of market interest rates. Pioneer Global Multisector Income Fund | Semiannual Report | 4/30/19 65 Credit risk relates to the ability of the issuer of a financial instrument to make further principal or interest payments on an obligation or commitment that it has to the Fund. Foreign exchange rate risk relates to fluctuations in the value of an asset or liability due to changes in currency exchange rates. Equity risk relates to the fluctuations in the value of financial instruments as a result of changes in market prices (other than those arising from interest rate risk or foreign exchange rate risk), whether caused by factors specific to an individual investment, its issuer, or all factors affecting all instruments traded in a market or market segment. Commodity risk relates to the risk that the value of a commodity or commodity index will fluctuate based on increases or decreases in the commodities market and factors specific to a particular industry or commodity. The fair value of open derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) by risk exposure at April 30, 2019 was as follows:
------------------------------------------------------------------------------------------------ Foreign Statement of Assets Interest Credit Exchange Equity Commodity and Liabilities Rate Risk Risk Rate Risk Risk Risk ------------------------------------------------------------------------------------------------ Assets Options purchased* $ -- $ -- $ 92,312 $ -- $ -- Swap contracts, at value -- 49,260 -- -- -- ------------------------------------------------------------------------------------------------ Total Value $ -- $49,260 $ 92,312 $ -- $ -- ================================================================================================ Liabilities Written options outstanding $ -- $ -- $ 5,511 $ -- $ -- Net unrealized depreciation on forward foreign currency contracts -- -- 159,519 -- -- Net unrealized depreciation on futures contracts 9,245 -- -- -- -- ------------------------------------------------------------------------------------------------ Total Value $9,245 $ -- $165,030 $ -- $ -- ================================================================================================
* Reflects the market value of purchased option contracts (see Note 1I.). These amounts are included in investments in unaffiliated issuers, at value, on the statement of assets and liabilities. 66 Pioneer Global Multisector Income Fund | Semiannual Report | 4/30/19 The effect of derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) on the Statement of Operations by risk exposure at April 30, 2019 was as follows:
----------------------------------------------------------------------------------------------------- Foreign Statement of Interest Credit Exchange Equity Commodity Operations Rate Risk Risk Rate Risk Risk Risk ----------------------------------------------------------------------------------------------------- Net realized gain (loss) on: Forward foreign currency contracts $ -- $ -- $(362,910) $ -- $ -- Futures contracts 39,455 -- -- -- -- Swap contracts -- 44,937 -- -- -- ----------------------------------------------------------------------------------------------------- Total Value $ 39,455 $44,937 $(362,910) $ -- $ -- ===================================================================================================== Change in net unrealized appreciation (depreciation) on: Options purchased* $ -- $ -- $ (435) $ -- $ -- Written options -- -- 30,747 -- -- Forward foreign currency contracts -- -- 60,670 -- -- Futures contracts (113,971) -- -- -- -- Swap contracts -- (9,542) -- -- -- ----------------------------------------------------------------------------------------------------- Total Value $(113,971) $(9,542) $ 90,982 $ -- $ -- =====================================================================================================
* Reflects the change in net unrealized appreciation (depreciation) on purchased option contracts (see Note 1I.). These amounts are included in change in net unrealized appreciation (depreciation) on Investments in unaffiliated issuers, on the statements of operations. Pioneer Global Multisector Income Fund | Semiannual Report | 4/30/19 67 Trustees, Officers and Service Providers Trustees Officers Thomas J. Perna, Chairman Lisa M. Jones, President and David R. Bock Chief Executive Officer Benjamin M. Friedman Mark E. Bradley, Treasurer and Margaret B.W. Graham Chief Financial and Lisa M. Jones Accounting Officer Lorraine H. Monchak Christopher J. Kelley, Secretary and Marguerite A. Piret Chief Legal Officer Fred J. Ricciardi Kenneth J. Taubes Investment Adviser and Administrator Amundi Pioneer Asset Management, Inc. Custodian and Sub-Administrator Brown Brothers Harriman & Co. Principal Underwriter Amundi Pioneer Distributor, Inc. Legal Counsel Morgan, Lewis & Bockius LLP Transfer Agent DST Asset Manager Solutions, Inc. Proxy Voting Policies and Procedures of the Fund are available without charge, upon request, by calling our toll free number (1-800-225-6292). Information regarding how the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is publicly available to shareowners at www.amundipioneer.com/us. This information is also available on the Securities and Exchange Commission's web site at www.sec.gov. 68 Pioneer Global Multisector Income Fund | Semiannual Report | 4/30/19 How to Contact Amundi 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 FactFoneSM for automated fund yields, prices, account information and transactions 1-800-225-4321 Retirement plans information 1-800-622-0176 Write to us: -------------------------------------------------------------------------------- Amundi Pioneer P.O. Box 219427 Kansas City, MO 64121-9427 Our toll-free fax 1-800-225-4240 Our internet e-mail address us.askamundipioneer@amundipioneer.com (for general questions about Amundi Pioneer only) Visit our web site: www.amundipioneer.com/us This report must be preceded or accompanied by a prospectus. The Fund files a complete schedule of portfolio holdings with the Securities and Exchange Commission for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. Shareholders may view the filed Form N-PORT by visiting the Commission's web site at https://www.sec.gov. [LOGO] Amundi Pioneer ============== ASSET MANAGEMENT Amundi Pioneer Asset Management, Inc. 60 State Street Boston, MA 02109 www.amundipioneer.com/us Securities offered through Amundi Pioneer Distributor, Inc. 60 State Street, Boston, MA 02109 Underwriter of Pioneer Mutual Funds, Member SIPC [C] 2019 Amundi Pioneer Asset Management 21910-11-0619 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)). Mr. David R. Bock, an independent trustee, is such an audit committee financial expert. (3) If the registrant provides the disclosure required by paragraph (a)(1) (ii) of this Item, it must explain why it does not have an audit committee financial expert. Not applicable. ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES. (a) Disclose, under the caption AUDIT FEES, the aggregate fees billed for each of the last two fiscal years for professional services rendered by the principal accountant for the audit of the registrant's annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years. N/A (b) Disclose, under the caption AUDIT-RELATED FEES, the aggregate fees billed in each of the last two fiscal years for assurance and related services by the principal accountant that are reasonably related to the performance of the audit of the registrant's financial statements and are not reported under paragraph (a) of this Item. Registrants shall describe the nature of the services comprising the fees disclosed under this category. N/A (c) Disclose, under the caption TAX FEES, the aggregate fees billed in each of the last two fiscal years for professional services rendered by the principal accountant for tax compliance, tax advice, and tax planning. Registrants shall describe the nature of the services comprising the fees disclosed under this category. N/A (d) Disclose, under the caption ALL OTHER FEES, the aggregate fees billed in each of the last two fiscal years for products and services provided by the principal accountant, other than the services reported in paragraphs (a) through (c) of this Item. Registrants shall describe the nature of the services comprising the fees disclosed under this category. N/A (e) (1) Disclose the audit committee's pre-approval policies and procedures described in paragraph (c)(7) of Rule 2-01 of Regulation S-X. PIONEER FUNDS APPROVAL OF AUDIT, AUDIT-RELATED, TAX AND OTHER SERVICES PROVIDED BY THE INDEPENDENT AUDITOR SECTION I - POLICY PURPOSE AND APPLICABILITY The Pioneer Funds recognize the importance of maintaining the independence of their outside auditors. Maintaining independence is a shared responsibility involving Amudi Pioneer Asset Management, Inc, the audit committee and the independent auditors. The Funds recognize that a Fund's independent auditors: 1) possess knowledge of the Funds, 2) are able to incorporate certain services into the scope of the audit, thereby avoiding redundant work, cost and disruption of Fund personnel and processes, and 3) have expertise that has value to the Funds. As a result, there are situations where it is desirable to use the Fund's independent auditors for services in addition to the annual audit and where the potential for conflicts of interests are minimal. Consequently, this policy, which is intended to comply with Rule 210.2-01(C)(7), sets forth guidelines and procedures to be followed by the Funds when retaining the independent audit firm to perform audit, audit-related tax and other services under those circumstances, while also maintaining independence. Approval of a service in accordance with this policy for a Fund shall also constitute approval for any other Fund whose pre-approval is required pursuant to Rule 210.2-01(c)(7)(ii). In addition to the procedures set forth in this policy, any non-audit services that may be provided consistently with Rule 210.2-01 may be approved by the Audit Committee itself and any pre-approval that may be waived in accordance with Rule 210.2-01(c)(7)(i)(C) is hereby waived. Selection of a Fund's independent auditors and their compensation shall be determined by the Audit Committee and shall not be subject to this policy.
SECTION II - POLICY ---------------- -------------------------------- ------------------------------------------------- SERVICE SERVICE CATEGORY DESCRIPTION SPECIFIC PRE-APPROVED SERVICE SUBCATEGORIES CATEGORY ---------------- -------------------------------- ------------------------------------------------- I. AUDIT Services that are directly o Accounting research assistance SERVICES related to performing the o SEC consultation, registration independent audit of the Funds statements, and reporting o Tax accrual related matters o Implementation of new accounting standards o Compliance letters (e.g. rating agency letters) o Regulatory reviews and assistance regarding financial matters o Semi-annual reviews (if requested) o Comfort letters for closed end offerings ---------------- -------------------------------- ------------------------------------------------- II. Services which are not o AICPA attest and agreed-upon procedures AUDIT-RELATED prohibited under Rule o Technology control assessments SERVICES 210.2-01(C)(4) (the "Rule") o Financial reporting control assessments and are related extensions of o Enterprise security architecture the audit services support the assessment audit, or use the knowledge/expertise gained from the audit procedures as a foundation to complete the project. In most cases, if the Audit-Related Services are not performed by the Audit firm, the scope of the Audit Services would likely increase. The Services are typically well-defined and governed by accounting professional standards (AICPA, SEC, etc.) ---------------- -------------------------------- ------------------------------------------------- ------------------------------------- ------------------------------------ AUDIT COMMITTEE APPROVAL POLICY AUDIT COMMITTEE REPORTING POLICY ------------------------------------- ------------------------------------ o "One-time" pre-approval o A summary of all such for the audit period for all services and related fees pre-approved specific service reported at each regularly subcategories. Approval of the scheduled Audit Committee independent auditors as meeting. auditors for a Fund shall constitute pre approval for these services. ------------------------------------- ------------------------------------ o "One-time" pre-approval o A summary of all such for the fund fiscal year within services and related fees a specified dollar limit (including comparison to for all pre-approved specified dollar limits) specific service subcategories reported quarterly. o Specific approval is needed to exceed the pre-approved dollar limit for these services (see general Audit Committee approval policy below for details on obtaining specific approvals) o Specific approval is needed to use the Fund's auditors for Audit-Related Services not denoted as "pre-approved", or to add a specific service subcategory as "pre-approved" ------------------------------------- ------------------------------------
SECTION III - POLICY DETAIL, CONTINUED ----------------------- --------------------------- ----------------------------------------------- SERVICE CATEGORY SERVICE CATEGORY SPECIFIC PRE-APPROVED SERVICE SUBCATEGORIES DESCRIPTION ----------------------- --------------------------- ----------------------------------------------- III. TAX SERVICES Services which are not o Tax planning and support prohibited by the Rule, o Tax controversy assistance if an officer of the Fund o Tax compliance, tax returns, excise determines that using the tax returns and support Fund's auditor to provide o Tax opinions these services creates significant synergy in the form of efficiency, minimized disruption, or the ability to maintain a desired level of confidentiality. ----------------------- --------------------------- ----------------------------------------------- ------------------------------------- ------------------------- AUDIT COMMITTEE APPROVAL POLICY AUDIT COMMITTEE REPORTING POLICY ------------------------------------- ------------------------- ------------------------------------- ------------------------- o "One-time" pre-approval o A summary of for the fund fiscal year all such services and within a specified dollar limit related fees (including comparison to specified dollar limits) reported quarterly. o Specific approval is needed to exceed the pre-approved dollar limits for these services (see general Audit Committee approval policy below for details on obtaining specific approvals) o Specific approval is needed to use the Fund's auditors for tax services not denoted as pre-approved, or to add a specific service subcategory as "pre-approved" ------------------------------------- -------------------------
SECTION III - POLICY DETAIL, CONTINUED ----------------------- --------------------------- ----------------------------------------------- SERVICE CATEGORY SERVICE CATEGORY SPECIFIC PRE-APPROVED SERVICE SUBCATEGORIES DESCRIPTION ----------------------- --------------------------- ----------------------------------------------- IV. OTHER SERVICES Services which are not o Business Risk Management support prohibited by the Rule, o Other control and regulatory A. SYNERGISTIC, if an officer of the Fund compliance projects UNIQUE QUALIFICATIONS determines that using the Fund's auditor to provide these services creates significant synergy in the form of efficiency, minimized disruption, the ability to maintain a desired level of confidentiality, or where the Fund's auditors posses unique or superior qualifications to provide these services, resulting in superior value and results for the Fund. ----------------------- --------------------------- ----------------------------------------------- --------------------------------------- ------------------------ AUDIT COMMITTEE APPROVAL POLICY AUDIT COMMITTEE REPORTING POLICY ------------------------------------- -------------------------- o "One-time" pre-approval o A summary of for the fund fiscal year within all such services and a specified dollar limit related fees (including comparison to specified dollar limits) reported quarterly. o Specific approval is needed to exceed the pre-approved dollar limits for these services (see general Audit Committee approval policy below for details on obtaining specific approvals) o Specific approval is needed to use the Fund's auditors for "Synergistic" or "Unique Qualifications" Other Services not denoted as pre-approved to the left, or to add a specific service subcategory as "pre-approved" ------------------------------------- --------------------------
SECTION III - POLICY DETAIL, CONTINUED ----------------------- ------------------------- ----------------------------------------------- SERVICE CATEGORY SERVICE CATEGORY SPECIFIC PROHIBITED SERVICE SUBCATEGORIES DESCRIPTION ----------------------- ------------------------- ----------------------------------------------- PROHIBITED SERVICES Services which result 1. Bookkeeping or other services in the auditors losing related to the accounting records or independence status financial statements of the audit under the Rule. client* 2. Financial information systems design and implementation* 3. Appraisal or valuation services, fairness* opinions, or contribution-in-kind reports 4. Actuarial services (i.e., setting actuarial reserves versus actuarial audit work)* 5. Internal audit outsourcing services* 6. Management functions or human resources 7. Broker or dealer, investment advisor, or investment banking services 8. Legal services and expert services unrelated to the audit 9. Any other service that the Public Company Accounting Oversight Board determines, by regulation, is impermissible ----------------------- ------------------------- ----------------------------------------------- ------------------------------------------- ------------------------------ AUDIT COMMITTEE APPROVAL POLICY AUDIT COMMITTEE REPORTING POLICY ------------------------------------------- ------------------------------ o These services are not to be o A summary of all performed with the exception of the(*) services and related services that may be permitted fees reported at each if they would not be subject to audit regularly scheduled procedures at the audit client (as Audit Committee meeting defined in rule 2-01(f)(4)) level will serve as continual the firm providing the service. confirmation that has not provided any restricted services. ------------------------------------------- ------------------------------
-------------------------------------------------------------------------------- GENERAL AUDIT COMMITTEE APPROVAL POLICY: o For all projects, the officers of the Funds and the Fund's auditors will each make an assessment to determine that any proposed projects will not impair independence. o Potential services will be classified into the four non-restricted service categories and the "Approval of Audit, Audit-Related, Tax and Other Services" Policy above will be applied. Any services outside the specific pre-approved service subcategories set forth above must be specifically approved by the Audit Committee. o At least quarterly, the Audit Committee shall review a report summarizing the services by service category, including fees, provided by the Audit firm as set forth in the above policy. -------------------------------------------------------------------------------- (2) Disclose the percentage of services described in each of paragraphs (b) through (d) of this Item that were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X. N/A (f) If greater than 50 percent, disclose the percentage of hours expended on the principal 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. N/A (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. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies. (a) If the registrant is a closed-end management investment company, provide the following dollar amounts of income and compensation related to the securities lending activities of the registrant during its most recent fiscal year: N/A (1) Gross income from securities lending activities; N/A (2) All fees and/or compensation for each of the following securities lending activities and related services: any share of revenue generated by the securities lending program paid to the securities lending agent(s) (revenue split); fees paid for cash collateral management services (including fees deducted from a pooled cash collateral reinvestment vehicle) that are not included in the revenue split; administrative fees that are not included in the revenue split; fees for indemnification that are not included in the revenue split; rebates paid to borrowers; and any other fees relating to the securities lending program that are not included in the revenue split, including a description of those other fees; N/A (3) The aggregate fees/compensation disclosed pursuant to paragraph (2); and N/A (4) Net income from securities lending activities (i.e., the dollar amount in paragraph (1) minus the dollar amount in paragraph (3)). If a fee for a service is included in the revenue split, state that the fee is included in the revenue split. N/A (b) If the registrant is a closed-end management investment company, describe the services provided to the registrant by the securities lending agent in the registrants most recent fiscal year. N/A ITEM 13. 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 July 1, 2019 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 July 1, 2019 By (Signature and Title)* /s/ Mark E. Bradley Mark E. Bradley, Treasurer & Chief Accounting & Financial Officer Date July 1, 2019 * Print the name and title of each signing officer under his or her signature. EX-99 2 CodeofEthics.txt CODE OF ETHICS FOR SENIOR OFFICERS POLICY This Code of Ethics for Senior Officers (this "Code") sets forth the policies, practices and values expected to be exhibited by Senior Officers of the Pioneer Funds (collectively, the "Funds" and each, a "Fund"). This Code does not apply generally to officers and employees of service providers to the Funds, including Pioneer Investment Management, Inc. ("Pioneer"), unless such officers and employees are also Senior Officers. The term "Senior Officers" shall mean the principal executive officer, principal financial officer, principal accounting officer and controller of the Funds, although one person may occupy more than one such office. Each Senior Officer is identified by title in Exhibit A to this Code. The Chief Compliance Officer ("CCO") of the Pioneer Funds is primarily responsible for implementing and monitoring compliance with this Code, subject to the overall supervision of the Board of Trustees of the Funds (the "Board"). The CCO has the authority to interpret this Code and its applicability to particular situations. Any questions about this Code should be directed to the CCO or his or her designee. PURPOSE The purposes of this Code are to: . Promote honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships; . Promote full, fair, accurate, timely and understandable disclosure in reports and documents that the Fund files with, or submits to, the Securities and Exchange Commission ("SEC") and in other public communications made by the Fund; ------------------------------------------------------------------------------- 1 Last revised January 17, 2014 . Promote compliance with applicable laws and governmental rules and regulations; . Promote the prompt internal reporting of violations of the Code to an appropriate person or persons identified in the Code; and . Establish accountability for adherence to the Code. Each Senior Officer should adhere to a high standard of business ethics and should be sensitive to situations that may give rise to actual as well as apparent conflicts of interest. RESPONSIBILITIES OF SENIOR OFFICERS Conflicts of Interest A "conflict of interest" occurs when a Senior Officer's private interests interfere in any way - or even appear to interfere - with the interests of or his/her service to a Fund. A conflict can arise when a Senior Officer takes actions or has interests that may make it difficult to perform his or her Fund work objectively and effectively. Conflicts of interest also arise when a Senior Officer or a member of his/her family receives improper personal benefits as a result of the Senior Officer's position with the Fund. Certain conflicts of interest arise out of the relationships between Senior Officers and the Fund and already are subject to conflict of interest provisions in the Investment Company Act of 1940, as amended (the "ICA"), and the Investment Advisers Act of 1940, as amended (the "IAA"). For example, Senior Officers may not individually engage in certain transactions (such as the purchase or sale of securities or other property) with the Funds because of their status as "affiliated persons" of the Funds. The Fund's and Pioneer's compliance programs and procedures are designed to prevent, or identify and correct, violations of these provisions. This Code does not, and is not intended to, repeat or replace such policies and procedures, and such conflicts fall outside of the parameters of this Code. Although typically not presenting an opportunity for improper personal benefit, conflicts arise as a result of the contractual relationship between the Fund and Pioneer because the Senior Officers are officers or employees of both. As a result, this Code recognizes that Senior Officers will, in the normal course of their duties (whether formally for a Fund or for Pioneer, or for both), be involved in establishing policies and implementing decisions that will have different effects on Pioneer and the Fund. The participation of Senior Officers in such activities is inherent in the contractual relationship between a Fund and Pioneer and is consistent with the performance by the Senior Officers of their duties as officers of the Fund and, if addressed in conformity with the provisions of the ICA and the IAA, will be deemed to have been handled ethically. In addition, it is recognized by the Board that Senior Officers may also be officers of investment companies other than the Pioneer Funds. Other conflicts of interest are covered by this Code, even if such conflicts of interest are not subject to provisions of the ICA or the IAA. In reading the following examples of conflicts of interest under this Code, Senior Officers should keep in mind that such a list cannot ever be exhaustive or cover every possible ------------------------------------------------------------------------------- 2 Last revised January 17, 2014 scenario. It follows that the overarching principle is that the personal interest of a Senior Officer should not be placed improperly before the interest of a Fund. Each Senior Officer must: . Not use his or her personal influence or personal relationships improperly to influence investment decisions or financial reporting by a Fund whereby the Senior Officer would benefit personally to the detriment of the Fund; . Not cause a Fund to take action, or fail to take action, for the individual personal benefit of the Senior Officer rather than the benefit of the Fund; and . Report at least annually any affiliations or other relationships that give rise to conflicts of interest. Any material conflict of interest situation should be approved by the CCO, his or her designee or the Board. Examples of these include: . Service as a director on the board of any public or private company; . The receipt of any gift with a value in excess of an amount established from time to time by Pioneer's Business Gift and Entertainment Policy from any single non-relative person or entity. Customary business lunches, dinners and entertainment at which both the Senior Officer and the giver are present, and promotional items of insignificant value are exempt from this prohibition; . The receipt of any entertainment from any company with which a Fund has current or prospective business dealings unless such entertainment is business-related, reasonable in cost, appropriate as to time and place, and not so frequent as to raise any question of impropriety; . Any ownership interest in, or any consulting or employment relationship with, any of a Fund's service providers other than its investment adviser, principal underwriter, administrator or any affiliated person thereof; and . A direct or indirect financial interest in commissions, transaction charges or spreads paid by a Fund for effecting portfolio transactions or for selling or redeeming shares other than an interest arising from the Senior Officer's employment, such as compensation or equity ownership. ------------------------------------------------------------------------------- 3 Last revised January 17, 2014 Corporate Opportunities Senior Officers may not (a) take for themselves personally opportunities that are discovered through the use of a Fund's property, information or position; (b) use a Fund's property, information, or position for personal gain; or (c) compete with a Fund. Senior Officers owe a duty to the Funds to advance their legitimate interests when the opportunity to do so arises. Confidentiality Senior Officers should maintain the confidentiality of information entrusted to them by the Funds, except when disclosure is authorized or legally mandated. Confidential information includes all non-public information that might be of use to competitors, or harmful to the Funds, if disclosed. Fair dealing with Fund shareholders, suppliers, and competitors Senior Officers should endeavor to deal fairly with the Funds' shareholders, suppliers, and competitors. Senior Officers should not take unfair advantage of anyone through manipulation, concealment, abuse of privileged information, misrepresentation of material facts, or any other unfair-dealing practice. Senior Officers should not knowingly misrepresent or cause others to misrepresent facts about a Fund to others, whether within or outside the Fund, including to the Board, the Funds' auditors or to governmental regulators and self-regulatory organizations. Compliance with Law Each Senior Officer must not knowingly violate any law, rule and regulation applicable to his or her activities as an officer of the Funds. In addition, Senior Officers are responsible for understanding and promoting compliance with the laws, rules and regulations applicable to his or her particular position and by persons under the Senior Officer's supervision. Senior Officers should endeavor to comply not only with the letter of the law, but also with the spirit of the law. Disclosure Each Senior Officer should familiarize himself or herself with the disclosure requirements generally applicable to the Funds. Each Senior Officer should, to the extent appropriate within his or her area of responsibility, consult with other officers of the Funds and Pioneer with the goal of promoting full, fair, accurate, timely and understandable disclosure in the reports and documents a Fund files with, or submits to, the SEC and in other public communications made by the Funds. INITIAL AND ANNUAL CERTIFICATIONS Upon becoming a Senior Officer the Senior Officer is required to certify that he or she has received, read, and understands this Code. On an annual basis, each Senior Officer must certify that he or she has complied with all of the applicable requirements of this Code. ------------------------------------------------------------------------------- 4 Last revised January 17, 2014 ADMINISTRATION AND ENFORCEMENT OF THE CODE Report of Violations Pioneer relies on each Senior Officer to report promptly if he or she knows of any conduct by a Senior Officer in violation of this Code. All violations or suspected violations of this Code must be reported to the CCO or a member of Pioneer's Legal and Compliance Department. Failure to do so is itself a violation of this Code. Investigation of Violations Upon notification of a violation or suspected violation, the CCO or other members of Pioneer's Compliance Department will take all appropriate action to investigate the potential violation reported. If, after such investigation, the CCO believes that no violation has occurred, the CCO and Compliance Department is not required to take no further action. Any matter the CCO believes is a violation will be reported to the Independent Trustees. If the Independent Trustees concur that a violation has occurred, they will inform and make a recommendation to the full Board. The Board shall be responsible for determining appropriate action. The Funds, their officers and employees, will not retaliate against any Senior Officer for reports of potential violations that are made in good faith and without malicious intent. The CCO or his or her designee is responsible for applying this Code to specific situations in which questions are presented under it and has the authority to interpret this Code in any particular situation. The CCO or his or her designee shall make inquiries regarding any potential conflict of interest. Violations and Sanctions Compliance with this Code is expected and violations of its provisions will be taken seriously and could result in disciplinary action. In response to violations of the Code, the Board may impose such sanctions as it deems appropriate within the scope of its authority over Senior Officers, including termination as an officer of the Funds. Waivers from the Code The Independent Trustees will consider any approval or waiver sought by any Senior Officer. The Independent Trustees will be responsible for granting waivers, as appropriate. Any change to or waiver of this Code will, to the extent required, be disclosed as provided by SEC rules. OTHER POLICIES AND PROCEDURES This Code shall be the sole Code of Ethics adopted by the Funds for purposes of Section 406 of the Sarbanes-Oxley Act and the rules and forms applicable to registered investment companies thereunder. The Funds', Pioneer's, and Pioneer Funds Distributor, Inc.'s Codes of Ethics under Rule 17j-1 under the ICA and Rule 204A-1 of the IAA are separate requirements applying to the Senior Officers and others, and are not a part of this Code. To the extent any other policies and procedures of the Funds, Pioneer or Pioneer ------------------------------------------------------------------------------- 5 Last revised January 17, 2014 Fund Distributor, Inc. overlap or conflict with the provisions of the this Code, they are superseded by this Code. SCOPE OF RESPONSIBILITIES A Senior Officer's responsibilities under this Code are limited to Fund matters over which the Senior Officer has direct responsibility or control, matters in which the Senior Officer routinely participates, and matters with which the Senior Officer is otherwise involved. In addition, a Senior Officer is responsible for matters of which the Senior Officer has actual knowledge. AMENDMENTS This Code other than Exhibit A may not be amended except in a writing that is specifically approved or ratified by a majority vote of the Board, including a majority of the Independent Trustees. CONFIDENTIALITY All reports and records prepared or maintained pursuant to this Code will be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or this Code, such matters shall not be disclosed to anyone other than the Board and their counsel or to Pioneer's Legal and Compliance Department. INTERNAL USE This Code is intended solely for the internal use by the Funds and does not constitute an admission, by or on behalf of any Fund, as to any fact, circumstance, or legal conclusion. ------------------------------------------------------------------------------- 6 Last revised January 17, 2014 EXHIBIT A - SENIOR OFFICERS OF THE PIONEER FUNDS President (Principal Executive Officer) Treasurer (Principal Financial Officer) Code of Ethics for Senior Officers ------------------------------------------------------------------------------- EX-99 3 SOX-302.txt CERTIFICATION PRUSUANT TO RULE 30a- 2(a) UNDER THE 1940 ACT AND SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002 I, Lisa M. Jones, certify that: 1. I have reviewed this report on Form N-CSR of Pioneer Series Trust VII; 2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; 3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report; 4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have: a. Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; b. Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external in accordance with generally accepted accounting principles; c. Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and d. Disclosed in this report any change in the registrants internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrants internal control over financial reporting; and 5. The registrants other certifying officer and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): a. All significant deficiencies in the design or operation of internal controls over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and b. Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. Date: July 1, 2019 /s/ Lisa M. Jones Lisa M. Jones Trustee, President and Chief Executive Officer CERTIFICATION PRUSUANT TO RULE 30a- 2(a) UNDER THE 1940 ACT AND SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002 I, Mark E. Bradley, certify that: 1. I have reviewed this report on Form N-CSR of Pioneer Series Trust VII; 2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; 3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report; 4. The registrants other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have: a. Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; b. Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external in accordance with generally accepted accounting principles; c. Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and d. Disclosed in this report any change in the registrants internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrants internal control over financial reporting; and 5. The registrants other certifying officer and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): a. All significant deficiencies in the design or operation of internal controls over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and b. Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. Date: July 1, 2019 /s/ Mark E. Bradley Mark E. Bradley Treasurer and Chief Financial and Accounting Officer EX-99 4 SOX-906.txt CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002 I, Lisa M. Jones, certify that, to the best of my knowledge: 1. The Form N-CSR (the Report) of Pioneer Series Trust VII (the Trust) fully complies for the period covered by the Report with the requirements of Section 13(a) or 15 (d), as applicable, of the Securities Exchange Act of 1934; and 2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of the operations of the Trust. Date: July 1, 2019 /s/ Lisa M. Jones Lisa M. Jones Trustee, President and Chief Executive Officer This certification is being furnished pursuant to Rule 30a-2(b) under the Investment Company Act of 1940, as amended, and 18 U.S.C. section 1350 and is not being filed as part of the Report with the Securities and Exchange Commission. A signed original of this written statement required by section 906 has been provided to the Trust and will be retained by the Trust and furnished to the Securities Exchange Commission or its staff upon request. CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002 I, Mark E. Bradley, certify that, to the best of my knowledge: 1. The Form N-CSR (the Report) of Pioneer Series Trust VII (the Trust) fully complies for the period covered by the Report with the requirements of Section 13(a) or 15 (d), as applicable, of the Securities Exchange Act of 1934; and 2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of the operations of the Trust. Date: July 1, 2019 /s/ Mark E. Bradley Mark E. Bradley Treasurer and Chief Financial & Accounting Officer This certification is being furnished pursuant to Rule 30a-2(b) under the Investment Company Act of 1940, as amended, and 18 U.S.C. section 1350 and is not being filed as part of the Report with the Securities and Exchange Commission. A signed original of this written statement required by section 906 has been provided to the Trust and will be retained by the Trust and furnished to the Securities Exchange Commission or its staff upon request.