0001223026-19-000012.txt : 20191227 0001223026-19-000012.hdr.sgml : 20191227 20191227160042 ACCESSION NUMBER: 0001223026-19-000012 CONFORMED SUBMISSION TYPE: N-CSR PUBLIC DOCUMENT COUNT: 4 CONFORMED PERIOD OF REPORT: 20191031 FILED AS OF DATE: 20191227 DATE AS OF CHANGE: 20191227 EFFECTIVENESS DATE: 20191227 FILER: COMPANY DATA: COMPANY CONFORMED NAME: PIONEER SERIES TRUST VII CENTRAL INDEX KEY: 0001140157 IRS NUMBER: 043567848 STATE OF INCORPORATION: DE FISCAL YEAR END: 1031 FILING VALUES: FORM TYPE: N-CSR SEC ACT: 1940 Act SEC FILE NUMBER: 811-10395 FILM NUMBER: 191313771 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-CSR 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, 2019 Date of reporting period: November 1, 2018 through October 31, 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 Multisector Income Fund -------------------------------------------------------------------------------- Annual Report | October 31, 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 40 Notes to Financial Statements 47 Report of Independent Registered Public Accounting Firm 65 Additional Information 67 Approval of Investment Management Agreement 68 Trustees, Officers and Service Providers 73
Pioneer Global Multisector Income Fund | Annual Report | 10/31/19 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 communicate directly with the management teams of those companies. 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, 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 | Annual Report | 10/31/19 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. October 31, 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 | Annual Report | 10/31/19 3 Portfolio Management Discussion | 10/31/19 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 12-month period ended October 31, 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 12-month period ended October 31, 2019? A Pioneer Global Multisector Income Fund's Class A shares returned 5.89% at net asset value during the 12-month period ended October 31, 2019, while the Fund's benchmark, the Bloomberg Barclays Global Aggregate Bond Index (the Bloomberg Barclays Index), returned 9.54%. During the same period, the average return of the 216 mutual funds in Morningstar's World Bond Funds category was 7.72%. Q How would you describe the investment environment for fixed-income securities during the 12-month period ended October 31, 2019? A Global fixed-income markets delivered robust gains over the 12-month period, as a number of factors combined to fuel a broad-based rally in both interest-rate and credit-sensitive investments. The favorable backdrop stemmed, in part, from a persistent slowdown in global economic growth that gave central banks latitude to adopt easier monetary policies. In the United States, the U.S. Federal Reserve (Fed), after raising rates several times in 2018, adopted a more accommodative stance in early 2019 while signaling that it had finished its tightening cycle, at least for the time being. The Fed eventually enacted three quarter-point rate cuts between August and October, bringing its benchmark federal funds rate down to a range of 1.50% of 1.75%. Many global central banks also adopted accommodative approaches, highlighted by the European Central Bank's (ECB) pledge to restart its quantitative easing policy. Those developments contributed to a decline in the 10-year U.S. Treasury yield, from 3.15% at the start of the 12-month period to 1.69% on October 31, 2019. 4 Pioneer Global Multisector Income Fund | Annual Report | 10/31/19 Credit-sensitive segments of the fixed-income market produced strong returns during the 12-month period, with investment-grade corporates and emerging markets debt generating double-digit gains. High-yield bonds, while not keeping pace with the rest of the market, nonetheless posted a return in the high single digits. The credit-sensitive sectors benefited from the combination of positive economic growth, healthy corporate earnings, and elevated investor demand for higher-yielding debt. Given that a large swath of developed market government bonds offered negative yields during the 12-month period, investors gravitated to market segments featuring above-average income potential. Q What were the principal factors that either contributed to or detracted from the Fund's benchmark-relative returns during the 12-month period ended October 31, 2019? A Our decisions with respect to the portfolio's currency positioning played the largest role in the Fund's underperformance of the benchmark Bloomberg Barclays Index during the 12-month period. At the beginning of the fiscal year, we had positioned the Fund for a weaker U.S. dollar (USD), with allocations to the euro, Swedish krona, and Norwegian krone, among other currencies. The basis for the strategy was our view that economic growth in the world economy would begin to converge with that of the United States; but, in fact, the opposite occurred, which served to widen the gap between U.S. and European interest rates. That led to persistent strength in the USD, and so the long portfolio positions in certain emerging markets currencies further pressured the Fund's benchmark-relative returns. The Fund's duration positioning also detracted from benchmark-relative performance over the 12-month period. We maintained a shorter-duration stance in the portfolio versus the benchmark in both the United States and Europe, and during a 12-month period that saw yields fall significantly and bond prices rise, the positioning prevented the Fund from gaining the full benefit of the rally in the fixed-income markets. (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 asset allocation decisions had a slightly negative effect on the Fund's benchmark-relative results as well. A position in Treasury Inflation-Protected Securities (TIPS) weighed on relative returns during the 12-month period, as inflation remained at subdued levels. An allocation to insurance-linked securities (ILS), which are debt instruments sponsored by property-and-casualty insurers to help mitigate the risk of having to pay claims in the wake of natural disasters, also detracted from the Fund's relative performance. We liked the ILS category in part due to the asset class's low correlation with the broader market. Unfortunately, that feature Pioneer Global Multisector Income Fund | Annual Report | 10/31/19 5 proved to be a negative performance factor during a period that saw strong returns in the major fixed-income categories. We significantly reduced the Fund's weighting in ILS as the period progressed, as we felt there were better opportunities in other areas of the market. On the positive side, security selection results were a net contributor to the Fund's benchmark-relative performance over the 12-month period. The Fund generated the best selection results in the emerging markets, with holdings in Ukraine and in supranational issues both making meaningful contributions to relative performance. The Europe/Middle East/Africa segment of the market was also a source of positive returns for the Fund, highlighted by positions in Egypt, Bahrain, Turkey, Senegal, and Kenya. A position in Argentina partially offset those contributions, however, as an unexpected result in that country's August presidential primary weighed heavily on its debt market. Within high yield, the Fund's holdings of industrial and banking issues were another positive contributor to benchmark-relative results. Finally, despite the overall underperformance from an asset allocation perspective, the Fund's exposure to the emerging markets aided benchmark-relative returns over the 12-month period. Q Did the Fund invest in any derivative securities during the 12-month period ended October 31, 2019? If so, did the derivatives have a material effect on benchmark-relative performance? A We invested the Fund invested in four types of derivatives during the 12-month period: forward foreign currency contracts (currency forwards), foreign currency options, U.S. Treasury futures, and credit default swaps (CDS). Since we seek to achieve the portfolio's desired currency positioning with derivatives, the use of derivatives detracted from the Fund's benchmark-relative performance due to our bias towards a lower USD. However, the foreign currency option positions aided benchmark-relative results. We invested the portfolio in Treasury futures to help manage interest-rate risk, and that was a slight detractor from the Fund's relative returns. The CDS positions had a positive impact on Fund returns, due to the broad strength in the credit sectors over the 12-month period. Q Were there any changes in the Fund's distributions* to shareholders during the 12-month period ended October 31, 2019? A The Fund's monthly distribution rose over the 12-month period compared with the distribution level on October 31, 2018. The increase largely resulted from our additions to the portfolio's holdings of non-USD debt and certain currencies. * Distributions are not guaranteed. 6 Pioneer Global Multisector Income Fund | Annual Report | 10/31/19 Q What is your outlook as we near the end of the calendar year, and how is the outlook reflected in the Fund's positioning? A The 12-month period ended with the Fund having a lower degree of currency exposure than it had maintained throughout most of the past year. However, we have remained prepared to rebuild the Fund's position in foreign currencies. We believe a catalyst for USD weakness could come in the form of improving relative economic growth trends overseas. We began to see evidence of a move in that direction late in the 12-month period with the stabilization of economic data across the international economies. At period-end, the Fund's foreign currency exposures primarily encompassed positions in the Japanese yen and select currencies in the emerging markets, including Russia, Turkey, India, and Indonesia. We have retained the Fund's lower-duration positioning in both the United States and Europe, based on the belief that yields had fallen too low and that the trades had become "crowded." If global economic growth is indeed improving, central banks will have less of a need to cut interest rates, meaning that yields in both regions could begin to move higher. From an allocation perspective, the Fund continues to have an overweight in the emerging markets, due to the above-average yields available in those economies and their ability to benefit from a potential improvement in global economic conditions. We are less enthusiastic on domestic high-yield investments, however, due to relatively full valuations in the asset class, but we are striving to capitalize on specific opportunities among the more higher-rated credits in the category. The Fund closed the 12-month period with an underweight in investment-grade corporates, where the robust gains of the past year have led to a less favorable risk/return profile. In addition, we chose to reduce the Fund's weighting in senior bank loans, based on the expectation that their floating-rate features are likely to see lower investor demand now that the Fed appears to be in rate-cutting mode. The bond market and the USD both have experienced nearly uninterrupted rallies in the past year, but we do not believe it is reasonable to expect that the environment will remain so favorable indefinitely. As the investment backdrop evolves, we believe our flexible, selective investment approach can help us manage portfolio risk and help the Fund capitalize on potential values as they emerge. Pioneer Global Multisector Income Fund | Annual Report | 10/31/19 7 Please refer to the Schedule of Investments on pages 17-39 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. 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. 8 Pioneer Global Multisector Income Fund | Annual Report | 10/31/19 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 | Annual Report | 10/31/19 9 Portfolio Summary | 10/31/19 Portfolio Diversification -------------------------------------------------------------------------------- (As a percentage of total investments)* [THE FOLLOWING DATA WAS REPRESENTED AS A PIE CHART IN THE PRINTED MATERIAL]
Corporate Bonds 37.6% Foreign Government Bonds 24.1% U.S. Government and Agency Obligations 21.1% Collateralized Mortgage Obligations 6.9% Senior Secured Floating Rate Loan Interests 6.5% Affiliated Closed-End Fund (m) 2.6% Asset Backed Securities 0.5% Convertible Preferred Stock 0.4% Municipal Bonds 0.1% Insurance-Linked Securities 0.1% Over The Counter (OTC) Currency Put Options Purchased 0.1%
Geographical Distribution -------------------------------------------------------------------------------- (As a percentage of total investments)* [THE FOLLOWING DATA WAS REPRESENTED AS A BAR CHART IN THE PRINTED MATERIAL]
United States 51.2% United Kingdom 8.6% Japan 4.8% France 4.2% Netherlands 3.6% Egypt 2.5% Italy 2.0% Mexico 1.8% Switzerland 1.7% Austria 1.2% Argentina 1.2% Sri Lanka 1.2% Luxembourg 1.1% Turkey 1.1% Oman 1.0% Sweden 1.0% Germany 1.0% Other (individually less than 1%) 10.8%
10 Largest Holdings -------------------------------------------------------------------------------- (As a percentage of total investments)*
1. U.S. Treasury Bills, 11/19/19 3.61% -------------------------------------------------------------------------------- 2. Japan Government Twenty Year Bond, 0.6%, 12/20/37 2.83 -------------------------------------------------------------------------------- 3. Pioneer ILS Interval Fund (m) 2.60 -------------------------------------------------------------------------------- 4. United Kingdom Gilt, 3.5%, 1/22/45 2.29 -------------------------------------------------------------------------------- 5. Japan Government Thirty Year Bond, 0.8%, 12/20/47 2.00 -------------------------------------------------------------------------------- 6. United Kingdom Gilt, 0.5%, 7/22/22 1.59 -------------------------------------------------------------------------------- 7. Mexican Bonos, 8.0%, 12/7/23 1.26 -------------------------------------------------------------------------------- 8. U.S. Treasury Inflation Indexed Bonds, 1.0%, 2/15/48 1.25 -------------------------------------------------------------------------------- 9. U.S. Treasury Inflation Indexed Bonds, 0.875%, 2/15/47 1.10 -------------------------------------------------------------------------------- 10. United Kingdom Gilt, 4.25%, 9/7/39 0.79 --------------------------------------------------------------------------------
* 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. (m) Pioneer ILS Interval Fund is an affiliated fund managed by Amundi Pioneer Asset Management, Inc., (the "Adviser"). 10 Pioneer Global Multisector Income Fund | Annual Report | 10/31/19 Prices and Distributions | 10/31/19 Net Asset Value per Share --------------------------------------------------------------------------------
-------------------------------------------------------------------------------- Class 10/31/19 10/31/18 -------------------------------------------------------------------------------- A $10.32 $10.00 -------------------------------------------------------------------------------- C $10.35 $10.03 -------------------------------------------------------------------------------- Y $10.41 $10.08 --------------------------------------------------------------------------------
Distributions per Share: 11/1/18-10/31/19 --------------------------------------------------------------------------------
-------------------------------------------------------------------------------- Net Investment Short-Term Long-Term Tax Return Class Income Capital Gains Capital Gains of Capital -------------------------------------------------------------------------------- A $0.0549 $ -- $ -- $0.2081 -------------------------------------------------------------------------------- C $0.0247 $ -- $ -- $0.1554 -------------------------------------------------------------------------------- Y $0.0817 $ -- $ -- $0.2091 --------------------------------------------------------------------------------
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 | Annual Report | 10/31/19 11 Performance Update | 10/31/19 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 October 31, 2019) ------------------------------------------------ BBG Barclays Net Public Global Asset Offering Aggregate Value Price Bond Period (NAV) (POP) Index ------------------------------------------------ 10 years 2.83% 2.36% 2.36% 5 years 1.88 0.95 2.13 1 year 5.89 1.12 9.54 ------------------------------------------------ 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 10/09 $ 9,550 $10,000 10/10 $10,238 $10,689 10/11 $10,568 $11,124 10/12 $11,200 $11,518 10/13 $11,151 $11,341 10/14 $11,503 $11,366 10/15 $11,388 $11,016 10/16 $12,025 $11,632 10/17 $12,476 $11,769 10/18 $11,926 $11,528 10/19 $12,628 $12,627
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 more current expense ratios. 12 Pioneer Global Multisector Income Fund | Annual Report | 10/31/19 Performance Update | 10/31/19 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 October 31, 2019) ------------------------------------------------ BBG Barclays Global Aggregate If If Bond Period Held Redeemed Index ------------------------------------------------ 10 years 1.98% 1.98% 2.36% 5 years 1.02 1.02 2.13 1 year 5.02 5.02 9.54 ------------------------------------------------ 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 10/09 $10,000 $10,000 10/10 $10,645 $10,689 10/11 $10,900 $11,124 10/12 $11,455 $11,518 10/13 $11,313 $11,341 10/14 $11,566 $11,366 10/15 $11,349 $11,016 10/16 $11,879 $11,632 10/17 $12,222 $11,769 10/18 $11,587 $11,528 10/19 $12,168 $12,627
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 more current expense ratios. Pioneer Global Multisector Income Fund | Annual Report | 10/31/19 13 Performance Update | 10/31/19 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 October 31, 2019) ------------------------------------------------ BBG Barclays Net Global Asset Aggregate Value Bond Period (NAV) Index ------------------------------------------------ 10 years 3.11% 2.36% 5 years 2.15 2.13 1 year 6.23 9.54 ------------------------------------------------ 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 10/09 $5,000,000 $5,000,000 10/10 $5,374,009 $5,344,329 10/11 $5,570,689 $5,562,122 10/12 $5,919,539 $5,759,089 10/13 $5,904,653 $5,670,368 10/14 $6,106,325 $5,682,871 10/15 $6,068,346 $5,508,176 10/16 $6,416,439 $5,816,111 10/17 $6,679,210 $5,884,517 10/18 $6,392,341 $5,763,921 10/19 $6,790,365 $6,313,638
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 more current expense ratios. 14 Pioneer Global Multisector Income Fund | Annual Report | 10/31/19 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 May 1, 2019 through October 31, 2019.
------------------------------------------------------------------------------------------ Share Class A C Y ------------------------------------------------------------------------------------------ Beginning Account Value on 5/1/19 $1,000.00 $1,000.00 $1,000.00 ------------------------------------------------------------------------------------------ Ending Account Value (after expenses) $1,028.96 $1,024.59 $1,030.06 on 10/31/19 ------------------------------------------------------------------------------------------ Expenses Paid During Period* $5.11 $9.39 $3.84 ------------------------------------------------------------------------------------------
* Expenses are equal to the Fund's annualized expense ratio of 1.00%, 1.84%, and 0.75% for Class A, Class C, and Class Y respectively, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the partial year period). Pioneer Global Multisector Income Fund | Annual Report | 10/31/19 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 May 1, 2019 through October 31, 2019.
------------------------------------------------------------------------------------------ Share Class A C Y ------------------------------------------------------------------------------------------ Beginning Account Value on 5/1/19 $1,000.00 $1,000.00 $1,000.00 ------------------------------------------------------------------------------------------ Ending Account Value (after expenses) $1,020.16 $1,015.93 $1,021.42 on 10/31/19 ------------------------------------------------------------------------------------------ Expenses Paid During Period* $5.09 $9.35 $3.82 ------------------------------------------------------------------------------------------
* Expenses are equal to the Fund's annualized expense ratio of 1.00%, 1.84%, and 0.75% for Class A, Class C, and Class Y respectively, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the partial year period). 16 Pioneer Global Multisector Income Fund | Annual Report | 10/31/19 Schedule of Investments | 10/31/19
----------------------------------------------------------------------------------------------------------------------- Shares Value ----------------------------------------------------------------------------------------------------------------------- UNAFFILIATED ISSUERS -- 93.5% CONVERTIBLE PREFERRED STOCK -- 0.4% of Net Assets Banks -- 0.4% 95(a) Wells Fargo & Co., 7.5% $ 143,402 ----------- Total Banks $ 143,402 ----------------------------------------------------------------------------------------------------------------------- TOTAL CONVERTIBLE PREFERRED STOCK (Cost $120,744) $ 143,402 ----------------------------------------------------------------------------------------------------------------------- ----------------------------------------------------------------------------------------------------------------------- Principal Amount USD ($) ----------------------------------------------------------------------------------------------------------------------- ASSET BACKED SECURITIES -- 0.4% of Net Assets 69,300 Hardee's Funding LLC, Series 2018-1A, Class A2II, 4.959%, 6/20/48 (144A) $ 70,687 100,000 Progress Residential Trust, Series 2017-SFR1, Class E, 4.261%, 8/17/34 (144A) 102,574 ----------------------------------------------------------------------------------------------------------------------- TOTAL ASSET BACKED SECURITIES (Cost $169,299) $ 173,261 ----------------------------------------------------------------------------------------------------------------------- COLLATERALIZED MORTGAGE OBLIGATIONS -- 6.6% of Net Assets 100,000^(b) Arbor Realty Commercial Real Estate Notes, Ltd., Series 2017-FL1, Class B, 4.414% (1 Month USD LIBOR + 250 bps), 4/15/27 (144A) $ 100,000 80,000 BANK, Series 2017-BNK5, Class AS, 3.624%, 6/15/60 85,507 50,000(c) BANK, Series 2017-BNK8, Class B, 3.929%, 11/15/50 54,259 49,003(d)(e) 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%, 2/15/51 163,045 200,000 Benchmark Mortgage Trust, Series 2018-B6, Class A3, 3.995%, 10/10/51 224,122 2,099(c) CHL Mortgage Pass-Through Trust, Series 2003-56, Class 4A2, 4.327%, 12/25/33 2,096 100,000(c) Citigroup Commercial Mortgage Trust, Series 2014-GC19, Class B, 4.805%, 3/10/47 108,924 75,000(c) Citigroup Commercial Mortgage Trust, Series 2014-GC25, Class B, 4.345%, 10/10/47 80,326 100,000 Citigroup Commercial Mortgage Trust, Series 2015-GC27, Class A5, 3.137%, 2/10/48 104,648 250,000 Citigroup Commercial Mortgage Trust, Series 2016-P5, Class D, 3.0%, 10/10/49 (144A) 225,247 100,000(b) CLNS Trust, Series 2017-IKPR, Class C, 3.027% (1 Month USD LIBOR + 110 bps), 6/11/32 (144A) 99,969 50,000 COMM Mortgage Trust, Series 2013-LC6, Class A4, 2.941%, 1/10/46 51,184 100,000(c) COMM Mortgage Trust, Series 2015-CR23, Class CMD, 3.685%, 5/10/48 (144A) 100,161
The accompanying notes are an integral part of these financial statements. Pioneer Global Multisector Income Fund | Annual Report | 10/31/19 17 Schedule of Investments | 10/31/19 (continued)
----------------------------------------------------------------------------------------------------------------------- Principal Amount USD ($) Value ----------------------------------------------------------------------------------------------------------------------- COLLATERALIZED MORTGAGE OBLIGATIONS -- (continued) 100,000(c) COMM Mortgage Trust, Series 2015-CR25, Class B, 4.543%, 8/10/48 $ 108,174 238,263 COMM Mortgage Trust, Series 2016-CR28, Class AHR, 3.651%, 2/10/49 250,577 50,000(c) CSAIL Commercial Mortgage Trust, Series 2016-C5, Class C, 4.536%, 11/15/48 53,825 3,730 Federal National Mortgage Association REMICS, Series 2009-36, Class HX, 4.5%, 6/25/29 3,884 45,000(c) FREMF Mortgage Trust, Series 2010-K9, Class B, 5.208%, 9/25/45 (144A) 45,884 50,000(c) FREMF Mortgage Trust, Series 2015-K51, Class B, 3.954%, 10/25/48 (144A) 52,808 19,719 Government National Mortgage Association, Series 2005-61, Class UZ, 5.25%, 8/16/35 20,719 15,995 Government National Mortgage Association, Series 2009-83, Class EB, 4.5%, 9/20/39 17,572 191,286 Government National Mortgage Association, Series 2018-20, Class A, 2.5%, 9/16/49 191,708 100,000(b) IMT Trust, Series 2017-APTS, Class BFL, 2.864% (1 Month USD LIBOR + 95 bps), 6/15/34 (144A) 99,860 35,070(b) Interstar Millennium Trust, Series 2003-3G, Class A2, 2.6% (3 Month USD LIBOR + 50 bps), 9/27/35 33,960 62,818 JP Morgan Chase Commercial Mortgage Securities Trust, Series 2012-LC9, Class A5, 2.84%, 12/15/47 63,977 50,000(c) Morgan Stanley Bank of America Merrill Lynch Trust, Series 2015-C22, Class D, 4.236%, 4/15/48 (144A) 47,199 105,000 Morgan Stanley Capital I Trust, Series 2016-UBS9, Class D, 3.0%, 3/15/49 (144A) 97,404 68(b) RALI Trust, Series 2002-QS16, Class A2, 2.373% (1 Month USD LIBOR + 55 bps), 10/25/17 70 190,017(c) Sequoia Mortgage Trust, Series 2013-4, Class A2, 2.5%, 4/25/43 188,292 ----------------------------------------------------------------------------------------------------------------------- TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (Cost $2,593,835) $ 2,675,401 ----------------------------------------------------------------------------------------------------------------------- CORPORATE BONDS -- 36.1% of Net Assets Aerospace & Defense -- 0.1% 40,000 United Technologies Corp., 4.125%, 11/16/28 $ 45,389 ----------- Total Aerospace & Defense $ 45,389 ----------------------------------------------------------------------------------------------------------------------- Agriculture -- 1.1% EUR 160,000 Altria Group, Inc., 3.125%, 6/15/31 $ 196,458 EUR 100,000 BAT Capital Corp., 1.125%, 11/16/23 114,221 EUR 100,000 Imperial Brands Finance Plc, 2.25%, 2/26/21 114,060 ----------- Total Agriculture $ 424,739 -----------------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements. 18 Pioneer Global Multisector Income Fund | Annual Report | 10/31/19
----------------------------------------------------------------------------------------------------------------------- Principal Amount USD ($) Value ----------------------------------------------------------------------------------------------------------------------- Auto Manufacturers -- 0.5% 110,000 Ford Motor Co., 4.346%, 12/8/26 $ 110,598 90,000 General Motors Co., 6.6%, 4/1/36 104,484 ----------- Total Auto Manufacturers $ 215,082 ----------------------------------------------------------------------------------------------------------------------- Banks -- 9.6% 200,000 Access Bank Plc, 10.5%, 10/19/21 (144A) $ 220,900 EUR 200,000(c) Barclays Plc, 2.625% (5 Year EUR Swap Rate + 245 bps), 11/11/25 226,519 EUR 150,000 BNP Paribas SA, 2.375%, 2/17/25 181,810 EUR 200,000 BPCE SA, 2.875%, 4/22/26 254,561 75,000 Cooperatieve Rabobank UA, 3.875%, 2/8/22 78,065 200,000(a)(c) Credit Suisse Group AG, 7.125% (5 Year USD Swap Rate + 511 bps) 213,750 EUR 200,000(a)(c) Erste Group Bank AG, 8.875% (5 Year EUR Swap Rate + 902 bps) 253,704 150,000 Freedom Mortgage Corp., 8.125%, 11/15/24 (144A) 140,625 EUR 100,000 Goldman Sachs Group, Inc., 1.625%, 7/27/26 119,302 105,000(c) Goldman Sachs Group, Inc., 4.223% (3 Month USD LIBOR + 130 bps), 5/1/29 114,750 EUR 100,000 HSBC Holdings Plc, 0.875%, 9/6/24 115,304 EUR 200,000(c) ING Groep NV, 3.0% (5 Year EUR Swap Rate + 285 bps), 4/11/28 241,090 EUR 200,000(a)(c) Intesa Sanpaolo S.p.A., 7.75% (5 Year EUR Swap Rate + 719 bps) 265,517 128,000(a)(c) JPMorgan Chase & Co., 5.0% (3 Month SOFR + 338 bps) 133,120 EUR 200,000(a)(c) Lloyds Banking Group Plc, 6.375% (5 Year EUR Swap Rate + 529 bps) 229,309 EUR 100,000(b) Mediobanca Banca di Credito Finanziario S.p.A., 0.396% (3 Month EURIBOR + 80 bps), 5/18/22 111,754 EUR 100,000 Nykredit Realkredit AS, 0.75%, 7/14/21 113,021 200,000 QNB Finansbank AS, 4.875%, 5/19/22 (144A) 199,500 200,000(a)(c) Societe Generale SA, 7.375% (5 Year USD Swap Rate + 624 bps) (144A) 210,500 EUR 200,000 UBS Group AG, 1.75%, 11/16/22 234,213 200,000(a)(c) UBS Group AG, 7.0% (5 Year USD Swap Rate + 434 bps) (144A) 214,500 ----------- Total Banks $ 3,871,814 ----------------------------------------------------------------------------------------------------------------------- Beverages -- 0.7% 115,000 Anheuser-Busch InBev Worldwide, Inc., 5.55%, 1/23/49 $ 151,870 100,000 Bacardi, Ltd., 5.3%, 5/15/48 (144A) 112,626 ----------- Total Beverages $ 264,496 ----------------------------------------------------------------------------------------------------------------------- Biotechnology -- 0.2% 50,000 Biogen, Inc., 5.2%, 9/15/45 $ 61,315 ----------- Total Biotechnology $ 61,315 -----------------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements. Pioneer Global Multisector Income Fund | Annual Report | 10/31/19 19 Schedule of Investments | 10/31/19 (continued)
----------------------------------------------------------------------------------------------------------------------- Principal Amount USD ($) Value ----------------------------------------------------------------------------------------------------------------------- Building Materials -- 0.9% EUR 100,000 Buzzi Unicem S.p.A., 2.125%, 4/28/23 $ 117,404 EUR 100,000 HeidelbergCement AG, 2.25%, 6/3/24 120,458 EUR 100,000 Holcim Finance Luxembourg SA, 2.25%, 5/26/28 124,519 ----------- Total Building Materials $ 362,381 ----------------------------------------------------------------------------------------------------------------------- Chemicals -- 0.4% EUR 100,000 Arkema SA, 1.5%, 1/20/25 $ 119,113 28,000 CF Industries, Inc., 5.375%, 3/15/44 28,700 23,000 Dow Chemical Co., 4.8%, 5/15/49 (144A) 25,580 ----------- Total Chemicals $ 173,393 ----------------------------------------------------------------------------------------------------------------------- Commercial Services -- 0.3% EUR 100,000 Brisa Concessao Rodoviaria SA, 2.0%, 3/22/23 $ 118,484 ----------- Total Commercial Services $ 118,484 ----------------------------------------------------------------------------------------------------------------------- Diversified Financial Services -- 0.3% 125,000 Capital One Financial Corp., 4.25%, 4/30/25 $ 136,205 ----------- Total Diversified Financial Services $ 136,205 ----------------------------------------------------------------------------------------------------------------------- Electric -- 1.7% GBP 125,000 Cadent Finance Plc, 2.125%, 9/22/28 $ 164,954 EUR 100,000 Coentreprise de Transport d'Electricite SA, 0.875%, 9/29/24 115,504 EUR 100,000 EDP Finance BV, 1.875%, 9/29/23 118,737 GBP 75,000 innogy Finance BV, 5.625%, 12/6/23 113,738 31,000 New York State Electric & Gas Corp., 3.3%, 9/15/49 (144A) 30,661 85,000 NextEra Energy Capital Holdings, Inc., 3.55%, 5/1/27 90,553 65,000 Sempra Energy, 3.4%, 2/1/28 66,521 ----------- Total Electric $ 700,668 ----------------------------------------------------------------------------------------------------------------------- Electrical Components & Equipment -- 0.6% EUR 100,000 Belden, Inc., 2.875%, 9/15/25 (144A) $ 112,586 EUR 100,000 Legrand SA, 1.875%, 7/6/32 128,043 ----------- Total Electrical Components & Equipment $ 240,629 ----------------------------------------------------------------------------------------------------------------------- Electronics -- 0.6% 41,000 Amphenol Corp., 3.2%, 4/1/24 $ 42,324 63,000 Amphenol Corp., 4.35%, 6/1/29 70,062 115,000 Flex, Ltd., 4.875%, 6/15/29 124,296 ----------- Total Electronics $ 236,682 ----------------------------------------------------------------------------------------------------------------------- Engineering & Construction -- 0.3% EUR 100,000(a)(c) Ferrovial Netherlands BV, 2.124% (5 Year EUR Swap Rate + 213 bps) $ 108,188 ----------- Total Engineering & Construction $ 108,188 ----------------------------------------------------------------------------------------------------------------------- Entertainment -- 0.1% 28,000 Scientific Games International, Inc., 10.0%, 12/1/22 $ 28,805 ----------- Total Entertainment $ 28,805 -----------------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements. 20 Pioneer Global Multisector Income Fund | Annual Report | 10/31/19
----------------------------------------------------------------------------------------------------------------------- Principal Amount USD ($) Value ----------------------------------------------------------------------------------------------------------------------- Forest Products & Paper -- 0.1% 50,000 International Paper Co., 4.8%, 6/15/44 $ 54,241 5,000 International Paper Co., 6.0%, 11/15/41 6,175 ----------- Total Forest Products & Paper $ 60,416 ----------------------------------------------------------------------------------------------------------------------- Gas -- 0.3% 15,000 Boston Gas Co., 3.15%, 8/1/27 (144A) $ 15,656 77,214 Nakilat, Inc., 6.267%, 12/31/33 (144A) 92,480 ----------- Total Gas $ 108,136 ----------------------------------------------------------------------------------------------------------------------- Healthcare-Products -- 0.1% 24,000 Abbott Laboratories, 3.75%, 11/30/26 $ 26,296 ----------- Total Healthcare-Products $ 26,296 ----------------------------------------------------------------------------------------------------------------------- Healthcare-Services -- 0.4% 38,000 Anthem, Inc., 3.35%, 12/1/24 $ 39,854 40,000 Anthem, Inc., 3.65%, 12/1/27 42,305 6,000 Anthem, Inc., 4.101%, 3/1/28 6,524 80,000 Humana, Inc., 3.95%, 3/15/27 85,725 ----------- Total Healthcare-Services $ 174,408 ----------------------------------------------------------------------------------------------------------------------- Insurance -- 3.9% EUR 100,000(a)(c) Allianz SE, 3.375% (10 Year EUAMDB + 320 bps) $ 123,147 EUR 200,000 Assicurazioni Generali S.p.A., 4.125%, 5/4/26 260,224 EUR 100,000(c) Aviva Plc, 6.125% (5 Year EUR Swap Rate + 513 bps), 7/5/43 130,544 EUR 100,000(a)(c) AXA SA, 3.875% (11 Year EUR Swap Rate + 325 bps) 125,933 60,000 AXA SA, 8.6%, 12/15/30 87,072 16,000 CNO Financial Group, Inc., 5.25%, 5/30/25 17,520 9,000 CNO Financial Group, Inc., 5.25%, 5/30/29 9,926 EUR 100,000(c) CNP Assurances, 6.0% (3 Month EURIBOR + 447 bps), 9/14/40 117,011 35,000 Delphi Financial Group, Inc., 7.875%, 1/31/20 35,466 20,000(c) Farmers Exchange Capital III, 5.454% (3 Month USD LIBOR + 345 bps), 10/15/54 (144A) 23,030 100,000(c) Farmers Insurance Exchange, 4.747% (3 Month USD LIBOR + 323 bps), 11/1/57 (144A) 102,618 100,000 Liberty Mutual Insurance Co., 7.697%, 10/15/97 (144A) 147,857 EUR 100,000(c) Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen, 6.25% (3 Month EURIBOR + 495 bps), 5/26/42 128,721 EUR 100,000(a)(c) NN Group NV, 4.375% (3 Month EURIBOR + 390 bps) 122,625 100,000 Teachers Insurance & Annuity Association of America, 4.9%, 9/15/44 (144A) 125,693 13,000 Willis North America, Inc., 2.95%, 9/15/29 12,936 ----------- Total Insurance $ 1,570,323 -----------------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements. Pioneer Global Multisector Income Fund | Annual Report | 10/31/19 21 Schedule of Investments | 10/31/19 (continued)
----------------------------------------------------------------------------------------------------------------------- Principal Amount USD ($) Value ----------------------------------------------------------------------------------------------------------------------- Internet -- 0.6% 125,000 Booking Holdings, Inc., 3.55%, 3/15/28 $ 134,656 68,000 Expedia Group, Inc., 3.25%, 2/15/30 (144A) 68,046 50,000 Expedia Group, Inc., 3.8%, 2/15/28 52,459 ----------- Total Internet $ 255,161 ----------------------------------------------------------------------------------------------------------------------- Lodging -- 0.3% EUR 100,000 Accor SA, 1.25%, 1/25/24 $ 115,454 ----------- Total Lodging $ 115,454 ----------------------------------------------------------------------------------------------------------------------- Media -- 1.1% 60,000 Comcast Corp., 4.15%, 10/15/28 $ 67,775 200,000 CSC Holdings LLC, 5.375%, 2/1/28 (144A) 211,500 EUR 150,000 Sky, Ltd., 1.5%, 9/15/21 172,164 ----------- Total Media $ 451,439 ----------------------------------------------------------------------------------------------------------------------- Mining -- 0.3% EUR 100,000 Anglo American Capital Plc, 3.25%, 4/3/23 $ 122,439 ----------- Total Mining $ 122,439 ----------------------------------------------------------------------------------------------------------------------- Multi-National -- 1.2% 200,000 African Export-Import Bank, 3.994%, 9/21/29 (144A) $ 200,064 200,000 Banque Ouest Africaine de Development, 4.7%, 10/22/31 (144A) 201,264 IDR 1,160,000,000 Inter-American Development Bank, 7.875%, 3/14/23 86,201 ----------- Total Multi-National $ 487,529 ----------------------------------------------------------------------------------------------------------------------- Oil & Gas -- 1.7% 40,000 Apache Corp., 4.25%, 1/15/30 $ 38,955 65,000 Apache Corp., 4.375%, 10/15/28 64,497 95,000 EQT Corp., 3.9%, 10/1/27 84,659 80,000 Marathon Petroleum Corp., 5.375%, 10/1/22 80,955 65,000 Noble Energy, Inc., 5.25%, 11/15/43 70,163 18,000 Occidental Petroleum Corp., 3.2%, 8/15/26 18,221 4,000 Occidental Petroleum Corp., 4.4%, 8/15/49 4,057 EUR 200,000(c) Repsol International Finance BV, 4.5% (10 Year EUR Swap Rate + 420 bps), 3/25/75 255,804 29,000 Valero Energy Corp., 6.625%, 6/15/37 37,842 ARS 2,154,200 YPF SA, 16.5%, 5/9/22 (144A) 12,294 ----------- Total Oil & Gas $ 667,447 ----------------------------------------------------------------------------------------------------------------------- Pharmaceuticals -- 1.2% EUR 100,000 Bausch Health Cos., Inc., 4.5%, 5/15/23 $ 112,671 116,000 Cardinal Health, Inc., 3.079%, 6/15/24 117,913 45,000 Cigna Corp., 4.375%, 10/15/28 49,422 11,129 CVS Pass-Through Trust, 5.773%, 1/10/33 (144A) 12,715 200,000 Perrigo Finance Unlimited Co., 3.9%, 12/15/24 205,220 ----------- Total Pharmaceuticals $ 497,941 -----------------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements. 22 Pioneer Global Multisector Income Fund | Annual Report | 10/31/19
----------------------------------------------------------------------------------------------------------------------- Principal Amount USD ($) Value ----------------------------------------------------------------------------------------------------------------------- Pipelines -- 2.7% 40,000 Cheniere Energy Partners LP, 5.25%, 10/1/25 $ 41,400 100,000 Enable Midstream Partners LP, 4.4%, 3/15/27 99,084 75,000 Enable Midstream Partners LP, 4.95%, 5/15/28 76,818 100,000 Energy Transfer Operating LP, 5.875%, 1/15/24 111,030 50,000 Energy Transfer Operating LP, 6.0%, 6/15/48 57,893 10,000 Energy Transfer Operating LP, 6.125%, 12/15/45 11,674 155,000 EnLink Midstream Partners LP, 5.45%, 6/1/47 118,575 20,000 EnLink Midstream Partners LP, 5.6%, 4/1/44 15,350 125,000 MPLX LP, 4.875%, 12/1/24 136,149 125,000 Phillips 66 Partners LP, 3.75%, 3/1/28 131,267 60,000 Sabine Pass Liquefaction LLC, 5.0%, 3/15/27 65,904 60,000 Sunoco Logistics Partners Operations LP, 6.1%, 2/15/42 67,777 90,000 Texas Eastern Transmission LP, 3.5%, 1/15/28 (144A) 93,660 57,000 Williams Cos., Inc., 5.75%, 6/24/44 65,785 13,000 Williams Cos., Inc., 7.75%, 6/15/31 17,140 ----------- Total Pipelines $ 1,109,506 ----------------------------------------------------------------------------------------------------------------------- Real Estate -- 0.9% EUR 100,000 Akelius Residential Property AB, 1.125%, 3/14/24 $ 114,145 EUR 100,000 Annington Funding Plc, 1.65%, 7/12/24 115,300 EUR 100,000(a)(c) ATF Netherlands BV, 3.75% (5 Year EUR Swap Rate + 438 bps) 117,229 ----------- Total Real Estate $ 346,674 ----------------------------------------------------------------------------------------------------------------------- REITs -- 1.4% 2,000 Alexandria Real Estate Equities, Inc., 3.9%, 6/15/23 $ 2,112 23,000 Alexandria Real Estate Equities, Inc., 4.3%, 1/15/26 25,246 EUR 200,000 GELF Bond Issuer I SA, 0.875%, 10/20/22 227,262 30,000 GLP Capital LP/GLP Financing II, Inc., 4.0%, 1/15/30 30,344 60,000 Healthcare Trust of America Holdings LP, 3.75%, 7/1/27 63,219 35,000 Highwoods Realty LP, 3.625%, 1/15/23 36,239 EUR 100,000 Merlin Properties Socimi SA, 2.225%, 4/25/23 118,533 50,000 SBA Tower Trust, 2.877%, 7/9/21 (144A) 50,227 27,000 UDR, Inc., 4.0%, 10/1/25 29,282 ----------- Total REITs $ 582,464 ----------------------------------------------------------------------------------------------------------------------- Savings & Loans -- 0.3% EUR 100,000 Leeds Building Society, 1.375%, 5/5/22 $ 115,162 ----------- Total Savings & Loans $ 115,162 ----------------------------------------------------------------------------------------------------------------------- Software -- 0.3% EUR 100,000 IQVIA, Inc., 2.875%, 9/15/25 (144A) $ 114,510 ----------- Total Software $ 114,510 -----------------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements. Pioneer Global Multisector Income Fund | Annual Report | 10/31/19 23 Schedule of Investments | 10/31/19 (continued)
----------------------------------------------------------------------------------------------------------------------- Principal Amount USD ($) Value ----------------------------------------------------------------------------------------------------------------------- Telecommunications -- 1.6% 200,000 Digicel, Ltd., 6.0%, 4/15/21 (144A) $ 149,002 40,000 Frontier Communications Corp., 7.125%, 1/15/23 18,000 GBP 100,000 Koninklijke KPN NV, 5.0%, 11/18/26 150,441 EUR 125,000(a)(c) Orange SA, 5.0% (5 Year EUR Swap Rate + 399 bps) 168,301 36,000 Sprint Corp., 7.25%, 9/15/21 38,414 EUR 100,000 Telekom Finanzmanagement GmbH, 3.5%, 7/4/23 125,480 ----------- Total Telecommunications $ 649,638 ----------------------------------------------------------------------------------------------------------------------- Water -- 0.3% EUR 100,000 FCC Aqualia SA, 1.413%, 6/8/22 $ 114,703 ----------- Total Water $ 114,703 ----------------------------------------------------------------------------------------------------------------------- TOTAL CORPORATE BONDS (Cost $14,333,958) $14,557,916 ----------------------------------------------------------------------------------------------------------------------- FOREIGN GOVERNMENT BONDS -- 23.2% of Net Assets Angola -- 0.5% 200,000 Angolan Government International Bond, 8.25%, 5/9/28 (144A) $ 208,782 ----------- Total Angola $ 208,782 ----------------------------------------------------------------------------------------------------------------------- Argentina -- 1.1% 100,000 Argentine Republic Government International Bond, 6.875%, 1/26/27 $ 39,251 300,000 Argentine Republic Government International Bond, 7.5%, 4/22/26 127,203 250,000 Ciudad Autonoma De Buenos Aires, 7.5%, 6/1/27 (144A) 189,375 300,000 Provincia de Buenos Aires, 9.125%, 3/16/24 (144A) 102,750 ----------- Total Argentina $ 458,579 ----------------------------------------------------------------------------------------------------------------------- Austria -- 0.2% EUR 50,000 Republic of Austria Government Bond, 4.15%, 3/15/37 (144A) $ 93,739 ----------- Total Austria $ 93,739 ----------------------------------------------------------------------------------------------------------------------- Bahrain -- 0.6% 200,000 Bahrain Government International Bond, 7.0%, 10/12/28 (144A) $ 230,580 ----------- Total Bahrain $ 230,580 ----------------------------------------------------------------------------------------------------------------------- Dominican Republic -- 0.4% DOP 8,000,000 Dominican Republic International Bond, 8.9%, 2/15/23 (144A) $ 151,061 ----------- Total Dominican Republic $ 151,061 ----------------------------------------------------------------------------------------------------------------------- Egypt -- 1.9% EGP 1,754,000 Egypt Government Bond, 15.7%, 11/7/27 $ 116,145 EGP 1,130,000 Egypt Government Bond, 16.1%, 5/7/29 76,632 269,000 Egypt Government International Bond, 7.6%, 3/1/29 (144A) 284,319 EGP 1,050,000(f) Egypt Treasury Bills, 3/3/20 61,833
The accompanying notes are an integral part of these financial statements. 24 Pioneer Global Multisector Income Fund | Annual Report | 10/31/19
----------------------------------------------------------------------------------------------------------------------- Principal Amount USD ($) Value ----------------------------------------------------------------------------------------------------------------------- Egypt -- (continued) EGP 3,875,000(f) Egypt Treasury Bills, 2/4/20 $ 230,852 ----------- Total Egypt $ 769,781 ----------------------------------------------------------------------------------------------------------------------- Indonesia -- 0.6% IDR 3,744,000,000 Indonesia Treasury Bond, 6.125%, 5/15/28 $ 254,359 ----------- Total Indonesia $ 254,359 ----------------------------------------------------------------------------------------------------------------------- Ivory Coast -- 0.3% EUR 110,000 Ivory Coast Government International Bond, 5.875%, 10/17/31 (144A) $ 124,032 ----------- Total Ivory Coast $ 124,032 ----------------------------------------------------------------------------------------------------------------------- Japan -- 4.6% JPY 75,000,000 Japan Government Thirty Year Bond, 0.8%, 12/20/47 $ 774,170 JPY 110,000,000 Japan Government Twenty Year Bond, 0.6%, 12/20/37 1,093,756 ----------- Total Japan $ 1,867,926 ----------------------------------------------------------------------------------------------------------------------- Kenya -- 0.5% 200,000 Kenya Government International Bond, 7.25%, 2/28/28 (144A) $ 210,957 ----------- Total Kenya $ 210,957 ----------------------------------------------------------------------------------------------------------------------- Mexico -- 1.7% MXN 300,000 Mexican Bonos, 7.5%, 6/3/27 $ 16,305 MXN 8,955,000 Mexican Bonos, 8.0%, 12/7/23 489,605 MXN 3,629,415 Mexican Udibonos, 2.0%, 6/9/22 182,290 ----------- Total Mexico $ 688,200 ----------------------------------------------------------------------------------------------------------------------- Oman -- 1.0% 200,000 Oman Government International Bond, 5.375%, 3/8/27 (144A) $ 198,000 200,000 Oman Government International Bond, 5.625%, 1/17/28 (144A) 197,750 ----------- Total Oman $ 395,750 ----------------------------------------------------------------------------------------------------------------------- Portugal -- 0.4% EUR 100,000 Portugal Obrigacoes do Tesouro OT, 4.95%, 10/25/23 (144A) $ 134,659 ----------- Total Portugal $ 134,659 ----------------------------------------------------------------------------------------------------------------------- Russia -- 0.8% RUB 17,256,000 Russian Federal Bond - OFZ, 8.15%, 2/3/27 $ 297,474 ----------- Total Russia $ 297,474 ----------------------------------------------------------------------------------------------------------------------- Senegal -- 0.5% 200,000 Senegal Government International Bond, 6.25%, 5/23/33 (144A) $ 204,154 ----------- Total Senegal $ 204,154 ----------------------------------------------------------------------------------------------------------------------- Sri Lanka -- 1.1% 220,000 Sri Lanka Government International Bond, 7.55%, 3/28/30 (144A) $ 222,502
The accompanying notes are an integral part of these financial statements. Pioneer Global Multisector Income Fund | Annual Report | 10/31/19 25 Schedule of Investments | 10/31/19 (continued)
----------------------------------------------------------------------------------------------------------------------- Principal Amount USD ($) Value ----------------------------------------------------------------------------------------------------------------------- Sri Lanka -- (continued) 225,000 Sri Lanka Government International Bond, 7.85%, 3/14/29 (144A) $ 232,846 ----------- Total Sri Lanka $ 455,348 ----------------------------------------------------------------------------------------------------------------------- Sweden -- 0.7% SEK 2,300,000 Sweden Government Bond, 2.5%, 5/12/25 $ 275,724 ----------- Total Sweden $ 275,724 ----------------------------------------------------------------------------------------------------------------------- Turkey -- 0.6% 250,000 Turkey Government International Bond, 3.25%, 3/23/23 $ 236,655 ----------- Total Turkey $ 236,655 ----------------------------------------------------------------------------------------------------------------------- Ukraine -- 0.6% 200,000 Ukraine Government International Bond, 8.994%, 2/1/24 (144A) $ 222,500 ----------- Total Ukraine $ 222,500 ----------------------------------------------------------------------------------------------------------------------- United Kingdom -- 4.5% GBP 475,000 United Kingdom Gilt, 0.5%, 7/22/22 $ 615,794 GBP 450,000 United Kingdom Gilt, 3.5%, 1/22/45 885,302 GBP 150,000 United Kingdom Gilt, 4.25%, 9/7/39 305,959 ----------- Total United Kingdom $ 1,807,055 ----------------------------------------------------------------------------------------------------------------------- Uruguay -- 0.6% UYU 9,771,000 Uruguay Government International Bond, 9.875%, 6/20/22 (144A) $ 254,419 ----------- Total Uruguay $ 254,419 ----------------------------------------------------------------------------------------------------------------------- TOTAL FOREIGN GOVERNMENT BONDS (Cost $9,361,917) $ 9,341,734 ----------------------------------------------------------------------------------------------------------------------- ----------------------------------------------------------------------------------------------------------------------- Face Amount USD ($) ----------------------------------------------------------------------------------------------------------------------- INSURANCE-LINKED SECURITIES -- 0.1% of Net Assets(g) Reinsurance Sidecars -- 0.1% Multiperil -- Worldwide -- 0.1% 30,000+(h)(i) Lorenz Re 2018, 7/1/21 $ 6,297 30,000+(j) Pangaea Re 2015-2, 5/29/20 45 30,000+(j) Pangaea Re 2016-1, 11/30/20 82 50,000+(i)(j) Pangaea Re 2017-1, 11/30/21 805 50,000+(i)(j) Pangaea Re 2018-1, 12/31/21 2,940 40,962+(i)(j) Pangaea Re 2019-1, 2/1/23 40,749 ----------- Total Reinsurance Sidecars $ 50,918 ----------------------------------------------------------------------------------------------------------------------- TOTAL INSURANCE-LINKED SECURITIES (Cost $74,174) $ 50,918 -----------------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements. 26 Pioneer Global Multisector Income Fund | Annual Report | 10/31/19
----------------------------------------------------------------------------------------------------------------------- Principal Amount USD ($) Value ----------------------------------------------------------------------------------------------------------------------- MUNICIPAL BONDS -- 0.1% of Net Assets(k) Municipal General -- 0.1% 30,000 Virginia Commonwealth Transportation Board, Transportation Capital Projects, 4.0%, 5/15/32 $ 32,852 ----------- Total Municipal General $ 32,852 ----------------------------------------------------------------------------------------------------------------------- Municipal Higher Education -- 0.0%+ 15,000 Massachusetts Development Finance Agency, Harvard University, Series A, 5.0%, 7/15/40 $ 21,798 ----------- Total Municipal Higher Education $ 21,798 ----------------------------------------------------------------------------------------------------------------------- TOTAL MUNICIPAL BONDS (Cost $50,765) $ 54,650 ----------------------------------------------------------------------------------------------------------------------- SENIOR SECURED FLOATING RATE LOAN INTERESTS -- 6.3% of Net Assets*(b) Automobile -- 0.4% 81,170 American Axle & Manufacturing, Inc., Tranche B Term Loan, 4.102% (LIBOR + 225 bps), 4/6/24 $ 77,619 107,182 CWGS Group LLC, Term Loan, 4.759% (LIBOR + 275 bps), 11/8/23 91,105 ----------- Total Automobile $ 168,724 ----------------------------------------------------------------------------------------------------------------------- Broadcasting & Entertainment -- 0.2% 98,481 Sinclair Television Group, Inc., Tranche B Term Loan, 4.04% (LIBOR + 225 bps), 1/3/24 $ 98,512 ----------- Total Broadcasting & Entertainment $ 98,512 ----------------------------------------------------------------------------------------------------------------------- Chemicals, Plastics & Rubber -- 0.4% 98,500 Axalta Coating Systems Dutch Holding B BV (Axalta Coating Systems US Holdings, Inc.), Term B-3 Dollar Loan, 3.854% (LIBOR + 175 bps), 6/1/24 $ 98,531 41,732 PQ Corp., Third Amendment Tranche B-1 Term Loan, 4.427% (LIBOR + 250 bps), 2/8/25 41,784 ----------- Total Chemicals, Plastics & Rubber $ 140,315 ----------------------------------------------------------------------------------------------------------------------- Computers & Electronics -- 0.5% 25,758 Energy Acquisition LP, (aka Electrical Components International), First Lien Initial Term Loan, 6.354% (LIBOR + 425 bps), 6/26/25 $ 23,697 123,125 Iron Mountain Information Management LLC, Incremental Term B Loan, 3.536% (LIBOR + 175 bps), 1/2/26 121,740 57,489 Microchip Technology, Inc., Initial Term Loan, 3.79% (LIBOR + 200 bps), 5/29/25 57,777 ----------- Total Computers & Electronics $ 203,214 ----------------------------------------------------------------------------------------------------------------------- Diversified & Conglomerate Service -- 0.7% 95,742 ASGN, Inc. (fka On Assignment, Inc.), Initial Term B-2 Loan, 3.786% (LIBOR + 200 bps), 4/2/25 $ 96,173 19,477 Change Healthcare Holdings, Inc. (fka Emdeon, Inc.), Closing Date Term Loan, 4.286% (LIBOR + 250 bps), 3/1/24 19,390
The accompanying notes are an integral part of these financial statements. Pioneer Global Multisector Income Fund | Annual Report | 10/31/19 27 Schedule of Investments | 10/31/19 (continued)
----------------------------------------------------------------------------------------------------------------------- Principal Amount USD ($) Value ----------------------------------------------------------------------------------------------------------------------- Diversified & Conglomerate Service -- (continued) 49,270 DG Investment Intermediate Holdings 2, Inc. (aka Convergint Technologies Holdings LLC), First Lien Initial Term Loan, 4.786% (LIBOR + 300 bps), 2/3/25 $ 48,069 49,252 NVA Holdings, Inc., First Lien Term B-3 Loan, 4.536% (LIBOR + 275 bps), 2/2/25 49,240 74,063 West Corp., Incremental Term B-1 Loan, 5.427% (LIBOR + 350 bps), 10/10/24 61,888 ----------- Total Diversified & Conglomerate Service $ 274,760 ----------------------------------------------------------------------------------------------------------------------- Electric & Electrical -- 0.0%+ 7,878 Rackspace Hosting, Inc., First Lien Term B Loan, 5.287% (LIBOR + 300 bps), 11/3/23 $ 7,035 ----------- Total Electric & Electrical $ 7,035 ----------------------------------------------------------------------------------------------------------------------- Electronics -- 0.1% 49,250 Scientific Games International, Inc., Initial Term B-5 Loan, 4.536% (LIBOR + 275 bps), 8/14/24 $ 48,733 ----------- Total Electronics $ 48,733 ----------------------------------------------------------------------------------------------------------------------- Environmental Services -- 0.2% 98,777 GFL Environmental, Inc., Effective Date Incremental Term Loan, 4.786% (LIBOR + 300 bps), 5/30/25 $ 98,617 ----------- Total Environmental Services $ 98,617 ----------------------------------------------------------------------------------------------------------------------- Financial Services -- 0.1% 46,386 RPI Finance Trust, Initial Term Loan B-6, 3.786% (LIBOR + 200 bps), 3/27/23 $ 46,651 ----------- Total Financial Services $ 46,651 ----------------------------------------------------------------------------------------------------------------------- Healthcare & Pharmaceuticals -- 0.3% 97,750 Endo Luxembourg Finance Co. I S.a r.l., Initial Term Loan, 6.063% (LIBOR + 425 bps), 4/29/24 $ 89,825 36,177 Gentiva Health Services, Inc., First Lien Closing Date Initial Term Loan, 5.563% (LIBOR + 375 bps), 7/2/25 36,279 ----------- Total Healthcare & Pharmaceuticals $ 126,104 ----------------------------------------------------------------------------------------------------------------------- Healthcare, Education & Childcare -- 0.5% 49,237 ATI Holdings Acquisition, Inc., First Lien Initial Term Loan, 5.304% (LIBOR + 350 bps), 5/10/23 $ 47,267 48,633 KUEHG Corp. (fka KC MergerSub, Inc.) (aka KinderCare), Term B-3 Loan, 5.854% (LIBOR + 375 bps), 2/21/25 48,134 98,246 Life Time Fitness, Inc., 2017 Refinancing Term Loan, 4.874% (LIBOR + 275 bps), 6/10/22 98,015 ----------- Total Healthcare, Education & Childcare $ 193,416 ----------------------------------------------------------------------------------------------------------------------- Hotel, Gaming & Leisure -- 0.1% 47,053 1011778 BC Unlimited Liability Co. (New Red Finance, Inc.) (aka Burger King/Tim Hortons), Term B-3 Loan, 4.036% (LIBOR + 225 bps), 2/16/24 $ 47,200 ----------- Total Hotel, Gaming & Leisure $ 47,200 -----------------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements. 28 Pioneer Global Multisector Income Fund | Annual Report | 10/31/19
----------------------------------------------------------------------------------------------------------------------- Principal Amount USD ($) Value ----------------------------------------------------------------------------------------------------------------------- Insurance -- 0.4% 45,655 Asurion LLC (fka Asurion Corp.), New B-7 Term Loan, 4.786% (LIBOR + 300 bps), 11/3/24 $ 45,752 48,858 Integro Parent, Inc., First Lien Initial Term Loan, 7.795% (LIBOR + 575 bps), 10/31/22 47,636 49,246 USI, Inc. (fka Compass Investors, Inc.), 2017 New Term Loan, 5.104% (LIBOR + 300 bps), 5/16/24 47,869 ----------- Total Insurance $ 141,257 ----------------------------------------------------------------------------------------------------------------------- Leasing -- 0.4% 94,711 Avolon TLB Borrower 1 (US) LLC, Term B-3 Loan, 3.596% (LIBOR + 175 bps), 1/15/25 $ 95,212 73,875 IBC Capital I, Ltd. (aka Goodpack, Ltd.), First Lien Tranche B-1 Term Loan, 5.895% (LIBOR + 375 bps), 9/11/23 73,182 ----------- Total Leasing $ 168,394 ----------------------------------------------------------------------------------------------------------------------- Manufacturing -- 0.2% 62,848 Aristocrat Leisure, Ltd., Term B-3 Loan, 3.716% (LIBOR + 175 bps), 10/19/24 $ 63,074 ----------- Total Manufacturing $ 63,074 ----------------------------------------------------------------------------------------------------------------------- Media -- 0.2% 31,535 CSC Holdings LLC (fka CSC Holdings, Inc. (Cablevision)), October 2018 Incremental Term Loan, 4.171% (LIBOR + 225 bps), 1/15/26 $ 31,401 49,375 CSC Holdings LLC (fka CSC Holdings, Inc. (Cablevision)), September 2019 Initial Term Loan, 4.327% (LIBOR + 250 bps), 4/15/27 49,375 ----------- Total Media $ 80,776 ----------------------------------------------------------------------------------------------------------------------- Metals & Mining -- 0.2% 46,310 Atkore International, Inc., First Lien Initial Incremental Term Loan, 4.86% (LIBOR + 275 bps), 12/22/23 $ 46,303 48,265 Zekelman Industries, Inc. (fka JMC Steel Group, Inc.), Term Loan, 4.073% (LIBOR + 225 bps), 6/14/21 48,250 ----------- Total Metals & Mining $ 94,553 ----------------------------------------------------------------------------------------------------------------------- Personal, Food & Miscellaneous Services -- 0.2% 97,487 Revlon Consumer Products Corp., Initial Term B Loan, 5.624% (LIBOR + 350 bps), 9/7/23 $ 76,985 ----------- Total Personal, Food & Miscellaneous Services $ 76,985 ----------------------------------------------------------------------------------------------------------------------- Professional & Business Services -- 0.3% 98,500 Lamar Media Corp., Term B Loan, 3.563% (LIBOR + 175 bps), 3/14/25 $ 99,054 ----------- Total Professional & Business Services $ 99,054 ----------------------------------------------------------------------------------------------------------------------- Securities & Trusts -- 0.2% 65,000(l) Stonepeak Lonestar Holdings LLC, Initial Term Loan, 10/19/26 $ 63,903 ----------- Total Securities & Trusts $ 63,903 -----------------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements. Pioneer Global Multisector Income Fund | Annual Report | 10/31/19 29 Schedule of Investments | 10/31/19 (continued)
----------------------------------------------------------------------------------------------------------------------- Principal Amount USD ($) Value ----------------------------------------------------------------------------------------------------------------------- Telecommunications -- 0.5% 18,405 Go Daddy Operating Co., LLC (GD Finance Co., Inc.), Tranche B-1 Term Loan, 3.536% (LIBOR + 175 bps), 2/15/24 $ 18,447 98,750 SBA Senior Finance II LLC, Initial Term Loan, 3.79% (LIBOR + 200 bps), 4/11/25 99,100 97,992 Sprint Communications, Inc., Initial Term Loan, 4.313% (LIBOR + 250 bps), 2/2/24 97,052 ----------- Total Telecommunications $ 214,599 ----------------------------------------------------------------------------------------------------------------------- Utilities -- 0.2% 67,562 Vistra Operations Co. LLC (fka Tex Operations Co. LLC), Initial Term Loan, 3.786% (LIBOR + 200 bps), 8/4/23 $ 67,861 ----------- Total Utilities $ 67,861 ----------------------------------------------------------------------------------------------------------------------- TOTAL SENIOR SECURED FLOATING RATE LOAN INTERESTS (Cost $2,589,051) $ 2,523,737 ----------------------------------------------------------------------------------------------------------------------- U.S. GOVERNMENT AND AGENCY OBLIGATIONS -- 20.2% of Net Assets 18,276 Fannie Mae, 3.0%, 5/1/31 $ 18,849 35,322 Fannie Mae, 3.0%, 2/1/43 36,436 23,955 Fannie Mae, 3.0%, 3/1/43 24,711 22,917 Fannie Mae, 3.0%, 5/1/43 23,653 26,173 Fannie Mae, 3.0%, 5/1/43 26,999 26,050 Fannie Mae, 3.0%, 6/1/45 26,887 19,879 Fannie Mae, 3.0%, 9/1/46 20,416 38,905 Fannie Mae, 3.0%, 10/1/46 39,948 55,246 Fannie Mae, 3.0%, 11/1/46 56,715 38,468 Fannie Mae, 3.0%, 1/1/47 39,824 30,621 Fannie Mae, 3.0%, 3/1/47 31,417 38,793 Fannie Mae, 3.5%, 6/1/42 40,762 101,417 Fannie Mae, 3.5%, 9/1/42 106,441 92,885 Fannie Mae, 3.5%, 5/1/44 96,304 27,309 Fannie Mae, 3.5%, 2/1/45 28,945 71,118 Fannie Mae, 3.5%, 2/1/45 75,694 17,549 Fannie Mae, 3.5%, 6/1/45 18,340 13,313 Fannie Mae, 3.5%, 8/1/45 13,812 34,231 Fannie Mae, 3.5%, 8/1/45 35,691 17,660 Fannie Mae, 3.5%, 9/1/45 18,797 52,876 Fannie Mae, 3.5%, 9/1/45 55,002 79,323 Fannie Mae, 3.5%, 10/1/45 82,887 17,032 Fannie Mae, 3.5%, 1/1/46 17,753 18,428 Fannie Mae, 3.5%, 7/1/46 19,163 30,520 Fannie Mae, 3.5%, 9/1/46 31,773 58,521 Fannie Mae, 3.5%, 12/1/46 60,837 29,955 Fannie Mae, 3.5%, 1/1/47 31,305
The accompanying notes are an integral part of these financial statements. 30 Pioneer Global Multisector Income Fund | Annual Report | 10/31/19
----------------------------------------------------------------------------------------------------------------------- Principal Amount USD ($) Value ----------------------------------------------------------------------------------------------------------------------- U.S. GOVERNMENT AND AGENCY OBLIGATIONS -- (continued) 37,420 Fannie Mae, 3.5%, 1/1/47 $ 39,493 39,133 Fannie Mae, 3.5%, 1/1/47 40,665 31,020 Fannie Mae, 4.0%, 10/1/40 33,598 62,176 Fannie Mae, 4.0%, 1/1/42 66,453 12,280 Fannie Mae, 4.0%, 2/1/42 13,118 22,123 Fannie Mae, 4.0%, 5/1/42 23,606 34,216 Fannie Mae, 4.0%, 11/1/43 36,726 13,630 Fannie Mae, 4.0%, 10/1/44 14,407 63,218 Fannie Mae, 4.0%, 11/1/44 66,826 50,254 Fannie Mae, 4.0%, 10/1/45 53,171 40,456 Fannie Mae, 4.0%, 12/1/45 42,764 29,633 Fannie Mae, 4.0%, 6/1/46 31,247 28,365 Fannie Mae, 4.0%, 8/1/46 29,838 16,548 Fannie Mae, 4.0%, 11/1/46 17,412 19,768 Fannie Mae, 4.0%, 11/1/46 20,738 121,080 Fannie Mae, 4.0%, 1/1/47 127,193 19,256 Fannie Mae, 4.0%, 4/1/47 20,431 30,377 Fannie Mae, 4.0%, 4/1/47 31,888 32,600 Fannie Mae, 4.0%, 4/1/47 34,570 19,692 Fannie Mae, 4.0%, 6/1/47 20,672 60,844 Fannie Mae, 4.0%, 6/1/47 63,848 16,797 Fannie Mae, 4.0%, 7/1/47 17,627 30,905 Fannie Mae, 4.0%, 8/1/47 32,423 38,870 Fannie Mae, 4.0%, 12/1/47 40,717 127,158 Fannie Mae, 4.0%, 4/1/48 132,941 55,000 Fannie Mae, 4.0%, 11/1/48 (TBA) 57,075 7,906 Fannie Mae, 4.0%, 9/1/49 8,228 10,666 Fannie Mae, 4.5%, 4/1/41 11,564 8,149 Fannie Mae, 4.5%, 5/1/41 8,914 22,745 Fannie Mae, 4.5%, 11/1/43 24,465 26,170 Fannie Mae, 4.5%, 2/1/44 28,113 32,678 Fannie Mae, 4.5%, 2/1/44 35,106 24,056 Fannie Mae, 4.5%, 5/1/46 25,647 25,151 Fannie Mae, 4.5%, 2/1/47 26,558 24,788 Fannie Mae, 5.0%, 8/1/31 26,511 11,730 Fannie Mae, 5.0%, 6/1/40 12,955 7,517 Fannie Mae, 5.5%, 10/1/35 8,419 10,809 Federal Home Loan Mortgage Corp., 3.0%, 9/1/42 11,163 13,063 Federal Home Loan Mortgage Corp., 3.0%, 1/1/43 13,491 25,660 Federal Home Loan Mortgage Corp., 3.0%, 2/1/43 26,502 29,456 Federal Home Loan Mortgage Corp., 3.0%, 4/1/43 30,403 49,179 Federal Home Loan Mortgage Corp., 3.0%, 4/1/43 50,791
The accompanying notes are an integral part of these financial statements. Pioneer Global Multisector Income Fund | Annual Report | 10/31/19 31 Schedule of Investments | 10/31/19 (continued)
----------------------------------------------------------------------------------------------------------------------- Principal Amount USD ($) Value ----------------------------------------------------------------------------------------------------------------------- U.S. GOVERNMENT AND AGENCY OBLIGATIONS -- (continued) 13,614 Federal Home Loan Mortgage Corp., 3.0%, 5/1/43 $ 14,049 20,048 Federal Home Loan Mortgage Corp., 3.0%, 9/1/46 20,593 19,967 Federal Home Loan Mortgage Corp., 3.0%, 12/1/46 20,476 58,539 Federal Home Loan Mortgage Corp., 3.0%, 2/1/47 60,095 13,769 Federal Home Loan Mortgage Corp., 3.5%, 10/1/42 14,476 72,265 Federal Home Loan Mortgage Corp., 3.5%, 6/1/45 76,318 90,238 Federal Home Loan Mortgage Corp., 3.5%, 11/1/45 94,346 14,763 Federal Home Loan Mortgage Corp., 3.5%, 3/1/46 15,373 64,885 Federal Home Loan Mortgage Corp., 3.5%, 7/1/46 68,993 27,280 Federal Home Loan Mortgage Corp., 3.5%, 8/1/46 28,699 75,063 Federal Home Loan Mortgage Corp., 3.5%, 8/1/46 78,804 90,202 Federal Home Loan Mortgage Corp., 3.5%, 8/1/46 95,261 57,001 Federal Home Loan Mortgage Corp., 3.5%, 12/1/46 60,198 85,360 Federal Home Loan Mortgage Corp., 4.0%, 1/1/44 90,655 140,754 Federal Home Loan Mortgage Corp., 4.0%, 5/1/44 148,882 10,375 Federal Home Loan Mortgage Corp., 4.0%, 12/1/44 10,974 17,292 Federal Home Loan Mortgage Corp., 4.0%, 1/1/46 18,281 26,142 Federal Home Loan Mortgage Corp., 4.0%, 2/1/46 27,622 18,282 Federal Home Loan Mortgage Corp., 4.0%, 4/1/47 19,302 18,386 Federal Home Loan Mortgage Corp., 4.0%, 4/1/47 19,508 34,627 Federal Home Loan Mortgage Corp., 4.0%, 4/1/47 36,352 39,415 Federal Home Loan Mortgage Corp., 4.0%, 4/1/47 41,840 79,775 Federal Home Loan Mortgage Corp., 4.0%, 4/1/47 83,812 93,231 Federal Home Loan Mortgage Corp., 4.0%, 5/1/47 97,968 171,002 Federal Home Loan Mortgage Corp., 4.0%, 10/1/47 179,502 122,431 Federal Home Loan Mortgage Corp., 4.0%, 12/1/47 128,975 112,339 Federal Home Loan Mortgage Corp., 4.0%, 7/1/49 116,635 38,388 Federal Home Loan Mortgage Corp., 4.0%, 9/1/49 39,909 33,025 Federal Home Loan Mortgage Corp., 4.5%, 6/1/41 35,829 51,500 Federal Home Loan Mortgage Corp., 4.5%, 5/1/47 54,528 17,433 Federal Home Loan Mortgage Corp., 4.5%, 7/1/49 18,401 16,371 Federal Home Loan Mortgage Corp., 5.0%, 9/1/38 18,079 19,050 Federal Home Loan Mortgage Corp., 5.0%, 10/1/38 21,040 2,930 Federal Home Loan Mortgage Corp., 5.0%, 5/1/39 3,232 5,780 Federal Home Loan Mortgage Corp., 5.0%, 12/1/39 6,389 10,075 Federal Home Loan Mortgage Corp., 6.0%, 8/1/37 11,237 14,222 Federal Home Loan Mortgage Corp., 6.5%, 1/1/38 16,868 23,364 Federal Home Loan Mortgage Corp., 6.5%, 4/1/38 26,338 41,806 Government National Mortgage Association I, 3.5%, 11/15/41 44,109 7,986 Government National Mortgage Association I, 3.5%, 10/15/42 8,425
The accompanying notes are an integral part of these financial statements. 32 Pioneer Global Multisector Income Fund | Annual Report | 10/31/19
----------------------------------------------------------------------------------------------------------------------- Principal Amount USD ($) Value ----------------------------------------------------------------------------------------------------------------------- U.S. GOVERNMENT AND AGENCY OBLIGATIONS -- (continued) 26,773 Government National Mortgage Association I, 3.5%, 8/15/46 $ 28,012 29,318 Government National Mortgage Association I, 4.0%, 4/15/45 31,576 39,520 Government National Mortgage Association I, 4.0%, 6/15/45 42,571 22,407 Government National Mortgage Association I, 4.5%, 1/15/40 24,532 17,777 Government National Mortgage Association I, 4.5%, 9/15/40 19,347 7,588 Government National Mortgage Association I, 4.5%, 10/15/40 8,254 16,069 Government National Mortgage Association I, 4.5%, 7/15/41 17,481 27,240 Government National Mortgage Association II, 3.0%, 9/20/46 28,187 24,192 Government National Mortgage Association II, 4.5%, 9/20/41 26,159 53,352 Government National Mortgage Association II, 4.5%, 9/20/44 56,156 15,263 Government National Mortgage Association II, 4.5%, 10/20/44 16,366 32,362 Government National Mortgage Association II, 4.5%, 11/20/44 34,697 109,912 Government National Mortgage Association II, 4.5%, 4/20/48 115,917 1,400,000(f) U.S. Treasury Bills, 11/19/19 1,398,932 207,000 U.S. Treasury Bonds, 3.0%, 2/15/49 244,034 393,247 U.S. Treasury Inflation Indexed Bonds, 0.875%, 2/15/47 425,329 243,626 U.S. Treasury Inflation Indexed Bonds, 1.0%, 2/15/46 270,450 431,766 U.S. Treasury Inflation Indexed Bonds, 1.0%, 2/15/48 482,360 235,518 U.S. Treasury Inflation Indexed Bonds, 1.0%, 2/15/49 264,818 107,000 U.S. Treasury Notes, 2.625%, 2/15/29 115,685 ----------------------------------------------------------------------------------------------------------------------- TOTAL U.S. GOVERNMENT AND AGENCY OBLIGATIONS (Cost $7,882,511) $ 8,160,874 -----------------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements. Pioneer Global Multisector Income Fund | Annual Report | 10/31/19 33 Schedule of Investments | 10/31/19 (continued)
------------------------------------------------------------------------------------------------------------------------ Number of Strike Expiration Contracts Description Counterparty Notional Price Date Value ------------------------------------------------------------------------------------------------------------------------ OVER THE COUNTER (OTC) CURRENCY PUT OPTIONS PURCHASED -- 0.1% 1,230,000 Put EUR Bank of Call USD America NA EUR 16,929 EUR 1.13 1/9/20 $ 19,120 825,000 Put EUR Bank of Call USD America NA EUR 11,993 EUR 1.12 1/17/20 8,112 ------------ $ 27,232 ------------------------------------------------------------------------------------------------------------------------ TOTAL OVER THE COUNTER (OTC) CURRENCY PUT OPTIONS PURCHASED (Premiums paid $28,921) $ 27,232 ------------------------------------------------------------------------------------------------------------------------ TOTAL OPTIONS PURCHASED (Premiums paid $28,921) $ 27,232 ------------------------------------------------------------------------------------------------------------------------ TOTAL INVESTMENTS IN UNAFFILIATED ISSUERS -- 93.5% (Cost $37,205,175) $37,709,125 ------------------------------------------------------------------------------------------------------------------------ ------------------------------------------------------------------------------------------------------------------------ Net Change in Net Realized Unrealized Dividend Gain Appreciation Shares Income (Loss) (Depreciation) ------------------------------------------------------------------------------------------------------------------------ AFFILIATED ISSUER -- 2.5% CLOSED-END FUND -- 2.5% of Net Assets 114,057(m) Pioneer ILS Interval Fund $94,988 $(94,990) $(104,976) $ 1,004,846 ------------------------------------------------------------------------------------------------------------------------ TOTAL CLOSED-END FUND (Cost $1,108,478) $ 1,004,846 ------------------------------------------------------------------------------------------------------------------------ TOTAL INVESTMENTS IN AFFILIATED ISSUER -- 2.5% (Cost $1,108,478) $ 1,004,846 ------------------------------------------------------------------------------------------------------------------------ ------------------------------------------------------------------------------------------------------------------------ Number of Strike Expiration Contracts Description Counterparty Notional Price Date ------------------------------------------------------------------------------------------------------------------------ OVER THE COUNTER (OTC) CURRENCY CALL OPTIONS WRITTEN -- (0.0)%+ (1,230,000) Call EUR Bank of Put USD America NA EUR 16,929 EUR 1.25 1/9/20 $ (2) (825,000) Call EUR Bank of Put USD America NA EUR 11,993 EUR 1.23 1/17/20 (14) ------------ $ (16) ------------------------------------------------------------------------------------------------------------------------ TOTAL OVER THE COUNTER (OTC) CURRENCY CALL OPTIONS WRITTEN (Premiums received $(28,921)) $ (16) ------------------------------------------------------------------------------------------------------------------------ OTHER ASSETS AND LIABILITIES -- 4.0% $ 1,632,378 ------------------------------------------------------------------------------------------------------------------------ NET ASSETS -- 100.0% $40,346,333 ========================================================================================================================
The accompanying notes are an integral part of these financial statements. 34 Pioneer Global Multisector Income Fund | Annual Report | 10/31/19 bps Basis Points. EUAMDB Euribor ICE Swap Rate. EURIBOR Euro Interbank Offered Rate. FREMF Freddie Mac Multifamily Fixed-Rate Mortgage Loans. LIBOR London Interbank Offered Rate. REIT Real Estate Investment Trust. REMICS Real Estate Mortgage Investment Conduits. SOFR Secured Overnight Financing Rate. (144A) Security is exempt from registration under Rule 144A of the Securities Act of 1933. Such securities may be resold normally to qualified institutional buyers in a transaction exempt from registration. At October 31, 2019, the value of these securities amounted to $7,192,312, or 17.8% 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 October 31, 2019. + Security that used significant unobservable inputs to determine its value. ^ Security is valued using fair value methods (other than supplied by independent pricing services). (a) Security is perpetual in nature and has no stated maturity date. (b) Floating rate note. Coupon rate, reference index and spread are shown at October 31, 2019. (c) The interest rate is subject to change periodically. The interest rate and/or reference index and spread is shown at October 31, 2019. (d) Debt obligation initially issued at one coupon which converts to a higher coupon at a specific date. The rate shown is the rate at October 31, 2019. (e) Security represents the interest-only portion payments on a pool of underlying mortgages or mortgage-backed securities. (f) Security issued with a zero coupon. Income is recognized through accretion of discount. (g) Securities are restricted as to resale. (h) Issued as preference shares. (i) Non-income producing security. (j) Issued as participation notes. (k) Consists of Revenue Bonds unless otherwise indicated. (l) This term loan will settle after October 31, 2019, at which time the interest rate will be determined. (m) Pioneer ILS Interval Fund is an affiliated fund managed by Amundi Pioneer Asset Management, Inc., (the "Adviser"). The accompanying notes are an integral part of these financial statements. Pioneer Global Multisector Income Fund | Annual Report | 10/31/19 35 Schedule of Investments | 10/31/19 (continued) FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS
-------------------------------------------------------------------------------------------------------------- Unrealized Currency Currency Settlement Appreciation Purchased In Exchange for Sold Deliver Counterparty Date (Depreciation) -------------------------------------------------------------------------------------------------------------- SEK 7,564,198 USD (779,164) Bank of America NA 11/26/19 $ 4,551 TRY 1,147,000 ZAR (3,038,624) Bank of America NA 12/3/19 (1,732) CHF 410,894 USD (416,388) Citibank NA 11/26/19 596 CZK 11,566,647 USD (491,626) Citibank NA 11/26/19 13,717 EUR 35,144 USD (38,952) Citibank NA 11/27/19 274 USD 110,843 EUR (100,000) Citibank NA 11/27/19 (770) CAD 1,064,000 USD (799,736) Goldman Sachs 12/3/19 8,515 International EUR 379,825 GBP (337,161) Goldman Sachs 11/29/19 (12,592) International JPY 86,738,091 TWD (25,077,419) Goldman Sachs 12/3/19 (18,360) International COP 639,775,000 USD (186,377) HSBC Bank USA NA 12/17/19 2,585 INR 16,386,000 USD (229,979) HSBC Bank USA NA 12/17/19 (96) USD 440,128 MXN (8,488,000) HSBC Bank USA NA 12/18/19 1,676 USD 291,752 GBP (235,588) JPMorgan Chase 11/26/19 (13,275) Bank NA AUD 1,196,495 NZD (1,292,536) State Street Bank 12/19/19 (4,247) & Trust Co. EUR 4,796,153 USD (5,274,515) State Street Bank 11/27/19 78,596 & Trust Co. JPY 453,009,838 USD (4,169,664) State Street Bank 12/18/19 37,967 & Trust Co. NOK 5,314,802 USD (587,725) State Street Bank 11/26/19 (10,360) & Trust Co. USD 555,915 EUR (500,000) State Street Bank 11/27/19 (2,148) & Trust Co. USD 151,237 MXN (2,904,682) The Bank of 12/18/19 1,194 New York Mellon USD 404,867 SEK (3,981,828) The Bank of 11/26/19 (7,684) New York Mellon -------------------------------------------------------------------------------------------------------------- TOTAL FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS $ 78,407 ==============================================================================================================
The accompanying notes are an integral part of these financial statements. 36 Pioneer Global Multisector Income Fund | Annual Report | 10/31/19 FUTURES CONTRACTS FIXED INCOME INDEX FUTURES CONTRACTS
---------------------------------------------------------------------------------------- Number of Contracts Expiration Notional Market Unrealized Long Description Date Amount Value (Depreciation) ---------------------------------------------------------------------------------------- 11 Australia 12/16/19 $1,123,528 $1,104,605 $ (18,923) 10-Year Bond 6 Canada 12/18/19 658,610 647,353 (11,257) 10-Year Bond 5 Euro BUXL 12/6/19 1,230,910 1,169,950 (60,960) 30 Year Bond 4 Euro-Bund 12/6/19 783,325 765,672 (17,653) 1 U.S. Ultra Bond 12/19/19 198,313 189,750 (8,563) ---------------------------------------------------------------------------------------- $3,994,686 $3,877,330 $(117,356) ========================================================================================
---------------------------------------------------------------------------------------- Number of Contracts Expiration Notional Market Unrealized Short Description Date Amount Value Appreciation ---------------------------------------------------------------------------------------- 17 Euro-Bobl 12/6/19 $ 2,586,082 $ 2,550,464 $ 35,618 1 U.S. 5 Year Note 12/31/19 120,023 119,203 820 24 U.S. 10 Year Note 12/19/19 3,165,000 3,127,125 37,875 25 U.S. 10 Year Ultra 12/19/19 3,592,492 3,552,734 39,758 6 U.S. Long Bond 12/19/19 995,250 968,250 27,000 ---------------------------------------------------------------------------------------- $10,458,847 $10,317,776 $141,071 ---------------------------------------------------------------------------------------- TOTAL FUTURES CONTRACTS $(6,464,161) $(6,440,446) $ 23,715 ========================================================================================
Principal amounts are denominated in U.S. dollars ("USD") unless otherwise noted. ARS -- Argentine Peso AUD -- Australian Dollar CAD -- Canadian 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 RUB -- Russian Ruble SEK -- Swedish Krona TRY -- Turkish Lira TWD -- Taiwan Dollar UYU -- Uruguayan Peso ZAR -- South African Rand The accompanying notes are an integral part of these financial statements. Pioneer Global Multisector Income Fund | Annual Report | 10/31/19 37 Schedule of Investments | 10/31/19 (continued) Purchases and sales of securities (excluding temporary cash investments) for the year ended October 31, 2019, were as follows:
---------------------------------------------------------------------------------------- Purchases Sales ---------------------------------------------------------------------------------------- Long-Term U.S. Government $1,201,478 $ 2,464,935 Other Long-Term Securities $5,315,419 $15,941,424
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 year ended October 31, 2019, the Fund did not engage in any cross trade activity. At October 31, 2019, the net unrealized appreciation on investments based on cost for federal tax purposes of $38,438,378 was as follows:
Aggregate gross unrealized appreciation for all investments in which there is an excess of value over tax cost $ 2,161,137 Aggregate gross unrealized depreciation for all investments in which there is an excess of tax cost over value (1,783,438) ----------- Net unrealized appreciation $ 377,699 ===========
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. 38 Pioneer Global Multisector Income Fund | Annual Report | 10/31/19 The following is a summary of the inputs used as of October 31, 2019, in valuing the Fund's investments:
------------------------------------------------------------------------------------------------------------ Level 1 Level 2 Level 3 Total ------------------------------------------------------------------------------------------------------------ Convertible Preferred Stock $143,402 $ -- $ -- $ 143,402 Asset Backed Securities -- 173,26 -- 173,261 Collateralized Mortgage Obligations -- 2,575,401 100,000 2,675,401 Corporate Bonds -- 14,557,916 -- 14,557,916 Foreign Government Bonds -- 9,341,734 -- 9,341,734 Insurance-Linked Securities Reinsurance Sidecars Multiperil -- Worldwide -- -- 50,918 50,918 Municipal Bonds -- 54,650 -- 54,650 Senior Secured Floating Rate Loan Interests -- 2,523,737 -- 2,523,737 U.S. Government and Agency Obligations -- 8,160,874 -- 8,160,874 Over The Counter (OTC) Currency Put Option Purchased -- 27,232 -- 27,232 Affiliated Closed-End Fund -- 1,004,846 -- 1,004,846 ------------------------------------------------------------------------------------------------------------ Total Investments in Securities $143,402 $38,419,651 $150,918 $38,713,971 ============================================================================================================ Other Financial Instruments Over The Counter (OTC) Currency Call Option Written $ -- $ (16) $ -- $ (16) Net unrealized appreciation on forward foreign currency exchange contracts -- 78,407 -- 78,407 Net unrealized appreciation on futures contracts 23,715 -- -- 23,715 ------------------------------------------------------------------------------------------------------------ Total Other Financial Instruments $ 23,715 $ 78,391 $ -- $ 102,106 ============================================================================================================
The following is a reconciliation of assets valued using significant unobservable inputs (Level 3):
------------------------------------------------------------------------------------------------------ Collateralized Insurance- Mortgage Linked Obligations Securities Total ------------------------------------------------------------------------------------------------------ Balance as of 10/31/18 $ -- $ 87,326 $ 87,326 Realized gain (loss)(1) -- (114) (114) Change in unrealized appreciation (depreciation)(2) (2,250) (12,593) (14,843) Accrued discounts/premiums -- -- -- Purchases -- 40,962 40,962 Sales -- (64,663) (64,663) Transfer in to Level 3* 102,250 -- 102,250 Transfer out of Level 3* -- -- ------------------------------------------------------------------------------------------------------ Balance as of 10/31/19 $100,000 $ 50,918 $150,918 ======================================================================================================
(1) Realized gain (loss) on these securities is included in the 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. During the year ended October 31, 2019, an investment having a value of $102,250 was transferred from Level 2 to Level 3, due to valuing the security using unobservable inputs. For the year ended October 31, 2019, there were no other transfers between Levels 1, 2 and 3.
Net change in unrealized appreciation (depreciation) of Level 3 investments still held and considered Level 3 at October 31, 2019: $(16,900) --------
The accompanying notes are an integral part of these financial statements. Pioneer Global Multisector Income Fund | Annual Report | 10/31/19 39 Statement of Assets and Liabilities | 10/31/19
ASSETS: Investments in unaffiliated issuers, at value (cost $37,205,175) $37,709,125 Investments in affiliated issuers, at value (cost $1,108,478) 1,004,846 Cash 454,877 Foreign currencies, at value (cost $615,921) 627,175 Futures collateral 133,256 Due from broker for futures 134,936 Net unrealized appreciation on forward foreign currency exchange contracts 78,407 Net unrealized appreciation on futures contracts 23,715 Receivables -- Investment securities sold 233,187 Fund shares sold 15,498 Interest 335,548 Due from the Adviser 38,507 Other assets 29,191 ---------------------------------------------------------------------------------------------------- Total assets $40,818,268 ==================================================================================================== LIABILITIES: Payables -- Investment securities purchased $ 178,530 Fund shares repurchased 49,510 Distributions 53,564 Trustees' fees 368 Administrative fees 16,370 Professional fees 52,068 Transfer agent fees 25,450 Pricing fees 11,636 Custodian fees 14,104 Variation margin for futures contracts 41,886 Written options outstanding (net premiums received $(28,921)) 16 Due to affiliates 15,690 Accrued expenses 12,743 ---------------------------------------------------------------------------------------------------- Total liabilities $ 471,935 ==================================================================================================== NET ASSETS: Paid-in capital $40,464,780 Distributable earnings (loss) (118,447) ---------------------------------------------------------------------------------------------------- Net assets $40,346,333 ==================================================================================================== NET ASSET VALUE PER SHARE: No par value (unlimited number of shares authorized) Class A (based on $18,445,149/1,787,563 shares) $ 10.32 Class C (based on $8,435,564/815,344 shares) $ 10.35 Class Y (based on $13,465,620/1,293,869 shares) $ 10.41 MAXIMUM OFFERING PRICE PER SHARE: Class A (based on $10.32 net asset value per share/100%-4.50% maximum sales charge) $ 10.81 ====================================================================================================
The accompanying notes are an integral part of these financial statements. 40 Pioneer Global Multisector Income Fund | Annual Report | 10/31/19 Statement of Operations For the Year Ended 10/31/19
INVESTMENT INCOME: Interest from unaffiliated issuers (net of foreign taxes withheld $1,074) $1,523,283 Dividends from unaffiliated issuers 14,892 Dividends from affiliated issuers 94,988 ------------------------------------------------------------------------------------------------------------ Total investment income $ 1,633,163 ------------------------------------------------------------------------------------------------------------ EXPENSES: Management fees $ 214,023 Administrative expense 75,354 Transfer agent fees Class A 110,810 Class C 3,836 Class Y 1,300 Distribution fees Class A 46,484 Class C 87,088 Shareowner communications expense 5,547 Custodian fees 44,533 Registration fees 56,670 Professional fees 67,558 Printing expense 71,250 Pricing fees 42,928 Trustees' fees 7,139 Insurance expense 828 Miscellaneous 25,671 ------------------------------------------------------------------------------------------------------------ Total expenses $ 861,019 Less fees waived and expenses reimbursed by the Adviser (399,032) ------------------------------------------------------------------------------------------------------------ Net expenses $ 461,987 ------------------------------------------------------------------------------------------------------------ Net investment income $ 1,171,176 ------------------------------------------------------------------------------------------------------------ REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS: Net realized gain (loss) on: Investments in unaffiliated issuers $ (635,706) Investments in affiliated issuers (94,990) Written options 37,293 Forward foreign currency exchange contracts (783,590) Futures contracts (167,146) Swap contracts 52,234 Other assets and liabilities denominated in foreign currencies (46,782) $(1,638,687) ------------------------------------------------------------------------------------------------------------ Change in net unrealized appreciation (depreciation) on: Investments in unaffiliated issuers $2,769,641 Investments in affiliated issuers (104,976) Written options (1,052) Forward foreign currency exchange contracts 298,596 Futures contracts (81,011) Swap contracts (2,317) Other assets and liabilities denominated in foreign currencies 19,619 $ 2,898,500 ------------------------------------------------------------------------------------------------------------ Net realized and unrealized gain (loss) on investments $ 1,259,813 ------------------------------------------------------------------------------------------------------------ Net increase in net assets resulting from operations $ 2,430,989 ============================================================================================================
The accompanying notes are an integral part of these financial statements. Pioneer Global Multisector Income Fund | Annual Report | 10/31/19 41 Statements of Changes in Net Assets
---------------------------------------------------------------------------------------------------- Year Ended Year Ended 10/31/19 10/31/18 ---------------------------------------------------------------------------------------------------- FROM OPERATIONS: Net investment income (loss) $ 1,171,176 $ 1,416,690 Net realized gain (loss) on investments (1,638,687) (1,518,415) Change in net unrealized appreciation (depreciation) on investments 2,898,500 (3,298,829) ---------------------------------------------------------------------------------------------------- Net increase (decrease) in net assets resulting from operations $ 2,430,989 $ (3,400,554) ---------------------------------------------------------------------------------------------------- DISTRIBUTIONS TO SHAREOWNERS: Class A ($0.05 and $0.05 per share, respectively) $ (102,417) $ (114,781) Class C ($0.02 and $0.04 per share, respectively) (21,637) (35,907) Class Y ($0.08 and $0.06 per share, respectively) (139,987) (78,523) Tax return of capital: Class A ($0.21 and $0.19 per share, respectively) (376,399) (469,180) Class C ($0.16 and $0.11 per share, respectively) (131,529) (102,276) Class Y ($0.21 and $0.21 per share, respectively) (293,323) (568,688) ---------------------------------------------------------------------------------------------------- Total distributions to shareowners $ (1,065,292) $ (1,369,355) ---------------------------------------------------------------------------------------------------- FROM FUND SHARE TRANSACTIONS: Net proceeds from sales of shares $ 2,798,300 $ 78,877,441 Reinvestment of distributions 439,831 735,353 Cost of shares repurchased (13,187,825) (73,833,356) ---------------------------------------------------------------------------------------------------- Net increase (decrease) in net assets resulting from Fund share transactions $ (9,949,694) $ 5,779,438 ---------------------------------------------------------------------------------------------------- Net increase (decrease) in net assets $ (8,583,997) $ 1,009,529 ---------------------------------------------------------------------------------------------------- NET ASSETS: Beginning of year $ 48,930,330 $ 47,920,801 ---------------------------------------------------------------------------------------------------- End of year $ 40,346,333 $ 48,930,330 ====================================================================================================
The accompanying notes are an integral part of these financial statements. 42 Pioneer Global Multisector Income Fund | Annual Report | 10/31/19
----------------------------------------------------------------------------------------------- Year Ended Year Ended Year Ended Year Ended 10/31/19 10/31/19 10/31/18 10/31/18 Shares Amount Shares Amount ----------------------------------------------------------------------------------------------- Class A Shares sold 157,779 $ 1,610,050 1,975,874 $ 21,070,396 Reinvestment of distributions 28,071 286,795 32,537 341,157 Less shares repurchased (293,315) (2,981,953) (2,286,732) (23,964,912) ----------------------------------------------------------------------------------------------- Net decrease (107,465) $(1,085,108) (278,321) $ (2,553,359) =============================================================================================== Class C Shares sold 41,334 $ 417,087 782,897 $ 8,390,073 Reinvestment of distributions 3,892 39,874 4,183 44,184 Less shares repurchased (105,304) (1,074,273) (845,759) (9,033,239) ----------------------------------------------------------------------------------------------- Net decrease (60,078) $ (617,312) (58,679) $ (598,982) =============================================================================================== Class Y Shares sold 74,904 $ 771,163 4,588,417 $ 49,416,972 Reinvestment of distributions 11,076 113,162 32,990 350,012 Less shares repurchased (894,957) (9,131,599) (3,874,730) (40,835,205) ----------------------------------------------------------------------------------------------- Net increase (decrease) (808,977) $(8,247,274) 746,677 $ 8,931,779 ===============================================================================================
The accompanying notes are an integral part of these financial statements. Pioneer Global Multisector Income Fund | Annual Report | 10/31/19 43 Financial Highlights
------------------------------------------------------------------------------------------------------------------------------------ Year Year Year Year Year Ended Ended Ended Ended Ended 10/31/19 10/31/18 10/31/17 10/31/16* 10/31/15* ------------------------------------------------------------------------------------------------------------------------------------ Class A Net asset value, beginning of period $ 10.00 $ 10.70 $ 10.60 $ 10.40 $ 10.91 ------------------------------------------------------------------------------------------------------------------------------------ Increase (decrease) from investment operations: Net investment income (loss) (a) $ 0.29 $ 0.24 $ 0.30 $ 0.31 $ 0.31 Net realized and unrealized gain (loss) on investments 0.29 (0.70) 0.09 0.25 (0.41) ----------------------------------------------------------------------------------------------------------------------------------- Net increase (decrease) from investment operations $ 0.58 $ (0.46) $ 0.39 $ 0.56 $ (0.10) ------------------------------------------------------------------------------------------------------------------------------------ Distributions to shareowners: Net investment income $ (0.05) $ (0.05) $ (0.19) $ (0.28) $ (0.31) Net realized gain -- -- (0.06) -- (0.10) Tax return of capital (0.21) (0.19) (0.04) (0.08) -- ------------------------------------------------------------------------------------------------------------------------------------ Total distributions $ (0.26) $ (0.24) $ (0.29) $ (0.36) $ (0.41) ------------------------------------------------------------------------------------------------------------------------------------ Net increase (decrease) in net asset value $ 0.32 $ (0.70) $ 0.10 $ 0.20 $ (0.51) ------------------------------------------------------------------------------------------------------------------------------------ Net asset value, end of period $ 10.32 $ 10.00 $ 10.70 $ 10.60 $ 10.40 ==================================================================================================================================== Total return (b) 5.89% (4.41)% 3.75% 5.59% (1.00)% Ratio of net expenses to average net assets 1.00% 1.00% 1.00% 1.00% 1.00% Ratio of net investment income (loss) to average net assets 2.80% 2.31% 2.83% 2.99% 2.87% Portfolio turnover rate 16% 64% 70% 37% 34% Net assets, end of period (in thousands) $18,445 $18,954 $23,252 $13,579 $12,737 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 2.29% 1.99% 2.13% 2.67% 2.67% Net investment income (loss) to average net assets 1.51% 1.32% 1.70% 1.32% 1.20% ====================================================================================================================================
* 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. The accompanying notes are an integral part of these financial statements. 44 Pioneer Global Multisector Income Fund | Annual Report | 10/31/19
------------------------------------------------------------------------------------------------------------------------------------ Year Year Year Year Year Ended Ended Ended Ended Ended 10/31/19 10/31/18 10/31/17 10/31/16* 10/31/15* ------------------------------------------------------------------------------------------------------------------------------------ Class C Net asset value, beginning of period $10.03 $10.73 $ 10.63 $10.43 $10.94 ------------------------------------------------------------------------------------------------------------------------------------ Increase (decrease) from investment operations: Net investment income (loss) (a) $ 0.20 $ 0.16 $ 0.21 $ 0.22 $ 0.21 Net realized and unrealized gain (loss) on investments 0.30 (0.71) 0.09 0.25 (0.41) ------------------------------------------------------------------------------------------------------------------------------------ Net increase (decrease) from investment operations $ 0.50 $(0.55) $ 0.30 $ 0.47 $(0.20) ------------------------------------------------------------------------------------------------------------------------------------ Distributions to shareowners: Net investment income $(0.02) $(0.04) $ (0.10) $(0.19) $(0.21) Net realized gain -- -- (0.06) -- (0.10) Tax return of capital (0.16) (0.11) (0.04) (0.08) -- ------------------------------------------------------------------------------------------------------------------------------------ Total distributions $(0.18) $(0.15) $ (0.20) $(0.27) $(0.31) ------------------------------------------------------------------------------------------------------------------------------------ Net increase (decrease) in net asset value $ 0.32 $(0.70) $ 0.10 $ 0.20 $(0.51) ------------------------------------------------------------------------------------------------------------------------------------ Net asset value, end of period $10.35 $10.03 $ 10.73 $10.63 $10.43 ==================================================================================================================================== Total return (b) 5.02% (5.19)% 2.88% 4.67% (1.87)% Ratio of net expenses to average net assets 1.84% 1.81% 1.81% 1.90% 1.90% Ratio of net investment income (loss) to average net assets 1.97% 1.53% 2.00% 2.10% 1.96% Portfolio turnover rate 16% 64% 70% 37% 34% Net assets, end of period (in thousands) $8,436 $8,781 $10,024 $4,370 $4,113 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 2.49% 2.14% 2.21% 2.53% 2.56% Net investment income (loss) to average net assets 1.32% 1.20% 1.60% 1.46% 1.30% ====================================================================================================================================
* 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. The accompanying notes are an integral part of these financial statements. Pioneer Global Multisector Income Fund | Annual Report | 10/31/19 45 Financial Highlights (continued)
------------------------------------------------------------------------------------------------------------------------------------ Year Year Year Year Year Ended Ended Ended Ended Ended 10/31/19 10/31/18 10/31/17 10/31/16* 10/31/15* ------------------------------------------------------------------------------------------------------------------------------------ Class Y Net asset value, beginning of period $ 10.08 $ 10.80 $ 10.69 $ 10.50 $ 11.00 ------------------------------------------------------------------------------------------------------------------------------------ Increase (decrease) from investment operations: Net investment income (loss) (a) $ 0.32 $ 0.26 $ 0.33 $ 0.34 $ 0.33 Net realized and unrealized gain (loss) on investments 0.30 (0.71) 0.10 0.24 (0.39) ------------------------------------------------------------------------------------------------------------------------------------ Net increase (decrease) from investment operations $ 0.62 $ (0.45) $ 0.43 $ 0.58 $ (0.06) ------------------------------------------------------------------------------------------------------------------------------------ Distributions to shareowners: Net investment income $ (0.08) $ (0.06) $ (0.22) $ (0.31) $ (0.34) Net realized gain -- -- (0.06) -- (0.10) Tax return of capital (0.21) (0.21) (0.04) (0.08) -- ------------------------------------------------------------------------------------------------------------------------------------ Total distributions $ (0.29) $ (0.27) $ (0.32) $ (0.39) $ (0.44) ------------------------------------------------------------------------------------------------------------------------------------ Net increase (decrease) in net asset value $ 0.33 $ (0.72) $ 0.11 $ 0.19 $ (0.50) ------------------------------------------------------------------------------------------------------------------------------------ Net asset value, end of period $ 10.41 $ 10.08 $ 10.80 $ 10.69 $ 10.50 ==================================================================================================================================== Total return (b) 6.23% (4.29)% 4.10% 5.73% (0.62)% Ratio of net expenses to average net assets 0.75% 0.75% 0.75% 0.75% 0.75% Ratio of net investment income (loss) to average net assets 3.08% 2.46% 3.10% 3.24% 3.12% Portfolio turnover rate 16% 64% 70% 37% 34% Net assets, end of period (in thousands) $13,466 $21,195 $14,645 $10,767 $12,178 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 1.41% 1.14% 1.17% 1.41% 1.39% Net investment income (loss) to average net assets 2.42% 2.07% 2.68% 2.59% 2.48% ====================================================================================================================================
* 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. The accompanying notes are an integral part of these financial statements. 46 Pioneer Global Multisector Income Fund | Annual Report | 10/31/19 Notes to Financial Statements | 10/31/19 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 had not commenced operations as of October 31, 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 | Annual Report | 10/31/19 47 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 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. 48 Pioneer Global Multisector Income Fund | Annual Report | 10/31/19 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. 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 | Annual Report | 10/31/19 49 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 October 31, 2019, one security was 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 0.25% of net assets. The value of this fair valued security was $100,000. 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. 50 Pioneer Global Multisector Income Fund | Annual Report | 10/31/19 Principal amounts of mortgage-backed securities are adjusted for monthly paydowns. Premiums and discounts related to certain mortgage-backed securities are amortized or accreted in proportion to the monthly paydowns. All discounts/premiums on purchase prices of debt securities are accreted/amortized for financial reporting purposes over the life of the respective securities, and such accretion/amortization is included in interest income. 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 exchange 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, 2019, 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 Pioneer Global Multisector Income Fund | Annual Report | 10/31/19 51 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. At October 31, 2019, the Fund was permitted to carry forward indefinitely $50,253 of short-term and $399,073 of long-term losses under the Regulated Investment Company Modernization Act of 2010 without limitation. The tax character of distributions paid during the years ended October 31, 2019 and October 31, 2018, were as follows:
-------------------------------------------------------------------------- 2019 2018 -------------------------------------------------------------------------- Distributions paid from: Ordinary income $ 264,042 $ -- Distribution in excess -- 229,211 Return of capital 801,250 1,140,144 -------------------------------------------------------------------------- Total $1,065,292 $1,369,355 ==========================================================================
The following shows the components of distributable earnings (losses) on a federal income tax basis at October 31, 2019:
-------------------------------------------------------------------------- 2019 -------------------------------------------------------------------------- Distributable earnings: Capital loss carryforward $(449,326) Current year dividend payable (53,564) Unrealized appreciation 384,443 -------------------------------------------------------------------------- Total $(118,447) ==========================================================================
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 and futures contracts, adjustments relating to catastrophe bonds. E. Fund Shares The Fund records sales and repurchases of its shares as of trade date. The Distributor earned $566 in underwriting commissions on the sale of Class A shares during the year ended October 31, 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 52 Pioneer Global Multisector Income Fund | Annual Report | 10/31/19 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 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 Pioneer Global Multisector Income Fund | Annual Report | 10/31/19 53 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 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. 54 Pioneer Global Multisector Income Fund | Annual Report | 10/31/19 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 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 October 31, 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 Pioneer Global Multisector Income Fund | Annual Report | 10/31/19 55 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 year ended October 31, 2019, was $66,269. Open purchased options at October 31, 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 year ended October 31, 2019, was $(6,412). Open written options contracts at October 31, 2019, are listed in the Fund's Schedule of Investments. K. Forward Foreign Currency Exchange Contracts The Fund may enter into forward foreign currency exchange 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 7). 56 Pioneer Global Multisector Income Fund | Annual Report | 10/31/19 At October 31, 2019, the Fund had entered into various forward foreign currency exchange 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 exchange contract, the Fund may close out such contract by entering into an offsetting contract. The average market value of forward foreign currency exchange contracts open during the year ended October 31, 2019, was $11,538,255. Open forward foreign currency exchange contracts outstanding at October 31, 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 October 31, 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 futures contracts open during the year ended October 31, 2019, was $(5,419,089). Open futures contracts outstanding at October 31, 2019, are listed in the Schedule of Investments. Pioneer Global Multisector Income Fund | Annual Report | 10/31/19 57 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 58 Pioneer Global Multisector Income Fund | Annual Report | 10/31/19 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 October 31, 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 year ended October 31, 2019, was $22,702. There were no open credit default swap contracts at October 31, 2019. 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 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 year ended October 31, 2019, the effective management fee (excluding waivers and/or assumption of expenses) was equivalent to 0.44% of the Fund's average daily net assets. The Adviser has agreed to waive its management fee with respect to any portion of the Fund's assets invested in Pioneer ILS Interval Fund, an affiliated fund managed by the Adviser. For the year ended October 31, 2019, the Adviser waived $26,095 in management fees with respect to the Fund, which is reflected on the Statement of Operations as an expense waiver. 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 Pioneer Global Multisector Income Fund | Annual Report | 10/31/19 59 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 year ended October 31, 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 $14,622 in management fees, administrative costs and certain other reimbursements payable to the Adviser at October 31, 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 year ended October 31, 2019, such out-of-pocket expenses by class of shares were as follows:
-------------------------------------------------------------------------------- Shareowner Communications: -------------------------------------------------------------------------------- Class A $3,524 Class C 1,584 Class Y 439 -------------------------------------------------------------------------------- Total $5,547 ================================================================================
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 compensation for personal services and/or account maintenance services or 60 Pioneer Global Multisector Income Fund | Annual Report | 10/31/19 distribution services with regard to Class C shares. Included in "Due to affiliates" reflected on the Statement of Assets and Liabilities is $1,068 in distribution fees payable to the Distributor at October 31, 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 year ended October 31, 2019, CDSCs in the amount of $112 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 credit 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. Under such facility, depending on the type of loan, interest on borrowings is payable at the London Interbank Offered Rate ("LIBOR") plus a credit spread. The Funds also pay an annual commitment fee to participate in a credit facility. The commitment fee is allocated among participating Funds based on an allocation schedule set forth in the credit agreement. For the year ended October 31, 2019, the Fund had no borrowings under the credit facility. 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 of 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. Pioneer Global Multisector Income Fund | Annual Report | 10/31/19 61 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 October 31, 2019.
-------------------------------------------------------------------------------------------------------------- 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 $ 31,783 $ (1,748) $ -- $ -- $ 30,035 Citibank NA 14,587 (770) -- -- 13,817 Goldman Sachs International 8,515 (8,515) -- -- -- HSBC Bank USA NA 4,261 (96) -- -- 4,165 JPMorgan Chase Bank NA -- -- -- -- -- State Street Bank & Trust Co. 116,563 (16,755) -- -- 99,808 The Bank of New York Mellon 1,194 (1,194) -- -- -- -------------------------------------------------------------------------------------------------------------- Total $176,903 $(29,078) $ -- $ -- $147,825 ==============================================================================================================
62 Pioneer Global Multisector Income Fund | Annual Report | 10/31/19
-------------------------------------------------------------------------------------------------------------- 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 $ 1,748 $ (1,748) $ -- $ -- $ -- Citibank NA 770 (770) -- -- -- Goldman Sachs International 30,952 (8,515) -- -- 22,437 HSBC Bank USA NA 96 (96) -- -- -- JPMorgan Chase Bank NA 13,275 -- -- -- 13,275 State Street Bank & Trust Co. 16,755 (16,755) -- -- -- The Bank of New York Mellon 7,684 (1,194) -- -- 6,490 -------------------------------------------------------------------------------------------------------------- Total $71,280 $(29,078) $ -- $ -- $42,202 ==============================================================================================================
(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 Multisector Income Fund | Annual Report | 10/31/19 63 The fair value of open derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) by risk exposure at October 31, 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* $ -- $ -- $ 27,232 $ -- $ -- Net unrealized appreciation on forward foreign currency exchange contracts -- -- 78,407 -- -- Net unrealized appreciation on futures contracts 23,715 -- -- -- -- ----------------------------------------------------------------------------------------------- Total Value $23,715 $ -- $105,639 $ -- $ -- =============================================================================================== Liabilities Written options outstanding $ -- $ -- $ 16 $ -- $ -- ----------------------------------------------------------------------------------------------- Total Value $ -- $ -- $ 16 $ -- $ -- ===============================================================================================
* 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. The effect of derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) on the Statement of Operations by risk exposure at October 31, 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: Options purchased* $ -- $ -- $ 6,837 $ -- $ -- Written options -- -- 37,293 -- -- Forward foreign currency exchange contracts -- -- (783,590) -- -- Futures contracts (167,146) -- -- -- -- Swap contracts -- 52,234 -- -- -- --------------------------------------------------------------------------------------------------- Total Value $(167,146) $52,234 $(739,460) $ -- $ -- =================================================================================================== Change in net unrealized appreciation (depreciation) on: Options purchased* $ -- $ -- $ (28,221) $ -- $ -- Written options -- -- (1,052) -- -- Forward foreign currency exchange contracts -- -- 298,596 -- -- Futures contracts (81,011) -- -- -- -- Swap contracts -- (2,317) -- -- -- --------------------------------------------------------------------------------------------------- Total Value $ (81,011) $(2,317) $ 269,323 $ -- $ -- ===================================================================================================
* 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. 64 Pioneer Global Multisector Income Fund | Annual Report | 10/31/19 Report of Independent Registered Public Accounting Firm To the Board of Trustees of Pioneer Series Trust VII and the Shareowners of Pioneer Global Multisector Income Fund: -------------------------------------------------------------------------------- Opinion on the Financial Statements We have audited the accompanying statement of assets and liabilities of Pioneer Global Multisector Income Fund (the "Fund") (one of the funds constituting Pioneer Series Trust VII (the "Trust")), including the schedule of investments, as of October 31, 2019, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the three years in the period then ended and the related notes (collectively referred to as the "financial statements"). The financial highlights for the periods ended October 31, 2015 and October 31, 2016 were audited by another independent registered public accounting firm whose report, dated December 23, 2016, expressed an unqualified opinion on those financial highlights. In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund (one of the funds constituting Pioneer Series Trust VII) at October 31, 2019, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and its financial highlights for each of the three years in the period then ended, in conformity with U.S. generally accepted accounting principles. Basis for Opinion These financial statements are the responsibility of the Trust's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Trust is not required to have, nor were we engaged to perform, an audit of the Trust's internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Trust's internal control over financial reporting. Accordingly, we express no such opinion. Pioneer Global Multisector Income Fund | Annual Report | 10/31/19 65 Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of October 31, 2019, by correspondence with the custodian and brokers. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion. /s/ Ernst & Young LLP We have served as the Fund's auditor since 2017. Boston, Massachusetts December 20, 2019 66 Pioneer Global Multisector Income Fund | Annual Report | 10/31/19 Additional Information (unaudited) The percentages of the Fund's ordinary income distributions that are exempt from nonresident alien (NRA) tax withholding resulting from qualified interest income was 89.33%. Pioneer Global Multisector Income Fund | Annual Report | 10/31/19 67 Approval of Investment Management Agreement Amundi Pioneer Asset Management, Inc. ("APAM") serves as the investment adviser to Pioneer Global Multisector Income Fund (the "Fund") pursuant to an investment management agreement between APAM and the Fund. In order for APAM to remain the investment adviser of the Fund, the Trustees of the Fund must determine annually whether to renew the investment management agreement for the Fund. The contract review process began in January 2019 as the Trustees of the Fund agreed on, among other things, an overall approach and timeline for the process. Contract review materials were provided to the Trustees in March 2019, July 2019 and September 2019. In addition, the Trustees reviewed and discussed the Fund's performance at regularly scheduled meetings throughout the year, and took into account other information related to the Fund provided to the Trustees at regularly scheduled meetings, in connection with the review of the Fund's investment management agreement. In March 2019, the Trustees, among other things, discussed the memorandum provided by Fund counsel that summarized the legal standards and other considerations that are relevant to the Trustees in their deliberations regarding the renewal of the investment management agreement, and reviewed and discussed the qualifications of the investment management teams for the Fund, as well as the level of investment by the Fund's portfolio managers in the Fund. In July 2019, the Trustees, among other things, reviewed the Fund's management fees and total expense ratios, the financial statements of APAM and its parent companies, profitability analyses provided by APAM, and analyses from APAM as to possible economies of scale. The Trustees also reviewed the profitability of the institutional business of APAM and APAM's affiliate, Amundi Pioneer Institutional Asset Management, Inc. ("APIAM" and, together with APAM, "Amundi Pioneer"), as compared to that of APAM's fund management business, and considered the differences between the fees and expenses of the Fund and the fees and expenses of APAM's and APIAM's institutional accounts, as well as the different services provided by APAM to the Fund and by APAM and APIAM to the institutional accounts. The Trustees further considered contract review materials, including additional materials received in response to the Trustees' request, in September 2019. At a meeting held on September 17, 2019, based on their evaluation of the information provided by APAM and third parties, the Trustees of the Fund, including the Independent Trustees voting separately, unanimously approved the renewal of the investment management agreement for another year. In approving the renewal of the investment management agreement, the Trustees 68 Pioneer Global Multisector Income Fund | Annual Report | 10/31/19 considered various factors that they determined were relevant, including the factors described below. The Trustees did not identify any single factor as the controlling factor in determining to approve the renewal of the agreement. Nature, Extent and Quality of Services The Trustees considered the nature, extent and quality of the services that had been provided by APAM to the Fund, taking into account the investment objective and strategy of the Fund. The Trustees also reviewed APAM's investment approach for the Fund and its research process. The Trustees considered the resources of APAM and the personnel of APAM who provide investment management services to the Fund. They also reviewed the amount of non-Fund assets managed by the portfolio managers of the Fund. They considered the non-investment resources and personnel of APAM that are involved in APAM's services to the Fund, including APAM's compliance, risk management, and legal resources and personnel. The Trustees noted the substantial attention and high priority given by APAM's senior management to the Pioneer Fund complex. The Trustees considered that APAM supervises and monitors the performance of the Fund's service providers and provides the Fund with personnel (including Fund officers) and other resources that are necessary for the Fund's business management and operations. The Trustees also considered that, as administrator, APAM is responsible for the administration of the Fund's business and other affairs. The Trustees considered the fees paid to APAM for the provision of administration services. Based on these considerations, the Trustees concluded that the nature, extent and quality of services that had been provided by APAM to the Fund were satisfactory and consistent with the terms of the investment management agreement. Performance of the Fund In considering the Fund's performance, the Trustees regularly review and discuss throughout the year data prepared by APAM and information comparing the Fund's performance with the performance of its peer group of funds, as classified by Morningstar, Inc. (Morningstar), and the performance of the Fund's benchmark index. They also discuss the Fund's performance with APAM on a regular basis. The Trustees' regular reviews and discussions were factored into the Trustees' deliberations concerning the renewal of the investment management agreement. Pioneer Global Multisector Income Fund | Annual Report | 10/31/19 69 Management Fee and Expenses The Trustees considered information showing the fees and expenses of the Fund in comparison to the management fees of its peer group of funds as classified by Morningstar and also to the expense ratios of a peer group of funds selected on the basis of criteria determined by the Independent Trustees for this purpose using data provided by Strategic Insight Mutual Fund Research and Consulting, LLC (Strategic Insight), an independent third party. The peer group comparisons referred to below are organized in quintiles. Each quintile represents one-fifth of the peer group. In all peer group comparisons referred to below, first quintile is most favorable to the Fund's shareowners. The Trustees noted that they separately review and consider the impact of the Fund's transfer agency and Fund- and APAM-paid expenses for sub-transfer agency and intermediary arrangements, and that the results of the most recent such review were considered in the consideration of the Fund's expense ratio. The Trustees considered that the Fund's management fee for the most recent fiscal year was in the fourth quintile relative to the management fees paid by other funds in its Morningstar category for the comparable period. The Trustees considered that the expense ratio of the Fund's Class A shares for the most recent fiscal year was in the second quintile relative to its Strategic Insight peer group for the comparable period. The Trustees considered that the expense ratio of the Fund's Class Y shares for the most recent fiscal year was in the third quintile relative to its Strategic Insight peer group for the comparable period. The Trustees noted that APAM had agreed to waive fees and/or reimburse expenses in order to limit the ordinary operating expenses of the Fund. The Trustees reviewed management fees charged by APAM and APIAM to institutional and other clients, including publicly offered European funds sponsored by APAM's affiliates, unaffiliated U.S. registered investment companies (in a sub-advisory capacity), and unaffiliated foreign and domestic separate accounts. The Trustees also considered APAM's costs in providing services to the Fund and APAM's and APIAM's costs in providing services to the other clients and considered the differences in management fees and profit margins for fund and non-fund services. In evaluating the fees associated with APAM's and APIAM's client accounts, the Trustees took into account the respective demands, resources and complexity associated with the Fund and other client accounts. The Trustees noted that, in some instances, the fee rates for those clients were lower than the management fee for the Fund and considered that, under the investment management agreement with the Fund, APAM performs additional services for the Fund that it does not provide to those other clients or services that are broader in scope, including oversight of the Fund's other service providers and activities related to compliance and the extensive regulatory and tax regimes to which the Fund is subject. The Trustees also considered the entrepreneurial risks associated with APAM's management of the Fund. 70 Pioneer Global Multisector Income Fund | Annual Report | 10/31/19 The Trustees concluded that the management fee payable by the Fund to APAM was reasonable in relation to the nature and quality of the services provided by APAM. Profitability The Trustees considered information provided by APAM regarding the profitability of APAM with respect to the advisory services provided by APAM to the Fund, including the methodology used by APAM in allocating certain of its costs to the management of the Fund. The Trustees also considered APAM's profit margin in connection with the overall operation of the Fund. They further reviewed the financial results, including the profit margins, realized by APAM and APIAM from non-fund businesses. The Trustees considered APAM's profit margins in comparison to the limited industry data available and noted that the profitability of any adviser was affected by numerous factors, including its organizational structure and method for allocating expenses. The Trustees concluded that APAM's profitability with respect to the management of the Fund was not unreasonable. Economies of Scale The Trustees considered APAM's views relating to economies of scale in connection with the Pioneer Funds as fund assets grow and the extent to which any such economies of scale are shared with the Fund and Fund shareholders. The Trustees recognize that economies of scale are difficult to identify and quantify, and that, among other factors that may be relevant, are the following: fee levels, expense subsidization, investment by APAM in research and analytical capabilities and APAM's commitment and resource allocation to the Fund. The Trustees noted that profitability also may be an indicator of the availability of any economies of scale, although profitability may vary for other reasons including due to reductions in expenses. The Trustees concluded that economies of scale, if any, were being appropriately shared with the Fund. Other Benefits The Trustees considered the other benefits that APAM enjoys from its relationship with the Fund. The Trustees considered the character and amount of fees paid or to be paid by the Fund, other than under the investment management agreement, for services provided by APAM and its affiliates. The Trustees further considered the revenues and profitability of APAM's businesses other than the Fund business. To the extent applicable, the Trustees also considered the benefits to the Fund and to APAM and its affiliates from the use of "soft" commission dollars generated by the Fund to pay for research and brokerage services. Pioneer Global Multisector Income Fund | Annual Report | 10/31/19 71 The Trustees considered that Amundi Pioneer is the principal U.S. asset management business of Amundi, which is one of the largest asset managers globally. Amundi's worldwide asset management business manages over $1.6 trillion in assets (including the Pioneer Funds). The Trustees considered that APAM's relationship with Amundi creates potential opportunities for APAM, APIAM and Amundi that derive from APAM's relationships with the Fund, including Amundi's ability to market the services of APAM globally. The Trustees noted that APAM has access to additional research and portfolio management capabilities as a result of its relationship with Amundi and Amundi's enhanced global presence that may contribute to an increase in the resources available to APAM. The Trustees considered that APAM and the Fund receive reciprocal intangible benefits from the relationship, including mutual brand recognition and, for the Fund, direct and indirect access to the resources of a large global asset manager. The Trustees concluded that any such benefits received by APAM as a result of its relationship with the Fund were reasonable. Conclusion After consideration of the factors described above as well as other factors, the Trustees, including the Independent Trustees, concluded that the investment management agreement for the Fund, including the fees payable thereunder, was fair and reasonable and voted to approve the proposed renewal of the investment management agreement. 72 Pioneer Global Multisector Income Fund | Annual Report | 10/31/19 Trustees, Officers and Service Providers Investment Adviser and Administrator Amundi Pioneer Asset Management, Inc. Custodian and Sub-Administrator Brown Brothers Harriman & Co. Independent Registered Public Accounting Firm Ernst & Young LLP 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. Trustees and Officers The Fund's Trustees and officers are listed below, together with their principal occupations and other directorships they have held during at least the past five years. Trustees who are interested persons of the Fund within the meaning of the 1940 Act are referred to as Interested Trustees. Trustees who are not interested persons of the Fund are referred to as Independent Trustees. Each of the Trustees, except for Mr. Bock and Ms. Durnin, serve as Trustees of each of the 45 U.S. registered investment portfolios for which Amundi Pioneer serves as investment adviser (the "Pioneer Funds"). Mr. Bock and Ms. Durnin serve as Trustees of 39 Pioneer Funds. The address for all Trustees and all officers of the Fund is 60 State Street, Boston, Massachusetts 02109. The Statement of Additional Information of the Fund includes additional information about the Trustees and is available, without charge, upon request, by calling 1-800-225-6292. Pioneer Global Multisector Income Fund | Annual Report | 10/31/19 73
Independent Trustees Name, Age and Position Term of Office and Other Directorships Held With the Fund Length of Service Principal Occupation Held by Trustee ------------------------------------------------------------------------------------------------------------------------------------ Thomas J. Perna (68) Trustee since 2007. Private investor (2004 - 2008 and 2013 - Director, Broadridge Chairman of the Board Serves until a successor present); Chairman (2008 - 2013) and Chief Financial Solutions, and Trustee trustee is elected or earlier Executive Officer (2008 - 2012), Quadriserv, Inc. (investor retirement or removal. Inc. (technology products for securities communications and lending industry); and Senior Executive Vice securities processing President, The Bank of New York (financial provider for financial and securities services) (1986 - 2004) services industry) (2009 - present); Director, Quadriserv, Inc. (2005 - 2013); and Commissioner, New Jersey State Civil Service Commission (2011 - 2015) ------------------------------------------------------------------------------------------------------------------------------------ John E. Baumgardner, Jr. (68) Trustee since 2019. Of Counsel (2019 - present), Partner Chairman, The Lakeville Trustee Serves until a successor (1983-2018), Sullivan & Cromwell LLP Journal Company, trustee is elected or earlier (law firm). LLC, (privately-held retirement or removal. community newspaper group) (2015 - present) ------------------------------------------------------------------------------------------------------------------------------------ David R. Bock (75) Trustee since 2007. Managing Partner, Federal City Capital Director of New York Trustee Serves until a successor Advisors (corporate advisory services Mortgage Trust trustee is elected or earlier company) (1997 - 2004 and 2008 - present); (publicly-traded retirement or removal. Interim Chief Executive Officer, Oxford mortgage REIT) Analytica, Inc. (privately held research and (2004 - 2009, 2012 - consulting company) (2010); Executive Vice present); Director President and Chief Financial Officer, of The Swiss I-trax, Inc. (publicly traded health care Helvetia Fund, Inc. services company) (2004 - 2007); and (closed-end fund) Executive Vice President and Chief Financial (2010 - 2017); Officer, Pedestal Inc. (internet-based Director of Oxford mortgage trading company) (2000 - 2002); Analytica, Inc. Private Consultant (1995 - 1997); Managing (2008 - 2015); and Director, Lehman Brothers (1992 - 1995); and Director of Executive, The World Bank (1979 - 1992) Enterprise Community Investment, Inc. (privately-held affordable housing finance company) (1985 - 2010) ------------------------------------------------------------------------------------------------------------------------------------
74 Pioneer Global Multisector Income Fund | Annual Report | 10/31/19
Name, Age and Position Term of Office and Other Directorships Held With the Fund Length of Service Principal Occupation Held by Trustee ------------------------------------------------------------------------------------------------------------------------------------ Diane Durnin (62) Trustee since 2019. Managing Director - Head of Product Strategy None Trustee Serves until a successor and Development, BNY Mellon Investment trustee is elected or earlier Management (2012-2018); Vice Chairman - The retirement or removal. Dreyfus Corporation (2005 - 2018): Executive Vice President Head of Product, BNY Mellon Investment Management (2007-2012); Executive Director- Product Strategy, Mellon Asset Management (2005-2007); Executive Vice President Head of Products, Marketing and Client Service, Dreyfus Corporation (2000-2005); and Senior Vice President Strategic Product and Business Development, Dreyfus Corporation (1994-2000) ------------------------------------------------------------------------------------------------------------------------------------ Benjamin M. Friedman (75) Trustee since 2008. William Joseph Maier Professor of Political Trustee, Mellon Trustee Serves until a successor Economy, Harvard University (1972 - present) Institutional Funds trustee is elected or earlier Investment Trust and retirement or removal. Mellon Institutional Funds Master Portfolio (oversaw 17 portfolios in fund complex) (1989 - 2008) ------------------------------------------------------------------------------------------------------------------------------------ Margaret B.W. Graham (72) Trustee since 2007. Founding Director, Vice-President and None Trustee Serves until a successor Corporate Secretary, The Winthrop Group, trustee is elected or earlier Inc. (consulting firm) (1982 - present); retirement or removal. Desautels Faculty of Management, McGill University (1999 - 2017); and Manager of Research Operations and Organizational Learning, Xerox PARC, Xerox's advance research center (1990-1994) ------------------------------------------------------------------------------------------------------------------------------------ Lorraine H. Monchak (62) Trustee since 2017. Chief Investment Officer, 1199 SEIU Funds None Trustee (Advisory Trustee from (healthcare workers union pension funds) 2014 - 2017). Serves until a (2001 - present); Vice President - successor trustee is elected International Investments Group, American or earlier retirement International Group, Inc. (insurance or removal. company) (1993 - 2001); Vice President - Corporate Finance and Treasury Group, Citibank, N.A. (1980 - 1986 and 1990 - 1993); Vice President - Asset/Liability Management Group, Federal Farm Funding Corporation (government-sponsored issuer of debt securities) (1988 - 1990); Mortgage Strategies Group, Shearson Lehman Hutton, Inc. (investment bank) (1987 - 1988); and Mortgage Strategies Group, Drexel Burnham Lambert, Ltd. (investment bank) (1986 - 1987) ------------------------------------------------------------------------------------------------------------------------------------
Pioneer Global Multisector Income Fund | Annual Report | 10/31/19 75
Independent Trustees (continued) Name, Age and Position Term of Office and Other Directorships Held With the Fund Length of Service Principal Occupation Held by Trustee ------------------------------------------------------------------------------------------------------------------------------------ Marguerite A. Piret (71) Trustee since 2007. President and Chief Executive Officer, Director of New Trustee Serves until a successor Metric Financial Inc. (formerly known as America High Income trustee is elected or earlier Newbury Piret Company) (investment banking Fund, Inc. (closed-end retirement or removal. firm) (1981 - present) investment company) (2004 - present); and Member, Board of Governors, Investment Company Institute (2000 - 2006) ------------------------------------------------------------------------------------------------------------------------------------ Fred J. Ricciardi (72) Trustee since 2014. Consultant (investment company services) None Trustee Serves until a successor (2012 - present); Executive Vice President, trustee is elected or earlier BNY Mellon (financial and investment company retirement or removal. services) (1969 - 2012); Director, BNY International Financing Corp. (financial services) (2002 - 2012); Director, Mellon Overseas Investment Corp. (financial services) (2009 - 2012); Director, Financial Models (technology) (2005-2007); Director, BNY Hamilton Funds, Ireland (offshore investment companies) (2004-2007); Chairman/Director, AIB/BNY Securities Services, Ltd., Ireland (financial services) (1999-2006); and Chairman, BNY Alternative Investment Services, Inc. (financial services) (2005-2007) ------------------------------------------------------------------------------------------------------------------------------------
76 Pioneer Global Multisector Income Fund | Annual Report | 10/31/19
Interested Trustees Name, Age and Position Term of Office and Other Directorships Held With the Fund Length of Service Principal Occupation Held by Trustee ------------------------------------------------------------------------------------------------------------------------------------ Lisa M. Jones (57)* Trustee since 2017. Director, CEO and President of Amundi None Trustee, President and Serves until a successor Pioneer Asset Management USA, Inc. (since Chief Executive Officer trustee is elected or earlier September 2014); Director, CEO and President retirement or removal of Amundi Pioneer Asset Management, Inc. (since September 2014); Director, CEO and President of Amundi Pioneer Distributor, Inc. (since September 2014); Director, CEO and President of Amundi Pioneer Institutional Asset Management, Inc. (since September 2014); Chair, Amundi Pioneer Asset Management USA, Inc., Amundi Pioneer Distributor, Inc. and Amundi Pioneer Institutional Asset Management, Inc. (September 2014 - 2018); Managing Director, Morgan Stanley Investment Management (2010 - 2013); Director of Institutional Business, CEO of International, Eaton Vance Management (2005 - 2010); and Director of Amundi USA, Inc. (since 2017) ------------------------------------------------------------------------------------------------------------------------------------ Kenneth J. Taubes (61)* Trustee since 2014. Director and Executive Vice President (since None Trustee Serves until a successor 2008) and Chief Investment Officer, U.S. trustee is elected or earlier (since 2010) of Amundi Pioneer Asset retirement or removal Management USA, Inc.; Director and Executive Vice President and Chief Investment Officer, U.S. of Amundi Pioneer (since 2008); Executive Vice President and Chief Investment Officer, U.S. of Amundi Pioneer Institutional Asset Management, Inc. (since 2009); Portfolio Manager of Amundi Pioneer (since 1999); and Director of Amundi USA, Inc. (since 2017) ------------------------------------------------------------------------------------------------------------------------------------ * Ms. Jones and Mr. Taubes are Interested Trustees because they are officers or directors of the Fund's investment adviser and certain of its affiliates.
Pioneer Global Multisector Income Fund | Annual Report | 10/31/19 77
Fund Officers Name, Age and Position Term of Office and Other Directorships Held With the Fund Length of Service Principal Occupation Held by Trustee ------------------------------------------------------------------------------------------------------------------------------------ Christopher J. Kelley (54) Since 2007. Serves at the Vice President and Associate General Counsel None Secretary and Chief discretion of the Board of Amundi Pioneer since January 2008; Legal Officer Secretary and Chief Legal Officer of all of the Pioneer Funds since June 2010; Assistant Secretary of all of the Pioneer Funds from September 2003 to May 2010; and Vice President and Senior Counsel of Amundi Pioneer from July 2002 to December 2007 ------------------------------------------------------------------------------------------------------------------------------------ Carol B. Hannigan (58) Since 2010. Serves at the Fund Governance Director of Amundi Pioneer None Assistant Secretary discretion of the Board since December 2006 and Assistant Secretary of all the Pioneer Funds since June 2010; Manager - Fund Governance of Amundi Pioneer from December 2003 to November 2006; and Senior Paralegal of Amundi Pioneer from January 2000 to November 2003 ------------------------------------------------------------------------------------------------------------------------------------ Thomas Reyes (56) Since 2010. Serves at the Senior Counsel of Amundi Pioneer since May None Assistant Secretary discretion of the Board 2013 and Assistant Secretary of all the Pioneer Funds since June 2010; and Counsel of Amundi Pioneer from June 2007 to May 2013 ------------------------------------------------------------------------------------------------------------------------------------ Mark E. Bradley (59) Since 2008. Serves at the Vice President - Fund Treasury of Amundi None Treasurer and Chief discretion of the Board Pioneer; Treasurer of all of the Pioneer Financial and Funds since March 2008; Deputy Treasurer of Accounting Officer Amundi Pioneer from March 2004 to February 2008; and Assistant Treasurer of all of the Pioneer Funds from March 2004 to February 2008 ------------------------------------------------------------------------------------------------------------------------------------ Luis I. Presutti (54) Since 2007. Serves at the Director - Fund Treasury of Amundi Pioneer; None Assistant Treasurer discretion of the Board and Assistant Treasurer of all of the Pioneer Funds ------------------------------------------------------------------------------------------------------------------------------------ Gary Sullivan (61) Since 2007. Serves at the Senior Manager - Fund Treasury of Amundi None Assistant Treasurer discretion of the Board Pioneer; and Assistant Treasurer of all of the Pioneer Funds ------------------------------------------------------------------------------------------------------------------------------------
78 Pioneer Global Multisector Income Fund | Annual Report | 10/31/19
Name, Age and Position Term of Office and Other Directorships Held With the Fund Length of Service Principal Occupation Held by Trustee ------------------------------------------------------------------------------------------------------------------------------------ John Malone (48) Since 2018. Serves at the Managing Director, Chief Compliance Officer None Chief Compliance Officer discretion of the Board of Amundi Pioneer Asset Management; Amundi Pioneer Institutional Asset Management, Inc.; and the Pioneer Funds since September 2018; and Chief Compliance Officer of Amundi Pioneer Distributor, Inc. since January 2014. ------------------------------------------------------------------------------------------------------------------------------------ Kelly O'Donnell (48) Since 2007. Serves at the Vice President - Amundi Pioneer Asset None Anti-Money discretion of the Board Management; and Anti-Money Laundering Laundering Officer Officer of all the Pioneer Funds since 2006 ------------------------------------------------------------------------------------------------------------------------------------
Pioneer Global Multisector Income Fund | Annual Report | 10/31/19 79 This page is for your notes. 80 Pioneer Global Multisector Income Fund | Annual Report | 10/31/19 This page is for your notes. Pioneer Global Multisector Income Fund | Annual Report | 10/31/19 81 This page is for your notes. 82 Pioneer Global Multisector Income Fund | Annual Report | 10/31/19 This page is for your notes. Pioneer Global Multisector Income Fund | Annual Report | 10/31/19 83 This page is for your notes. 84 Pioneer Global Multisector Income Fund | Annual Report | 10/31/19 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 22520-11-1219 Pioneer Global High Yield Fund -------------------------------------------------------------------------------- Annual Report | October 31, 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 11 Prices and Distributions 12 Performance Update 13 Comparing Ongoing Fund Expenses 16 Schedule of Investments 18 Financial Statements 40 Notes to Financial Statements 47 Report of Independent Registered Public Accounting Firm 65 Additional Information 67 Approval of Investment Management Agreement 68 Trustees, Officers and Service Providers 73
Pioneer Global High Yield Fund | Annual Report | 10/31/19 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 communicate directly with the management teams of those companies. 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, 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 | Annual Report | 10/31/19 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. October 31, 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 | Annual Report | 10/31/19 3 Portfolio Management Discussion | 10/31/19 In the following interview, Andrew Feltus discusses the market environment and the performance of Pioneer Global High Yield Fund during the 12-month period ended October 31, 2019. Mr. Feltus, Managing Director, Co-Director of High Yield, and a portfolio manager at Amundi Pioneer Asset Management, Inc. (Amundi Pioneer), is responsible for the day-to-day management of the Fund, along with Kenneth J. Monaghan, Managing Director, Co-Director of High Yield, and a portfolio manager at Amundi Pioneer, and Matthew Shulkin, a vice president and a portfolio manager at Amundi Pioneer*. Q How did the Fund perform during the 12-month period ended October 31, 2019? A Pioneer Global High Yield Fund's Class A shares returned 6.27% at net asset value during the 12-month period ended October 31, 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 7.77% and 8.32%, respectively. During the same period, the average return of the 708 mutual funds in Morningstar's High Yield Bond Funds category was 7.14%. Q Could you please describe the investment environment in the global high-yield market during the 12-month period ended October 31, 2019? A Late 2018 saw investor sentiment for riskier assets weaken based on a range of concerns, including U.S.-China trade tensions, softening economic growth overseas, Italy's budget crisis, and geopolitical uncertainty. In mid-December 2018, the U.S. Federal Reserve (Fed) met expectations and raised its short-term rate target to the 2.25% to 2.50% range, its fourth rate increase during calendar year 2018. The Fed also noted the potential for two additional rate hikes in 2019. In combination with signs of slowing global economic growth and yet another setback in negotiations to avoid a chaotic exit by the United Kingdom from the European Union ("Brexit"), fears that the Fed would overshoot and raise interest rates too much led to a spike in volatility in the market for riskier assets. During December 2018, the 10-year Treasury yield declined from 3.01% to 2.69% as investors sought a "safe haven" from the market turmoil. The U.S. high-yield market declined by 2.2% that month, and by 4.7% for the full fourth quarter of 2018. Energy-related issues, in particular, were battered, as crude oil prices plunged over the fourth quarter 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. * Mr. Shulkin became a portfolio manager on the Fund effective September 30, 2019. 4 Pioneer Global High Yield Fund | Annual Report | 10/31/19 Risk-oriented assets rebounded sharply in January of 2019, however, as the Fed pivoted from its tightening stance on monetary policy to a less-aggressive stance, indicating that it was leaning toward putting future rate increases on pause, while also announcing an early end to its balance-sheet reduction program. At the same time, weak economic data out of the euro zone and China led to renewed monetary accommodation from the European Central Bank and the People's Bank of China, to go along with the Fed's actions. Modest progress on trade matters, a firming in oil prices, and positive corporate earnings reports also helped boost investor sentiment towards the credit markets. While the overall pace of gains moderated and there was some interim market volatility, credit-sensitive assets continued to outperform less-risky investments as the 12-month-period progressed. Over the final six months of the period, the Treasury yield curve continued to move lower, the result of a mid-year shift to an easing of monetary policy by the Fed and a "flight to safety" driven by geopolitical headlines, including those pertaining to the U.S.-China trade dispute, Brexit, and a September attack on Saudi Arabian oil facilities. Against a backdrop of slowing economic growth and low inflation, the Fed cut short-term interest rates by a quarter point three times before the end of the period, on July 31, September 19, and October 30, bringing the benchmark federal funds target rate down to a range of 1.50% to 1.75% . In addition, the market appeared to expect two or three additional Fed interest-rate cuts by the middle of 2020. Returns in the fixed-income markets were strong overall for the full 12-month period, with performance supported by the notable decline in Treasury yields and the rebound in credit-market sentiment over the first quarter of 2019. The 12-month period was unusual in that returns for both U.S. Treasuries and high-yield corporates ended up well into positive territory. Q What were the principal factors that influenced the Fund's performance relative to the benchmark over the 12-month period ended October 31, 2019? A The main detractor from the Fund's benchmark-relative performance over the 12-month period was duration positioning, as the portfolio was underweight (or shorter in duration) versus the benchmark. (Duration is a measure of the sensitivity of the price (the value of principal) of a fixed income investment to a change in interest rates, expressed as a number of years.) The portfolio's underweight to sovereign issues in Argentina, Ecuador, Lebanon, and other emerging markets drove the Fund's below-benchmark stance with respect to duration, which hurt relative returns in a declining-rate environment. Pioneer Global High Yield Fund | Annual Report | 10/31/19 5 Also in the emerging markets, the Fund's exposure to mobile service provider Digicell detracted from benchmark-relative returns as weak earnings results raised concerns about the company's ability to refinance its maturing debt. A position in Argentina-based electrical energy wholesaler Stoneway Capital also constrained the Fund's relative performance as market participants anticipated that a new government in that country would implement polices to regulate energy markets. Another individual portfolio holding that detracted from the Fund's benchmark-relative performance was telecommunications firm Frontier Communications. The default of Frontier's peer, Windstream, after that company lost a court case related to a spin-off of assets, weighed on the entire wireline communications segment of the market, and negatively affected Frontier as well. In addition, Frontier has been evaluating a restructuring of its debt, which raised market concerns and exerted further downward pressure on the bond price. However, we view the current bond price as significantly overstating the negative case for Frontier, and have maintained the Fund's position. A modest out-of-benchmark position in leveraged bank loans was another detractor from the Fund's benchmark-relative results, as the loan asset class underperformed high yield for the 12-month period. However, we believe investments in bank loans and insurance-linked securities (ILS) can help mitigate the effect of any rise in interest rates, while also offering a relative lack of correlation to the performance of traditional fixed-income investments. ILS are sponsored by property-and-casualty insurers to help mitigate the risk of having to pay claims after a natural disaster. The Fund's cash position also detracted from relative results given strong high-yield market performance. On the positive side, security selection results generally aided the Fund's benchmark-relative performance over the 12-month period. Within the U.S. high-yield corporate bond market, selection results within energy more than offset the negative impact of a portfolio overweight to the sector, which struggled in the wake of late-2018's sharp decline in crude oil prices. In particular, a focus on holding the debt of lower-volatility midstream and refining companies within the energy sector added notably to the Fund's relative returns, led by an overweight to oil-and-gas wholesaler Global Partners. Selection results were positive within health care as well, highlighted by the Fund's exposure to the convertible bonds of The Medicines Company, a pharmaceutical firm. Our investment thesis that the company would eventually be acquired began to play out during the 12-month period, with management announcing plans for a sale and 6 Pioneer Global High Yield Fund | Annual Report | 10/31/19 reports of interested buyers. Portfolio exposure to housing-related companies, given the backdrop of declining interest rates, also benefited the Fund's benchmark-relative performance. In particular, two Fund holdings -- homebuilder Beazer Homes and mortgage servicer Freedom Mortgage -- reported better-than-expected results supported by continued growth in the housing market throughout the 12-month period. Within emerging markets, stock selection results versus the benchmark were supported by the portfolio's limited exposure to Argentina, Ecuador, and Lebanon, even as the underweight to sovereign issues in those countries helped drive the Fund's duration-related underperformance. In terms of individual issues in the emerging markets, contributors to the Fund's benchmark-relative returns were highlighted by a position in Russian aluminum producer RUSAL, which saw its bond price rebound as the implementation of U.S. sanctions was cancelled in December of 2018. Other positive contributors to the Fund's benchmark-relative results during the 12-month period included an underweight to Europe, as a weakening euro relative to the U.S. dollar (USD) weighed on returns within the region. In addition, European high-yield bonds underperformed U.S. high yield due to low coupon rates, slowing economic growth, and volatile political conditions. Finally, our hedging of the Fund's exposure to issues denominated in the euro and British pound benefited relative returns for the 12-month period. Q Did the Fund have any investments in derivative securities during the 12-month period ended October 31, 2019? A Yes, as part of our efforts to maintain an appropriate level of portfolio liquidity, we utilized credit-default-swap indices to achieve a portion of the Fund's U.S. high-yield exposure. In an environment of declining Treasury yields, the instruments experienced positive returns but detracted slightly from the Fund's results relative to the benchmark due to their lack of duration and corresponding interest-rate sensitivity. In addition, we invested the Fund in forward foreign currency contracts to manage currency risk in the portfolio, and those instruments were a small positive contributor to performance as the euro declined relative to the USD over the 12-month period. We also used options on currencies as another vehicle to hedge currency risk, and the options were another small positive contributor to the Fund's return. Pioneer Global High Yield Fund | Annual Report | 10/31/19 7 Q Did the Fund's distributions** to shareholders change during the 12-month period ended October 31, 2019? A The Fund's distributions remained relatively stable during the 12-month period, 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 Our base scenario is for slow, but steady economic growth over the next several quarters. Those who anticipate a near-term recession frequently note that economic expansions do not last forever. From our perspective, we are less concerned with the age of the economic expansion than with the potential spread of global manufacturing weakness into the broader U.S. economy. The length of any particular economic expansion is always unpredictable, and many analysts have been claiming for years that we are "in the 9th inning" of the current expansion. For the moment, however, the risks to global economic growth from an uncontrolled trade war seem to have receded. The accommodative direction of many global central banks, including the Fed, has lent support to the corporate credit market. Based on historical averages, high-yield valuations are relatively rich, and while we do not view current valuations as extreme, given our expectations for a continued low default rate and a strong technical backdrop, we have a somewhat cautious stance on adding credit risk to the portfolio. We see near-term high-yield performance as most likely to be driven by the coupon component of return as opposed to further spread tightening. In addition, under conditions of tight spreads, investor jitters over any sign of recession, and elevated geopolitical uncertainty, we expect to see continued performance dispersion among individual issuers within the high-yield asset class. As a result, we view security selection as having even greater importance in the current environment. In terms of positioning, in broad terms, the Fund is overweight versus the benchmark to the U.S. market and continues to have a conservative stance within high-yield corporates, with moderate exposure to floating-rate issues in the form of bank loans and ILS. We view high-yield valuations in Europe as somewhat inexpensive, but the Fund is essentially neutrally positioned with respect to our long-term target for the region, given currency risk, and ** Distributions are not guaranteed. 8 Pioneer Global High Yield Fund | Annual Report | 10/31/19 is underweight in Europe relative to the benchmark. The Fund is also underweight to the emerging markets compared to the benchmark, with a focus on less-interest-rate-sensitive corporates relative to sovereigns. As always, we will utilize intensive research when picking the Fund's investments, with a focus on the fundamentals and risk/reward profile of each individual security and issuer. Pioneer Global High Yield Fund | Annual Report | 10/31/19 9 Please refer to the Schedule of Investments on pages 18-39 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 the Fund 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. 10 Pioneer Global High Yield Fund | Annual Report | 10/31/19 Portfolio Summary | 10/31/19 Portfolio Diversification -------------------------------------------------------------------------------- (As a percentage of total investments)* [THE FOLLOWING DATA WAS REPRESENTED AS A PIE CHART IN THE PRINTED MATERIAL]
Corporate Bonds 77.3% Foreign Government Bonds 8.6% Insurance-Linked Securities 4.4% U.S. Government and Agency Obligations 3.6% Senior Secured Floating Rate Loan Interests 3.3% Convertible Corporate Bonds 1.7% Convertible Preferred Stocks 0.3% Common Stocks 0.3% Collateralized Mortgage Obligations 0.3% Asset Backed Security 0.1% Over The Counter (OTC) Currency Put Options Purchased 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 52.8% Luxembourg 7.2% Canada 4.7% Bermuda 4.2% Netherlands 3.2% Argentina 3.1% United Kingdom 2.8% Cayman Islands 2.3% Mexico 2.1% Egypt 1.7% Turkey 1.6% Ireland 1.1% Italy 0.9% Other (individually less than 1%) 12.3%
10 Largest Holdings -------------------------------------------------------------------------------- (As a percentage of total investments)*
1. U.S. Treasury Bills, 11/5/19 2.00% ------------------------------------------------------------------------------------------------ 2. Sprint Corp., 7.25%, 9/15/21 1.15 ------------------------------------------------------------------------------------------------ 3. Minerva Luxembourg S.A., 5.875%, 1/19/28 (144A) 1.03 ------------------------------------------------------------------------------------------------ 4. Nationstar Mortgage LLC/Nationstar Capital Corp., 6.5%, 6/1/22 1.03 ------------------------------------------------------------------------------------------------ 5. Platin 1426 GmbH, 5.375%, 6/15/23 (144A) 0.89 ------------------------------------------------------------------------------------------------ 6. Hidrovias International Finance S.a.r.l., 5.95%, 1/24/25 (144A) 0.85 ------------------------------------------------------------------------------------------------ 7. Taylor Morrison Communities , Inc., 5.875%, 6/15/27 (144A) 0.81 ------------------------------------------------------------------------------------------------ 8. Turkey Government International Bond, 3.25%, 3/23/23 0.81 ------------------------------------------------------------------------------------------------ 9. Financiera Independencia S.A.B de CV SOFOM ENR, 8.0%, 7/19/24 (144A) 0.78 ------------------------------------------------------------------------------------------------ 10. International Game Technology Plc, 2.375%, 4/15/28 (144A) 0.78 ------------------------------------------------------------------------------------------------
* 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 | Annual Report | 10/31/19 11 Prices and Distributions | 10/31/19 Net Asset Value per Share --------------------------------------------------------------------------------
-------------------------------------------------------------------------------- Class 10/31/19 10/31/18 -------------------------------------------------------------------------------- A $8.57 $8.51 -------------------------------------------------------------------------------- C $8.55 $8.49 -------------------------------------------------------------------------------- Y $8.41 $8.36 --------------------------------------------------------------------------------
Distributions per Share: 11/1/18-10/31/19 --------------------------------------------------------------------------------
------------------------------------------------------------------------------------------ Net Investment Short-Term Long-Term Tax Return Class Income Capital Gains Capital Gains of Capital ------------------------------------------------------------------------------------------ A $0.4408 $ -- $ -- $0.0182 ------------------------------------------------------------------------------------------ C $0.3738 $ -- $ -- $0.0182 ------------------------------------------------------------------------------------------ Y $0.4558 $ -- $ -- $0.0163 ------------------------------------------------------------------------------------------
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 13-15. 12 Pioneer Global High Yield Fund | Annual Report | 10/31/19 Performance Update | 10/31/19 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 October 31, 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 5.70% 5.22% 7.31% 7.69% 5 years 2.93 1.98 4.58 5.17 1 year 6.27 1.49 7.77 8.32 ------------------------------------------------------- Expense Ratio (Per prospectus dated March 1, 2019, as supplemented October 1, 2019) ------------------------------------------------------- Gross Net ------------------------------------------------------- 1.17% 1.14% -------------------------------------------------------
[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 10/09 $ 9,550 $10,000 $10,000 10/10 $11,571 $11,946 $11,926 10/11 $11,628 $12,362 $12,500 10/12 $13,010 $14,140 $14,147 10/13 $13,916 $15,476 $15,396 10/14 $14,395 $16,181 $16,297 10/15 $13,479 $15,849 $15,963 10/16 $14,441 $17,406 $17,585 10/17 $15,932 $19,154 $19,193 10/18 $15,647 $18,786 $19,358 10/19 $16,629 $20,246 $20,969
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 net expense ratio reflects the contractual expense limitation in effect through March 1, 2021, 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 more current expense ratios. Pioneer Global High Yield Fund | Annual Report | 10/31/19 13 Performance Update | 10/31/19 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 October 31, 2019) ------------------------------------------------------- BBG ICE Barclays BofA Global ML U.S. High High If If Yield Yield Period Held Redeemed Index Index ------------------------------------------------------- 10 years 4.96% 4.96% 7.31% 7.69% 5 years 2.21 2.21 4.58 5.17 1 year 5.46 5.46 7.77 8.32 ------------------------------------------------------- Expense Ratio (Per prospectus dated March 1, 2019, as supplemented October 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 10/09 $10,000 $10,000 $10,000 10/10 $12,043 $11,946 $11,926 10/11 $12,028 $12,362 $12,500 10/12 $13,372 $14,140 $14,147 10/13 $14,205 $15,476 $15,396 10/14 $14,553 $16,181 $16,297 10/15 $13,541 $15,849 $15,963 10/16 $14,407 $17,406 $17,585 10/17 $15,770 $19,154 $19,193 10/18 $15,392 $18,786 $19,358 10/19 $16,232 $20,246 $20,969
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 more current expense ratios. 14 Pioneer Global High Yield Fund | Annual Report | 10/31/19 Performance Update | 10/31/19 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 October 31, 2019) ------------------------------------------------------- BBG ICE Barclays BofA Net Global ML U.S. Asset High High Value Yield Yield Period (NAV) Index Index ------------------------------------------------------- 10 years 5.96% 7.31% 7.69% 5 years 3.19 4.58 5.17 1 year 6.43 7.77 8.32 ------------------------------------------------------- Expense Ratio (Per prospectus dated March 1, 2019, as supplemented October 1, 2019) ------------------------------------------------------- Gross Net ------------------------------------------------------- 0.92% 0.90% -------------------------------------------------------
[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 10/09 $5,000,000 $ 5,000,000 $ 5,000,000 10/10 $6,067,305 $ 5,972,844 $ 5,962,948 10/11 $6,118,593 $ 6,181,180 $ 6,249,950 10/12 $6,874,236 $ 7,069,964 $ 7,073,721 10/13 $7,374,236 $ 7,738,119 $ 7,698,116 10/14 $7,626,940 $ 8,090,451 $ 8,148,479 10/15 $7,163,520 $ 7,924,274 $ 7,981,302 10/16 $7,689,339 $ 8,703,249 $ 8,792,569 10/17 $8,504,866 $ 9,576,987 $ 9,596,278 10/18 $8,384,270 $ 9,392,959 $ 9,679,083 10/19 $8,923,563 $10,123,216 $10,484,548
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 in effect through March 1, 2021, 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 more current expense ratios. Pioneer Global High Yield Fund | Annual Report | 10/31/19 15 Comparing Ongoing Fund Expenses As a shareowner in the Fund, you incur two types of costs: (1) ongoing costs, including management fees, distribution and/or service (12b-1) fees, and other Fund expenses; and (2) transaction costs, including sales charges (loads) on purchase payments. This example is intended to help you understand your ongoing expenses (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 at the beginning of the Fund's latest six-month period and held throughout the six months. Using the Tables -------------------------------------------------------------------------------- Actual Expenses The first table below provides information about actual account values and actual expenses. You may use the information in this table, together with the amount you invested, to estimate the expenses that you paid over the period as follows: (1) Divide your account value by $1,000 Example: an $8,600 account value (divided by) $1,000 = 8.6 (2) Multiply the result in (1) above by the corresponding share class's number in the third row under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. Expenses Paid on a $1,000 Investment in Pioneer Global High Yield Fund Based on actual returns from May 1, 2019 through October 31, 2019.
--------------------------------------------------------------------------------------------------- Share Class A C Y --------------------------------------------------------------------------------------------------- Beginning Account $1,000.00 $1,000.00 $1,000.00 Value on 5/1/19 --------------------------------------------------------------------------------------------------- Ending Account Value (after expenses) $1,020.75 $1,016.97 $1,020.91 on 10/31/19 --------------------------------------------------------------------------------------------------- Expenses Paid During Period* $6.37 $10.02 $4.89 ---------------------------------------------------------------------------------------------------
* Expenses are equal to the Fund's annualized expense ratio of 1.25%, 1.97%, and 0.96% for Class A, Class C and Class Y shares, respectively, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the partial year period). 16 Pioneer Global High Yield Fund | Annual Report | 10/31/19 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 May 1, 2019 through October 31, 2019.
--------------------------------------------------------------------------------------------------- Share Class A C Y --------------------------------------------------------------------------------------------------- Beginning Account $1,000.00 $1,000.00 $1,000.00 Value on 5/1/19 --------------------------------------------------------------------------------------------------- Ending Account Value (after expenses) $1,018.90 $1,015.27 $1,020.37 on 10/31/19 --------------------------------------------------------------------------------------------------- Expenses Paid During Period* $6.36 $10.01 $4.89 ---------------------------------------------------------------------------------------------------
* Expenses are equal to the Fund's annualized expense ratio of 1.25%, 1.97%, and 0.96% for Class A, Class C and Class Y shares, respectively, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the partial year period). Pioneer Global High Yield Fund | Annual Report | 10/31/19 17 Schedule of Investments | 10/31/19
------------------------------------------------------------------------------------------------------------------------------- Shares Value ------------------------------------------------------------------------------------------------------------------------------- UNAFFILIATED ISSUERS -- 97.2% COMMON STOCKS -- 0.3% of Net Assets Construction & Engineering -- 0.0%+ 6,013,974(a) Abengoa SA, Class B $ 65,012 ------------ Total Construction & Engineering $ 65,012 ------------------------------------------------------------------------------------------------------------------------------- Household Durables -- 0.0%+ 1,443,476(a) Desarrolladora Homex SAB de CV $ 6,232 ------------ Total Household Durables $ 6,232 ------------------------------------------------------------------------------------------------------------------------------- Oil, Gas & Consumable Fuels -- 0.3% Amplify Energy Corp. $ 181 5,735,146+^(a) Ascent CNR Corp. 860,272 ------------ Total Oil, Gas & Consumable Fuels $ 860,453 ------------------------------------------------------------------------------------------------------------------------------- Paper & Forest Products -- 0.0%+ 459,481^ Emerald Plantation Holdings, Ltd. $ 18,379 ------------ Total Paper & Forest Products $ 18,379 ------------------------------------------------------------------------------------------------------------------------------- TOTAL COMMON STOCKS (Cost $4,810,205) $ 950,076 ------------------------------------------------------------------------------------------------------------------------------- CONVERTIBLE PREFERRED STOCK -- 0.3% of Net Assets Banks -- 0.3% 650(b) Wells Fargo & Co., 7.5% $ 981,175 ------------ Total Banks $ 981,175 ------------------------------------------------------------------------------------------------------------------------------- TOTAL CONVERTIBLE PREFERRED STOCK (Cost $830,680) $ 981,175 ------------------------------------------------------------------------------------------------------------------------------- ------------------------------------------------------------------------------------------------------------------------------- Principal Amount USD ($) ------------------------------------------------------------------------------------------------------------------------------- ASSET BACKED SECURITY -- 0.2% of Net Assets 450,000 InSite Issuer LLC, Series 2016-1A, Class C, 6.414%, 11/15/46 (144A) $ 469,230 ------------------------------------------------------------------------------------------------------------------------------- TOTAL ASSET BACKED SECURITY (Cost $450,000) $ 469,230 ------------------------------------------------------------------------------------------------------------------------------- COLLATERALIZED MORTGAGE OBLIGATION -- 0.3% of Net Assets 825,985(c) Banc of America Commercial Mortgage Trust, Series 2007-4, Class H, 5.862%, 2/10/51 (144A) $ 812,051 ------------------------------------------------------------------------------------------------------------------------------- TOTAL COLLATERALIZED MORTGAGE OBLIGATION (Cost $812,666) $ 812,051 -------------------------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements. 18 Pioneer Global High Yield Fund | Annual Report | 10/31/19
------------------------------------------------------------------------------------------------------------------------------- Principal Amount USD ($) Value ------------------------------------------------------------------------------------------------------------------------------- CONVERTIBLE CORPORATE BONDS -- 1.6% of Net Assets Airlines -- 0.2% 520,000 GOL Equity Finance SA, 3.75%, 7/15/24 (144A) $ 590,192 ------------ Total Airlines $ 590,192 ------------------------------------------------------------------------------------------------------------------------------- Banks -- 0.0%+ IDR 11,178,198,000^ PT Bakrie & Brothers Tbk, 0.0%, 12/22/22 $ 79,634 ------------ Total Banks $ 79,634 ------------------------------------------------------------------------------------------------------------------------------- Biotechnology -- 0.6% 945,000 Insmed, Inc., 1.75%, 1/15/25 $ 806,749 807,000 Medicines Co., 2.75%, 7/15/23 1,008,246 ------------ Total Biotechnology $ 1,814,995 ------------------------------------------------------------------------------------------------------------------------------- Computers -- 0.1% 473,000 Pure Storage, Inc., 0.125%, 4/15/23 $ 496,087 ------------ Total Computers $ 496,087 ------------------------------------------------------------------------------------------------------------------------------- Healthcare-Products -- 0.2% 618,000 Wright Medical Group, Inc., 1.625%, 6/15/23 $ 590,307 ------------ Total Healthcare-Products $ 590,307 ------------------------------------------------------------------------------------------------------------------------------- Media -- 0.2% 723,000 DISH Network Corp., 2.375%, 3/15/24 $ 648,099 ------------ Total Media $ 648,099 ------------------------------------------------------------------------------------------------------------------------------- Transportation -- 0.3% 875,000 Golar LNG, Ltd., 2.75%, 2/15/22 $ 774,922 ------------ Total Transportation $ 774,922 ------------------------------------------------------------------------------------------------------------------------------- TOTAL CONVERTIBLE CORPORATE BONDS (Cost $5,734,457) $ 4,994,236 ------------------------------------------------------------------------------------------------------------------------------- CORPORATE BONDS -- 75.2% of Net Assets Advertising -- 0.7% 2,340,000 MDC Partners, Inc., 6.5%, 5/1/24 (144A) $ 2,237,625 ------------ Total Advertising $ 2,237,625 ------------------------------------------------------------------------------------------------------------------------------- Aerospace & Defense -- 1.0% 685,000 Bombardier, Inc., 7.5%, 3/15/25 (144A) $ 654,449 2,137,000 Bombardier, Inc., 7.875%, 4/15/27 (144A) 2,014,122 327,000 F-Brasile S.p.A./F-Brasile US LLC, 7.375%, 8/15/26 (144A) 341,715 ------------ Total Aerospace & Defense $ 3,010,286 ------------------------------------------------------------------------------------------------------------------------------- Agriculture -- 0.4% 1,295,000 Kernel Holding SA, 6.5%, 10/17/24 (144A) $ 1,300,180 ------------ Total Agriculture $ 1,300,180 -------------------------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements. Pioneer Global High Yield Fund | Annual Report | 10/31/19 19 Schedule of Investments | 10/31/19 (continued)
------------------------------------------------------------------------------------------------------------------------------- Principal Amount USD ($) Value ------------------------------------------------------------------------------------------------------------------------------- Airlines -- 1.0% 435,224 Guanay Finance, Ltd., 6.0%, 12/15/20 (144A) $ 438,271 1,210,000 Latam Finance, Ltd., 6.875%, 4/11/24 (144A) 1,278,970 1,385,000 Latam Finance, Ltd., 7.0%, 3/1/26 (144A) 1,491,645 ------------ Total Airlines $ 3,208,886 ------------------------------------------------------------------------------------------------------------------------------- Auto Manufacturers -- 0.5% 1,495,000 JB Poindexter & Co., Inc., 7.125%, 4/15/26 (144A) $ 1,558,538 ------------ Total Auto Manufacturers $ 1,558,538 ------------------------------------------------------------------------------------------------------------------------------- Auto Parts & Equipment -- 1.5% 1,400,000 American Axle & Manufacturing, Inc., 6.25%, 3/15/26 $ 1,330,000 EUR 770,000 Garrett LX I S.a.r.l./Garrett Borrowing LLC, 5.125%, 10/15/26 (144A) 793,767 EUR 925,000 Panther BF Aggregator 2 LP/Panther Finance Co., Inc., 4.375%, 5/15/26 (144A) 1,038,598 1,931,000 Titan International, Inc., 6.5%, 11/30/23 1,593,075 ------------ Total Auto Parts & Equipment $ 4,755,440 ------------------------------------------------------------------------------------------------------------------------------- Banks -- 3.7% 1,150,000 Akbank TAS, 5.125%, 3/31/25 $ 1,097,790 2,000,000(b)(c) Alfa Bank AO Via Alfa Bond Issuance Plc, 8.0% (5 Year USD Swap Rate + 666 bps) 2,047,020 ARS 8,000,000(d) Banco de la Ciudad de Buenos Aires, 60.613% (BADLARPP + 399 bps), 12/5/22 124,643 1,026,000(b)(c) Banco Mercantil del Norte SA, 6.75% (5 Year CMT Index + 497 bps) (144A) 1,047,556 1,400,000(b)(c) Barclays Plc, 7.75% (5 Year USD Swap Rate + 484 bps) 1,491,000 2,230,000 Freedom Mortgage Corp., 8.125%, 11/15/24 (144A) 2,090,625 1,565,000 Freedom Mortgage Corp., 8.25%, 4/15/25 (144A) 1,475,013 750,000(b)(c) Intesa Sanpaolo S.p.A., 7.7% (5 Year USD Swap Rate + 546 bps) (144A) 790,312 1,122,000 Provident Funding Associates LP/PFG Finance Corp., 6.375%, 6/15/25 (144A) 1,090,808 9,000(c) Turkiye Vakiflar Bankasi TAO, 8.0% (5 Year USD Swap Rate + 585 bps),11/1/27 (144A) 8,280 ------------ Total Banks $ 11,263,047 ------------------------------------------------------------------------------------------------------------------------------- Building Materials -- 1.5% 1,011,000 Builders FirstSource, Inc., 6.75%, 6/1/27 (144A) $ 1,096,935 EUR 541,000 Cemex SAB de CV, 3.125%, 3/19/26 (144A) 621,101 1,201,000 Patrick Industries, Inc., 7.5%, 10/15/27 (144A) 1,246,038 1,497,000 Standard Industries, Inc., 4.75%, 1/15/28 (144A) 1,553,138 ------------ Total Building Materials $ 4,517,212 ------------------------------------------------------------------------------------------------------------------------------- Chemicals -- 3.5% 1,275,000 Braskem Netherlands Finance BV, 4.5%, 1/10/28 (144A) $ 1,279,462 EUR 1,920,000 INEOS Finance Plc, 2.875%, 5/1/26 (144A) 2,112,997
The accompanying notes are an integral part of these financial statements. 20 Pioneer Global High Yield Fund | Annual Report | 10/31/19
------------------------------------------------------------------------------------------------------------------------------- Principal Amount USD ($) Value ------------------------------------------------------------------------------------------------------------------------------- Chemicals (continued) 2,250,000 Nufarm Australia, Ltd./Nufarm Americas, Inc., 5.75%, 4/30/26 (144A) $ 2,261,250 EUR 545,000 OCI NV, 3.125%, 11/1/24 (144A) 619,523 455,000 OCI NV, 5.25%, 11/1/24 (144A) 470,925 996,000 Olin Corp., 5.625%, 8/1/29 1,034,117 1,218,000 Rain CII Carbon LLC/CII Carbon Corp., 7.25%, 4/1/25 (144A) 1,184,505 1,875,000 Trinseo Materials Operating SCA/Trinseo Materials Finance, Inc., 5.375%, 9/1/25 (144A) 1,807,031 ------------ Total Chemicals $ 10,769,810 ------------------------------------------------------------------------------------------------------------------------------- Coal -- 0.2% 670,000 SunCoke Energy Partners LP/SunCoke Energy Partners Finance Corp., 7.5%, 6/15/25 (144A) $ 569,500 ------------ Total Coal $ 569,500 ------------------------------------------------------------------------------------------------------------------------------- Commercial Services -- 4.8% EUR 1,355,000 Avis Budget Finance Plc, 4.75%, 1/30/26 (144A) $ 1,558,251 776,000 Cardtronics, Inc./Cardtronics USA, Inc., 5.5%, 5/1/25 (144A) 801,220 1,305,000 GW B-CR Security Corp., 9.5%, 11/1/27 (144A) 1,340,887 917,000 Herc Holdings, Inc., 5.5%, 7/15/27 (144A) 950,241 847,000 Hertz Corp., 7.125%, 8/1/26 (144A) 874,527 EUR 650,000 House of Finance NV, 4.375%, 7/15/26 (144A) 708,344 EUR 695,000 Intertrust Group BV, 3.375%, 11/15/25 (144A) 810,482 EUR 705,000 Loxam SAS, 6.0%, 4/15/25 (144A) 787,651 560,000 Prime Security Services Borrower LLC/Prime Finance, Inc., 5.25%, 4/15/24 (144A) 573,300 915,000 Prime Security Services Borrower LLC/Prime Finance, Inc., 5.75%, 4/15/26 (144A) 937,601 1,237,000 Prime Security Services Borrower LLC/Prime Finance, Inc., 9.25%, 5/15/23 (144A) 1,301,324 1,425,000 Sotheby's, 7.375%, 10/15/27 (144A) 1,425,000 1,330,000 Team Health Holdings, Inc., 6.375%, 2/1/25 (144A) 857,850 510,000 United Rentals North America, Inc., 3.875%, 11/15/27 515,228 315,000 United Rentals North America, Inc., 5.25%, 1/15/30 331,144 979,000 Verscend Escrow Corp., 9.75%, 8/15/26 (144A) 1,041,411 ------------ Total Commercial Services $ 14,814,461 ------------------------------------------------------------------------------------------------------------------------------- Diversified Financial Services -- 3.0% 1,644,000 Banco BTG Pactual SA, 5.5%, 1/31/23 (144A) $ 1,722,090 2,615,000 Financiera Independencia SAB de CV SOFOM ENR, 8.0%, 7/19/24 (144A) 2,346,989 3,070,000 Nationstar Mortgage LLC/Nationstar Capital Corp., 6.5%, 6/1/22 3,077,675 1,966,000 Unifin Financiera SAB de CV, 8.375%, 1/27/28 (144A) 2,017,608 ------------ Total Diversified Financial Services $ 9,164,362 -------------------------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements. Pioneer Global High Yield Fund | Annual Report | 10/31/19 21 Schedule of Investments | 10/31/19 (continued)
------------------------------------------------------------------------------------------------------------------------------- Principal Amount USD ($) Value ------------------------------------------------------------------------------------------------------------------------------- Electric -- 1.9% 530,000(c) AES Gener SA, 7.125% (5 Year USD Swap Rate + 464 bps), 3/26/79 (144A) $ 550,489 1,150,000 Cemig Geracao e Transmissao SA, 9.25%, 12/5/24 (144A) 1,340,911 587,000 Clearway Energy Operating LLC, 5.75%, 10/15/25 602,409 425,000(b)(c) Electricite de France SA, 5.25% (USD Swap Rate + 371 bps) (144A) 438,813 1,120,000 Genneia SA, 8.75%, 1/20/22 (144A) 756,000 880,000 Light Servicos de Eletricidade SA/Light Energia SA, 7.25%, 5/3/23 (144A) 948,209 1,000,709 Stoneway Capital Corp., 10.0%, 3/1/27 (144A) 510,371 370,000 Talen Energy Supply LLC, 6.625%, 1/15/28 (144A) 357,050 200,000 Talen Energy Supply LLC, 7.25%, 5/15/27 (144A) 199,500 ------------ Total Electric $ 5,703,752 ------------------------------------------------------------------------------------------------------------------------------- Electrical Components & Equipment -- 0.8% EUR 815,000 Belden, Inc., 3.375%, 7/15/27 (144A) $ 928,636 EUR 1,302,000 Belden, Inc., 3.875%, 3/15/28 (144A) 1,509,699 ------------ Total Electrical Components & Equipment $ 2,438,335 ------------------------------------------------------------------------------------------------------------------------------- Energy-Alternate Sources -- 0.8% 1,085,000 TerraForm Power Operating LLC, 4.75%, 1/15/30 (144A) $ 1,121,619 1,560,000 YPF Energia Electrica SA, 10.0%, 7/25/26 (144A) 1,177,800 ------------ Total Energy-Alternate Sources $ 2,299,419 ------------------------------------------------------------------------------------------------------------------------------- Engineering & Construction -- 1.2% 995,000 IHS Netherlands Holdco BV, 7.125%, 3/18/25 (144A) $ 1,027,536 800,000 IHS Netherlands Holdco BV, 8.0%, 9/18/27 (144A) 836,160 EUR 1,200,000 Novafives SAS, 5.0%, 6/15/25 (144A) 1,109,698 EUR 490,000 Swissport Financing S.a.r.l., 5.25%, 8/15/24 (144A) 561,098 ------------ Total Engineering & Construction $ 3,534,492 ------------------------------------------------------------------------------------------------------------------------------- Entertainment -- 4.7% GBP 900,000 AMC Entertainment Holdings, Inc., 6.375%, 11/15/24 $ 1,112,718 1,296,000 Caesars Resort Collection LLC/CRC Finco, Inc., 5.25%, 10/15/25 (144A) 1,326,780 EUR 1,175,000 Cirsa Finance International S.a.r.l., 6.25%, 12/20/23 (144A) 1,386,410 EUR 1,720,000 Codere Finance 2 Luxembourg SA, 6.75%, 11/1/21 (144A) 1,657,810 1,330,000 Codere Finance 2 Luxembourg SA, 7.625%, 11/1/21 (144A) 1,141,140 1,373,000 Enterprise Development Authority, 12.0%, 7/15/24 (144A) 1,503,435 EUR 2,100,000 International Game Technology Plc, 2.375%, 4/15/28 (144A) 2,323,846 EUR 1,124,000 Scientific Games International, Inc., 3.375%, 2/15/26 (144A) 1,268,300 EUR 1,312,000 Scientific Games International, Inc., 5.5%, 2/15/26 (144A) 1,425,517 344,000 Scientific Games International, Inc., 8.25%, 3/15/26 (144A) 363,780 809,000 Scientific Games International, Inc., 10.0%, 12/1/22 832,259 ------------ Total Entertainment $ 14,341,995 -------------------------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements. 22 Pioneer Global High Yield Fund | Annual Report | 10/31/19
------------------------------------------------------------------------------------------------------------------------------- Principal Amount USD ($) Value ------------------------------------------------------------------------------------------------------------------------------- Environmental Control -- 1.0% 957,000 Covanta Holding Corp., 6.0%, 1/1/27 $ 1,000,065 945,000 GFL Environmental, Inc., 8.5%, 5/1/27 (144A) 1,039,500 1,081,000 Tervita Corp., 7.625%, 12/1/21 (144A) 1,067,488 ------------ Total Environmental Control $ 3,107,053 ------------------------------------------------------------------------------------------------------------------------------- Food -- 4.2% 754,000 Albertsons Cos. LLC/Safeway, Inc./New Albertsons LP/Albertson's LLC, 5.75%, 3/15/25 $ 780,164 863,000 Albertsons Cos. LLC/Safeway, Inc./New Albertsons LP/Albertson's LLC, 5.875%, 2/15/28 (144A) 921,252 266,000 Albertsons Cos. LLC/Safeway, Inc./New Albertsons LP/Albertson's LLC, 7.5%, 3/15/26 (144A) 295,592 1,285,000 C&S Group Enterprises LLC, 5.375%, 7/15/22 (144A) 1,288,213 1,275,000 FAGE International SA/FAGE USA Dairy Industry, Inc., 5.625%, 8/15/26 (144A) 1,145,970 2,100,000 JBS USA LUX SA/JBS USA Finance, Inc., 6.75%, 2/15/28 (144A) 2,310,021 620,000 JBS USA LUX SA/JBS USA Food Co./JBS USA Finance, Inc., 5.5%, 1/15/30 (144A) 667,275 505,000 JBS USA LUX SA/JBS USA Food Co./JBS USA Finance, Inc., 6.5%, 4/15/29 (144A) 561,828 3,041,000 Minerva Luxembourg SA, 5.875%, 1/19/28 (144A) 3,100,299 1,250,000 Nova Austral SA, 8.25%, 5/26/21 (144A) 700,000 713,000 Pilgrim's Pride Corp., 5.875%, 9/30/27 (144A) 763,994 555,000 Simmons Foods, Inc., 5.75%, 11/1/24 (144A) 543,206 ------------ Total Food $ 13,077,814 ------------------------------------------------------------------------------------------------------------------------------- Forest Products & Paper -- 0.8% 1,335,000 Mercer International, Inc., 7.375%, 1/15/25 (144A) $ 1,385,062 909,000 Schweitzer-Mauduit International, Inc., 6.875%, 10/1/26 (144A) 970,358 ------------ Total Forest Products & Paper $ 2,355,420 ------------------------------------------------------------------------------------------------------------------------------- Healthcare-Services -- 1.9% 1,940,000 BCPE Cycle Merger Sub II, Inc., 10.625%, 7/15/27 (144A) $ 1,813,900 430,000 Encompass Health Corp., 4.75%, 2/1/30 443,437 488,000 HCA, Inc., 5.625%, 9/1/28 548,390 1,584,000 Surgery Centre Holdings, Inc., 10.0%, 4/15/27 (144A) 1,603,800 555,000 Tenet Healthcare Corp., 5.125%, 11/1/27 (144A) 577,200 755,000 WellCare Health Plans, Inc., 5.25%, 4/1/25 790,155 ------------ Total Healthcare-Services $ 5,776,882 ------------------------------------------------------------------------------------------------------------------------------- Holding Companies-Diversified -- 0.5% 1,680,000 VistaJet Malta Finance Plc/XO Management Holding, Inc., 10.5%, 6/1/24 (144A) $ 1,633,800 ------------ Total Holding Companies-Diversified $ 1,633,800 -------------------------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements. Pioneer Global High Yield Fund | Annual Report | 10/31/19 23 Schedule of Investments | 10/31/19 (continued) ------------------------------------------------------------------------------------------------------------------------------- Principal Amount USD ($) Value ------------------------------------------------------------------------------------------------------------------------------- Home Builders -- 2.7% 750,000 Beazer Homes USA, Inc., 5.875%, 10/15/27 $ 735,000 1,984,000 Beazer Homes USA, Inc., 6.75%, 3/15/25 2,053,440 155,000 Beazer Homes USA, Inc., 7.25%, 10/15/29 (144A) 162,362 1,516,000 Brookfield Residential Properties, Inc./Brookfield Residential US Corp., 6.25%, 9/15/27 (144A) 1,546,320 637,000 KB Home, 6.875%, 6/15/27 726,180 515,000 Lennar Corp., 4.75%, 11/29/27 556,200 2,162,000 Taylor Morrison Communities, Inc., 5.875%, 6/15/27 (144A) 2,414,305 ------------ Total Home Builders $ 8,193,807 ------------------------------------------------------------------------------------------------------------------------------- Home Furnishings -- 0.5% EUR 1,485,000 International Design Group S.p.A., 6.5%, 11/15/25 (144A) $ 1,671,508 ------------ Total Home Furnishings $ 1,671,508 ------------------------------------------------------------------------------------------------------------------------------- Household Products & Wares -- 0.2% EUR 750,000 Diamond BC BV, 5.625%, 8/15/25 (144A) $ 764,959 ------------ Total Household Products & Wares $ 764,959 ------------------------------------------------------------------------------------------------------------------------------- Insurance -- 0.4% GBP 585,000 Galaxy Bidco, Ltd., 6.5%, 7/31/26 (144A) $ 767,310 EUR 390,000(c) Liberty Mutual Group, Inc., 3.625% (5 Year EUR Swap Rate + 370 bps), 5/23/59 (144A) 450,986 ------------ Total Insurance $ 1,218,296 ------------------------------------------------------------------------------------------------------------------------------- Internet -- 0.9% EUR 670,000 eDreams ODIGEO SA, 5.5%, 9/1/23 (144A) $ 785,867 EUR 540,000 Netflix, Inc., 3.625%, 6/15/30 (144A) 601,051 EUR 1,250,000 Netflix, Inc., 3.875%, 11/15/29 (144A) 1,425,312 ------------ Total Internet $ 2,812,230 ------------------------------------------------------------------------------------------------------------------------------- Iron & Steel -- 1.2% 20,000 Commercial Metals Co., 5.375%, 7/15/27 $ 20,525 758,000 Commercial Metals Co., 5.75%, 4/15/26 781,687 748,000 Metinvest BV, 7.75%, 4/23/23 (144A) 782,034 2,165,000 Metinvest BV, 7.75%, 10/17/29 (144A) 2,140,319 ------------ Total Iron & Steel $ 3,724,565 ------------------------------------------------------------------------------------------------------------------------------- Leisure Time -- 1.0% 2,027,000 Viking Cruises, Ltd., 5.875%, 9/15/27 (144A) $ 2,153,688 955,000 Viking Cruises, Ltd., 6.25%, 5/15/25 (144A) 995,587 ------------ Total Leisure Time $ 3,149,275 ------------------------------------------------------------------------------------------------------------------------------- Lodging -- 0.6% 1,315,000 Grupo Posadas SAB de CV, 7.875%, 6/30/22 (144A) $ 1,315,000 546,000 MGM Resorts International, 5.5%, 4/15/27 600,600 ------------ Total Lodging $ 1,915,600 -------------------------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements. 24 Pioneer Global High Yield Fund | Annual Report | 10/31/19
------------------------------------------------------------------------------------------------------------------------------- Principal Amount USD ($) Value ------------------------------------------------------------------------------------------------------------------------------- Machinery-Diversified -- 1.1% 650,000 Cloud Crane LLC, 10.125%, 8/1/24 (144A) $ 686,562 EUR 2,542,000 Platin 1426 GmbH, 5.375%, 6/15/23 (144A) 2,661,370 ------------ Total Machinery-Diversified $ 3,347,932 ------------------------------------------------------------------------------------------------------------------------------- Media -- 2.7% 600,000 Altice Finco SA, 8.125%, 1/15/24 (144A) $ 618,750 1,063,000 Altice Luxembourg SA, 10.5%, 5/15/27 (144A) 1,202,519 1,065,000 CCO Holdings LLC/CCO Holdings Capital Corp., 4.75%, 3/1/30 (144A) 1,085,980 1,400,000 CCO Holdings LLC/CCO Holdings Capital Corp., 5.125%, 5/1/27 (144A) 1,475,250 459,000 Clear Channel Worldwide Holdings, Inc., 9.25%, 2/15/24 (144A) 504,900 575,000 CSC Holdings LLC, 5.5%, 4/15/27 (144A) 609,506 2,018,000 Diamond Sports Group LLC/Diamond Sports Finance Co., 6.625%, 8/15/27 (144A) 2,078,540 745,000 LCPR Senior Secured Financing, DAC, 6.75%, 10/15/27 (144A) 764,556 ------------ Total Media $ 8,340,001 ------------------------------------------------------------------------------------------------------------------------------- Mining -- 1.5% 236,000 Coeur Mining, Inc., 5.875%, 6/1/24 $ 234,258 705,000 First Quantum Minerals, Ltd., 6.875%, 3/1/26 (144A) 690,019 1,722,000 Freeport-McMoRan, Inc., 5.25%, 9/1/29 1,752,652 931,000 Hudbay Minerals, Inc., 7.25%, 1/15/23 (144A) 962,328 900,000 Novelis Corp., 5.875%, 9/30/26 (144A) 945,090 ------------ Total Mining $ 4,584,347 ------------------------------------------------------------------------------------------------------------------------------- Oil & Gas -- 5.6% 1,144,000 Ensign Drilling, Inc., 9.25%, 4/15/24 (144A) $ 972,400 684,000 Great Western Petroleum LLC/Great Western Finance Corp., 9.0%, 9/30/21 (144A) 555,750 1,055,000 Gulfport Energy Corp., 6.0%, 10/15/24 677,837 901,000 Indigo Natural Resources LLC, 6.875%, 2/15/26 (144A) 819,910 645,000 Medco Oak Tree Pte, Ltd., 7.375%, 5/14/26 (144A) 656,640 980,000 MEG Energy Corp., 7.0%, 3/31/24 (144A) 918,750 1,460,000 Neptune Energy Bondco Plc, 6.625%, 5/15/25 (144A) 1,452,700 1,434,000 Oasis Petroleum, Inc., 6.875%, 3/15/22 1,258,335 465,000 Parkland Fuel Corp., 5.875%, 7/15/27 (144A) 492,119 960,000 Parsley Energy LLC/Parsley Finance Corp., 5.375%, 1/15/25 (144A) 988,301 415,000 PBF Holding Co. LLC/PBF Finance Corp., 7.0%, 11/15/23 427,450 1,873,000 SEPLAT Petroleum Development Co. Plc, 9.25%, 4/1/23 (144A) 1,967,025 2,070,000 Shelf Drilling Holdings, Ltd., 8.25%, 2/15/25 (144A) 1,738,800
The accompanying notes are an integral part of these financial statements. Pioneer Global High Yield Fund | Annual Report | 10/31/19 25 Schedule of Investments | 10/31/19 (continued)
------------------------------------------------------------------------------------------------------------------------------- Principal Amount USD ($) Value ------------------------------------------------------------------------------------------------------------------------------- Oil & Gas (continued) 150,000 SM Energy Co., 6.125%, 11/15/22 $ 142,875 945,000 SM Energy Co., 6.75%, 9/15/26 810,337 335,000 Transocean Sentry, Ltd., 5.375%, 5/15/23 (144A) 331,650 1,590,000 Transocean, Inc., 7.25%, 11/1/25 (144A) 1,403,175 185,000 WPX Energy, Inc., 5.25%, 10/15/27 179,913 1,800,000 YPF SA, 6.95%, 7/21/27 (144A) 1,343,718 ARS 22,125,000 YPF SA, 16.5%, 5/9/22 (144A) 126,269 ------------ Total Oil & Gas $ 17,263,954 ------------------------------------------------------------------------------------------------------------------------------- Oil & Gas Services -- 1.0% 875,000 Archrock Partners LP/Archrock Partners Finance Corp., 6.875%, 4/1/27 (144A) $ 903,350 788,000 Exterran Energy Solutions LP/EES Finance Corp., 8.125%, 5/1/25 780,120 778,000 FTS International, Inc., 6.25%, 5/1/22 555,298 505,000 SESI LLC, 7.75%, 9/15/24 277,750 573,000 USA Compression Partners LP/USA Compression Finance Corp., 6.875%, 9/1/27 (144A) 573,000 ------------ Total Oil & Gas Services $ 3,089,518 ------------------------------------------------------------------------------------------------------------------------------- Packaging & Containers -- 0.4% EUR 700,000(e) ARD Finance SA, 6.625% (7.375% PIK 6.625% cash), 9/15/23 $ 807,458 EUR 410,000 Ardagh Packaging Finance Plc/Ardagh Holdings USA, Inc., 6.75%, 5/15/24 (144A) 479,789 ------------ Total Packaging & Containers $ 1,287,247 ------------------------------------------------------------------------------------------------------------------------------- Pharmaceuticals -- 2.7% 370,000 Bausch Health Americas, Inc., 8.5%, 1/31/27 (144A) $ 415,214 EUR 1,795,000 Bausch Health Cos., Inc., 4.5%, 5/15/23 2,022,443 755,000 Bausch Health Cos., Inc., 7.0%, 3/15/24 (144A) 789,862 1,033,000 Horizon Pharma USA, Inc., 5.5%, 8/1/27 (144A) 1,078,194 918,000 Par Pharmaceutical, Inc., 7.5%, 4/1/27 (144A) 872,100 EUR 1,315,000 Rossini S.a.r.l., 6.75%, 10/30/25 (144A) 1,619,819 EUR 1,820,000 Teva Pharmaceutical Finance Netherlands II BV, 1.625%, 10/15/28 1,460,375 190,000 Teva Pharmaceutical Finance Netherlands III BV, 2.8%, 7/21/23 164,350 ------------ Total Pharmaceuticals $ 8,422,357 ------------------------------------------------------------------------------------------------------------------------------- Pipelines -- 3.0% 1,600,000 American Midstream Partners LP/American Midstream Finance Corp., 9.5%, 12/15/21 (144A) $ 1,488,000 610,000 Cheniere Energy Partners LP, 4.5%, 10/1/29 (144A) 621,437 1,033,000 DCP Midstream Operating LP, 5.6%, 4/1/44 976,495 1,500,000 Delek Logistics Partners LP/Delek Logistics Finance Corp., 6.75%, 5/15/25 1,496,250
The accompanying notes are an integral part of these financial statements. 26 Pioneer Global High Yield Fund | Annual Report | 10/31/19
------------------------------------------------------------------------------------------------------------------------------- Principal Amount USD ($) Value ------------------------------------------------------------------------------------------------------------------------------- Pipelines (continued) 1,110,000 Genesis Energy LP/Genesis Energy Finance Corp., 6.25%, 5/15/26 $ 1,026,750 1,395,000 Genesis Energy LP/Genesis Energy Finance Corp., 6.5%, 10/1/25 1,325,250 1,058,000 Global Partners LP/GLP Finance Corp., 7.0%, 6/15/23 1,093,163 327,000 Global Partners LP/GLP Finance Corp., 7.0%, 8/1/27 (144A) 340,136 850,000 Targa Resources Partners LP/Targa Resources Partners Finance Corp., 4.25%, 11/15/23 853,995 ------------ Total Pipelines $ 9,221,476 ------------------------------------------------------------------------------------------------------------------------------- REITS -- 1.0% 1,835,000 iStar, Inc., 4.75%, 10/1/24 $ 1,892,344 1,066,000 MPT Operating Partnership LP/MPT Finance Corp., 4.625%, 8/1/29 1,111,987 ------------ Total REITS $ 3,004,331 ------------------------------------------------------------------------------------------------------------------------------- Retail -- 1.5% 970,000 AAG FH LP/AAG FH Finco, Inc., 9.75%, 7/15/24 (144A) $ 894,825 995,000 Golden Nugget, Inc., 8.75%, 10/1/25 (144A) 1,047,238 525,000 JC Penney Corp., Inc., 5.875%, 7/1/23 (144A) 456,750 2,225,000 Michaels Stores, Inc., 8.0%, 7/15/27 (144A) 2,196,520 ------------ Total Retail $ 4,595,333 ------------------------------------------------------------------------------------------------------------------------------- Software -- 0.3% EUR 606,000 IQVIA, Inc., 2.25%, 1/15/28 (144A) $ 689,877 341,000 Rackspace Hosting, Inc., 8.625%, 11/15/24 (144A) 312,015 ------------ Total Software $ 1,001,892 ------------------------------------------------------------------------------------------------------------------------------- Telecommunications -- 5.6% 1,267,000 CenturyLink, Inc., 5.625%, 4/1/25 $ 1,335,228 400,000 CommScope Technologies LLC, 6.0%, 6/15/25 (144A) 355,880 2,820,000 Digicel, Ltd., 6.0%, 4/15/21 (144A) 2,100,928 3,875,000 Frontier Communications Corp., 8.75%, 4/15/22 1,811,563 775,000 Frontier Communications Corp., 11.0%, 9/15/25 363,281 1,215,000 Intelsat Jackson Holdings SA, 5.5%, 8/1/23 1,136,025 1,310,000 Level 3 Financing, Inc., 4.625%, 9/15/27 (144A) 1,332,925 1,233,000 Millicom International Cellular SA, 6.25%, 3/25/29 (144A) 1,345,487 1,540,000 MTN Mauritius Investments, Ltd., 5.373%, 2/13/22 (144A) 1,590,712 3,235,000 Sprint Corp., 7.25%, 9/15/21 3,451,939 565,000 Sprint Corp., 7.625%, 3/1/26 625,031 1,825,000 Windstream Services LLC/Windstream Finance Corp., 8.625%, 10/31/25 (144A) 1,827,281 ------------ Total Telecommunications $ 17,276,280 -------------------------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements. Pioneer Global High Yield Fund | Annual Report | 10/31/19 27 Schedule of Investments | 10/31/19 (continued)
------------------------------------------------------------------------------------------------------------------------------- Principal Amount USD ($) Value ------------------------------------------------------------------------------------------------------------------------------- Transportation -- 1.7% 1,000,000(d) Golar LNG Partners LP, 8.408% (3 Month USD LIBOR + 625 bps), 5/18/21 (144A) $ 985,001 2,445,000 Hidrovias International Finance S.a.r.l., 5.95%, 1/24/25 (144A) 2,548,937 1,725,000 Navios South American Logistics, Inc./Navios Logistics Finance US, Inc., 7.25%, 5/1/22 (144A) 1,699,125 ------------ Total Transportation $ 5,233,063 ------------------------------------------------------------------------------------------------------------------------------- TOTAL CORPORATE BONDS (Cost $238,063,823) $231,556,280 ------------------------------------------------------------------------------------------------------------------------------- FOREIGN GOVERNMENT BONDS -- 8.4% of Net Assets Angola -- 0.4% 1,132,000 Angolan Government International Bond, 8.25%, 5/9/28 (144A) $ 1,181,706 ------------ Total Angola $ 1,181,706 ------------------------------------------------------------------------------------------------------------------------------- Argentina -- 1.7% 875,000 Argentine Republic Government International Bond, 6.875%, 1/26/27 $ 343,446 1,850,000 Argentine Republic Government International Bond, 7.5%, 4/22/26 784,418 2,000,000 Ciudad Autonoma De Buenos Aires, 7.5%, 6/1/27 (144A) 1,515,000 418,048 Province of Salta Argentina, 9.5%, 3/16/22 (144A) 374,153 1,840,000 Provincia de Entre Rios Argentina, 8.75%, 2/8/25 (144A) 1,021,200 1,665,000 Provincia del Chubut Argentina, 7.75%, 7/26/26 (144A) 1,078,088 ------------ Total Argentina $ 5,116,305 ------------------------------------------------------------------------------------------------------------------------------- Bahrain -- 0.6% 785,000 Bahrain Government International Bond, 5.625%, 9/30/31 (144A) $ 823,650 780,000 Bahrain Government International Bond, 7.0%, 10/12/28 (144A) 899,262 ------------ Total Bahrain $ 1,722,912 ------------------------------------------------------------------------------------------------------------------------------- Dominican Republic -- 0.3% DOP 57,750,000 Dominican Republic International Bond, 8.9%, 2/15/23 (144A) $ 1,090,476 ------------ Total Dominican Republic $ 1,090,476 ------------------------------------------------------------------------------------------------------------------------------- Egypt -- 1.7% EUR 1,100,000 Egypt Government International Bond, 4.75%, 4/11/25 (144A) $ 1,268,046 1,658,000 Egypt Government International Bond, 7.6%, 3/1/29 (144A) 1,752,420 EGP 28,275,000(f) Egypt Treasury Bills, 2/4/20 1,684,474 EGP 7,675,000(f) Egypt Treasury Bills, 3/3/20 451,972 ------------ Total Egypt $ 5,156,912 -------------------------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements. 28 Pioneer Global High Yield Fund | Annual Report | 10/31/19
------------------------------------------------------------------------------------------------------------------------------- Principal Amount USD ($) Value ------------------------------------------------------------------------------------------------------------------------------- Ivory Coast -- 0.2% EUR 495,000 Ivory Coast Government International Bond, 5.875%, 10/17/31 (144A) $ 558,146 ------------ Total Ivory Coast $ 558,146 ------------------------------------------------------------------------------------------------------------------------------- Oman -- 0.4% 1,010,000 Oman Government International Bond, 5.375%, 3/8/27 (144A) $ 999,900 304,000 Oman Government International Bond, 6.0%, 8/1/29 (144A) 303,620 ------------ Total Oman $ 1,303,520 ------------------------------------------------------------------------------------------------------------------------------- Sri Lanka -- 0.8% 1,760,000 Sri Lanka Government International Bond, 7.55%, 3/28/30 (144A) $ 1,780,014 575,000 Sri Lanka Government International Bond, 7.85%, 3/14/29 (144A) 595,051 ------------ Total Sri Lanka $ 2,375,065 ------------------------------------------------------------------------------------------------------------------------------- Tunisia -- 0.5% EUR 1,397,000 Banque Centrale de Tunisie International Bond, 6.375%, 7/15/26 (144A) $ 1,518,432 ------------ Total Tunisia $ 1,518,432 ------------------------------------------------------------------------------------------------------------------------------- Turkey -- 1.1% 2,550,000 Turkey Government International Bond, 3.25%, 3/23/23 $ 2,413,881 EUR 1,005,000 Turkey Government International Bond, 4.625%, 3/31/25 1,153,623 ------------ Total Turkey $ 3,567,504 ------------------------------------------------------------------------------------------------------------------------------- Ukraine -- 0.4% 1,175,000 Ukraine Government International Bond, 8.994%, 2/1/24 (144A) $ 1,307,187 ------------ Total Ukraine $ 1,307,187 ------------------------------------------------------------------------------------------------------------------------------- Uruguay -- 0.3% UYU 37,635,000 Uruguay Government International Bond, 9.875%, 6/20/22 (144A) $ 979,947 ------------ Total Uruguay $ 979,947 ------------------------------------------------------------------------------------------------------------------------------- TOTAL FOREIGN GOVERNMENT BONDS (Cost $28,987,616) $ 25,878,112 ------------------------------------------------------------------------------------------------------------------------------- INSURANCE-LINKED SECURITIES -- 4.2% of Net Assets(g) Catastrophe Linked Bonds -- 1.4% Earthquakes -- California -- 0.3% 250,000(d) Ursa Re, 6.904% (3 Month U.S. Treasury Bill + 537 bps), 12/10/20 (144A) $ 246,500 600,000(d) Ursa Re, 7.534% (3 Month U.S. Treasury Bill + 600 bps), 5/27/20 (144A) 592,800 ------------ $ 839,300 -------------------------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements. Pioneer Global High Yield Fund | Annual Report | 10/31/19 29 Schedule of Investments | 10/31/19 (continued)
------------------------------------------------------------------------------------------------------------------------------- Principal Amount USD ($) Value ------------------------------------------------------------------------------------------------------------------------------- Earthquakes -- Mexico -- 0.1% 250,000(d) International Bank for Reconstruction & Development, 10.208% (3 Month USD LIBOR + 825 bps), 2/14/20 (144A) $ 249,450 ------------------------------------------------------------------------------------------------------------------------------- Earthquakes -- Peru -- 0.0%+ 175,000(d) International Bank for Reconstruction & Development, 7.958% (3 Month USD LIBOR + 600 bps), 2/15/21 (144A) $ 172,078 ------------------------------------------------------------------------------------------------------------------------------- Multiperil -- U.S. -- 0.6% 500,000(d) Caelus Re V, 2.034% (1 Month U.S. Treasury Bill + 50 bps), 6/5/20 (144A) $ 50 250,000(d) Caelus Re V, 9.354% (3 Month U.S. Treasury Bill + 782 bps), 6/7/21 (144A) 219,625 500,000(d) Kilimanjaro II Re, 12.373% (6 Month USD LIBOR + 1,061 bps), 4/20/21 (144A) 505,700 400,000(d) Northshore Re II 2017 A, 9.064% (3 Month U.S. Treasury Bill + 753 bps), 7/6/20 (144A) 407,160 500,000(d) Residential Reinsurance 2016, 6.964% (3 Month U.S. Treasury Bill + 543 bps), 12/6/20 (144A) 492,850 250,000(d) Tailwind Re, 12.124% (3 Month U.S. Treasury Bill + 1,059 bps), 1/8/22 (144A) 251,500 ------------ $ 1,876,885 ------------------------------------------------------------------------------------------------------------------------------- Multiperil -- Worldwide -- 0.4% 300,000(d) Galilei Re, 7.461% (6 Month USD LIBOR + 560 bps), 1/8/20 (144A) $ 300,180 300,000(d) Galilei Re, 8.641% (6 Month USD LIBOR + 678 bps), 1/8/20 (144A) 300,210 300,000(d) Galilei Re, 8.661% (6 Month USD LIBOR + 678 bps), 1/8/21 (144A) 300,300 250,000(d) Galilei Re, 10.491% (6 Month USD LIBOR + 863 bps), 1/8/20 (144A) 250,450 ------------ $ 1,151,140 ------------------------------------------------------------------------------------------------------------------------------- Pandemic -- Worldwide -- 0.0%+ 250,000(d) International Bank for Reconstruction & Development, 13.313% (6 Month USD LIBOR + 1,150 bps), 7/15/20 (144A) $ 150,000 ------------ Total Catastrophe Linked Bonds $ 4,438,853 ------------------------------------------------------------------------------------------------------------------------------- ------------------------------------------------------------------------------------------------------------------------------- Face Amount USD ($) ------------------------------------------------------------------------------------------------------------------------------- Collateralized Reinsurance -- 0.7% Multiperil -- U.S. -- 0.0%+ 300,000+(a)(h) Kingsbarns Re 2017, 5/19/20 $ 300 ------------------------------------------------------------------------------------------------------------------------------- Multiperil -- Worldwide -- 0.6% 600,000+(a)(h) Cypress Re 2017, 1/10/20 $ 10,920 462,359+(a)(h) Dartmouth Re 2018, 1/15/20 208,062 115,581+(a)(h) Dartmouth Re 2019, 1/31/20 91,101
The accompanying notes are an integral part of these financial statements. 30 Pioneer Global High Yield Fund | Annual Report | 10/31/19
------------------------------------------------------------------------------------------------------------------------------- Face Amount USD ($) Value ------------------------------------------------------------------------------------------------------------------------------- Multiperil -- Worldwide (continued) 250,000+(a)(h) Dingle Re 2019, 2/1/20 $ 253,597 389,876+(a)(h) Gloucester Re 2018, 1/15/20 169,596 150,000+(a)(h) Gloucester Re 2019, 1/31/20 150,110 368,836+(h) Kilarney Re 2018, 4/15/20 186,188 12,000+(h) Limestone Re, 8/31/21 14,540 12,000+(h) Limestone Re 2016-1, 8/31/21 (144A) 14,540 250,000+(h) Merion Re 2018, 12/31/21 15,875 259,644+(a)(h) Merion Re 2019-1, 12/31/22 256,145 277,770+(a)(h) Oyster Bay Re 2018, 1/15/20 252,104 400,000+(a)(h) Resilience Re, 4/6/20 40 283,700+(a)(h) Seminole Re 2018, 1/15/20 89,963 71,428+(a)(h) Seminole Re 2019, 1/31/20 71,425 276,582+(a)(h) Walton Health Re 2018, 6/15/20 138,291 ------------ $ 1,922,497 ------------------------------------------------------------------------------------------------------------------------------- Windstorm -- Florida -- 0.1% 250,000+(h) Formby Re 2018, 2/28/20 $ 79,216 86,906+(a)(h) Formby Re 2018-2, 3/31/20 713 300,000+(a)(h) Portrush Re 2017, 6/15/20 191,810 ------------ $ 271,739 ------------------------------------------------------------------------------------------------------------------------------- Windstorm -- U.S. Regional -- 0.0%+ 250,000+(a)(h) Oakmont Re 2017, 4/15/20 $ 7,350 ------------ Total Collateralized Reinsurance $ 2,201,886 ------------------------------------------------------------------------------------------------------------------------------- Industry Loss Warranties -- 0.2% Multiperil -- U.S. -- 0.2% 500,000+(a)(h) Cypress Re 2019, 1/31/20 $ 500,649 ------------ Total Industry Loss Warranties $ 500,649 ------------------------------------------------------------------------------------------------------------------------------- Reinsurance Sidecars -- 1.9% Multiperil -- U.S. -- 0.4% 3,900,000+(a)(h) Carnoustie Re 2015, 7/31/20 $ 12,480 2,600,000+(a)(h) Carnoustie Re 2016, 11/30/20 70,200 800,000+(a)(h) Carnoustie Re 2017, 11/30/21 203,360 250,000+(a)(h) Carnoustie Re 2018, 12/31/21 24,950 1,000,000+(a)(i) Harambee Re 2018, 12/31/21 115,000 695,349+(a)(i) Harambee Re 2019, 12/31/22 743,954 1,300,000+(a)(h) Prestwick Re 2015-1, 7/31/20 22,100 ------------ $ 1,192,044 ------------------------------------------------------------------------------------------------------------------------------- Multiperil -- Worldwide -- 1.5% 250,000+(a)(h) Alturas Re 2019-2, 3/10/22 $ 266,500 1,300,000+(a)(h) Arlington Re 2015, 2/1/20 63,180 490,000+(a)(h) Bantry Re 2016, 3/30/20 39,494
The accompanying notes are an integral part of these financial statements. Pioneer Global High Yield Fund | Annual Report | 10/31/19 31 Schedule of Investments | 10/31/19 (continued)
------------------------------------------------------------------------------------------------------------------------------- Face Amount USD ($) Value ------------------------------------------------------------------------------------------------------------------------------- Multiperil -- Worldwide (continued) 300,000+(a)(h) Bantry Re 2017, 3/31/20 $ 95,130 250,000+(a)(h) Bantry Re 2018, 12/31/21 15,350 250,000+(a)(h) Bantry Re 2019, 12/31/22 262,003 1,422,258+(h) Berwick Re 2018-1, 12/31/21 227,135 556,791+(a)(h) Berwick Re 2019-1, 12/31/22 595,975 250,000+(a)(i) Blue Lotus Re 2018, 12/31/21 267,325 22,500+(a)(h) Eden Re II, 3/22/22 (144A) 42,301 12,500+(a)(h) Eden Re II, 3/22/22 (144A) 28,250 1,600,000+(h) Gleneagles Re 2016, 11/30/20 49,920 250,000+(a)(h) Gleneagles Re 2018, 12/31/21 29,575 8,000+(h) Limestone Re, 3/1/22 27,406 450,000+(a)(i) Lorenz Re 2018, 7/1/21 94,455 231,508+(a)(i) Lorenz Re 2019, 6/30/22 247,991 600,000+(a)(h) Merion Re 2018-2, 12/31/21 598,800 3,900,000+(h) Pangaea Re 2015-1, 2/1/20 5,102 3,500,000+(h) Pangaea Re 2016-1, 11/30/20 9,602 1,000,000+(h) Pangaea Re 2016-2, 11/30/20 2,976 300,000+(a)(h) Pangaea Re 2018-1, 12/31/21 17,640 300,000+(a)(h) Pangaea Re 2018-3, 7/1/22 14,880 245,774+(a)(h) Pangaea Re 2019-1, 2/1/23 244,496 220,594+(a)(h) Pangaea Re 2019-3, 7/1/23 214,572 500,000+(a)(h) St. Andrews Re 2017-1, 2/1/20 33,900 521,395+(a)(h) St. Andrews Re 2017-4, 6/1/20 51,305 250,000+(a)(i) Thopas Re 2018, 12/31/21 29,825 250,000+(a)(i) Thopas Re 2019, 12/31/22 255,075 600,000+(a)(h) Versutus Re 2017, 11/30/21 7,800 300,000+(a)(h) Versutus Re 2018, 12/31/21 -- 264,763+(a)(h) Versutus Re 2019-A, 12/31/21 282,184 35,236+(a)(h) Versutus Re 2019-B, 12/31/21 37,555 250,000+(a)(i) Viribus Re 2018, 12/31/21 59,225 106,153+(a)(i) Viribus Re 2019, 12/31/22 122,501 253,645+(a)(h) Woburn Re 2018, 12/31/21 107,799 244,914+(a)(h) Woburn Re 2019, 12/31/22 264,333 ------------ $ 4,711,560 ------------ Total Reinsurance Sidecars $ 5,903,604 ------------------------------------------------------------------------------------------------------------------------------- TOTAL INSURANCE-LINKED SECURITIES (Cost $13,918,162) $ 13,044,992 -------------------------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements. 32 Pioneer Global High Yield Fund | Annual Report | 10/31/19
------------------------------------------------------------------------------------------------------------------------------- Principal Amount USD ($) Value ------------------------------------------------------------------------------------------------------------------------------- SENIOR SECURED FLOATING RATE LOAN INTERESTS -- 3.2% of Net Assets*(d) Diversified & Conglomerate Service -- 0.3% 850,000 DynCorp International, Inc., Term Loan, 7.914% (LIBOR + 600 bps), 8/18/25 $ 833,000 ------------ Total Diversified & Conglomerate Service $ 833,000 ------------------------------------------------------------------------------------------------------------------------------- Healthcare, Education & Childcare -- 0.6% 836,719 Alliance HealthCare Services, Inc., First Lien Initial Term Loan, 6.286% (LIBOR + 450 bps), 10/24/23 $ 740,496 1,164,706 Regionalcare Hospital Partners Holdings, Inc., First Lien Term B Loan, 6.304% (LIBOR + 450 bps), 11/16/25 1,164,160 ------------ Total Healthcare, Education & Childcare $ 1,904,656 ------------------------------------------------------------------------------------------------------------------------------- Machinery -- 0.5% 1,587,083 Shape Technologies Group, Inc., Initial Term Loan, 4.934% (LIBOR + 300 bps), 4/21/25 $ 1,452,181 ------------ Total Machinery $ 1,452,181 ------------------------------------------------------------------------------------------------------------------------------- Media -- 0.3% 825,000 Diamond Sports Group LLC, Term Loan, 5.08% (LIBOR + 325 bps), 8/24/26 $ 829,641 ------------ Total Media $ 829,641 ------------------------------------------------------------------------------------------------------------------------------- Metals & Mining -- 0.4% 1,382,500 Aleris International, Inc., Initial Term Loan, 6.536% (LIBOR + 475 bps), 2/27/23 $ 1,385,956 ------------ Total Metals & Mining $ 1,385,956 ------------------------------------------------------------------------------------------------------------------------------- Personal, Food & Miscellaneous Services -- 0.6% 2,507,139 Revlon Consumer Products Corp., Initial Term B Loan, 5.624% (LIBOR + 350 bps), 9/7/23 $ 1,979,857 ------------ Total Personal, Food & Miscellaneous Services $ 1,979,857 ------------------------------------------------------------------------------------------------------------------------------- Telecommunications -- 0.5% 1,660,000 Commscope, Inc., Initial Term Loan, 5.036% (LIBOR + 325 bps),4/6/26 $ 1,635,618 ------------ Total Telecommunications $ 1,635,618 ------------------------------------------------------------------------------------------------------------------------------- TOTAL SENIOR SECURED FLOATING RATE LOAN INTERESTS (Cost $10,555,256) $ 10,020,909 ------------------------------------------------------------------------------------------------------------------------------- U.S. GOVERNMENT AND AGENCY OBLIGATIONS -- 3.5% of Net Assets 6,000,000(f) U.S. Treasury Bills, 11/5/19 $ 5,998,987 1,700,000(f) U.S. Treasury Bills, 11/12/19 1,699,210 1,000,000(f) U.S. Treasury Bills, 11/19/19 999,237 2,000,000(f) U.S. Treasury Bills, 11/26/19 1,997,861 ------------------------------------------------------------------------------------------------------------------------------- TOTAL U.S. GOVERNMENT AND AGENCY OBLIGATIONS (Cost $10,694,854) $ 10,695,295 -------------------------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements. Pioneer Global High Yield Fund | Annual Report | 10/31/19 33 Schedule of Investments | 10/31/19 (continued)
------------------------------------------------------------------------------------------------------------------------------- Shares Value ------------------------------------------------------------------------------------------------------------------------------- RIGHTS/WARRANTS -- 0.0%+ of Net Assets Metals & Mining -- 0.0%+ 318,254(j) ANR, Inc. $ 3,501 ------------ Total Metals & Mining $ 3,501 ------------------------------------------------------------------------------------------------------------------------------- Oil, Gas & Consumable Fuels -- 0.0%+ 7,774^(a)(k) Amplify Energy Corp. $ -- 61(a)(l) Contura Energy, Inc. 305 ------------ Total Oil, Gas & Consumable Fuels $ 305 ------------------------------------------------------------------------------------------------------------------------------- TOTAL RIGHTS/WARRANTS (Cost $36,833) $ 3,806 ------------------------------------------------------------------------------------------------------------------------------- ------------------------------------------------------------------------------------------------------------------------------- Number of Strike Expiration Contracts Description Counterparty Notional Price Date ------------------------------------------------------------------------------------------------------------------------------- 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 -- 0.0%+ 5,925,000 Put EUR Bank of Call USD America NA EUR 81,546 EUR 1.13 1/9/20 $ 92,102 10,940,000 Put EUR Bank of Call USD America NA EUR 116,141 EUR 1.10 4/29/20 72,252 ------------ $ 164,354 ------------------------------------------------------------------------------------------------------------------------------- TOTAL OVER THE COUNTER (OTC) CURRENCY PUT OPTIONS PURCHASED (Premiums paid $197,687) $ 164,354 ------------------------------------------------------------------------------------------------------------------------------- TOTAL OPTIONS PURCHASED (Premiums paid $197,687) $ 164,354 ------------------------------------------------------------------------------------------------------------------------------- TOTAL INVESTMENTS IN UNAFFILIATED ISSUERS -- 97.2% (Cost $315,092,239) $299,570,516 -------------------------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements. 34 Pioneer Global High Yield Fund | Annual Report | 10/31/19
------------------------------------------------------------------------------------------------------------------------------- Number of Strike Expiration Contracts Description Counterparty Notional Price Date Value ------------------------------------------------------------------------------------------------------------------------------- OVER THE COUNTER (OTC) CURRENCY CALL OPTIONS WRITTEN -- (0.0)%+ (5,925,000) Call EUR Bank of Put USD America NA EUR 81,546 EUR 1.25 1/9/20 $ (8) (10,940,000) Call EUR Bank of Put USD America NA EUR 116,141 EUR 1.21 4/29/20 (14,774) ------------- $ (14,782) -------------------------------------------------------------------------------------------------------------------------------- TOTAL OVER THE COUNTER (OTC) CURRENCY CALL OPTIONS WRITTEN (Premiums received $(197,687)) $ (14,782) -------------------------------------------------------------------------------------------------------------------------------- OTHER ASSETS AND LIABILITIES -- 2.8% $ 8,537,674 -------------------------------------------------------------------------------------------------------------------------------- NET ASSETS -- 100.0% $308,093,408 ================================================================================================================================
BADLARPP Argentine Deposit Rate Badlar Private Banks 30-35 Days. bps Basis Points. CMT Constant Maturity Treasury Index. REIT Real Estate Investment Trust. LIBOR London Interbank Offered Rate. (144A) Security is exempt from registration under Rule 144A of the Securities Act of 1933. Such securities may be resold normally to qualified institutional buyers in a transaction exempt from registration. At October 31, 2019, the value of these securities amounted to $202,722,322, or 65.8% 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 October 31, 2019. + Security that used significant unobservable inputs to determine its 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 is shown at October 31, 2019. (d) Floating rate note. Coupon rate, reference index and spread are shown at October 31, 2019. (e) Payment-in-kind (PIK) security which may pay interest in the form of additional principal amount. (f) Security issued with a zero coupon. Income is recognized through accretion of discount. (g) Securities are restricted as to resale. (h) Issued as participation notes. The accompanying notes are an integral part of these financial statements. Pioneer Global High Yield Fund | Annual Report | 10/31/19 35 Schedule of Investments | 10/31/19 (continued) (i) Issued as preference shares. (j) ANR, Inc. warrants are exercisable into 318,254 shares. (k) Amplify Energy Corp. warrants are exercisable into 7,774 shares. (l) Contura Energy, Inc. warrants are exercisable into 61 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). FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS
------------------------------------------------------------------------------------------------------- In Unrealized Currency Exchange Currency Settlement Appreciation Purchased for Sold Deliver Counterparty Date (Depreciation) ------------------------------------------------------------------------------------------------------- USD 774,378 EUR (700,000) Brown Brothers 11/27/19 $ (6,911) Harriman & Co. USD 542,613 EUR (490,000) Citibank NA 11/27/19 (4,288) NOK 20,928,737 EUR (2,101,827) HSBC Bank 11/29/19 (72,613) USA NA GBP 255,000 EUR (295,196) JPMorgan Chase 12/18/19 416 Bank NA USD 765,177 EUR (692,000) JPMorgan Chase 11/27/19 (7,183) Bank NA EUR 3,754,258 USD (4,131,881) State Street 11/27/19 58,346 Bank & Trust Co. USD 2,168,068 EUR (1,950,000) State Street 11/27/19 (8,378) Bank & Trust Co. ------------------------------------------------------------------------------------------------------- TOTAL FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS $(40,611) =======================================================================================================
SWAP CONTRACTS CENTRALLY CLEARED CREDIT DEFAULT SWAP CONTRACTS -- SELL PROTECTION
-------------------------------------------------------------------------------------------------------------------- Obligation Annual Premiums Unrealized Notional Reference/ Pay/ Fixed Expiration Paid/ Appreciation Market Amount ($)(1) Index Receive(2) Rate Date (Received) (Depreciation) Value -------------------------------------------------------------------------------------------------------------------- 1,306,650 Markit CDX Receive 5.00% 12/20/20 $ (6,170) $ 47,675 $ 41,505 North America High Yield Index Series 25 3,111,400 Markit CDX Receive 5.00% 6/20/21 217,084 (76,747) 140,337 North America High Yield Index Series 26 -------------------------------------------------------------------------------------------------------------------- TOTAL CENTRALLY CLEARED CREDIT DEFAULT SWAP CONTRACTS -- SELL PROTECTION $210,914 $(29,072) $181,842 ====================================================================================================================
The accompanying notes are an integral part of these financial statements. 36 Pioneer Global High Yield Fund | Annual Report | 10/31/19 OVER THE COUNTER (OTC) CREDIT DEFAULT SWAP CONTRACTS -- SELL PROTECTION
-------------------------------------------------------------------------------------------------------------------------- Obligation Annual Notional Reference/ Pay/ Fixed Expiration Premiums Unrealized Market Amount ($)(1) Counterparty Index Receive(2) Rate Date (Received) (Depreciation) Value -------------------------------------------------------------------------------------------------------------------------- 690,000 Goldman Sachs Chesapeake Receive 5.00% 6/20/22 $ (77,625) $(27,017) $(104,642) International Energy Corp. 415,000 Goldman Sachs Chesapeake Receive 5.00% 6/20/22 (50,838) (12,099) (62,937) International Energy Corp. 650,000 Goldman Sachs Chesapeake Receive 5.00% 6/20/22 (79,625) (18,951) (98,576) International Energy Corp. -------------------------------------------------------------------------------------------------------------------------- TOTAL OVER THE COUNTER (OTC) CREDIT DEFAULT SWAP CONTRACTS -- SELL PROTECTION $(208,088) $(58,067) $(266,155) -------------------------------------------------------------------------------------------------------------------------- TOTAL SWAP CONTRACTS $ 2,826 $(87,139) $ (84,313) ==========================================================================================================================
(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. 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 year ended October 31, 2019, aggregated $167,326,198 and $239,800,620, 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 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 year ended October 31, 2019, the Fund engaged in purchases of $1,998,484 and sales of $4,226,705 pursuant to these procedures, which resulted in a net realized gain/(loss) of $125,790. At October 31, 2019, the net unrealized depreciation on investments based on cost for federal tax purposes of $315,831,289 was as follows:
Aggregate gross unrealized appreciation for all investments in which there is an excess of value over tax cost $ 9,486,091 Aggregate gross unrealized depreciation for all investments in which there is an excess of tax cost over value $(25,886,570) ------------ Net unrealized depreciation $(16,400,479) ============
The accompanying notes are an integral part of these financial statements. Pioneer Global High Yield Fund | Annual Report | 10/31/19 37 Schedule of Investments | 10/31/19 (continued) 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 following is a summary of the inputs used as of October 31, 2019, in valuing the Fund's investments:
------------------------------------------------------------------------------------------------------- Level 1 Level 2 Level 3 Total ------------------------------------------------------------------------------------------------------- Common Stocks Oil, Gas & Consumable Fuels $ 181 $ -- $ 860,272 $ 860,453 Paper & Forest Products -- 18,379 -- 18,379 All Other Common Stocks 71,244 -- -- 71,244 Convertible Preferred Stock 981,175 -- -- 981,175 Asset Backed Security -- 469,230 -- 469,230 Collateralized Mortgage Obligation -- 812,051 -- 812,051 Convertible Corporate Bonds -- 4,994,236 -- 4,994,236 Corporate Bonds 231,556,280 231,556,280 Foreign Government Bonds -- 25,878,112 -- 25,878,112 Insurance-Linked Securities Catastrophe Linked Bonds Pandemic - Worldwide -- 150,000 -- 150,000 Collateralized Reinsurance Multiperil - U.S. -- -- 300 300 Multiperil - Worldwide -- -- 1,922,497 1,922,497 Windstorm - Florida -- -- 271,739 271,739 Windstorm - U.S. Regional -- -- 7,350 7,350 Industry Loss Warranties Multiperil - U.S. -- -- 500,649 500,649 Reinsurance Sidecars Multiperil - U.S. -- -- 1,192,044 1,192,044 Multiperil - Worldwide -- -- 4,711,560 4,711,560 All Other Insurance-Linked Securities -- 4,288,853 -- 4,288,853 Senior Secured Floating Rate Loan Interests -- 10,020,909 -- 10,020,909 U.S. Government and Agency Obligations -- 10,695,295 -- 10,695,295 Rights/Warrants Metals & Mining -- 3,501 -- 3,501 Oil, Gas & Consumable Fuels 305 -- -- 305 Over The Counter (OTC) Call Option Purchased -- -- -- -- Over The Counter (OTC) Currency Put Option Purchased -- 164,354 -- 164,354 ------------------------------------------------------------------------------------------------------- Total Investments in Securities $1,052,905 $289,051,200 $9,466,411 $299,570,516 =======================================================================================================
The accompanying notes are an integral part of these financial statements. 38 Pioneer Global High Yield Fund | Annual Report | 10/31/19
------------------------------------------------------------------------------------------------------- Level 1 Level 2 Level 3 Total ------------------------------------------------------------------------------------------------------- Other Financial Instruments Over The Counter (OTC) Currency Call Option Written $ -- $ (14,782) $ -- $ (14,782) Net unrealized depreciation on forward foreign currency exchange contracts -- (40,611) -- (40,611) Swap contracts, at value -- (84,313) -- (84,313) ------------------------------------------------------------------------------------------------------- Total Other Financial Instruments $ -- $ (139,706) $ -- $ (139,706) =======================================================================================================
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) -- (101,792) (101,792) Change in unrealized appreciation (depreciation)(2) (372,784) (872,957) (1,245,741) Accrued discounts/premiums -- 707 707 Purchases -- 5,432,578 5,432,578 Sales -- (9,682,491) (9,682,491) Transfers in to Level 3* -- -- -- Transfers out of Level 3* -- -- -- ----------------------------------------------------------------------------------------------------------- Balance as of 10/31/19 $ 860,272 $ 8,606,139 $ 9,466,411 -----------------------------------------------------------------------------------------------------------
(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 year ended October 31, 2019, there were no transfers between Level 1, 2 and 3.
Net change in unrealized appreciation (depreciation) of Level 3 investments still held and considered Level 3 at October 31, 2019: $(1,135,092) -----------
The accompanying notes are an integral part of these financial statements. Pioneer Global High Yield Fund | Annual Report | 10/31/19 39 Statement of Assets and Liabilities | 10/31/19
ASSETS: Investments in unaffiliated issuers, at value (cost $315,092,239) $ 299,570,516 Foreign currencies, at value (cost $1,103,038) 1,105,943 Swaps collateral 576,214 Receivables -- Investment securities sold 5,091,716 Fund shares sold 138,908 Interest 4,584,629 Due from the Adviser 15,543 Other assets 30,721 ------------------------------------------------------------------------------------------------------- Total assets $ 311,114,190 ======================================================================================================= LIABILITIES: Due to custodian $ 39,411 Payables -- Investment securities purchased 1,275,577 Fund shares repurchased 695,553 Distributions 145,428 Trustees' fees 1,037 Transfer agent fees 98,832 Due to broker for options collateral 263,075 Due to broker for swaps 183,077 Variation margin for centrally cleared swap contracts 12,377 Written options outstanding (net premiums received $(197,687)) 14,782 Net unrealized depreciation on forward foreign currency exchange contracts 40,611 Swap contracts, at value (net premiums paid $2,826) 84,313 Due to affiliates 23,324 Accrued expenses 143,385 ------------------------------------------------------------------------------------------------------- Total liabilities $ 3,020,782 ======================================================================================================= NET ASSETS: Paid-in capital $ 609,266,071 Distributable earnings (loss) (301,172,663) ------------------------------------------------------------------------------------------------------- Net assets $ 308,093,408 ======================================================================================================= NET ASSET VALUE PER SHARE: No par value (unlimited number of shares authorized) Class A (based on $160,056,953/18,685,837 shares) $ 8.57 Class C (based on $34,512,961/4,037,993 shares) $ 8.55 Class Y (based on $113,523,494/13,493,747 shares) $ 8.41 MAXIMUM OFFERING PRICE PER SHARE: Class A (based on $8.57 net asset value per share/100%-4.50% maximum sales charge) $ 8.97 =======================================================================================================
The accompanying notes are an integral part of these financial statements. 40 Pioneer Global High Yield Fund | Annual Report | 10/31/19 Statement of Operations For the Year Ended 10/31/19
INVESTMENT INCOME: Interest from unaffiliated issuers $ 21,851,156 Dividends from unaffiliated issuers (net of foreign taxes withheld $10,708) 736,667 ---------------------------------------------------------------------------------------------------------- Total investment income $ 22,587,823 ========================================================================================================== EXPENSES: Management fees $ 2,319,737 Administrative expense 157,074 Transfer agent fees Class A 225,161 Class C 53,144 Class Y 134,750 Distribution fees Class A 410,316 Class C 475,885 Shareowner communications expense 42,870 Custodian fees 42,726 Registration fees 57,638 Professional fees 47,536 Printing expense 81,267 Pricing fees 23,232 Trustees' fees 11,040 Insurance expense 6,087 Miscellaneous 64,051 ---------------------------------------------------------------------------------------------------------- Total expenses $ 4,152,514 Less fees waived and expenses reimbursed by the Adviser (15,542) ---------------------------------------------------------------------------------------------------------- Net expenses $ 4,136,972 ---------------------------------------------------------------------------------------------------------- Net investment income $ 18,450,851 ---------------------------------------------------------------------------------------------------------- REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS: Net realized gain (loss) on: Investments in unaffiliated issuers $(16,922,655) Written options 362,256 Forward foreign currency exchange contracts (254,437) Swap contracts 512,472 Other assets and liabilities denominated in foreign currencies 267,219 $(16,035,145) ---------------------------------------------------------------------------------------------------------- Change in net unrealized appreciation (depreciation) on: Investments in unaffiliated issuers $ 17,519,328 Written options (130,105) Forward foreign currency exchange contracts (4,992) Swap contracts (418,670) Other assets and liabilities denominated in foreign currencies 37,098 $ 17,002,659 ---------------------------------------------------------------------------------------------------------- Net realized and unrealized gain (loss) on investments $ 967,513 ---------------------------------------------------------------------------------------------------------- Net increase in net assets resulting from operations $ 19,418,365 ==========================================================================================================
The accompanying notes are an integral part of these financial statements. Pioneer Global High Yield Fund | Annual Report | 10/31/19 41 Statements of Changes in Net Assets
------------------------------------------------------------------------------------------------------ Year Ended Year Ended 10/31/19 10/31/18 ------------------------------------------------------------------------------------------------------ FROM OPERATIONS: Net investment income (loss) $ 18,450,851 $ 28,464,225 Net realized gain (loss) on investments (16,035,145) (4,779,834) Change in net unrealized appreciation (depreciation) on investments 17,002,659 (31,734,115) ------------------------------------------------------------------------------------------------------ Net increase (decrease) in net assets resulting from operations $ 19,418,365 $ (8,049,724) ------------------------------------------------------------------------------------------------------ DISTRIBUTIONS TO SHAREOWNERS: Class A ($0.44 and $0.45 per share, respectively) $ (8,505,350) $ (8,507,743) Class C ($0.37 and $0.39 per share, respectively) (2,108,733) (5,087,160) Class Y ($0.45 and $0.47 per share, respectively) (6,505,082) (12,802,730) Tax return of capital: Class A ($0.02 and $-- per share, respectively) (347,180) -- Class C ($0.02 and $-- per share, respectively) (97,011) -- Class Y ($0.02 and $-- per share, respectively) (255,692) -- ------------------------------------------------------------------------------------------------------ Total distributions to shareowners $ (17,819,048) $ (26,397,633) ------------------------------------------------------------------------------------------------------ FROM FUND SHARE TRANSACTIONS: Net proceeds from sales of shares $ 47,115,843 $ 128,334,116 Reinvestment of distributions 15,175,861 22,985,297 Cost of shares repurchased (123,101,208) (368,719,457) ------------------------------------------------------------------------------------------------------ Net decrease in net assets resulting from Fund share transactions $ (60,809,504) $(217,400,044) ------------------------------------------------------------------------------------------------------ Net increase (decrease) in net assets $ (59,210,187) $(251,847,401) NET ASSETS: Beginning of year $ 367,303,595 $ 619,150,996 ------------------------------------------------------------------------------------------------------ End of year $ 308,093,408 $ 367,303,595 ======================================================================================================
The accompanying notes are an integral part of these financial statements. 42 Pioneer Global High Yield Fund | Annual Report | 10/31/19
---------------------------------------------------------------------------------------------------- Year Ended Year Ended Year Ended Year Ended 10/31/19 10/31/19 10/31/18 10/31/18 Shares Amount Shares Amount ---------------------------------------------------------------------------------------------------- Class A Shares sold 2,888,912 $ 24,625,526 7,151,862 $ 61,978,329 Reinvestment of distributions 921,422 7,839,734 825,177 7,294,518 Less shares repurchased (5,516,071) (46,818,686) (7,649,884) (67,507,298) ---------------------------------------------------------------------------------------------------- Net increase (decrease) (1,705,737) $(14,353,426) 327,155 $ 1,765,549 ==================================================================================================== Class C Shares sold 105,877 $ 886,605 1,264,768 $ 10,969,813 Reinvestment of distributions 220,439 1,867,374 517,538 4,577,234 Less shares repurchased (3,438,461) (29,154,418) (10,426,906) (90,716,240) ---------------------------------------------------------------------------------------------------- Net decrease (3,112,145) $(26,400,439) (8,644,600) $ (75,169,193) ==================================================================================================== Class Y Shares sold 2,583,429 $ 21,603,712 6,297,721 $ 55,385,974 Reinvestment of distributions 654,812 5,468,753 1,275,654 11,113,545 Less shares repurchased (5,657,715) (47,128,104) (24,359,673) (210,495,919) ---------------------------------------------------------------------------------------------------- Net decrease (2,419,474) $(20,055,639) (16,786,298) $(143,996,400) ====================================================================================================
The accompanying notes are an integral part of these financial statements. Pioneer Global High Yield Fund | Annual Report | 10/31/19 43 Financial Highlights
------------------------------------------------------------------------------------------------------------------------------------ Year Year Year Year Year Ended Ended Ended Ended Ended 10/31/19 10/31/18 10/31/17 10/31/16* 10/31/15* ------------------------------------------------------------------------------------------------------------------------------------ Class A Net asset value, beginning of period $ 8.51 $ 9.12 $ 8.71 $ 8.64 $ 9.79 ------------------------------------------------------------------------------------------------------------------------------------ Increase (decrease) from investment operations: Net investment income (loss) (a) $ 0.47 $ 0.49 $ 0.51 $ 0.54 $ 0.58 Net realized and unrealized gain (loss) on investments 0.05 (0.65) 0.37 0.04(b) (1.19) ------------------------------------------------------------------------------------------------------------------------------------ Net increase (decrease) from investment operations $ 0.52 $ (0.16) $ 0.88 $ 0.58 $ (0.61) ------------------------------------------------------------------------------------------------------------------------------------ Distributions to shareowners: Net investment income $ (0.44) $ (0.45) $ (0.42) $ (0.47) $ (0.46) Tax return of capital (0.02) -- (0.05) (0.04) (0.08) ------------------------------------------------------------------------------------------------------------------------------------ Total distributions $ (0.46) $ (0.45) $ (0.47) $ (0.51) $ (0.54) ------------------------------------------------------------------------------------------------------------------------------------ Net increase (decrease) in net asset value $ 0.06 $ (0.61) $ 0.41 $ 0.07 $ (1.15) ------------------------------------------------------------------------------------------------------------------------------------ Net asset value, end of period $ 8.57 $ 8.51 $ 9.12 $ 8.71 $ 8.64 ==================================================================================================================================== Total return (c) 6.27% (1.78)% 10.33% 7.14%(d) (6.36)% Ratio of net expenses to average net assets 1.25% 1.17% 1.18% 1.19% 1.17% Ratio of net investment income (loss) to average net assets 5.57% 5.56% 5.71% 6.50% 6.31% Portfolio turnover rate 54% 48% 53% 40% 32% Net assets, end of period (in thousands) $160,057 $173,588 $182,900 $201,360 $254,056 Ratios with no waiver of fees and assumption of expenses by the Adviser and no reduction for fees paid indirectly: Total expenses to average net assets 1.26% 1.17% 1.18% 1.19% 1.17% Net investment income (loss) to average net assets 5.56% 5.56% 5.71% 6.50% 6.31% ====================================================================================================================================
* 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) 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%. The accompanying notes are an integral part of these financial statements. 44 Pioneer Global High Yield Fund | Annual Report | 10/31/19
------------------------------------------------------------------------------------------------------------------------------------ Year Year Year Year Year Ended Ended Ended Ended Ended 10/31/19 10/31/18 10/31/17 10/31/16* 10/31/15* ------------------------------------------------------------------------------------------------------------------------------------ Class C Net asset value, beginning of period $ 8.49 $ 9.09 $ 8.69 $ 8.62 $ 9.76 ------------------------------------------------------------------------------------------------------------------------------------ Increase (decrease) from investment operations: Net investment income (loss) (a) $ 0.41 $ 0.42 $ 0.44 $ 0.48 $ 0.51 Net realized and unrealized gain (loss) on investments 0.04 (0.63) 0.36 0.04(b) (1.17) ------------------------------------------------------------------------------------------------------------------------------------ Net increase (decrease) from investment operations $ 0.45 $ (0.21) $ 0.80 $ 0.52 $ (0.66) ------------------------------------------------------------------------------------------------------------------------------------ Distributions to shareowners: Net investment income $ (0.37) $ (0.39) $ (0.35) $ (0.41) $ (0.40) Tax return of capital (0.02) -- (0.05) (0.04) (0.08) ------------------------------------------------------------------------------------------------------------------------------------ Total distributions $ (0.39) $ (0.39) $ (0.40) $ (0.45) $ (0.48) ------------------------------------------------------------------------------------------------------------------------------------ Net increase (decrease) in net asset value $ 0.06 $ (0.60) $ 0.40 $ 0.07 $ (1.14) ------------------------------------------------------------------------------------------------------------------------------------ Net asset value, end of period $ 8.55 $ 8.49 $ 9.09 $ 8.69 $ 8.62 ==================================================================================================================================== Total return (c) 5.46% (2.39)% 9.46% 6.40%(d) (6.96)% Ratio of net expenses to average net assets 1.97% 1.90% 1.89% 1.90% 1.87% Ratio of net investment income (loss) to average net assets 4.86% 4.75% 5.01% 5.79% 5.61% Portfolio turnover rate 54% 48% 53% 40% 32% Net assets, end of period (in thousands) $34,513 $60,700 $143,587 $183,542 $237,163 ====================================================================================================================================
* 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) 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%. The accompanying notes are an integral part of these financial statements. Pioneer Global High Yield Fund | Annual Report | 10/31/19 45 Financial Highlights (continued)
------------------------------------------------------------------------------------------------------------------------------------ Year Year Year Year Year Ended Ended Ended Ended Ended 10/31/19 10/31/18 10/31/17 10/31/16* 10/31/15* ------------------------------------------------------------------------------------------------------------------------------------ Class Y Net asset value, beginning of period $ 8.36 $ 8.95 $ 0.55 $ 8.49 $ 9.62 ------------------------------------------------------------------------------------------------------------------------------------ Increase (decrease) from investment operations: Net investment income (loss) (a) $ 0.49 $ 0.50 $ 0.52 $ 0.57 $ 0.60 Net realized and unrealized gain (loss) on investments 0.03 (0.62) 0.36 0.01(b) (1.17) ------------------------------------------------------------------------------------------------------------------------------------ Net increase (decrease) from investment operations $ 0.52 $ (0.12) $ 0.88 $ 0.58 $ (0.57) ------------------------------------------------------------------------------------------------------------------------------------ Distributions to shareowners: Net investment income $ (0.45) $ (0.47) $ (0.43) $ (0.48) $ (0.48) Tax return of capital (0.02) -- (0.05) (0.04) (0.08) ------------------------------------------------------------------------------------------------------------------------------------ Total distributions $ (0.47) $ (0.47) $ (0.48) $ (0.52) $ (0.56) ------------------------------------------------------------------------------------------------------------------------------------ Net increase (decrease) in net asset value $ 0.05 $ (0.59) $ 0.40 $ 0.06 $ (1.13) ------------------------------------------------------------------------------------------------------------------------------------ Net asset value, end of period $ 8.41 $ 8.36 $ 8.95 $ 8.55 $ 8.49 ==================================================================================================================================== Total return (c) 6.43% (1.41)% 10.60% 7.34% (6.08)% Ratio of net expenses to average net assets 0.96% 0.92% 0.91% 0.90% 0.87% Ratio of net investment income (loss) to average net assets 5.85% 5.73% 5.96% 6.93% 6.60% Portfolio turnover rate 54% 48% 53% 40% 32% Net assets, end of period (in thousands) $113,523 $133,015 $292,664 $280,262 $485,344 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 0.96% 0.92% 0.91% 0.90% 0.87% Net investment income (loss) to average net assets 5.85% 5.73% 5.96% 6.93% 6.60% ====================================================================================================================================
* 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. The accompanying notes are an integral part of these financial statements. 46 Pioneer Global High Yield Fund | Annual Report | 10/31/19 Notes to Financial Statements | 10/31/19 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 October 31, 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. Pioneer Global High Yield Fund | Annual Report | 10/31/19 47 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 48 Pioneer Global High Yield Fund | Annual Report | 10/31/19 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. 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. Repurchase agreements are valued at par. Cash may include overnight time deposits at approved financial institutions. Pioneer Global High Yield Fund | Annual Report | 10/31/19 49 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 October 31, 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 0.31% of net assets. The value of this fair valued security was $958,285. 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 50 Pioneer Global High Yield Fund | Annual Report | 10/31/19 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, 2019, 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 High Yield Fund | Annual Report | 10/31/19 51 At October 31, 2019, the Fund was permitted to carry forward indefinitely $22,665,905 of short-term and $261,957,667 of long-term losses under the Regulated Investment Company Modernization Act of 2010 without limitation. The tax character of distributions paid during the years ended October 31, 2019 and October 31, 2018, were as follows:
-------------------------------------------------------------------------- 2019 2018 -------------------------------------------------------------------------- Distributions paid from: Ordinary income $17,119,165 $26,397,633 Tax return of capital 699,883 -- -------------------------------------------------------------------------- Total $17,819,048 $26,397,633 ==========================================================================
The following shows the components of distributable earnings on a federal income tax basis at October 31, 2019:
-------------------------------------------------------------------------- 2019 -------------------------------------------------------------------------- Distributable earnings: Capital loss carryforward $(284,623,572) Dividend payable (145,428) Net unrealized depreciation (16,403,663) -------------------------------------------------------------------------- Total $(301,172,663) ==========================================================================
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 $5,689 in underwriting commissions on the sale of Class A shares during the year ended October 31, 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). 52 Pioneer Global High Yield Fund | Annual Report | 10/31/19 The Fund declares as daily dividends substantially all of its net investment income. All dividends are paid on a monthly basis. Short-term capital gain distributions, if any, may be declared with the daily dividends. Distributions to shareowners are recorded as of the ex-dividend date. Distributions paid by the Fund with respect to each class of shares are calculated in the same manner and at the same time, except that net investment income dividends to Class A, Class C and Class Y shares can reflect different transfer agent and distribution expense rates. G. Risks 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. Pioneer Global High Yield Fund | Annual Report | 10/31/19 53 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 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. 54 Pioneer Global High Yield Fund | Annual Report | 10/31/19 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 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 and for the year ended October 31, 2019, the Fund had no open repurchase agreements. Pioneer Global High Yield Fund | Annual Report | 10/31/19 55 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 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 year ended October 31, 2019, was $461,336. Open purchased options at October 31, 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 56 Pioneer Global High Yield Fund | Annual Report | 10/31/19 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 year ended October 31, 2019, was $(43,412). Open written options contracts at October 31, 2019, are listed in the Fund's Schedule of Investments. L. Forward Foreign Currency Exchange Contracts The Fund may enter into forward foreign currency exchange 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 7). At October 31, 2019, the Fund had entered into various forward foreign currency exchange 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 exchange contracts open during the year ended October 31, 2019, was $(32,060). Open forward foreign currency exchange contracts outstanding at October 31, 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 Pioneer Global High Yield Fund | Annual Report | 10/31/19 57 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 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 58 Pioneer Global High Yield Fund | Annual Report | 10/31/19 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 October 31, 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 year ended October 31, 2019, was $291,871. Open credit default swap contracts at October 31, 2019, are listed in the Schedule of Investments. 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 year ended October 31, 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. Effective October 1, 2019, 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 1.14% and 0.90% of the average daily net assets attributable to Class A and Class Y shares, respectively. These expense limitations are in effect through March 1, 2021 for Class A shares and Class Y shares. Fees waived and expenses reimbursed during the year ended October 31, 2019 are reflected on the Statement of Operations. There can be no assurance that the Adviser will extend the expense limitation agreement for a class of shares beyond the date referred to above. In addition, under the management and administration agreements, certain other services and costs, including accounting, regulatory reporting and insurance premiums, are paid by the Fund as administrative reimbursements. Included in "Due to affiliates" reflected on the Statement of Assets and Liabilities is $17,191 in management fees, administrative costs and certain other reimbursements payable to the Adviser at October 31, 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. Pioneer Global High Yield Fund | Annual Report | 10/31/19 59 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 year ended October 31, 2019, such out-of-pocket expenses by class of shares were as follows: -------------------------------------------------------------------------------- Shareowner Communications -------------------------------------------------------------------------------- Class A $31,015 Class C 6,109 Class Y 5,746 -------------------------------------------------------------------------------- Total $42,870 ================================================================================
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 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 $6,133 in distribution fees payable to the Distributor at October 31, 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 year ended October 31, 2019, CDSCs in the amount of $1,038 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 credit facility or the limits set for borrowing by the Fund's prospectus and the 1940 60 Pioneer Global High Yield Fund | Annual Report | 10/31/19 Act. Effective August 1, 2018, the Fund participates in a credit facility in the amount of $250 million. Under such facility, depending on the type of loan, interest on borrowings is payable at the London Interbank Offered Rate ("LIBOR") plus a credit spread. The Funds also pay an annual commitment fee to participate in a credit facility. The commitment fee is allocated among participating Funds based on an allocation schedule set forth in the credit agreement. For the year ended October 31, 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 of 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 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 Pioneer Global High Yield Fund | Annual Report | 10/31/19 61 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 October 31, 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 $164,354 $(14,782) $ -- $(149,572) $ -- JPMorgan Chase Bank NA 416 (416) -- -- -- State Street Bank & Trust Co. 58,346 (8,378) -- -- 49,968 -------------------------------------------------------------------------------------------------------- Total $223,116 $(23,576) $ -- $(149,572) $49,968 ========================================================================================================
------------------------------------------------------------------------------------------------------------- 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 $ 14,782 $(14,782) $ -- $ -- $ -- Brown Brothers & Co. 6,911 -- -- -- 6,911 Citibank N.A. 4,288 -- -- -- 4,288 HSBC Bank 72,613 -- -- -- 72,613 Goldman Sachs International 58,067 -- -- (58,067) -- JPMorgan Chase Bank NA 7,183 (416) -- -- 6,767 State Street Bank & Trust Co. 8,378 (8,378) -- -- -- -------------------------------------------------------------------------------------------------------------- Total $172,222 $(23,576) $ -- $(58,067) $90,579 ==============================================================================================================
(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. 62 Pioneer Global High Yield Fund | Annual Report | 10/31/19 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 October 31, 2019, was as follows:
---------------------------------------------------------------------------------------- Foreign Statement of Interest Credit Exchange Equity Commodity Assets and Liabilities Rate Risk Risk Rate Risk Risk Risk ---------------------------------------------------------------------------------------- Assets Options purchased* $ -- $ -- $164,354 $ -- $ -- ---------------------------------------------------------------------------------------- Total Value $ -- $ -- $164,354 $ -- $ -- ======================================================================================== Liabilities Written options outstanding $ -- $ -- $ 14,782 $ -- $ -- Net unrealized depreciation on forward foreign currency contracts -- -- 40,611 -- -- Swap contracts, at value -- 84,313 -- -- -- ---------------------------------------------------------------------------------------- Total Value $ -- $84,313 $ 55,393 $ -- $ -- ========================================================================================
* 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. Pioneer Global High Yield Fund | Annual Report | 10/31/19 63 The effect of derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) on the Statement of Operations by risk exposure at October 31, 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: Written options $ -- $ -- $ 362,256 $ -- $ -- Forward foreign currency contracts -- -- (254,437) -- -- Swap contracts -- 512,472 -- -- -- ------------------------------------------------------------------------------------------------ Total Value $ -- $ 512,472 $ 107,819 $ -- $ -- ================================================================================================ Change in net unrealized appreciation (depreciation) on: Options purchased** $ -- $ -- $(293,077) $ -- $ -- Written options -- -- (130,105) -- -- Forward foreign currency contracts -- -- (4,992) -- -- Swap contracts -- (418,670) -- -- -- ------------------------------------------------------------------------------------------------ Total Value $ -- $(418,670) $(428,174) $ -- $ -- ================================================================================================
** 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. 64 Pioneer Global High Yield Fund | Annual Report | 10/31/19 Report of Independent Registered Public Accounting Firm To the Board of Trustees of Pioneer Series Trust VII and the Shareowners of Pioneer Global High Yield Fund: -------------------------------------------------------------------------------- Opinion on the Financial Statements We have audited the accompanying statement of assets and liabilities of Pioneer Global High Yield Fund (the "Fund") (one of the funds constituting Pioneer Series Trust VII (the "Trust")), including the schedule of investments, as of October 31, 2019, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the three years in the period then ended and the related notes (collectively referred to as the "financial statements"). The financial highlights for the periods ended October 31, 2015 and October 31, 2016 were audited by another independent registered public accounting firm whose report, dated December 23, 2016, expressed an unqualified opinion on those financial highlights. In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund (one of the funds constituting Pioneer Series Trust VII) at October 31, 2019, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and its financial highlights for each of the three years in the period then ended, in conformity with U.S. generally accepted accounting principles. Basis for Opinion These financial statements are the responsibility of the Trust's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Trust is not required to have, nor were we engaged to perform, an audit of the Trust's internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Trust's internal control over financial reporting. Accordingly, we express no such opinion. Pioneer Global High Yield Fund | Annual Report | 10/31/19 65 Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of October 31, 2019, by correspondence with the custodian and brokers. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion. /s/ Ernst & Young LLP We have served as the Fund's auditor since 2017. Boston, Massachusetts December 20, 2019 66 Pioneer Global High Yield Fund | Annual Report | 10/31/19 Additional Information (unaudited) The percentages of the Fund's ordinary income distributions that are exempt from nonresident alien (NRA) tax withholding resulting from qualified interest income was 48.70%. Pioneer Global High Yield Fund | Annual Report | 10/31/19 67 Approval of Investment Management Agreement Amundi Pioneer Asset Management, Inc. ("APAM") serves as the investment adviser to Pioneer Global High Yield Fund (the "Fund") pursuant to an investment management agreement between APAM and the Fund. In order for APAM to remain the investment adviser of the Fund, the Trustees of the Fund must determine annually whether to renew the investment management agreement for the Fund. The contract review process began in January 2019 as the Trustees of the Fund agreed on, among other things, an overall approach and timeline for the process. Contract review materials were provided to the Trustees in March 2019, July 2019 and September 2019. In addition, the Trustees reviewed and discussed the Fund's performance at regularly scheduled meetings throughout the year, and took into account other information related to the Fund provided to the Trustees at regularly scheduled meetings, in connection with the review of the Fund's investment management agreement. In March 2019, the Trustees, among other things, discussed the memorandum provided by Fund counsel that summarized the legal standards and other considerations that are relevant to the Trustees in their deliberations regarding the renewal of the investment management agreement, and reviewed and discussed the qualifications of the investment management teams for the Fund, as well as the level of investment by the Fund's portfolio managers in the Fund. In July 2019, the Trustees, among other things, reviewed the Fund's management fees and total expense ratios, the financial statements of APAM and its parent companies, profitability analyses provided by APAM, and analyses from APAM as to possible economies of scale. The Trustees also reviewed the profitability of the institutional business of APAM and APAM's affiliate, Amundi Pioneer Institutional Asset Management, Inc. ("APIAM" and, together with APAM, "Amundi Pioneer"), as compared to that of APAM's fund management business, and considered the differences between the fees and expenses of the Fund and the fees and expenses of APAM's and APIAM's institutional accounts, as well as the different services provided by APAM to the Fund and by APAM and APIAM to the institutional accounts. The Trustees further considered contract review materials, including additional materials received in response to the Trustees' request, in September 2019. At a meeting held on September 17, 2019, based on their evaluation of the information provided by APAM and third parties, the Trustees of the Fund, including the Independent Trustees voting separately, unanimously approved the renewal of the investment management agreement for another year. In approving the renewal of the investment management agreement, the Trustees 68 Pioneer Global High Yield Fund | Annual Report | 10/31/19 considered various factors that they determined were relevant, including the factors described below. The Trustees did not identify any single factor as the controlling factor in determining to approve the renewal of the agreement. Nature, Extent and Quality of Services The Trustees considered the nature, extent and quality of the services that had been provided by APAM to the Fund, taking into account the investment objective and strategy of the Fund. The Trustees also reviewed APAM's investment approach for the Fund and its research process. The Trustees considered the resources of APAM and the personnel of APAM who provide investment management services to the Fund. They also reviewed the amount of non-Fund assets managed by the portfolio managers of the Fund. They considered the non-investment resources and personnel of APAM that are involved in APAM's services to the Fund, including APAM's compliance, risk management, and legal resources and personnel. The Trustees noted the substantial attention and high priority given by APAM's senior management to the Pioneer Fund complex. The Trustees considered that APAM supervises and monitors the performance of the Fund's service providers and provides the Fund with personnel (including Fund officers) and other resources that are necessary for the Fund's business management and operations. The Trustees also considered that, as administrator, APAM is responsible for the administration of the Fund's business and other affairs. The Trustees considered the fees paid to APAM for the provision of administration services. Based on these considerations, the Trustees concluded that the nature, extent and quality of services that had been provided by APAM to the Fund were satisfactory and consistent with the terms of the investment management agreement. Performance of the Fund In considering the Fund's performance, the Trustees regularly review and discuss throughout the year data prepared by APAM and information comparing the Fund's performance with the performance of its peer group of funds, as classified by Morningstar, Inc. (Morningstar), and the performance of the Fund's benchmark index. They also discuss the Fund's performance with APAM on a regular basis. The Trustees' regular reviews and discussions were factored into the Trustees' deliberations concerning the renewal of the investment management agreement. Pioneer Global High Yield Fund | Annual Report | 10/31/19 69 Management Fee and Expenses The Trustees considered information showing the fees and expenses of the Fund in comparison to the management fees of its peer group of funds as classified by Morningstar and also to the expense ratios of a peer group of funds selected on the basis of criteria determined by the Independent Trustees for this purpose using data provided by Strategic Insight Mutual Fund Research and Consulting, LLC (Strategic Insight), an independent third party. The peer group comparisons referred to below are organized in quintiles. Each quintile represents one-fifth of the peer group. In all peer group comparisons referred to below, first quintile is most favorable to the Fund's shareowners. The Trustees noted that they separately review and consider the impact of the Fund's transfer agency and Fund- and APAM-paid expenses for sub-transfer agency and intermediary arrangements, and that the results of the most recent such review were considered in the consideration of the Fund's expense ratio. The Trustees considered that the Fund's management fee for the most recent fiscal year was in the fourth quintile relative to the management fees paid by other funds in its Morningstar category for the comparable period. The Trustees considered that the expense ratio of the Fund's Class A shares for the most recent fiscal year was in the fourth quintile relative to its Strategic Insight peer group for the comparable period. The Trustees noted the resource commitment necessary to manage a fund that invests significantly in non-U.S. securities. The Trustees noted that APAM had agreed to waive fees and/or reimburse expenses in order to limit the ordinary operating expenses of the Fund, effective October 1, 2019. The Trustees reviewed management fees charged by APAM and APIAM to institutional and other clients, including publicly offered European funds sponsored by APAM's affiliates, unaffiliated U.S. registered investment companies (in a sub-advisory capacity), and unaffiliated foreign and domestic separate accounts. The Trustees also considered APAM's costs in providing services to the Fund and APAM's and APIAM's costs in providing services to the other clients and considered the differences in management fees and profit margins for fund and non-fund services. In evaluating the fees associated with APAM's and APIAM's client accounts, the Trustees took into account the respective demands, resources and complexity associated with the Fund and other client accounts. The Trustees noted that, in some instances, the fee rates for those clients were lower than the management fee for the Fund and considered that, under the investment management agreement with the Fund, APAM performs additional services for the Fund that it does not provide to those other clients or services that are broader in scope, including oversight of 70 Pioneer Global High Yield Fund | Annual Report | 10/31/19 the Fund's other service providers and activities related to compliance and the extensive regulatory and tax regimes to which the Fund is subject. The Trustees also considered the entrepreneurial risks associated with APAM's management of the Fund. The Trustees concluded that the management fee payable by the Fund to APAM was reasonable in relation to the nature and quality of the services provided by APAM. Profitability The Trustees considered information provided by APAM regarding the profitability of APAM with respect to the advisory services provided by APAM to the Fund, including the methodology used by APAM in allocating certain of its costs to the management of the Fund. The Trustees also considered APAM's profit margin in connection with the overall operation of the Fund. They further reviewed the financial results, including the profit margins, realized by APAM and APIAM from non-fund businesses. The Trustees considered APAM's profit margins in comparison to the limited industry data available and noted that the profitability of any adviser was affected by numerous factors, including its organizational structure and method for allocating expenses. The Trustees concluded that APAM's profitability with respect to the management of the Fund was not unreasonable. Economies of Scale The Trustees considered APAM's views relating to economies of scale in connection with the Pioneer Funds as fund assets grow and the extent to which any such economies of scale are shared with the Fund and Fund shareholders. The Trustees recognize that economies of scale are difficult to identify and quantify, and that, among other factors that may be relevant, are the following: fee levels, expense subsidization, investment by APAM in research and analytical capabilities and APAM's commitment and resource allocation to the Fund. The Trustees noted that profitability also may be an indicator of the availability of any economies of scale, although profitability may vary for other reasons including due to reductions in expenses. The Trustees concluded that economies of scale, if any, were being appropriately shared with the Fund. Other Benefits The Trustees considered the other benefits that APAM enjoys from its relationship with the Fund. The Trustees considered the character and amount of fees paid or to be paid by the Fund, other than under the investment management agreement, for services provided by APAM and its affiliates. The Pioneer Global High Yield Fund | Annual Report | 10/31/19 71 Trustees further considered the revenues and profitability of APAM's businesses other than the Fund business. To the extent applicable, the Trustees also considered the benefits to the Fund and to APAM and its affiliates from the use of "soft" commission dollars generated by the Fund to pay for research and brokerage services. The Trustees considered that Amundi Pioneer is the principal U.S. asset management business of Amundi, which is one of the largest asset managers globally. Amundi's worldwide asset management business manages over $1.6 trillion in assets (including the Pioneer Funds). The Trustees considered that APAM's relationship with Amundi creates potential opportunities for APAM, APIAM and Amundi that derive from APAM's relationships with the Fund, including Amundi's ability to market the services of APAM globally. The Trustees noted that APAM has access to additional research and portfolio management capabilities as a result of its relationship with Amundi and Amundi's enhanced global presence that may contribute to an increase in the resources available to APAM. The Trustees considered that APAM and the Fund receive reciprocal intangible benefits from the relationship, including mutual brand recognition and, for the Fund, direct and indirect access to the resources of a large global asset manager. The Trustees concluded that any such benefits received by APAM as a result of its relationship with the Fund were reasonable. Conclusion After consideration of the factors described above as well as other factors, the Trustees, including the Independent Trustees, concluded that the investment management agreement for the Fund, including the fees payable thereunder, was fair and reasonable and voted to approve the proposed renewal of the investment management agreement. 72 Pioneer Global High Yield Fund | Annual Report | 10/31/19 Trustees, Officers and Service Providers Investment Adviser and Administrator Amundi Pioneer Asset Management, Inc. Custodian and Sub-Administrator Brown Brothers Harriman & Co. Independent Registered Public Accounting Firm Ernst & Young LLP 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. Trustees and Officers The Fund's Trustees and officers are listed below, together with their principal occupations and other directorships they have held during at least the past five years. Trustees who are interested persons of the Fund within the meaning of the 1940 Act are referred to as Interested Trustees. Trustees who are not interested persons of the Fund are referred to as Independent Trustees. Each of the Trustees, except for Mr. Bock and Ms. Durnin, serve as Trustees of each of the 45 U.S. registered investment portfolios for which Amundi Pioneer serves as investment adviser (the "Pioneer Funds"). Mr. Bock and Ms. Durnin serve as Trustees of 39 Pioneer Funds. The address for all Trustees and all officers of the Fund is 60 State Street, Boston, Massachusetts 02109. The Statement of Additional Information of the Fund includes additional information about the Trustees and is available, without charge, upon request, by calling 1-800-225-6292. Pioneer Global High Yield Fund | Annual Report | 10/31/19 73
Independent Trustees Name, Age and Position Term of Office and Other Directorships Held With the Fund Length of Service Principal Occupation Held by Trustee ------------------------------------------------------------------------------------------------------------------------------------ Thomas J. Perna (68) Trustee since 2006. Private investor (2004 - 2008 and 2013 - Director, Broadridge Chairman of the Board Serves until a successor present); Chairman (2008 - 2013) and Chief Financial Solutions, and Trustee trustee is elected or earlier Executive Officer (2008 - 2012), Quadriserv, Inc. (investor retirement or removal. Inc. (technology products for securities communications and lending industry); and Senior Executive Vice securities processing President, The Bank of New York (financial provider for financial and securities services) (1986 - 2004) services industry) (2009 - present); Director, Quadriserv, Inc. (2005 - 2013); and Commissioner, New Jersey State Civil Service Commission (2011 - 2015) ------------------------------------------------------------------------------------------------------------------------------------ John E. Baumgardner, Jr. (68) Trustee since 2019. Of Counsel (2019 - present), Partner Chairman, The Lakeville Trustee Serves until a successor (1983-2018), Sullivan & Cromwell LLP Journal Company, trustee is elected or earlier (law firm). LLC, (privately-held retirement or removal. community newspaper group) (2015 - present) ------------------------------------------------------------------------------------------------------------------------------------ David R. Bock (75) Trustee since 2005. Managing Partner, Federal City Capital Director of New York Trustee Serves until a successor Advisors (corporate advisory services Mortgage Trust trustee is elected or earlier company) (1997 - 2004 and 2008 - present); (publicly-traded retirement or removal. Interim Chief Executive Officer, Oxford mortgage REIT) Analytica, Inc. (privately held research and (2004 - 2009, 2012 - consulting company) (2010); Executive Vice present); Director President and Chief Financial Officer, of The Swiss I-trax, Inc. (publicly traded health care Helvetia Fund, Inc. services company) (2004 - 2007); and (closed-end fund) Executive Vice President and Chief Financial (2010 - 2017); Officer, Pedestal Inc. (internet-based Director of Oxford mortgage trading company) (2000 - 2002); Analytica, Inc. Private Consultant (1995 - 1997); Managing (2008 - 2015); and Director, Lehman Brothers (1992 - 1995); and Director of Executive, The World Bank (1979 - 1992) Enterprise Community Investment, Inc. (privately-held affordable housing finance company) (1985 - 2010) ------------------------------------------------------------------------------------------------------------------------------------
74 Pioneer Global High Yield Fund | Annual Report | 10/31/19
Name, Age and Position Term of Office and Other Directorships Held With the Fund Length of Service Principal Occupation Held by Trustee ------------------------------------------------------------------------------------------------------------------------------------ Diane Durnin (62) Trustee since 2019. Managing Director - Head of Product Strategy None Trustee Serves until a successor and Development, BNY Mellon Investment trustee is elected or earlier Management (2012-2018); Vice Chairman - The retirement or removal. Dreyfus Corporation (2005 - 2018): Executive Vice President Head of Product, BNY Mellon Investment Management (2007-2012); Executive Director- Product Strategy, Mellon Asset Management (2005-2007); Executive Vice President Head of Products, Marketing and Client Service, Dreyfus Corporation (2000-2005); and Senior Vice President Strategic Product and Business Development, Dreyfus Corporation (1994-2000) ------------------------------------------------------------------------------------------------------------------------------------ Benjamin M. Friedman (75) Trustee since 2008. William Joseph Maier Professor of Political Trustee, Mellon Trustee Serves until a successor Economy, Harvard University (1972 - present) Institutional Funds trustee is elected or earlier Investment Trust and retirement or removal. Mellon Institutional Funds Master Portfolio (oversaw 17 portfolios in fund complex) (1989 - 2008) ------------------------------------------------------------------------------------------------------------------------------------ Margaret B.W. Graham (72) Trustee since 2001. Founding Director, Vice-President and None Trustee Serves until a successor Corporate Secretary, The Winthrop Group, trustee is elected or earlier Inc. (consulting firm) (1982 - present); retirement or removal. Desautels Faculty of Management, McGill University (1999 - 2017); and Manager of Research Operations and Organizational Learning, Xerox PARC, Xerox's advance research center (1990-1994) ------------------------------------------------------------------------------------------------------------------------------------ Lorraine H. Monchak (62) Trustee since 2017. Chief Investment Officer, 1199 SEIU Funds None Trustee (Advisory Trustee from (healthcare workers union pension funds) 2014 - 2017). Serves until a (2001 - present); Vice President - successor trustee is elected International Investments Group, American or earlier retirement International Group, Inc. (insurance or removal. company) (1993 - 2001); Vice President - Corporate Finance and Treasury Group, Citibank, N.A. (1980 - 1986 and 1990 - 1993); Vice President - Asset/Liability Management Group, Federal Farm Funding Corporation (government-sponsored issuer of debt securities) (1988 - 1990); Mortgage Strategies Group, Shearson Lehman Hutton, Inc. (investment bank) (1987 - 1988); and Mortgage Strategies Group, Drexel Burnham Lambert, Ltd. (investment bank) (1986 - 1987) ------------------------------------------------------------------------------------------------------------------------------------
Pioneer Global High Yield Fund | Annual Report | 10/31/19 75
Independent Trustees (continued) Name, Age and Position Term of Office and Other Directorships Held With the Fund Length of Service Principal Occupation Held by Trustee ------------------------------------------------------------------------------------------------------------------------------------ Marguerite A. Piret (71) Trustee since 2001. President and Chief Executive Officer, Director of New Trustee Serves until a successor Metric Financial Inc. (formerly known as America High Income trustee is elected or earlier Newbury Piret Company) (investment banking Fund, Inc. (closed-end retirement or removal. firm) (1981 - present) investment company) (2004 - present); and Member, Board of Governors, Investment Company Institute (2000 - 2006) ------------------------------------------------------------------------------------------------------------------------------------ Fred J. Ricciardi (72) Trustee since 2014. Consultant (investment company services) None Trustee Serves until a successor (2012 - present); Executive Vice President, trustee is elected or earlier BNY Mellon (financial and investment company retirement or removal. services) (1969 - 2012); Director, BNY International Financing Corp. (financial services) (2002 - 2012); Director, Mellon Overseas Investment Corp. (financial services) (2009 - 2012); Director, Financial Models (technology) (2005-2007); Director, BNY Hamilton Funds, Ireland (offshore investment companies) (2004-2007); Chairman/Director, AIB/BNY Securities Services, Ltd., Ireland (financial services) (1999-2006); and Chairman, BNY Alternative Investment Services, Inc. (financial services) (2005-2007) ------------------------------------------------------------------------------------------------------------------------------------
76 Pioneer Global High Yield Fund | Annual Report | 10/31/19
Interested Trustees Name, Age and Position Term of Office and Other Directorships Held With the Fund Length of Service Principal Occupation Held by Trustee ------------------------------------------------------------------------------------------------------------------------------------ Lisa M. Jones (57)* Trustee since 2017. Director, CEO and President of Amundi None Trustee, President and Serves until a successor Pioneer Asset Management USA, Inc. (since Chief Executive Officer trustee is elected or earlier September 2014); Director, CEO and President retirement or removal of Amundi Pioneer Asset Management, Inc. (since September 2014); Director, CEO and President of Amundi Pioneer Distributor, Inc. (since September 2014); Director, CEO and President of Amundi Pioneer Institutional Asset Management, Inc. (since September 2014); Chair, Amundi Pioneer Asset Management USA, Inc., Amundi Pioneer Distributor, Inc. and Amundi Pioneer Institutional Asset Management, Inc. (September 2014 - 2018); Managing Director, Morgan Stanley Investment Management (2010 - 2013); Director of Institutional Business, CEO of International, Eaton Vance Management (2005 - 2010); and Director of Amundi USA, Inc. (since 2017) ------------------------------------------------------------------------------------------------------------------------------------ Kenneth J. Taubes (61)* Trustee since 2014. Director and Executive Vice President (since None Trustee Serves until a successor 2008) and Chief Investment Officer, U.S. trustee is elected or earlier (since 2010) of Amundi Pioneer Asset retirement or removal Management USA, Inc.; Director and Executive Vice President and Chief Investment Officer, U.S. of Amundi Pioneer (since 2008); Executive Vice President and Chief Investment Officer, U.S. of Amundi Pioneer Institutional Asset Management, Inc. (since 2009); Portfolio Manager of Amundi Pioneer (since 1999); and Director of Amundi USA, Inc. (since 2017) ------------------------------------------------------------------------------------------------------------------------------------ * Ms. Jones and Mr. Taubes are Interested Trustees because they are officers or directors of the Fund's investment adviser and certain of its affiliates.
Pioneer Global High Yield Fund | Annual Report | 10/31/19 77
Fund Officers Name, Age and Position Term of Office and Other Directorships Held With the Fund Length of Service Principal Occupation Held by Trustee ------------------------------------------------------------------------------------------------------------------------------------ Christopher J. Kelley (54) Since 2003. Serves at the Vice President and Associate General Counsel None Secretary and Chief discretion of the Board of Amundi Pioneer since January 2008; Legal Officer Secretary and Chief Legal Officer of all of the Pioneer Funds since June 2010; Assistant Secretary of all of the Pioneer Funds from September 2003 to May 2010; and Vice President and Senior Counsel of Amundi Pioneer from July 2002 to December 2007 ------------------------------------------------------------------------------------------------------------------------------------ Carol B. Hannigan (58) Since 2010. Serves at the Fund Governance Director of Amundi Pioneer None Assistant Secretary discretion of the Board since December 2006 and Assistant Secretary of all the Pioneer Funds since June 2010; Manager - Fund Governance of Amundi Pioneer from December 2003 to November 2006; and Senior Paralegal of Amundi Pioneer from January 2000 to November 2003 ------------------------------------------------------------------------------------------------------------------------------------ Thomas Reyes (56) Since 2010. Serves at the Senior Counsel of Amundi Pioneer since May None Assistant Secretary discretion of the Board 2013 and Assistant Secretary of all the Pioneer Funds since June 2010; and Counsel of Amundi Pioneer from June 2007 to May 2013 ------------------------------------------------------------------------------------------------------------------------------------ Mark E. Bradley (59) Since 2008. Serves at the Vice President - Fund Treasury of Amundi None Treasurer and Chief discretion of the Board Pioneer; Treasurer of all of the Pioneer Financial and Funds since March 2008; Deputy Treasurer of Accounting Officer Amundi Pioneer from March 2004 to February 2008; and Assistant Treasurer of all of the Pioneer Funds from March 2004 to February 2008 ------------------------------------------------------------------------------------------------------------------------------------ Luis I. Presutti (54) Since 2001. Serves at the Director - Fund Treasury of Amundi Pioneer; None Assistant Treasurer discretion of the Board and Assistant Treasurer of all of the Pioneer Funds ------------------------------------------------------------------------------------------------------------------------------------ Gary Sullivan (61) Since 2002. Serves at the Senior Manager - Fund Treasury of Amundi None Assistant Treasurer discretion of the Board Pioneer; and Assistant Treasurer of all of the Pioneer Funds ------------------------------------------------------------------------------------------------------------------------------------
78 Pioneer Global High Yield Fund | Annual Report | 10/31/19
Name, Age and Position Term of Office and Other Directorships Held With the Fund Length of Service Principal Occupation Held by Trustee ------------------------------------------------------------------------------------------------------------------------------------ John Malone (48) Since 2018. Serves at the Managing Director, Chief Compliance Officer None Chief Compliance Officer discretion of the Board of Amundi Pioneer Asset Management; Amundi Pioneer Institutional Asset Management, Inc.; and the Pioneer Funds since September 2018; and Chief Compliance Officer of Amundi Pioneer Distributor, Inc. since January 2014. ------------------------------------------------------------------------------------------------------------------------------------ Kelly O'Donnell (48) Since 2006. Serves at the Vice President - Amundi Pioneer Asset None Anti-Money discretion of the Board Management; and Anti-Money Laundering Laundering Officer Officer of all the Pioneer Funds since 2006 ------------------------------------------------------------------------------------------------------------------------------------
Pioneer Global High Yield Fund | Annual Report | 10/31/19 79 This page is for your notes. 80 Pioneer Global High Yield Fund | Annual Report | 10/31/19 This page is for your notes. Pioneer Global High Yield Fund | Annual Report | 10/31/19 81 This page is for your notes. 82 Pioneer Global High Yield Fund | Annual Report | 10/31/19 This page is for your notes. Pioneer Global High Yield Fund | Annual Report | 10/31/19 83 This page is for your notes. 84 Pioneer Global High Yield Fund | Annual Report | 10/31/19 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 19440-13-1219 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. The audit fees for the Trust were $80,000 payable to Ernst & Young LLP for the year ended October 31, 2019 and $80,000 for the year ended October 31, 2018. (b) Disclose, under the caption AUDIT-RELATED FEES, the aggregate fees billed in each of the last two fiscal years for assurance and related services by the principal accountant that are reasonably related to the performance of the audit of the registrant's financial statements and are not reported under paragraph (a) of this Item. Registrants shall describe the nature of the services comprising the fees disclosed under this category. Audit-Related Fees There were no audit-related services in 2019 or 2018. (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. The tax fees for the Trust were $20,230 payable to Ernst & Young LLP for the year ended October 31, 2019 and $20,230 for the year ended October 31, 2018. (d) Disclose, under the caption ALL OTHER FEES, the aggregate fees billed in each of the last two fiscal years for products and services provided by the principal accountant, other than the services reported in paragraphs (a) through (c) of this Item. Registrants shall describe the nature of the services comprising the fees disclosed under this category. Other Fees There were no other fees in 2019 or 2018. (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. Non-Audit Services Beginning with non-audit service contracts entered into on or after May 6, 2003, the effective date of the new SEC pre-approval rules, the Trust's audit committee is required to pre-approve services to affiliates defined by SEC rules to the extent that the services are determined to have a direct impact on the operations or financial reporting of the Trust. For the years ended October 31 2019 and 2018, there were no services provided to an affiliate that required the Trust's audit committee pre-approval. (f) If greater than 50 percent, disclose the percentage of hours expended on the principal accountants engagement to audit the registrant's financial statements for the most recent fiscal year that were attributed to work performed by persons other than the principal accountant's full-time, permanent employees. N/A (g) Disclose the aggregate non-audit fees billed by the registrants accountant for services rendered to the registrant, and rendered to the registrants investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant for each of the last two fiscal years of the registrant. The aggregate non-audit fees for the Trust were $20,230 payable to Ernst & Young LLP for the year ended October 31, 2019 and $20,230 for the year ended October 31, 2018. (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. 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 December 27, 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 December 27, 2019 By (Signature and Title)* /s/ Mark E. Bradley Mark E. Bradley, Treasurer & Chief Accounting & Financial Officer Date December 27, 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 PURSUANT 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 purposes 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: December 27, 2019 /s/ Lisa M. Jones Lisa M. Jones Trustee, President and Chief Executive Officer CERTIFICATION PURSUANT 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 purposes 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: December 27, 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: December 27, 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: December 27, 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.