0001388126-16-000019.txt : 20160628 0001388126-16-000019.hdr.sgml : 20160628 20160628095445 ACCESSION NUMBER: 0001388126-16-000019 CONFORMED SUBMISSION TYPE: N-CSR PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20160430 FILED AS OF DATE: 20160628 DATE AS OF CHANGE: 20160628 EFFECTIVENESS DATE: 20160628 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: 161734898 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 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 N-CSR 1 ncsr.txt OMB APPROVAL OMB Number: 3235-0570 Expires: January 31, 2017 Estimated average burden hours per response.....20.6 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM N-CSR CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES Investment Company Act file number 811-10395 Pioneer Series Trust VII (Exact name of registrant as specified in charter) 60 State Street, Boston, MA 02109 (Address of principal executive offices) (ZIP code) Terrence J. Cullen, Pioneer Investment Management, Inc., 60 State Street, Boston, MA 02109 (Name and address of agent for service) Registrant's telephone number, including area code: (617) 742-7825 Date of fiscal year end: October 31 Date of reporting period: November 1, 2015 through April 30, 2016 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 -------------------------------------------------------------------------------- Semiannual Report | April 30, 2016 -------------------------------------------------------------------------------- Ticker Symbols: Class A PGABX Class C PGCBX Class Y PGYBX [LOGO] PIONEER Investments(R) visit us: us.pioneerinvestments.com Table of Contents President's Letter 2 Portfolio Management Discussion 4 Portfolio Summary 9 Prices and Distributions 10 Performance Update 11 Comparing Ongoing Fund Expenses 14 Schedule of Investments 16 Financial Statements 35 Notes to Financial Statements 42 Trustees, Officers and Service Providers 61
Pioneer Global Multisector Income Fund | Semiannual Report | 4/30/16 1 President's Letter Dear Shareowner, Global financial markets began 2016 on shaky footing, delivering the kind of volatility that challenged investors in 2015. US equities fell by 10% through the first six weeks of the year, only to recover the losses by the end of the first quarter. Fixed-income markets were also acutely affected, with concerns about falling oil prices and a weak global economy leading to a sell-off in credit-sensitive sectors, especially high-yield bonds, as investors fled to the perceived safety of government bonds. Like equities, credit markets recovered much of their lost ground by the end of the first quarter. Midway through the first quarter, market sentiment shifted, as expectations grew that major central banks would extend their accommodative monetary policies in the hopes of driving economic growth. The US Federal Reserve (the Fed) backed off plans to raise interest rates four times in 2016, and the European Central Bank announced a more comprehensive asset-purchasing program in the hopes of encouraging lending, and boosting both inflation and economic growth. The Bank of Japan also followed a monetary easing path, announcing negative interest rates in January. As 2016 moves along, we continue to see central bank policies as generally supportive of the US economy - for which we maintain an expectation of modest growth this year - against an overall global economic backdrop that remains unsettled and points towards generally lower growth. Economies around the world in both developed and emerging markets are experiencing deep structural changes. Current challenges include incomplete debt deleveraging in both emerging and developed markets, where debt levels continue to grow, the transition of many emerging markets economies from export/investment-driven models to more domestic demand-driven models, and aging populations, which are reducing productivity and limiting economic growth potential (primarily in the developed markets but also in emerging markets such as China). Geopolitical instability on many fronts, the rising risk of policy mistakes, and market liquidity issues combine to increase the possibility of sharp swings in asset values. Meanwhile, in the US, as always in a presidential election year, the political rhetoric of 2016 has the potential to impact domestic sectors such as health care. Throughout Pioneer's history, we have believed in the importance of active management. During periods of market volatility, we view the value of active management as even more compelling. Our experienced and tenured investment teams focus on identifying value across global markets using proprietary research, careful risk management, and a long-term perspective. We believe our shareowners can benefit from the experience and tenure of our investment teams as well as the insights generated from our extensive research process. 2 Pioneer Global Multisector Income Fund | Semiannual Report | 4/30/16 As always, and particularly during times of market uncertainty, 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. 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 President and CEO Pioneer Investment Management USA Inc. April 30, 2016 Any information in this shareowner report regarding market or economic trends or the factors influencing the Fund's historical or future performance are statements of opinion as of the date of this report. Past performance is no guarantee of future results. Pioneer Global Multisector Income Fund | Semiannual Report | 4/30/16 3 Portfolio Management Discussion | 4/30/16 US Treasuries rallied strongly during the six-month period ended April 30, 2016, a period that featured contrasting trends and saw the prices of oil and other commodities finally show strength after a prolonged slump, while the US dollar weakened against some foreign currencies. In the following interview, Charles Melchreit and Paresh Upadhyaya discuss the factors that affected the performance of Pioneer Global Multisector Income Fund during the six-month period. Mr. Melchreit, Director of Investment-Grade Management, a senior vice president and a portfolio manager at Pioneer, and Mr. Upadhyaya, a senior vice president and portfolio manager at Pioneer, are responsible for the day-to-day management of the Fund, along with Kenneth J. Taubes, Executive Vice President, Chief Investment Officer, US, and a portfolio manager at Pioneer, and Andrew Feltus, Director of High Yield and Bank Loans, a senior vice president and a portfolio manager at Pioneer. Q How did the Fund perform during the six-month period ended April 30, 2016? A Pioneer Global Multisector Income Fund's Class A shares returned 2.76% at net asset value during the six-month period ended April 30, 2016, while the Fund's benchmark, the Barclays Global Aggregate Bond Index (the Barclays Index), returned 6.09%. During the same period, the average return of the 212 mutual funds in Lipper's Global Income Funds category was 3.37%, and the average return of the 378 mutual funds in Morningstar's World Bond Funds category was 4.04%. Q What elements of the Fund's positioning had the biggest effects on benchmark-relative returns during the six-month period ended April 30, 2016, both positively and negatively? A The Fund's performance lagged that of the benchmark Barclays Index, largely due to the portfolio's overweight to the US dollar (USD) as well as a short-duration position relative to the benchmark, as the USD weakened and interest rates declined during the six-month period. (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.) Also undermining the Fund's benchmark-relative performance were the portfolio's underweight positions in both Japanese bonds and the Japanese yen, as yields fell further into negative territory and the yen unexpectedly strengthened. Security selection in industrials was another 4 Pioneer Global Multisector Income Fund | Semiannual Report | 4/30/16 detractor from benchmark-relative results during the period, especially the Fund's investments in securities of US energy, and mining and metals companies. At the start of the period, we anticipated that the US Federal Reserve (the Fed) would tighten domestic monetary policy and raise short-term interest rates several times. Based on that belief, we maintained an overweight to the USD - which had benefited the Fund's performance in the prior two years - and kept the portfolio's duration short relative to the Barclays Index's duration. Both the currency positioning and the duration stance of the Fund proved to be significant detractors from benchmark-relative returns, however, as the Fed adopted a more dovish stance on interest rates in the wake of its 0.25% hike in the Federal funds rate in December 2015. The Fed's cautious tone caused investors to postpone their expectation of when the next rate hike might occur, and so as market interest rates declined, the USD weakened, shorter-duration portfolios lagged portfolios with longer durations, and the Fund underperformed its benchmark over the six-month period. In addition, as noted earlier, the prices of oil and other commodities, which had been slumping almost constantly since the latter part of 2014, began to rise in mid-February and continued to rally through March and April. The new strength in commodity prices arose from investors' increased confidence about the state of the global economy, and a belief that the supply/demand imbalance in the oil market, in particular, was beginning to correct. The Fund's benchmark-relative performance received a boost during the period from sector allocation, especially an overweighting of corporate bonds in the industrial and financial sectors, including a small allocation to European industrial bonds, which rallied as the European Central Bank (ECB) extended its quantitative easing bond-buying program to include bonds in that sector. Q What were the principal factors affecting the Fund's yield, or dividend*, during the six-month period ended April 30, 2016? A The Fund's dividend declined during the six-month period due to the global rally in bonds that accompanied falling market interest rates. As rates declined, any newer investments in the portfolio were increasingly likely to provide less current interest income than the older investments that either reached maturity, or were sold. * Dividends are not guaranteed. Pioneer Global Multisector Income Fund | Semiannual Report | 4/30/16 5 Q Did the Fund invest in any derivative securities during the six-month period ended April 30, 2016? If so, did these investments affect the Fund's relative performance? A We did invest in some currency forward transactions during the period in an attempt to hedge the effects of currency fluctuations on the relative value of the USD. The derivative investments had a minor negative effect on relative performance. Q What is your investment outlook, and how has the outlook influenced your strategy? A We think the capital markets have become a little too complacent about the cautiousness of the Fed. While the markets seem to have priced securities on the expectation that the Fed will not raise the Federal funds rate in 2016, we think it is more likely that the Fed will increase rates at least once and perhaps even twice before the end of this year. Given that view, we plan to keep the portfolio's duration short relative to the Barclays Index to protect the value of principal against rising rates. Meanwhile, we have reduced the Fund's exposure to the USD, but the portfolio remains overweight. We are becoming more positive about the potential opportunities in emerging markets sovereign debt, as we think markets, in general, are overly pessimistic about the global economic outlook. We also believe the major central banks around the world are likely to continue easing monetary policy, which can encourage growth and put less pressure on the emerging markets. In addition, political changes in Argentina and Brazil appear to have dramatically boosted investors' confidence that deep structural issues in those countries will be addressed. Economic growth trends in China remain a concern, however, although we believe the central government there is likely to become more accommodative as it attempts to encourage growth, even despite continued worries about private debt. We believe China still has the ability to contain its problems, though, and could even ease monetary policy to stimulate more growth. 6 Pioneer Global Multisector Income Fund | Semiannual Report | 4/30/16 Please refer to the Schedule of Investments on pages 16-34 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 in the Fund will generally fall. Conversely, when interest rates fall, the prices of fixed income securities in the Fund will generally rise. Investments in the Fund are subject to possible loss due to the financial failure of issuers of underlying securities and their inability to meet their debt obligations. Investments in high-yield or lower rated securities are subject to greater-than-average price volatility, illiquidity and possibility of default. Prepayment risk is the chance that an issuer may exercise its right to prepay its security, if falling interest rates prompt the issuer to do so. Forced to reinvest the unanticipated proceeds at lower interest rates, the fund would experience a decline in income and lose the opportunity for additional price appreciation. The Fund may invest in mortgage-backed securities, which during times of fluctu- ating 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. Pioneer Global Multisector Income Fund | Semiannual Report | 4/30/16 7 The Fund may use derivatives, such as options, futures, inverse floating rate obligations, swaps, and others, which can be illiquid, may disproportionately increase losses, and have a potentially large impact on Fund performance. Derivatives may have a leveraging effect on the Fund. These risks may increase share price volatility. Before investing, consider the product's investment objectives, risks, charges and expenses. Contact your advisor or Pioneer Investments for a prospectus or summary prospectus containing this information. Read it carefully. Any information in this shareholder report regarding market or economic trends or the factors influencing the Fund's historical or future performance are statements of opinion as of the date of this report. Past performance is no guarantee of future results. 8 Pioneer Global Multisector Income Fund | Semiannual Report | 4/30/16 Portfolio Summary | 4/30/16 Portfolio Diversification* -------------------------------------------------------------------------------- (As a percentage of total investment portfolio) [THE FOLLOWING DATA WAS REPRESENTED AS A PIE CHART IN THE PRINTED MATERIAL]
Foreign Government Bonds 42.1% U.S. Corporate Bonds 18.8% International Corporate Bonds 15.3% U.S. Government Securities 13.0% Collateralized Mortgage Obligations 6.1% Municipal Bonds 1.6% Asset Backed Securities 1.1% Senior Secured Loans 0.9% U.S. Preferred Stocks 0.6% Convertible Preferred Stocks 0.3% Convertible Corporate Bonds 0.2%
* Includes investment in Insurance Linked Securities totaling 0.5% of total investment portfolio. Geographical Distribution -------------------------------------------------------------------------------- (As a percentage of long-term holdings based on country of domicile) [THE FOLLOWING DATA WAS REPRESENTED AS A LINE CHART IN THE PRINTED MATERIAL]
United States 41.8% New Zealand 6.2% Canada 5.5% Mexico 5.3% Germany 5.2% United Kingdom 5.1% Australia 2.9% Argentina 2.8% Norway 2.1% Italy 1.7% Cote D'Ivoire 1.3% Japan 1.3% Nigeria 1.2% Brazil 1.1% Cayman Islands 1.1% Sweden 1.1% Other (individually less than 1%) 14.3%
10 Largest Holdings -------------------------------------------------------------------------------- (As a percentage of total long-term holdings)**
1. Bundesrepublik Deutschland, 1.0%, 8/15/25 5.11% -------------------------------------------------------------------------------- 2. New Zealand Government Bond, 5.5%, 4/15/23 3.67 -------------------------------------------------------------------------------- 3. United Kingdom Gilt, 1.75%, 7/22/19 2.66 -------------------------------------------------------------------------------- 4. New Zealand Government Bond, 4.5%, 4/15/27 2.57 -------------------------------------------------------------------------------- 5. Canadian Government Bond, 2.25%, 6/1/25 2.26 -------------------------------------------------------------------------------- 6. Canadian Government Bond, 1.75%, 9/1/19 2.03 -------------------------------------------------------------------------------- 7. Australia Government Bond, 3.25%, 4/21/25 1.50 -------------------------------------------------------------------------------- 8. U.S. Treasury Inflation Indexed Bonds, 0.75%, 2/15/45 1.42 -------------------------------------------------------------------------------- 9. Norway Government Bond, 4.5%, 5/22/19 1.32 -------------------------------------------------------------------------------- 10. International Bank for Reconstruction & Development, 3.5%, 1/22/21 1.27 --------------------------------------------------------------------------------
** This list excludes temporary cash investments and derivative instruments. The portfolio is actively managed and current holdings may be different. The holdings listed should not be considered recommendations to buy or sell any security listed. Pioneer Global Multisector Income Fund | Semiannual Report | 4/30/16 9 Prices and Distributions | 4/30/16 Net Asset Value per Share --------------------------------------------------------------------------------
-------------------------------------------------------------------------------- Class 4/30/16 10/31/15 -------------------------------------------------------------------------------- A $10.47 $10.40 -------------------------------------------------------------------------------- C $10.50 $10.43 -------------------------------------------------------------------------------- Y $10.57 $10.50 --------------------------------------------------------------------------------
Distributions per Share: 11/1/15-4/30/16 --------------------------------------------------------------------------------
-------------------------------------------------------------------------------- Net Investment Short-Term Long-Term Class Income Capital Gains Capital Gains -------------------------------------------------------------------------------- A $0.2101 $ -- $ -- -------------------------------------------------------------------------------- C $0.1644 $ -- $ -- -------------------------------------------------------------------------------- Y $0.2245 $ -- $ -- --------------------------------------------------------------------------------
Index Definitions -------------------------------------------------------------------------------- The Barclays Global Aggregate Bond Index is an unmanaged index that provides a broad-based measure of the global investment-grade fixed-income markets. Index returns are calculated monthly, assume reinvestment of dividends and, unlike Fund returns, do not reflect any fees, expenses or sales charges. It is not possible to invest directly in an index. The index defined here pertains to the "Value of $10,000 Investment" and "Value of $5 Million Investment" charts appearing on pages 11-13. 10 Pioneer Global Multisector Income Fund | Semiannual Report | 4/30/16 Performance Update | 4/30/16 Class A Shares Investment Returns -------------------------------------------------------------------------------- The mountain chart on the right shows the change in value of a $10,000 investment made in Class A shares of Pioneer Global Multisector Income Fund at public offering price during the periods shown, compared to that of the Barclays Global Aggregate Bond Index.
Average Annual Total Returns (As of April 30, 2016) -------------------------------------------------------------------------------- Barclays Net Public Global Asset Offering Aggregate Value Price Bond Period (NAV) (POP) Index -------------------------------------------------------------------------------- Life of Class (12/27/2007) 4.23% 3.66% 3.45% 5 years 2.23 1.30 1.46 1 year 1.01 -3.57 4.84 -------------------------------------------------------------------------------- Expense Ratio (Per prospectus dated March 1, 2016) -------------------------------------------------------------------------------- Gross Net -------------------------------------------------------------------------------- 2.67% 1.00% --------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL] Value of $10,000 Investment
Pioneer Global Barclays Global Multisector Income Fund Aggregate Bond Index 12/07 $ 9,550 $ 10,000 4/08 $ 9,982 $ 10,460 4/09 $ 9,646 $ 10,229 4/10 $ 11,020 $ 11,176 4/11 $ 12,140 $ 12,345 4/12 $ 12,509 $ 12,752 4/13 $ 13,281 $ 12,937 4/14 $ 13,162 $ 13,147 4/15 $ 13,421 $ 12,657 4/16 $ 13,556 $ 13,270
Call 1-800-225-6292 or visit us.pioneerinvestments.com for the most recent month-end performance results. Current performance may be lower or higher than the performance data quoted. The performance data quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, and shares, when redeemed, may be worth more or less than their original cost. NAV results represent the percent change in net asset value per share. Returns would have been lower had sales charges been reflected. POP returns reflect deduction of maximum 4.50% sales charge. All results are historical and assume the reinvestment of dividends and capital gains. Other share classes are available for which performance and expenses will differ. Performance results reflect any applicable expense waivers in effect during the periods shown. Without such waivers Fund performance would be lower. Waivers may not be in effect for all funds. Certain fee waivers are contractual through a specified period. Otherwise, fee waivers can be rescinded at any time. See the prospectus and financial statements for more information. The net expense ratio reflects the contractual expense limitation currently in effect through March 1, 2017, for Class A shares. There can be no assurance that Pioneer will extend the expense limitation beyond such time. Please see the prospectus and financial statements for more information. The performance table and graph do not reflect the deduction of fees and taxes that a shareowner would pay on Fund distributions or the redemption of Fund shares. Pioneer Global Multisector Income Fund | Semiannual Report | 4/30/16 11 Performance Update | 4/30/16 Class C Shares Investment Returns -------------------------------------------------------------------------------- The mountain chart on the right shows the change in value of a $10,000 investment made in Class C shares of Pioneer Global Multisector Income Fund during the periods shown, compared to that of the Barclays Global Aggregate Bond Index.
Average Annual Total Returns (As of April 30, 2016) -------------------------------------------------------------------------------- Barclays Global Aggregate If If Bond Period Held Redeemed Index -------------------------------------------------------------------------------- Life of Class (12/27/2007) 3.35% 3.35% 3.45% 5 years 1.35 1.35 1.46 1 year 0.11 0.11 4.84 ------------------------------------------------------------------------------- Expense Ratio (Per prospectus dated March 1, 2016) -------------------------------------------------------------------------------- Gross Net -------------------------------------------------------------------------------- 2.56% 1.90% --------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL] Value of $10,000 Investment
Pioneer Global Barclays Global Multisector Income Fund Aggregate Bond Index 12/07 $ 10,000 $ 10,000 4/08 $ 10,429 $ 10,460 4/09 $ 9,976 $ 10,229 4/10 $ 11,309 $ 11,176 4/11 $ 12,370 $ 12,345 4/12 $ 12,640 $ 12,752 4/13 $ 13,301 $ 12,937 4/14 $ 13,088 $ 13,147 4/15 $ 13,214 $ 12,657 4/16 $ 13,229 $ 13,270
Call 1-800-225-6292 or visit us.pioneerinvestments.com for the most recent month-end performance results. Current performance may be lower or higher than the performance data quoted. The performance data quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, and shares, when redeemed, may be worth more or less than their original cost. Class C shares held for less than one year are also subject to a 1% contingent deferred sales charge (CDSC). "If Held" results represent the percent change in net asset value per share. Returns would have been lower had sales charges been reflected. All results are historical and assume the reinvestment of dividends and capital gains. Other share classes are available for which performance and expenses will differ. Performance results reflect any applicable expense waivers in effect during the periods shown. Without such waivers Fund performance would be lower. Waivers may not be in effect for all funds. Certain fee waivers are contractual through a specified period. Otherwise, fee waivers can be rescinded at any time. See the prospectus and financial statements for more information. The net expense ratio reflects the contractual expense limitation currently in effect through March 1, 2017, for Class C shares. There can be no assurance that Pioneer will extend the expense limitation beyond such time. Please see the prospectus and financial statements for more information. The performance table and graph do not reflect the deduction of fees and taxes that a shareowner would pay on Fund distributions or the redemption of Fund shares. 12 Pioneer Global Multisector Income Fund | Semiannual Report | 4/30/16 Performance Update | 4/30/16 Class Y Shares Investment Returns -------------------------------------------------------------------------------- The mountain chart on the right shows the change in value of a $5 million investment made in Class Y shares of Pioneer Global Multisector Income Fund during the periods shown, compared to that of the Barclays Global Aggregate Bond Index.
Average Annual Total Returns (As of April 30, 2016) -------------------------------------------------------------------------------- Barclays Net Global Asset Aggregate Value Bond Period (NAV) Index -------------------------------------------------------------------------------- Life of Class (12/27/2007) 4.48% 3.45% 5 years 2.56 1.46 1 year 1.29 4.84 -------------------------------------------------------------------------------- Expense Ratio (Per prospectus dated March 1, 2016) -------------------------------------------------------------------------------- Gross Net -------------------------------------------------------------------------------- 1.39% 0.75% --------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL] Value of $5 Million Investment
Pioneer Global Barclays Global Multisector Income Fund Aggregate Bond Index 12/07 $ 5,000,000 $ 5,000,000 4/08 $ 5,227,750 $ 5,229,772 4/09 $ 5,054,129 $ 5,114,537 4/10 $ 5,790,645 $ 5,588,203 4/11 $ 6,382,956 $ 6,172,351 4/12 $ 6,610,228 $ 6,375,830 4/13 $ 7,031,849 $ 6,468,690 4/14 $ 6,994,963 $ 6,573,437 4/15 $ 7,150,790 $ 6,328,422 4/16 $ 7,242,780 $ 6,634,971
Call 1-800-225-6292 or visit us.pioneerinvestments.com for the most recent month-end performance results. Current performance may be lower or higher than the performance data quoted. The performance data quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, and shares, when redeemed, may be worth more or less than their original cost. Class Y shares are not subject to sales charges and are available for limited groups of eligible investors, including institutional investors. All results are historical and assume the reinvestment of dividends and capital gains. Other share classes are available for which performance and expenses will differ. Performance results reflect any applicable expense waivers in effect during the periods shown. Without such waivers Fund performance would be lower. Waivers may not be in effect for all funds. Certain fee waivers are contractual through a specified period. Otherwise, fee waivers can be rescinded at any time. See the prospectus and financial statements for more information. The net expense ratio reflects the contractual expense limitation currently in effect through March 1, 2017, for Class Y shares. There can be no assurance that Pioneer will extend the expense limitation beyond such time. Please see the prospectus and financial statements for more information. The performance table and graph do not reflect the deduction of fees and taxes that a shareowner would pay on Fund distributions or the redemption of Fund shares. Pioneer Global Multisector Income Fund | Semiannual Report | 4/30/16 13 Comparing Ongoing Fund Expenses As a shareowner in the Fund, you incur two types of costs: (1) ongoing costs, including management fees, distribution and/or service (12b-1) fees, and other Fund expenses; and (2) transaction costs, including sales charges (loads) on purchase payments. This example is intended to help you understand your ongoing expenses (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 at the beginning of the Fund's latest six-month period and held throughout the six months. Using the Tables -------------------------------------------------------------------------------- Actual Expenses The first table below provides information about actual account values and actual expenses. You may use the information in this table, together with the amount you invested, to estimate the expenses that you paid over the period as follows: (1) Divide your account value by $1,000 Example: an $8,600 account value (divided by) $1,000 = 8.6 (2) Multiply the result in (1) above by the corresponding share class's number in the third row under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. Expenses Paid on a $1,000 Investment in Pioneer Global Multisector Income Fund Based on actual returns from November 1, 2015, through April 30, 2016.
-------------------------------------------------------------------------------- Share Class A C Y -------------------------------------------------------------------------------- Beginning Account Value on 11/1/15 $1,000.00 $1,000.00 $1,000.00 -------------------------------------------------------------------------------- Ending Account Value (after expenses) on 4/30/16 $1,027.60 $1,023.00 $1,028.70 -------------------------------------------------------------------------------- Expenses Paid During Period* $ 5.04 $ 9.25 $ 3.78 --------------------------------------------------------------------------------
* Expenses are equal to the Fund's annualized net expense ratio of 1.00%, 1.84%, and 0.75% for Class A, Class C and Class Y shares, respectively, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period). 14 Pioneer Global Multisector Income Fund | Semiannual Report | 4/30/16 Hypothetical Example for Comparison Purposes The table below provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. Please note that the expenses shown in the tables are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as sales charges (loads) that are charged at the time of the transaction. Therefore, the table below is useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher. Expenses Paid on a $1,000 Investment in Pioneer Global Multisector Income Fund Based on a hypothetical 5% return per year before expenses, reflecting the period from November 1, 2015, through April 30, 2016.
-------------------------------------------------------------------------------- Share Class A C Y -------------------------------------------------------------------------------- Beginning Account Value on 11/1/15 $1,000.00 $1,000.00 $1,000.00 -------------------------------------------------------------------------------- Ending Account Value (after expenses) on 4/30/16 $1,019.89 $1,015.71 $1,021.13 -------------------------------------------------------------------------------- Expenses Paid During Period* $ 5.02 $ 9.22 $ 3.71 --------------------------------------------------------------------------------
* Expenses are equal to the Fund's annualized net expense ratio of 1.00%, 1.84%, and 0.75% for Class A, Class C and Class Y shares, respectively, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period). Pioneer Global Multisector Income Fund | Semiannual Report | 4/30/16 15 Schedule of Investments | 4/30/16 (unaudited)
------------------------------------------------------------------------------------------------------ Principal Floating Amount ($) Rate (b) Value ------------------------------------------------------------------------------------------------------ CONVERTIBLE CORPORATE BONDS -- 0.3% CAPITAL GOODS -- 0.1% Electrical Components & Equipment -- 0.1% 56,000 General Cable Corp., 4.5%, 11/15/29 (Step) $ 37,030 -------------- Total Capital Goods $ 37,030 ------------------------------------------------------------------------------------------------------ CONSUMER DURABLES & APPAREL -- 0.2% Homebuilding -- 0.2% 50,000 KB Home, 1.375%, 2/1/19 $ 47,969 -------------- Total Consumer Durables & Apparel $ 47,969 ------------------------------------------------------------------------------------------------------ TOTAL CONVERTIBLE CORPORATE BONDS (Cost $105,611) $ 84,999 PREFERRED STOCKS -- 0.1% BANKS -- 0.0%+ Diversified Banks -- 0.0%+ 724 6.99 Citigroup Capital XIII, Floating Rate Note, 10/30/40 $ 18,933 -------------- Total Banks $ 18,933 ------------------------------------------------------------------------------------------------------ DIVERSIFIED FINANCIALS -- 0.1% Consumer Finance -- 0.1% 850 6.40 GMAC Capital Trust I, Floating Rate Note, 2/15/40 $ 21,310 -------------- Total Diversified Financials $ 21,310 ------------------------------------------------------------------------------------------------------ TOTAL PREFERRED STOCKS (Cost $34,928) $ 40,243 ------------------------------------------------------------------------------------------------------ CONVERTIBLE PREFERRED STOCK -- 0.4% BANKS -- 0.4% Diversified Banks -- 0.4% 80 Wells Fargo & Co., 7.5% (Perpetual) $ 99,680 ------------------------------------------------------------------------------------------------------ TOTAL CONVERTIBLE PREFERRED STOCKS (Cost $83,502) $ 99,680 ------------------------------------------------------------------------------------------------------ ASSET BACKED SECURITIES -- 1.2% FOOD & STAPLES RETAILING -- 0.2% Food Retail -- 0.2% 47,750 CKE Restaurant Holdings, Inc., 4.474%, 3/20/43 (144A) $ 47,776 -------------- Total Food & Staples Retailing $ 47,776 ------------------------------------------------------------------------------------------------------ BANKS -- 0.7% Thrifts & Mortgage Finance -- 0.7% 53,012 Bear Stearns Asset Backed Securities Trust, 8.41%, 10/25/29 (Step) $ 53,547 24,280 5.07 Countrywide Asset-Backed Certificates, Floating Rate Note, 12/25/35 24,592 1,480 Irwin Home Equity Loan Trust 2005-1, 5.82%, 6/25/35 (Step) 1,470
The accompanying notes are an integral part of these financial statements. 16 Pioneer Global Multisector Income Fund | Semiannual Report | 4/30/16
------------------------------------------------------------------------------------------------------ Principal Floating Amount ($) Rate (b) Value ------------------------------------------------------------------------------------------------------ Thrifts & Mortgage Finance -- (continued) 44,013 5.50 Mastr Specialized Loan Trust, Floating Rate Note, 10/25/34 $ 46,109 9,559 1.14 New Century Home Equity Loan Trust 2005-1, Floating Rate Note, 3/25/35 9,494 13,103 0.86 SMART ABS Series 2015-1US Trust, Floating Rate Note, 8/14/17 13,105 928 Structured Asset Securities Corp., 4.77%, 10/25/34 (Step) 953 45,353 Terwin Mortgage Trust Series TMTS 2005-16HE, 4.337571%, 9/25/36 (Step) 46,500 -------------- $ 195,770 -------------- Total Banks $ 195,770 ------------------------------------------------------------------------------------------------------ DIVERSIFIED FINANCIALS -- 0.3% Specialized Finance -- 0.2% 59,013 Domino's Pizza Master Issuer LLC, 5.216%, 1/27/42 (144A) $ 60,801 ------------------------------------------------------------------------------------------------------ Consumer Finance -- 0.1% 25,000 First Investors Auto Owner Trust 2013-1, 2.02%, 1/15/19 (144A) $ 24,898 -------------- Total Diversified Financials $ 85,699 ------------------------------------------------------------------------------------------------------ TOTAL ASSET BACKED SECURITIES (Cost $311,627) $ 329,245 ------------------------------------------------------------------------------------------------------ COLLATERALIZED MORTGAGE OBLIGATIONS -- 6.2% BANKS -- 5.0% Thrifts & Mortgage Finance -- 5.0% 79,705 3.50 Agate Bay Mortgage Trust 2015-1, Floating Rate Note, 1/25/45 (144A) $ 80,974 54,408 3.50 Agate Bay Mortgage Trust 2015-5, Floating Rate Note, 7/25/45 (144A) 55,556 4,024 0.89 Alternative Loan Trust 2003-14T1, Floating Rate Note, 8/25/18 3,553 620 0.89 Banc of America Alternative Loan Trust 2003-10, Floating Rate Note, 12/25/33 618 7,749 Banc of America Alternative Loan Trust 2004-6, 5.0%, 7/25/19 7,861 7,616 Banc of America Mortgage Trust 2004-11, 5.75%, 1/25/35 7,726 7,960 Banc of America Mortgage Trust 2004-9, 5.5%, 11/25/34 8,098 6,128 2.87 CHL Mortgage Pass-Through Trust 2003-56, Floating Rate Note, 12/25/33 6,140 100,000 4.65 City Center Trust 2011-CCHP, Floating Rate Note, 7/17/28 (144A) 100,140 100,000 COMM 2012-LC4 Mortgage Trust, 4.063%, 12/12/44 108,161
The accompanying notes are an integral part of these financial statements. Pioneer Global Multisector Income Fund | Semiannual Report | 4/30/16 17 Schedule of Investments | 4/30/16 (unaudited) (continued)
------------------------------------------------------------------------------------------------------ Principal Floating Amount ($) Rate (b) Value ------------------------------------------------------------------------------------------------------ Thrifts & Mortgage Finance -- (continued) 50,000 COMM 2013-LC6 Mortgage Trust, 2.941%, 1/12/46 $ 51,861 50,000 4.55 COMM 2015-CCRE25 Mortgage Trust, Floating Rate Note, 8/12/48 54,385 33,449 Credit Suisse Commercial Mortgage Trust Series 2007-C1, 5.361%, 2/15/40 34,022 100,000 5.47 DBUBS 2011-LC3 Mortgage Trust, Floating Rate Note, 8/12/44 (144A) 113,267 50,000 GS Mortgage Securities Corp. II, 3.377%, 5/10/45 52,889 25,000 GS Mortgage Securities Corp. II, 3.682%, 2/10/46 (144A) 25,992 29,721 GS Mortgage Securities Corp. II, 5.56%, 11/10/39 29,883 75,000 JP Morgan Chase Commercial Mortgage Securities Corp., 2.84%, 12/17/47 77,220 35,000 JP Morgan Chase Commercial Mortgage Securities Trust 2011-C5, 4.1712%, 8/17/46 38,173 100,000 1.35 JP Morgan Chase Commercial Mortgage Securities Trust 2014-INN, Floating Rate Note, 6/15/29 (144A) 98,808 6,474 2.69 JP Morgan Mortgage Trust 2004-A1, Floating Rate Note, 2/25/34 6,334 8,210 JP Morgan Mortgage Trust 2004-S1, 5.0%, 9/25/34 8,410 100,000 5.78 Merrill Lynch Mortgage Trust 2006-C2, Floating Rate Note, 8/12/43 100,398 75,000 5.48 ML-CFC Commercial Mortgage Trust 2006-3, Floating Rate Note, 7/12/46 73,055 90,453 Morgan Stanley Capital I Trust 2007-HQ13, 5.569%, 12/15/44 93,801 42,527 3.25 NRP Mortgage Trust 2013-1, Floating Rate Note, 7/25/43 (144A) 42,410 GBP 53,443 0.99 Paragon Secured Finance No. 1 Plc, Floating Rate Note, 11/15/35 74,890 26,272 RAAC Series 2004-SP2 Trust, 6.0%, 1/25/32 26,728 4,501 0.99 RALI Series 2002-QS16 Trust, Floating Rate Note, 10/25/17 4,432 30,472 2.50 Sequoia Mortgage Trust 2013-4, Floating Rate Note, 4/27/43 29,644 -------------- $ 1,415,429 -------------- Total Banks $ 1,415,429 ------------------------------------------------------------------------------------------------------ DIVERSIFIED FINANCIALS -- 0.4% Other Diversified Financial Services -- 0.4% 60,927 0.69 Crusade Global Trust No. 1 of 2007, Floating Rate Note, 4/19/38 $ 60,256 53,044 0.68 Crusade Global Trust No. 2 of 2006, Floating Rate Note, 11/15/37 52,940 -------------- $ 113,196 -------------- Total Diversified Financials $ 113,196 ------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements. 18 Pioneer Global Multisector Income Fund | Semiannual Report | 4/30/16
------------------------------------------------------------------------------------------------------ Principal Floating Amount ($) Rate (b) Value ------------------------------------------------------------------------------------------------------ GOVERNMENT -- 0.8% 9,761 Federal National Mortgage Association REMICS, 4.5%, 6/25/29 $ 10,517 45,000 5.37 FREMF Mortgage Trust 2010-K9 REMICS, Floating Rate Note, 9/25/45 (144A) 49,494 50,000 4.93 FREMF Mortgage Trust 2011-K702, Floating Rate Note, 4/25/44 (144A) 51,978 50,000 5.05 FREMF Mortgage Trust 2011-K703, Floating Rate Note, 7/25/44 (144A) 52,226 36,400 Government National Mortgage Association, 4.5%, 9/20/39 39,605 17,485 Government National Mortgage Association, 5.25%, 8/16/35 19,462 -------------- $ 223,282 -------------- Total Government $ 223,282 ------------------------------------------------------------------------------------------------------ TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (Cost $1,734,768) $ 1,751,907 ------------------------------------------------------------------------------------------------------ CORPORATE BONDS -- 33.0% ENERGY -- 5.5% Oil & Gas Drilling -- 0.4% 25,000 Pride International, Inc., 6.875%, 8/15/20 $ 23,312 100,000 Rowan Companies, Inc., 4.75%, 1/15/24 79,258 -------------- $ 102,570 ------------------------------------------------------------------------------------------------------ Oil & Gas Equipment & Services -- 0.2% 25,000 Weatherford International, Ltd., 5.95%, 4/15/42 $ 18,500 25,000 Weatherford International, Ltd., 9.625%, 3/1/19 26,250 -------------- $ 44,750 ------------------------------------------------------------------------------------------------------ Integrated Oil & Gas -- 1.1% 120,000 Petrobras Global Finance BV, 5.375%, 1/27/21 $ 106,650 155,000 Petroleos Mexicanos, 3.5%, 1/30/23 143,956 55,000 YPF SA, 8.5%, 3/23/21 (144A) 57,475 -------------- $ 308,081 ------------------------------------------------------------------------------------------------------ Oil & Gas Exploration & Production -- 1.1% 15,000 Carrizo Oil & Gas, Inc., 7.5%, 9/15/20 $ 15,075 35,000 Freeport-McMoran Oil & Gas LLC, 6.75%, 2/1/22 31,594 25,000 Newfield Exploration Co., 5.375%, 1/1/26 24,750 100,000 Range Resources Corp., 5.0%, 3/15/23 92,250 75,000 Whiting Petroleum Corp., 6.25%, 4/1/23 62,438 100,000 WPX Energy, Inc., 7.5%, 8/1/20 95,250 -------------- $ 321,357 ------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements. Pioneer Global Multisector Income Fund | Semiannual Report | 4/30/16 19 Schedule of Investments | 4/30/16 (unaudited) (continued)
------------------------------------------------------------------------------------------------------ Principal Floating Amount ($) Rate (b) Value ------------------------------------------------------------------------------------------------------ Oil & Gas Refining & Marketing -- 0.8% 53,000 EnLink Midstream Partners LP, 4.4%, 4/1/24 $ 45,930 184,211 6.26 EP PetroEcuador via Noble Sovereign Funding I, Ltd., Floating Rate Note, 9/24/19 167,632 21,000 Valero Energy Corp., 9.375%, 3/15/19 24,986 -------------- $ 238,548 ------------------------------------------------------------------------------------------------------ Oil & Gas Storage & Transportation -- 1.9% 25,000 Buckeye Partners LP, 5.85%, 11/15/43 $ 22,720 50,000 Crestwood Midstream Partners LP, 6.25%, 4/1/23 (144A) 45,625 25,000 DCP Midstream LLC, 9.75%, 3/15/19 (144A) 26,750 20,000 5.85 DCP Midstream LLC, Floating Rate Note, 5/21/43 (144A) 12,600 100,000 Kinder Morgan, Inc. Delaware, 5.55%, 6/1/45 93,168 25,000 Plains All American Pipeline LP, 4.65%, 10/15/25 23,833 25,000 Plains All American Pipeline LP, 6.125%, 1/15/17 25,791 10,000 Questar Pipeline Co., 5.83%, 2/1/18 10,686 25,000 Spectra Energy Capital LLC, 6.2%, 4/15/18 26,423 10,000 Spectra Energy Capital LLC, 6.75%, 7/15/18 10,584 60,000 Sunoco Logistics Partners Operations LP, 6.1%, 2/15/42 58,057 75,000 The Williams Companies, Inc., 5.75%, 6/24/44 58,500 13,000 The Williams Companies, Inc., 7.75%, 6/15/31 12,220 100,000 TransCanada PipeLines, Ltd., 1.875%, 1/12/18 100,086 -------------- $ 527,043 -------------- Total Energy $ 1,542,349 ------------------------------------------------------------------------------------------------------ MATERIALS -- 2.3% Commodity Chemicals -- 0.1% 25,000 Methanex Corp., 4.25%, 12/1/24 $ 21,465 ------------------------------------------------------------------------------------------------------ Diversified Chemicals -- 0.5% 20,000 Eastman Chemical Co., 4.8%, 9/1/42 $ 19,457 EURO 100,000 Ineos Finance Plc, 4.0%, 5/1/23 (144A) 111,790 -------------- $ 131,247 ------------------------------------------------------------------------------------------------------ Construction Materials -- 1.2% 150,000 Cemex SAB de CV, 5.875%, 3/25/19 (144A) $ 153,360 30,000 Holcim US Finance Sarl & Cie SCS, 6.0%, 12/30/19 (144A) 33,376 150,000 Union Andina de Cementos SAA, 5.875%, 10/30/21 (144A) 154,125 -------------- $ 340,861 ------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements. 20 Pioneer Global Multisector Income Fund | Semiannual Report | 4/30/16
------------------------------------------------------------------------------------------------------ Principal Floating Amount ($) Rate (b) Value ------------------------------------------------------------------------------------------------------ Paper Packaging -- 0.4% EURO 100,000 SIG Combibloc Holdings SCA, 7.75%, 2/15/23 (144A) $ 122,812 ------------------------------------------------------------------------------------------------------ Steel -- 0.1% 25,000 Glencore Funding LLC, 4.125%, 5/30/23 (144A) $ 22,485 -------------- Total Materials $ 638,870 ------------------------------------------------------------------------------------------------------ CAPITAL GOODS -- 1.4% Aerospace & Defense -- 0.4% EURO 100,000 TA MFG., Ltd., 3.625%, 4/15/23 $ 106,280 ------------------------------------------------------------------------------------------------------ Building Products -- 0.6% 55,000 Masco Corp., 4.375%, 4/1/26 $ 56,650 25,000 Masco Corp., 5.95%, 3/15/22 28,031 30,000 Standard Industries, Inc., 5.375%, 11/15/24 (144A) 31,275 50,000 5.75 Stanley Black & Decker, Inc., Floating Rate Note, 12/15/53 52,562 -------------- $ 168,518 ------------------------------------------------------------------------------------------------------ Construction & Engineering -- 0.0%+ 7,000 Valmont Industries, Inc., 6.625%, 4/20/20 $ 7,881 ------------------------------------------------------------------------------------------------------ Construction & Farm Machinery & Heavy Trucks -- 0.2% 60,000 Cummins, Inc., 5.65%, 3/1/98 $ 64,154 ------------------------------------------------------------------------------------------------------ Trading Companies & Distributors -- 0.2% 40,000 GATX Corp., 6.0%, 2/15/18 $ 42,605 -------------- Total Capital Goods $ 389,438 ------------------------------------------------------------------------------------------------------ TRANSPORTATION -- 1.7% Airlines -- 0.9% 90,461 Air Canada 2013-1 Class A Pass Through Trust, 4.125%, 11/15/26 (144A) $ 92,723 8,735 Delta Air Lines 2010-2 Class A Pass Through Trust, 4.95%, 5/23/19 9,209 64,766 United Airlines 2013-1 Class B Pass Through Trust, 5.375%, 8/15/21 67,519 90,462 US Airways 2013-1 Class A Pass Through Trust, 3.95%, 5/15/27 93,176 -------------- $ 262,627 ------------------------------------------------------------------------------------------------------ Marine -- 0.7% 200,000 Pelabuhan Indonesia II PT, 4.25%, 5/5/25 (144A) $ 194,250 ------------------------------------------------------------------------------------------------------ Railroads -- 0.1% 25,000 Burlington Northern Santa Fe LLC, 5.75%, 3/15/18 $ 27,141 -------------- Total Transportation $ 484,018 ------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements. Pioneer Global Multisector Income Fund | Semiannual Report | 4/30/16 21 Schedule of Investments | 4/30/16 (unaudited) (continued)
------------------------------------------------------------------------------------------------------ Principal Floating Amount ($) Rate (b) Value ------------------------------------------------------------------------------------------------------ CONSUMER SERVICES -- 0.4% Casinos & Gaming -- 0.1% 25,000 International Game Technology, 7.5%, 6/15/19 $ 27,531 ------------------------------------------------------------------------------------------------------ Education Services -- 0.3% 75,000 Tufts University, 5.017%, 4/15/12 $ 84,230 -------------- Total Consumer Services $ 111,761 ------------------------------------------------------------------------------------------------------ MEDIA -- 0.1% Cable & Satellite -- 0.1% 25,000 Sky Plc, 6.1%, 2/15/18 (144A) $ 26,895 -------------- Total Media $ 26,895 ------------------------------------------------------------------------------------------------------ RETAILING -- 0.2% Internet Retail -- 0.2% 50,000 Expedia, Inc., 5.95%, 8/15/20 $ 55,292 -------------- Total Retailing $ 55,292 ------------------------------------------------------------------------------------------------------ FOOD & STAPLES RETAILING -- 0.0%+ Drug Retail -- 0.0%+ 12,903 CVS Pass-Through Trust, 5.773%, 1/10/33 (144A) $ 14,179 -------------- Total Food & Staples Retailing $ 14,179 ------------------------------------------------------------------------------------------------------ FOOD, BEVERAGE & TOBACCO -- 2.1% Brewers -- 0.1% 20,000 Anheuser-Busch InBev Worldwide, Inc., 7.75%, 1/15/19 $ 23,290 ------------------------------------------------------------------------------------------------------ Agricultural Products -- 0.2% 50,000 Viterra, Inc., 5.95%, 8/1/20 (144A) $ 50,157 ------------------------------------------------------------------------------------------------------ Packaged Foods & Meats -- 1.8% GBP 100,000 Boparan Finance Plc, 5.5%, 7/15/21 (144A) $ 137,315 EURO 100,000 Darling Global Finance BV, 4.75%, 5/30/22 (144A) 118,403 70,000 Kraft Heinz Foods Co., 3.5%, 6/6/22 74,274 150,000 Post Holdings, Inc., 7.375%, 2/15/22 158,062 15,000 Post Holdings, Inc., 8.0%, 7/15/25 (144A) 16,631 -------------- $ 504,685 -------------- Total Food, Beverage & Tobacco $ 578,132 ------------------------------------------------------------------------------------------------------ HOUSEHOLD & PERSONAL PRODUCTS -- 0.1% Health Care Facilities -- 0.1% 25,000 Centene Escrow Corp., 6.125%, 2/15/24 (144A) $ 26,375 -------------- Total Household & Personal Products $ 26,375 ------------------------------------------------------------------------------------------------------ HEALTH CARE EQUIPMENT & SERVICES -- 0.1% Health Care Facilities -- 0.1% 30,000 Centene Escrow Corp., 5.625%, 2/15/21 (144A) $ 31,575 -------------- Total Health Care Equipment & Services $ 31,575 ------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements. 22 Pioneer Global Multisector Income Fund | Semiannual Report | 4/30/16
------------------------------------------------------------------------------------------------------ Principal Floating Amount ($) Rate (b) Value ------------------------------------------------------------------------------------------------------ PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES -- 0.4% Pharmaceuticals -- 0.4% 21,000 DPx Holdings BV, 7.5%, 2/1/22 (144A) $ 21,262 EURO 100,000 Valeant Pharmaceuticals International, Inc., 4.5%, 5/15/23 91,035 -------------- $ 112,297 -------------- Total Pharmaceuticals, Biotechnology & Life Sciences $ 112,297 ------------------------------------------------------------------------------------------------------ BANKS -- 6.1% Diversified Banks -- 6.0% 200,000 9.25 Access Bank Plc, Floating Rate Note, 6/24/21 (144A) $ 164,712 EURO 50,000 AXA Bank Europe SCF, 3.5%, 11/5/20 66,250 125,000 6.50 Bank of America Corp., Floating Rate Note, 10/23/49 131,562 305,000 Banque Ouest Africaine de Developpement, 5.5%, 5/6/21 (144A) 305,366 75,000 5.90 Citigroup, Inc., Floating Rate Note (Perpetual) 74,812 15,000 5.95 Citigroup, Inc., Floating Rate Note (Perpetual) 14,812 75,000 Cooperatieve Rabobank UA, 3.875%, 2/8/22 80,739 INR 700,000 Inter-American Development Bank, 6.0%, 9/5/17 10,438 NZD 505,000 International Bank for Reconstruction & Development, 3.5%, 1/22/21 359,781 NZD 45,000 International Bank for Reconstruction & Development, 4.625%, 10/6/21 33,851 AUD 185,000 International Bank for Reconstruction & Development, 5.75%, 10/21/19 156,062 100,000 Intesa Sanpaolo S.p.A., 6.5%, 2/24/21 (144A) 114,420 100,000 Macquarie Bank, Ltd., 6.625%, 4/7/21 (144A) 113,770 50,000 4.50 Scotiabank Peru SAA, Floating Rate Note, 12/13/27 (144A) 49,812 -------------- $ 1,676,387 ------------------------------------------------------------------------------------------------------ Regional Banks -- 0.1% 35,000 6.75 The PNC Financial Services Group, Inc., Floating Rate Note (Perpetual) $ 38,719 -------------- Total Banks $ 1,715,106 ------------------------------------------------------------------------------------------------------ DIVERSIFIED FINANCIALS -- 4.5% Other Diversified Financial Services -- 1.0% 150,000 Argentine Republic Government International Bond, 7.5%, 4/22/26 (144A) $ 152,250 25,000 Carlyle Holdings II Finance LLC, 5.625%, 3/30/43 (144A) 26,851 NZD 100,000 JPMorgan Chase & Co., 4.25%, 11/2/18 71,127 40,000 6.75 JPMorgan Chase & Co., Floating Rate Note, 8/29/49 44,254 -------------- $ 294,482 ------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements. Pioneer Global Multisector Income Fund | Semiannual Report | 4/30/16 23 Schedule of Investments | 4/30/16 (unaudited) (continued)
------------------------------------------------------------------------------------------------------ Principal Floating Amount ($) Rate (b) Value ------------------------------------------------------------------------------------------------------ Specialized Finance -- 0.8% 55,000 Aviation Capital Group Corp., 6.75%, 4/6/21 (144A) $ 62,356 100,000 BM&FBovespa SA - Bolsa de Valores Mercadorias e Futuros, 5.5%, 7/16/20 (144A) 103,250 56,000 Cantor Fitzgerald LP, 7.875%, 10/15/19 (144A) 62,946 -------------- $ 228,552 ------------------------------------------------------------------------------------------------------ Consumer Finance -- 1.8% 25,000 Ally Financial, Inc., 5.75%, 11/20/25 $ 25,312 INR 17,800,000 International Finance Corp., 6.3%, 11/25/24 261,159 INR 3,790,000 International Finance Corp., 7.75%, 12/3/16 57,211 INR 9,500,000 International Finance Corp., 8.25%, 6/10/21 152,865 -------------- $ 496,547 ------------------------------------------------------------------------------------------------------ Asset Management & Custody Banks -- 0.4% 100,000 KKR Group Finance Co., II LLC, 5.5%, 2/1/43 (144A) $ 101,367 ------------------------------------------------------------------------------------------------------ Investment Banking & Brokerage -- 0.5% 10,000 Macquarie Group, Ltd., 6.0%, 1/14/20 (144A) $ 11,073 75,000 Morgan Stanley, 4.1%, 5/22/23 77,542 50,000 Morgan Stanley, 4.875%, 11/1/22 54,400 -------------- $ 143,015 -------------- Total Diversified Financials $ 1,263,963 ------------------------------------------------------------------------------------------------------ INSURANCE -- 2.1% Life & Health Insurance -- 0.6% 45,000 Protective Life Corp., 7.375%, 10/15/19 $ 52,031 100,000 5.88 Prudential Financial, Inc., Floating Rate Note, 9/15/42 108,075 -------------- $ 160,106 ------------------------------------------------------------------------------------------------------ Multi-line Insurance -- 0.3% 60,000 AXA SA, 8.6%, 12/15/30 $ 80,417 ------------------------------------------------------------------------------------------------------ Property & Casualty Insurance -- 0.6% 35,000 Delphi Financial Group, Inc., 7.875%, 1/31/20 $ 40,424 110,000 6.50 The Allstate Corp., Floating Rate Note, 5/15/57 118,800 -------------- $ 159,224 ------------------------------------------------------------------------------------------------------ Reinsurance -- 0.6% 30,000 Gullane Segregated Account (Kane SAC Ltd.), Variable Rate Note 11/30/20 (d)(e) $ 31,782 30,000 Lorenz Re, Ltd., Variable Rate Notes, 3/31/18 (d)(e) 2,100 30,000 Lorenz Re, Ltd., Variable Rate Notes, 3/31/19 (d)(e) 30,048 30,000 Pangaea Re, Series 2015-2, Principal at Risk Notes, 11/30/19 (d)(e) 34,503 30,000 Pangaea Re, Variable Rate Notes, 2/1/20 (d)(e) 30,393 30,000 Pangaea Re, Variable Rate Notes, 7/1/18 (d)(e) 540 JPY 2,513,319 Tralee Segregated Account (Kane SAC Ltd.), Variable Rate Note 7/15/17 (d)(e) 23,500
The accompanying notes are an integral part of these financial statements. 24 Pioneer Global Multisector Income Fund | Semiannual Report | 4/30/16
------------------------------------------------------------------------------------------------------ Principal Floating Amount ($) Rate (b) Value ------------------------------------------------------------------------------------------------------ Reinsurance -- (continued) 25,000 5.88 Wilton Re Finance LLC, Floating Rate Note, 3/30/33 (144A) $ 25,448 -------------- $ 178,314 -------------- Total Insurance $ 578,061 ------------------------------------------------------------------------------------------------------ REAL ESTATE -- 0.4% Office REIT -- 0.4% 40,000 Alexandria Real Estate Equities, Inc., 4.6%, 4/1/22 $ 42,982 35,000 Highwoods Realty LP, 3.625%, 1/15/23 34,949 50,000 Piedmont Operating Partnership LP, 3.4%, 6/1/23 48,262 -------------- $ 126,193 -------------- Total Real Estate $ 126,193 ------------------------------------------------------------------------------------------------------ SOFTWARE & SERVICES -- 0.2% Home Entertainment Software -- 0.2% 50,000 Activision Blizzard, Inc., 6.125%, 9/15/23 (144A) $ 54,438 -------------- Total Software & Services $ 54,438 ------------------------------------------------------------------------------------------------------ TECHNOLOGY HARDWARE & EQUIPMENT -- 0.6% Computer Hardware Storage & Peripherals -- 0.3% 75,000 NCR Corp., 6.375%, 12/15/23 $ 78,000 ------------------------------------------------------------------------------------------------------ Electronic Manufacturing Services -- 0.3% 100,000 Flextronics International, Ltd., 4.625%, 2/15/20 $ 104,387 -------------- Total Technology Hardware & Equipment $ 182,387 ------------------------------------------------------------------------------------------------------ SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT -- 0.2% Semiconductor Equipment -- 0.1% 25,000 Entegris, Inc., 6.0%, 4/1/22 (144A) $ 25,750 ------------------------------------------------------------------------------------------------------ Semiconductors -- 0.1% 55,000 Micron Technology, Inc., 5.25%, 8/1/23 (144A) $ 44,441 -------------- Total Semiconductors & Semiconductor Equipment $ 70,191 ------------------------------------------------------------------------------------------------------ TELECOMMUNICATION SERVICES -- 1.4% Integrated Telecommunication Services -- 1.0% 86,000 Frontier Communications Corp., 7.125%, 1/15/23 $ 76,110 19,000 Frontier Communications Corp., 8.5%, 4/15/20 20,092 50,000 GCI, Inc., 6.75%, 6/1/21 50,500 25,000 Unison Ground Lease Funding LLC, 2.981%, 3/16/43 (144A) 24,060 38,000 Verizon Communications, Inc., 5.012%, 8/21/54 39,028 65,000 Verizon Communications, Inc., 6.55%, 9/15/43 85,737 -------------- $ 295,527 ------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements. Pioneer Global Multisector Income Fund | Semiannual Report | 4/30/16 25 Schedule of Investments | 4/30/16 (unaudited) (continued)
------------------------------------------------------------------------------------------------------ Principal Floating Amount ($) Rate (b) Value ------------------------------------------------------------------------------------------------------ Wireless Telecommunication Services -- 0.4% 30,000 Crown Castle Towers LLC, 4.883%, 8/15/20 (144A) $ 32,082 75,000 T-Mobile USA, Inc., 6.625%, 11/15/20 77,625 -------------- $ 109,707 -------------- Total Telecommunication Services $ 405,234 ------------------------------------------------------------------------------------------------------ UTILITIES -- 3.2% Electric Utilities -- 2.0% 100,000 Electricite de France SA, 6.0%, 1/22/14 (144A) $ 104,350 200,000 8.13 Enel S.p.A., Floating Rate Note, 9/24/73 (144A) 230,750 70,000 Public Service Co. of New Mexico, 7.95%, 5/15/18 78,021 50,000 6.25 Southern California Edison Co., Floating Rate Note (Perpetual) 54,850 95,000 Talen Energy Supply LLC, 6.5%, 6/1/25 84,320 10,000 West Penn Power Co., 5.95%, 12/15/17 (144A) 10,632 -------------- $ 562,923 ------------------------------------------------------------------------------------------------------ Gas Utilities -- 0.3% 87,598 Nakilat, Inc., 6.267%, 12/31/33 (144A) $ 98,986 ------------------------------------------------------------------------------------------------------ Independent Power Producers & Energy Traders -- 0.9% 200,000 Colbun SA, 4.5%, 7/10/24 (144A) $ 207,485 32,415 Panoche Energy Center LLC, 6.885%, 7/31/29 (144A) 34,189 -------------- $ 241,674 -------------- Total Utilities $ 903,583 ------------------------------------------------------------------------------------------------------ TOTAL CORPORATE BONDS (Cost $9,092,019) $ 9,310,337 ------------------------------------------------------------------------------------------------------ U.S. GOVERNMENT AND AGENCY OBLIGATIONS -- 13.2% 60,000 Fannie Mae, 3.0%, 5/18/16 (TBA) $ 62,671 126,666 Fannie Mae, 3.5%, 10/1/45 133,169 47,185 Fannie Mae, 3.5%, 2/1/29 49,911 91,427 Fannie Mae, 3.5%, 4/1/45 95,842 204,109 Fannie Mae, 3.5%, 5/1/44 213,966 57,211 Fannie Mae, 3.5%, 8/1/45 59,979 176,184 Fannie Mae, 3.5%, 9/1/42 185,405 168,426 Fannie Mae, 4.0%, 11/1/44 179,855 148,769 Fannie Mae, 4.5%, 11/1/44 161,892 24,607 Fannie Mae, 4.5%, 4/1/41 26,844 23,992 Fannie Mae, 5.0%, 6/1/40 26,602 192,833 Federal Home Loan Mortgage Corp., 3.5%, 11/1/45 202,614 167,038 Federal Home Loan Mortgage Corp., 3.5%, 12/1/44 175,120 175,777 Federal Home Loan Mortgage Corp., 4.0%, 1/1/44 187,839 19,841 Federal Home Loan Mortgage Corp., 4.0%, 12/1/44 21,222
The accompanying notes are an integral part of these financial statements. 26 Pioneer Global Multisector Income Fund | Semiannual Report | 4/30/16
------------------------------------------------------------------------------------------------------ Principal Floating Amount ($) Rate (b) Value ------------------------------------------------------------------------------------------------------ U.S. GOVERNMENT AND AGENCY OBLIGATIONS -- (continued) 312,109 Federal Home Loan Mortgage Corp., 4.0%, 5/1/44 $ 333,314 62,706 Federal Home Loan Mortgage Corp., 4.5%, 6/1/41 68,361 42,919 Federal Home Loan Mortgage Corp., 5.0%, 10/1/38 47,184 36,866 Federal Home Loan Mortgage Corp., 5.0%, 9/1/38 40,521 26,528 Federal Home Loan Mortgage Corp., 6.0%, 8/1/37 30,046 18,939 Federal Home Loan Mortgage Corp., 6.5%, 1/1/38 21,571 60,779 Federal Home Loan Mortgage Corp., 6.5%, 4/1/38 69,992 162,902 Government National Mortgage Association I, 3.5%, 1/15/45 172,158 42,180 Government National Mortgage Association I, 4.5%, 1/15/40 46,822 33,663 Government National Mortgage Association I, 4.5%, 7/15/41 36,887 37,185 Government National Mortgage Association I, 4.5%, 9/15/40 40,920 51,774 Government National Mortgage Association II, 4.5%, 9/20/41 56,322 60,000 U.S. Treasury Bonds, 4.5%, 2/15/36 81,626 60,000 U.S. Treasury Bonds, 4.5%, 8/15/39 81,577 412,837 U.S. Treasury Inflation Indexed Bonds, 0.75%, 2/15/45 401,291 185,130 U.S. Treasury Inflation Indexed Bonds, 1.0%, 2/15/46 193,894 200,000 0.42 U.S. Treasury Note, Floating Rate Note, 10/31/17 200,185 -------------- $ 3,705,602 ------------------------------------------------------------------------------------------------------ TOTAL U.S. GOVERNMENT AND AGENCY OBLIGATIONS (Cost $3,546,784) $ 3,705,602 ------------------------------------------------------------------------------------------------------ FOREIGN GOVERNMENT BONDS -- 43.8% 200,000 Africa Finance Corp., 4.375%, 4/29/20 (144A) $ 203,258 AUD 528,000 Australia Government Bond, 3.25%, 4/21/25 426,294 EURO 50,000 Austria Government Bond, 4.15%, 3/15/37 (144A) (144A) 87,784 200,000 Banque Cent de Tunisie, 5.75%, 1/30/25 (144A) 179,924 BRL 1,000,000 Brazil Letras do Tesouro Nacional, 1/1/19 (c) 212,334 200,000 Brazil Minas SPE via State of Minas Gerais, 5.333%, 2/15/28 (144A) 172,000 EURO 1,180,000 Bundesrepublik Deutschland, 1.0%, 8/15/25 1,448,036 CAD 700,000 Canadian Government Bond, 1.75%, 9/1/19 576,749 CAD 750,000 Canadian Government Bond, 2.25%, 6/1/25 640,263 CNY 500,000 China Government Bond, 3.0%, 11/21/19 75,492 CNY 500,000 China Government Bond, 3.38%, 11/21/24 75,354 200,000 Ecuador Government International Bond, 10.5%, 3/24/20 (144A) 189,000
The accompanying notes are an integral part of these financial statements. Pioneer Global Multisector Income Fund | Semiannual Report | 4/30/16 27 Schedule of Investments | 4/30/16 (unaudited) (continued)
------------------------------------------------------------------------------------------------------ Principal Floating Amount ($) Rate (b) Value ------------------------------------------------------------------------------------------------------ FOREIGN GOVERNMENT BONDS -- (continued) 200,000 Gabon Government International Bond, 6.375%, 12/12/24 $ 174,724 GHS 370,000 Ghana Government Bond, 24.5%, 4/22/19 98,588 EURO 100,000 Italy Buoni Poliennali Del Tesoro, 4.75%, 8/1/23 (144A) 144,232 200,000 Ivory Coast Government International Bond, 5.375%, 7/23/24 (144A) 185,478 200,000 Ivory Coast Government International Bond, 6.375%, 3/3/28 (144A) 190,040 JPY 20,000,000 Japan Government Ten Year Bond, 1.0%, 12/20/21 200,231 JPY 20,000,000 Japan Government Twenty Year Bond, 1.5%, 3/20/19 196,844 200,000 Kenya Government International Bond, 6.875%, 6/24/24 (144A) 188,020 ARS 480,093 Letras del Banco Central de la Republica Argentina, 1/4/17 (c) 28,153 ARS 1,605,229 Letras del Banco Central de la Republica Argentina, 12/28/16 (c) 93,899 ARS 2,036,724 Letras del Banco Central de la Republica Argentina, 5/11/16 (c) 141,523 MXN 3,830,000 Mexican Bonos, 4.75%, 6/14/18 223,950 MXN 2,400,000 Mexican Bonos, 6.5%, 6/9/22 146,731 MXN 300,000 Mexican Bonos, 7.5%, 6/3/27 19,513 MXN 3,695,071 Mexican Udibonos, 2.0%, 6/9/22 206,565 MXN 4,903,515 Mexican Udibonos, 3.5%, 12/14/17 294,154 MXN 3,947,330 Mexican Udibonos, 5.0%, 6/16/16 229,336 EURO 100,000 Mexico Government International Bond, 4.0%, 3/15/15 99,366 200,000 Namibia International Bonds, 5.25%, 10/29/25 (144A) 196,572 NZD 905,000 New Zealand Government Bond, 4.5%, 4/15/27 728,231 NZD 1,250,000 New Zealand Government Bond, 5.5%, 4/15/23 1,041,858 NOK 1,800,000 Norway Government Bond, 2.0%, 5/24/23 235,645 NOK 2,700,000 Norway Government Bond, 4.5%, 5/22/19 373,929 150,000 Provincia de Buenos Aires Argentina, 9.125%, 3/16/24 (144A) 159,750 150,000 Provincia de Buenos Aires Argentina, 9.95%, 6/9/21 (144A) 163,500 AUD 90,000 Queensland Treasury Corp., 5.5%, 6/21/21 78,581 AUD 100,000 Queensland Treasury Corp., 5.75%, 7/22/24 92,239 RON 380,000 Romania Government Bond, 5.85%, 4/26/23 112,148 RON 570,000 Romania Government Bond, 5.95%, 6/11/21 167,459 200,000 Sri Lanka Government International Bond, 6.85%, 11/3/25 (144A) 196,929 SEK 2,300,000 Sweden Government Bond, 2.5%, 5/12/25 333,093
The accompanying notes are an integral part of these financial statements. 28 Pioneer Global Multisector Income Fund | Semiannual Report | 4/30/16
------------------------------------------------------------------------------------------------------ Principal Floating Amount ($) Rate (b) Value ------------------------------------------------------------------------------------------------------ FOREIGN GOVERNMENT BONDS -- (continued) GBP 500,000 United Kingdom Gilt, 1.75%, 7/22/19 $ 754,198 GBP 70,000 United Kingdom Gilt, 4.25%, 9/7/39 136,895 GBP 75,000 United Kingdom Gilt, 8.75%, 8/25/17 121,562 400,000 Zambia Government International Bond, 5.375%, 9/20/22 (144A) 297,448 -------------- $ 12,337,872 ------------------------------------------------------------------------------------------------------ TOTAL FOREIGN GOVERNMENT BONDS (Cost $12,943,032) $ 12,337,872 ------------------------------------------------------------------------------------------------------ MUNICIPAL BONDS -- 1.6% (f) Municipal General -- 0.6% 70,000 JobsOhio Beverage System, 3.985%, 1/1/29 $ 77,169 20,000 JobsOhio Beverage System, 4.532%, 1/1/35 22,455 30,000 Virginia Commonwealth Transportation Board, 4.0%, 5/15/31 33,539 30,000 Virginia Commonwealth Transportation Board, 4.0%, 5/15/32 33,330 -------------- $ 166,493 ------------------------------------------------------------------------------------------------------ Higher Municipal Education -- 0.4% 25,000 Baylor University, 4.313%, 3/1/42 $ 26,734 25,000 Massachusetts Institute of Technology, 5.6%, 7/1/11 32,808 50,000 University of Virginia, Green Bond Series A, 5.0%, 4/1/45 59,720 -------------- $ 119,262 ------------------------------------------------------------------------------------------------------ Municipal School District -- 0.2% 25,000 Frisco Independent School District, 4.0%, 8/15/40 (g) $ 27,344 25,000 Frisco Independent School District, 4.0%, 8/15/45 (g) 27,202 -------------- $ 54,546 ------------------------------------------------------------------------------------------------------ Municipal Obligation -- 0.4% 50,000 State of Texas, 4.0%, 10/1/44 (g) $ 54,122 50,000 State of Washington, 5.0%, 7/1/30 (g) 61,174 -------------- $ 115,296 ------------------------------------------------------------------------------------------------------ TOTAL MUNICIPAL BONDS (Cost $421,062) $ 455,597 ------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements. Pioneer Global Multisector Income Fund | Semiannual Report | 4/30/16 29 Schedule of Investments | 4/30/16 (unaudited) (continued)
------------------------------------------------------------------------------------------------------ Principal Floating Amount ($) Rate (b) Value ------------------------------------------------------------------------------------------------------ SENIOR FLOATING RATE LOAN INTERESTS -- 0.8%** CAPITAL GOODS -- 0.3% Aerospace & Defense -- 0.2% 25,000 7.00 TASC, Inc. Virginia, New Term Loan (First Lien), 5/23/20 $ 24,927 25,000 7.00 TASC, Inc., First Lien Term Loan, 2/28/17 24,927 -------------- $ 49,854 ------------------------------------------------------------------------------------------------------ Industrial Machinery -- 0.1% 50,000 6.25 Xerium Technologies, Inc., Initial Term Loan, 5/17/19 $ 48,875 -------------- Total Capital Goods $ 98,729 ------------------------------------------------------------------------------------------------------ AUTOMOBILES & COMPONENTS -- 0.2% Auto Parts & Equipment -- 0.2% 50,000 3.75 MPG Holdco I, Inc., Tranche B-1 Term Loan (2015), 10/20/21 $ 49,786 -------------- Total Automobiles & Components $ 49,786 ------------------------------------------------------------------------------------------------------ HEALTH CARE EQUIPMENT & SERVICES -- 0.2% Health Care Facilities -- 0.2% 50,000 4.25 Kindred Healthcare, Inc., Tranche B Loan (First Lien), 4/10/21 $ 49,875 -------------- Total Health Care Equipment & Services $ 49,875 ------------------------------------------------------------------------------------------------------ TELECOMMUNICATION SERVICES -- 0.1% Integrated Telecommunication Services -- 0.1% 42,364 3.25 West Corp., B-10 Term Loan (First Lien), 6/30/18 $ 42,236 -------------- Total Telecommunication Services $ 42,236 ------------------------------------------------------------------------------------------------------ TOTAL SENIOR FLOATING RATE LOAN INTERESTS (Cost $234,762) $ 240,626 ------------------------------------------------------------------------------------------------------ TOTAL INVESTMENT IN SECURITIES -- 100.6% (Cost $28,508,095) (a)(h) $ 28,356,108 ------------------------------------------------------------------------------------------------------ OTHER ASSETS & LIABILITIES -- (0.6)% $ (174,608) ------------------------------------------------------------------------------------------------------ TOTAL NET ASSETS -- 100.0% $ 28,181,500 ======================================================================================================
+ Amount rounds to less than 0.1%. (TBA) To be announced securities. (Perpetual) Security with no stated maturity date. (Step) Step up bond issued with an initial coupon rate which converts to a higher rate at a later date. REIT Real Estate Investment Trust. REMICS Real Estate Mortgage Investment Conduits. The accompanying notes are an integral part of these financial statements. 30 Pioneer Global Multisector Income Fund | Semiannual Report | 4/30/16 (144A) Security is exempt from registration under Rule 144A of the Securities Act of 1933. Such securities may be resold normally to qualified institutional buyers in a transaction exempt from registration. At April 30, 2016, the value of these securities amounted to $7,020,477 or 24.9% of total net assets. ** Senior floating rate loan interests in which the Fund invests generally pay interest at rates that are periodically redetermined by reference to a base lending rate plus a premium. These base lending rates are generally (i) the lending rate offered by one or more major European banks, such as LIBOR (London InterBank Offered Rate), (ii) the prime rate offered by one or more major United States banks, (iii) the certificate of deposit rate or (iv) other base lending rates used by commercial lenders. The rate shown is the coupon rate at period end. (a) At April 30, 2016, the net unrealized depreciation on investments based on cost for federal income tax purposes of $28,513,157 was as follows:
Aggregate gross unrealized appreciation for all investments in which there is an excess of value over tax cost $ 996,507 Aggregate gross unrealized depreciation for all investments in which in which there is an excess of tax cost over value (1,153,556) -------------- Net unrealized depreciation $ (157,049) ==============
(b) Debt obligation with a variable interest rate. Rate shown is rate at end of period. (c) Security issued with a zero coupon. Income is earned through accretion of discount. (d) Structured reinsurance investment. At April 30, 2016, the value of these securities amounted to $152,866 or 0.5% of total net assets. See Notes to Financial Statements -- Note 1I. (e) Rate to be determined. (f) Consists of Revenue Bonds unless otherwise indicated. (g) Represents a General Obligation Bond. (h) Distributions of investments by country of domicile (excluding temporary cash investments) as a percentage of total investment in securities, is as follows:
United States 41.8% New Zealand 6.2 Canada 5.5 Mexico 5.3 Germany 5.2 United Kingdom 5.1 Australia 2.9 Argentina 2.8 Norway 2.1 Italy 1.7 Cote D'Ivoire 1.3 Japan 1.3 Nigeria 1.2 Brazil 1.1 Cayman Islands 1.1 Sweden 1.1 Other (individually less than 1%) 14.3 ----- 100.0% =====
The accompanying notes are an integral part of these financial statements. Pioneer Global Multisector Income Fund | Semiannual Report | 4/30/16 31 Schedule of Investments | 4/30/16 (unaudited) (continued) Principal amounts are denominated in U.S. Dollars unless otherwise noted: ARS Argentine Peso AUD Australian Dollar BRL Brazilian Real CAD Canadian Dollar CNY Chinese Yuan EURO Euro GBP British Pound Sterling GHS Ghanian Cedis INR Indian Rupee JPY Japanese Yen MXN Mexican Peso NOK Norwegian Krone NZD New Zealand Dollar RON Romanian New Leu SEK Swedish Krona Purchases and sales of securities (excluding temporary cash investments) for the six months ended April 30, 2016 were as follows:
----------------------------------------------------------------------------------------------------- Purchases Sales ----------------------------------------------------------------------------------------------------- Long-Term U.S. Government Securities $ 441,113 $1,820,824 Other Long-Term Securities $5,408,865 $3,375,421
CENTRALLY CLEARED CREDIT DEFAULT SWAP AGREEMENT -- SELL PROTECTION
-------------------------------------------------------------------------------------------------------------- Notional Obligation Credit Expiration Premiums Unrealized Principal ($)(1) Exchange Entity/Index Coupon Rating(2) Date Paid Appreciation -------------------------------------------------------------------------------------------------------------- Markit CDX Chicago North America Mercantile High Yield 343,332 Exchange Index 5.00% BBB+ 12/20/19 $18,632 $5,005 --------------------------------------------------------------------------------------------------------------
CREDIT DEFAULT SWAP AGREEMENT -- SELL PROTECTION
-------------------------------------------------------------------------------------------------------------- Notional Obligation Credit Expiration Premiums Unrealized Principal ($)(1) Counterparty Entity/Index Coupon Rating(2) Date (Received) Depreciation -------------------------------------------------------------------------------------------------------------- Morgan Stanley Diamond Capital Offshore 50,000 Services LLC Drill, Inc. 1.00% BBB+ 12/20/19 $(1,873) $(1,523) ---------------------------------------------------------------------------------------------------------------
(1) The notional amount is the maximum amount that a seller of credit protection would be obligated to pay upon occurrence of a credit event. (2) Based on Standard & Poor's rating of the issuer or the weighted average of all the underlying securities in the index. The accompanying notes are an integral part of these financial statements. 32 Pioneer Global Multisector Income Fund | Semiannual Report | 4/30/16 Various inputs are used in determining the value of the Fund's investments. These inputs are summarized in the three broad levels listed below. Level 1 - quoted prices in active markets for identical securities. Level 2 - other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.) See Notes to Financial Statements -- Note 1A. Level 3 - significant unobservable inputs (including the Fund's own assumptions in determining fair value of investments) See Notes to Financial Statements -- Note 1A. The following is a summary of the inputs used as of April 30, 2016, in valuing the Fund's assets:
--------------------------------------------------------------------------------------------- Level 1 Level 2 Level 3 Total --------------------------------------------------------------------------------------------- Convertible Corporate Bonds $ -- $ 84,999 $ -- $ 84,999 Preferred Stocks 40,243 -- -- 40,243 Convertible Preferred Stock 99,680 -- -- 99,680 Asset Backed Securities -- 329,245 -- 329,245 Collateralized Mortgage Obligations -- 1,751,907 -- 1,751,907 Corporate Bonds Insurance Reinsurance -- 25,448 152,866 178,314 All Other Corporate Bonds -- 9,132,023 -- 9,132,023 U.S. Government Agency Obligations -- 3,705,602 -- 3,705,602 Foreign Government Bonds -- 12,337,872 -- 12,337,872 Municipal Bonds -- 455,597 -- 455,597 Senior Floating Rate Loan Interest -- 240,626 -- 240,626 --------------------------------------------------------------------------------------------- Total $ 139,923 $ 28,063,319 $ 152,866 $28,356,108 ============================================================================================= Other Financial Instruments Net unrealized appreciation on futures contracts $ 8,085 $ -- $ -- $ 8,085 Unrealized appreciation on forward foreign currency contracts -- 24,988 -- 24,988 Unrealized depreciation on forward foreign currency contracts -- (159,777) -- (159,777) Net unrealized appreciation on swap contracts -- 3,482 -- 3,482 --------------------------------------------------------------------------------------------- Total Other Financial Instruments $ 8,085 $ (131,307) $ -- $ (123,222) =============================================================================================
The accompanying notes are an integral part of these financial statements. Pioneer Global Multisector Income Fund | Semiannual Report | 4/30/16 33 Schedule of Investments | 4/30/16 (unaudited) (continued) The following is a summary of the fair valuation of certain Portfolio's assets and liabilities as of April 30, 2016:
----------------------------------------------------------------------------------- Level 1 Level 2 Level 3 Total ----------------------------------------------------------------------------------- Assets: Restricted cash $ -- $ 78,318 $ -- $ 78,318 Foreign currencies, at value -- 474,589 -- 474,589 Variation margin for centrally cleared swap contracts -- (477) -- (477) Liabilities: Variation margin for futures contracts (6,951) -- -- (6,951) ----------------------------------------------------------------------------------- Total: $ (6,951) $552,430 $ -- $545,479 ===================================================================================
The following is a reconciliation of assets valued using significant observable inputs (Level 3):
-------------------------------------------------------------------------------- Corporate Bonds -------------------------------------------------------------------------------- Balance as of 10/31/15 $ 86,744 Realized gain (loss)1 -- Change in unrealized appreciation (depreciation)(2) (23,878) Purchases 90,000 Sales -- Transfers in to Level 3* -- Transfers out of Level 3* -- -------------------------------------------------------------------------------- Balance as of 4/30/16 $152,866 ================================================================================
(1) Realized gain (loss) on these securities is included in the net realized gain (loss) from investments in the Statement of Operations. (2) Unrealized appreciation (depreciation) on these securities is included in the change in unrealized appreciation (depreciation) on investments in the Statement of Operations. * Transfers are calculated on the beginning of period values. During the six months ended April 30, 2016, there were no transfers between Levels 1, 2 and 3.
Net change in unrealized appreciation (depreciation) of investments still held as of 4/30/16 $(21,668) ---------
The accompanying notes are an integral part of these financial statements. 34 Pioneer Global Multisector Income Fund | Semiannual Report | 4/30/16 Statement of Assets and Liabilities | 4/30/16 (unaudited)
ASSETS: Investment in securities, at value (cost $28,508,095) $28,356,108 Cash 939,510 Restricted cash* 78,318 Foreign currencies, at value (cost $18,446) 474,589 Receivables -- Investment securities sold 178,867 Fund shares sold 8,398 Interest 294,545 Swap contracts, premium paid 16,759 Unrealized appreciation on forward foreign currency contracts 24,988 Due from Pioneer Investment Management, Inc. 48,142 Other assets 27,514 ------------------------------------------------------------------------------------- Total assets $30,447,738 ===================================================================================== LIABILITIES: Payables -- Investment securities purchased $ 921,205 Fund shares repurchased 1,031,666 Distributions 35,986 Trustee fees 599 Variation margin for centrally cleared swap contracts 477 Variation margin for futures contracts 6,951 Unrealized depreciation on forward foreign currency contracts 159,777 Unrealized depreciation on swap contracts 1,523 Due to affiliates 51,304 Accrued expenses 56,750 ------------------------------------------------------------------------------------- Total liabilities $ 2,266,238 ===================================================================================== NET ASSETS: Paid-in capital $29,010,238 Undistributed net investment income 193,264 Accumulated net realized loss on investments, futures contracts, swap contracts and foreign currency transactions (803,417) Net unrealized depreciation on investments (151,987) Net unrealized appreciation on futures contracts 8,085 Net unrealized appreciation on swap contracts 3,482 Net unrealized depreciation on forward foreign currency contracts and other assets and liabilities denominated in foreign currencies (78,165) ------------------------------------------------------------------------------------- Total net assets $28,181,500 ===================================================================================== NET ASSET VALUE PER SHARE: (No par value, unlimited number of shares authorized) Class A (based on $13,051,786/1,246,737 shares) $ 10.47 Class C (based on $4,205,235/400,340 shares) $ 10.50 Class Y (based on $10,924,479/1,034,021 shares) $ 10.57 MAXIMUM OFFERING PRICE: Class A ($10.47 (divided by) 95.5%) $ 10.96 =====================================================================================
* Represents restricted cash deposited at the counterparty for derivative contracts The accompanying notes are an integral part of these financial statements. Pioneer Global Multisector Income Fund | Semiannual Report | 4/30/16 35 Statement of Operations (unaudited) For the Six Months Ended 4/30/16
INVESTMENT INCOME: Interest $ 573,978 Dividends 6,734 ------------------------------------------------------------------------------------ Total investment income $ 580,712 ------------------------------------------------------------------------------------ EXPENSES: Management fees $ 71,482 Transfer agent fees Class A 1,524 Class C 409 Class Y 482 Distribution fees Class A 15,722 Class C 21,203 Shareholder communications expense 64,228 Administrative expense 13,206 Custodian fees 16,031 Registration fees 19,783 Professional fees 24,138 Printing expense 6,072 Pricing expense 14,728 Fees and expenses of non-affiliated Trustees 3,522 Miscellaneous 10,885 ------------------------------------------------------------------------------------ Total expenses $ 283,415 Less fees waived and expenses reimbursed by Pioneer Investment Management, Inc. (137,136) ------------------------------------------------------------------------------------ Net expenses $ 146,279 ------------------------------------------------------------------------------------ Net investment income $ 434,433 ------------------------------------------------------------------------------------ REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS, FUTURES CONTRACTS, SWAP CONTRACTS AND FOREIGN CURRENCY TRANSACTIONS: Net realized gain (loss) on: Investments $ (360,273) Futures contracts (78,966) Swap contracts 6,854 Forward foreign currency contracts and other assets and liabilities denominated in foreign currencies (294,058) $ (726,443) ------------------------------------------------------------------------------------ Change in net unrealized appreciation (depreciation) on: Investments $ 924,346 Futures contracts (4,371) Swap contracts (1,065) Forward foreign currency contracts and other assets and liabilities denominated in foreign currencies 134,415 $1,053,325 ------------------------------------------------------------------------------------ Net realized and unrealized gain (loss) on investments, futures contracts, swap contracts and foreign currency transactions $ 326,882 ------------------------------------------------------------------------------------ Net increase in net assets resulting from operations $ 761,315 ====================================================================================
The accompanying notes are an integral part of these financial statements. 36 Pioneer Global Multisector Income Fund | Semiannual Report | 4/30/16 Statements of Changes in Net Assets
------------------------------------------------------------------------------------------------- Six Months Ended 4/30/16 Year Ended (unaudited) 10/31/15 ------------------------------------------------------------------------------------------------- FROM OPERATIONS: Net investment income $ 434,433 $ 834,004 Net realized gain (loss) on investments, futures contracts, swap contracts and forward foreign currency contracts and other assets and liabilities denominated in foreign currencies (726,443) 356,921 Change in net unrealized appreciation (depreciation) on investments, futures contracts, swap contracts and foreign currency transactions 1,053,325 (1,470,300) ------------------------------------------------------------------------------------------------- Net increase (decrease) in net assets resulting from operations $ 761,315 $ (279,375) ------------------------------------------------------------------------------------------------- DISTRIBUTIONS TO SHAREOWNERS: Net investment income: Class A ($0.21 and $0.31 per share, respectively) $ (258,397) $ (362,600) Class C ($0.16 and $0.21 per share, respectively) (68,819) (90,523) Class Y ($0.22 and $0.34 per share, respectively) (257,970) (391,265) Net realized gain: Class A ($0.00 and $0.10 per share, respectively) -- (103,854) Class C ($0.00 and $0.10 per share, respectively) -- (36,964) Class Y ($0.00 and $0.10 per share, respectively) -- (110,052) ------------------------------------------------------------------------------------------------- Total distributions to shareowners $ (585,186) $ (1,095,258) ------------------------------------------------------------------------------------------------- FROM FUND SHARE TRANSACTIONS (a)(b): Net proceeds from sale of shares $ 2,730,690 $ 5,423,057 Reinvestment of distributions 281,647 502,776 Cost of shares repurchased (4,035,108) (3,804,827) ------------------------------------------------------------------------------------------------- Net increase (decrease) in net assets resulting from Fund share transactions $ (1,022,771) $ 2,121,006 ------------------------------------------------------------------------------------------------- Net increase (decrease) in net assets $ (846,642) $ 746,373 NET ASSETS: Beginning of period $ 29,028,142 $ 28,281,769 ------------------------------------------------------------------------------------------------- End of period $ 28,181,500 $ 29,028,142 ------------------------------------------------------------------------------------------------- Undistributed net investment income $ 193,264 $ 344,017 =================================================================================================
(a) At April 30, 2016, Pioneer Solutions-Growth Fund owned 11.6% of the value of outstanding shares of Pioneer Global Multisector Income Fund. (b) At April 30, 2016, Pioneer Solutions-Balanced Fund owned 13.8% of the value of outstanding shares of Pioneer Global Multisector Income Fund. The accompanying notes are an integral part of these financial statements. Pioneer Global Multisector Income Fund | Semiannual Report | 4/30/16 37 Statements of Changes in Net Assets (continued)
---------------------------------------------------------------------------------------------- Six Months Six Months Ended Ended 4/30/16 4/30/16 Year Ended Year Ended Shares Amount 10/31/15 10/31/15 (unaudited) (unaudited) Shares Amount ---------------------------------------------------------------------------------------------- Class A Shares sold 136,890 $ 1,407,879 326,667 $ 3,484,765 Reinvestment of distributions 22,071 225,690 37,797 402,829 Less shares repurchased (136,692) (1,397,783) (203,771) (2,170,537) ---------------------------------------------------------------------------------------------- Net increase 22,269 $ 235,786 160,693 $ 1,717,057 ============================================================================================== Class C Shares sold 87,223 $ 895,845 128,101 $ 1,375,286 Reinvestment of distributions 3,772 38,653 6,729 72,072 Less shares repurchased (84,879) (872,633) (120,509) (1,279,738) ---------------------------------------------------------------------------------------------- Net increase 6,116 $ 61,865 14,321 $ 167,620 ============================================================================================== Class Y Shares sold 41,420 $ 426,966 52,402 $ 563,006 Reinvestment of distributions 1,676 17,304 2,593 27,875 Less shares repurchased (169,079) (1,764,692) (33,109) (354,552) ---------------------------------------------------------------------------------------------- Net increase (decrease) (125,983) $(1,320,422) 21,886 $ 236,329 ==============================================================================================
The accompanying notes are an integral part of these financial statements. 38 Pioneer Global Multisector Income Fund | Semiannual Report | 4/30/16 Financial Highlights
---------------------------------------------------------------------------------------------------------------------------- Six Months Ended Year Year Year Year Year 4/30/16 Ended Ended Ended Ended Ended (unaudited) 10/31/15 10/31/14 10/31/13 10/31/12 10/31/11 ---------------------------------------------------------------------------------------------------------------------------- Class A Net asset value, beginning of period $ 10.40 $ 10.91 $ 10.98 $ 11.49 $ 11.22 $ 11.19 ---------------------------------------------------------------------------------------------------------------------------- Increase (decrease) from investment operations: Net investment income (loss) $ 0.16(b) $ 0.31(b) $ 0.38 $ 0.30 $ 0.36 $ 0.34 Net realized and unrealized gain (loss) on investments 0.12 (0.41) (0.04) (0.35) 0.29 0.01 ---------------------------------------------------------------------------------------------------------------------------- Net increase (decrease) from investment operations $ 0.28 $ (0.10) $ 0.34 $ (0.05) $ 0.65 $ 0.35 ---------------------------------------------------------------------------------------------------------------------------- Distribution to shareowners: Net investment income $ (0.21) $ (0.31) $ (0.35) $ (0.29) $ (0.36) $ (0.32) Net realized gain -- (0.10) (0.06) (0.17) (0.02) -- ---------------------------------------------------------------------------------------------------------------------------- Total distributions $ (0.21) $ (0.41) $ (0.41) $ (0.46) $ (0.38) $ (0.32) ---------------------------------------------------------------------------------------------------------------------------- Net increase (decrease) in net asset value $ 0.07 $ (0.51) $ (0.07) $ (0.51) $ 0.27 $ 0.03 ---------------------------------------------------------------------------------------------------------------------------- Net asset value, end of period $ 10.47 $ 10.40 $ 10.91 $ 10.98 $ 11.49 $ 11.22 ============================================================================================================================ Total return* 2.76% (1.00)% 3.16% (0.45)% 5.98% 3.22% Ratio of net expenses to average net assets (a) 1.00%** 1.00% 1.01% 1.00% 1.00% 1.00% Ratio of net investment income (loss) to average net assets 3.06%** 2.87% 3.57% 3.36% 3.26% 2.94% Portfolio turnover rate 38%** 34% 51% 33% 29% 34% Net assets, end of period (in thousands) $13,052 $12,737 $11,601 $ 6,888 $ 9,128 $14,830 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 (a) 2.52%** 2.67% 2.52% 2.05% 1.65% 2.07% Net investment income (loss) to average net assets 1.54%** 1.20% 2.06% 2.31% 2.60% 1.86% ============================================================================================================================
* Assumes initial investment at net asset value at the beginning of each period, reinvestment of all distributions, the complete redemption of the investment at net asset value at the end of each period and no sales charges. Total return would be reduced if sales charges were taken into account. ** Annualized. (a) Includes interest expense of 0.00%, 0.00%, 0.01%, 0.00%, 0.00% and 0.00%, respectively. (b) The per share data presented above is based on the average shares outstanding for the period presented. The accompanying notes are an integral part of these financial statements. Pioneer Global Multisector Income Fund | Semiannual Report | 4/30/16 39 Financial Highlights (continued)
---------------------------------------------------------------------------------------------------------------------------- Six Months Ended Year Year Year Year Year 4/30/16 Ended Ended Ended Ended Ended (unaudited) 10/31/15 10/31/14 10/31/13 10/31/12 10/31/11 ---------------------------------------------------------------------------------------------------------------------------- Class C Net asset value, beginning of period $ 10.43 $ 10.94 $ 11.01 $ 11.51 $ 11.23 $ 11.19 ---------------------------------------------------------------------------------------------------------------------------- Increase (decrease) from investment operations: Net investment income (loss) $ 0.11(b) $ 0.21(b) $ 0.29 $ 0.20 $ 0.26 $ 0.24 Net realized and unrealized gain (loss) on investments 0.12 (0.41) (0.05) (0.34) 0.30 0.02 ---------------------------------------------------------------------------------------------------------------------------- Net increase (decrease) from investment operations $ 0.23 $ (0.20) $ 0.24 $ (0.14) $ 0.56 $ 0.26 ---------------------------------------------------------------------------------------------------------------------------- Distribution to shareowners: Net investment income $ (0.16) $ (0.21) $ (0.25) $ (0.19) $ (0.26) $ (0.22) Net realized gain -- (0.10) (0.06) (0.17) (0.02) -- ---------------------------------------------------------------------------------------------------------------------------- Total distributions $ (0.16) $ (0.31) $ (0.31) $ (0.36) $ (0.28) $ (0.22) ---------------------------------------------------------------------------------------------------------------------------- Net increase (decrease) in net asset value $ 0.07 $ (0.51) $ (0.07) $ (0.50) $ 0.28 $ 0.04 ---------------------------------------------------------------------------------------------------------------------------- Net asset value, end of period $ 10.50 $ 10.43 $ 10.94 $ 11.01 $ 11.51 $ 11.23 ============================================================================================================================ Total return* 2.30% (1.87)% 2.24% (1.24)% 5.09% 2.39% Ratio of net expenses to average net assets (a) 1.84%** 1.90% 1.91% 1.90% 1.90% 1.90% Ratio of net investment income (loss) to average net assets 2.22%** 1.96% 2.67% 2.46% 2.33% 2.15% Portfolio turnover rate 38%** 34% 51% 33% 29% 34% Net assets, end of period (in thousands) $ 4,205 $ 4,113 $ 4,156 $ 3,847 $ 4,414 $ 3,555 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 (a) 2.35%** 2.56% 2.71% 2.75% 2.39% 2.94% Net investment income (loss) to average net assets 1.72%** 1.30% 1.87% 1.61% 1.84% 1.11% ============================================================================================================================
* Assumes initial investment at net asset value at the beginning of each period, reinvestment of all distributions, the complete redemption of the investment at net asset value at the end of each period and no sales charges. Total return would be reduced if sales charges were taken into account. ** Annualized. (a) Includes interest expense of 0.00%, 0.00%, 0.01%, 0.00%, 0.00% and 0.00%, respectively. (b) The per share data presented above is based on the average shares outstanding for the period presented. The accompanying notes are an integral part of these financial statements. 40 Pioneer Global Multisector Income Fund | Semiannual Report | 4/30/16
---------------------------------------------------------------------------------------------------------------------------- Six Months Ended Year Year Year Year Year 4/30/16 Ended Ended Ended Ended Ended (unaudited) 10/31/15 10/31/14 10/31/13 10/31/12 10/31/11 ---------------------------------------------------------------------------------------------------------------------------- Class Y Net asset value, beginning of period $ 10.50 $ 11.00 $ 11.07 $ 11.59 $ 11.30 $ 11.22 ---------------------------------------------------------------------------------------------------------------------------- Increase (decrease) from investment operations: Net investment income (loss) $ 0.17(b) $ 0.33(b) $ 0.42 $ 0.33 $ 0.39 $ 0.35 Net realized and unrealized gain (loss) on investments 0.12 (0.39) (0.05) (0.36) 0.30 0.05 ---------------------------------------------------------------------------------------------------------------------------- Net increase (decrease) from investment operations $ 0.29 $ (0.06) $ 0.37 $ (0.03) $ 0.69 $ 0.40 ---------------------------------------------------------------------------------------------------------------------------- Distribution to shareowners: Net investment income $ (0.22) $ (0.34) $ (0.38) $ (0.32) $ (0.38) $ (0.32) Net realized gain -- (0.10) (0.06) (0.17) (0.02) -- ---------------------------------------------------------------------------------------------------------------------------- Total distributions $ (0.22) $ (0.44) $ (0.44) $ (0.49) $ (0.40) $ (0.32) ---------------------------------------------------------------------------------------------------------------------------- Net increase (decrease) in net asset value $ 0.07 $ (0.50) $ (0.07) $ (0.52) $ 0.29 $ 0.08 ---------------------------------------------------------------------------------------------------------------------------- Net asset value, end of period $ 10.57 $ 10.50 $ 11.00 $ 11.07 $ 11.59 $ 11.30 ============================================================================================================================ Total return* 2.87%** (0.62)% 3.42% (0.25)% 6.24% 3.66% Ratio of net expenses to average net assets (a) 0.75%** 0.75% 0.76% 0.75% 0.79% 0.82% Ratio of net investment income (loss) to average net assets 3.31%** 3.12% 3.81% 3.58% 3.42% 3.01% Portfolio turnover rate 38% 34% 51% 33% 29% 34% Net assets, end of period (in thousands) $10,924 $12,178 $12,525 $17,438 $15,297 $11,160 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 (a) 1.28%** 1.39% 1.50% 1.57% 1.18% 1.55% Net investment income (loss) to average net assets 2.79% 2.48% 3.07% 2.76% 3.04% 2.28% ============================================================================================================================
* 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. ** Annualized. (a) Includes interest expense of 0.00%, 0.00%, 0.01%, 0.00%, 0.00% and 0.00%, respectively. (b) The per share data presented above is based on the average shares outstanding for the period presented. The accompanying notes are an integral part of these financial statements. Pioneer Global Multisector Income Fund | Semiannual Report | 4/30/16 41 Notes to Financial Statements | 4/30/16 (unaudited) 1. Organization and Significant Accounting Policies Pioneer Global Multisector Income Fund (the Fund) is a series of Pioneer Series Trust VII, a Delaware statutory trust. The Fund is registered under the Investment Company Act of 1940 as a diversified, open-end management investment company. The investment objective of the Fund is to provide a high level of current income. The Fund offers three classes of shares designated as Class A, Class C, and Class Y shares. 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 shareholder approval. Under per-share voting, each share of a class of the Fund is entitled to one vote. Under dollar-weighted voting, a shareholder's voting power is determined not by the number of shares owned, but by the dollar value of the shares on the record date. Each share class has exclusive voting rights with respect to matters affecting only that class, including with respect to the distribution plan for that class. There is no distribution plan for Class Y shares. The Fund's financial statements have been prepared in conformity with U.S. generally accepted accounting principles that require the management of the Fund to, among other things, make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of income, expenses and gain or loss on investments during the reporting period. Actual results could differ from those estimates. The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements: 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. 42 Pioneer Global Multisector Income Fund | Semiannual Report | 4/30/16 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. Valuations may be supplemented by dealers and other sources, as required. 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. Foreign securities are valued in U.S. dollars based on foreign currency exchange rate quotations supplied by a third party pricing service. Trading in non-U.S. equity securities is substantially completed each day at various times prior to the close of the NYSE. The values of such securities used in computing the net asset value of the Fund's shares are determined as of such times. The fund may use a fair value model developed by an independent pricing service to value non-U.S. equity securities. Loan interests are valued in accordance with guidelines established by the Board of Trustees at the mean between the last available bid and asked prices from one or more brokers or dealers as obtained from Loan Pricing Corporation, an independent third party pricing service. If price information is not available from Loan Pricing Corporation, or if the price information is deemed to be unreliable, price information will be obtained from an alternative loan interest pricing service. If no reliable price quotes are available from either the primary or alternative pricing service, broker quotes will be solicited. Event-linked bonds or catastrophe bonds are valued at the bid price obtained from an independent third party pricing service. Other insurance linked securities (including sidecars, collateralized reinsurance and industry loss warranties) may be valued at the bid price obtained from an independent pricing service, or through a third party using a pricing matrix, insurance industry valuation models, or other fair value methods or techniques to provide an estimated value of the instrument. Equity securities that have traded on an exchange are valued by using the last sale price on the principal exchange where they are traded. Equity securities that have not traded on the date of valuation, or securities for which sale prices are not available, generally are valued using the mean between the last bid and asked prices or, if both last bid and asked prices are not available, at the last quoted bid price. Last sale and bid and asked prices are provided by Pioneer Global Multisector Income Fund | Semiannual Report | 4/30/16 43 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. 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 Dealer association members. Centrally cleared swaps are valued at the daily settlement price provided by the central clearing counterparty. Futures contracts are generally valued at the closing settlement price established by the exchange on which they are traded. Forward foreign currency exchange contracts are valued daily using the foreign exchange rate or, for longer term forward contract positions, the spot currency rate, in each case provided by a third party pricing service. Contracts whose forward settlement date falls between two quoted days are valued by interpolation. Securities or loan interests for which independent pricing services are unable to supply prices or for which market prices and/or quotations are not readily available or are considered to be unreliable are valued by a fair valuation team comprised of certain personnel of Pioneer Investment Management, Inc. (PIM), the Fund's investment adviser, pursuant to procedures adopted by the Fund's Board of Trustees. PIM's fair valuation team uses fair value methods approved by the Valuation Committee of the Board of Trustees. PIM's fair valuation team is responsible for monitoring developments that may impact fair valued securities and for discussing and assessing fair values on an ongoing basis, and at least quarterly, with the Valuation Committee of the Board of Trustees. Inputs used when applying fair value methods to value a security may include credit ratings, the financial condition of the company, current market conditions and comparable securities. The Fund may use fair value methods if it is determined that a significant event has occurred after the close of the exchange or market on which the security trades and prior to the determination of the Fund's net asset value. Examples of a significant event might include political or economic news, corporate restructurings, natural disasters, terrorist activity or trading halts. Thus, the valuation of the Fund's securities may differ significantly from exchange prices and such differences could be material. At April 30, 2016, no securities were valued using fair value methods (other than securities valued using prices supplied by independent pricing services, broker-dealers or using a third party insurance industry pricing model). 44 Pioneer Global Multisector Income Fund | Semiannual Report | 4/30/16 B. Investment Income and Transactions Principal amounts of mortgage-backed securities are adjusted for monthly paydowns. Premiums and discounts related to certain mortgage-backed securities are amortized or accreted in proportion to the monthly paydowns. All discounts/premiums on purchase prices of debt securities are accreted/amortized for financial reporting purposes over the life of the respective securities, and such accretion/amortization is included in interest income. Dividend income is recorded on the ex-dividend date, except that certain dividends from foreign securities where the ex-dividend date may have passed are recorded as soon as the Fund becomes aware of the ex-dividend data in the exercise of reasonable diligence. Interest income, including interest on income bearing cash accounts, is recorded on the accrual basis. Dividend and interest income are reported net of unrecoverable foreign taxes withheld at the applicable country rates. 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 in the statement of operations from the effects of changes in the market prices of those securities but are included with the net realized and unrealized gain or loss on investments. D. Forward Foreign Currency Contracts The Fund may enter into forward foreign currency contracts (contracts) for the purchase or sale of a specific foreign currency at a fixed price on a future date. All contracts are marked to market daily at the applicable exchange rates, and any resulting unrealized appreciation or depreciation is recorded in the Fund's financial statements. The Fund records realized gains and losses at the time a contract is offset by entry into a closing transaction or extinguished by delivery of the currency. Risks may arise upon entering into Pioneer Global Multisector Income Fund | Semiannual Report | 4/30/16 45 these contracts from the potential inability of counterparties to meet the terms of the contract and from unanticipated movements in the value of foreign currencies relative to the U.S. dollar (see Note 5). E. Federal Income Taxes It is the Fund's policy to comply with the requirements of the Internal Revenue Code applicable to regulated investment companies and to distribute all of its 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, 2015, the Fund did not accrue any interest or penalties with respect to uncertain tax positions, which, if applicable, would be recorded as an income tax expense in the Statement of Operations. Tax returns filed within the prior three years remain subject to examination by federal and state tax authorities. The amount and character of income and capital gain distributions to shareowners are determined in accordance with federal income tax rules, which may differ from U.S. generally accepted accounting principles. Distributions in excess of net investment income or net realized gains are temporary overdistributions for financial statement purposes resulting from differences in the recognition or classification of income or distributions for financial statement and tax purposes. Capital accounts within the financial statements are adjusted for permanent book/tax differences to reflect tax character, but are not adjusted for temporary differences. The tax character of distributions payable will be determined at the end of the current taxable year. The tax character of distributions paid during the year ended October 31, 2015, was as follows:
--------------------------------------------------------------------------- 2015 --------------------------------------------------------------------------- Distributions paid from: Ordinary income $ 856,632 Long-term capital gain 238,626 --------------------------------------------------------------------------- Total $1,095,258 ===========================================================================
46 Pioneer Global Multisector Income Fund | Semiannual Report | 4/30/16 The following shows the components of distributable earnings on a federal income tax basis at October 31, 2015:
---------------------------------------------------------------------------- 2015 ---------------------------------------------------------------------------- Distributable earnings: Undistributed ordinary income $ 199,660 Capital loss carryforward (64,518) Current year dividend payable (42,347) Unrealized depreciation (1,097,662) ---------------------------------------------------------------------------- Total $ (1,004,867) ============================================================================
The difference between book-basis and tax-basis net unrealized depreciation is attributable to the tax deferral of losses on wash sales, adjustments related to sidecars, the mark-to-market of forward and futures contracts, and interest accruals on preferred stock. F. Fund Shares The Fund records sales and repurchases of its shares as of trade date. Pioneer Funds Distributor, Inc. (PFD), the principal underwriter for the Fund and a wholly-owned indirect subsidiary of UniCredit S.p.A. (UniCredit), earned $901 in underwriting commissions on the sale of Class A shares during the six months ended April 30, 2016. G. Class Allocations Income, common expenses and realized and unrealized gains and losses are calculated at the Fund level and allocated daily to each class of shares based on its respective percentage of adjusted net assets at the beginning of the day. Distribution fees are calculated based on the average daily net asset value attributable to Class A and Class C shares of the Fund, respectively (see Note 4). Class Y shares do not pay distribution fees. All expenses and fees paid to the 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. Pioneer Global Multisector Income Fund | Semiannual Report | 4/30/16 47 H. 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. At times, the Fund's investments may represent industries or industry sectors that are interrelated or have common risks, making the Fund more susceptible to any economic, political, or regulatory developments or other risks affecting those industries and sectors. The Fund's investments in foreign markets and countries with limited developing markets may subject the Fund to a greater degree of risk than investments in a developed market. These risks include disruptive political or economic conditions and the imposition of adverse governmental laws or currency exchange restrictions. The Fund's prospectus contains unaudited information regarding the Fund's principal risks. Please refer to that document when considering the Fund's principal risks. Interest rates in the U.S. recently have been historically low, so the Fund faces a heightened risk that interest rates may rise. A general rise in interest rates may cause investors to move out of fixed income securities on a large scale, which could adversely affect the price and liquidity of fixed income securities and could also result in increased redemptions from the Fund. The Fund invests in below investment grade (high yield) debt securities and preferred stocks. Some of these high yield securities may be convertible into equity securities of the issuer. Debt securities rated below investment grade are commonly referred to as "junk bonds" and are considered speculative. These securities involve greater risk of loss, are subject to greater price volatility, and are less liquid, especially during periods of economic uncertainty or change, than higher rated debt securities. I. Insurance Linked Securities (ILS) The Fund invests in event-linked bonds. Event-linked bonds are floating rate debt obligations for which the return of principal and the payment of interest are contingent on the non-occurrence of a pre-defined "trigger" event, such as a hurricane or an earthquake of a specific magnitude. The trigger event's magnitude may be based on losses to a company or industry, industry indexes or readings of scientific instruments, or may be based on specified actual losses. If a trigger event, as defined within the terms of an event-linked bond occurs, the Fund may lose a portion or all of its accrued interest and/or 48 Pioneer Global Multisector Income Fund | Semiannual Report | 4/30/16 principal invested in such event-linked bond. The Fund is entitled to receive principal and interest payments so long as no trigger event occurs of the description and magnitude specified by the instrument. In addition to the specified trigger events, event-linked bonds may expose the Fund to other risks, including but not limited to issuer (credit) default, adverse regulatory or jurisdictional interpretations and adverse tax consequences. The Fund's investments in ILS may include 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, which 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. Structured reinsurance investments, including quota share instruments, collateralized reinsurance investments and ILWs, are generally subject to the same risks as event-linked bonds. In addition, where the instruments 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 PIM 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 PIM 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. J. Futures Contracts The Fund may enter into futures transactions in order to attempt to hedge against changes in interest rates, securities prices and currency exchange rates or to seek to increase total return. Futures contracts are types of derivatives. All futures contracts entered into by the Fund are traded on a futures exchange. Upon entering into a futures contract, the Fund is required to deposit with a broker an amount of cash or securities equal to the minimum "initial margin" requirements of the associated futures exchange. The amount of cash deposited with the broker as collateral at April 30, 2016 was $71,550. Subsequent payments for futures contracts ("variation margin") are paid or received by the Fund, depending on the daily fluctuation in the value of the contracts, and are recorded by the Fund as unrealized gains or losses. When Pioneer Global Multisector Income Fund | Semiannual Report | 4/30/16 49 the contract is closed, the Fund realizes a gain or loss equal to the difference between the opening and closing value of the contract as well as any fluctuation in foreign currency exchange rates where applicable. Futures contracts are subject to market risk, interest rate risk and currency exchange rate risk. Changes in value of the contracts may not directly correlate to the changes in value of the underlying securities. With futures, there is minimal counterparty credit risk to the Fund since futures are exchange-traded and the exchange's clearinghouse, as counterparty to all exchange-traded futures, guarantees the futures against default. The average value of contracts open during the six months ended April 30, 2016, was $(4,166,996). At April 30, 2016, open futures contracts were as follows:
------------------------------------------------------------------------------------------------ Net Number of Unrealized Contracts Settlement Appreciation Type Counterparty Long/(Short) Month Value (Depreciation) ------------------------------------------------------------------------------------------------ Euro Bund Citibank NA 5 6/16 $ 926,845 $ (8,817) US 10 Yr Note (CBT) Citibank NA (29) 6/16 (3,771,813) 15,419 US 5 Yr Note (CBT) Citibank NA (11) 6/16 (1,330,055) 1,483 ------------------------------------------------------------------------------------------------ Total $(4,175,023) $ 8,085 ================================================================================================
K. 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 subcustodian of the Fund. The Fund's investment adviser, PIM 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. At and as of the six months ended April 30, 2016, the Fund had no open repurchase agreements. 50 Pioneer Global Multisector Income Fund | Semiannual Report | 4/30/16 L. Credit Default Swap Agreements A credit default swap is a contract between a buyer of protection and a seller of protection against a pre-defined credit event. The Fund may sell or buy credit default swap contracts to seek to increase the Fund's income, or to attempt to hedge the risk of default on portfolio securities. A credit default swap index is used to hedge risk or take a position on a basket of credit entities or indices. As a seller of protection, the Fund would be required to pay the notional (or other agreed-upon) value of the referenced debt obligation to the counterparty in the event of a default by a U.S. or foreign corporate issuer of a debt obligation, which would likely result in a loss to the Fund. In return, the Fund would receive from the counterparty a periodic stream of payments during the term of the contract provided that no event of default occurred. The maximum exposure of loss to the seller would be the notional value of the credit default swaps outstanding. If no default occurs, the Fund would keep the stream of payments and would have no payment obligation. The Fund may also buy credit default swap contracts in order to hedge against the risk of default of debt securities, in which case the Fund would function as the counterparty referenced above. When the Fund enters into a credit default swap contract, the protection buyer makes an upfront or periodic payment to the protection seller in exchange for the right to receive a contingent payment. An upfront payment made by the Fund, as the protection buyer, is recorded as an asset in the Statement of Assets and Liabilities. Periodic payments received or paid by the Fund are recorded as realized gains or losses in the Statement of Operations. Credit default swap contracts are marked-to-market daily using valuations supplied by independent sources and the change in value, if any, is recorded as unrealized appreciation or depreciation in the Statement of Assets and Liabilities. Payments received or made as a result of a credit event or upon termination of the contract are recognized, net of the appropriate amount of the upfront payment, as realized gains or losses in the Statement of Operations. Credit default swap contracts involving the sale of protection may involve greater risks than if the Fund had invested in the referenced debt instrument directly. Credit default swap contracts are subject to general market risk, liquidity risk, counterparty risk and credit risk. If the Fund is a protection buyer and no credit event occurs, it will lose its investment. If the Fund is a protection seller and a credit event occurs, the value of the referenced debt instrument received by the Fund, together with the periodic payments received, may be less than the amount the Fund pays to the protection buyer, resulting in a loss to the Fund. Pioneer Global Multisector Income Fund | Semiannual Report | 4/30/16 51 Certain swap contracts that are cleared through a central clearinghouse are referred to as centrally cleared swaps. All payments made or received by the Fund are pursuant to a centrally cleared swap contract with the central clearing party rather than the original counterparty. Upon entering into a centrally cleared swap contract, the Fund is required to make an initial margin deposit, either in cash or in securities. The daily change in value on open centrally cleared contracts is recorded as variation margin on centrally cleared swaps on the Statement of Assets and Liabilities. The amount of cash deposited with a broker as collateral at April 30, 2016 was $25,000 and is recorded within "Restricted Cash" on the Statement of Assets and Liabilities. Open credit default swap contracts at April 30, 2016, are listed in the Schedule of Investments. The average value of swap contracts open during the six months ended April 30, 2016 was $13,277. 2. Management Agreement PIM, a wholly-owned indirect subsidiary of UniCredit, manages the Fund's portfolio. Management fees are calculated daily at the annual rate of 0.50% of the Fund's average daily net assets. PIM has contractually agreed to limit ordinary operating expenses of the Fund to the extent required to reduce Fund expenses to 1.00%, 1.90% and 0.75% of the average daily net assets attributable to Class A, Class C and Class Y shares, respectively. Fees waived and expenses reimbursed during the six months ended April 30, 2016, are reflected on the Statement of Operations. These expense limitations are in effect through March 1, 2017. There can be no assurance that PIM will extend the expense limitation agreement for a class of shares beyond the date referred to above. In addition, under the management and administration agreements, certain other services and costs, including accounting, regulatory reporting and insurance premiums, are paid by the Fund as administrative reimbursements. Included in "Due from affiliates" reflected on the Statement of Assets and Liabilities is $12,741 in management fees, administrative costs and certain other reimbursements due to PIM at April 30, 2016. 3. Transfer Agent Prior to November 2, 2015, Pioneer Investment Management Shareholder Services, Inc. (PIMSS), a wholly owned indirect subsidiary of UniCredit, provided substantially all transfer agent and shareowner services to the Fund at negotiated rates. Effective November 2, 2015, Boston Financial Data Services serves as the transfer agent to the Fund at negotiated rates. 52 Pioneer Global Multisector Income Fund | Semiannual Report | 4/30/16 In addition, the Fund reimbursed the transfer agent for out-of-pocket expenses incurred by the transfer agent related to shareholder communications activities such as proxy and statement mailings, outgoing phone calls and omnibus relationship contracts. For the six months ended April 30, 2016, such out-of-pocket expenses by class of shares were as follows:
-------------------------------------------------------------------------------- Shareholder Communications: -------------------------------------------------------------------------------- Class A $62,140 Class C 1,462 Class Y 626 -------------------------------------------------------------------------------- Total $64,228 ================================================================================
Included in "Due to affiliates" reflected on the Statement of Assets and Liabilities is $37,943 in transfer agent fees and out-of-pocket reimbursements payable to the transfer agent at April 30, 2016. 4. Distribution Plan The Fund has adopted a Distribution Plan pursuant to Rule 12b-1 of the Investment Company Act of 1940 with respect to its Class A and Class C shares. Pursuant to the Plan, the Fund pays PFD 0.25% of the average daily net assets attributable to Class A shares as compensation for personal services and/or account maintenance services or distribution services with regard to Class A shares. Pursuant to the Plan, the Fund also pays PFD 1.00% of the average daily net assets attributable to Class C shares. The fee for Class C shares consists of a 0.25% service fee and a 0.75% distribution fee paid as compensation for personal services and/or account maintenance services or distribution services with regard to Class C shares. Included in "Due to affiliates" reflected on the Statement of Assets and Liabilities is $620 in distribution fees payable to PFD at April 30, 2016. In addition, redemptions of each class of shares (except Class Y shares) may be subject to a contingent deferred sales charge (CDSC). A CDSC of 1.00% may be imposed on redemptions of certain net asset value purchases of Class A shares within 12 months of purchase. Redemptions of Class C shares within 12 months of purchase are subject to a CDSC of 1.00%, based on the lower of cost or market value of shares being redeemed. Shares purchased as part of an exchange remain subject to any CDSC that applied to the original purchase of those shares. There is no CDSC for Class Y shares. Proceeds from the CDSCs are paid to PFD. For the six months ended April 30, 2016, no CDSCs were paid to PFD. Pioneer Global Multisector Income Fund | Semiannual Report | 4/30/16 53 5. Forward Foreign Currency Contracts At April 30, 2016, the Fund had entered into various forward foreign currency contracts that obligate the Fund to deliver or take delivery of currencies at specified future maturity dates. Alternatively, prior to the settlement date of a forward foreign currency contract, the Fund may close out such contract by entering into an offsetting contract. The average value of forward foreign currency contracts open during the six months ended April 30, 2016, was $(6,332,445). Open forward foreign currency contracts at April 30, 2016, were as follows:
---------------------------------------------------------------------------------------------------- In Currency Currency Exchange Settlement Unrealized Sold Deliver Purchased For Counterparty Date Appreciation ---------------------------------------------------------------------------------------------------- USD (634,329) (GBP) British 435,671 JP Morgan 5/3/16 $ 2,099 Pound Sterling Chase Bank NA USD (567,543) (CZK) 13,500,000 Citibank NA 6/16/16 4,670 Czech Koruna USD (143,161) (MXN) 2,555,000 Citibank NA 6/2/16 4,829 Mexican Peso USD (439,820) (GBP) British 305,000 Societe 5/3/16 5,724 Pound Sterling Generale SA USD (294,636) (MXN) 5,095,000 Brown Brothers 6/2/16 473 Mexican Peso Harriman & Co. USD (290,505) NOK 2,390,000 Citibank NA 6/30/16 5,931 (Norwegian Krone) (AUD) (82,475) USD 63,325 JP Morgan 6/20/16 765 Australian Chase Bank NA Dollar USD (114,432) (MXN) 1,978,748 UBS AG 6/2/16 180 Mexican Peso USD (137,987) (CLP) 91,560,000 Citibank NA 6/6/16 169 Chilean Peso (GBP) British (235,671) USD 344,485 JP Morgan 7/5/16 148 Pound Sterling Chase Bank NA ---------------------------------------------------------------------------------------------------- Total $24,988 ====================================================================================================
54 Pioneer Global Multisector Income Fund | Semiannual Report | 4/30/16
-------------------------------------------------------------------------------------------------------- In Currency Currency Exchange Settlement Unrealized Sold Deliver Purchased For Counterparty Date Depreciation -------------------------------------------------------------------------------------------------------- CNY (New (1,000,000) USD 153,941 JP Morgan 5/20/16 $ (407) Chinese Yuan) Chase Bank NA (GBP) British (752,079) USD 1,043,311 JP Morgan 5/3/16 (55,327) Pound Sterling Chase Bank NA (SEK) (2,751,185) USD 322,649 JP Morgan 6/1/16 (20,349) Swedish Krona Chase Bank NA (EUR) Euro (36,654) USD 41,785 JP Morgan 6/3/16 (226) Chase Bank NA (EUR) Euro (123,455) USD 139,672 Goldman Sachs 6/3/16 (1,826) International NOK (2,450,000) (EUR) Euro 259,363 JP Morgan 6/15/16 (6,508) (Norwegian Chase Bank NA Krone) (CZK) (13,500,000) USD 553,977 Citibank NA 6/16/16 (18,237) Czech Koruna (CAD) (116,629) (MXN) 1,559,643 JP Morgan 5/31/16 (2,636) Canadian Mexican Chase Bank NA Dollar) Peso (MXN) (14,310,052) USD 806,729 JP Morgan 6/2/16 (22,128) Mexican Peso Chase Bank NA (GBP) British (90,618) USD 127,775 Citibank NA 5/3/16 (4,600) Pound Sterling USD (436,979) (IDR) 5,783,359,638 Goldman Sachs 6/1/16 (266) Indonesian International Rupiah (CLP) (91,560,000) USD 136,027 JP Morgan 6/6/16 (2,129) Chilean Peso Chase Bank NA (NZD) New (3,559,854) USD 2,454,679 JP Morgan 6/20/16 (22,670) Zealand Dollar Chase Bank NA (HUF) (66,994,656) USD 244,086 JP Morgan 6/20/16 (1,837) Hungarian Chase Bank NA Forint (ZAR) South (1,555,000) USD 108,126 Citibank NA 5/25/16 (631) African Rand -------------------------------------------------------------------------------------------------------- Total $(159,777) ========================================================================================================
6. Assets and Liabilities Offsetting The Fund has entered into an International Swaps and Derivatives Association, Inc. Master Agreement ("ISDA Master Agreement") or similar agreement with substantially all its derivative counterparties. An ISDA Master Agreement is a bilateral agreement between the Fund and a counterparty that governs the trading of certain OTC derivatives and typically contains, among other things, close-out and set-off provisions which apply upon the occurrence of event of a default and/or 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 Pioneer Global Multisector Income Fund | Semiannual Report | 4/30/16 55 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 a specific ISDA 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 in the Statement of Assets and Liabilities as "Restricted cash." Securities pledged by the Fund as collateral, if any, are identified as such in the Schedule of Investments. Financial instruments subject to an enforceable master netting agreement such as an ISDA Master Agreement have been offset on the Statement of Assets and Liabilities. The following charts show gross assets and liabilities of the Fund as of April 30, 2016.
------------------------------------------------------------------------------------------- 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) ------------------------------------------------------------------------------------------- JPMorgan Chase Bank NA $ 3,012 $ (3,012) $-- $-- $ -- Morgan Stanley Capital Services LLC -- -- -- -- -- Citibank NA 15,999 (15,999) -- -- -- Goldman Sachs -- -- -- -- -- UBS AG 180 -- -- -- 180 Brown Brothers Harriman & Co. 473 -- -- -- 473 Societe Generale SA 5,724 -- -- -- 5,724 ------------------------------------------------------------------------------------------- Total $25,388 $(19,011) $-- $-- $ 6,377 ===========================================================================================
56 Pioneer Global Multisector Income Fund | Semiannual Report | 4/30/16
------------------------------------------------------------------------------------------------------- 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) ------------------------------------------------------------------------------------------------------- JPMorgan Chase Bank NA $134,217 $ (3,012) $-- $(25,000) $106,205 Morgan Stanley Capital Services LLC 1,523 -- -- -- 1,523 Citibank NA 23,468 (15,999) -- -- 7,469 Goldman Sachs 2,092 -- -- -- 2,092 UBS AG -- -- -- -- -- Brown Brothers Harriman & Co. -- -- -- -- -- Societe Generale SA -- -- -- -- -- ------------------------------------------------------------------------------------------------------- Total $161,300 $(19,011) $-- $(25,000) $117,289 =======================================================================================================
(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 subjects it 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 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 | Semiannual Report | 4/30/16 57 The fair value of open derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) by risk exposure at April 30, 2016, was as follows:
------------------------------------------------------------------------------------------------- Foreign Statement of Assets Interest Credit Exchange Equity Commodity and Liabilities Rate Risk Risk Rate Risk Risk Risk ------------------------------------------------------------------------------------------------- Assets Unrealized appreciation of forward foreign currency contracts $ -- $ -- $ 24,988 $-- $-- Net unrealized appreciation of futures contracts 8,085 -- -- -- -- Net unrealized appreciation of swap contracts -- 3,482 -- -- -- ------------------------------------------------------------------------------------------------- Total Value $ 8,085 $ 3,482 $ 24,988 $-- $-- ================================================================================================= Liabilities Unrealized depreciation of forward foreign currency contracts $ -- $ -- $159,777 $-- $-- ------------------------------------------------------------------------------------------------- Total Value $ -- $ -- $159,777 $-- $-- =================================================================================================
The effect of derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) on the Statement of Operations by risk exposure at April 30, 2016 was as follows:
------------------------------------------------------------------------------------------------- Foreign Statement of Interest Credit Exchange Equity Commodity Operations Rate Risk Risk Rate Risk Risk Risk ------------------------------------------------------------------------------------------------- Net realized gain (loss) on Swap contracts $ -- $ 6,854 $ -- $-- $-- Futures contracts (78,966) -- -- -- -- Forward foreign currency contracts* -- -- (237,942) -- -- ------------------------------------------------------------------------------------------------- Total Value $ (78,966) $ 6,854 $(237,942) $-- $-- ================================================================================================= Change in net unrealized appreciation (depreciation) on Swap contracts $ -- $(1,065) $ -- $-- $-- Futures contracts (4,371) -- -- -- -- Forward foreign currency contracts* -- -- 57,582 -- -- ------------------------------------------------------------------------------------------------- Total Value $ (4,371) $(1,065) $ 57,582 $-- $-- =================================================================================================
* Included in the amount shown on the Statement of Operations as foward foreign currency contracts and other assets and liabilities denominated in foreign currencies. 58 Pioneer Global Multisector Income Fund | Semiannual Report | 4/30/16 8. Bridge Loan Commitments Bridge loans are designed to provide temporary or "bridge" financing to a borrower pending the sale of identified assets or the arrangement of longer-term loans or the issuance and sale of debt obligations. As of April 30, 2016, the Fund had two bridge loan commitments worth $21,739, which could be extended at the option of the borrower, pursuant to the following loan agreements:
--------------------------------------------------------------------------------------- Unrealized Appreciation Loan Principal Cost Value (Depreciation) --------------------------------------------------------------------------------------- Charter Communications Operating Co., Bridge Loan $ 3,043 $ 3,043 $ 3,043 $-- CCO Holding Co., Bridge Loan 18,696 18,696 18,696 $-- --------------------------------------------------------------------------------------- Total $21,739 $21,739 $21,739 $-- =======================================================================================
9. Line of Credit Facility The Fund, along with certain other funds in the Pioneer Family of Funds (the Funds), participates in a committed, unsecured revolving line of credit facility. Borrowings are used solely for temporary or emergency purposes. The Fund may borrow up to the lesser of the amount available under the facility or the limits set for borrowing by the Fund's prospectus and the 1940 Act. The credit facility in effect until February 10, 2016, was in the amount of $240 million. As of February 10, 2016, the facility is in the amount of $220 million. Under such facility, depending on the type of loan, interest on borrowings is payable at the London Interbank Offered Rate (LIBOR) plus 0.85% on an annualized basis, or the Alternate Base Rate, which is the greater of (a) the facility's administrative agent's daily announced prime rate on the borrowing date, (b) 2% plus the Federal Funds Rate on the borrowing date and (c) 2% plus the overnight Eurodollar rate on the borrowing date. The Funds pay an annual commitment fee to participate in a credit facility. The commitment fee is allocated among participating Funds based on an allocation schedule set forth in the credit agreement. For the six months ended April 30, 2016, the Fund had no borrowings under the credit facility. Pioneer Global Multisector Income Fund | Semiannual Report | 4/30/16 59 Additional Information PIM, the Fund's investment adviser, is currently an indirect, wholly owned subsidiary of UniCredit. On November 11, 2015, UniCredit announced that it signed a binding master agreement with Banco Santander and affiliates of Warburg Pincus and General Atlantic (the "Private Equity Firms") with respect to Pioneer Investments ("Pioneer") and Santander Asset Management ("SAM") (the "Transaction"). The Transaction, as previously announced by UniCredit, will establish a holding company, with the name Pioneer Investments, to be owned by UniCredit (50%) and the Private Equity Firms (50% between them). The holding company will control Pioneer's U.S. operations, including the PIM. The holding company also will own 66.7% of Pioneer's and SAM's combined operations outside the U.S., while Banco Santander will own directly the remaining 33.3% stake. The closing of the Transaction is expected to happen in 2016, subject to certain regulatory and other approvals. Under the Investment Company Act of 1940, completion of the Transaction will cause the Fund's current investment advisory agreement with PIM to terminate. Accordingly, the Fund's Board of Trustees will be asked to approve a new investment advisory agreement. If approved by the Board, the Fund's new investment advisory agreement will be submitted to the shareholders of the Fund for their approval. 60 Pioneer Global Multisector Income Fund | Semiannual Report | 4/30/16 Trustees, Officers and Service Providers Trustees Advisory Trustee Thomas J. Perna, Chairman Lorraine H. Monchak* David R. Bock Benjamin M. Friedman Officers Margaret B.W. Graham Lisa M. Jones, President and Chief Marguerite A. Piret Executive Officer Fred J. Ricciardi Mark E. Bradley, Treasurer and Kenneth J. Taubes Chief Financial Officer Christopher J. Kelley, Secretary and Chief Legal Officer Investment Adviser and Administrator Pioneer Investment Management, Inc. Custodian and Sub-Administrator Brown Brothers Harriman & Co. Principal Underwriter Pioneer Funds Distributor, Inc. Legal Counsel Morgan, Lewis & Bockius LLP Shareowner Services and Transfer Agent Boston Financial Data Services, Inc. Proxy Voting Policies and Procedures of the Fund are available without charge, upon request, by calling our toll free number (1-800-225-6292). Information regarding how the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is publicly available to shareowners at us.pioneerinvestments.com. This information is also available on the Securities and Exchange Commission's web site at www.sec.gov. * Ms. Monchak is a non-voting Advisory Trustee. Pioneer Global Multisector Income Fund | Semiannual Report | 4/30/16 61 This page for your notes. 62 Pioneer Global Multisector Income Fund | Semiannual Report | 4/30/16 This page for your notes. Pioneer Global Multisector Income Fund | Semiannual Report | 4/30/16 63 This page for your notes. 64 Pioneer Global Multisector Income Fund | Semiannual Report | 4/30/16 This page for your notes. Pioneer Global Multisector Income Fund | Semiannual Report | 4/30/16 65 This page for your notes. 66 Pioneer Global Multisector Income Fund | Semiannual Report | 4/30/16 This page for your notes. Pioneer Global Multisector Income Fund | Semiannual Report | 4/30/16 67 This page for your notes. 68 Pioneer Global Multisector Income Fund | Semiannual Report | 4/30/16 How to Contact Pioneer We are pleased to offer a variety of convenient ways for you to contact us for assistance or information. Call us for: -------------------------------------------------------------------------------- Account Information, including existing accounts, new accounts, prospectuses, applications and service forms 1-800-225-6292 FactFone(SM) for automated fund yields, prices, account information and transactions 1-800-225-4321 Retirement plans information 1-800-622-0176 Write to us: -------------------------------------------------------------------------------- Pioneer Funds P.O. Box 55014 Boston, Massachusetts 02205-5014 Our toll-free fax 1-800-225-4240 Our internet e-mail address ask.pioneer@pioneerinvestments.com (for general questions about Pioneer only) Visit our web site: us.pioneerinvestments.com This report must be preceded or accompanied by a prospectus. The Fund files a complete schedule of investments with the Securities and Exchange Commission for the first and third quarters for each fiscal year on Form N-Q. Shareholders may view the filed Form N-Q by visiting the Commission's web site at www.sec.gov. The filed form may also be viewed and copied at the Commission's Public Reference Room in Washington, DC. Information regarding the operations of the Public Reference Room may be obtained by calling 1-800-SEC-0330. [LOGO] PIONEER Investments(R) Pioneer Investment Management, Inc. 60 State Street Boston, MA 02109 us.pioneerinvestments.com Securities offered through Pioneer Funds Distributor, Inc. 60 State Street, Boston, MA 02109 Underwriter of Pioneer Mutual Funds, Member SIPC (C) 2016 Pioneer Investments 21910-08-0616 Pioneer Global High Yield Fund -------------------------------------------------------------------------------- Semiannual Report | April 30, 2016 -------------------------------------------------------------------------------- Ticker Symbols: Class A PGHYX Class C PGYCX Class Y GHYYX [LOGO] PIONEER Investments(R) visit us: us.pioneerinvestments.com Table of Contents President's Letter 2 Portfolio Management Discussion 4 Portfolio Summary 9 Prices and Distributions 10 Performance Update 11 Comparing Ongoing Fund Expenses 14 Schedule of Investments 16 Financial Statements 42 Notes to Financial Statements 49 Trustees, Officers and Service Providers 66
Pioneer Global High Yield Fund | Semiannual Report | 4/30/16 1 President's Letter Dear Shareowner, Global financial markets began 2016 on shaky footing, delivering the kind of volatility that challenged investors in 2015. US equities fell by 10% through the first six weeks of the year, only to recover the losses by the end of the first quarter. Fixed-income markets were also acutely affected, with concerns about falling oil prices and a weak global economy leading to a sell-off in credit-sensitive sectors, especially high-yield bonds, as investors fled to the perceived safety of government bonds. Like equities, credit markets recovered much of their lost ground by the end of the first quarter. Midway through the first quarter, market sentiment shifted, as expectations grew that major central banks would extend their accommodative monetary policies in the hopes of driving economic growth. The US Federal Reserve (the Fed) backed off plans to raise interest rates four times in 2016, and the European Central Bank announced a more comprehensive asset-purchasing program in the hopes of encouraging lending, and boosting both inflation and economic growth. The Bank of Japan also followed a monetary easing path, announcing negative interest rates in January. As 2016 moves along, we continue to see central bank policies as generally supportive of the US economy - for which we maintain an expectation of modest growth this year - against an overall global economic backdrop that remains unsettled and points towards generally lower growth. Economies around the world in both developed and emerging markets are experiencing deep structural changes. Current challenges include incomplete debt deleveraging in both emerging and developed markets, where debt levels continue to grow, the transition of many emerging markets economies from export/investment-driven models to more domestic demand-driven models, and aging populations, which are reducing productivity and limiting economic growth potential (primarily in the developed markets but also in emerging markets such as China). Geopolitical instability on many fronts, the rising risk of policy mistakes, and market liquidity issues combine to increase the possibility of sharp swings in asset values. Meanwhile, in the US, as always in a presidential election year, the political rhetoric of 2016 has the potential to impact domestic sectors such as health care. Throughout Pioneer's history, we have believed in the importance of active management. During periods of market volatility, we view the value of active management as even more compelling. Our experienced and tenured investment teams focus on identifying value across global markets using proprietary research, careful risk management, and a long-term perspective. We believe our shareowners can benefit from the experience and tenure of our investment teams as well as the insights generated from our extensive research process. 2 Pioneer Global High Yield Fund | Semiannual Report | 4/30/16 As always, and particularly during times of market uncertainty, 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. 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 President and CEO Pioneer Investment Management USA Inc. April 30, 2016 Any information in this shareowner report regarding market or economic trends or the factors influencing the Fund's historical or future performance are statements of opinion as of the date of this report. Past performance is no guarantee of future results. Pioneer Global High Yield Fund | Semiannual Report | 4/30/16 3 Portfolio Management Discussion | 4/30/16 The performance of high-yield corporate bonds and other more credit-sensitive debt began to improve during the final 10 weeks of the six-month period ended April 30, 2016. After a difficult start, investor sentiment improved as commodity prices showed new strength and investors saw new signs for optimism in the global economy. In the following interview, Andrew Feltus and Tracy Wright discuss the market environment and the performance of Pioneer Global High Yield Fund during the six-month period. Mr. Feltus, Director of High Yield and Bank Loans, a senior vice president and a portfolio manager at Pioneer, is lead manager of the Fund, and Ms. Wright, a senior vice president and portfolio manager at Pioneer, is the co-manager of the Fund. Together, they are responsible for the day-to-day management of the Fund. Q How did the Fund perform during the six-month period ended April 30, 2016? A Pioneer Global High Yield Fund's Class A shares returned 0.77% at net asset value during the six-month period ended April 30, 2016, while the Fund's benchmarks, the Barclays Global High Yield Index (the Barclays Index) and the Bank of America Merrill Lynch (BofA ML) US High Yield Index, returned 3.65% and 2.25%, respectively. During the same period, the average return of the 684 mutual funds in Lipper's High Yield Funds category was 0.83%, and the average return of the 791 mutual funds in Morningstar's High Yield Bond Funds category was 0.68%. Q How would you describe the investment environment in the credit-sensitive markets during the six-month period ended April 30, 2016? A After a slow start to the calendar year, the backdrop for investing in credit-linked securities, including US high-yield corporate bonds and emerging markets debt, turned around and became more favorable in mid-February 2016. The period began with a continuation of the difficult environment that had existed for most of 2015. Then, growing worries about the health of the world economy became pervasive, principally because of the confluence of several factors, including weakening prices for oil and other basic commodities, evidence of slowing economic growth in China, and a resurgent debt crisis in Greece that potentially threatened the wider European economy. Falling prices for oil, metals, and other basic commodities especially affected the debt of issuers with high exposure to such commodities, notably US high-yield corporate bonds and emerging markets debt. Meanwhile, although major central banks - especially in Europe and Japan - adopted more accommodative monetary policies, expectations were growing that the influential US Federal Reserve (the Fed) would become less accommodative and start raising short-term interest rates in the United States as soon as September 2015. As it happened, the Fed delayed its anticipated rate-hike policy, keeping rates unchanged in September and advising the financial markets that it would look closely at a 4 Pioneer Global High Yield Fund | Semiannual Report | 4/30/16 range of factors, including global market trends, before tightening monetary policy. While it did raise the Federal funds rate by 0.25% in December 2015, the Fed also made it clear that it would proceed cautiously before raising rates any further. At the same time that the Fed was issuing its newer guidance, the European Central Bank (ECB) further loosened its monetary easing policy and the Chinese government signaled that it, too, might adopt fiscal policies aimed at encouraging economic growth. Market trends shifted in mid-February 2016 when the US dollar peaked in value, the prices of oil and other commodities began to strengthen, and the more credit-sensitive sectors of the fixed-income market starting to rally and outperform other asset classes. The renewed strength in the credit sectors continued over the final 10 weeks of the six-month period through April 30, 2016. After losing ground early in the period, US high-yield debt staged a brisk rally, as investors seemed to recognize that high-yield bond prices were attractive relative to the risks. US high yield returned more than 9% over the final three months of the period through April 30, and finished the six months with a 2.25% positive return (as measured by the BofA ML US High Yield Index). Emerging markets debt, which had largely tracked the performance of the US high-yield sector, also rallied and began outperforming other asset classes over the final portion of the six-month period. The major catalyst in the emerging markets was the rebound in commodity prices. However, emerging markets also received a boost from more optimistic investor attitudes about growth prospects in China in the wake of the central government's signals regarding more accommodative policies, and from encouraging prospects of political and economic reforms in troubled areas such as Brazil and Argentina. Q What factors affected the Fund's performance relative to its benchmarks during the six-month period ended April 30, 2016, both positively and negatively? A The Fund's benchmark-relative underperformance over the period is attributable in large part to overall security selection results, which tended to hold back relative returns. This was particularly the case in the financials sector, mainly because the Fund did not fully participate in the strong performance of European financial corporations. In Europe, we missed opportunities to invest the portfolio in institutions that rallied after the ECB extended its quantitative easing bond-buying program to include corporate bonds. Security selection in the energy sector also detracted from the Fund's benchmark-relative results, offsetting the positive effects of the portfolio's underweighting of energy industry bonds. One energy holding that detracted notably from benchmark-relative performance was Pacific Rubiales, a Colombian oil company that defaulted on its debt. Another portfolio holding that defaulted and held back the Fund's performance was ICA, a Mexican construction company. In the United States, meanwhile, our emphasis on holding energy exploration-and-production (E&P) Pioneer Global High Yield Fund | Semiannual Report | 4/30/16 5 companies in the portfolio detracted from the Fund's relative performance. Specific holdings in US energy companies that hurt the Fund's relative returns during the period included Comstock Resources and MidStates Oil. On the positive side of the ledger, the Fund's investments in securities of several food-related commodity companies in the emerging markets helped benchmark-relative results, led by positions in Brazilian beef companies Marfrig and Minerva, and Peruvian fish-processing corporation Pesquera Exalmar. Q Did the Fund invest in any derivative securities during the six-month period ended April 30, 2016? If so, did the investments have any influence on the Fund's relative performance? A Yes, we did invest in some currency forward contracts in an attempt to hedge the effects of the Fund's foreign currency exposure. The contracts had a slight negative effect on benchmark-relative results when some foreign currencies began gaining strength against the US dollar. We also invested in some credit default swaps as a way to help manage financial liquidity in the portfolio. Those investments had no material impact on the Fund's relative returns. Q What factors affected the Fund's dividend*, or yield, during the six-month period ended April 30, 2016? A The Fund's yield remained stable over the six-month period, as the portfolio's added emerging markets exposure helped to increase income even as yields available in developed economies declined. Q What is your investment outlook and how has it affected your investment strategy for the Fund? A We believe the US economy should be able to grow at a moderate pace of 2.0% to 2.25% in 2016, despite getting off to a slow start in the first quarter, when gross domestic product (GDP) struggled to reach 1%. While poor sales figures and a slowdown in capital spending - both of which are tied to weakness in the energy markets - played a role in the first quarter's disappointing GDP figures, we still see persuasive evidence that the domestic economy is strengthening, as employment growth has been relentless and household formation and new-home construction data have been encouraging. While we foresee more growth on the domestic scene, global economic trends remain mixed. The recovery in Europe is proceeding at a slow pace, and we are concerned about the threatened exit of Britain from the European Economic Community, while the state of the Chinese economy continues to give investors pause. However, the recent pro-growth signals emanating from the Chinese government provide some reason for optimism. Moreover, we are becoming more encouraged about growth prospects in selected emerging markets, especially if oil and other commodity prices did in fact bottom out earlier this year. * Dividends are not guaranteed. 6 Pioneer Global High Yield Fund | Semiannual Report | 4/30/16 If, as we expect, the domestic economy shows continued improvement, we think a cautious Fed may further tighten monetary policy, perhaps raising short-term interest rates once or twice more in 2016. Therefore, we intend to maintain the Fund's short-duration stance relative to the overall market. (Duration is a measure of the sensitivity of the price, or the value of principal, of a fixed-income investment to a change in interest rates, expressed as a number of years.) We believe a slow-growth environment should be good for the credit- sensitive markets. Corporate balance sheets continue to look solid and borrowing costs are not burdensome. In addition, we do not see any noticeable signs of increases in debt, or leverage in the economy, either by corporations or individual households. When it comes to investing in corporate bonds, we feel that security selection will be important, especially as we see some corporations taking shareholder-friendly actions, such as initiating mergers and increasing borrowing to pay for dividend increases. We think the US dollar, after an extended period of gains against foreign currencies, may have peaked in relative value. This should be good for portfolio management flexibility as we consider investment opportunities outside the United States. In fact, we already have seen new strength in the euro, which has aided the Fund's relative performance given that we increased the portfolio's exposure to the euro as of period end, and we believe this anticipated environment will prove positive overall. Similarly, a softer US dollar also helps commodities, and the change in currency markets has facilitated our decision to increase the portfolio's exposure to the emerging markets. In that vein, we have reduced the Fund's heavy overweight in US high-yield corporate bonds and floating-rate bank loans, while boosting exposures to Europe and emerging markets. Both sovereign and corporate emerging markets investments (including those denominated in the US dollar) accounted for about 25% of invested assets as of the end of April, while all investments denominated in non-dollar currencies accounted for about 13%. While we are more optimistic about opportunities in emerging markets and in selected European groups, we also think domestic high-yield corporate bond prices are attractive, although they may not be as compelling as they were in February when they started to rally. Yield spreads - or the differences in yield between lower-quality and higher-quality fixed-income vehicles (usually Treasuries) with similar maturities - remain wider than long-term averages, and most sectors (other than energy, and metals and mining) are seeing improved performance. In addition, prices remain low relative to current default rates. Overall, we do not anticipate a robust rally in high-yield bonds, but we do see opportunities for continued performance improvement. Pioneer Global High Yield Fund | Semiannual Report | 4/30/16 7 Please refer to the Schedule of Investments on pages 16-41 for a full listing of Fund securities. All investments are subject to risk, including the possible loss of principal. In the past several years, financial markets have experienced increased volatility, depressed valuations, decreased liquidity and heightened uncertainty. These conditions may continue, recur, worsen or spread. Investments in high-yield or lower-rated securities are subject to greater-than- average price volatility, illiquidity and possibility of default. When interest rates rise, the prices of fixed-income securities in the Fund will generally fall. Conversely, when interest rates fall, the prices of fixed-income securities in the Fund will generally rise. Investments in the Fund are subject to possible loss due to the financial failure of issuers of underlying securities and their inability to meet their debt obligations. Investing in foreign and/or emerging markets securities involves risks relating to interest rates, currency exchange rates, and economic and political conditions. Prepayment risk is the chance that an issuer may exercise its right to repay its security, if falling interest rates prompt the issuer to do so. Forced to reinvest the unanticipated proceeds at lower interest rates, the Fund would experience a decline in income and lose the opportunity for additional price appreciation. The Fund may invest in mortgage-backed securities, which during times of fluctuating interest rates may increase or decrease more than other fixed-income securities. Mortgage-backed securities are also subject to pre-payments. The Fund may use derivatives, such as options, futures, inverse floating rate obligations, swaps, and others, which can be illiquid, may disproportionately increase losses, and have a potentially large impact on Fund performance. Derivatives may have a leveraging effect on the Fund. At times, the Fund's investments may represent industries or industry sectors that are interrelated or have common risks, making it more susceptible to any economic, political, or regulatory developments or other risks affecting those industries and sectors. These risks may increase share price volatility. Before investing, consider the product's investment objectives, risks, charges and expenses. Contact your advisor or Pioneer Investments for a prospectus or summary prospectus containing this information. Read it carefully. Any information in this shareholder report regarding market or economic trends or the factors influencing the Fund's historical or future performance are statements of opinion as of the date of this report. Past performance is no guarantee of future results. 8 Pioneer Global High Yield Fund | Semiannual Report | 4/30/16 Portfolio Summary | 4/30/16 Portfolio Diversification* -------------------------------------------------------------------------------- (As a percentage of total investment portfolio) [THE FOLLOWING DATA WAS REPRESENTED AS A PIE CHART IN THE PRINTED MATERIAL]
U.S. Corporate Bonds 47.1% International Corporate Bonds 33.3% Foreign Government Bonds 5.9% Convertible Corporate Bonds 4.1% Senior Secured Loans 3.6% Collateralized Mortgage Obligations 1.4% U.S. Preferred Stocks 1.2% International Common Stocks 1.1% Warrants 0.8% U.S. Common Stocks 0.6% U.S. Government Securities 0.4% Asset Backed Securities 0.4% International Preferred Stocks 0.1% Depositary Receipts for International Stocks 0.0%+
+ Amount rounds to less than 0.1%. * Includes investments in insurance linked securities totaling 4.0% of total investment portfolio. Geographical Distribution -------------------------------------------------------------------------------- (As a percentage of long-term holdings based on country of domicile) [THE FOLLOWING DATA WAS REPRESENTED AS A PIE CHART IN THE PRINTED MATERIAL]
United States 57.7% Other (individually less than 1%) 11.7% Luxembourg 6.3% United Kingdom 4.9% Mexico 3.5% Netherlands 3.3% Cayman Islands 2.1% Canada 1.9% Ireland 1.9% Argentina 1.8% Bermuda 1.8% France 1.7% Australia 1.4%
10 Largest Holdings -------------------------------------------------------------------------------- (As a percentage of total long-term holdings)**
1. Mexican Udibonos, 2.0%, 6/9/22 1.47% -------------------------------------------------------------------------------- 2. Scientific Games International, Inc., 10.0%, 12/1/22 1.42 -------------------------------------------------------------------------------- 3. GMAC Capital Trust I, Floating Rate Note, 2/15/40 1.22 -------------------------------------------------------------------------------- 4. Marfrig Overseas, Ltd., 9.5%, 5/4/20 (144A) 1.16 -------------------------------------------------------------------------------- 5. Minerva Luxembourg SA, 7.75%, 1/31/23 (144A) 1.14 -------------------------------------------------------------------------------- 6. Darling Global Finance BV, 4.75%, 5/30/22 (144A) 1.13 -------------------------------------------------------------------------------- 7. Frontier Communications Corp., 8.75%, 4/15/22 1.10 -------------------------------------------------------------------------------- 8. Sprint Corp., 7.25%, 9/15/21 1.08 -------------------------------------------------------------------------------- 9. Griffon Corp., 5.25%, 3/1/22 0.93 -------------------------------------------------------------------------------- 10. NRG Energy, Inc., 6.25%, 5/1/24 0.84 --------------------------------------------------------------------------------
** This list excludes temporary cash investments and derivative instruments. The portfolio is actively managed and current holdings may be different. The holdings listed should not be considered recommendations to buy or sell any security listed. Pioneer Global High Yield Fund | Semiannual Report | 4/30/16 9 Prices and Distributions | 4/30/16 Net Asset Value per Share --------------------------------------------------------------------------------
-------------------------------------------------------------------------------- Class 4/30/16 10/31/15 -------------------------------------------------------------------------------- A $8.44 $8.64 -------------------------------------------------------------------------------- C $8.41 $8.62 -------------------------------------------------------------------------------- Y $8.28 $8.49 --------------------------------------------------------------------------------
Distributions per Share: 11/1/15-4/30/16 --------------------------------------------------------------------------------
-------------------------------------------------------------------------------- Short-Term Long-Term Tax Return Class Dividends Capital Gains Capital Gains of Capital -------------------------------------------------------------------------------- A $0.2550 $ -- $ -- -------------------------------------------------------------------------------- C $0.2264 $ -- $ -- -------------------------------------------------------------------------------- Y $0.2636 $ -- $ -- --------------------------------------------------------------------------------
Index Definitions -------------------------------------------------------------------------------- The Barclays Global High Yield Index is an unmanaged index that provides a broad-based measure of the global high-yield fixed-income markets. The index represents the union of the Barclays U.S. High-Yield, Barclays Pan-European High-Yield, Barclays U.S. Emerging Markets High-Yield, and Barclays Pan- European Emerging Markets High-Yield Indices. The BofA ML US High Yield Index is an unmanaged, commonly accepted measure of the performance of high-yield securities. Index returns are calculated monthly, assume reinvestment of dividends and, unlike Fund returns, do not reflect any fees, expenses or sales charges. It is not possible to invest directly in an index. The indices defined here pertain to the "Value of $10,000 Investment" and "Value of $5 Million Investment" charts appearing on pages 11-13. 10 Pioneer Global High Yield Fund | Semiannual Report | 4/30/16 Performance Update | 4/30/16 Class A Shares Investment Returns -------------------------------------------------------------------------------- The mountain chart on the right shows the change in value of a $10,000 investment made in Class A shares of Pioneer Global High Yield Fund at public offering price during the periods shown, compared to that of the Bank of America (BofA) Merrill Lynch (ML) US High Yield Index and the Barclays Global High Yield Index.
Average Annual Total Returns (As of April 30, 2016) -------------------------------------------------------------------------------- Barclays BofA Net Public Global ML US Asset Offering High High Value Price Yield Yield Period (NAV) (POP) Index Index -------------------------------------------------------------------------------- 10 years 4.69% 4.21% 7.62% 7.20% 5 years 1.68 0.74 5.36 5.22 1 year -4.35 -8.64 1.57 -1.34 -------------------------------------------------------------------------------- Expense Ratio (Per prospectus dated March 1, 2016) -------------------------------------------------------------------------------- Gross -------------------------------------------------------------------------------- 1.17% --------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL] Value of $10,000 Investment
Pioneer Global BofA ML US High Barclays Global High Yield Fund Yield Index High Yield Index 4/06 $ 9,550 $ 10,000 $ 10,000 4/07 $ 10,849 $ 11,241 $ 11,326 4/08 $ 10,522 $ 11,148 $ 11,376 4/09 $ 7,454 $ 9,511 $ 9,623 4/10 $ 12,057 $ 13,715 $ 13,952 4/11 $ 13,898 $ 15,545 $ 16,052 4/12 $ 13,703 $ 16,345 $ 16,765 4/13 $ 15,474 $ 18,640 $ 19,259 4/14 $ 16,086 $ 19,814 $ 20,687 4/15 $ 15,792 $ 20,322 $ 20,519 4/16 $ 15,104 $ 20,051 $ 20,841
Call 1-800-225-6292 or visit us.pioneerinvestments.com for the most recent month-end performance results. Current performance may be lower or higher than the performance data quoted. The performance data quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, and shares, when redeemed, may be worth more or less than their original cost. NAV results represent the percent change in net asset value per share. Returns would have been lower had charges been reflected. POP returns reflect deduction of maximum 4.50% sales charge. All results are historical and assume the reinvestment of dividends and capital gains. Other share classes are available for which performance and expenses will differ. Performance results reflect any applicable expense waivers in effect during the periods shown. Without such waivers Fund performance would be lower. Waivers may not be in effect for all funds. Certain fee waivers are contractual through a specified period. Otherwise, fee waivers can be rescinded at any time. See the prospectus and financial statements for more information. The performance table and graph do not reflect the deduction of fees and taxes that a shareowner would pay on Fund distributions or the redemption of Fund shares. Pioneer Global High Yield Fund | Semiannual Report | 4/30/16 11 Performance Update | 4/30/16 Class C Shares Investment Returns -------------------------------------------------------------------------------- The mountain chart on the right shows the change in value of a $10,000 investment made in Class C shares of Pioneer Global High Yield Fund during the periods shown, compared to that of the Bank of America (BofA) Merrill Lynch (ML) US High Yield Index and the Barclays Global High Yield Index.
Average Annual Total Returns (As of April 30, 2016) -------------------------------------------------------------------------------- Barclays BofA Global ML US High High If If Yield Yield Period Held Redeemed Index Index -------------------------------------------------------------------------------- 10 years 3.95% 3.95% 7.62% 7.20% 5 years 0.98 0.98 5.36 5.22 1 year -5.15 -5.15 1.57 -1.34 -------------------------------------------------------------------------------- Expense Ratio (Per prospectus dated March 1, 2016) -------------------------------------------------------------------------------- Gross -------------------------------------------------------------------------------- 1.87% --------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL] Value of $10,000 Investment
Pioneer Global BofA ML US High Barclays Global High Yield Fund Yield Index High Yield Index 4/06 $ 10,000 $ 10,000 $ 10,000 4/07 $ 11,272 $ 11,241 $ 11,326 4/08 $ 10,853 $ 11,148 $ 11,376 4/09 $ 7,623 $ 9,511 $ 9,623 4/10 $ 12,254 $ 13,715 $ 13,952 4/11 $ 14,031 $ 15,545 $ 16,052 4/12 $ 13,762 $ 16,345 $ 16,765 4/13 $ 15,426 $ 18,640 $ 19,259 4/14 $ 15,923 $ 19,814 $ 20,687 4/15 $ 15,535 $ 20,322 $ 20,519 4/16 $ 14,734 $ 20,051 $ 20,841
Call 1-800-225-6292 or visit us.pioneerinvestments.com for the most recent month-end performance results. Current performance may be lower or higher than the performance data quoted. The performance data quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, and shares, when redeemed, may be worth more or less than their original cost. Class C shares held for less than one year are also subject to a 1% contingent deferred sales charge (CDSC). "If Held" results represent the percent change in net asset value per share. Returns would have been lower had sales charges been reflected. All results are historical and assume the reinvestment of dividends and capital gains. Other share classes are available for which performance and expenses will differ. Performance results reflect any applicable expense waivers in effect during the periods shown. Without such waivers Fund performance would be lower. Waivers may not be in effect for all funds. Certain fee waivers are contractual through a specified period. Otherwise, fee waivers can be rescinded at any time. See the prospectus and financial statements for more information. The performance table and graph do not reflect the deduction of fees and taxes that a shareowner would pay on Fund distributions or the redemption of Fund shares. 12 Pioneer Global High Yield Fund | Semiannual Report | 4/30/16 Performance Update | 4/30/16 Class Y Shares Investment Returns -------------------------------------------------------------------------------- The mountain chart on the right shows the change in value of a $5 million investment made in Class Y shares of Pioneer Global High Yield Fund during the periods shown, compared to that of the Bank of America (BofA) Merrill Lynch (ML) US High Yield Index and the Barclays Global High Yield Index.
Average Annual Total Returns (As of April 30, 2016) -------------------------------------------------------------------------------- Barclays BofA Net Global ML US Asset High High Value Yield Yield Period (NAV) Index Index -------------------------------------------------------------------------------- 10 years 5.02% 7.62% 7.20% 5 years 1.97 5.36 5.22 1 year -4.24 1.57 -1.34 -------------------------------------------------------------------------------- Expense Ratio (Per prospectus dated March 1, 2016) -------------------------------------------------------------------------------- Gross -------------------------------------------------------------------------------- 0.87% --------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL] Value of $5 Million Investment
Pioneer Global BofA ML US High Barclays Global High Yield Fund Yield Index High Yield Index 4/06 $ 5,000,000 $ 5,000,000 $ 5,000,000 4/07 $ 5,700,075 $ 5,620,626 $ 5,663,013 4/08 $ 5,561,410 $ 5,574,105 $ 5,687,810 4/09 $ 3,959,377 $ 4,755,299 $ 4,811,687 4/10 $ 6,414,222 $ 6,857,329 $ 6,975,986 4/11 $ 7,403,238 $ 7,772,435 $ 8,025,973 4/12 $ 7,327,634 $ 8,172,622 $ 8,382,743 4/13 $ 8,299,690 $ 9,320,033 $ 9,629,619 4/14 $ 8,657,533 $ 9,906,834 $ 10,343,253 4/15 $ 8,521,646 $ 10,161,059 $ 10,259,725 4/16 $ 8,160,441 $ 10,025,271 $ 10,420,632
Call 1-800-225-6292 or visit us.pioneerinvestments.com for the most recent month-end performance results. Current performance may be lower or higher than the performance data quoted. The performance data quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, and shares, when redeemed, may be worth more or less than their original cost. Performance shown for Class Y shares for periods prior to the inception of Class Y shares on December 28, 2005, is the net asset value performance of the Fund's Class A shares. The performance does not reflect differences in expenses, including the Rule 12b-1 fees applicable to Class A shares. Since fees for Class A shares are generally higher than those of Class Y shares, the performance for Class Y shares prior to their inception on December 28, 2005, would have been higher than the performance shown. For the period beginning December 28, 2005, the actual performance of Class Y shares is reflected. Class Y shares are not subject to sales charges and are available for limited groups of eligible investors, including institutional investors. All results are historical and assume the reinvestment of dividends and capital gains. Other share classes are available for which performance and expenses will differ. Performance results reflect any applicable expense waivers in effect during the periods shown. Without such waivers Fund performance would be lower. Waivers may not be in effect for all funds. Certain fee waivers are contractual through a specified period. Otherwise, fee waivers can be rescinded at any time. See the prospectus and financial statements for more information. The performance table and graph do not reflect the deduction of fees and taxes that a shareowner would pay on Fund distributions or the redemption of Fund shares. Pioneer Global High Yield Fund | Semiannual Report | 4/30/16 13 Comparing Ongoing Fund Expenses As a shareowner in the Fund, you incur two types of costs: (1) ongoing costs, including management fees, distribution and/or service (12b-1) fees, and other Fund expenses; and (2) transaction costs, including sales charges (loads) on purchase payments. This example is intended to help you understand your ongoing expenses (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 at the beginning of the Fund's latest six-month period and held throughout the six months. Using the Tables -------------------------------------------------------------------------------- Actual Expenses The first table below provides information about actual account values and actual expenses. You may use the information in this table, together with the amount you invested, to estimate the expenses that you paid over the period as follows: (1) Divide your account value by $1,000 Example: an $8,600 account value (divided by) $1,000 = 8.6 (2) Multiply the result in (1) above by the corresponding share class's number in the third row under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. Expenses Paid on a $1,000 Investment in Pioneer Global High Yield Fund Based on actual returns from November 1, 2015, through April 30, 2016.
-------------------------------------------------------------------------------- Share Class A C Y -------------------------------------------------------------------------------- Beginning Account $1,000.00 $1,000.00 $1,000.00 Value on 11/1/15 -------------------------------------------------------------------------------- Ending Account $1,007.10 $1,003.00 $1,007.70 Value (after expenses) on 4/30/16 -------------------------------------------------------------------------------- Expenses Paid $ 5.79 $ 9.31 $ 4.39 During Period* --------------------------------------------------------------------------------
* Expenses are equal to the Fund's annualized net expense ratio of 1.16%, 1.87%, and 0.88% for Class A, Class C and Class Y shares, respectively, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period). 14 Pioneer Global High Yield Fund | Semiannual Report | 4/30/16 Hypothetical Example for Comparison Purposes The table below provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. Please note that the expenses shown in the tables are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as sales charges (loads) that are charged at the time of the transaction. Therefore, the table below is useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher. Expenses Paid on a $1,000 Investment in Pioneer Global High Yield Fund Based on a hypothetical 5% return per year before expenses, reflecting the period from November 1, 2015, through April 30, 2016.
-------------------------------------------------------------------------------- Share Class A C Y -------------------------------------------------------------------------------- Beginning Account $1,000.00 $1,000.00 $1,000.00 Value on 11/1/15 -------------------------------------------------------------------------------- Ending Account $1,019.10 $1,015.56 $1,020.49 Value (after expenses) on 4/30/16 -------------------------------------------------------------------------------- Expenses Paid $ 5.82 $ 9.37 $ 4.42 During Period* --------------------------------------------------------------------------------
* Expenses are equal to the Fund's annualized net expense ratio of 1.16%, 1.87%, and 0.88% for Class A, Class C and Class Y shares, respectively, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period). Pioneer Global High Yield Fund | Semiannual Report | 4/30/16 15 Schedule of Investments | 4/30/16 (unaudited)
--------------------------------------------------------------------------------------------------- Principal Floating Amount ($) Rate (b) Value --------------------------------------------------------------------------------------------------- CONVERTIBLE CORPORATE BONDS -- 4.1% ENERGY -- 0.9% Oil & Gas Exploration & Production -- 0.5% 4,155,000 Cobalt International Energy, Inc., 2.625%, 12/1/19 $ 2,090,484 2,585,000 Whiting Petroleum Corp., 1.25%, 4/1/20 (144A) 1,951,675 ------------- $ 4,042,159 --------------------------------------------------------------------------------------------------- Oil & Gas Storage & Transportation -- 0.4% 2,800,000 Golar LNG, Ltd., 3.75%, 3/7/17 $ 2,643,480 ------------- Total Energy $ 6,685,639 --------------------------------------------------------------------------------------------------- MATERIALS -- 0.9% Construction Materials -- 0.7% 4,875,000 Cemex SAB de CV, 3.72%, 3/15/20 $ 4,765,312 --------------------------------------------------------------------------------------------------- Diversified Metals & Mining -- 0.2% 3,890,636 Mirabela Nickel, Ltd., 9.5%, 6/24/19 (144A) (0.0% cash, 9.5% PIK) (PIK) $ 1,439,535 --------------------------------------------------------------------------------------------------- Steel -- 0.0%+ EURO 256,063 New World Resources NV, 4.0%, 10/7/20 (144A) (4.0% cash, 8.0% PIK) (PIK) (e) $ 43,983 ------------- Total Materials $ 6,248,830 --------------------------------------------------------------------------------------------------- CAPITAL GOODS -- 0.1% Electrical Components & Equipment -- 0.1% 1,250,000 General Cable Corp., 4.5%, 11/15/29 (Step) $ 826,562 ------------- Total Capital Goods $ 826,562 --------------------------------------------------------------------------------------------------- CONSUMER DURABLES & APPAREL -- 0.6% Homebuilding -- 0.6% 4,640,000 KB Home, 1.375%, 2/1/19 $ 4,451,500 ------------- Total Consumer Durables & Apparel $ 4,451,500 --------------------------------------------------------------------------------------------------- FOOD, BEVERAGE & TOBACCO -- 0.1% Distillers & Vintners -- 0.1% 2,632,642 CEDC Finance Corp International, Inc., 10.0%, 4/30/18 (10.0% cash, 0.0% PIK) (PIK) $ 684,487 ------------- Total Food, Beverage & Tobacco $ 684,487 --------------------------------------------------------------------------------------------------- PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES -- 0.2% Biotechnology -- 0.2% 1,065,000 Anacor Pharmaceuticals, Inc., 2.0%, 4/15/23 (144A) $ 1,222,088 --------------------------------------------------------------------------------------------------- Pharmaceuticals -- 0.0%+ 400,000 Jazz Investments I, Ltd., 1.875%, 8/15/21 $ 445,000 ------------- Total Pharmaceuticals, Biotechnology & Life Sciences $ 1,667,088 ---------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements. 16 Pioneer Global High Yield Fund | Semiannual Report | 4/30/16
--------------------------------------------------------------------------------------------------- Principal Floating Amount ($) Rate (b) Value --------------------------------------------------------------------------------------------------- SOFTWARE & SERVICES -- 0.8% Internet Software & Services -- 0.5% 2,645,000 WebMD Health Corp., 1.5%, 12/1/20 $ 3,536,034 --------------------------------------------------------------------------------------------------- Application Software -- 0.3% 1,840,000 Citrix Systems, Inc., 0.5%, 4/15/19 $ 2,078,050 490,000 Mentor Graphics Corp., 4.0%, 4/1/31 514,806 ------------- $ 2,592,856 ------------- Total Software & Services $ 6,128,890 --------------------------------------------------------------------------------------------------- TECHNOLOGY HARDWARE & EQUIPMENT -- 0.2% Electronic Components -- 0.2% 1,605,000 Vishay Intertechnology, Inc., 2.25%, 5/15/41 $ 1,236,853 ------------- Total Technology Hardware & Equipment $ 1,236,853 --------------------------------------------------------------------------------------------------- SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT -- 0.3% Semiconductors -- 0.3% 2,393,896 LDK Solar Co., Ltd., 5.535%, 12/31/18, (5.535% cash, 5.535% PIK) (PIK) $ 359,084 2,290,000 SunPower Corp., 0.875%, 6/1/21 1,824,844 535,000 Suntech Power Holdings Co., Ltd., 3.0%, 3/15/13 (d) 268 ------------- $ 2,184,196 ------------- Total Semiconductors & Semiconductor Equipment $ 2,184,196 --------------------------------------------------------------------------------------------------- TOTAL CONVERTIBLE CORPORATE BONDS (Cost $38,388,652) $ 30,114,045 --------------------------------------------------------------------------------------------------- --------------------------------------------------------------------------------------------------- Shares --------------------------------------------------------------------------------------------------- PREFERRED STOCKS -- 1.4% TRANSPORTATION -- 0.2% Air Freight & Logistics -- 0.2% 3,428 CEVA Group Plc, 12/31/14* (c) $ 1,199,860 ------------- Total Transportation $ 1,199,860 --------------------------------------------------------------------------------------------------- DIVERSIFIED FINANCIALS -- 1.2% Consumer Finance -- 1.2% 355,600 6.40 GMAC Capital Trust I, Floating Rate Note, 2/15/40 $ 8,914,892 ------------- Total Diversified Financials $ 8,914,892 --------------------------------------------------------------------------------------------------- INSURANCE -- 0.0%+ Reinsurance -- 0.0%+ 33,500 Lorenz Re, Ltd., Variable Rate Notes, (Perpetual)* (f)(g) $ 83,750 ------------- Total Insurance $ 83,750 --------------------------------------------------------------------------------------------------- TOTAL PREFERRED STOCKS (Cost $12,202,275) $ 10,198,502 ---------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements. Pioneer Global High Yield Fund | Semiannual Report | 4/30/16 17 Schedule of Investments | 4/30/16 (unaudited) (continued)
--------------------------------------------------------------------------------------------------- Shares Value --------------------------------------------------------------------------------------------------- COMMON STOCKS -- 1.8% ENERGY -- 0.0%+ Oil & Gas Exploration & Production -- 0.0%+ 5,886 Swift Energy Co. $ 125,078 ------------- Total Energy $ 125,078 --------------------------------------------------------------------------------------------------- CAPITAL GOODS -- 0.0%+ Industrial Machinery -- 0.0%+ 156,027 Liberty Tire Recycling LLC (e) $ 1,560 ------------- Total Capital Goods $ 1,560 --------------------------------------------------------------------------------------------------- COMMERCIAL SERVICES & SUPPLIES -- 0.0%+ Diversified Support Services -- 0.0%+ 63 IAP Worldwide Services, Inc. $ 84,949 ------------- Total Commercial Services & Supplies $ 84,949 --------------------------------------------------------------------------------------------------- TRANSPORTATION -- 0.1% Air Freight & Logistics -- 0.1% 1,584 CEVA Group Plc* $ 554,278 ------------- Total Transportation $ 554,278 --------------------------------------------------------------------------------------------------- AUTOMOBILES & COMPONENTS -- 0.5% Automobile Manufacturers -- 0.5% 270,899 Ford Motor Co. $ 3,673,390 ------------- Total Automobiles & Components $ 3,673,390 --------------------------------------------------------------------------------------------------- CONSUMER DURABLES & APPAREL -- 0.1% Homebuilding -- 0.1% 1,443,476 Desarrolladora Homex SAB de CV* $ 285,139 ------------- Total Consumer Durables & Apparel $ 285,139 --------------------------------------------------------------------------------------------------- CONSUMER SERVICES -- 0.0%+ Education Services -- 0.0%+ 11,492 Cengage Learning Holdings II, Inc. $ 221,221 ------------- Total Consumer Services $ 221,221 --------------------------------------------------------------------------------------------------- FOOD, BEVERAGE & TOBACCO -- 0.2% Distillers & Vintners -- 0.2% 87,811 Marie Brizard Wine & Spirits SA* $ 1,682,241 ------------- Total Food, Beverage & Tobacco $ 1,682,241 --------------------------------------------------------------------------------------------------- DIVERSIFIED FINANCIALS -- 0.1% Specialized Finance -- 0.1% 894 Panolam Holdings Co.* (e) $ 770,628 ------------- Total Diversified Financials $ 770,628 ---------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements. 18 Pioneer Global High Yield Fund | Semiannual Report | 4/30/16
--------------------------------------------------------------------------------------------------- Shares Value --------------------------------------------------------------------------------------------------- INSURANCE -- 0.8% Life & Health Insurance -- 0.8% 4,613,242 TIG TopCo., Ltd. (e) $ 5,593,390 4,840 TIG TopCo., Ltd. (Class A) (e) 71 132,750 TopCo. Ltd. (e) 1,939 ------------- $ 5,595,400 ------------- Total Insurance $ 5,595,400 --------------------------------------------------------------------------------------------------- SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT -- 0.0%+ Semiconductors -- 0.0%+ 158,800 LDK Solar Co., Ltd. (A.D.R.)* $ 4,351 ------------- Total Semiconductors & Semiconductor Equipment $ 4,351 --------------------------------------------------------------------------------------------------- TOTAL COMMON STOCKS (Cost $16,827,874) $ 12,998,235 --------------------------------------------------------------------------------------------------- --------------------------------------------------------------------------------------------------- Principal Floating Amount ($) Rate (b) --------------------------------------------------------------------------------------------------- ASSET BACKED SECURITIES -- 0.6% TRANSPORTATION -- 0.2% Airlines -- 0.2% 1,197,936 Continental Airlines 1998-1 Class B Pass Through Trust, 6.748%, 3/15/17 $ 1,227,884 ------------- Total Transportation $ 1,227,884 --------------------------------------------------------------------------------------------------- BANKS -- 0.2% Thrifts & Mortgage Finance -- 0.2% 1,124,569 1.41 Countrywide Asset-Backed Certificates, Floating Rate Note, 11/25/34 $ 1,070,339 335,609 Westgate Resorts 2014-A LLC, 6.25%, 10/20/26 (144A) 334,770 ------------- $ 1,405,109 ------------- Total Banks $ 1,405,109 --------------------------------------------------------------------------------------------------- DIVERSIFIED FINANCIALS -- 0.2% Specialized Finance -- 0.2% 687,827 0.86 Lease Investment Flight Trust, Floating Rate Note, 7/15/31 $ 151,322 7,896,897 0.82 Lease Investment Flight Trust, Floating Rate Note, 7/15/31 1,796,544 ------------- $ 1,947,866 ------------- Total Diversified Financials $ 1,947,866 --------------------------------------------------------------------------------------------------- TOTAL ASSET BACKED SECURITIES (Cost $7,886,438) $ 4,580,859 ---------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements. Pioneer Global High Yield Fund | Semiannual Report | 4/30/16 19 Schedule of Investments | 4/30/16 (unaudited) (continued)
--------------------------------------------------------------------------------------------------- Principal Floating Amount ($) Rate (b) Value --------------------------------------------------------------------------------------------------- COLLATERALIZED MORTGAGE OBLIGATIONS -- 1.4% BANKS -- 1.4% Thrifts & Mortgage Finance -- 1.4% 1,500,000 3.21 Citigroup Commercial Mortgage Trust 2014-GC23 REMICS, Floating Rate Note, 7/12/47 (144A) $ 880,669 1,480,000 5.96 COBALT CMBS Commercial Mortgage Trust 2007-C3, Floating Rate Note, 5/15/46 1,390,859 455,000 5.96 COBALT CMBS Commercial Mortgage Trust 2007-C3, Floating Rate Note, 5/15/46 406,486 600,000 6.01 COMM 2007-C9 Mortgage Trust, Floating Rate Note, 12/10/49 (144A) 563,288 1,175,000 3.89 EQTY 2014-INNS Mortgage Trust, Floating Rate Note, 5/8/31 (144A) 1,123,859 777,948 5.19 EQTY 2014-MZ Mezzanine Trust, Floating Rate Note, 5/10/19 (144A) 728,455 1,395,744 4.94 GS Mortgage Securities Corp., II Series 2005-GG4, Floating Rate Note, 7/10/39 1,350,259 661,738 Homeowner Assistance Program Reverse Mortgage Loan Trust 2013-RM1, 4.0%, 5/26/53 (144A) 653,466 2,100,000 6.21 JP Morgan Chase Commercial Mortgage Securities Trust 2007-LDP12, Floating Rate Note, 2/15/51 2,013,699 1,646,711 2.81 JP Morgan Mortgage Trust 2005-A1, Floating Rate Note, 2/25/35 1,538,456 ------------- $ 10,649,496 ------------- Total Banks $ 10,649,496 --------------------------------------------------------------------------------------------------- TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (Cost $10,796,826) $ 10,649,496 --------------------------------------------------------------------------------------------------- CORPORATE BONDS -- 79.7% ENERGY -- 9.5% Oil & Gas Drilling -- 0.4% 2,306,000 Rowan Companies, Inc., 5.4%, 12/1/42 $ 1,510,430 237,000 Rowan Companies, Inc., 5.85%, 1/15/44 161,752 2,420,000 Unit Corp., 6.625%, 5/15/21 1,639,550 ------------- $ 3,311,732 --------------------------------------------------------------------------------------------------- Integrated Oil & Gas -- 0.9% 5,165,000 Petrobras Global Finance BV, 5.375%, 1/27/21 $ 4,590,394 MXN 8,650,000 Petroleos Mexicanos, 7.19%, 9/12/24 (144A) 442,546 1,435,000 YPF SA, 8.5%, 3/23/21 (144A) 1,499,575 ------------- $ 6,532,515 ---------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements. 20 Pioneer Global High Yield Fund | Semiannual Report | 4/30/16
--------------------------------------------------------------------------------------------------- Principal Floating Amount ($) Rate (b) Value --------------------------------------------------------------------------------------------------- Oil & Gas Exploration & Production -- 5.1% 2,724,439 Ascent Resources -- Utica LLC, 3.5%, 3/1/21 (144A) (PIK) $ 54,489 3,225,000 Carrizo Oil & Gas, Inc., 6.25%, 4/15/23 3,096,000 274,000 Comstock Resources, Inc., 9.5%, 6/15/20 38,360 2,385,000 Continental Resources, Inc., 3.8%, 6/1/24 2,033,212 3,595,000 Denbury Resources, Inc., 5.5%, 5/1/22 2,309,788 4,980,000 EPL Oil & Gas, Inc., 8.25%, 2/15/18 348,600 3,260,000 GeoPark Latin America, Ltd. Agencia en Chile, 7.5%, 2/11/20 (144A) 2,314,600 4,990,000 Gulfport Energy Corp., 7.75%, 11/1/20 5,039,900 1,634,000 Halcon Resources Corp., 12.0%, 2/15/22 (144A) 1,164,225 3,790,000 Hilcorp Energy I LP, 5.0%, 12/1/24 (144A) 3,524,700 1,000,000 KazMunayGas National Co., JSC, 4.4%, 4/30/23 (144A) 932,500 2,870,000 Memorial Resource Development Corp., 5.875%, 7/1/22 2,611,700 2,300,000 Midstates Petroleum Co., Inc., 9.25%, 6/1/21 (d) 34,500 1,955,000 Novatek OAO via Novatek Finance, Ltd., 4.422%, 12/13/22 (144A) 1,867,416 3,240,000 Oasis Petroleum, Inc., 6.875%, 3/15/22 2,891,700 785,000 Oasis Petroleum, Inc., 7.25%, 2/1/19 745,750 7,570,000 Pacific Exploration and Production Corp., 5.375%, 1/26/19 (144A) 1,135,500 1,745,000 PDC Energy, Inc., 7.75%, 10/15/22 1,806,075 1,285,000 QEP Resources, Inc., 5.375%, 10/1/22 1,217,538 1,750,000 Rice Energy Inc., 6.25%, 5/1/22 1,732,500 975,000 Rice Energy, Inc., 7.25%, 5/1/23 984,750 455,000 SM Energy Co., 5.0%, 1/15/24 378,788 575,000 Whiting Petroleum Corp., 5.0%, 3/15/19 508,875 500,000 Whiting Petroleum Corp., 6.25%, 4/1/23 416,250 ------------- $ 37,187,716 --------------------------------------------------------------------------------------------------- Oil & Gas Refining & Marketing -- 0.8% 4,025,000 Calumet Specialty Products Partners LP, 6.5%, 4/15/21 $ 2,777,250 448,000 EnLink Midstream Partners LP, 5.05%, 4/1/45 336,714 1,299,000 EnLink Midstream Partners LP, 5.6%, 4/1/44 989,261 1,849,474 6.26 EP PetroEcuador via Noble Sovereign Funding I, Ltd., Floating Rate Note, 9/24/19 1,683,021 ------------- $ 5,786,246 --------------------------------------------------------------------------------------------------- Oil & Gas Storage & Transportation -- 2.3% 1,090,000 Genesis Energy LP, 5.75%, 2/15/21 $ 1,024,600 2,645,000 Global Partners LP, 7.0%, 6/15/23 2,223,440
The accompanying notes are an integral part of these financial statements. Pioneer Global High Yield Fund | Semiannual Report | 4/30/16 21 Schedule of Investments | 4/30/16 (unaudited) (continued)
--------------------------------------------------------------------------------------------------- Principal Floating Amount ($) Rate (b) Value --------------------------------------------------------------------------------------------------- Oil & Gas Storage & Transportation (continued) NOK 13,000,000 6.21 Golar LNG Partners LP, Floating Rate Note, 10/12/17 $ 1,564,497 2,385,000 ONEOK, Inc., 7.5%, 9/1/23 2,414,812 4,000,000 Sabine Pass Liquefaction LLC, 5.625%, 2/1/21 3,975,000 2,650,000 Targa Resources Partners LP, 4.25%, 11/15/23 2,442,982 1,375,000 The Williams Companies, Inc., 4.55%, 6/24/24 1,185,071 2,850,000 The Williams Companies, Inc., 5.75%, 6/24/44 2,223,000 ------------- $ 17,053,402 --------------------------------------------------------------------------------------------------- Coal & Consumable Fuels -- 0.0%+ 315,000 Alpha Natural Resources, Inc., 6.0%, 6/1/19 (d) $ 2,362 ------------- Total Energy $ 69,873,973 --------------------------------------------------------------------------------------------------- MATERIALS -- 9.1% Commodity Chemicals -- 1.3% 6,520,000 Rain CII Carbon LLC, 8.0%, 12/1/18 (144A) $ 5,607,200 4,635,000 Tronox Finance LLC, 7.5%, 3/15/22 (144A) 3,847,050 ------------- $ 9,454,250 --------------------------------------------------------------------------------------------------- Diversified Chemicals -- 0.9% 460,000 Blue Cube Spinco, Inc., 10.0%, 10/15/25 (144A) $ 530,150 460,000 Blue Cube Spinco, Inc., 9.75%, 10/15/23 (144A) 524,975 EURO 4,988,000 Ineos Finance Plc, 4.0%, 5/1/23 (144A) 5,576,104 ------------- $ 6,631,229 --------------------------------------------------------------------------------------------------- Construction Materials -- 0.0%+ EURO 240,000 Votorantim Cimentos SA, 3.5%, 7/13/22 $ 230,028 --------------------------------------------------------------------------------------------------- Metal & Glass Containers -- 3.0% EURO 452,686 Ardagh Finance Holdings SA, 8.375%, 6/15/19 (0.00% cash, 8.375% PIK) (144A) (PIK) $ 537,550 590,000 Ardagh Packaging Finance Plc, 4.625%, 5/15/23 (144A) 590,000 630,000 Ardagh Packaging Finance Plc, 7.25%, 5/15/24 (144A) 630,000 475,000 0.00 Ardagh Packaging Finance Plc, Floating Rate Note, 5/15/21 (144A) 475,000 2,362,015 Ardagh Finance Holdings SA, 8.625%, (0.00% Cash, 8.625% PIK) 6/15/19 (144A) (PIK) 2,432,875 423,529 Ardagh Packaging Finance Plc, 7.0%, 11/15/20 (144A) 400,235 EURO 2,100,000 Ardagh Packaging Finance Plc, 9.25%, 10/15/20 (144A) 2,524,921 2,775,000 Ball Corp., 5.25%, 7/1/25 2,918,967 EURO 725,000 Horizon Holdings I SASU, 7.25%, 8/1/23 (144A) 885,198 EURO 950,000 Horizon Holdings III SASU, 5.125%, 8/1/22 (144A) 1,144,957
The accompanying notes are an integral part of these financial statements. 22 Pioneer Global High Yield Fund | Semiannual Report | 4/30/16
--------------------------------------------------------------------------------------------------- Principal Floating Amount ($) Rate (b) Value --------------------------------------------------------------------------------------------------- Metal & Glass Containers (continued) 5,790,000 Reynolds Group Issuer, Inc., 8.5%, 5/15/18 $ 5,796,948 3,785,000 Reynolds Group Issuer, Inc., 9.875%, 8/15/19 3,912,744 ------------- $ 22,249,395 --------------------------------------------------------------------------------------------------- Paper Packaging -- 0.5% 3,355,000 AEP Industries, Inc., 8.25%, 4/15/19 $ 3,413,712 --------------------------------------------------------------------------------------------------- Diversified Metals & Mining -- 1.4% 810,000 Ausdrill Finance Pty, Ltd., 6.875%, 11/1/19 (144A) $ 690,525 1,800,000 FMG Resources August 2006 Pty, Ltd., 9.75%, 3/1/22 (144A) 1,892,340 2,000,000 MMC Norilsk Nickel OJSC via MMC Finance, Ltd., 5.55%, 10/28/20 (144A) 2,095,000 700,000 MMC Norilsk Nickel OJSC via MMC Finance, Ltd., 6.625%, 10/14/22 (144A) 755,825 860,000 Prince Mineral Holding Corp., 11.5%, 12/15/19 (144A) 750,350 5,145,000 Vedanta Resources Plc, 8.25%, 6/7/21 (144A) 4,090,275 ------------- $ 10,274,315 --------------------------------------------------------------------------------------------------- Steel -- 1.2% 2,915,000 BlueScope Steel Finance, Ltd., 6.5%, 5/15/21 (144A) $ 2,973,300 4,340,000 JMC Steel Group, Inc., 8.25%, 3/15/18 (144A) 4,166,400 EURO 135,483 0.00 New World Resources NV, Floating Rate Note, 10/7/20 (e) 32,580 EURO 101,612 0.00 New World Resources NV, Floating Rate Note, 10/7/20 (e) 15,126 1,960,000 Samarco Mineracao SA, 4.125%, 11/1/22 (144A) 1,176,588 910,000 Samarco Mineracao SA, 5.75%, 10/24/23 (144A) 548,548 ------------- $ 8,912,542 --------------------------------------------------------------------------------------------------- Paper Products -- 0.8% 2,025,000 Mercer International, Inc., 7.0%, 12/1/19 $ 2,045,250 3,735,000 Resolute Forest Products, Inc., 5.875%, 5/15/23 2,810,588 EURO 935,000 Sappi Papier Holding GmbH, 4.0%, 4/1/23 (144A) 1,089,405 ------------- $ 5,945,243 ------------- Total Materials $ 67,110,714 --------------------------------------------------------------------------------------------------- CAPITAL GOODS -- 4.2% Aerospace & Defense -- 0.9% 1,335,000 DigitalGlobe, Inc., 5.25%, 2/1/21 (144A) $ 1,206,506 2,433,000 DynCorp International, Inc., 10.375%, 7/1/17 2,055,885
The accompanying notes are an integral part of these financial statements. Pioneer Global High Yield Fund | Semiannual Report | 4/30/16 23 Schedule of Investments | 4/30/16 (unaudited) (continued)
--------------------------------------------------------------------------------------------------- Principal Floating Amount ($) Rate (b) Value --------------------------------------------------------------------------------------------------- Aerospace & Defense (continued) EURO 3,265,000 TA MFG., Ltd., 3.625%, 4/15/23 $ 3,470,055 ------------- $ 6,732,446 --------------------------------------------------------------------------------------------------- Building Products -- 0.9% 6,750,000 Griffon Corp., 5.25%, 3/1/22 $ 6,783,750 --------------------------------------------------------------------------------------------------- Construction & Engineering -- 0.2% EURO 640,000 Abengoa Finance SAU, 6.0%, 3/31/21 (144A) $ 58,629 6,900,000 Abengoa Finance SAU, 8.875%, 11/1/17 (144A) 552,000 2,250,000 Empresas ICA SAB de CV, 8.9%, 2/4/21 (144A) 540,000 ------------- $ 1,150,629 --------------------------------------------------------------------------------------------------- Electrical Components & Equipment -- 0.4% 3,250,000 General Cable Corp., 5.75%, 10/1/22 $ 2,916,875 --------------------------------------------------------------------------------------------------- Industrial Conglomerates -- 0.4% 2,980,000 JB Poindexter & Co., Inc., 9.0%, 4/1/22 (144A) $ 3,136,450 --------------------------------------------------------------------------------------------------- Industrial Machinery -- 0.9% 4,440,000 Apex Tool Group LLC, 7.0%, 2/1/21 (144A) $ 3,996,000 3,461,374 Liberty Tire Recycling LLC, 11.0%, 3/31/21 (0.0% cash, 11.0% PIK) (144A) (PIK) (e) 2,561,417 ------------- $ 6,557,417 --------------------------------------------------------------------------------------------------- Trading Companies & Distributors -- 0.5% 3,915,000 WESCO Distribution, Inc., 5.375%, 12/15/21 $ 3,973,725 ------------- Total Capital Goods $ 31,251,292 --------------------------------------------------------------------------------------------------- COMMERCIAL SERVICES & SUPPLIES -- 0.4% Environmental & Facilities Services -- 0.2% 1,320,000 Clean Harbors, Inc., 5.125%, 6/1/21 (144A) $ 1,329,900 --------------------------------------------------------------------------------------------------- Diversified Support Services -- 0.2% 400,000 Broadspectrum, Ltd., 8.375%, 5/15/20 (144A) $ 434,000 1,475,000 NANA Development Corp., 9.5%, 3/15/19 (144A) 1,272,188 ------------- $ 1,706,188 ------------- Total Commercial Services & Supplies $ 3,036,088 --------------------------------------------------------------------------------------------------- TRANSPORTATION -- 2.2% Airlines -- 0.7% 1,961,802 Guanay Finance, Ltd., 6.0%, 12/15/20 (144A) $ 1,947,088 3,250,000 TAM Capital 3, Inc., 8.375%, 6/3/21 (144A) 2,969,688 ------------- $ 4,916,776 --------------------------------------------------------------------------------------------------- Marine -- 0.4% 2,700,000 Far East Capital, Ltd. SA, 8.0%, 5/2/18 $ 1,039,500 3,650,000 Navios South American Logistics, Inc., 7.25%, 5/1/22 (144A) 2,199,125 ------------- $ 3,238,625 ---------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements. 24 Pioneer Global High Yield Fund | Semiannual Report | 4/30/16
--------------------------------------------------------------------------------------------------- Principal Floating Amount ($) Rate (b) Value --------------------------------------------------------------------------------------------------- Railroads -- 0.7% 3,370,000 Florida East Coast Holdings Corp., 6.75%, 5/1/19 (144A) $ 3,403,700 EURO 1,325,000 Russian Railways via RZD Capital Plc, 3.3744%, 5/20/21 1,505,878 ------------- $ 4,909,578 --------------------------------------------------------------------------------------------------- Trucking -- 0.0%+ 5,920,860 Inversiones Alsacia SA, 8.0%, 12/31/18 (144A) $ 355,252 --------------------------------------------------------------------------------------------------- Highways & Railtracks -- 0.4% MXN 47,000,000 Red de Carreteras de Occidente SAPIB de CV, 9.0%, 6/10/28 (144A) $ 2,730,080 ------------- Total Transportation $ 16,150,311 --------------------------------------------------------------------------------------------------- AUTOMOBILES & COMPONENTS -- 0.8% Auto Parts & Equipment -- 0.2% 1,462,000 Nexteer Automotive Group, Ltd., 5.875%, 11/15/21 (144A) $ 1,502,205 --------------------------------------------------------------------------------------------------- Automobile Manufacturers -- 0.6% 2,475,000 TI Group Automotive Systems LLC, 8.75%, 7/15/23 (144A) $ 2,425,500 1,670,000 ZF North America Capital, Inc., 4.75%, 4/29/25 (144A) 1,692,962 ------------- $ 4,118,462 ------------- Total Automobiles & Components $ 5,620,667 --------------------------------------------------------------------------------------------------- CONSUMER DURABLES & APPAREL -- 1.4% Homebuilding -- 1.0% 2,079,000 Lennar Corp., 4.75%, 11/15/22 $ 2,110,185 2,200,000 Rialto Holdings LLC, 7.0%, 12/1/18 (144A) 2,156,000 2,625,000 Taylor Morrison Communities, Inc., 5.875%, 4/15/23 (144A) 2,618,438 ------------- $ 6,884,623 --------------------------------------------------------------------------------------------------- Leisure Products -- 0.4% 3,235,000 Icon Health & Fitness, Inc., 11.875%, 10/15/16 (144A) $ 3,129,862 ------------- Total Consumer Durables & Apparel $ 10,014,485 --------------------------------------------------------------------------------------------------- CONSUMER SERVICES -- 3.4% Casinos & Gaming -- 2.2% EURO 4,921,360 Cirsa Funding Luxembourg SA, 8.75%, 5/15/18 (144A) $ 5,663,626 83,503 Mashantucket Western Pequot Tribe, 6.5%, 7/1/36 (1.0% cash, 5.50% PIK) (PIK) (d) 418 12,500,000 Scientific Games International, Inc., 10.0%, 12/1/22 10,331,250
The accompanying notes are an integral part of these financial statements. Pioneer Global High Yield Fund | Semiannual Report | 4/30/16 25 Schedule of Investments | 4/30/16 (unaudited) (continued)
--------------------------------------------------------------------------------------------------- Principal Floating Amount ($) Rate (b) Value --------------------------------------------------------------------------------------------------- Casinos & Gaming (continued) 625,000 Scientific Games International, Inc., 6.25%, 9/1/20 $ 401,562 ------------- $ 16,396,856 --------------------------------------------------------------------------------------------------- Hotels, Resorts & Cruise Lines -- 0.7% 2,540,000 Sabre GLBL, Inc., 5.375%, 4/15/23 (144A) $ 2,584,450 2,860,000 Viking Cruises, Ltd., 8.5%, 10/15/22 (144A) 2,688,400 ------------- $ 5,272,850 --------------------------------------------------------------------------------------------------- Specialized Consumer Services -- 0.5% EURO 3,285,000 Boing Group Financing Plc, 6.625%, 7/15/19 (144A) $ 3,551,941 ------------- Total Consumer Services $ 25,221,647 --------------------------------------------------------------------------------------------------- MEDIA -- 1.1% Broadcasting -- 0.5% EURO 3,000,000 United Group BV, 7.875%, 11/15/20 (144A) $ 3,641,418 --------------------------------------------------------------------------------------------------- Cable & Satellite -- 0.4% 1,615,000 CCOH Safari LLC, 5.75%, 2/15/26 (144A) $ 1,667,488 2,500,000 Intelsat Luxembourg SA, 7.75%, 6/1/21 825,000 ------------- $ 2,492,488 --------------------------------------------------------------------------------------------------- Publishing -- 0.2% 1,675,000 Trader Corp., 9.875%, 8/15/18 (144A) $ 1,737,812 ------------- Total Media $ 7,871,718 --------------------------------------------------------------------------------------------------- RETAILING -- 1.3% Distributors -- 0.2% 1,250,000 LKQ Corp., 4.75%, 5/15/23 $ 1,256,250 --------------------------------------------------------------------------------------------------- Department Stores -- 0.4% 2,285,000 Argos Merger Sub, Inc., 7.125%, 3/15/23 (144A) $ 2,336,412 148,000 Grupo Famsa SAB de CV, 7.25%, 6/1/20 (144A) 136,160 ------------- $ 2,472,572 --------------------------------------------------------------------------------------------------- Computer & Electronics Retail -- 0.3% 3,010,000 Rent-A-Center, Inc., 4.75%, 5/1/21 $ 2,441,862 --------------------------------------------------------------------------------------------------- Specialty Stores -- 0.4% 3,865,000 Outerwall, Inc., 5.875%, 6/15/21 $ 3,111,325 ------------- Total Retailing $ 9,282,009 --------------------------------------------------------------------------------------------------- FOOD & STAPLES RETAILING -- 0.3% Food Retail -- 0.3% 2,535,000 C&S Group Enterprises LLC, 5.375%, 7/15/22 (144A) $ 2,433,600 ------------- Total Food & Staples Retailing $ 2,433,600 ---------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements. 26 Pioneer Global High Yield Fund | Semiannual Report | 4/30/16
--------------------------------------------------------------------------------------------------- Principal Floating Amount ($) Rate (b) Value --------------------------------------------------------------------------------------------------- FOOD, BEVERAGE & TOBACCO -- 10.4% Distillers & Vintners -- 0.5% 4,829,992 CEDC Finance Corp., International, Inc., 10.0%, 4/30/18 (Step) $ 3,260,245 --------------------------------------------------------------------------------------------------- Agricultural Products -- 0.1% 1,625,000 Tonon Luxembourg SA, 10.5%, 5/14/24 (144A) $ 684,125 --------------------------------------------------------------------------------------------------- Packaged Foods & Meats -- 9.1% EURO 3,200,000 Agrokor dd, 9.875%, 5/1/19 (144A) $ 3,859,995 GBP 1,170,000 Boparan Finance Plc, 5.5%, 7/15/21 (144A) 1,606,588 4,450,000 CFG Investment SAC, 9.75%, 7/30/19 (144A) (d) 2,981,500 EURO 6,945,000 Darling Global Finance BV, 4.75%, 5/30/22 (144A) 8,223,112 5,800,000 FAGE Dairy Industry SA, 9.875%, 2/1/20 (144A) 6,024,750 3,135,000 JBS USA LLC, 5.75%, 6/15/25 (144A) 2,884,200 3,615,000 Marfrig Holdings Europe BV, 6.875%, 6/24/19 (144A) 3,578,850 8,248,000 Marfrig Overseas, Ltd., 9.5%, 5/4/20 (144A) 8,454,200 5,300,000 MHP SA, 8.25%, 4/2/20 (144A) 4,743,500 3,755,000 Minerva Luxembourg SA, 12.25%, 2/10/22 (144A) 3,938,056 8,150,000 Minerva Luxembourg SA, 7.75%, 1/31/23 (144A) 8,282,438 6,500,000 Pesquera Exalmar SAA, 7.375%, 1/31/20 (144A) 4,826,250 5,340,000 Post Holdings, Inc., 6.0%, 12/15/22 (144A) 5,483,512 1,375,000 Post Holdings, Inc., 6.75%, 12/1/21 (144A) 1,441,179 800,000 Post Holdings, Inc., 7.75%, 3/15/24 (144A) 870,000 ------------- $ 67,198,130 --------------------------------------------------------------------------------------------------- Tobacco -- 0.7% 6,165,000 Alliance One International, Inc., 9.875%, 7/15/21 $ 5,132,362 ------------- Total Food, Beverage & Tobacco $ 76,274,862 --------------------------------------------------------------------------------------------------- HOUSEHOLD & PERSONAL PRODUCTS -- 0.1% Health Care Facilities -- 0.1% 1,030,000 Centene Escrow Corp., 6.125%, 2/15/24 (144A) $ 1,086,650 ------------- Total Household & Personal Products $ 1,086,650 --------------------------------------------------------------------------------------------------- HEALTH CARE EQUIPMENT & SERVICES -- 2.6% Health Care Supplies -- 0.8% 5,750,000 ConvaTec Healthcare E SA, 10.5%, 12/15/18 (144A) $ 5,893,750 --------------------------------------------------------------------------------------------------- Health Care Services -- 0.2% 1,175,000 RegionalCare Hospital Partners Holdings, Inc., 8.25%, 5/1/23 (144A) $ 1,222,000 ---------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements. Pioneer Global High Yield Fund | Semiannual Report | 4/30/16 27 Schedule of Investments | 4/30/16 (unaudited) (continued)
--------------------------------------------------------------------------------------------------- Principal Floating Amount ($) Rate (b) Value --------------------------------------------------------------------------------------------------- Health Care Facilities -- 1.2% 1,550,000 Centene Escrow Corp., 5.625%, 2/15/21 (144A) $ 1,631,375 3,915,000 CHS, 6.875%, 2/1/22 3,543,075 2,400,000 Kindred Healthcare Inc., 6.375%, 4/15/22 2,196,000 1,320,000 Kindred Healthcare, Inc., 8.0%, 1/15/20 1,314,720 ------------- $ 8,685,170 --------------------------------------------------------------------------------------------------- Managed Health Care -- 0.4% 3,130,000 WellCare Health Plans, Inc., 5.75%, 11/15/20 $ 3,259,112 ------------- Total Health Care Equipment & Services $ 19,060,032 --------------------------------------------------------------------------------------------------- PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES -- 2.2% Pharmaceuticals -- 2.2% 4,480,000 DPx Holdings BV, 7.5%, 2/1/22 (144A) $ 4,536,000 5,310,000 Endo Finance LLC, 5.875%, 1/15/23 (144A) 5,084,325 EURO 3,475,000 Valeant Pharmaceuticals International, Inc., 4.5%, 5/15/23 3,163,482 4,180,000 Valeant Pharmaceuticals International, Inc., 5.875%, 5/15/23 (144A) 3,500,750 ------------- $ 16,284,557 ------------- Total Pharmaceuticals, Biotechnology & Life Sciences $ 16,284,557 --------------------------------------------------------------------------------------------------- BANKS -- 7.0% Diversified Banks -- 6.4% 3,485,000 9.25 Access Bank Plc, Floating Rate Note, 6/24/21 (144A) $ 2,870,107 535,000 9.00 Banco do Brasil SA, Floating Rate Note (Perpetual) 383,862 820,000 9.75 Banco Macro SA, Floating Rate Note, 12/18/36 824,100 2,000,000 Banco Nacional de Costa Rica, 6.25%, 11/1/23 (144A) 2,002,000 375,000 6.30 Bank of America Corp., Floating Rate Note (Perpetual) 392,812 2,525,000 6.50 Bank of America Corp., Floating Rate Note, 10/23/49 2,657,562 825,000 6.25 Bank of America Corp., Floating Rate Note, 9/29/49 828,094 3,870,000 Banque Ouest Africaine de Developpement, 5.5%, 5/6/21 (144A) 3,874,644 1,250,000 BBVA Bancomer SA Texas, 6.75%, 9/30/22 (144A) 1,371,875 3,625,000 7.62 BNP Paribas SA, Floating Rate Note (Perpetual) (144A) 3,706,562 346,000 5.88 Citigroup, Inc., Floating Rate Note (Perpetual) 334,686 2,150,000 5.90 Citigroup, Inc., Floating Rate Note (Perpetual) 2,144,625
The accompanying notes are an integral part of these financial statements. 28 Pioneer Global High Yield Fund | Semiannual Report | 4/30/16
--------------------------------------------------------------------------------------------------- Principal Floating Amount ($) Rate (b) Value --------------------------------------------------------------------------------------------------- Diversified Banks (continued) 854,000 5.95 Citigroup, Inc., Floating Rate Note (Perpetual) $ 843,325 2,250,000 8.12 Credit Agricole SA, Floating Rate Note (Perpetual) (144A) 2,323,125 275,000 6.62 Credit Agricole SA, Floating Rate Note (Perpetual) (144A) 259,188 225,000 7.88 Credit Agricole SA, Floating Rate Note (Perpetual) (144A) 216,115 3,525,000 6.50 ING Groep NV, Floating Rate Note, 12/29/49 3,245,203 INR 42,350,000 Inter-American Development Bank, 6.0%, 9/5/17 631,526 4,825,000 7.70 Intesa Sanpaolo S.p.A., Floating Rate Note (Perpetual) (144A) 4,463,125 EURO 215,000 6.38 Lloyds Banking Group Plc, Floating Rate Note (Perpetual) 240,285 2,475,000 Macquarie Bank, Ltd., 4.875%, 6/10/25 (144A) 2,534,917 1,020,000 7.50 Royal Bank of Scotland Group Plc, Floating Rate Note (Perpetual) 951,150 1,773,000 8.00 Royal Bank of Scotland Group Plc, Floating Rate Note (Perpetual) 1,699,309 750,000 Sberbank of Russia Via SB Capital SA, 5.25%, 5/23/23 (144A) 726,562 1,355,000 Trade & Development Bank of Mongolia LLC, 9.375%, 5/19/20 (144A) 1,259,498 2,990,000 Turkiye Is Bankasi, 5.375%, 10/6/21 (144A) 3,050,933 2,725,000 Vnesheconombank Via VEB Finance Plc, 6.902%, 7/9/20 (144A) 2,861,250 775,000 VTB Bank OJSC Via VTB Capital SA, 6.95%, 10/17/22 (144A) 771,048 ------------- $ 47,467,488 --------------------------------------------------------------------------------------------------- Thrifts & Mortgage Finance -- 0.6% 4,000,000 Alfa Bank AO Via Alfa Bond Issuance Plc, 7.5%, 9/26/19 (144A) $ 4,230,000 ------------- Total Banks $ 51,697,488 --------------------------------------------------------------------------------------------------- DIVERSIFIED FINANCIALS -- 5.0% Other Diversified Financial Services -- 0.2% 1,850,000 Argentine Republic Government International Bond, 7.5%, 4/22/26 (144A) $ 1,877,750 --------------------------------------------------------------------------------------------------- Specialized Finance -- 1.4% EURO 145,000 4.75 Arrow Global Finance Plc, Floating Rate Note, 5/1/23 (144A) $ 165,209 3,045,000 Cantor Fitzgerald LP, 7.875%, 10/15/19 (144A) 3,422,702 4,870,000 Nationstar Mortgage LLC, 6.5%, 6/1/22 4,176,025 3,000,000 Nationstar Mortgage LLC, 6.5%, 7/1/21 2,632,500 ------------- $ 10,396,436 ---------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements. Pioneer Global High Yield Fund | Semiannual Report | 4/30/16 29 Schedule of Investments | 4/30/16 (unaudited) (continued)
--------------------------------------------------------------------------------------------------- Principal Floating Amount ($) Rate (b) Value --------------------------------------------------------------------------------------------------- Consumer Finance -- 2.1% 150,000 Ally Financial, Inc., 4.625%, 5/19/22 $ 153,750 1,640,000 Ally Financial, Inc., 5.75%, 11/20/25 1,660,500 INR 241,840,000 International Finance Corp., 7.75%, 12/3/16 3,650,629 INR 240,670,000 International Finance Corp., 8.25%, 6/10/21 3,872,636 1,898,713 Tarjeta Naranja SA, 9.0%, 1/28/17 (144A) 1,930,042 4,000,000 Unifin Financiera SAB de CV SOFOM ENR, 6.25%, 7/22/19 (144A) 3,855,200 ------------- $ 15,122,757 --------------------------------------------------------------------------------------------------- Asset Management & Custody Banks -- 0.5% 3,800,000 JBS Investment Management, Ltd., 7.25%, 4/3/24 $ 3,676,500 --------------------------------------------------------------------------------------------------- Investment Banking & Brokerage -- 0.8% 1,550,000 5.55 Morgan Stanley, Floating Rate Note (Perpetual) $ 1,534,500 3,528,000 UBS AG, 7.625%, 8/17/22 4,061,610 ------------- $ 5,596,110 ------------- Total Diversified Financials $ 36,669,553 --------------------------------------------------------------------------------------------------- INSURANCE -- 4.2% Life & Health Insurance -- 0.2% GBP 954,047 TIG FINCO Plc, 8.75%, 4/2/20 $ 1,128,874 GBP 168,361 8.50 TIG FINCO Plc, Floating Rate Note, 3/2/20 (144A) 249,631 ------------- $ 1,378,505 --------------------------------------------------------------------------------------------------- Reinsurance -- 4.0% 450,000 6.20 Alamo Re, Ltd., Floating Rate Note, 6/7/18 (Cat Bond) (144A) $ 462,285 1,669,825 Altair Re, Variable Rate Notes, 6/30/17 (f)(g) 271,681 1,300,000 Arlington Segregated Account (Kane SAC Ltd.), Variable Rate Notes, 8/31/16 (f)(g) 1,480,440 800,000 Berwick 2016-1 Segregated Account (Kane SAC Ltd.), Variable Rate Notes, 2/1/18 (f)(g) 813,840 1,000,000 Berwick Segregated Account (Kane SAC Ltd.), Variable Rate Note, 1/22/16 (f)(g) 30,000 475,000 4.56 Blue Danube II, Ltd., Floating Rate Note, 5/23/16 (Cat Bond) (144A) 475,238 2,600,000 Carnosutie 2016-N,Segregated Account (Kane SAC Ltd.), Variance Rate Notes, 11/30/20 (f)(g) 2,652,260 3,900,000 Carnoustie Segregated Account (Kane SAC Ltd.), Variable Rate Notes, 2/19/16 (f)(g) 79,560 1,400,000 Clarendon Segregated Account (Kane SAC Ltd.), Variable Rate Notes, 6/15/16 (f)(g) 1,399,860 EURO 1,300,000 Dundonald Segregated Account (Kane SAC Ltd.), Variable Rate Notes, 1/17/17 (f)(g) 1,361,799 800,000 Eden Re II, Ltd., Variable Rate Notes, 4/23/19 (144A) (f)(g) 813,440 1,600,000 Gleneagles Segregated Account (Kane SAC Ltd), Variable Rate Notes, 11/30/20 (f)(g) 1,646,080
The accompanying notes are an integral part of these financial statements. 30 Pioneer Global High Yield Fund | Semiannual Report | 4/30/16
--------------------------------------------------------------------------------------------------- Principal Floating Amount ($) Rate (b) Value --------------------------------------------------------------------------------------------------- Reinsurance (continued) 3,500,000 Gullane Segregated Account (Kane SAC Ltd.), Variable Rate Note 11/30/20 (f)(g) $ 3,707,900 500,000 Lahinch Re, Variable Rate Notes, 6/15/16 (f)(g) 505,350 2,400,000 Lorenz Re, Ltd., Variable Rate Notes, 3/31/18 (f)(g) 168,000 1,100,000 Lorenz Re, Ltd., Variable Rate Notes, 3/31/19 (f)(g) 1,101,760 490,000 Madison Re, Ltd., Variable Rate Notes, 3/31/29 (f)(g) 490,000 3,900,000 Pangaea Re, Series 2015-1, Principal at Risk Notes, 2/1/19 (f)(g) 116,610 3,500,000 Pangaea Re., Variable Rate Notes, 2/1/20 (f)(g) 3,545,850 4,070,000 Pangaea Re., Variable Rate Notes, 7/1/18 (f)(g) 73,260 1,300,000 Prestwick Segregated Account (Kane SAC Ltd.), Variable Rate Notes, 7/1/16 (f)(g) 97,370 900,000 4.50 Resilience Re, Ltd., Floating Rate Note, 1/9/17 (Cat Bond) 900,000 7,176 Sector Re V, Ltd., Variable Rate Notes, 12/1/19 (144A) (f)(g) 50,472 1,150,000 Sector Re V, Ltd., Variable Rate Notes, 12/1/20 (144A) (f)(g) 1,176,220 2,000,000 Silverton Re, Ltd., Variable Rate Notes, 9/16/16 (144A) (f)(g) 9,200 2,600,000 St. Andrews Segregated Account (Kane SAC Ltd.), Variable Rate Notes, 1/22/16 (f)(g) 51,220 1,750,000 St. Andrews Segregated Account (Kane SAC Ltd.), Variance Rate Notes, 2/1/18 (f)(g) 1,796,725 JPY 98,019,476 Tralee Segregated Account (Kane SAC Ltd.), Variable Rate Note 7/15/17 (f)(g) 916,496 3,000,000 Versutus 2016, Class A-1, Variable Rate Notes, 11/30/20 (f)(g) 3,074,700 3,800,000 Versutus Ltd., Series 2015-A, Variable Rate Notes, 12/31/2017 (f)(g) 55,480 ------------- $ 29,323,096 ------------- Total Insurance $ 30,701,601 --------------------------------------------------------------------------------------------------- REAL ESTATE -- 0.8% Specialized REIT -- 0.8% 2,691,826 AAF Holdings LLC, 12.0%, 7/1/19 (144A) (12.0% cash, 0.0% PIK) (PIK) $ 2,651,449 2,620,000 Communications Sales & Leasing, Inc., 6.0%, 4/15/23 (144A) 2,606,900 955,000 Equinix, Inc., 5.375%, 4/1/23 997,975 ------------- $ 6,256,324 ------------- Total Real Estate $ 6,256,324 ---------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements. Pioneer Global High Yield Fund | Semiannual Report | 4/30/16 31 Schedule of Investments | 4/30/16 (unaudited) (continued)
--------------------------------------------------------------------------------------------------- Principal Floating Amount ($) Rate (b) Value --------------------------------------------------------------------------------------------------- SOFTWARE & SERVICES -- 1.4% Internet Software & Services -- 0.6% 3,650,000 Cimpress NV, 7.0%, 4/1/22 (144A) $ 3,686,500 662,000 IAC, 4.875%, 11/30/18 681,860 ------------- $ 4,368,360 --------------------------------------------------------------------------------------------------- Data Processing & Outsourced Services -- 0.8% 3,100,000 Cardtronics, Inc., 5.125%, 8/1/22 $ 3,107,781 1,260,000 First Data Corp., 7.0%, 12/1/23 (144A) 1,294,650 1,700,000 NeuStar, Inc., 4.5%, 1/15/23 1,394,000 ------------- $ 5,796,431 ------------- Total Software & Services $ 10,164,791 --------------------------------------------------------------------------------------------------- TECHNOLOGY HARDWARE & EQUIPMENT -- 1.0% Communications Equipment -- 0.4% 1,560,000 CommScope Technologies Finance LLC, 6.0%, 6/15/25 (144A) $ 1,599,000 1,475,000 CommScope, Inc., 5.0%, 6/15/21 (144A) 1,497,125 ------------- $ 3,096,125 --------------------------------------------------------------------------------------------------- Electronic Components -- 0.6% 1,000,000 Belden, Inc., 5.25%, 7/15/24 (144A) $ 975,000 EURO 2,570,000 Belden, Inc., 5.5%, 4/15/23 2,980,576 ------------- $ 3,955,576 ------------- Total Technology Hardware & Equipment $ 7,051,701 --------------------------------------------------------------------------------------------------- TELECOMMUNICATION SERVICES -- 7.0% Integrated Telecommunication Services -- 3.5% 2,260,000 CenturyLink, Inc., 5.625%, 4/1/25 $ 2,052,622 330,000 CenturyLink, Inc., 7.5%, 4/1/24 330,825 2,290,000 Cincinnati Bell, Inc., 8.375%, 10/15/20 2,347,250 1,690,000 Frontier Communications Corp., 8.5%, 4/15/20 1,787,175 8,145,000 Frontier Communications Corp., 8.75%, 4/15/22 8,043,188 500,000 GCI, Inc., 6.75%, 6/1/21 505,000 4,275,000 GCI, Inc., 6.875%, 4/15/25 4,317,750 2,580,000 Windstream Corp., 7.5%, 6/1/22 2,115,600 4,765,000 Windstream Services LLC, 7.75%, 10/15/20 4,309,895 ------------- $ 25,809,305 --------------------------------------------------------------------------------------------------- Wireless Telecommunication Services -- 3.5% 2,800,000 Altice Financing SA, 6.5%, 1/15/22 (144A) $ 2,828,000 320,000 Altice Financing SA, 6.625%, 2/15/23 (144A) 316,416 600,000 Altice Finco SA, 8.125%, 1/15/24 (144A) 585,000 3,320,000 Digicel, Ltd., 6.0%, 4/15/21 (144A) 3,037,800 1,500,000 Mobile Telesystems OJSC via MTS International Funding, Ltd., 5.0%, 5/30/23 (144A) 1,498,125
The accompanying notes are an integral part of these financial statements. 32 Pioneer Global High Yield Fund | Semiannual Report | 4/30/16
--------------------------------------------------------------------------------------------------- Principal Floating Amount ($) Rate (b) Value --------------------------------------------------------------------------------------------------- Wireless Telecommunication Services (continued) 9,770,000 Sprint Corp., 7.25%, 9/15/21 $ 7,889,275 1,155,000 T-Mobile USA, Inc., 6.0%, 4/15/24 1,208,419 2,750,000 Unison Ground Lease Funding LLC, 5.78%, 3/16/43 (144A) 2,664,750 3,375,000 VimpelCom Holdings BV, 7.5043%, 3/1/22 (144A) 3,602,812 RUB 124,400,000 VimpelCom Holdings BV, 9.0%, 2/13/18 (144A) 1,866,192 ------------- $ 25,496,789 ------------- Total Telecommunication Services $ 51,306,094 --------------------------------------------------------------------------------------------------- UTILITIES -- 4.3% Electric Utilities -- 2.5% 1,610,000 ContourGlobal Power Holdings SA, 7.125%, 6/1/19 (144A) $ 1,593,900 2,325,000 5.25 Electricite de France SA, Floating Rate Note (Perpetual) (144A) 2,241,068 2,995,000 8.13 Enel S.p.A., Floating Rate Note, 9/24/73 (144A) 3,455,481 55,353 FPL Energy National Wind Portfolio LLC, 6.125%, 3/25/19 (144A) 55,353 164,149 FPL Energy Wind Funding LLC, 6.876%, 6/27/17 (144A) 155,942 3,760,000 Talen Energy Supply LLC, 4.625%, 7/15/19 (144A) 3,496,800 3,225,000 Talen Energy Supply LLC, 6.5%, 6/1/25 2,862,446 5,395,000 TerraForm Power, 9.75%, 8/15/22 (144A) 4,781,319 ------------- $ 18,642,309 --------------------------------------------------------------------------------------------------- Gas Utilities -- 0.1% 1,288,000 DCP Midstream Operating LP, 5.6%, 4/1/44 $ 1,036,840 --------------------------------------------------------------------------------------------------- Multi-Utilities -- 0.6% 4,119,702 Ormat Funding Corp., 8.25%, 12/30/20 $ 4,078,505 --------------------------------------------------------------------------------------------------- Independent Power Producers & Energy Traders -- 1.1% 940,000 Instituto Costarricense de Electricidad, 6.95%, 11/10/21 (144A) $ 958,800 6,240,000 NRG Energy, Inc., 6.25%, 5/1/24 6,084,000 500,000 Star Energy Geothermal Wayang Windu, Ltd., 6.125%, 3/27/20 (144A) 505,000 590,000 TerraForm Power Operating LLC, 5.875%, 2/1/23 (144A) 514,775 ------------- $ 8,062,575 ------------- Total Utilities $ 31,820,229 --------------------------------------------------------------------------------------------------- TOTAL CORPORATE BONDS (Cost $643,363,116) $ 586,240,386 ---------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements. Pioneer Global High Yield Fund | Semiannual Report | 4/30/16 33 Schedule of Investments | 4/30/16 (unaudited) (continued)
--------------------------------------------------------------------------------------------------- Principal Floating Amount ($) Rate (b) Value --------------------------------------------------------------------------------------------------- U.S. GOVERNMENT AND AGENCY OBLIGATION -- 0.5% 3,650,000 U.S. Treasury Bills, 5/19/16 (c) $ 3,649,734 --------------------------------------------------------------------------------------------------- TOTAL U.S. GOVERNMENT AND AGENCY OBLIGATION (Cost $3,649,679) $ 3,649,734 --------------------------------------------------------------------------------------------------- FOREIGN GOVERNMENT BONDS -- 6.2% 1,845,000 Africa Finance Corp., 4.375%, 4/29/20 (144A) $ 1,875,055 2,655,000 Banque Cent de Tunisie, 5.75%, 1/30/25 (144A) 2,388,491 2,610,000 Ecuador Government International Bond, 10.5%, 3/24/20 (144A) 2,466,450 690,000 Gabon Government International Bond, 6.375%, 12/12/24 602,798 GHS 9,405,000 Ghana Government Bond, 24.5%, 4/22/19 2,505,998 2,175,000 Kenya Government International Bond, 5.875%, 6/24/19 (144A) 2,148,813 3,130,000 Kenya Government International Bond, 6.875%, 6/24/24 (144A) 2,942,513 ARS 6,124,921 Letras del Banco Central de la Republica Argentina, 1/4/17 (c) 359,175 ARS 20,336,104 Letras del Banco Central de la Republica Argentina, 12/28/16 (c) 1,189,571 ARS 25,365,594 Letras del Banco Central de la Republica Argentina, 5/11/16 (c) 1,762,538 MXN 191,444,122 Mexican Udibonos, 2.0%, 6/9/22 10,702,274 MXN 9,371,162 Mexican Udibonos, 3.5%, 12/14/17 562,161 EURO 2,175,000 Mexico Government International Bond, 4.0%, 3/15/15 2,161,212 1,415,000 Namibia International Bonds, 5.25%, 10/29/25 (144A) 1,390,747 2,541,600 Province of Salta Argentina, 9.5%, 3/16/22 (144A) 2,586,078 1,380,000 Provincia de Buenos Aires Argentina, 9.125%, 3/16/24 (144A) 1,469,700 RON 8,220,000 Romania Government Bond, 5.85%, 4/26/23 2,425,945 2,000,000 Rwanda International Government Bond, 6.625%, 5/2/23 (144A) 1,950,400 1,360,000 Sri Lanka Government International Bond, 6.85%, 11/3/25 (144A) 1,339,116 3,700,000 Zambia Government International Bond, 5.375%, 9/20/22 (144A) 2,751,394 ------------- $ 45,580,429 --------------------------------------------------------------------------------------------------- TOTAL FOREIGN GOVERNMENT BONDS (Cost $51,836,522) $ 45,580,429 ---------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements. 34 Pioneer Global High Yield Fund | Semiannual Report | 4/30/16
--------------------------------------------------------------------------------------------------- Principal Floating Amount ($) Rate (b) Value --------------------------------------------------------------------------------------------------- SENIOR FLOATING RATE LOAN INTERESTS -- 3.2% ENERGY -- 0.2% Oil & Gas Exploration & Production -- 0.0%+ 143,473 8.02 Ascent Resources -- Utica, LLC (f.k.a. American Energy Utica LLC) Term Loan (Second Lien), 7/1/19 $ 36,227 --------------------------------------------------------------------------------------------------- Coal & Consumable Fuels -- 0.2% 4,700,000 18.15 Bumi Resources Tbk PT, Term Loan, 8/15/13 $ 940,000 1,034,769 8.15 Long Haul Holdings, Ltd., Facility B Loan, 11/17/13 (d) 206,954 ------------- $ 1,146,954 ------------- Total Energy $ 1,183,181 --------------------------------------------------------------------------------------------------- MATERIALS -- 0.0%+ Diversified Metals & Mining -- 0.0%+ 320,805 4.25 Fortescue Metals Group, Ltd., Bank Loan, 6/30/19 $ 303,602 ------------- Total Materials $ 303,602 --------------------------------------------------------------------------------------------------- COMMERCIAL SERVICES & SUPPLIES -- 0.1% Diversified Support Services -- 0.1% 494,593 8.02 IAP Worldwide Services, Inc., Term Loan, 7/18/19 $ 491,501 ------------- Total Commercial Services & Supplies $ 491,501 --------------------------------------------------------------------------------------------------- AUTOMOBILES & COMPONENTS -- 0.0%+ Auto Parts & Equipment -- 0.0%+ 3,142 3.50 Allison Transmission, Inc., Term B-3 Loan, 8/23/19 $ 3,151 ------------- Total Automobiles & Components $ 3,151 --------------------------------------------------------------------------------------------------- MEDIA -- 0.3% Advertising -- 0.3% 2,149,130 6.75 Affinion Group, Inc., Tranche B Term Loan, 4/30/18 $ 1,898,623 ------------- Total Media $ 1,898,623 --------------------------------------------------------------------------------------------------- RETAILING -- 0.3% Automotive Retail -- 0.3% 2,126,700 5.75 CWGS Group LLC, Term Loan, 2/20/20 $ 2,124,042 ------------- Total Retailing $ 2,124,042 --------------------------------------------------------------------------------------------------- HEALTH CARE EQUIPMENT & SERVICES -- 0.5% Health Care Services -- 0.4% 1,009,596 4.25 Alliance HealthCare Services, Inc., Initial Term Loan, 6/3/19 $ 966,688 686,312 6.50 BioScrip, Inc., Initial Term B Loan, 7/31/20 631,407 411,787 6.50 BioScrip, Inc., Term Loan, 7/31/20 378,844
The accompanying notes are an integral part of these financial statements. Pioneer Global High Yield Fund | Semiannual Report | 4/30/16 35 Schedule of Investments | 4/30/16 (unaudited) (continued)
--------------------------------------------------------------------------------------------------- Principal Floating Amount ($) Rate (b) Value --------------------------------------------------------------------------------------------------- Health Care Services (continued) 1,323,333 4.50 National Surgical Hospitals, Inc., Term Loan (First Lien), 5/15/22 $ 1,304,277 ------------- $ 3,281,216 --------------------------------------------------------------------------------------------------- Health Care Facilities -- 0.1% 730,604 9.75 MMM Holdings, Inc., Term Loan, 10/9/17 (d) $ 476,719 --------------------------------------------------------------------------------------------------- Managed Health Care -- 0.0%+ 531,145 9.75 MSO of Puerto Rico, Inc., MSO Term Loan, 12/12/17 (d) $ 346,572 ------------- Total Health Care Equipment & Services $ 4,104,507 --------------------------------------------------------------------------------------------------- PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES -- 0.6% Biotechnology -- 0.6% 5,075,536 7.00 Lantheus Medical Imaging, Inc., Initial Term Loan, 6/25/22 $ 4,542,604 ------------- Total Pharmaceuticals, Biotechnology & Life Sciences $ 4,542,604 --------------------------------------------------------------------------------------------------- DIVERSIFIED FINANCIALS -- 0.4% Investment Banking & Brokerage -- 0.4% 2,790,000 8.63 Concentra, Inc., Initial Term Loan (Second Lien), 4/8/23 $ 2,735,037 ------------- Total Diversified Financials $ 2,735,037 --------------------------------------------------------------------------------------------------- SOFTWARE & SERVICES -- 0.8% Application Software -- 0.8% 4,373,318 8.50 Expert Global Solutions, Inc., Term B Advance (First Lien), 4/3/18 $ 4,296,785 2,000,000 9.75 Vertafore, Inc., Term Loan (Second Lien), 10/29/17 2,006,500 ------------- $ 6,303,285 ------------- Total Software & Services $ 6,303,285 --------------------------------------------------------------------------------------------------- TOTAL SENIOR FLOATING RATE LOAN INTERESTS (Cost $29,300,390) $ 23,689,533 --------------------------------------------------------------------------------------------------- MUNICIPAL COLLATERALIZED DEBT OBLIGATION -- 0.1% Municipal General -- 0.1% 8,875,000 0.00 Non-Profit Preferred Funding Trust I, Floating Rate Note, 9/15/37 (144A) $ 550,428 --------------------------------------------------------------------------------------------------- TOTAL MUNICIPAL COLLATERALIZED DEBT OBLIGATION (Cost $8,859,654) $ 550,428 ---------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements. 36 Pioneer Global High Yield Fund | Semiannual Report | 4/30/16
--------------------------------------------------------------------------------------------------- Shares Value --------------------------------------------------------------------------------------------------- RIGHTS / WARRANTS -- 0.0%+ FOOD, BEVERAGE & TOBACCO -- 0.0%+ Distillers & Vintners -- 0.0%+ 29 Marie Brizard Wine & Spirits SA, 12/23/16 $ 1 ------------- Total Food, Beverage & Tobacco $ 1 --------------------------------------------------------------------------------------------------- INSURANCE -- 0.0%+ Life & Health Insurance -- 0.0%+ 1,390 TIG TopCo., Ltd. $ -- ------------- Total Insurance $ -- --------------------------------------------------------------------------------------------------- TOTAL RIGHTS / WARRANTS (Cost $2) $ 1 --------------------------------------------------------------------------------------------------- TOTAL INVESTMENT IN SECURITIES -- 99.0% (Cost $823,111,428) (a)(h) $ 728,251,648 --------------------------------------------------------------------------------------------------- OTHER ASSETS & LIABILITIES -- 1.0% $ 7,500,798 --------------------------------------------------------------------------------------------------- TOTAL NET ASSETS -- 100.0% $ 735,752,446 ===================================================================================================
* Non-income producing security. + Amount rounds to less than 0.1%. REIT Real Estate Investment Trust. (A.D.R.) American Depositary Receipts. (Perpetual) Security with no stated maturity date. (PIK) Represents a pay-in-kind security. (Cat Bond) Catastrophe or event linked bond. At April 30, 2016 the value of these securities amounted to $1,837,523 or 0.3% of total net assets. See Notes to Financial Statements -- 1H. REMICS Real Estate Mortgage Investment Conduits. (Step) Bond issued with an initial coupon rate which converts to a higher rate at a later date. ** Senior floating rate loan interests in which the Fund invests generally pay interest at rates that are periodically redetermined by reference to a base lending rate plus a premium. These base lending rates are generally (i) the lending rate offered by one or more major European banks, such as LIBOR (London InterBank Offered Rate), (ii) the prime rate offered by one or more major United States banks, (iii) the rate of a certificate of deposit or (iv) other base lending rates used by commercial lenders. The rate shown is the coupon rate at period end. (144A) Security is exempt from registration under Rule 144A of the Securities Act of 1933. Such securities may be resold normally to qualified institutional buyers in a transaction exempt from registration. At April 30, 2016, the value of these securities amounted to $350,643,192 or 47.7% of total net assets. The accompanying notes are an integral part of these financial statements. Pioneer Global High Yield Fund | Semiannual Report | 4/30/16 37 Schedule of Investments | 4/30/16 (unaudited) (continued) (a) At April 30, 2016, the net unrealized depreciation on investments based on cost for federal income tax purposes of $827,256,543 was as follows:
Aggregate gross unrealized appreciation for all investments in which there is an excess of value over tax cost $ 14,277,470 Aggregate gross unrealized depreciation for all investments in which there is an excess of tax cost over value (113,282,365) -------------- Net unrealized depreciation $ (99,004,895) ==============
(b) Debt obligation with a variable interest rate. Rate shown is rate at end of period. (c) Security issued with a zero coupon. Income is recognized through accretion of discount. (d) Security is in default. (e) Security is valued using fair value methods (other than prices supplied by independent pricing services or broker dealers). See Notes to Financial Statements -- Note 1A. (f) Structured reinsurance investment. At April 30, 2016, the value of these securities amounted to $27,569,323 or 3.8% of total net assets. See Notes to Financial Statements -- Note 1H. (g) Rate to be determined. (h) Distributions of investments by country of domicile (excluding temporary cash investments) as a percentage of total investment in securities, is as follows:
United States 57.7% Luxembourg 6.3% United Kingdom 4.9% Mexico 3.5% Netherlands 3.3% Cayman Islands 2.1% Canada 1.9% Ireland 1.9% Argentina 1.8% Bermuda 1.8% France 1.7% Australia 1.4% Other (individually less than 1%) 11.7% ------ 100.0% ======
NOTE: Principal amounts are denominated in U.S. Dollars unless otherwise noted: ARS Argentine Peso EURO Euro GBP British Pound Sterling GHS Ghanian Cedis INR Indian Rupee JPY Japanese Yen MXN Mexican Peso NOK Norwegian Krone RON Romanian Leu RUB Russian Ruble The accompanying notes are an integral part of these financial statements. 38 Pioneer Global High Yield Fund | Semiannual Report | 4/30/16 Purchases and sales of securities (excluding temporary cash investments) for the six months ended April 30, 2016 aggregated $118,835,504 and $283,727,242, respectively. CENTRALLY CLEARED CREDIT DEFAULT SWAP AGREEMENT -- SELL PROTECTION
--------------------------------------------------------------------------------------------------- Notional Obligation Credit Expiration Premiums Unrealized Principal ($)(1) Exchange Entity/Index Coupon Rating(2) Date Received Appreciation --------------------------------------------------------------------------------------------------- 4,415,000 Chicago Markit CDX Mercantile North America Exchange High Yield Index 5.00% BBB+ 12/20/20 $(34,044) $ 181,050 --------------------------------------------------------------------------------------------------- $(34,044) $ 181,050 ===================================================================================================
(1) The notional amount is the maximum amount that a seller of credit protection would be obligated to pay upon occurrence of a credit event. (2) Based on Standard & Poor's rating of the issuer or weighted average of all the underlying securities of the index. Various inputs are used in determining the value of the Fund's investments. These inputs are summarized in the three broad levels listed below. Level 1 - quoted prices in active markets for identical securities. Level 2 - other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.) See Notes to Financial Statements -- Note 1A. Level 3 - significant unobservable inputs (including the Fund's own assumptions in determining fair value of investments) See Notes to Financial Statements -- Note 1A. The accompanying notes are an integral part of these financial statements. Pioneer Global High Yield Fund | Semiannual Report | 4/30/16 39 Schedule of Investments | 4/30/16 (unaudited) (continued) The following is a summary of the inputs used as of April 30, 2016, in valuing the Fund's investments:
------------------------------------------------------------------------------------------------- Level 1 Level 2 Level 3 Total ------------------------------------------------------------------------------------------------- Convertible Corporate Bonds Materials Steel $ -- $ -- $ 43,983 $ 43,983 All Other Convertible Bonds -- 30,070,062 -- 30,070,062 Preferred Stocks Transportation Air Freight & Logistics -- 1,199,860 -- 1,199,860 Diversified Financials Consumer Finance 8,914,892 -- -- 8,914,892 Insurance Reinsurance -- -- 83,750 83,750 Common Stock Capital Goods Industrial Machinery -- -- 1,560 1,560 Commercial Services & Supplies Diversified Support Services -- 84,949 -- 84,949 Transportation Air Freight & Logistics -- 554,278 -- 554,278 Consumer Services Education Services -- 221,221 -- 221,221 Diversified Financials Specialized Finance -- -- 770,628 770,628 Insurance Life & Health Insurance -- -- 5,595,400 5,595,400 All Other Common Stocks 5,770,199 -- -- 5,770,199 Asset Backed Securities -- 4,580,859 -- 4,580,859 Collateralized Mortgage Obligations -- 10,649,496 -- 10,649,496 Corporate Bonds Materials Steel -- 8,864,836 47,706 8,912,542 Capital Goods Industrial Machinery -- -- 2,561,417 2,561,417 Insurance Reinsurance -- 937,523 28,385,573 29,323,096 All Other Corporate Bonds -- 545,443,331 -- 545,443,331 U.S. Government and Agency Obligation -- 3,649,734 -- 3,649,734 Foreign Government Bonds -- 45,580,429 -- 45,580,429 Senior Floating Rate Loan Interests -- 23,689,533 -- 23,689,533 Rights/Warrants -- 1 -- 1 Municipal Collateralized Debt Obligation -- 550,428 -- 550,428 ------------------------------------------------------------------------------------------------- Total $ 14,685,091 $ 676,076,540 $37,490,017 $728,251,648 =================================================================================================
The accompanying notes are an integral part of these financial statements. 40 Pioneer Global High Yield Fund | Semiannual Report | 4/30/16
------------------------------------------------------------------------------------------------- Level 1 Level 2 Level 3 Total ------------------------------------------------------------------------------------------------- Other Financial Instruments Unrealized appreciation on forward foreign currency contracts $ -- $ 211,586 $ -- $ 211,586 Unrealized depreciation on forward foreign currency contracts -- (1,165,941) -- (1,165,941) Unrealized appreciation on swap contracts -- 181,050 -- 181,050 ------------------------------------------------------------------------------------------------- Total Other Financial Instruments $ -- $ (773,305) $ -- $ (773,305) =================================================================================================
The following is a summary of the fair valuation of certain Fund's assets and liabilities as of April 30, 2016.
------------------------------------------------------------------------------------------------- Level 1 Level 2 Level 3 Total ------------------------------------------------------------------------------------------------- Assets: Foreign currencies, at value $ -- $ 2,801,658 $ -- $ 2,801,658 Restricted cash -- 345,474 -- 345,474 Liabilities: Variation margin on centrally cleared swap contracts -- (8,276) -- (8,276) ------------------------------------------------------------------------------------------------- Total: $ -- $ 3,138,856 $ -- $ 3,138,856 =================================================================================================
The following is a reconciliation of assets valued using significant observable inputs (Level 3):
------------------------------------------------------------------------------------------------- Convertible Common Corporate Preferred Corporate Stocks Bonds Stocks Bonds Total ------------------------------------------------------------------------------------------------- Balance as of 10/31/15 $ 7,752,735 $39,144 $83,750 $ 51,484,941 $ 59,360,570 Realized gain (loss)(1) -- -- -- 16,491 16,491 Change in unrealized appreciation (depreciation)(2) (1,385,147) 4,839 -- (23,247,312) (24,627,620) Purchases -- -- -- 24,644,595 24,644,595 Sales -- -- -- (21,904,019) (21,904,019) Transfers in to Level 3* -- -- -- -- -- Transfers out of Level 3* -- -- -- -- -- ------------------------------------------------------------------------------------------------- Balance as of 4/30/16 $ 6,367,588 $43,983 $83,750 $ 30,994,696 $ 37,490,017 =================================================================================================
(1) Realized gain (loss) on these securities is included in the net realized gain (loss) from investments in the Statement of Operations. (2) Unrealized appreciation (depreciation) on these securities is included in the change in unrealized appreciation (depreciation) on investments in the Statement of Operations. * Transfers are calculated on the beginning of period values. During the six months ended April 30, 2016, there were no transfers between Levels 1, 2 and 3.
Net change in unrealized appreciation (depreciation) of investments still held as of 4/30/16 $ (22,974,327) -------------
The accompanying notes are an integral part of these financial statements. Pioneer Global High Yield Fund | Semiannual Report | 4/30/16 41 Statement of Assets and Liabilities | 4/30/16 (unaudited)
ASSETS: Investment in securities (cost $823,111,428) $ 728,251,648 Cash 2,252,711 Foreign currencies, at value (cost $2,718,353) 2,801,658 Restricted cash* 345,474 Receivables -- Investment securities sold 7,532,056 Fund shares sold 773,770 Dividends 40,635 Interest 13,667,781 Unrealized appreciation on forward foreign currency contracts 211,586 Other assets 50,725 ---------------------------------------------------------------------------------------- Total assets $ 755,928,044 ---------------------------------------------------------------------------------------- LIABILITIES: Payables -- Investment securities purchased $ 14,591,702 Fund shares repurchased 3,424,185 Distributions 535,419 Trustee fees 5,034 Swap contracts, premium received 34,044 Variation margin on centrally cleared swap contracts 8,276 Unrealized depreciation on forward foreign currency contracts 1,165,941 Due to affiliates 230,141 Accrued expenses 180,856 ---------------------------------------------------------------------------------------- Total liabilities $ 20,175,598 ---------------------------------------------------------------------------------------- NET ASSETS: Paid-in capital $1,298,139,544 Distributions in excess of net investment income (1,418,713) Accumulated net realized loss on investments, swap contracts and foreign currency transactions (465,416,508) Net unrealized depreciation on investments (94,859,780) Unrealized appreciation on swap contracts 181,050 Net unrealized depreciation on forward foreign currency contracts and other assets and liabilities denominated in foreign currencies (873,147) ---------------------------------------------------------------------------------------- Total net assets $ 735,752,446 ---------------------------------------------------------------------------------------- NET ASSET VALUE PER SHARE: No par value (unlimited number of shares authorized) Class A (based on $215,512,784/25,545,129 shares) $ 8.44 Class C (based on $201,001,425/23,888,368 shares) $ 8.41 Class Y (based on $319,238,237/38,544,843 shares) $ 8.28 MAXIMUM OFFERING PRICE: Class A ($8.44 (divided by) 95.5%) $ 8.84 =======================================================================================
* Represents restricted cash deposited at the counterparty for derivative contracts The accompanying notes are an integral part of these financial statements. 42 Pioneer Global High Yield Fund | Semiannual Report | 4/30/16 Statement of Operations (unaudited) For the Six Months Ended 4/30/16
INVESTMENT INCOME: Interest $ 33,096,492 Dividends 765,528 ------------------------------------------------------------------------------------------ Total investment income $ 33,862,020 ------------------------------------------------------------------------------------------ EXPENSES: Management fees $ 2,766,905 Transfer agent fees Class A 14,024 Class C 5,208 Class Y 13,081 Distribution fees Class A 277,487 Class C 1,028,969 Shareholder communication expense 449,203 Administrative expense 143,759 Custodian fees 17,534 Registration fees 42,721 Professional fees 27,912 Printing expense 18,507 Fees and expenses of nonaffiliated Trustees 19,216 Miscellaneous 80,333 ------------------------------------------------------------------------------------------ Total expenses $ 4,904,859 ------------------------------------------------------------------------------------------ Net investment income $ 28,957,161 ------------------------------------------------------------------------------------------ REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS, SWAP CONTRACTS AND FOREIGN CURRENCY TRANSACTIONS: Net realized gain (loss) on: Investments $ (68,257,605) Swap contracts 41,016 Forward foreign currency contracts and other assets and liabilities denominated in foreign currencies 725,420 $ (67,491,169) ------------------------------------------------------------------------------------------ Change in net unrealized appreciation (depreciation) on: Investments $ 30,627,445 Swap contracts 181,050 Forward foreign currency contracts and other assets and liabilities denominated in foreign currencies (826,460) $ 29,982,035 ------------------------------------------------------------------------------------------ Net realized and unrealized gain (loss) on investments, swap contracts and foreign currency transactions $ (37,509,134) ------------------------------------------------------------------------------------------ Net decrease in net assets resulting from operations $ (8,551,973) ==========================================================================================
The accompanying notes are an integral part of these financial statements. Pioneer Global High Yield Fund | Semiannual Report | 4/30/16 43 Statements of Changes in Net Assets
------------------------------------------------------------------------------------------- Six Months Ended 4/30/16 Year Ended (unaudited) 10/31/15 ------------------------------------------------------------------------------------------- FROM OPERATIONS: Net investment income $ 28,957,161 $ 74,158,414 Net realized gain (loss) on investments, written options, swap contracts and foreign currency transactions (67,491,169) (99,680,836) Change in net unrealized appreciation (depreciation) on investments, written options, swap contracts and foreign currency transactions 29,982,035 (56,915,601) ------------------------------------------------------------------------------------------- Net decrease in net assets resulting from operations $ (8,551,973) $ (82,438,023) ------------------------------------------------------------------------------------------- DISTRIBUTIONS TO SHAREOWNERS: Net investment income: Class A ($0.26 and $0.46 per share, respectively) $ (6,938,287) $ (16,116,373) Class B* ($0.00 and $0.02 per share, respectively) -- (27,063) Class C ($0.23 and $0.40 per share, respectively) (5,725,718) (12,638,032) Class Y ($0.26 and $0.48 per share, respectively) (12,654,166) (30,502,564) Class Z** ($0.00 and $0.39 per share, respectively) -- (230,464) Tax return of capital: Class A ($0.00 and $0.08 per share, respectively) -- (2,723,523) Class C ($0.00 and $0.08 per share, respectively) -- (2,484,930) Class Y ($0.00 and $0.08 per share, respectively) -- (4,980,188) Class Z** ($0.00 and $0.08 per share, respectively) -- (33,644) ------------------------------------------------------------------------------------------- Total distributions to shareowners $ (25,318,171) $ (69,736,781) ------------------------------------------------------------------------------------------- FROM FUND SHARE TRANSACTIONS: Net proceeds from sale or exchange of shares $ 62,390,858 $ 225,138,161 Reinvestment of distributions 22,424,110 60,938,540 Cost of shares repurchased (291,754,766) (591,554,304) ------------------------------------------------------------------------------------------- Net decrease in net assets resulting from Fund share transactions $ (206,939,798) $ (305,477,603) ------------------------------------------------------------------------------------------- Net decrease in net assets $ (240,809,942) $ (457,652,407) NET ASSETS: Beginning of period $ 976,562,388 $1,434,214,795 ------------------------------------------------------------------------------------------- End of period $ 735,752,446 $ 976,562,388 ------------------------------------------------------------------------------------------- Distributions in excess of net investment income $ (1,418,713) $ (5,057,703) ===========================================================================================
* Class B shares converted to Class A shares on November 10, 2014. ** Class Z shares converted to Class Y shares on August 7, 2015. The accompanying notes are an integral part of these financial statements. 44 Pioneer Global High Yield Fund | Semiannual Report | 4/30/16
------------------------------------------------------------------------------------------- Six Months Six Months Ended Ended 4/30/16 4/30/16 Year Ended Year Ended Shares Amount 10/31/15 10/31/15 (unaudited) (unaudited) Shares Amount ------------------------------------------------------------------------------------------- Class A Shares sold 742,719 $ 6,066,605 5,705,189 $ 53,564,125 Reinvestment of distributions 764,907 6,263,956 1,834,846 16,763,907 Less shares repurchased (5,384,176) (44,153,543) (16,272,631) (149,194,095) ------------------------------------------------------------------------------------------- Net decrease (3,876,550) $ (31,822,982) (8,732,596) $ (78,866,063) =========================================================================================== Class B* Shares sold or exchanged -- $ -- -- $ -- Reinvestment of distributions -- -- -- -- Less shares repurchased -- -- (1,751,406) (17,041,325) ------------------------------------------------------------------------------------------- Net decrease -- $ -- (1,751,406) $ (17,041,325) =========================================================================================== Class C Shares sold 482,506 $ 3,913,190 1,679,200 $ 15,503,386 Reinvestment of distributions 564,224 4,608,586 1,313,253 11,966,321 Less shares repurchased (4,687,386) (38,407,758) (11,734,031) (107,116,018) ------------------------------------------------------------------------------------------- Net decrease (3,640,656) $ (29,885,982) (8,741,578) $ (79,646,311) =========================================================================================== Class Y Shares sold 6,468,845 $ 52,411,063 17,127,325 $ 154,449,905 Reinvestment of distributions 1,436,485 11,551,568 3,568,721 32,030,832 Less shares repurchased (26,532,855) (209,193,465) (34,480,930) (310,458,535) ------------------------------------------------------------------------------------------- Net decrease (18,627,525) $ (145,230,834) (13,784,884) $ (123,977,798) =========================================================================================== Class Z** Shares sold -- $ -- 169,502 $ 1,620,745 Reinvestment of distributions -- -- 18,590 177,480 Less shares repurchased -- -- (826,914) (7,744,331) ------------------------------------------------------------------------------------------- Net decrease -- $ -- (638,822) $ (5,946,106) ===========================================================================================
* Class B shares converted to Class A shares on November 10, 2014. ** Class Z shares converted to Class Y shares on August 7, 2015. The accompanying notes are an integral part of these financial statements. Pioneer Global High Yield Fund | Semiannual Report | 4/30/16 45 Financial Highlights
----------------------------------------------------------------------------------------------------------------------------------- Six Months Ended Year Year Ended Year Ended Year Ended 4/30/16 Ended Year Ended 10/31/13 10/31/12 10/31/11 (unaudited) 10/31/15 10/31/14 (Consolidated) (Consolidated) (Consolidated) ----------------------------------------------------------------------------------------------------------------------------------- Class A Net asset value, beginning of period $ 8.64 $ 9.79 $ 10.13 $ 10.13 $ 9.83 $ 10.53 ----------------------------------------------------------------------------------------------------------------------------------- Increase (decrease) from investment operations: Net investment income (loss) $ 0.29(a) $ 0.58(a) $ 0.66 $ 0.71 $ 0.76 $ 0.77 Net realized and unrealized gain (loss) on investments (0.23) (1.19) (0.34) (0.02) 0.35 (0.70) ----------------------------------------------------------------------------------------------------------------------------------- Net increase (decrease) from investment operations $ 0.06 $ (0.61) $ 0.32 $ 0.69 $ 1.11 $ 0.07 ----------------------------------------------------------------------------------------------------------------------------------- Distribution to shareowners: Net investment income $ (0.26) $ (0.46) $ (0.63) $ (0.69) $ (0.81) $ (0.77) Tax return of capital -- (0.08) (0.03) -- -- -- ----------------------------------------------------------------------------------------------------------------------------------- Total distributions $ (0.26) $ (0.54) $ (0.66) $ (0.69) $ (0.81) $ (0.77) ----------------------------------------------------------------------------------------------------------------------------------- Net increase (decrease) in net asset value $ (0.20) $ (1.15) $ (0.34) $ -- $ 0.30 $ (0.70) ----------------------------------------------------------------------------------------------------------------------------------- Net asset value, end of period $ 8.44 $ 8.64 $ 9.79 $ 10.13 $ 10.13 $ 9.83 =================================================================================================================================== Total return* 0.77% (6.36)% 3.16% 6.96% 11.89% 0.49% Ratio of net expenses to average net assets 1.16%** 1.17% 1.13% 1.10% 1.10% 1.09% Ratio of net investment income (loss) to average net assets 7.14%** 6.31% 6.62% 6.97% 7.74% 7.37% Portfolio turnover rate 30%** 32% 32% 33% 33% 52% Net assets, end of period (in thousands) $215,513 $254,056 $373,543 $ 531,829 $602,568 $648,746 ===================================================================================================================================
* Assumes initial investment at net asset value at the beginning of each period, reinvestment of all distributions, the complete redemption of the investment at net asset value at the end of each period and no sales charges. Total return would be reduced if sales charges were taken into account. ** Annualized. (a) The per share data presented above is based on the average shares outstanding for the period presented. The accompanying notes are an integral part of these financial statements. 46 Pioneer Global High Yield Fund | Semiannual Report | 4/30/16
----------------------------------------------------------------------------------------------------------------------------------- Six Months Ended Year Year Ended Year Ended Year Ended 4/30/16 Ended Year Ended 10/31/13 10/31/12 10/31/11 (unaudited) 10/31/15 10/31/14 (Consolidated) (Consolidated) (Consolidated) ----------------------------------------------------------------------------------------------------------------------------------- Class C Net asset value, beginning of period $ 8.62 $ 9.76 $ 10.10 $ 10.10 $ 9.80 $ 10.49 ----------------------------------------------------------------------------------------------------------------------------------- Increase (decrease) from investment operations: Net investment income (loss) $ 0.26(a) $ 0.51(a) $ 0.59 $ 0.63 $ 0.69 $ 0.70 Net realized and unrealized gain (loss) on investments (0.24) (1.17) (0.34) (0.01) 0.35 (0.69) ----------------------------------------------------------------------------------------------------------------------------------- Net increase (decrease) from investment operations $ 0.02 $ (0.66) $ 0.25 $ 0.62 $ 1.04 $ 0.01 ----------------------------------------------------------------------------------------------------------------------------------- Distribution to shareowners: Net investment income $ (0.23) $ (0.40) $ (0.56) $ (0.62) $ (0.74) $ (0.70) Tax return of capital -- (0.08) (0.03) -- -- -- ----------------------------------------------------------------------------------------------------------------------------------- Total distributions $ (0.23) $ (0.48) $ (0.59) $ (0.62) $ (0.74) $ (0.70) ----------------------------------------------------------------------------------------------------------------------------------- Net increase (decrease) in net asset value $ (0.21) $ (1.14) $ (0.34) $ -- $ 0.30 $ (0.69) ----------------------------------------------------------------------------------------------------------------------------------- Net asset value, end of period $ 8.41 $ 8.62 $ 9.76 $ 10.10 $ 10.10 $ 9.80 =================================================================================================================================== Total return* 0.30% (6.96)% 2.43% 6.23% 11.17% (0.13)% Ratio of net expenses to average net assets 1.87%** 1.87% 1.83% 1.81% 1.78% 1.78% Ratio of net investment income (loss) to average net assets 6.43%** 5.61% 5.91% 6.26% 7.08% 6.72% Portfolio turnover rate 30%** 32% 32% 33% 33% 52% Net assets, end of period (in thousands) $201,001 $237,163 $354,162 $ 420,932 $468,920 $460,476 ===================================================================================================================================
* Assumes initial investment at net asset value at the beginning of each period, reinvestment of all distributions, the complete redemption of the investment at net asset value at the end of each period and no sales charges. Total return would be reduced if sales charges were taken into account. ** Annualized. (a) The per share data presented above is based on the average shares outstanding for the period presented. The accompanying notes are an integral part of these financial statements. Pioneer Global High Yield Fund | Semiannual Report | 4/30/16 47 Financial Highlights (continued)
----------------------------------------------------------------------------------------------------------------------------------- Six Months Ended Year Year Ended Year Ended Year Ended 4/30/16 Ended Year Ended 10/31/13 10/31/12 10/31/11 (unaudited) 10/31/15 10/31/14 (Consolidated) (Consolidated) (Consolidated) ----------------------------------------------------------------------------------------------------------------------------------- Class Y Net asset value, beginning of period $ 8.49 $ 9.62 $ 9.96 $ 9.96 $ 9.66 $ 10.35 ----------------------------------------------------------------------------------------------------------------------------------- Increase (decrease) from investment operations: Net investment income (loss) $ 0.30(a) $ 0.60(a) $ 0.67 $ 0.72 $ 0.76 $ 0.81 Net realized and unrealized gain (loss) on investments (0.25) (1.17) (0.33) (0.01) 0.37 (0.70) ----------------------------------------------------------------------------------------------------------------------------------- Net increase (decrease) from investment operations $ 0.05 $ (0.57) $ 0.34 $ 0.71 $ 1.13 $ 0.11 ----------------------------------------------------------------------------------------------------------------------------------- Distribution to shareowners: Net investment income $ (0.26) $ (0.48) $ (0.65) $ (0.71) $ (0.83) $ (0.80) Tax return of capital -- (0.08) (0.03) -- -- -- ----------------------------------------------------------------------------------------------------------------------------------- Total distributions $ (0.26) $ (0.56) $ (0.68) $ (0.71) $ (0.83) $ (0.80) ----------------------------------------------------------------------------------------------------------------------------------- Net increase (decrease) in net asset value $ (0.21) $ (1.13) $ (0.34) $ -- $ 0.30 $ (0.69) ----------------------------------------------------------------------------------------------------------------------------------- Net asset value, end of period $ 8.28 $ 8.49 $ 9.62 $ 9.96 $ 9.96 $ 9.66 =================================================================================================================================== Total return* 0.77% (6.08)% 3.40% 7.27% 12.35% 0.85% Ratio of net expenses to average net assets 0.88%** 0.87% 0.84% 0.82% 0.80% 0.74% Ratio of net investment income (loss) to average net assets 7.49%** 6.60% 6.88% 7.24% 8.03% 7.72% Portfolio turnover rate 30%** 32% 32% 33% 33% 52% Net assets, end of period (in thousands) $319,238 $485,344 $682,911 $ 780,656 $945,946 $1,364,543 ===================================================================================================================================
* 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. ** Annualized. (a) The per share data presented above is based on the average shares outstanding for the period presented. The accompanying notes are an integral part of these financial statements. 48 Pioneer Global High Yield Fund | Semiannual Report | 4/30/16 Notes to Financial Statements | 4/30/16 (unaudited) 1. Organization and Significant Accounting Policies Pioneer Global High Yield Fund (the Fund) is one of three portfolios comprising Pioneer Series Trust VII (the Trust), a Delaware statutory trust. The Fund is registered under the Investment Company Act of 1940 as a diversified, open-end management investment company. The investment objective of the Fund is to maximize total return through a combination of income and capital appreciation. The Fund offers three classes of shares designated as Class A, Class C and Class Y shares. Class B shares were converted to Class A shares as of the close of business on November 10, 2014. Class Z shares converted to Class Y shares as of the close of business on August 7, 2015. Each class of shares represents an interest in the same portfolio of investments of the Fund and has identical rights (based on relative net asset values) to assets and liquidation proceeds. Share classes can bear different rates of class-specific fees and expenses such as transfer agent and distribution fees. Differences in class-specific fees and expenses will result in differences in net investment income and, therefore, the payment of different dividends from net investment income earned by each class. The Amended and Restated Declaration of Trust of the Fund gives the Board the flexibility to specify either per share voting or dollar-weighted voting when submitting matters for shareholder approval. Under per share voting, each share of a class of the Fund is entitled to one vote. Under dollar-weighted voting, a shareholder's voting power is determined not by the number of shares owned, but by the dollar value of the shares on the record date. Each share class has exclusive voting rights with respect to matters affecting only that class, including with respect to the distribution plan for that class. There is no distribution plan for Class Y shares. The Fund's financial statements have been prepared in conformity with U.S. generally accepted accounting principles that require the management of the Fund to, among other things, make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of income, expenses and gain or loss on investments during the reporting year. Actual results could differ from those estimates. The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements: Pioneer Global High Yield Fund | Semiannual Report | 4/30/16 49 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. Valuations may be supplemented by dealers and other sources, as required. 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. 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. Foreign securities are valued in U.S. dollars based on foreign currency exchange rate quotations supplied by a third party pricing service. 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. 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 50 Pioneer Global High Yield Fund | Semiannual Report | 4/30/16 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. 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 Dealer association members. Centrally cleared swaps are valued at the daily settlement price provided by the central clearing counterparty. Forward foreign currency exchange contracts are valued daily using the foreign exchange rate or, for longer term forward contract positions, the spot currency rate, in each case provided by a third party pricing service. Contracts whose forward settlement date falls between two quoted days are valued by interpolation. Securities or loan interests for which independent pricing services are unable to supply prices or for which market prices and/or quotations are not readily available or are considered to be unreliable are valued by a fair valuation team comprised of certain personnel of Pioneer Investment Management, Inc. (PIM), the Fund's investment adviser, pursuant to procedures adopted by the Fund's Board of Trustees. PIM's fair valuation team uses fair value methods approved by the Valuation Committee of the Board of Trustees. PIM's fair valuation team is responsible for monitoring developments that may impact fair valued securities and for discussing and assessing fair values on an ongoing basis, and at least quarterly, with the Valuation Committee of the Board of Trustees. Inputs used when applying fair value methods to value a security may include credit ratings, the financial condition of the company, current market conditions and comparable securities. The Fund may use fair value methods if it is determined that a significant event has occurred after the close of the exchange or market on which the security trades and prior to the determination of the Fund's net asset value. Examples of a significant event might include political or economic news, corporate restructurings, natural disasters, terrorist activity or trading halts. Thus, the valuation of the Fund's securities may differ significantly from exchange prices and such differences could be material. At April 30, 2016, nine 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 industry pricing model) representing 1.2% of net assets. Pioneer Global High Yield Fund | Semiannual Report | 4/30/16 51 B. Investment Income and Transactions Principal amounts of mortgage-backed securities are adjusted for monthly paydowns. Premiums and discounts related to certain mortgage-backed securities are amortized or accreted in proportion to the monthly paydowns. All discounts/premiums on purchase prices of debt securities are accreted/amortized for financial reporting purposes over the life of the respective securities, and such accretion/amortization is included in interest income. Dividend income is recorded on the ex-dividend date, except that certain dividends from foreign securities where the ex-dividend date may have passed are recorded as soon as the Fund becomes aware of the ex-dividend data in the exercise of reasonable diligence. Interest income, including interest on income bearing cash accounts, is recorded on the accrual basis, net of unrecoverable foreign taxes withheld at the applicable country rates. 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 in the statement of operations from the effects of changes in the market prices of those securities but are included with the net realized and unrealized gain or loss on investments. D. Forward Foreign Currency Contracts The Fund may enter into forward foreign currency contracts (contracts) for the purchase or sale of a specific foreign currency at a fixed price on a future date. All contracts are marked to market daily at the applicable exchange rates, and any resulting unrealized appreciation or depreciation is recorded in the Fund's financial statements. The Fund records realized gains and losses at the time a hedge is offset by entry into a closing transaction or extinguished by delivery of the currency. Risks may arise upon entering into these contracts from the potential inability of counterparties to meet the terms of the contract and from unanticipated movements in the value of foreign currencies relative to the U.S. dollar (See Note 7). 52 Pioneer Global High Yield Fund | Semiannual Report | 4/30/16 E. Federal Income Taxes It is the Fund's policy to comply with the requirements of the Internal Revenue Code applicable to regulated investment companies and to distribute all of its 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, 2015, the Fund did not accrue any interest or penalties with respect to uncertain tax positions, which, if applicable, would be recorded as an income tax expense in the Statement of Operations. Tax returns filed within the prior three years remain subject to examination by federal and state tax authorities. The amount and character of income and capital gain distributions to shareowners are determined in accordance with federal income tax rules, which may differ from U.S. generally accepted accounting principles. Distributions in excess of net investment income or net realized gains are temporary overdistributions for financial statement purposes resulting from differences in the recognition or classification of income or distributions for financial statement and tax purposes. Capital accounts within the financial statements are adjusted for permanent book/tax differences to reflect tax character, but are not adjusted for temporary differences. The tax character of distributions payable will be determined at the end of the current taxable year. The tax character of distributions paid during the year ended October 31, 2015, was as follows:
--------------------------------------------------------------------------- 2015 --------------------------------------------------------------------------- Distributions paid from: Ordinary income $59,414,496 Return of capital 10,222,285 --------------------------------------------------------------------------- Total $69,736,781 ===========================================================================
The following shows the components of distributable earnings on a federal income tax basis at October 31, 2015:
--------------------------------------------------------------------------- 2015 --------------------------------------------------------------------------- Distributable earnings: Capital loss carryforward $(397,912,964) Current year dividend payable (668,299) Net unrealized depreciation (129,935,691) --------------------------------------------------------------------------- Total $(528,516,954) ===========================================================================
The difference between book basis and tax basis unrealized depreciation is attributable to the tax deferral of losses on wash sales, the mark-to-market of foreign currency contracts, adjustments relating to catastrophe bonds, partnerships, interest on defaulted bonds, and interest accruals on preferred stock. Pioneer Global High Yield Fund | Semiannual Report | 4/30/16 53 F. Fund Shares The Fund records sales and repurchases of its shares as of trade date. Pioneer Funds Distributor, Inc. (PFD), the principal underwriter for the Fund and a wholly owned indirect subsidiary of UniCredit S.p.A. (UniCredit), earned $9,151 in underwriting commissions on the sale of Class A shares during the six months ended April 30, 2016. G. Class Allocations Income, common expenses and realized and unrealized gains and losses are calculated at the Fund level and allocated daily to each class of shares based on its respective percentage of adjusted net assets at the beginning of the day. Distribution fees are calculated based on the average daily net asset value attributable to Class A and Class C shares of the Fund, respectively (see Note 4). Class Y shares do not pay distribution fees. All expenses and fees paid to the 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. H. Insurance Linked Securities (ILS) The Fund invests in event-linked bonds. Event-linked bonds are floating rate debt obligations for which the return of principal and the payment of interest are contingent on the non-occurrence of a pre-defined "trigger" event, such as a hurricane or an earthquake of a specific magnitude. The trigger event's magnitude may be based on losses to a company or industry, industry indexes or readings of scientific instruments, or may be based on specified actual losses. If a trigger event, as defined within the terms of an event-linked bond occurs, the fund may lose a portion or all of its accrued interest and/or principal invested in such event-linked bond. The fund is entitled to receive principal and interest payments so long as no trigger event occurs of the description and magnitude specified by the instrument. In addition to the specified trigger events, event-linked bonds 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 | Semiannual Report | 4/30/16 The Fund's investments in ILS 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. Structured reinsurance investments, including quota share instruments, collateralized reinsurance investments and ILWs, are subject to the same risks as event-linked bonds. In addition, where the instruments 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 PIM 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 PIM 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. 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. At times, the Fund's investments may represent industries or industry sectors that are interrelated or have common risks, making the Fund more susceptible to any economic, political, or regulatory developments or other risks affecting those industries and sectors. The Fund's investments in foreign markets and countries with limited developing markets may subject the Fund to a greater degree of risk than in a developed market. These risks include disruptive political or economic conditions and the imposition of adverse Pioneer Global High Yield Fund | Semiannual Report | 4/30/16 55 governmental laws or currency exchange restrictions. The Fund's prospectus contains unaudited information regarding the Fund's principal risks. Please refer to that document when considering the Fund's principal risks. Interest rates in the U.S. recently have been historically low, so the Fund faces a heightened risk that interest rates may rise. A general rise in interest rates may cause investors to move out of fixed income securities on a large scale, which could adversely affect the price and liquidity of fixed income securities and could also result in increased redemptions from the Fund. Certain securities in which the Fund invests, including floating rate loans, once sold, may not settle for an extended period (for example, several weeks or even longer). The Fund will not receive its sale proceeds until that time, which may constrain the Fund's ability to meet its obligations (including obligations to redeeming shareholders). 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. J. Credit Default Swap Agreements A credit default swap is a contract between a buyer of protection and a seller of protection against a pre-defined credit event. The Fund may sell or buy credit default swap contracts to seek to increase the Fund's income, or to attempt to hedge the risk of default on portfolio securities. A credit default swap index is used to hedge risk or take a position on a basket of credit entities or indices. As a seller of protection, the Fund would be required to pay the notional (or other agreed-upon) value of the referenced debt obligation to the counterparty in the event of a default by a U.S. or foreign corporate issuer of a debt obligation, which would likely result in a loss to the Fund. In return, the Fund would receive from the counterparty a periodic stream of payments during the term of the contract provided that no event of default occurred. The maximum exposure of loss to the seller would be the notional value of the credit default swaps outstanding. If no default occurs, the Fund would keep the stream of payments and would have no payment obligation. The Fund may also buy credit default swap contracts in order to hedge against the risk of default of debt securities, in which case the Fund would function as the counterparty referenced above. 56 Pioneer Global High Yield Fund | Semiannual Report | 4/30/16 When the Fund enters into a credit default swap contract, the protection buyer makes an upfront or periodic payment to the protection seller in exchange for the right to receive a contingent payment. An upfront payment made by the Fund, as the protection buyer, is recorded as an asset in the Statement of Assets and Liabilities. Periodic payments received or paid by the Fund are recorded as realized gains or losses in the Statement of Operations. Credit default swap contracts are marked-to-market daily using valuations supplied by independent sources and the change in value, if any, is recorded as unrealized appreciation or depreciation in the Statement of Assets and Liabilities. Payments received or made as a result of a credit event or upon termination of the contract are recognized, net of the appropriate amount of the upfront payment, as realized gains or losses in the Statement of Operations. Credit default swap contracts involving the sale of protection may involve greater risks than if the Fund had invested in the referenced debt instrument directly. Credit default swap contracts are subject to general market risk, liquidity risk, counterparty risk and credit risk. If the Fund is a protection buyer and no credit event occurs, it will lose its investment. If the Fund is a protection seller and a credit event occurs, the value of the referenced debt instrument received by the Fund, together with the periodic payments received, may be less than the amount the Fund pays to the protection buyer, resulting in a loss to the Fund. Certain swap contracts that are cleared through a central clearinghouse are referred to as centrally cleared swaps. All payments made or received by the Fund are pursuant to a centrally cleared swap contract with the central clearing party rather than the original counterparty. Upon entering into a centrally cleared swap contract, the Fund is required to make an initial margin deposit, either in cash or in securities. The daily change in value on open centrally cleared contracts is recorded as variation margin on centrally cleared swaps on the Statement of Assets and Liabilities. The amount of cash deposited with a broker as collateral at April 30, 2016 was $315,000 and is recorded within "Restricted Cash" on the Statement of Assets and Liabilities. Open credit default swap contracts at April 30, 2016, are listed in the Schedule of Investments. The average value of swap contracts open during the six months ended April 30, 2016 was $29,453. Pioneer Global High Yield Fund | Semiannual Report | 4/30/16 57 2. Management Agreement PIM, a wholly owned indirect subsidiary of UniCredit, the Fund's investment adviser, manages the Fund's portfolio. Management fees are calculated daily at the annual rate of 0.70% of the Fund's average daily net assets up to $500 million; 0.65% of the next $500 million; 0.60% of the next $500 million; 0.55% of the next $500 million; and 0.45% on assets over $2 billion. For the six months ended April 30, 2016, the effective management fee (excluding waivers and/or assumption of expenses) was equivalent to 0.66% of the Fund's average daily net assets. In addition, under the management and administration agreements, certain other services and costs, including accounting, regulatory reporting and insurance premiums, are paid by the Fund as administrative reimbursements. Included in "Due to affiliates" reflected on the Statement of Assets and Liabilities is $42,543 in management fees, administrative costs and certain other reimbursements payable to PIM at April 30, 2016. 3. Transfer Agent Prior to November 2, 2015, Pioneer Investment Management Shareholder Services, Inc. (PIMSS), a wholly owned indirect subsidiary of UniCredit, provided substantially all transfer agent and shareowner services to the Fund at negotiated rates. Effective November 2, 2015, Boston Financial Data Services serves as the transfer agent to the Fund at negotiated rates. In addition, the Fund reimbursed the transfer agent for out-of-pocket expenses incurred by the transfer agent related to shareholder communications activities such as proxy and statement mailings, outgoing phone calls and omnibus relationship contracts. For the six months ended April 30, 2016, such out-of-pocket expenses by class of shares were as follows:
-------------------------------------------------------------------------------- Shareholder Communications: -------------------------------------------------------------------------------- Class A $139,452 Class C 97,202 Class Y 212,549 -------------------------------------------------------------------------------- Total $449,203 ================================================================================
Included in "Due to affiliates" reflected on the Statement of Assets and Liabilities is $166,751 in transfer agent fees and out-of-pocket reimbursements payable to the transfer agent at April 30, 2016. 58 Pioneer Global High Yield Fund | Semiannual Report | 4/30/16 4. Distribution Plan The Fund has adopted a Distribution Plan pursuant to Rule 12b-1 of the Investment Company Act of 1940 with respect to its Class A and Class C shares. Pursuant to the Plan, the Fund pays PFD 0.25% of the average daily net assets attributable to Class A shares as compensation for personal services and/or account maintenance services or distribution services with regard to Class A shares. Pursuant to the Plan, the Fund also pays PFD 1.00% of the average daily net assets attributable to Class C shares. The fee for Class C shares consists of a 0.25% service fee and a 0.75% distribution fee paid as compensation for personal services and/or account maintenance services or distribution services with regard to Class C shares. Included in "Due to affiliates" reflected on the Statement of Assets and Liabilities is $20,847 in distribution fees payable to PFD at April 30, 2016. In addition, redemptions of each class of shares (except Class Y and Class Z shares) may be subject to a contingent deferred sales charge (CDSC). A CDSC of 1.00% may be imposed on redemptions of certain net asset value purchases of Class A shares within 12 months of purchase. Redemptions of Class C shares within 12 months of purchase are subject to a CDSC of 1.00% based on the lower of cost or market value of shares being redeemed. Shares purchased as part of an exchange remain subject to any CDSC that applied to the original purchase of those shares. There is no CDSC for Class Y or Class Z shares. Proceeds from the CDSCs are paid to PFD. For the six months ended April 30, 2016, CDSCs in the amount of $4,333 were paid to PFD. 5. Line of Credit Facility The Fund, along with certain other funds in the Pioneer Family of Funds (the Funds), participates in a committed, unsecured revolving line of credit facility. Borrowings are used solely for temporary or emergency purposes. The Fund may borrow up to the lesser of the amount available under the facility or the limits set for borrowing by the Fund's prospectus and the 1940 Act. The credit facility in effect until February 10, 2016, was in the amount of $240 million. As of February 10, 2016, the facility is in the amount of $220 million. Under such facility, depending on the type of loan, interest on borrowings is payable at the London Interbank Offered Rate (LIBOR) plus 0.85% on an annualized basis, or the Alternate Base Rate, which is the greater of (a) the facility's administrative agent's daily announced prime rate on the borrowing date, (b) 2% plus the Federal Funds Rate on the borrowing date and (c) 2% plus the overnight Eurodollar rate on the borrowing date. The Funds pay an annual commitment fee to participate in a credit facility. The commitment fee is allocated among participating Funds based on an allocation schedule set forth in the credit agreement. For the six months ended April 30, 2016, the Fund had no borrowings under the credit facility. Pioneer Global High Yield Fund | Semiannual Report | 4/30/16 59 6. Bridge Loan Commitments Bridge loans are designed to provide temporary or "bridge" financing to a borrower pending the sale of identified assets or the arrangement of longer term loans or the issuance or sale of debt obligations. As of April 30, 2016, the Fund had two bridge loan commitments worth $3,210,145, which could be extended at the option of the borrower, pursuant to the following loan agreements:
----------------------------------------------------------------------------------------------------- Unrealized Appreciation Loan Principal Cost Value (Depreciation) ----------------------------------------------------------------------------------------------------- Charter Communications Operating Co., Bridge Loan $ 449,420 $ 449,420 $ 449,420 $ -- CCO Holding Co., Bridge Loan 2,760,725 2,760,725 2,760,725 -- ----------------------------------------------------------------------------------------------------- Total $3,210,145 $3,210,145 $3,210,145 $ -- =====================================================================================================
7. Forward Foreign Currency Contracts At April 30, 2016, the Fund had entered into various forward foreign currency contracts that obligate the Fund to deliver or take delivery of currencies at specified future maturity dates. Alternatively, prior to the settlement date of a forward foreign currency contract, the Fund may close out such contract by entering into an offsetting contract. The average value of contracts open during the six months ended April 30, 2016 was $(20,972,416). Open forward foreign currency contracts at April 30, 2016 were as follows:
----------------------------------------------------------------------------------------------------- Currency Currency In Exchange Settlement Unrealized Sold Deliver Purchased for Counterparty Date Appreciation ----------------------------------------------------------------------------------------------------- USD (1,253,144) (MXN) 21,670,000 Brown Brothers 6/2/16 $ 2,011 Mexican Peso Harriman & Co. (EUR) Euro (3,136,096) USD 2,805,000 Goldman Sachs 6/3/16 78,874 International USD (3,638,352) (GBP) British 2,510,000 JP Morgan 5/3/16 28,258 Pound Chase Bank NA Sterling USD (4,450,923) (EUR) Euro 3,945,000 JP Morgan 6/3/16 70,665 Chase Bank NA (GBP) British (1,806,235) USD 1,255,000 Societe 5/3/16 27,070 Pound Sterling Generale SA USD (2,994,011) (MXN) 51,772,291 UBS, Ltd. 6/2/16 4,708 Mexican Peso ----------------------------------------------------------------------------------------------------- Total $ 211,586 =====================================================================================================
60 Pioneer Global High Yield Fund | Semiannual Report | 4/30/16
----------------------------------------------------------------------------------------------------- Currency Currency In Exchange Settlement Unrealized Sold Deliver Purchased for Counterparty Date Depreciation ----------------------------------------------------------------------------------------------------- (MXN) Mexican (314,423) USD 17,921 Citibank NA 6/2/16 $ (291) Peso (GBP) British (1,077,635) USD 1,519,507 Citibank NA 5/3/16 (54,703) Pound Sterling USD (5,528,994) (IDR) 73,174,332,265 Goldman Sachs 6/1/16 (3,447) Indonesian International Rupiah RUB (123,250,000) USD 1,823,495 Goldman Sachs 5/13/16 (77,552) (Russian International Ruble) JPY (Japanese (99,971,272) USD 892,801 JP Morgan 5/25/16 (44,480) Yen) Chase Bank NA (GBP) British (2,865,329) USD 3,974,888 JP Morgan 5/3/16 (210,787) Pound Sterling Chase Bank NA (EUR) Euro (9,149,868) USD 10,001,314 JP Morgan 6/3/16 (485,869) Chase Bank NA (MXN) Mexican (170,841,063) USD 9,631,159 JP Morgan 6/2/16 (264,181) Peso Chase Bank NA ARS (Argentine (12,008,250) USD 810,000 JP Morgan 5/16/16 (24,631) Peso) Chase Bank NA ----------------------------------------------------------------------------------------------------- Total $ (1,165,941) =====================================================================================================
8. Assets and Liabilities Offsetting The Fund has entered into an International Swaps and Derivatives Association, Inc. Master Agreement ("ISDA Master Agreement") or similar agreement with substantially all its derivative counterparties. An ISDA Master Agreement is a bilateral agreement between the Fund and a counterparty that governs the trading of certain OTC derivatives and typically contains, among other things, close-out and set-off provisions which apply upon the occurrence of event of a default and/or 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 a specific ISDA counterparty is subject. Pioneer Global High Yield Fund | Semiannual Report | 4/30/16 61 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 in the Statement of Assets and Liabilities as "Restricted cash." Securities pledged by the Fund as collateral, if any, are identified as such in the Schedule of Investments. Financial instruments subject to an enforceable master netting agreement such as an ISDA Master Agreement have been offset on the Statement of Assets and Liabilities. The following charts show gross assets and liabilities of the Fund as of April 30, 2016.
---------------------------------------------------------------------------------------------------- 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) ---------------------------------------------------------------------------------------------------- JPMorgan $ 98,923 $ (98,923) $ -- $ -- $ -- Chase Bank NA Citibank NA 78,874 (78,874) -- -- -- Goldman -- -- -- -- -- Sachs UBS AG 4,708 -- -- -- 4,708 Brown 2,011 -- -- -- 2,011 Brothers Harriman & Co. Societe 27,070 -- -- -- 27,070 Generale SA ---------------------------------------------------------------------------------------------------- Total $ 211,586 $ (177,797) $ -- $ -- $ 33,789 ====================================================================================================
62 Pioneer Global High Yield Fund | Semiannual Report | 4/30/16
---------------------------------------------------------------------------------------------------- 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) ---------------------------------------------------------------------------------------------------- JPMorgan $1,029,948 $ (98,923) $ -- $ -- $ 931,025 Chase Bank NA Citibank NA 54,994 -- -- -- 54,994 Goldman 80,999 (78,874) -- -- 2,125 Sachs UBS AG -- -- -- -- -- Brown -- -- -- -- -- Brothers Harriman & Co. Societe -- -- -- -- -- Generale SA ---------------------------------------------------------------------------------------------------- Total $1,165,941 $ (177,797) $ -- $ -- $ 988,144 ====================================================================================================
(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. 9. Additional Disclosures about Derivative Instruments and Hedging Activities: The Fund's use of derivatives subjects it 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 risk), whether caused by factors specific to an individual investment, its issuer, or all factors affecting all instruments traded in a market or market segment. Commodity risk relates to the risk that the value of a commodity or commodity index will fluctuate based on increases or decreases in the commodities market and factors specific to a particular industry or commodity. Pioneer Global High Yield Fund | Semiannual Report | 4/30/16 63 The fair value of open derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) by risk exposure at April 30, 2016 was as follows:
----------------------------------------------------------------------------------------- Foreign Statement of Interest Credit Exchange Equity Commodity Assets and Liabilities Rate Risk Risk Rate Risk Risk Risk ----------------------------------------------------------------------------------------- Assets Unrealized appreciation of forward foreign currency contracts $ -- $ -- $ 211,586 $ -- $ -- Unrealized appreciation of swap contracts -- 181,050 -- -- -- ----------------------------------------------------------------------------------------- Total Value $ -- $181,050 $ 211,586 $ -- $ -- ========================================================================================= Liabilities Unrealized depreciation of forward foreign currency contracts $ -- $ -- $ 1,165,941 $ -- $ -- ----------------------------------------------------------------------------------------- Total Value $ -- $ -- $ 1,165,941 $ -- $ -- =========================================================================================
The effect of derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) on the Statement of Operations by risk exposure at April 30, 2016 was as follows:
----------------------------------------------------------------------------------------- Foreign Statement Interest Credit Exchange Equity Commodity of Operations Rate Risk Risk Rate Risk Risk Risk ----------------------------------------------------------------------------------------- Net realized gain (loss) on Swap contracts $ -- $ 41,016 $ -- $ -- $ -- Forward foreign currency contracts* -- -- 1,304,830 -- -- ----------------------------------------------------------------------------------------- Total Value $ -- $ 41,016 $ 1,304,830 $ -- $ -- ========================================================================================= Change in net unrealized appreciation (depreciation) on Swap contracts $ -- $181,050 $ -- $ -- $ -- Forward foreign currency contracts* -- -- (1,211,019) -- -- ----------------------------------------------------------------------------------------- Total Value $ -- $181,050 $(1,211,019) $ -- $ -- =========================================================================================
* Included in the amount shown on the Statement of Operations as foward foreign currency contracts and other assets and liabilities denominated in foreign currencies. 11. Conversion of Class B and Class Z shares As of the close of business on November 10, 2014, all outstanding Class B shares of the Pioneer funds were converted to Class A shares. As of the close of business on August 7, 2015, all outstanding Class Z shares of the Pioneer funds were converted to Class Y shares. 64 Pioneer Global High Yield Fund | Semiannual Report | 4/30/16 Additional Information (unaudited) PIM, the Fund's investment adviser, is currently an indirect, wholly owned subsidiary of UniCredit. On November 11, 2015, UniCredit announced that it signed a binding master agreement with Banco Santander and affiliates of Warburg Pincus and General Atlantic (the "Private Equity Firms") with respect to Pioneer Investments ("Pioneer") and Santander Asset Management ("SAM") (the "Transaction"). The Transaction, as previously announced by UniCredit, will establish a holding company, with the name Pioneer Investments, to be owned by UniCredit (50%) and the Private Equity Firms (50% between them). The holding company will control Pioneer's U.S. operations, including PIM. The holding company also will own 66.7% of Pioneer's and SAM's combined operations outside the U.S., while Banco Santander will own directly the remaining 33.3% stake. The closing of the Transaction is expected to happen in 2016, subject to certain regulatory and other approvals. Under the Investment Company Act of 1940, completion of the Transaction will cause the Fund's current investment advisory agreement with PIM to terminate. Accordingly, the Fund's Board of Trustees will be asked to approve a new investment advisory agreement. If approved by the Board, the Fund's new investment advisory agreement will be submitted to the shareholders of the Fund for their approval. Pioneer Global High Yield Fund | Semiannual Report | 4/30/16 65 Trustees, Officers and Service Providers Trustees Advisory Trustee Thomas J. Perna, Chairman Lorraine H. Monchak* David R. Bock Benjamin M. Friedman Officers Margaret B.W. Graham Lisa M. Jones, President and Chief Marguerite A. Piret Executive Officer Fred J. Ricciardi Mark E. Bradley, Treasurer and Kenneth J. Taubes Chief Financial Officer Christopher J. Kelley, Secretary and Chief Legal Officer Investment Adviser and Administrator Pioneer Investment Management, Inc. Custodian and Sub-Administrator Brown Brothers Harriman & Co. Principal Underwriter Pioneer Funds Distributor, Inc. Legal Counsel Morgan, Lewis & Bockius LLP Shareowner Services and Transfer Agent Boston Financial Data Services, Inc. Proxy Voting Policies and Procedures of the Fund are available without charge, upon request, by calling our toll free number (1-800-225-6292). Information regarding how the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is publicly available to shareowners at us.pioneerinvestments.com. This information is also available on the Securities and Exchange Commission's web site at www.sec.gov. * Ms. Monchak is a non-voting Advisory Trustee. 66 Pioneer Global High Yield Fund | Semiannual Report | 4/30/16 This page for your notes. Pioneer Global High Yield Fund | Semiannual Report | 4/30/16 67 This page for your notes. 68 Pioneer Global High Yield Fund | Semiannual Report | 4/30/16 How to Contact Pioneer We are pleased to offer a variety of convenient ways for you to contact us for assistance or information. Call us for: -------------------------------------------------------------------------------- Account Information, including existing accounts, new accounts, prospectuses, applications and service forms 1-800-225-6292 FactFone(SM) for automated fund yields, prices, account information and transactions 1-800-225-4321 Retirement plans information 1-800-622-0176 Write to us: -------------------------------------------------------------------------------- Pioneer Funds P.O. Box 55014 Boston, Massachusetts 02205-5014 Our toll-free fax 1-800-225-4240 Our internet e-mail address ask.pioneer@pioneerinvestments.com (for general questions about Pioneer only) Visit our web site: us.pioneerinvestments.com This report must be preceded or accompanied by a prospectus. The Fund files a complete schedule of investments with the Securities and Exchange Commission for the first and third quarters for each fiscal year on Form N-Q. Shareholders may view the filed Form N-Q by visiting the Commission's web site at www.sec.gov. The filed form may also be viewed and copied at the Commission's Public Reference Room in Washington, DC. Information regarding the operations of the Public Reference Room may be obtained by calling 1-800-SEC-0330. [LOGO] PIONEER Investments(R) Pioneer Investment Management, Inc. 60 State Street Boston, MA 02109 us.pioneerinvestments.com Securities offered through Pioneer Funds Distributor, Inc. 60 State Street, Boston, MA 02109 Underwriter of Pioneer Mutual Funds, Member SIPC (C) 2016 Pioneer Investments 19382-10-0616 ITEM 2. CODE OF ETHICS. (a) Disclose whether, as of the end of the period covered by the report, the registrant has adopted a code of ethics that applies to the registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party. If the registrant has not adopted such a code of ethics, explain why it has not done so. The registrant has adopted, as of the end of the period covered by this report, a code of ethics that applies to the registrant's principal executive officer, principal financial officer, principal accounting officer and controller. (b) For purposes of this Item, the term "code of ethics" means written standards that are reasonably designed to deter wrongdoing and to promote: (1) Honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships; (2) Full, fair, accurate, timely, and understandable disclosure in reports and documents that a registrant files with, or submits to, the Commission and in other public communications made by the registrant; (3) Compliance with applicable governmental laws, rules, and regulations; (4) The prompt internal reporting of violations of the code to an appropriate person or persons identified in the code; and (5) Accountability for adherence to the code. (c) The registrant must briefly describe the nature of any amendment, during the period covered by the report, to a provision of its code of ethics that applies to the registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party, and that relates to any element of the code of ethics definition enumerated in paragraph (b) of this Item. The registrant must file a copy of any such amendment as an exhibit pursuant to Item 10(a), unless the registrant has elected to satisfy paragraph (f) of this Item by posting its code of ethics on its website pursuant to paragraph (f)(2) of this Item, or by undertaking to provide its code of ethics to any person without charge, upon request, pursuant to paragraph (f)(3) of this Item. The registrant has made no amendments to the code of ethics during the period covered by this report. (d) If the registrant has, during the period covered by the report, granted a waiver, including an implicit waiver, from a provision of the code of ethics to the registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party, that relates to one or more of the items set forth in paragraph (b) of this Item, the registrant must briefly describe the nature of the waiver, the name of the person to whom the waiver was granted, and the date of the waiver. Not applicable. (e) If the registrant intends to satisfy the disclosure requirement under paragraph (c) or (d) of this Item regarding an amendment to, or a waiver from, a provision of its code of ethics that applies to the registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions and that relates to any element of the code of ethics definition enumerated in paragraph (b) of this Item by posting such information on its Internet website, disclose the registrant's Internet address and such intention. Not applicable. (f) The registrant must: (1) File with the Commission, pursuant to Item 12(a)(1), a copy of its code of ethics that applies to the registrant's principal executive officer,principal financial officer, principal accounting officer or controller, or persons performing similar functions, as an exhibit to its annual report on this Form N-CSR (see attachment); (2) Post the text of such code of ethics on its Internet website and disclose, in its most recent report on this Form N-CSR, its Internet address and the fact that it has posted such code of ethics on its Internet website; or (3) Undertake in its most recent report on this Form N-CSR to provide to any person without charge, upon request, a copy of such code of ethics and explain the manner in which such request may be made. See Item 10(2) ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT. (a) (1) Disclose that the registrant's board of trustees has determined that the registrant either: (i) Has at least one audit committee financial expert serving on its audit committee; or (ii) Does not have an audit committee financial expert serving on its audit committee. The registrant's Board of Trustees has determined that the registrant has at least one audit committee financial expert. (2) If the registrant provides the disclosure required by paragraph (a)(1)(i) of this Item, it must disclose the name of the audit committee financial expert and whether that person is "independent." In order to be considered "independent" for purposes of this Item, a member of an audit committee may not, other than in his or her capacity as a member of the audit committee, the board of trustees, or any other board committee: (i) Accept directly or indirectly any consulting, advisory, or other compensatory fee from the issuer; or (ii) Be an "interested person" of the investment company as defined in Section 2(a)(19) of the Act (15 U.S.C. 80a-2(a)(19)). Ms. Marguerite A. Piret, an independent trustee, is such an audit committee financial expert. (3) If the registrant provides the disclosure required by paragraph (a)(1) (ii) of this Item, it must explain why it does not have an audit committee financial expert. Not applicable. ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES. (a) Disclose, under the caption AUDIT FEES, the aggregate fees billed for each of the last two fiscal years for professional services rendered by the principal accountant for the audit of the registrant's annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years. N/A (b) Disclose, under the caption AUDIT-RELATED FEES, the aggregate fees billed in each of the last two fiscal years for assurance and related services by the principal accountant that are reasonably related to the performance of the audit of the registrant's financial statements and are not reported under paragraph (a) of this Item. Registrants shall describe the nature of the services comprising the fees disclosed under this category. N/A (c) Disclose, under the caption TAX FEES, the aggregate fees billed in each of the last two fiscal years for professional services rendered by the principal accountant for tax compliance, tax advice, and tax planning. Registrants shall describe the nature of the services comprising the fees disclosed under this category. N/A (d) Disclose, under the caption ALL OTHER FEES, the aggregate fees billed in each of the last two fiscal years for products and services provided by the principal accountant, other than the services reported in paragraphs (a) through (c) of this Item. Registrants shall describe the nature of the services comprising the fees disclosed under this category. N/A (e) (1) Disclose the audit committee's pre-approval policies and procedures described in paragraph (c)(7) of Rule 2-01 of Regulation S-X. PIONEER FUNDS APPROVAL OF AUDIT, AUDIT-RELATED, TAX AND OTHER SERVICES PROVIDED BY THE INDEPENDENT AUDITOR SECTION I - POLICY PURPOSE AND APPLICABILITY The Pioneer Funds recognize the importance of maintaining the independence of their outside auditors. Maintaining independence is a shared responsibility involving Pioneer Investment Management, Inc ("PIM"), the audit committee and the independent auditors. The Funds recognize that a Fund's independent auditors: 1) possess knowledge of the Funds, 2) are able to incorporate certain services into the scope of the audit, thereby avoiding redundant work, cost and disruption of Fund personnel and processes, and 3) have expertise that has value to the Funds. As a result, there are situations where it is desirable to use the Fund's independent auditors for services in addition to the annual audit and where the potential for conflicts of interests are minimal. Consequently, this policy, which is intended to comply with Rule 210.2-01(C)(7), sets forth guidelines and procedures to be followed by the Funds when retaining the independent audit firm to perform audit, audit-related tax and other services under those circumstances, while also maintaining independence. Approval of a service in accordance with this policy for a Fund shall also constitute approval for any other Fund whose pre-approval is required pursuant to Rule 210.2-01(c)(7)(ii). In addition to the procedures set forth in this policy, any non-audit services that may be provided consistently with Rule 210.2-01 may be approved by the Audit Committee itself and any pre-approval that may be waived in accordance with Rule 210.2-01(c)(7)(i)(C) is hereby waived. Selection of a Fund's independent auditors and their compensation shall be determined by the Audit Committee and shall not be subject to this policy.
SECTION II - POLICY ---------------- -------------------------------- ------------------------------------------------- SERVICE SERVICE CATEGORY DESCRIPTION SPECIFIC PRE-APPROVED SERVICE SUBCATEGORIES CATEGORY ---------------- -------------------------------- ------------------------------------------------- I. AUDIT Services that are directly o Accounting research assistance SERVICES related to performing the o SEC consultation, registration independent audit of the Funds statements, and reporting o Tax accrual related matters o Implementation of new accounting standards o Compliance letters (e.g. rating agency letters) o Regulatory reviews and assistance regarding financial matters o Semi-annual reviews (if requested) o Comfort letters for closed end offerings ---------------- -------------------------------- ------------------------------------------------- II. Services which are not o AICPA attest and agreed-upon procedures AUDIT-RELATED prohibited under Rule o Technology control assessments SERVICES 210.2-01(C)(4) (the "Rule") o Financial reporting control assessments and are related extensions of o Enterprise security architecture the audit services support the assessment audit, or use the knowledge/expertise gained from the audit procedures as a foundation to complete the project. In most cases, if the Audit-Related Services are not performed by the Audit firm, the scope of the Audit Services would likely increase. The Services are typically well-defined and governed by accounting professional standards (AICPA, SEC, etc.) ---------------- -------------------------------- ------------------------------------------------- ------------------------------------- ------------------------------------ AUDIT COMMITTEE APPROVAL POLICY AUDIT COMMITTEE REPORTING POLICY ------------------------------------- ------------------------------------ o "One-time" pre-approval o A summary of all such for the audit period for all services and related fees pre-approved specific service reported at each regularly subcategories. Approval of the scheduled Audit Committee independent auditors as meeting. auditors for a Fund shall constitute pre approval for these services. ------------------------------------- ------------------------------------ o "One-time" pre-approval o A summary of all such for the fund fiscal year within services and related fees a specified dollar limit (including comparison to for all pre-approved specified dollar limits) specific service subcategories reported quarterly. o Specific approval is needed to exceed the pre-approved dollar limit for these services (see general Audit Committee approval policy below for details on obtaining specific approvals) o Specific approval is needed to use the Fund's auditors for Audit-Related Services not denoted as "pre-approved", or to add a specific service subcategory as "pre-approved" ------------------------------------- ------------------------------------
SECTION III - POLICY DETAIL, CONTINUED ----------------------- --------------------------- ----------------------------------------------- SERVICE CATEGORY SERVICE CATEGORY SPECIFIC PRE-APPROVED SERVICE SUBCATEGORIES DESCRIPTION ----------------------- --------------------------- ----------------------------------------------- III. TAX SERVICES Services which are not o Tax planning and support prohibited by the Rule, o Tax controversy assistance if an officer of the Fund o Tax compliance, tax returns, excise determines that using the tax returns and support Fund's auditor to provide o Tax opinions these services creates significant synergy in the form of efficiency, minimized disruption, or the ability to maintain a desired level of confidentiality. ----------------------- --------------------------- ----------------------------------------------- ------------------------------------- ------------------------- AUDIT COMMITTEE APPROVAL POLICY AUDIT COMMITTEE REPORTING POLICY ------------------------------------- ------------------------- ------------------------------------- ------------------------- o "One-time" pre-approval o A summary of for the fund fiscal year all such services and within a specified dollar limit related fees (including comparison to specified dollar limits) reported quarterly. o Specific approval is needed to exceed the pre-approved dollar limits for these services (see general Audit Committee approval policy below for details on obtaining specific approvals) o Specific approval is needed to use the Fund's auditors for tax services not denoted as pre-approved, or to add a specific service subcategory as "pre-approved" ------------------------------------- -------------------------
SECTION III - POLICY DETAIL, CONTINUED ----------------------- --------------------------- ----------------------------------------------- SERVICE CATEGORY SERVICE CATEGORY SPECIFIC PRE-APPROVED SERVICE SUBCATEGORIES DESCRIPTION ----------------------- --------------------------- ----------------------------------------------- IV. OTHER SERVICES Services which are not o Business Risk Management support prohibited by the Rule, o Other control and regulatory A. SYNERGISTIC, if an officer of the Fund compliance projects UNIQUE QUALIFICATIONS determines that using the Fund's auditor to provide these services creates significant synergy in the form of efficiency, minimized disruption, the ability to maintain a desired level of confidentiality, or where the Fund's auditors posses unique or superior qualifications to provide these services, resulting in superior value and results for the Fund. ----------------------- --------------------------- ----------------------------------------------- --------------------------------------- ------------------------ AUDIT COMMITTEE APPROVAL POLICY AUDIT COMMITTEE REPORTING POLICY ------------------------------------- -------------------------- o "One-time" pre-approval o A summary of for the fund fiscal year within all such services and a specified dollar limit related fees (including comparison to specified dollar limits) reported quarterly. o Specific approval is needed to exceed the pre-approved dollar limits for these services (see general Audit Committee approval policy below for details on obtaining specific approvals) o Specific approval is needed to use the Fund's auditors for "Synergistic" or "Unique Qualifications" Other Services not denoted as pre-approved to the left, or to add a specific service subcategory as "pre-approved" ------------------------------------- --------------------------
SECTION III - POLICY DETAIL, CONTINUED ----------------------- ------------------------- ----------------------------------------------- SERVICE CATEGORY SERVICE CATEGORY SPECIFIC PROHIBITED SERVICE SUBCATEGORIES DESCRIPTION ----------------------- ------------------------- ----------------------------------------------- PROHIBITED SERVICES Services which result 1. Bookkeeping or other services in the auditors losing related to the accounting records or independence status financial statements of the audit under the Rule. client* 2. Financial information systems design and implementation* 3. Appraisal or valuation services, fairness* opinions, or contribution-in-kind reports 4. Actuarial services (i.e., setting actuarial reserves versus actuarial audit work)* 5. Internal audit outsourcing services* 6. Management functions or human resources 7. Broker or dealer, investment advisor, or investment banking services 8. Legal services and expert services unrelated to the audit 9. Any other service that the Public Company Accounting Oversight Board determines, by regulation, is impermissible ----------------------- ------------------------- ----------------------------------------------- ------------------------------------------- ------------------------------ AUDIT COMMITTEE APPROVAL POLICY AUDIT COMMITTEE REPORTING POLICY ------------------------------------------- ------------------------------ o These services are not to be o A summary of all performed with the exception of the(*) services and related services that may be permitted fees reported at each if they would not be subject to audit regularly scheduled procedures at the audit client (as Audit Committee meeting defined in rule 2-01(f)(4)) level will serve as continual the firm providing the service. confirmation that has not provided any restricted services. ------------------------------------------- ------------------------------
-------------------------------------------------------------------------------- GENERAL AUDIT COMMITTEE APPROVAL POLICY: o For all projects, the officers of the Funds and the Fund's auditors will each make an assessment to determine that any proposed projects will not impair independence. o Potential services will be classified into the four non-restricted service categories and the "Approval of Audit, Audit-Related, Tax and Other Services" Policy above will be applied. Any services outside the specific pre-approved service subcategories set forth above must be specifically approved by the Audit Committee. o At least quarterly, the Audit Committee shall review a report summarizing the services by service category, including fees, provided by the Audit firm as set forth in the above policy. -------------------------------------------------------------------------------- (2) Disclose the percentage of services described in each of paragraphs (b) through (d) of this Item that were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X. N/A (f) If greater than 50 percent, disclose the percentage of hours expended on the principal accountants engagement to audit the registrant's financial statements for the most recent fiscal year that were attributed to work performed by persons other than the principal accountant's full-time, permanent employees. N/A (g) Disclose the aggregate non-audit fees billed by the registrants accountant for services rendered to the registrant, and rendered to the registrants investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant for each of the last two fiscal years of the registrant. N/A (h) Disclose whether the registrants audit committee of the board of trustees has considered whether the provision of non-audit services that were rendered to the registrants investment adviser (not including any subadviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant's independence. The Fund's audit committee of the Board of Trustees has considered whether the provision of non-audit services that were rendered to the Affiliates (as defined) that were not pre- approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant's independence. ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS (a) If the registrant is a listed issuer as defined in Rule 10A-3 under the Exchange Act (17 CFR 240.10A-3), state whether or not the registrant has a separately-designated standing audit committee established in accordance with Section 3(a)(58)(A) of the Exchange Act (15 U.S.C. 78c(a)(58)(A)). If the registrant has such a committee, however designated, identify each committee member. If the entire board of directors is acting as the registrant's audit committee as specified in Section 3(a)(58)(B) of the Exchange Act (15 U.S.C. 78c(a)(58)(B)), so state. N/A (b) If applicable, provide the disclosure required by Rule 10A-3(d) under the Exchange Act (17 CFR 240.10A-3(d)) regarding an exemption from the listing standards for audit committees. N/A ITEM 6. SCHEDULE OF INVESTMENTS. File Schedule of Investments in securities of unaffiliated issuers as of the close of the reporting period as set forth in 210.1212 of Regulation S-X [17 CFR 210.12-12], unless the schedule is included as part of the report to shareholders filed under Item 1 of this Form. Included in Item 1 ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES. A closed-end management investment company that is filing an annual report on this Form N-CSR must, unless it invests exclusively in non-voting securities, describe the policies and procedures that it uses to determine how to vote proxies relating to portfolio securities, including the procedures that the company uses when a vote presents a conflict between the interests of its shareholders, on the one hand, and those of the company's investment adviser; principal underwriter; or any affiliated person (as defined in Section 2(a)(3) of the Investment Company Act of 1940 (15 U.S.C. 80a-2(a)(3)) and the rules thereunder) of the company, its investment adviser, or its principal underwriter, on the other. Include any policies and procedures of the company's investment adviser, or any other third party, that the company uses, or that are used on the company's behalf, to determine how to vote proxies relating to portfolio securities. Not applicable to open-end management investment companies. ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES. (a) If the registrant is a closed-end management investment company that is filing an annual report on this Form N-CSR,provide the following information: (1) State the name, title, and length of service of the person or persons employed by or associated with the registrant or an investment adviser of the registrant who are primarily responsible for the day-to-day management of the registrant's portfolio ("Portfolio Manager"). Also state each Portfolio Manager's business experience during the past 5 years. Not applicable to open-end management investment companies. ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS. (a) If the registrant is a closed-end management investment company, in the following tabular format, provide the information specified in paragraph (b) of this Item with respect to any purchase made by or on behalf of the registrant or any affiliated purchaser, as defined in Rule 10b-18(a)(3) under the Exchange Act (17 CFR 240.10b-18(a)(3)), of shares or other units of any class of the registrant's equity securities that is registered by the registrant pursuant to Section 12 of the Exchange Act (15 U.S.C. 781). Not applicable to open-end management investment companies. ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS. Describe any material changes to the procedures by which shareholders may recommend nominees to the registrant's board of directors, where those changes were implemented after the registrant last provided disclosure in response to the requirements of Item 407(c)(2)(iv) of Regulation S-R(17 CFR 229.407)(as required by Item 22(b)(15)) of Schedule 14A (17 CFR 240.14a-101), or this Item. There have been no material changes to the procedures by which the shareholders may recommend nominees to the registrant's board of directors since the registrant last provided disclosure in response to the requirements of Item 407(c)(2)(iv) of Regulation S-R of Schedule 14(A) in its definitive proxy statement, or this item. ITEM 11. CONTROLS AND PROCEDURES. (a) Disclose the conclusions of the registrant's principal executive and principal financials officers, or persons performing similar functions, regarding the effectiveness of the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Act (17 CFR 270.30a-3(c))) as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the Act (17 CFR 270.30(a)-3(b) and Rules 13a-15(b) or 15d-15(b) under the Exchange Act (17 CFR 240.13a-15(b) or 240.15d-15(b)). The registrant's principal executive officer and principal financial officer have concluded that the registrant's disclosure controls and procedures are effective based on the evaluation of these controls and procedures as of a date within 90 days of the filing date of this report. (b) Disclose any change in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Act (17CFR 270.30a-3(d)) that occured during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting. There were no significant changes in the registrant's internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant's internal control over financial reporting. The registrant's principal executive officer and principal financial officer, however, voluntarily are reporting the following information: In August of 2006 the registrant's investment adviser enhanced its internal procedures for reporting performance information required to be included in prospectuses. Those enhancements involved additional internal controls over the appropriateness of performance data generated for this purpose. Such enhancements were made following an internal review which identified prospectuses relating to certain classes of shares of a limited number of registrants where, inadvertently, performance information not reflecting the deduction of applicable sales charges was included. Those prospectuses were revised, and the revised prospectuses were distributed to shareholders. ITEM 12. EXHIBITS. (a) File the exhibits listed below as part of this Form. Letter or number the exhibits in the sequence indicated. (1) Any code of ethics, or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy the Item 2 requirements through filing of an exhibit. (2) A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Act (17 CFR 270.30a-2(a)) , exactly as set forth below: Filed herewith. SIGNATURES [See General Instruction F] Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. (Registrant) Pioneer Series Trust VII By (Signature and Title)* /s/ Lisa M. Jones Lisa M. Jones, President & Chief Executive Officer Date June 28, 2016 Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated. By (Signature and Title)* /s/ Lisa M. Jones Lisa M. Jones, President & Chief Executive Officer Date June 28, 2016 By (Signature and Title)* /s/ Mark E. Bradley Mark E. Bradley, Treasurer & Chief Accounting & Financial Officer Date June 28, 2016 * Print the name and title of each signing officer under his or her signature. EX-99 2 cert.txt CERTIFICATIONS -------------- I, Lisa M. Jones, certify that: 1. I have reviewed this report on Form N-CSR of Pioneer Series Trust VII; 2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; 3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report; 4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have: a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external in accordance with generally accepted accounting principles; c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and 5. The registrant's other certifying officer and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): a) All significant deficiencies in the design or operation of internal controls over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. Date: June 28, 2016 /s/ Lisa M. Jones Lisa M. Jones President and Chief Executive Officer CERTIFICATIONS -------------- 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 registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have: a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external in accordance with generally accepted accounting principles; c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and 5. The registrant's other certifying officer and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): a) All significant deficiencies in the design or operation of internal controls over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. Date: June 28, 2016 /s/ Mark E. Bradley Mark E. Bradley Treasurer & Chief Accounting & Financial Officer SECTION 906 CERTIFICATION Pursuant to 18 U.S.C. ss. 1350, the undersigned officer of Pioneer Series Trust VII (the "Trust"), hereby certifies, to the best of his knowledge, that the Trust's Report on Form N-CSR for the period ended April 30, 2016 (the "Report") fully complies with the requirements of Section 13 (a) or 15 (d), as applicable, of the Securities Exchange Act of 1934 and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Trust. Dated: June 28, 2016 /s/ Lisa M. Jones Lisa M. Jones President and Chief Executive Officer This certification is being furnished solely pursuant to 18 U.S.C. ss. 1350 and is not being filed as part of the Report or a separate disclosure document. A signed original of this written statement required by section 906 has been provided to the Trust and will be retained by the Trust and furnished to the SEC or its staff upon request. SECTION 906 CERTIFICATION Pursuant to 18 U.S.C. ss. 1350, the undersigned officer of Pioneer Series Trust VII (the "Trust"), hereby certifies, to the best of his knowledge, that the Trust's Report on Form N-CSR for the period ended April 30, 2016 (the "Report") fully complies with the requirements of Section 13 (a) or 15 (d), as applicable, of the Securities Exchange Act of 1934 and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Trust. Dated: June 28, 2016 /s/ Mark E. Bradley Mark E. Bradley Treasurer & Chief Accounting & Financial Officer This certification is being furnished solely pursuant to 18 U.S.C. ss. 1350 and is not being filed as part of the Report or a separate disclosure document. A signed original of this written statement required by section 906 has been provided to the Trust and will be retained by the Trust and furnished to the SEC or its staff upon request. EX-99 3 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 -------------------------------------------------------------------------------