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 811-09685
Pioneer High Yield Fund
(Exact name of registrant as specified in charter)
60 State Street, Boston, MA 02109
(Address of principal executive offices) (ZIP code)
Terrence J. Cullen, Amundi Pioneer Asset Management, Inc.,
60 State Street, Boston, MA 02109
(Name and address of agent for service)
Registrant's telephone number, including area code: (617) 742-7825
Date of fiscal year end: October 31
Date of reporting period: November 1, 2017 through October 31, 2018
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 High
Yield Fund
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Annual Report | October 31, 2018
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Ticker Symbols:
Class A TAHYX
Class C PYICX
Class R TYHRX
Class Y TYHYX
[LOGO] Amundi Pioneer
==============
ASSET MANAGEMENT
visit us: www.amundipioneer.com
Table of Contents
President's Letter 2
Portfolio Management Discussion 4
Portfolio Summary 11
Prices and Distributions 12
Performance Update 13
Comparing Ongoing Fund Expenses 17
Schedule of Investments 19
Financial Statements 47
Notes to Financial Statements 55
Report of Independent Registered Public Accounting Firm 72
Additional Information 74
Approval of Investment Management Agreement 76
Trustees, Officers and Service Providers 81
Pioneer High Yield Fund | Annual Report | 10/31/18 1
President's Letter
Despite economic news that has remained generally positive throughout 2018,
market volatility has increased significantly this year compared with 2017.
October was a particularly poor month for both U.S. and global equity markets,
as every major stock market index finished the month in negative territory.
Results have been more mixed on the fixed-income side, with rising interest
rates pushing down most year-to-date returns.
On the economic front, U.S. gross domestic product (GDP) growth exceeded 4% in
the second quarter of 2018 and topped 3% once again in the third quarter. The
low unemployment rate has continued, with initial jobless claims recently
hitting a multi-decade low and consumer and small-business confidence also
achieving levels not seen in many years.
Despite the good economic news, and even though wages have been rising,
inflation expectations have not risen significantly. For its part, the U.S.
Federal Reserve System (the Fed) has continued with its tightening of monetary
policy by raising interest rates three times in 2018, while moving forward with
the tapering of its balance sheet, a process which began in October 2017.
The greater market volatility this year as compared to last year has been driven
by several factors. The aforementioned rising interest rates have been one
reason, while the uncertainty surrounding U.S. trade policy has, at times, also
led to unsettled markets. Of course, in today's global economy, risk factors
extend well beyond U.S. borders, and in recent months investors have grappled
with various issues on the international front, including questions surrounding
the United Kingdom's Brexit negotiations, concerns about the budgetary policies
of the populist Italian government, and the potential impact of Turkey's
economic challenges on European banks. Moreover, while trade tensions between
the U.S. and Europe have moderated, questions about the future of the U.S./China
trade relationship remain unresolved, and any major fracture in that
relationship could have a negative impact on China's economy and, by extension,
on its Asian trade partners.
With regard to our market outlook, over the medium term, we believe the
fundamental investment case for U.S. equities remains in place, with support
from the fairly positive economic backdrop and with an additional lift
potentially coming from the investment side as U.S. businesses consider
increasing capital expenditures. We do believe market volatility will persist
and, therefore, careful selection of investment themes, sector allocations, and
individual stocks will be increasingly relevant to overall performance, as the
2 Pioneer High Yield Fund | Annual Report | 10/31/18
maturity of the economic and market cycles could eventually become
headwinds. We believe a focus on owning shares of quality companies trading
at reasonable prices is key to navigating the current equity-market phase.
In fixed income, we have taken a more cautious approach across our core
portfolios with regard to credit-sensitive debt such as corporate bonds,
favoring quality and liquidity. As interest rates have risen, we find that
short- and intermediate-term U.S. Treasuries have become more attractive, and
that agency mortgage-backed securities (MBS) and high-quality, non-agency MBS
now also offer lower downside risk. In general, we think structured sectors
(such as asset-backed securities and MBS) are more attractive than corporate
sectors.
We believe this year's market fluctuations as well as increased risk factors
within the global economy have served to remind investors of the importance of
active management. Since 1928, active management has been the foundation of
Amundi Pioneer's investment approach. We believe active management is especially
important during periods of volatility, and that our shareowners can benefit
from the experience and tenure of our investment teams, who work collaboratively
to make active and informed decisions across our funds.
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
Head of the Americas, President and CEO of U.S.
Amundi Pioneer Asset Management USA, Inc.
October 31, 2018
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 High Yield Fund | Annual Report | 10/31/18 3
Portfolio Management Discussion | 10/31/18
In the following interview, portfolio managers Andrew Feltus and Matthew Shulkin
discuss the factors that influenced Pioneer High Yield Fund's performance for
the 12-month period ended October 31, 2018. Mr. Feltus, Managing Director, Co-
Director of High Yield, and a portfolio manager at Amundi Pioneer Asset
Management, Inc. ("Amundi Pioneer), is responsible for the daily management of
the Fund. He is assisted by Matthew Shulkin, a vice president and a portfolio
manager at Amundi Pioneer.
Q How did the Fund perform during the 12-month period ended October 31, 2018?
A Pioneer High Yield Fund's Class A shares returned 0.21% at net asset value
during the 12-month period ended October 31, 2018, while the Fund's
benchmarks, the ICE Bank of America Merrill Lynch (ICE BofA ML) U.S. High
Yield Index and the ICE BofA ML All-Convertibles Speculative Quality Index,
returned 0.86% and -3.81%, respectively. During the same period, the
average return of the 697 mutual funds in Morningstar's High Yield Bond
Funds category was 0.45%.
Q Could you please describe the market environment for high-yield bond
investors during the 12-month period ended October 31, 2018?
A With inflation approaching its 2% target, the Federal Reserve (the Fed)
implemented four incremental hikes in its benchmark overnight lending rate
over the 12-month period, thus increasing the upper target range for the
federal funds rate to 2.25%, which is generally considered at the low end
of normal. U.S. Treasury yields rose along the length of the curve over the
12 months.
While the interest-rate environment provided a headwind for bond investors
over the period, credit-market sentiment remained positive, bolstered by
solid economic growth, strong corporate profits, near-full employment, and
supportive tax legislation, although the Trump administration's aggressive
rhetoric on trade and continued threats of tariffs on a range of products
from various global trading partners led to occasional bouts of market
volatility. High-yield bond prices were supported during the period by a
continued low default rate relative to
4 Pioneer High Yield Fund | Annual Report | 10/31/18
historical averages. In addition, notably lower new-issue supply relative
to the same period a year earlier helped pricing and served as a
counterweight against the negative effects of outflows from high-yield
mutual funds.
As the period drew to a close in October, however, U.S. high-yield bonds
came under pressure alongside the sharpest one-month decline for the
Standard & Poor's 500 Index since September 2011. Investor sentiment for
riskier assets in October had to contend with an underwhelming start to the
third-quarter corporate earnings season, especially with respect to
technology companies; further deterioration in U.S.-China trade relations;
softening economic growth overseas; Italy's budget crisis; and geopolitical
uncertainty. In addition, a multi-year high for U.S. Treasury yields
weighed on fixed-income prices in general.
Within the high-yield market, lower-rated issues generally outperformed
higher-rated credits during the 12-month period. For example, bonds rated
"CCC" outperformed those rated "BB" by 291 basis points, or 2.91% (a basis
point is equal to 1/100th of a percentage point). Positive returns for the
lower-rated bucket, however, were generally derived from the coupon (or
yield) element of the securities, as high-yield bond prices declined
modestly over the 12 months. In industry terms, telecommunications and
health care issues were the performance leaders, while more
interest-rate-sensitive auto and housing bonds were the biggest laggards
within high yield.
Q Can you review the Fund's principal strategies during the 12-month period
ended October 31, 2018, and the degree to which they added to or detracted
from benchmark-relative returns?
A Overall security selection within the Fund's core allocation to high-yield
bonds had a slightly negative impact on benchmark-relative performance
during the period. Security selection results were most favorable for the
Fund within the telecommunications and health care sectors, while selection
results were negative within the basic industry, energy, and services
sectors.
From the perspective of quality, the Fund's benchmark-relative performance
was constrained during the period by its below-index exposure to lower-
quality, CCC-rated and distressed issues, as that market segment has tended
to benefit the most when there is a low-default outlook within high yield.
Pioneer High Yield Fund | Annual Report | 10/31/18 5
During the period, we continued to maintain non-benchmark allocations in
the portfolio to both equities and convertible bonds, with a focus on
sectors not well represented by high-yield bonds, or where we have seen
better valuations than within the high-yield market. That said, as the
Fund's convertible bond and equity holdings approached our target values,
we reduced some of the portfolio's exposure over the 12-month period.
Against a backdrop of optimism over the economy, those positions had a
combined positive effect on the Fund's benchmark-relative results. Positive
contributions were led by holdings within the basic industry and health
care sectors. With regard to individual portfolio holdings, the convertible
bonds of wire-and-cable manufacturer General Cable performed well after the
company was acquired by Milan-based Prysmian. Within equities, holdings in
select health care issues had a positive effect on the Fund's
benchmark-relative performance, led by positions in Emergent Biosolutions
and Aetna.
A position in insurance-linked securities (ILS), which are sponsored by
insurance companies looking to transfer some of the risk of having to pay
claims after a natural disaster, added meaningfully to the Fund's
benchmark-relative performance during the period. Investments in ILS have
been a valuable source of diversification* and incremental income within
the portfolio for a number of years.
While the performance of ILS issues struggled early in the period in the
wake of an active 2017 Atlantic hurricane season, which generated numerous
claims, returns rebounded when damage assessments turned out to be not as
great as initially feared. The Fund also had an out-of-benchmark
allocation to floating-rate bank loans, which aided relative returns, as
loans have recently outperformed high-yield bonds in the wake of rising
interest rates. We continue to view modest tactical exposure to out-
of-benchmark segments, including bank loans and ILS, as helping to improve
the Fund's long-term total return profile.
In terms of industry weightings within the high-yield market, the
portfolio's below-benchmark positioning in the automotive sector aided
benchmark-relative performance, as declining auto sales trends and
concerns over the interest-rate sensitivity of the sector weighed on
valuations.
* Diversification does not assure a profit nor protect against loss.
6 Pioneer High Yield Fund | Annual Report | 10/31/18
With regard to individual Fund positions within high yield, our decision to
add exposure to the debt of Valeant Pharmaceuticals (now known as Bausch
HealthCare) after it suffered a severe sell-off aided relative returns, as
the bond was supported by the company's efforts to sell assets and pay down
debt. An overweight position in the bonds of Sprint also contributed
positively to the Fund's relative returns, as the company received a
takeover offer from higher-rated T-Mobile, and the spreads between the two
companies compressed. (Credit spreads are commonly defined as the
differences in yield between Treasuries and other types of fixed-income
securities with similar maturities.)
On the downside, the Fund's overweight position in point-of-sale technology
firm Diebold Nixdorf was the leading detractor from benchmark-relative
performance at the individual security level, as the company missed
earnings estimates and had a non-controlling interest put back on it, thus
pressuring Diebold's liquidity position. Holdings of Sanchez Energy also
detracted from the Fund's benchmark-relative returns, as the
exploration-and-production (E&P) company experienced repeated earnings
misses as well as operational missteps at a number of its wells.
Q Can you discuss the factors that affected the Fund's dividend**, either
positively or negatively, during the 12-month period ended October 31,
2018?
A The Fund's dividend remained relatively stable over the 12-month period.
The portfolio's positions in convertible securities and common stocks
resulted in a lower yield as compared with a portfolio composed entirely of
high-yield bonds, but we view those allocations as helping to improve the
Fund's total return profile.
Q What role did derivatives play in the Fund's investment process and
results?
A We utilized credit default swap indices during the period in order to
maintain the desired level of portfolio exposure to the high-yield market,
while also seeking to maintain sufficient liquidity to make opportunistic
purchases and to help meet any unanticipated shareholder redemptions. The
strategy had a neutral impact on the Fund's performance.
** Dividends are not guaranteed.
Pioneer High Yield Fund | Annual Report | 10/31/18 7
Q What is your assessment of the current climate for high-yield investing?
A Overall, we are cautiously constructive with respect to the high-yield
market. High-yield valuations are somewhat extended, but credit
fundamentals remain supportive of the asset class, while strong corporate
earnings and the record pace of debt refinancings have enabled an extension
of the credit cycle. Company balance sheets do not appear overly stretched,
and we expect the default rate for high-yield bonds to remain low by
historical standards over the coming year.
Technical factors related to supply and demand remain supportive of the
high-yield market, although we are seeing a minor uptick in mergers and
acquisition-related issuance that could act as something of a headwind. The
lack of new supply has provided a meaningful technical boost to the overall
market, as investors have been forced to look for investments in existing
securities. On balance, we view the composition of the high-yield market as
healthy, with an improving quality profile across a range of industries.
In general, we may seek to increase the Fund's weighting to issues in the B
quality range, as that is where we currently see the best risk/reward
profile. By contrast, BB-rated issues are more vulnerable to rising
interest rates, while more credit-sensitive CCC-rated issues appear
unattractive from a relative value standpoint in the wake of their recent
outperformance.
With regard to sector allocations, we have maintained the Fund's
benchmark-relative overweight to energy issues on a notional basis, but
have a relatively neutral weight in the sector on a risk-adjusted basis,
given the portfolio's tilt toward higher-quality E&P/midstream names. In
addition, we maintained an underweight to auto-related credits and reduced
the Fund's technology exposure over the past 12 months.
The Fed is expected to continue to gradually increase short-term rates, and
the tapering of its balance sheet, which began in October 2017, may also
lead to some tightening of credit conditions. The markets will be watching
closely for any data that could signal the potential for accelerating
inflation, which could spur the Fed to increase its benchmark rate more
rapidly than
8 Pioneer High Yield Fund | Annual Report | 10/31/18
currently anticipated. In addition, recent trade disputes between the U.S.
and some of its key trading partners have introduced a new variable, and we
will be closely monitoring the effects of tariffs and other restrictive
trade measures on global economic growth conditions.
Pioneer High Yield Fund | Annual Report | 10/31/18 9
Please refer to the Schedule of Investments on pages 19-46 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.
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 portfolio may invest in mortgage-backed securities, which during times of
fluctuating interest rates may increase or decrease more than other fixed-income
securities. Mortgage-backed securities are also subject to prepayments.
The Fund may use derivatives, such as options, futures, inverse floating rate
obligations, swaps, and others, which can be illiquid, may disproportionately
increase losses, and have a potentially large impact on Fund performance.
Derivatives may have a leveraging effect on the Fund.
At times, the Fund's investments may represent industries or industry sectors
that are interrelated or have common risks, making it more susceptible to any
economic, political, or regulatory developments or other risks affecting those
industries and sectors.
These risks may increase share price volatility.
Before investing, consider the product's investment objectives, risks, charges
and expenses. Contact your advisor or Amundi Pioneer Asset Management, Inc., for
a prospectus or summary prospectus containing this information. Read it
carefully.
Any information in this shareholder report regarding market or economic trends
or the factors influencing the Fund's historical or future performance are
statements of opinion as of the date of this report. Past performance is no
guarantee of future results.
10 Pioneer High Yield Fund | Annual Report | 10/31/18
Portfolio Summary | 10/31/18
Portfolio Diversification
--------------------------------------------------------------------------------
(As a percentage of total investments)*
[THE FOLLOWING DATA WAS REPRESENTED AS A PIE CHART IN THE PRINTED MATERIAL]
Corporate Bonds 76.6%
Convertible Corporate Bonds 7.1%
Senior Secured Floating Rate Loan Interests 6.8%
Insurance-Linked Securities 3.9%
Common Stocks 2.4%
Convertible Preferred Stocks 1.5%
Collateralized Mortgage Obligations 1.2%
Preferred Stocks 0.4%
Asset Backed Securities 0.1%
Rights/Warrants 0.0%+
+ Amount rounds to less than 0.1%.
10 Largest Holdings
--------------------------------------------------------------------------------
(As a percentage of total investments)*
1. Sprint Corp., 7.25%, 9/15/21 2.48%
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2. Valeant Pharmaceuticals International, Inc., 5.875%, 5/15/23 (144A) 2.01
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3. KB Home, 7.0%, 12/15/21 1.11
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4. Wells Fargo & Co., 7.5% 0.93
------------------------------------------------------------------------------------------
5. Nationstar Mortgage LLC/Nationstar Capital Corp., 6.5%, 7/1/21 0.92
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6. CCO Holdings LLC/CCO Holdings Capital Corp., 5.75%, 2/15/26 (144A) 0.88
------------------------------------------------------------------------------------------
7. HCA, Inc., 5.375%, 2/1/25 0.86
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8. Calumet Specialty Products Partners LP/Calumet Finance Corp., 6.5%, 4/15/21 0.80
------------------------------------------------------------------------------------------
9. Fly Leasing, Ltd., 6.375%, 10/15/21 0.76
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10. Scientific Games International, Inc., 10.0%, 12/1/22 0.75
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* Excludes temporary cash investments and all derivative contracts except for
options purchased. The Fund is actively managed, and current holdings may
be different. The holdings listed should not be considered recommendations
to buy or sell any securities listed.
Pioneer High Yield Fund | Annual Report | 10/31/18 11
Prices and Distributions | 10/31/18
Net Asset Value per Share
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--------------------------------------------------------------------------------
Class 10/31/18 10/31/17
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A $ 9.37 $ 9.80
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C $ 9.57 $10.01
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R $10.61 $11.09
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Y $ 9.38 $ 9.81
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Distributions per Share: 11/1/17-10/31/18
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--------------------------------------------------------------------------------
Net
Investment Short--Term Long--Term
Class Income Capital Gains Capital Gains
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A $0.4518 $ -- $ --
--------------------------------------------------------------------------------
C $0.3898 $ -- $ --
--------------------------------------------------------------------------------
R $0.4660 $ -- $ --
--------------------------------------------------------------------------------
Y $0.4806 $ -- $ --
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Index Definitions
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The ICE Bank of America (BofA) Merrill Lynch (ML) U.S. High Yield Index is an
unmanaged, commonly accepted measure of the performance of high-yield
securities. The ICE Bank of America (BofA) Merrill Lynch (ML) All-Convertibles
Speculative Quality Index is an unmanaged index of high-yield U.S. convertible
securities. Index returns are calculated monthly, assume reinvestment of
dividends and, unlike fund returns, do not reflect any fees, expense 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 the
"Value of $5 Million Investment" charts on pages 13-16.
12 Pioneer High Yield Fund | Annual Report | 10/31/18
Performance Update | 10/31/18 Class A Shares
Investment Returns
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The mountain chart on the right shows the change in value of a $10,000
investment made in Class A shares of Pioneer High Yield Fund at public offering
price during the periods shown, compared to that of the ICE Bank of America
(BofA) Merrill Lynch (ML) U.S. High Yield Index and the ICE BofA ML All-
Convertibles Speculative Quality Index.
Average Annual Total Returns
(As of October 31, 2018)
--------------------------------------------------------------------------------
ICE ICE
Net Public BofA ML BofA ML All-
Asset Offering U.S. High Convertibles
Value Price Yield Speculative
Period (NAV) (POP) Index Quality Index
--------------------------------------------------------------------------------
10 years 9.74% 9.24% 11.16% 13.23%
5 years 3.27 2.32 4.69 5.27
1 year 0.21 -4.30 0.86 -3.81
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated March 1, 2018)
--------------------------------------------------------------------------------
Gross
--------------------------------------------------------------------------------
1.15%
--------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $10,000 Investment
Pioneer High ICE BofA ML U.S. ICE BofA ML All-Convertibles
Yield Fund High Yield Index Speculative Quality Index
10/08 $ 9,550 $ 10,000 $ 10,000
10/09 $ 13,159 $ 14,879 $ 15,681
10/10 $ 15,746 $ 17,745 $ 19,820
10/11 $ 16,250 $ 18,599 $ 19,943
10/12 $ 18,144 $ 21,050 $ 21,894
10/13 $ 20,598 $ 22,908 $ 26,805
10/14 $ 21,262 $ 24,248 $ 29,690
10/15 $ 20,629 $ 23,751 $ 27,854
10/16 $ 22,134 $ 26,165 $ 29,921
10/17 $ 24,138 $ 28,557 $ 36,025
10/18 $ 24,189 $ 28,803 $ 34,651
Call 1-800-225-6292 or visit www.amundipioneer.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. POP
returns reflect deduction of maximum 4.50% sales charge. NAV returns would have
been lower had sales charges been reflected. All results are historical and
assume the reinvestment of dividends and capital gains. Other share classes are
available for which performance and expenses will differ.
Performance results reflect any applicable expense waivers in effect during the
periods shown. Without such waivers Fund performance would be lower. Waivers may
not be in effect for all funds. Certain fee waivers are contractual through a
specified period. Otherwise, fee waivers can be rescinded at any time. See the
prospectus and financial statements for more information.
The performance table and graph do not reflect the deduction of fees and taxes
that a shareowner would pay on Fund distributions or the redemption of Fund
shares.
Please refer to the financial highlights for a more current expense ratio.
Pioneer High Yield Fund | Annual Report | 10/31/18 13
Performance Update | 10/31/18 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 High Yield Fund during the periods
shown, compared to that of the ICE Bank of America (BofA) Merrill Lynch (ML)
U.S. High Yield Index and the ICE BofA ML All-Convertibles Speculative Quality
Index.
Average Annual Total Returns
(As of October 31, 2018)
--------------------------------------------------------------------------------
ICE ICE
BofA ML BofA ML All-
U.S. High Convertibles
If If Yield Speculative
Period Held Redeemed Index Quality Index
--------------------------------------------------------------------------------
10 years 9.00% 9.00% 11.16% 13.23%
5 years 2.53 2.53 4.69 5.27
1 year -0.52 -0.52 0.86 -3.81
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated March 1, 2018)
--------------------------------------------------------------------------------
Gross
--------------------------------------------------------------------------------
1.86%
--------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $10,000 Investment
Pioneer High ICE BofA ML U.S. ICE BofA ML All-Convertibles
Yield Fund High Yield Index Speculative Quality Index
10/08 $ 10,000 $ 10,000 $ 10,000
10/09 $ 13,701 $ 14,879 $ 15,681
10/10 $ 16,275 $ 17,745 $ 19,820
10/11 $ 16,696 $ 18,599 $ 19,943
10/12 $ 18,508 $ 21,050 $ 21,894
10/13 $ 20,890 $ 22,908 $ 26,805
10/14 $ 21,394 $ 24,248 $ 29,690
10/15 $ 20,615 $ 23,751 $ 27,854
10/16 $ 21,975 $ 26,165 $ 29,921
10/17 $ 23,798 $ 28,557 $ 36,025
10/18 $ 23,673 $ 28,803 $ 34,651
Call 1-800-225-6292 or visit www.amundipioneer.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. NAV returns would have been lower had sales charges
been reflected. All results are historical and assume the reinvestment of
dividends and capital gains. Other share classes are available for which
performance and expenses will differ.
Performance results reflect any applicable expense waivers in effect during the
periods shown. Without such waivers Fund performance would be lower. Waivers may
not be in effect for all funds. Certain fee waivers are contractual through a
specified period. Otherwise, fee waivers can be rescinded at any time. See the
prospectus and financial statements for more information.
The performance table and graph do not reflect the deduction of fees and taxes
that a shareowner would pay on Fund distributions or the redemption of Fund
shares.
Please refer to the financial highlights for a more current expense ratio.
14 Pioneer High Yield Fund | Annual Report | 10/31/18
Performance Update | 10/31/18 Class R Shares
Investment Returns
--------------------------------------------------------------------------------
The mountain chart on the right shows the change in value of a $10,000
investment made in Class R shares of Pioneer High Yield Fund during the periods
shown, compared to that of the ICE Bank of America (BofA) Merrill Lynch (ML)
U.S. High Yield Index and the ICE BofA ML All-Convertibles Speculative Quality
Index.
Average Annual Total Returns
(As of October 31, 2018)
--------------------------------------------------------------------------------
ICE ICE
Net BofA ML BofA ML All-
Asset U.S. High Convertibles
Value Yield Speculative
Period (NAV) Index Quality Index
--------------------------------------------------------------------------------
10 years 9.41% 11.16% 13.23%
5 years 2.89 4.69 5.27
1 year -0.14 0.86 -3.81
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated March 1, 2018)
--------------------------------------------------------------------------------
Gross
--------------------------------------------------------------------------------
1.56%
--------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $10,000 Investment
Pioneer High ICE BofA ML U.S. ICE BofA ML All-Convertibles
Yield Fund High Yield Index Speculative Quality Index
10/08 $ 10,000 $ 10,000 $ 10,000
10/09 $ 13,773 $ 14,879 $ 15,681
10/10 $ 16,434 $ 17,745 $ 19,820
10/11 $ 16,932 $ 18,599 $ 19,943
10/12 $ 18,819 $ 21,050 $ 21,894
10/13 $ 21,310 $ 22,908 $ 26,805
10/14 $ 21,913 $ 24,248 $ 29,690
10/15 $ 21,177 $ 23,751 $ 27,854
10/16 $ 22,684 $ 26,165 $ 29,921
10/17 $ 24,613 $ 28,557 $ 36,025
10/18 $ 24,578 $ 28,803 $ 34,651
Call 1-800-225-6292 or visit www.amundipioneer.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 R shares are not subject to sales charges and are available for limited
groups of eligible investors, including institutional investors. All results are
historical and assume the reinvestment of dividends and capital gains. Other
share classes are available for which performance and expenses will differ.
Performance results reflect any applicable expense waivers in effect during the
periods shown. Without such waivers Fund performance would be lower. Waivers may
not be in effect for all funds. Certain fee waivers are contractual through a
specified period. Otherwise, fee waivers can be rescinded at any time. See the
prospectus and financial statements for more information.
The performance table and graph do not reflect the deduction of fees and taxes
that a shareowner would pay on Fund distributions or the redemption of Fund
shares.
Please refer to the financial highlights for a more current expense ratio.
Pioneer High Yield Fund | Annual Report | 10/31/18 15
Performance Update | 10/31/18 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 High Yield Fund, during the periods
shown, compared to that of the ICE Bank of America (BofA) Merrill Lynch (ML)
U.S. High Yield Index and the ICE BofA ML All-Convertibles Speculative Quality
Index.
Average Annual Total Returns
(As of October 31, 2018)
--------------------------------------------------------------------------------
ICE ICE
Net BofA ML BofA ML All-
Asset U.S. High Convertibles
Value Yield Speculative
Period (NAV) Index Quality Index
--------------------------------------------------------------------------------
10 years 10.13% 11.16% 13.23%
5 years 3.57 4.69 5.27
1 year 0.51 0.86 -3.81
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated March 1, 2018)
--------------------------------------------------------------------------------
Gross
--------------------------------------------------------------------------------
0.87%
--------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $5 Million Investment
Pioneer High ICE BofA ML U.S. ICE BofA ML All-Convertibles
Yield Fund High Yield Index Speculative Quality Index
10/08 $ 5,000,000 $ 5,000,000 $ 5,000,000
10/09 $ 6,929,294 $ 7,439,557 $ 7,840,293
10/10 $ 8,326,021 $ 8,872,338 $ 9,909,905
10/11 $ 8,621,575 $ 9,299,372 $ 9,971,479
10/12 $ 9,657,844 $10,525,070 $10,947,150
10/13 $11,007,689 $11,454,114 $13,402,723
10/14 $11,398,308 $12,124,214 $14,844,836
10/15 $11,091,565 $11,875,469 $13,927,198
10/16 $11,937,074 $13,082,563 $14,960,672
10/17 $13,052,228 $14,278,411 $18,012,534
10/18 $13,118,836 $14,401,617 $17,325,370
Call 1-800-225-6292 or visit www.amundipioneer.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 performance table and graph do not reflect the deduction of fees and taxes
that a shareowner would pay on Fund distributions or the redemption of Fund
shares.
Please refer to the financial highlights for a more current expense ratio.
16 Pioneer High Yield Fund | Annual Report | 10/31/18
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 High Yield Fund
Based on actual returns from May 1, 2018, through October 31, 2018.
--------------------------------------------------------------------------------
Share Class A C R Y
--------------------------------------------------------------------------------
Beginning Account $1,000.00 $1,000.00 $1,000.00 $1,000.00
Value on 5/1/18
--------------------------------------------------------------------------------
Ending Account $ 999.90 $ 996.89 $ 998.90 $1,002.49
Value (after expenses)
on 10/31/18
--------------------------------------------------------------------------------
Expenses Paid $ 5.75 $ 9.36 $ 7.56 $ 4.29
During Period*
--------------------------------------------------------------------------------
* Expenses are equal to the Fund's annualized net expense ratio of 1.14%,
1.86%, 1.50% and 0.85% for Class A, Class C, Class R and Class Y shares,
respectively, multiplied by the average account value over the period,
multiplied by 184/365 (to reflect the one-half year period).
Pioneer High Yield Fund | Annual Report | 10/31/18 17
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 High Yield Fund
Based on a hypothetical 5% return per year before expenses, reflecting the
period from May 1, 2018, through October 31, 2018.
--------------------------------------------------------------------------------
Share Class A C R Y
--------------------------------------------------------------------------------
Beginning Account $1,000.00 $1,000.00 $1,000.00 $1,000.00
Value on 5/1/18
--------------------------------------------------------------------------------
Ending Account $1,019.46 $1,015.83 $1,017.64 $1,020.92
Value (after expenses)
on 10/31/18
--------------------------------------------------------------------------------
Expenses Paid $ 5.80 $ 9.45 $ 7.63 $ 4.33
During Period*
--------------------------------------------------------------------------------
* Expenses are equal to the Fund's annualized net expense ratio of 1.14%,
1.86%, 1.50% and 0.85% for Class A, Class C, Class R and Class Y shares,
respectively, multiplied by the average account value over the period,
multiplied by 184/365 (to reflect the one-half year period).
18 Pioneer High Yield Fund | Annual Report | 10/31/18
Schedule of Investments | 10/31/18
------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
------------------------------------------------------------------------------------------------------
UNAFFILIATED ISSUERS -- 98.3%
COMMON STOCKS -- 2.4% of Net Assets
DIVERSIFIED FINANCIALS -- 0.2%
Consumer Finance -- 0.2%
17,785 Capital One Financial Corp. $ 1,588,200
---------------
Total Diversified Financials $ 1,588,200
------------------------------------------------------------------------------------------------------
ENERGY -- 0.2%
Coal & Consumable Fuels -- 0.0%+
43(a) Contura Energy, Inc. $ 3,137
------------------------------------------------------------------------------------------------------
Oil & Gas Exploration & Production -- 0.2%
6,967,063^(a) Ascent CNR Corp., Class A $ 1,497,919
1,020(a) Midstates Petroleum Co., Inc. 7,354
---------------
$ 1,505,273
---------------
Total Energy $ 1,508,410
------------------------------------------------------------------------------------------------------
HEALTH CARE EQUIPMENT & SERVICES -- 1.2%
Health Care Facilities -- 0.1%
255,259(a) BioScrip, Inc. $ 684,094
------------------------------------------------------------------------------------------------------
Managed Health Care -- 1.1%
24,403 Aetna, Inc. $ 4,841,555
16,643 Cigna Corp. 3,558,440
---------------
$ 8,399,995
---------------
Total Health Care Equipment & Services $ 9,084,089
------------------------------------------------------------------------------------------------------
MATERIALS -- 0.1%
Commodity Chemicals -- 0.1%
9,227 LyondellBasell Industries NV, Class A $ 823,694
---------------
Total Materials $ 823,694
------------------------------------------------------------------------------------------------------
PHARMACEUTICALS, BIOTECHNOLOGY &
LIFE SCIENCES -- 0.2%
Pharmaceuticals -- 0.2%
9,539 Allergan Plc $ 1,507,257
---------------
Total Pharmaceuticals, Biotechnology & Life Sciences $ 1,507,257
------------------------------------------------------------------------------------------------------
REAL ESTATE -- 0.2%
Specialized REIT -- 0.2%
76,215 Uniti Group, Inc. $ 1,458,755
---------------
Total Real Estate $ 1,458,755
------------------------------------------------------------------------------------------------------
SOFTWARE & SERVICES -- 0.0%+
Application Software -- 0.0%+
140(a) Avaya Holdings Corp. $ 2,299
---------------
Total Software & Services $ 2,299
------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer High Yield Fund | Annual Report | 10/31/18 19
Schedule of Investments | 10/31/18 (continued)
------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
------------------------------------------------------------------------------------------------------
TECHNOLOGY HARDWARE & EQUIPMENT -- 0.1%
Computer Hardware Storage & Peripherals -- 0.1%
33,088(a) NCR Corp. $ 888,413
---------------
Total Technology Hardware & Equipment $ 888,413
------------------------------------------------------------------------------------------------------
TRANSPORTATION -- 0.2%
Airlines -- 0.2%
19,931(a) United Continental Holdings, Inc. $ 1,704,300
---------------
Total Transportation $ 1,704,300
------------------------------------------------------------------------------------------------------
TOTAL COMMON STOCKS
(Cost $11,627,170) $ 18,565,417
------------------------------------------------------------------------------------------------------
CONVERTIBLE PREFERRED STOCKS --
1.5% of Net Assets
BANKS -- 1.5%
Diversified Banks -- 1.5%
3,620(b) Bank of America Corp., 7.25% $ 4,602,106
5,721(b) Wells Fargo & Co., 7.5% 7,277,055
---------------
Total Banks $ 11,879,161
------------------------------------------------------------------------------------------------------
HEALTH CARE EQUIPMENT & SERVICES -- 0.0%+
Health Care Services -- 0.0%+
742^(a) BioScrip, Inc. $ 67,898
---------------
Total Health Care Equipment & Services $ 67,898
------------------------------------------------------------------------------------------------------
TOTAL CONVERTIBLE PREFERRED STOCKS
(Cost $11,375,562) $ 11,947,059
------------------------------------------------------------------------------------------------------
PREFERRED STOCK -- 0.3% of Net Assets
BANKS -- 0.3%
Consumer Finance -- 0.3%
97,845(c) GMAC Capital Trust I, 8.099% (3 Month USD
LIBOR + 579 bps), 2/15/40 $ 2,569,410
---------------
Total Banks $ 2,569,410
------------------------------------------------------------------------------------------------------
TOTAL PREFERRED STOCK
(Cost $2,331,191) $ 2,569,410
------------------------------------------------------------------------------------------------------
ASSET BACKED SECURITY -- 0.1% of Net Assets
BANKS -- 0.1%
Thrifts & Mortgage Finance -- 0.1%
750,000 InSite Issuer LLC, Series 2016-1A, Class C,
6.414%, 11/15/46 (144A) $ 742,508
---------------
Total Banks $ 742,508
------------------------------------------------------------------------------------------------------
TOTAL ASSET BACKED SECURITY
(Cost $750,000) $ 742,508
------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
20 Pioneer High Yield Fund | Annual Report | 10/31/18
------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
------------------------------------------------------------------------------------------------------
COLLATERALIZED MORTGAGE OBLIGATIONS --
1.2% of Net Assets
BANKS -- 1.1%
Diversified Banks -- 0.0%+
650,000(c) Wells Fargo Commercial Mortgage Trust, Series
2014-LC18, Class D, 3.957%, 12/15/47 (144A) $ 571,472
------------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- 1.1%
750,000(c) COBALT CMBS Commercial Mortgage Trust, Series
2007-C2, Class C, 5.646%, 4/15/47 $ 737,812
1,860,000(c) COBALT CMBS Commercial Mortgage Trust, Series
2007-C3, Class B, 5.82%, 5/15/46 1,853,631
670,000(c) COBALT CMBS Commercial Mortgage Trust, Series
2007-C3, Class C, 5.82%, 5/15/46 505,554
1,300,000(d) Commercial Mortgage Trust, Series 2014-FL5, Class D,
6.28% (1 Month USD LIBOR + 400 bps), 10/15/31 (144A) 1,266,209
400,000(c) Commercial Mortgage Trust, Series 2014-UBS4,
Class D, 4.687%, 8/10/47 (144A) 350,375
307,494 Global Mortgage Securitization, Ltd., Series 2004-A,
Class B1, 5.25%, 11/25/32 (144A) 223,529
2,513,900(c) GMAT Trust, Series 2013-1A, Class M, 5.0%,
11/25/43 (144A) 1,825,784
500,000(c) JPMBB Commercial Mortgage Securities Trust, Series
2013-C17, Class D, 4.887%, 1/15/47 (144A) 488,407
1,250,000(c) Morgan Stanley Bank of America Merrill Lynch Trust,
Series 2014-C17, Class D, 4.703%, 8/15/47 (144A) 1,124,272
200,000(c) WFRBS Commercial Mortgage Trust, Series 2011-C4,
Class E, 5.231%, 6/15/44 (144A) 191,783
---------------
$ 8,567,356
---------------
Total Banks $ 9,138,828
------------------------------------------------------------------------------------------------------
DIVERSIFIED FINANCIALS -- 0.1%
Diversified Capital Markets -- 0.1%
600,000(c) JP Morgan Chase Commercial Mortgage Securities Trust,
Series 2013-LC11, Class D, 4.163%, 4/15/46 $ 523,399
---------------
Total Diversified Financials $ 523,399
------------------------------------------------------------------------------------------------------
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS
(Cost $10,194,678) $ 9,662,227
------------------------------------------------------------------------------------------------------
CONVERTIBLE CORPORATE BONDS --
7.0% of Net Assets
CAPITAL GOODS -- 0.1%
Construction & Engineering -- 0.1%
1,040,000 Dycom Industries, Inc., 0.75%, 9/15/21 $ 1,047,610
---------------
Total Capital Goods $ 1,047,610
------------------------------------------------------------------------------------------------------
CONSUMER DURABLES & APPAREL -- 0.4%
Homebuilding -- 0.4%
3,530,000 KB Home, 1.375%, 2/1/19 $ 3,512,350
---------------
Total Consumer Durables & Apparel $ 3,512,350
------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer High Yield Fund | Annual Report | 10/31/18 21
Schedule of Investments | 10/31/18 (continued)
------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
------------------------------------------------------------------------------------------------------
ENERGY -- 1.1%
Oil & Gas Equipment & Services -- 0.3%
2,170,000 SEACOR Holdings, Inc., 3.0%, 11/15/28 $ 2,083,200
------------------------------------------------------------------------------------------------------
Oil & Gas Exploration & Production -- 0.8%
1,750,000 SM Energy Co., 1.5%, 7/1/21 $ 1,761,492
4,930,000 Whiting Petroleum Corp., 1.25%, 4/1/20 4,727,066
---------------
$ 6,488,558
---------------
Total Energy $ 8,571,758
------------------------------------------------------------------------------------------------------
HEALTH CARE EQUIPMENT & SERVICES -- 0.8%
Health Care Equipment -- 0.7%
5,312,000 Wright Medical Group, Inc., 1.625%, 6/15/23 (144A) $ 5,375,027
------------------------------------------------------------------------------------------------------
Health Care Supplies -- 0.1%
1,390,000 Endologix, Inc., 3.25%, 11/1/20 $ 1,011,432
---------------
Total Health Care Equipment & Services $ 6,386,459
------------------------------------------------------------------------------------------------------
MEDIA & ENTERTAINMENT -- 0.4%
Cable & Satellite -- 0.4%
3,351,000 DISH Network Corp., 2.375%, 3/15/24 $ 2,811,583
---------------
Total Media & Entertainment $ 2,811,583
------------------------------------------------------------------------------------------------------
PHARMACEUTICALS, BIOTECHNOLOGY &
LIFE SCIENCES -- 1.5%
Biotechnology -- 1.1%
2,982,000 Alder Biopharmaceuticals, Inc., 2.5%, 2/1/25 $ 2,728,530
3,350,000 Insmed, Inc., 1.75%, 1/15/25 2,520,577
2,455,000 Medicines Co., 2.5%, 1/15/22 2,369,394
955,000 Medicines Co., 2.75%, 7/15/23 805,558
---------------
$ 8,424,059
------------------------------------------------------------------------------------------------------
Pharmaceuticals -- 0.4%
3,505,000 Innoviva, Inc., 2.125%, 1/15/23 $ 3,419,635
---------------
Total Pharmaceuticals, Biotechnology & Life Sciences $ 11,843,694
------------------------------------------------------------------------------------------------------
RETAILING -- 0.2%
Internet & Direct Marketing Retail -- 0.2%
1,320,000 Ctrip.com International, Ltd., 1.25%, 9/15/22 $ 1,275,748
---------------
Total Retailing $ 1,275,748
------------------------------------------------------------------------------------------------------
SEMICONDUCTORS & SEMICONDUCTOR
EQUIPMENT -- 0.5%
Semiconductors -- 0.5%
1,675,000 Microchip Technology, Inc., 1.625%, 2/15/27 $ 1,585,453
1,372,000 ON Semiconductor Corp., 1.625%, 10/15/23 1,492,577
1,060,000 Synaptics, Inc., 0.5%, 6/15/22 943,400
---------------
Total Semiconductors & Semiconductor Equipment $ 4,021,430
------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
22 Pioneer High Yield Fund | Annual Report | 10/31/18
------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
------------------------------------------------------------------------------------------------------
SOFTWARE & SERVICES -- 0.9%
Application Software -- 0.3%
2,785,000 Synchronoss Technologies, Inc., 0.75%, 8/15/19 $ 2,657,422
------------------------------------------------------------------------------------------------------
Data Processing & Outsourced Services -- 0.2%
1,484,000 Cardtronics, Inc., 1.0%, 12/1/20 $ 1,381,975
------------------------------------------------------------------------------------------------------
Internet Services & Infrastructure -- 0.4%
3,475,000 Akamai Technologies, Inc., 0.125%, 5/1/25 (144A) $ 3,390,297
---------------
Total Software & Services $ 7,429,694
------------------------------------------------------------------------------------------------------
TECHNOLOGY HARDWARE & EQUIPMENT -- 0.9%
Communications Equipment -- 0.5%
925,000 Finisar Corp., 0.5%, 12/15/33 $ 920,535
2,770,000 Palo Alto Networks, Inc., 0.75%, 7/1/23 (144A) 2,690,980
---------------
$ 3,611,515
------------------------------------------------------------------------------------------------------
Technology Hardware, Storage & Peripherals -- 0.4%
2,172,000 Pure Storage, Inc., 0.125%, 4/15/23 (144A) $ 2,215,382
1,563,000 Western Digital Corp., 1.5%, 2/1/24 (144A) 1,317,454
---------------
$ 3,532,836
---------------
Total Technology Hardware & Equipment $ 7,144,351
------------------------------------------------------------------------------------------------------
TELECOMMUNICATION SERVICES -- 0.1%
Wireless Telecommunication Services -- 0.1%
628,000 Air Transport Services Group, Inc., 1.125%, 10/15/24 $ 571,561
---------------
Total Telecommunication Services $ 571,561
------------------------------------------------------------------------------------------------------
TRANSPORTATION -- 0.1%
Airport Services -- 0.1%
1,250,000 Macquarie Infrastructure Corp., 2.0%, 10/1/23 $ 1,112,549
---------------
Total Transportation $ 1,112,549
------------------------------------------------------------------------------------------------------
TOTAL CONVERTIBLE CORPORATE BONDS
(Cost $58,231,436) $ 55,728,787
------------------------------------------------------------------------------------------------------
CORPORATE BONDS -- 75.0% of Net Assets
AUTOMOBILES & COMPONENTS -- 0.5%
Auto Parts & Equipment -- 0.5%
4,275,000 American Axle & Manufacturing, Inc., 6.25%, 3/15/26 $ 4,039,875
---------------
Total Automobiles & Components $ 4,039,875
------------------------------------------------------------------------------------------------------
BANKS -- 1.9%
Diversified Banks -- 1.5%
600,000(b)(c) Bank of America Corp., 6.3% (3 Month USD LIBOR +
455 bps) $ 632,250
3,600,000(b)(c) Barclays Plc, 7.75% (5 Year USD Swap Rate + 484 bps) 3,591,720
1,135,000(b)(c) ING Groep NV, 6.5% (5 Year USD Swap Rate + 445 bps) 1,078,817
2,000,000(b)(c) Lloyds Banking Group Plc, 7.5% (5 Year USD Swap
Rate + 450 bps) 2,010,000
The accompanying notes are an integral part of these financial statements.
Pioneer High Yield Fund | Annual Report | 10/31/18 23
Schedule of Investments | 10/31/18 (continued)
------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
------------------------------------------------------------------------------------------------------
Diversified Banks -- (continued)
2,775,000(b)(c) Royal Bank of Scotland Group Plc, 8.0% (5 Year USD
Swap Rate + 572 bps) $ 2,863,453
650,000(b)(c) Royal Bank of Scotland Group Plc, 8.625% (5 Year USD
Swap Rate + 760 bps) 683,313
1,350,000(b)(c) Societe Generale SA, 7.375% (5 Year USD Swap Rate +
624 bps) (144A) 1,368,563
---------------
$ 12,228,116
------------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- 0.4%
3,038,000 Provident Funding Associates LP/PFG Finance Corp.,
6.375%, 6/15/25 (144A) $ 2,992,430
---------------
Total Banks $ 15,220,546
------------------------------------------------------------------------------------------------------
CAPITAL GOODS -- 4.1%
Aerospace & Defense -- 0.4%
2,430,000 Engility Corp., 8.875%, 9/1/24 $ 2,627,437
765,000 Kratos Defense & Security Solutions, Inc., 6.5%,
11/30/25 (144A) 790,245
---------------
$ 3,417,682
------------------------------------------------------------------------------------------------------
Agricultural & Farm Machinery -- 0.5%
3,852,000 Titan International, Inc., 6.5%, 11/30/23 $ 3,591,990
------------------------------------------------------------------------------------------------------
Building Products -- 0.8%
4,390,000 American Woodmark Corp., 4.875%, 3/15/26 (144A) $ 4,077,212
2,217,000 Builders FirstSource, Inc., 5.625%, 9/1/24 (144A) 2,067,353
---------------
$ 6,144,565
------------------------------------------------------------------------------------------------------
Electrical Components & Equipment -- 0.1%
985,000 Anixter, Inc., 6.0%, 12/1/25 (144A) $ 987,462
------------------------------------------------------------------------------------------------------
Industrial Conglomerates -- 0.1%
1,185,000 Park-Ohio Industries, Inc., 6.625%, 4/15/27 $ 1,176,113
------------------------------------------------------------------------------------------------------
Industrial Machinery -- 1.4%
4,485,000 Amsted Industries, Inc., 5.0%, 3/15/22 (144A) $ 4,400,906
2,600,000 Amsted Industries, Inc., 5.375%, 9/15/24 (144A) 2,509,000
4,130,000 EnPro Industries, Inc., 5.75%, 10/15/26 (144A) 4,079,614
---------------
$ 10,989,520
------------------------------------------------------------------------------------------------------
Trading Companies & Distributors -- 0.8%
1,877,000 H&E Equipment Services, Inc., 5.625%, 9/1/25 $ 1,787,843
700,000 United Rentals North America, Inc., 4.625%, 10/15/25 648,375
700,000 United Rentals North America, Inc., 4.875%, 1/15/28 630,665
2,020,000 United Rentals North America, Inc., 5.5%, 5/15/27 1,916,475
385,000 United Rentals North America, Inc., 5.875%, 9/15/26 377,300
1,000,000 United Rentals North America, Inc., 6.5%, 12/15/26 1,010,990
---------------
$ 6,371,648
---------------
Total Capital Goods $ 32,678,980
------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
24 Pioneer High Yield Fund | Annual Report | 10/31/18
------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
------------------------------------------------------------------------------------------------------
COMMERCIAL & PROFESSIONAL SERVICES -- 2.4%
Diversified Support Services -- 0.4%
1,940,000 Cloud Crane LLC, 10.125%, 8/1/24 (144A) $ 2,090,350
1,550,000 Garda World Security Corp., 8.75%, 5/15/25 (144A) 1,457,000
---------------
$ 3,547,350
------------------------------------------------------------------------------------------------------
Environmental & Facilities Services -- 1.5%
4,182,000 Covanta Holding Corp., 6.0%, 1/1/27 $ 4,035,630
3,687,000 GFL Environmental, Inc., 5.375%, 3/1/23 (144A) 3,382,822
3,668,000 Tervita Escrow Corp., 7.625%, 12/1/21 (144A) 3,723,020
1,150,000 Waste Pro USA, Inc., 5.5%, 2/15/26 (144A) 1,089,625
---------------
$ 12,231,097
------------------------------------------------------------------------------------------------------
Security & Alarm Services -- 0.5%
4,089,000 Brink's Co., 4.625%, 10/15/27 (144A) $ 3,761,880
---------------
Total Commercial & Professional Services $ 19,540,327
------------------------------------------------------------------------------------------------------
CONSUMER DURABLES & APPAREL -- 5.4%
Home Furnishings -- 0.2%
1,750,000 Tempur Sealy International, Inc., 5.5%, 6/15/26 $ 1,601,250
------------------------------------------------------------------------------------------------------
Homebuilding -- 5.2%
2,000,000 Beazer Homes USA, Inc., 5.875%, 10/15/27 $ 1,615,000
6,095,000 Beazer Homes USA, Inc., 6.75%, 3/15/25 5,348,362
8,375,000 KB Home, 7.0%, 12/15/21 8,689,062
4,150,000 Lennar Corp., 4.5%, 6/15/19 4,160,375
2,545,000 Lennar Corp., 4.75%, 11/15/22 2,520,059
1,540,000 Lennar Corp., 5.375%, 10/1/22 1,555,400
3,975,000 Lennar Corp., 6.25%, 12/15/21 4,104,188
1,450,000 Meritage Homes Corp., 6.0%, 6/1/25 1,410,125
3,660,000 Meritage Homes Corp., 7.0%, 4/1/22 3,768,702
3,059,000 PulteGroup, Inc., 5.0%, 1/15/27 2,829,575
4,090,000 Taylor Morrison Communities, Inc./Taylor Morrison
Holdings II, Inc., 5.875%, 4/15/23 (144A) 4,038,875
1,840,000 TRI Pointe Group, Inc., 5.25%, 6/1/27 1,570,900
---------------
$ 41,610,623
---------------
Total Consumer Durables & Apparel $ 43,211,873
------------------------------------------------------------------------------------------------------
CONSUMER SERVICES -- 3.6%
Casinos & Gaming -- 1.7%
1,676,000 Eldorado Resorts, Inc., 6.0%, 4/1/25 $ 1,655,050
1,159,000 Eldorado Resorts, Inc., 6.0%, 9/15/26 (144A) 1,135,125
1,997,000 Enterprise Development Authority, 12.0%, 7/15/24 (144A) 1,902,142
1,250,000 International Game Technology Plc, 6.25%, 1/15/27 (144A) 1,226,563
700,000 LHMC Finco S.a.r.l., 7.875%, 12/20/23 (144A) 704,550
1,450,000 Scientific Games International, Inc., 5.0%, 10/15/25 (144A) 1,348,500
The accompanying notes are an integral part of these financial statements.
Pioneer High Yield Fund | Annual Report | 10/31/18 25
Schedule of Investments | 10/31/18 (continued)
------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
------------------------------------------------------------------------------------------------------
Casinos & Gaming -- (continued)
5,598,000 Scientific Games International, Inc., 10.0%, 12/1/22 $ 5,849,910
---------------
$ 13,821,840
------------------------------------------------------------------------------------------------------
Hotels, Resorts & Cruise Lines -- 1.1%
1,710,000 Hilton Grand Vacations Borrower LLC/Hilton Grand
Vacations Borrower, Inc., 6.125%, 12/1/24 $ 1,727,100
575,000 Silversea Cruise Finance, Ltd., 7.25%, 2/1/25 (144A) 619,568
4,640,000 Viking Cruises, Ltd., 5.875%, 9/15/27 (144A) 4,396,400
1,680,000 Viking Cruises, Ltd., 6.25%, 5/15/25 (144A) 1,683,696
---------------
$ 8,426,764
------------------------------------------------------------------------------------------------------
Restaurants -- 0.3%
2,735,000 Golden Nugget, Inc., 8.75%, 10/1/25 (144A) $ 2,810,213
------------------------------------------------------------------------------------------------------
Specialized Consumer Services -- 0.5%
1,814,000 Ashtead Capital, Inc., 4.125%, 8/15/25 (144A) $ 1,682,485
2,125,000 Carriage Services, Inc., 6.625%, 6/1/26 (144A) 2,130,312
---------------
$ 3,812,797
---------------
Total Consumer Services $ 28,871,614
------------------------------------------------------------------------------------------------------
DIVERSIFIED FINANCIALS -- 3.6%
Commercial Finance -- 0.7%
5,825,000 Fly Leasing, Ltd., 6.375%, 10/15/21 $ 5,948,781
------------------------------------------------------------------------------------------------------
Diversified Capital Markets -- 1.5%
2,550,000 Avation Capital SA, 6.5%, 5/15/21 (144A) $ 2,556,375
1,097,000(b)(c) Credit Suisse Group AG, 7.125% (5 Year USD Swap
Rate + 511 bps) 1,113,455
3,300,000 Freedom Mortgage Corp., 8.125%, 11/15/24 (144A) 3,052,500
4,135,000 Freedom Mortgage Corp., 8.25%, 4/15/25 (144A) 3,824,875
1,141,000(b)(c) UBS Group AG, 7.125% (5 Year USD Swap Rate + 588 bps) 1,179,509
---------------
$ 11,726,714
------------------------------------------------------------------------------------------------------
Diversified Finance -- 0.2%
1,740,000 MSCI, Inc., 4.75%, 8/1/26 (144A) $ 1,679,100
------------------------------------------------------------------------------------------------------
Specialized Finance -- 1.2%
2,250,000 BlueLine Rental Finance Corp./BlueLine Rental LLC, 9.25%,
3/15/24 (144A) $ 2,348,438
7,220,000 Nationstar Mortgage LLC/Nationstar Capital Corp.,
6.5%, 7/1/21 7,216,173
---------------
$ 9,564,611
---------------
Total Diversified Financials $ 28,919,206
------------------------------------------------------------------------------------------------------
ENERGY -- 15.7%
Integrated Oil & Gas -- 1.1%
1,427,000 Comstock Escrow Corp., 9.75%, 8/15/26 (144A) $ 1,377,055
3,246,000 Indigo Natural Resources LLC, 6.875%, 2/15/26 (144A) 3,067,470
The accompanying notes are an integral part of these financial statements.
26 Pioneer High Yield Fund | Annual Report | 10/31/18
------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
------------------------------------------------------------------------------------------------------
Integrated Oil & Gas -- (continued)
4,054,000 Neptune Energy Bondco Plc, 6.625%, 5/15/25 (144A) $ 3,952,650
---------------
$ 8,397,175
------------------------------------------------------------------------------------------------------
Oil & Gas Drilling -- 1.4%
1,820,000 Precision Drilling Corp., 7.125%, 1/15/26 (144A) $ 1,806,350
4,172,000 Shelf Drilling Holdings, Ltd., 8.25%, 2/15/25 (144A) 4,182,430
3,450,000 Transocean, Inc., 7.25%, 11/1/25 (144A) 3,355,125
1,796,000 Trinidad Drilling, Ltd., 6.625%, 2/15/25 (144A) 1,796,000
---------------
$ 11,139,905
------------------------------------------------------------------------------------------------------
Oil & Gas Equipment & Services -- 1.3%
1,955,000 Archrock Partners LP/Archrock Partners Finance Corp.,
6.0%, 4/1/21 $ 1,935,450
2,635,000 Archrock Partners LP/Archrock Partners Finance Corp.,
6.0%, 10/1/22 2,608,650
874,000 Calfrac Holdings LP, 8.5%, 6/15/26 (144A) 786,600
1,235,000 Exterran Energy Solutions LP/EES Finance Corp.,
8.125%, 5/1/25 1,244,262
1,961,000 FTS International, Inc., 6.25%, 5/1/22 1,870,304
795,000 SESI LLC, 7.75%, 9/15/24 781,088
1,270,000 Weatherford International LLC, 9.875%, 3/1/25 (144A) 1,000,125
---------------
$ 10,226,479
------------------------------------------------------------------------------------------------------
Oil & Gas Exploration & Production -- 5.5%
2,053,000 Antero Resources Corp., 5.0%, 3/1/25 $ 1,993,976
1,965,000 Chaparral Energy, Inc., 8.75%, 7/15/23 (144A) 1,884,631
1,035,000 Chesapeake Energy Corp., 8.0%, 12/15/22 (144A) 1,081,057
1,802,000 Covey Park Energy LLC/Covey Park Finance Corp., 7.5%,
5/15/25 (144A) 1,770,465
1,050,000 Extraction Oil & Gas, Inc., 7.375%, 5/15/24 (144A) 984,375
4,415,000 Great Western Petroleum LLC/Great Western Finance
Corp., 9.0%, 9/30/21 (144A) 4,194,250
2,060,000 Gulfport Energy Corp., 6.0%, 10/15/24 1,926,100
2,120,000 Halcon Resources Corp., 6.75%, 2/15/25 1,929,200
1,559,000 Jagged Peak Energy LLC, 5.875%, 5/1/26 (144A) 1,520,025
1,025,000 MEG Energy Corp., 6.5%, 1/15/25 (144A) 1,060,875
2,234,000 MEG Energy Corp., 7.0%, 3/31/24 (144A) 2,194,905
705,000 Newfield Exploration Co., 5.625%, 7/1/24 726,150
3,141,000 Oasis Petroleum, Inc., 6.875%, 3/15/22 3,160,631
540,000 Parsley Energy LLC/Parsley Finance Corp., 5.25%,
8/15/25 (144A) 521,775
1,900,000 Parsley Energy LLC/Parsley Finance Corp., 5.625%,
10/15/27 (144A) 1,872,963
2,888,000 Parsley Energy LLC/Parsley Finance Corp., 6.25%,
6/1/24 (144A) 2,967,420
The accompanying notes are an integral part of these financial statements.
Pioneer High Yield Fund | Annual Report | 10/31/18 27
Schedule of Investments | 10/31/18 (continued)
------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
------------------------------------------------------------------------------------------------------
Oil & Gas Exploration & Production -- (continued)
1,970,000 QEP Resources, Inc., 5.625%, 3/1/26 $ 1,854,262
2,787,000 Resolute Energy Corp., 8.5%, 5/1/20 2,780,032
1,878,000 Sanchez Energy Corp., 6.125%, 1/15/23 694,860
970,000 Sanchez Energy Corp., 7.25%, 2/15/23 (144A) 888,763
2,375,000 Sanchez Energy Corp., 7.75%, 6/15/21 1,187,500
265,000 SM Energy Co., 6.125%, 11/15/22 268,313
2,020,000 SM Energy Co., 6.75%, 9/15/26 2,025,050
1,260,000 SRC Energy, Inc., 6.25%, 12/1/25 1,173,375
750,000 Whiting Petroleum Corp., 6.625%, 1/15/26 749,063
1,900,000 WPX Energy, Inc., 5.25%, 9/15/24 1,876,250
670,000 WPX Energy, Inc., 8.25%, 8/1/23 752,913
---------------
$ 44,039,179
------------------------------------------------------------------------------------------------------
Oil & Gas Refining & Marketing -- 1.9%
6,525,000 Calumet Specialty Products Partners LP/Calumet Finance
Corp., 6.5%, 4/15/21 $ 6,264,000
685,000 EnLink Midstream Partners LP, 5.05%, 4/1/45 541,962
1,973,000 EnLink Midstream Partners LP, 5.6%, 4/1/44 1,678,589
4,695,000 Marathon Petroleum Corp., 5.375%, 10/1/22 (144A) 4,774,920
1,965,000 PBF Holding Co., LLC/PBF Finance Corp., 7.0%, 11/15/23 2,031,613
---------------
$ 15,291,084
------------------------------------------------------------------------------------------------------
Oil & Gas Storage & Transportation -- 4.5%
3,150,000 Blue Racer Midstream LLC/Blue Racer Finance Corp.,
6.125%, 11/15/22 (144A) $ 3,213,000
5,833,000 Cheniere Corpus Christi Holdings LLC, 5.125%, 6/30/27 5,716,340
2,800,000 Delek Logistics Partners LP, 6.75%, 5/15/25 2,772,000
1,050,000 Energy Transfer Equity LP, 4.25%, 3/15/23 1,039,500
1,414,000 Energy Transfer Equity LP, 5.875%, 1/15/24 1,486,467
2,760,000 Genesis Energy LP/Genesis Energy Finance Corp.,
6.25%, 5/15/26 2,490,900
2,190,000 Genesis Energy LP/Genesis Energy Finance Corp.,
6.5%, 10/1/25 2,020,275
3,375,000 Global Partners LP/GLP Finance Corp., 7.0%, 6/15/23 3,362,344
2,990,000 Hess Infrastructure Partners LP/Hess Infrastructure Partners
Finance Corp., 5.625%, 2/15/26 (144A) 2,997,475
1,532,000 NGPL PipeCo LLC, 4.375%, 8/15/22 (144A) 1,512,850
2,200,000 PBF Logistics LP/PBF Logistics Finance Corp.,
6.875%, 5/15/23 2,238,500
625,000 Sunoco LP/Sunoco Finance Corp., 5.875%, 3/15/28 (144A) 582,812
490,000 Targa Resources Partners LP/Targa Resources Partners
Finance Corp., 4.125%, 11/15/19 490,000
2,695,000 Targa Resources Partners LP/Targa Resources Partners
Finance Corp., 4.25%, 11/15/23 2,584,640
The accompanying notes are an integral part of these financial statements.
28 Pioneer High Yield Fund | Annual Report | 10/31/18
------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
------------------------------------------------------------------------------------------------------
Oil & Gas Storage & Transportation -- (continued)
170,000 Targa Resources Partners LP/Targa Resources Partners
Finance Corp., 5.0%, 1/15/28 $ 161,075
2,491,000 Targa Resources Partners LP/Targa Resources Partners
Finance Corp., 5.25%, 5/1/23 2,484,773
1,204,000 Williams Cos., Inc., 5.75%, 6/24/44 1,208,269
---------------
$ 36,361,220
---------------
Total Energy $ 125,455,042
------------------------------------------------------------------------------------------------------
FOOD & STAPLES RETAILING -- 0.5%
Food Retail -- 0.5%
2,241,000 C&S Group Enterprises LLC, 5.375%, 7/15/22 (144A) $ 2,162,565
1,752,000 Ingles Markets, Inc., 5.75%, 6/15/23 1,743,240
---------------
Total Food & Staples Retailing $ 3,905,805
------------------------------------------------------------------------------------------------------
FOOD, BEVERAGE & TOBACCO -- 0.9%
Packaged Foods & Meats -- 0.8%
2,500,000 JBS USA LUX SA/JBS USA Finance, Inc., 6.75%,
2/15/28 (144A) $ 2,409,375
1,503,000 Pilgrim's Pride Corp., 5.875%, 9/30/27 (144A) 1,360,215
2,306,000 Post Holdings, Inc., 5.625%, 1/15/28 (144A) 2,168,332
---------------
$ 5,937,922
------------------------------------------------------------------------------------------------------
Tobacco -- 0.1%
875,000 Alliance One International, Inc., 8.5%, 4/15/21 (144A) $ 899,062
---------------
Total Food, Beverage & Tobacco $ 6,836,984
------------------------------------------------------------------------------------------------------
HEALTH CARE EQUIPMENT & SERVICES -- 3.7%
Health Care Facilities -- 1.3%
800,000 CHS/Community Health Systems, Inc., 6.25%, 3/31/23 $ 735,760
6,684,000 HCA, Inc., 5.375%, 2/1/25 6,725,775
3,069,000 RegionalCare Hospital Partners Holdings, Inc., 8.25%,
5/1/23 (144A) 3,241,631
---------------
$ 10,703,166
------------------------------------------------------------------------------------------------------
Health Care Services -- 0.6%
2,350,000 BioScrip, Inc., 8.875%, 2/15/21 $ 2,214,875
2,365,000 Team Health Holdings, Inc., 6.375%, 2/1/25 (144A) 2,039,812
358,000 Universal Hospital Services, Inc., 7.625%, 8/15/20 358,448
---------------
$ 4,613,135
------------------------------------------------------------------------------------------------------
Health Care Technology -- 0.2%
1,300,000 IQVIA, Inc., 5.0%, 10/15/26 (144A) $ 1,252,875
------------------------------------------------------------------------------------------------------
Managed Health Care -- 1.6%
1,220,000 Centene Corp., 4.75%, 1/15/25 $ 1,205,006
2,291,000 Centene Corp., 5.375%, 6/1/26 (144A) 2,325,365
1,953,000 Centene Corp., 5.625%, 2/15/21 1,982,295
The accompanying notes are an integral part of these financial statements.
Pioneer High Yield Fund | Annual Report | 10/31/18 29
Schedule of Investments | 10/31/18 (continued)
------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
------------------------------------------------------------------------------------------------------
Managed Health Care -- (continued)
3,465,000 Molina Healthcare, Inc., 5.375%, 11/15/22 $ 3,465,000
4,075,000 WellCare Health Plans, Inc., 5.25%, 4/1/25 4,064,813
---------------
$ 13,042,479
---------------
Total Health Care Equipment & Services $ 29,611,655
------------------------------------------------------------------------------------------------------
INSURANCE -- 0.1%
Property & Casualty Insurance -- 0.1%
470,000 Wand Merger Corp., 8.125%, 7/15/23 (144A) $ 478,225
---------------
Total Insurance $ 478,225
------------------------------------------------------------------------------------------------------
MATERIALS -- 8.5%
Aluminum -- 0.4%
3,235,000 Novelis Corp., 5.875%, 9/30/26 (144A) $ 3,048,988
------------------------------------------------------------------------------------------------------
Commodity Chemicals -- 1.5%
2,830,000 CF Industries, Inc., 3.45%, 6/1/23 $ 2,682,274
958,000 Hexion, Inc., 6.625%, 4/15/20 847,830
4,300,000 NOVA Chemicals Corp., 4.875%, 6/1/24 (144A) 3,950,625
859,000 NOVA Chemicals Corp., 5.0%, 5/1/25 (144A) 785,985
3,765,000 Olin Corp., 5.0%, 2/1/30 3,380,330
---------------
$ 11,647,044
------------------------------------------------------------------------------------------------------
Copper -- 0.2%
2,000,000 First Quantum Minerals, Ltd., 6.875%, 3/1/26 (144A) $ 1,730,000
------------------------------------------------------------------------------------------------------
Diversified Chemicals -- 0.7%
4,603,000 Chemours Co., 7.0%, 5/15/25 $ 4,741,090
1,000,000 Nufarm Australia, Ltd./Nufarm Americas, Inc., 5.75%,
4/30/26 (144A) 933,750
---------------
$ 5,674,840
------------------------------------------------------------------------------------------------------
Diversified Metals & Mining -- 0.5%
2,096,000 Hudbay Minerals, Inc., 7.25%, 1/15/23 (144A) $ 2,085,520
1,530,000 Hudbay Minerals, Inc., 7.625%, 1/15/25 (144A) 1,537,650
---------------
$ 3,623,170
------------------------------------------------------------------------------------------------------
Fertilizers & Agricultural Chemicals -- 0.4%
3,000,000 OCI NV, 6.625%, 4/15/23 (144A) $ 3,075,000
------------------------------------------------------------------------------------------------------
Metal & Glass Containers -- 1.8%
EUR 950,000(e) ARD Finance SA, 6.625% (7.375% PIK 0.0% cash), 9/15/23 $ 1,067,353
950,000(e) ARD Finance SA, 7.125% (7.875% PIK 0.0% cash), 9/15/23 920,906
2,160,000 Ardagh Packaging Finance Plc/Ardagh Holdings USA, Inc.,
6.0%, 2/15/25 (144A) 2,025,000
1,985,000 Ball Corp., 5.25%, 7/1/25 2,004,850
4,453,000 Crown Cork & Seal Co., Inc., 7.375%, 12/15/26 4,764,710
1,060,000 Plastipak Holdings, Inc., 6.25%, 10/15/25 (144A) 969,900
The accompanying notes are an integral part of these financial statements.
30 Pioneer High Yield Fund | Annual Report | 10/31/18
------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
------------------------------------------------------------------------------------------------------
Metal & Glass Containers -- (continued)
2,790,000 Reynolds Group Issuer, Inc./Reynolds Group Issuer LLC/
Reynolds Group Issuer Lu, 7.0%, 7/15/24 (144A) $ 2,791,744
---------------
$ 14,544,463
------------------------------------------------------------------------------------------------------
Paper Products -- 0.4%
3,343,000 Schweitzer-Mauduit International, Inc., 6.875%,
10/1/26 (144A) $ 3,384,788
------------------------------------------------------------------------------------------------------
Silver -- 0.3%
2,550,000 Coeur Mining, Inc., 5.875%, 6/1/24 $ 2,422,500
------------------------------------------------------------------------------------------------------
Specialty Chemicals -- 0.9%
1,200,000 GCP Applied Technologies, Inc., 5.5%, 4/15/26 (144A) $ 1,161,000
2,122,000 Ingevity Corp., 4.5%, 2/1/26 (144A) 1,978,765
4,330,000 Kraton Polymers LLC/Kraton Polymers Capital Corp., 7.0%,
4/15/25 (144A) 4,059,375
---------------
$ 7,199,140
------------------------------------------------------------------------------------------------------
Steel -- 1.4%
1,438,000 Commercial Metals Co., 4.875%, 5/15/23 $ 1,402,050
1,230,000 Commercial Metals Co., 5.375%, 7/15/27 1,139,287
4,050,000 Commercial Metals Co., 5.75%, 4/15/26 (144A) 3,888,000
1,060,000 SunCoke Energy Partners LP/SunCoke Energy Partners
Finance Corp., 7.5%, 6/15/25 (144A) 1,078,550
4,294,000 United States Steel Corp., 6.25%, 3/15/26 4,047,095
---------------
$ 11,554,982
---------------
Total Materials $ 67,904,915
------------------------------------------------------------------------------------------------------
MEDIA & ENTERTAINMENT -- 5.5%
Advertising -- 0.5%
4,716,000 MDC Partners, Inc., 6.5%, 5/1/24 (144A) $ 3,867,120
------------------------------------------------------------------------------------------------------
Broadcasting -- 0.6%
2,650,000 Gray Television, Inc., 5.875%, 7/15/26 (144A) $ 2,543,178
2,573,000 Sinclair Television Group, Inc., 5.875%, 3/15/26 (144A) 2,450,783
---------------
$ 4,993,961
------------------------------------------------------------------------------------------------------
Cable & Satellite -- 3.6%
1,840,000 Altice Financing SA, 6.625%, 2/15/23 (144A) $ 1,821,232
1,645,000 Altice France SA, 8.125%, 2/1/27 (144A) 1,628,550
1,375,000 Altice US Finance I Corp., 5.375%, 7/15/23 (144A) 1,374,739
1,055,000 Altice US Finance I Corp., 5.5%, 5/15/26 (144A) 1,027,633
2,290,000 CCO Holdings LLC/CCO Holdings Capital Corp., 5.0%,
2/1/28 (144A) 2,133,994
6,925,000 CCO Holdings LLC/CCO Holdings Capital Corp., 5.75%,
2/15/26 (144A) 6,855,750
2,000,000 CSC Holdings LLC, 5.375%, 2/1/28 (144A) 1,885,000
2,005,000 CSC Holdings LLC, 5.5%, 4/15/27 (144A) 1,924,800
The accompanying notes are an integral part of these financial statements.
Pioneer High Yield Fund | Annual Report | 10/31/18 31
Schedule of Investments | 10/31/18 (continued)
------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
------------------------------------------------------------------------------------------------------
Cable & Satellite -- (continued)
1,670,000 CSC Holdings LLC, 6.625%, 10/15/25 (144A) $ 1,749,325
917,000 DISH DBS Corp., 5.875%, 7/15/22 866,565
1,787,000 Sirius XM Radio, Inc., 5.375%, 7/15/26 (144A) 1,746,792
5,676,000 Videotron, Ltd., 5.375%, 6/15/24 (144A) 5,668,905
---------------
$ 28,683,285
------------------------------------------------------------------------------------------------------
Movies & Entertainment -- 0.8%
4,725,000 Netflix, Inc., 4.375%, 11/15/26 $ 4,341,094
1,850,000 VOC Escrow, Ltd., 5.0%, 2/15/28 (144A) 1,739,000
---------------
$ 6,080,094
---------------
Total Media & Entertainment $ 43,624,460
------------------------------------------------------------------------------------------------------
PHARMACEUTICALS, BIOTECHNOLOGY &
LIFE SCIENCES -- 3.6%
Pharmaceuticals -- 3.6%
2,601,000 Endo Finance LLC, 5.75%, 1/15/22 (144A) $ 2,353,905
1,880,000 Endo Dac/Endo Finance LLC/Endo Finco, Inc., 6.0%,
2/1/25 (144A) 1,574,500
3,705,000 Horizon Pharma, Inc., 6.625%, 5/1/23 3,732,787
370,000 Horizon Pharma, Inc./Horizon Pharma USA, Inc., 8.75%,
11/1/24 (144A) 387,575
2,470,000 Valeant Pharmaceuticals International, Inc., 5.5%,
11/1/25 (144A) 2,420,600
16,483,000 Valeant Pharmaceuticals International, Inc., 5.875%,
5/15/23 (144A) 15,720,661
935,000 Valeant Pharmaceuticals International, Inc., 6.5%,
3/15/22 (144A) 967,725
1,250,000 Valeant Pharmaceuticals International, Inc., 7.0%,
3/15/24 (144A) 1,308,988
200,000 Valeant Pharmaceuticals International, Inc., 8.5%,
1/31/27 (144A) 203,500
---------------
Total Pharmaceuticals, Biotechnology & Life Sciences $ 28,670,241
------------------------------------------------------------------------------------------------------
REAL ESTATE -- 1.2%
Diversified REIT -- 0.1%
1,225,000 MPT Operating Partnership LP/MPT Finance Corp.,
5.0%, 10/15/27 $ 1,151,133
------------------------------------------------------------------------------------------------------
Residential REIT -- 0.2%
1,480,000 Kennedy-Wilson, Inc., 5.875%, 4/1/24 $ 1,420,800
------------------------------------------------------------------------------------------------------
Specialized REIT -- 0.9%
6,000,000 Iron Mountain, Inc., 4.875%, 9/15/27 (144A) $ 5,340,000
2,075,000 Uniti Group LP/Uniti Group Finance, Inc./CSL Capital LLC,
6.0%, 4/15/23 (144A) 1,992,000
---------------
$ 7,332,000
---------------
Total Real Estate $ 9,903,933
------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
32 Pioneer High Yield Fund | Annual Report | 10/31/18
------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
------------------------------------------------------------------------------------------------------
RETAILING -- 0.3%
Department Stores -- 0.1%
900,000 JC Penney Corp., Inc., 5.875%, 7/1/23 (144A) $ 778,500
------------------------------------------------------------------------------------------------------
Specialty Stores -- 0.2%
2,134,000 PetSmart, Inc., 5.875%, 6/1/25 (144A) $ 1,664,520
---------------
Total Retailing $ 2,443,020
------------------------------------------------------------------------------------------------------
SOFTWARE & SERVICES -- 2.6%
Application Software -- 0.3%
2,245,000 Open Text Corp., 5.875%, 6/1/26 (144A) $ 2,256,225
------------------------------------------------------------------------------------------------------
Data Processing & Outsourced Services -- 1.6%
2,848,000 Alliance Data Systems Corp., 5.875%, 11/1/21 (144A) $ 2,897,270
2,125,000 Cardtronics, Inc./Cardtronics USA, Inc., 5.5%, 5/1/25 (144A) 1,976,250
2,750,000 First Data Corp., 5.0%, 1/15/24 (144A) 2,715,625
3,350,000 First Data Corp., 5.75%, 1/15/24 (144A) 3,370,938
1,830,000 First Data Corp., 7.0%, 12/1/23 (144A) 1,897,710
---------------
$ 12,857,793
------------------------------------------------------------------------------------------------------
IT Consulting & Other Services -- 0.7%
2,501,000 Rackspace Hosting, Inc., 8.625%, 11/15/24 (144A) $ 2,350,940
3,249,000 Verscend Escrow Corp., 9.75%, 8/15/26 (144A) 3,257,122
---------------
$ 5,608,062
---------------
Total Software & Services $ 20,722,080
------------------------------------------------------------------------------------------------------
TECHNOLOGY HARDWARE & EQUIPMENT -- 0.6%
Communications Equipment -- 0.2%
1,510,000 CommScope Technologies LLC, 5.0%, 3/15/27 (144A) $ 1,347,932
------------------------------------------------------------------------------------------------------
Electronic Components -- 0.2%
EUR 1,530,000 Belden, Inc., 3.875%, 3/15/28 (144A) $ 1,672,260
------------------------------------------------------------------------------------------------------
Electronic Equipment & Instruments -- 0.2%
1,995,000 Itron, Inc., 5.0%, 1/15/26 (144A) $ 1,857,844
---------------
Total Technology Hardware & Equipment $ 4,878,036
------------------------------------------------------------------------------------------------------
TELECOMMUNICATION SERVICES -- 6.3%
Integrated Telecommunication Services -- 2.6%
1,996,000 CenturyLink, Inc., 5.8%, 3/15/22 $ 1,988,615
2,575,000 CenturyLink, Inc., 6.45%, 6/15/21 2,632,937
1,750,000 CyrusOne LP/CyrusOne Finance Corp., 5.0%, 3/15/24 1,750,000
2,000,000 Frontier Communications Corp., 8.5%, 4/1/26 (144A) 1,857,500
2,500,000 Frontier Communications Corp., 8.75%, 4/15/22 1,943,750
3,600,000 Frontier Communications Corp., 11.0%, 9/15/25 2,637,000
475,000 Level 3 Financing, Inc., 5.375%, 5/1/25 463,719
2,975,000 Windstream Services LLC/Windstream Finance Corp.,
6.375%, 8/1/23 1,428,000
The accompanying notes are an integral part of these financial statements.
Pioneer High Yield Fund | Annual Report | 10/31/18 33
Schedule of Investments | 10/31/18 (continued)
------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
------------------------------------------------------------------------------------------------------
Integrated Telecommunication Services -- (continued)
2,550,000 Windstream Services LLC/Windstream Finance Corp.,
8.625%, 10/31/25 (144A) $ 2,384,250
3,519,000 Windstream Services LLC/Windstream Finance Corp.,
8.75%, 12/15/24 (144A) 1,706,715
1,825,000 Windstream Services LLC/Windstream Finance Corp., 10.5%,
6/30/24 (144A) 1,478,250
---------------
$ 20,270,736
------------------------------------------------------------------------------------------------------
Wireless Telecommunication Services -- 3.7%
18,573,000 Sprint Corp., 7.25%, 9/15/21 $ 19,408,785
2,050,000 T-Mobile USA, Inc., 4.75%, 2/1/28 1,896,250
3,445,000 T-Mobile USA, Inc., 5.125%, 4/15/25 3,393,325
700,000 T-Mobile USA, Inc., 6.0%, 4/15/24 717,500
860,000 T-Mobile USA, Inc., 6.5%, 1/15/26 905,150
3,350,000 WCP Issuer LLC, 6.657%, 8/15/20 (144A) 3,466,120
---------------
$ 29,787,130
---------------
Total Telecommunication Services $ 50,057,866
------------------------------------------------------------------------------------------------------
TRANSPORTATION -- 0.7%
Airlines -- 0.3%
1,920,000 Air Canada 2015-1 Class C Pass Through Trust, 5.0%,
3/15/20 (144A) $ 1,929,600
1,060,000 DAE Funding LLC, 4.5%, 8/1/22 (144A) 1,033,500
---------------
$ 2,963,100
------------------------------------------------------------------------------------------------------
Trucking -- 0.4%
3,500,000 syncreon Group BV/syncreon Global Finance US, Inc.,
8.625%, 11/1/21 (144A) $ 3,045,000
---------------
Total Transportation $ 6,008,100
------------------------------------------------------------------------------------------------------
UTILITIES -- 3.3%
Electric Utilities -- 1.0%
2,546,000 Clearway Energy Operating LLC, 5.75%, 10/15/25 (144A) $ 2,507,810
3,605,000 Talen Energy Supply LLC, 4.6%, 12/15/21 3,379,687
1,850,000 Vistra Operations Co., LLC, 5.5%, 9/1/26 (144A) 1,822,250
---------------
$ 7,709,747
------------------------------------------------------------------------------------------------------
Gas Utilities -- 0.2%
1,550,000 Ferrellgas LP/Ferrellgas Finance Corp., 6.75%, 6/15/23 $ 1,336,875
------------------------------------------------------------------------------------------------------
Independent Power Producers & Energy Traders -- 1.5%
6,267,000 Calpine Corp., 5.75%, 1/15/25 $ 5,599,878
1,669,000 NRG Energy, Inc., 6.25%, 5/1/24 1,703,849
1,224,000 NRG Energy, Inc., 6.625%, 1/15/27 1,266,840
710,000 NRG Energy, Inc., 7.25%, 5/15/26 754,375
333,900 NSG Holdings LLC/NSG Holdings, Inc., 7.75%,
12/15/25 (144A) 360,612
The accompanying notes are an integral part of these financial statements.
34 Pioneer High Yield Fund | Annual Report | 10/31/18
------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
------------------------------------------------------------------------------------------------------
Independent Power Producers &
Energy Traders -- (continued)
2,950,000 TerraForm Power Operating LLC, 4.25%, 1/31/23 (144A) $ 2,795,125
---------------
$ 12,480,679
------------------------------------------------------------------------------------------------------
Pipeline -- 0.6%
1,065,000 DCP Midstream Operating LP, 2.7%, 4/1/19 $ 1,057,013
913,000 DCP Midstream Operating LP, 3.875%, 3/15/23 876,480
3,400,000 DCP Midstream Operating LP, 5.6%, 4/1/44 3,077,000
---------------
$ 5,010,493
---------------
Total Utilities $ 26,537,794
------------------------------------------------------------------------------------------------------
TOTAL CORPORATE BONDS
(Cost $616,827,063) $ 599,520,577
------------------------------------------------------------------------------------------------------
INSURANCE-LINKED SECURITIES --
3.8% of Net Assets(1)
CATASTROPHE LINKED BONDS -- 1.2%
Earthquake - California -- 0.2%
800,000(d) Ursa Re, 6.0% (ZERO + 600 bps), 5/27/20 (144A) $ 805,280
500,000(d) Ursa Re, 6.33% (3 Month U.S. Treasury Bill + 400 bps),
12/10/19 (144A) 500,500
---------------
$ 1,305,780
------------------------------------------------------------------------------------------------------
Earthquake - Mexico -- 0.0%+
350,000(d) International Bank for Reconstruction & Development,
10.364% (3 Month USD LIBOR + 825 bps), 2/14/20 (144A) $ 349,188
------------------------------------------------------------------------------------------------------
Earthquake - Peru -- 0.0%+
350,000(d) International Bank for Reconstruction & Development, 8.114%
(3 Month USD LIBOR + 600 bps), 2/15/21 (144A) $ 353,325
------------------------------------------------------------------------------------------------------
Multiperil - U.S. -- 0.6%
750,000(d) Caelus Re V, 2.83% (1 Month U.S. Treasury Bill + 50 bps),
6/5/20 (144A) $ 75
450,000(d) Caelus Re V, 9.83% (3 Month U.S. Treasury Bill + 750 bps),
6/7/21 (144A) 451,755
1,000,000(d) Kilimanjaro Re, 9.08% (3 Month U.S. Treasury Bill + 675 bps),
12/6/19 (144A) 1,010,600
1,250,000(d) Kilimanjaro Re, 11.58% (3 Month U.S. Treasury Bill +
925 bps), 12/6/19 (144A) 1,275,125
1,000,000(d) Kilimanjaro II Re, 11.791% (6 Month USD LIBOR +
949 bps), 4/20/21 (144A) 1,006,500
1,000,000(d) Residential Reinsurance 2016, 7.525%, (3 Month U.S.
Treasury Bill + 520 bps), 12/6/20 (144A) 1,007,700
---------------
$ 4,751,755
------------------------------------------------------------------------------------------------------
Multiperil - Worldwide -- 0.3%
600,000(d) Galilei Re, 7.63% (6 Month USD LIBOR + 545 bps),
1/8/20 (144A) $ 601,980
The accompanying notes are an integral part of these financial statements.
Pioneer High Yield Fund | Annual Report | 10/31/18 35
Schedule of Investments | 10/31/18 (continued)
------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
------------------------------------------------------------------------------------------------------
Multiperil - Worldwide -- (continued)
600,000(d) Galilei Re, 8.71% (6 Month USD LIBOR + 653 bps),
1/8/20 (144A) $ 599,880
600,000(d) Galilei Re, 8.73% (6 Month USD LIBOR + 653 bps),
1/8/21 (144A) 601,020
250,000(d) Galilei Re, 10.59% (6 Month USD LIBOR + 841 bps),
1/8/20 (144A) 251,525
250,000(d) Galilei Re, 10.61% (6 Month USD LIBOR + 841 bps),
1/8/21 (144A) 253,625
---------------
$ 2,308,030
------------------------------------------------------------------------------------------------------
Pandemic - Worldwide -- 0.1%
400,000(d) International Bank for Reconstruction & Development,
14.135% (6 Month USD LIBOR + 1,150 bps),
7/15/20 (144A) $ 376,880
---------------
Total Catastrophe Linked Bonds $ 9,444,958
------------------------------------------------------------------------------------------------------
COLLATERALIZED REINSURANCE -- 0.9%
Earthquake - California -- 0.1%
750,000+(f) Resilience Re, Variable Rate Notes, 1/8/19 (144A) $ 750,000
------------------------------------------------------------------------------------------------------
Multiperil - U.S. -- 0.0%+
500,000+(f) Kingsbarns Re 2017, Variable Rate Notes, 5/15/19 $ 76,600
------------------------------------------------------------------------------------------------------
Multiperil - Worldwide -- 0.7%
460,649+(f) Clarendon Re 2018, Variable Rate Notes, 1/15/19 $ 400,534
1,000,000+(f) Cypress Re 2017, Variable Rate Notes, 1/10/19 457,600
360,822+(f) Dartmouth Re 2018, Variable Rate Notes, 1/15/19 293,132
584,814+(f) Gloucester Re 2018, Variable Rate Notes, 1/15/19 433,289
490,254+(f) Kilarney Re 2018, Variable Rate Notes, 4/15/19 466,477
500,000+(f) Limestone Re 2016-1, Variable Rate Notes, 8/31/21 496,050
500,000+(f) Limestone Re 2016-1, Variable Rate Notes, 8/31/21 496,050
400,000+(f) Merion Re 2018-1, Variable Rate Notes, 12/31/21 391,912
400,000+(f) Old Head Re 2018, Variable Rate Notes, 12/31/21 396,515
333,342+(f) Oyster Bay Re 2018, Variable Rate Notes, 1/15/19 293,274
350,000+(f) Resilience Re, Variable Rate Notes, 4/8/19 348,565
800,000+(f) Resilience Re, Variable Rate Notes, 5/1/19 8,000
340,299+(f) Seminole Re 2018, Variable Rate Notes, 1/15/19 292,725
442,599+(f) Walton Health Re 2018, Variable Rate Notes, 6/15/19 353,327
400,000+(f) Wentworth Re 2017, Variable Rate Notes, 7/13/19 98,520
---------------
$ 5,225,970
------------------------------------------------------------------------------------------------------
Windstorm - Florida -- 0.1%
400,000+(f) Formby Re 2018, Variable Rate Notes, 6/15/19 $ 409,880
138,027+(f) Formby Re 2018-2, Variable Rate Notes, 12/31/18 135,004
750,000+(f) Portrush Re 2017, Variable Rate Notes, 6/15/19 597,600
---------------
$ 1,142,484
------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
36 Pioneer High Yield Fund | Annual Report | 10/31/18
------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
------------------------------------------------------------------------------------------------------
Windstorm - U.S. Regional -- 0.0%+
500,000+(f) Oakmont Re 2017, Variable Rate Notes, 4/15/19 $ 5,750
400,000+(f) Promissum Re 2018, Variable Rate Notes, 6/15/19 390,520
---------------
$ 396,270
---------------
Total Collateralized Reinsurance $ 7,591,324
------------------------------------------------------------------------------------------------------
INDUSTRY LOSS WARRANTIES -- 0.2%
Multiperil - U.S. -- 0.2%
350,000+(f) Cypress Re 2018, Variable Rate Notes, 1/15/19 $ 345,034
950,000+(f) Pinehurst Re 2018, Variable Rate Notes, 1/15/19 947,435
---------------
Total Industry Loss Warranties $ 1,292,469
------------------------------------------------------------------------------------------------------
REINSURANCE SIDECARS -- 1.5%
Multiperil - U.S. -- 0.3%
4,500,000+(f) Carnoustie Re 2015, Variable Rate Notes, 7/1/19 $ 14,400
3,600,000+(f) Carnoustie Re 2016, Variable Rate Notes, 11/30/20 97,200
1,500,000+(f) Carnoustie Re 2017, Variable Rate Notes, 11/30/21 381,300
300,000+(f) Carnoustie Re 2018, Variable Rate Notes, 12/31/21 334,973
1,400,000+(f) Harambee Re 2018, Variable Rate Notes, 12/31/21 1,501,780
1,500,000+(f) Prestwick Re 2015-1, Variable Rate Notes, 7/1/19 25,500
---------------
$ 2,355,153
------------------------------------------------------------------------------------------------------
Multiperil - Worldwide -- 1.2%
1,000,000+(f) Arlington Re 2015, Variable Rate Notes, 2/1/19 $ 48,600
2,152,482+(f) Berwick Re 2018-1, Variable Rate Notes, 12/31/21 2,106,849
400,000+(f) Blue Lotus Re 2018, Variable Rate Notes, 12/31/21 444,360
250,000+(f) Eden Re II, Variable Rate Notes, 3/22/21 (144A) 121,150
750,000+(f) Eden Re II, Variable Rate Notes, 3/22/22 (144A) 782,700
300,000+(f) Eden Re II, Variable Rate Notes, 3/22/22 (144A) 313,260
2,400,000+(f) Gleneagles Re 2016, Variable Rate Notes, 11/30/20 148,800
400,000+(f) Gleneagles Re 2018, Variable Rate Notes, 12/31/21 437,597
400,000+(f) Limestone Re 2018, Variable Rate Notes, 3/1/22 412,760
800,000+(f) Lorenz Re 2017, Variable Rate Notes, 3/31/20 168,640
800,000+(f) Lorenz Re 2018, Variable Rate Notes, 7/1/21 791,120
1,000,000+(f) Madison Re 2016, Variable Rate Notes, 3/31/19 27,800
500,000+(f) Madison Re 2017, Variable Rate Notes, 12/31/19 131,950
400,000+(f) Madison Re 2018, Variable Rate Notes, 12/31/21 439,640
900,000+(f) Merion Re 2018-2, Variable Rate Notes, 12/31/21 970,560
4,500,000+(f) Pangaea Re 2015-1, Variable Rate Notes, 2/1/19 8,100
5,800,000+(f) Pangaea Re 2015-2, Variable Rate Notes, 11/30/19 18,560
4,200,000+(f) Pangaea Re 2016-1, Variable Rate Notes, 11/30/20 24,360
2,000,000+(f) Pangaea Re 2016-2, Variable Rate Notes, 11/30/20 16,300
500,000+(f) Pangaea Re 2018-1, Variable Rate Notes, 12/31/21 510,650
500,000+(f) Pangaea Re 2018-3, Variable Rate Notes, 7/1/22 457,300
1,000,000+(f) St. Andrews Re 2017-1, Variable Rate Notes, 2/1/19 67,800
The accompanying notes are an integral part of these financial statements.
Pioneer High Yield Fund | Annual Report | 10/31/18 37
Schedule of Investments | 10/31/18 (continued)
------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
------------------------------------------------------------------------------------------------------
Multiperil - Worldwide -- (continued)
868,992+(f) St. Andrews Re 2017-4, Variable Rate Notes, 6/1/19 $ 85,509
250,000+(f) Thopas Re 2018, Variable Rates Notes, 12/31/21 268,450
4,000,000+(f) Versutus Re 2016-1, Variable Rate Notes, 11/30/20 30,800
1,100,000+(f) Versutus Re 2017, Variable Rate Notes, 11/30/21 49,830
450,000+(f) Versutus Re 2018, Variable Rate Notes, 12/31/21 475,290
300,000+(f) Viribus Re 2018, Variable Rate Notes, 12/31/21 297,000
405,831+(f) Woburn Re 2018, Variable Rate Notes, 12/31/21 424,621
---------------
$ 10,080,356
---------------
Total Reinsurance Sidecars $ 12,435,509
------------------------------------------------------------------------------------------------------
TOTAL INSURANCE-LINKED SECURITIES
(Cost $31,205,985) $ 30,764,260
------------------------------------------------------------------------------------------------------
SENIOR SECURED FLOATING RATE LOAN INTERESTS --
6.6% of Net Assets*(d)
AUTOMOBILES & COMPONENTS -- 0.9%
Auto Parts & Equipment -- 0.9%
4,008 Allison Transmission, Inc., New Term Loan, 4.04%
(LIBOR + 175 bps), 9/23/22 $ 4,031
1,548,090 TI Group Automotive Systems LLC, Initial US Term Loan,
4.802% (LIBOR + 250 bps), 6/30/22 1,542,284
5,802,003 Tower Automotive Holdings USA LLC, Initial Term Loan,
5.063% (LIBOR + 275 bps), 3/7/24 5,804,422
---------------
Total Automobiles & Components $ 7,350,737
------------------------------------------------------------------------------------------------------
CAPITAL GOODS -- 0.3%
Building Products -- 0.3%
2,358,698 Builders FirstSource, Inc., Refinancing Term Loan, 5.386%
(LIBOR + 300 bps), 2/29/24 $ 2,340,517
---------------
Total Capital Goods $ 2,340,517
------------------------------------------------------------------------------------------------------
COMMERCIAL SERVICES & SUPPLIES -- 0.1%
Diversified Support Services -- 0.0%+
406,095 IAP Worldwide Services, Inc., Second Lien Term Loan,
8.886% (LIBOR + 650 bps), 7/18/19 $ 402,034
------------------------------------------------------------------------------------------------------
Environmental & Facilities Services -- 0.1%
530,280 WCA Waste Systems, Inc., Initial Term Loan, 4.802%
(LIBOR + 250 bps), 8/11/23 $ 528,954
---------------
Total Commercial Services & Supplies $ 930,988
------------------------------------------------------------------------------------------------------
DIVERSIFIED FINANCIALS -- 0.4%
Specialized Finance -- 0.4%
3,229,000(g) Encino Acquisition Partners Holdings LLC, Second Lien
Term Loan, 9/26/25 $ 3,293,580
---------------
Total Diversified Financials $ 3,293,580
------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
38 Pioneer High Yield Fund | Annual Report | 10/31/18
------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
------------------------------------------------------------------------------------------------------
ENERGY -- 0.4%
Oil & Gas Drilling -- 0.4%
3,210,000 Gavilan Resources LLC, Second Lien Initial Term Loan,
8.28% (LIBOR + 600 bps), 3/1/24 $ 3,021,413
---------------
Total Energy $ 3,021,413
------------------------------------------------------------------------------------------------------
HEALTH CARE EQUIPMENT & SERVICES -- 0.7%
Health Care Services -- 0.5%
1,079,375 Alliance HealthCare Services, Inc., First Lien Initial Term
Loan, 6.802% (LIBOR + 450 bps), 10/24/23 $ 1,086,796
2,473,450 National Mentor Holdings, Inc., Tranche B Term Loan,
5.386% (LIBOR + 300 bps), 1/31/21 2,473,450
---------------
$ 3,560,246
------------------------------------------------------------------------------------------------------
Health Care Supplies -- 0.2%
1,812,063 Kinetic Concepts, Inc., Dollar Term Loan, 5.636% (LIBOR +
325 bps), 2/2/24 $ 1,820,934
---------------
Total Health Care Equipment & Services $ 5,381,180
------------------------------------------------------------------------------------------------------
HOUSEHOLD & PERSONAL PRODUCTS -- 0.3%
Personal Products -- 0.3%
3,904,307 Revlon Consumer Products Corp., Initial Term Loan B,
5.813% (LIBOR + 350 bps), 9/7/23 $ 2,866,737
---------------
Total Household & Personal Products $ 2,866,737
------------------------------------------------------------------------------------------------------
INSURANCE -- 0.0%+
Property & Casualty Insurance -- 0.0%+
358,628 Alliant Holdings Intermediate LLC, Initial Term Loan, 5.28%
(LIBOR + 300 bps), 5/9/25 $ 358,712
---------------
Total Insurance $ 358,712
------------------------------------------------------------------------------------------------------
MATERIALS -- 0.9%
Diversified Metals & Mining -- 0.3%
2,443,875 Aleris International, Inc., Initial Term Loan, 7.052%
(LIBOR + 475 bps), 2/27/23 $ 2,470,350
------------------------------------------------------------------------------------------------------
Specialty Chemicals -- 0.2%
1,033,705 Axalta Coating Systems Dutch Holding B BV (Axalta
Coating Systems US Holdings, Inc.), Term B-3 Dollar
Loan, 4.136% (LIBOR + 175 bps), 6/1/24 $ 1,032,484
------------------------------------------------------------------------------------------------------
Steel -- 0.4%
3,372,677 Zekelman Industries, Inc. (fka JMC Steel Group, Inc.), Term
Loan, 4.623% (LIBOR + 225 bps), 6/14/21 $ 3,371,631
---------------
Total Materials $ 6,874,465
------------------------------------------------------------------------------------------------------
MEDIA & ENTERTAINMENT -- 0.2%
Broadcasting -- 0.2%
1,358,190 Univision Communications, Inc., 2017 Replacement
Repriced First Lien Term Loan, 5.052% (LIBOR +
275 bps), 3/15/24 $ 1,305,278
---------------
Total Media & Entertainment $ 1,305,278
------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer High Yield Fund | Annual Report | 10/31/18 39
Schedule of Investments | 10/31/18 (continued)
------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
------------------------------------------------------------------------------------------------------
RETAILING -- 0.8%
Automotive Retail -- 0.5%
4,253,454 CWGS Group LLC (aka Camping World, Inc.), Term Loan,
5.029% (LIBOR + 275 bps), 11/8/23 $ 4,111,674
------------------------------------------------------------------------------------------------------
Department Stores -- 0.3%
2,474,026 Neiman Marcus Group, Ltd. LLC, Other Term Loan, 5.531%
(LIBOR + 325 bps), 10/25/20 $ 2,257,034
---------------
Total Retailing $ 6,368,708
------------------------------------------------------------------------------------------------------
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT -- 0.2%
Semiconductors -- 0.2%
2,058,711 ON Semiconductor Corp., 2018 New Replacement Term B-3
Loan, 4.052% (LIBOR + 175 bps), 3/31/23 $ 2,057,939
---------------
Total Semiconductors & Semiconductor Equipment $ 2,057,939
------------------------------------------------------------------------------------------------------
TELECOMMUNICATION SERVICES -- 1.3%
Integrated Telecommunication Services -- 0.6%
5,000,000 Level 3 Financing, Inc., Tranche B 2024 Term Loan, 4.53%
(LIBOR + 225 bps), 2/22/24 $ 5,009,375
------------------------------------------------------------------------------------------------------
Wireless Telecommunication Services -- 0.7%
5,100,408 Virgin Media Bristol LLC, Facility K, 4.78% (LIBOR + 250
bps), 1/15/26 $ 5,103,142
---------------
Total Telecommunication Services $ 10,112,517
------------------------------------------------------------------------------------------------------
UTILITIES -- 0.1%
Electric Utilities -- 0.1%
956,395 Vistra Operations Co. LLC (fka Tex Operations Co. LLC),
Initial Term Loan, 4.302% (LIBOR + 200 bps), 8/4/23 $ 955,395
---------------
Total Utilities $ 955,395
------------------------------------------------------------------------------------------------------
TOTAL SENIOR SECURED FLOATING RATE LOAN INTERESTS
(Cost $53,832,834) $ 53,218,166
------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------
Shares
------------------------------------------------------------------------------------------------------
RIGHTS/WARRANTS -- 0.0% of Net Assets
CAPITAL GOODS -- 0.0%
Industrial Machinery -- 0.0%
353^(a)(h) LTR Intermediate Holdings, Inc., 6/29/19 $ --
---------------
Total Capital Goods $ --
------------------------------------------------------------------------------------------------------
ENERGY -- 0.0%+
Coal & Consumable Fuels -- 0.0%+
921(a)(i) Contura Energy, Inc., 7/25/23 $ 40,524
------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
40 Pioneer High Yield Fund | Annual Report | 10/31/18
------------------------------------------------------------------------------------------------------
Shares Value
------------------------------------------------------------------------------------------------------
Oil & Gas Exploration & Production -- 0.0%+
4,728,525(a)(j) ANR, Inc., 3/31/23 $ 63,362
2,136^(a)(k) BioScrip, Inc., 6/30/25 1,517
2,136^(a)(l) BioScrip, Inc., 6/30/25 1,196
7,233^(a)(m) Midstates Petroleum Co., Inc., 4/21/20 --
---------------
66,075
---------------
Total Energy $ 106,599
------------------------------------------------------------------------------------------------------
TOTAL RIGHTS/WARRANTS
(Cost $598,120) $ 106,599
------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($)
------------------------------------------------------------------------------------------------------
TEMPORARY CASH INVESTMENTS --
0.4% of Net Assets
REPURCHASE AGREEMENTS -- 0.4%
1,585,000 $1,585,000 TD Securities USA LLC, 2.19%, dated 10/31/18
plus accrued interest on 11/1/18 collateralized by
$1,616,743 U.S. Treasury Notes, 2.25%, 1/31/24 $ 1,585,000
1,585,000 $1,585,000 TD Securities USA LLC, 2.21%, dated 10/31/18
plus accrued interest on 11/1/18 collateralized by
$1,616,743 U.S. Treasury Notes, 2.25%, 1/31/24 1,585,000
---------------
$ 3,170,000
------------------------------------------------------------------------------------------------------
TOTAL TEMPORARY CASH INVESTMENTS
(Cost $3,170,000) $ 3,170,000
------------------------------------------------------------------------------------------------------
TOTAL INVESTMENTS IN UNAFFILIATED ISSUERS -- 98.3%
(Cost $800,144,039) $ 785,995,010
------------------------------------------------------------------------------------------------------
OTHER ASSETS AND LIABILITIES -- 1.7% $ 13,405,838
------------------------------------------------------------------------------------------------------
NET ASSETS -- 100.0% $ 799,400,848
======================================================================================================
(1) Securities are restricted as to resale.
bps Basis Points.
LIBOR London Interbank Offered Rate.
REIT Real Estate Investment Trust.
ZERO Zero Constant Index.
(144A) Security is exempt from registration under Rule 144A of the Securities
Act of 1933. Such securities may be resold normally to qualified
institutional buyers in a transaction exempt from registration. At
October 31, 2018, the value of these securities amounted to
$344,387,332, or 43.1% of net assets.
+ Amount rounds to less than 0.1%.
The accompanying notes are an integral part of these financial statements.
Pioneer High Yield Fund | Annual Report | 10/31/18 41
Schedule of Investments | 10/31/18 (continued)
* Senior secured floating rate loan interests in which the Fund invests
generally pay interest at rates that are periodically redetermined by
reference to a base lending rate plus a premium. These base lending
rates are generally (i) the lending rate offered by one or more major
European banks, such as LIBOR, (ii) the prime rate offered by one or
more major United States banks, (iii) the rate of a certificate of
deposit or (iv) other base lending rates used by commercial lenders. The
interest rate shown is the rate accruing at October 31, 2018.
+ Securities that used significant unobservable inputs to determine their
value.
^ Security is valued using fair value methods (other than prices supplied
by independent pricing services). See Notes to Financial Statements --
Note 1A.
(a) Non-income producing security.
(b) Security is perpetual in nature and has no stated maturity date.
(c) The interest rate is subject to change periodically. The interest rate
and/or reference index and spread shown at October 31, 2018.
(d) Floating rate note. Coupon rate, reference index and spread shown at
October 31, 2018.
(e) Payment in Kind (PIK) security which may pay interest in the form of
additional principal amount.
(f) Rate to be determined.
(g) This term loan will settle after October 31, 2018, at which time the
interest rate will be determined.
(h) LTR Intermediate Holdings, Inc. warrants are exercisable into 353
shares.
(i) Contura Energy, Inc. warrants are exercisable into 921 shares.
(j) ANR, Inc. warrants are exercisable into 4,728,525 shares.
(k) BioScrip, Inc. warrants are exercisable into 2,136 shares.
(l) BioScrip, Inc. warrants are exercisable into 2,136 shares.
(m) Midstates Petroleum Co., Inc. warrants are exercisable into 7,233
shares.
FUTURES CONTRACT
INDEX FUTURES CONTRACT
----------------------------------------------------------------------------------
Number of
Contracts Expiration Notional Market Unrealized
Short Description Date Amount Value Appreciation
----------------------------------------------------------------------------------
133 S&P 500 EMINI 12/21/18 $19,241,110 $18,028,150 $1,212,960
----------------------------------------------------------------------------------
TOTAL FUTURE CONTRACT $19,241,110 $18,028,150 $1,212,960
==================================================================================
The accompanying notes are an integral part of these financial statements.
42 Pioneer High Yield Fund | Annual Report | 10/31/18
SWAP CONTRACTS
CENTRALLY CLEARED CREDIT DEFAULT SWAP CONTRACTS - SELL PROTECTION
------------------------------------------------------------------------------------------------------------------
Obligation Annual Unrealized
Notional Reference/ Pay/ Fixed Expiration Premiums Appreciation Market
Amount ($)(1) Index Receive(2) Rate Date Paid (Depreciation) Value
------------------------------------------------------------------------------------------------------------------
8,463,022 Markit CDX Receive 5.00% 12/20/19 $378,362 $ (47,735) $ 330,627
North America
High Yield
Index Series 23
5,798,400 Markit CDX Receive 5.00% 12/20/20 321,553 29,629 351,182
North America
High Yield
Index Series 25
------------------------------------------------------------------------------------------------------------------
TOTAL CENTRALLY CLEARED CREDIT DEFAULT
SWAP CONTRACTS - SELL PROTECTION $699,915 $ (18,106) $ 681,809
==================================================================================================================
OVER THE COUNTER (OTC) CREDIT DEFAULT SWAP CONTRACTS - SELL PROTECTION
------------------------------------------------------------------------------------------------------------------
Obligation Annual
Notional Reference/ Pay/ Fixed Expiration Premiums Unrealized Market
Amount ($)(1) Counterparty Index Receive(2) Rate Date (Received) Appreciation Value
------------------------------------------------------------------------------------------------------------------
655,000 Goldman Sachs Chesapeake Receive 5.00% 6/20/22 $ (80,238) $ 121,332 $ 41,094
International Energy Corp.
415,000 Goldman Sachs Chesapeake Receive 5.00% 6/20/22 (50,837) 76,875 26,038
International Energy Corp.
690,000 Goldman Sachs Chesapeake Receive 5.00% 6/20/22 (77,625) 120,915 43,290
International Energy Corp.
------------------------------------------------------------------------------------------------------------------
TOTAL OVER THE COUNTER (OTC) CREDIT DEFAULT
SWAP CONTRACTS - SELL PROTECTION $(208,700) $ 319,122 $110,422
==================================================================================================================
TOTAL SWAP CONTRACTS $ 491,215 $ 301,016 $792,231
==================================================================================================================
(1) The notional amount is the maximum amount that a seller of credit
protection would be obligated to pay upon occurrence of a credit event.
(2) Receives Quarterly.
Principal amounts are denominated in U.S. dollars ("USD") unless otherwise
noted.
EUR - Euro
Purchases and sales of securities (excluding temporary cash investments) for the
year ended October 31, 2018, were as follows:
------------------------------------------------------------------------------------------------------------------
Purchases Sales
------------------------------------------------------------------------------------------------------------------
Long-Term U.S. Government Securities $ -- $ 13,000,000
Other Long-term Securities $387,864,548 $480,983,668
The accompanying notes are an integral part of these financial statements.
Pioneer High Yield Fund | Annual Report | 10/31/18 43
Schedule of Investments | 10/31/18 (continued)
The Fund is permitted to engage in purchase and sale transactions ("cross
trades") with certain funds and accounts for which Amundi Pioneer Asset
Management, Inc. (the "Adviser") serves as the Fund's investment adviser, as set
forth in Rule 17a-7 under the Investment Company Act of 1940, pursuant to
procedures adopted by the Board of Trustees. Under these procedures, cross
trades are effected at current market prices. During the year ended October 31,
2018, the Fund engaged in purchases of $2,989,886 and sales of $11,113,828
pursuant to these procedures, which resulted in a net realized gain/loss of
$670,706.
At October 31, 2018, the net unrealized depreciation on investments based on
cost for federal tax purposes of $803,478,379 was as follows:
Aggregate gross unrealized appreciation for all investments in
which there is an excess of value over tax cost $ 24,331,226
Aggregate gross unrealized depreciation for all investments in
which there is an excess of tax cost over value (39,809,404)
------------
Net unrealized depreciation $(15,478,178)
============
Various inputs are used in determining the value of the Fund's investments.
These inputs are summarized in the three broad levels below.
Level 1 - quoted prices in active markets for identical securities.
Level 2 - other significant observable inputs (including quoted prices for
similar securities, interest rates, prepayment speeds, credit
risks, etc.). See Notes to Financial Statements -- Note 1A.
Level 3 - significant unobservable inputs (including the Fund's own
assumptions in determining fair value of investments). See Notes
to Financial Statements -- Note 1A.
The accompanying notes are an integral part of these financial statements.
44 Pioneer High Yield Fund | Annual Report | 10/31/18
The following is a summary of the inputs used as of October 31, 2018, in valuing
the Fund's investments.
-----------------------------------------------------------------------------------------------------
Level 1 Level 2 Level 3 Total
-----------------------------------------------------------------------------------------------------
Common Stocks
Energy
Oil & Gas
Exploration & Production $ 7,354 $ -- $ 1,497,919 $ 1,505,273
All Other Common Stocks 17,060,144 -- -- 17,060,144
Convertible Preferred Stocks
Health Care
Equipment & Services
Health Care Services -- -- 67,898 67,898
All Other Convertible
Preferred Stocks 11,879,161 -- -- 11,879,161
Preferred Stock 2,569,410 -- -- 2,569,410
Asset Backed Security -- 742,508 -- 742,508
Collateralized Mortgage
Obligations -- 9,662,227 -- 9,662,227
Convertible Corporate Bonds -- 55,728,787 -- 55,728,787
Corporate Bonds -- 599,520,577 -- 599,520,577
Insurance-Linked Securities
Collateralized Reinsurance
Earthquake - California -- -- 750,000 750,000
Multiperil - U.S. -- -- 76,600 76,600
Multiperil - Worldwide -- -- 5,225,970 5,225,970
Windstorm - Florida -- -- 1,142,484 1,142,484
Windstorm - U.S. Regional -- -- 396,270 396,270
Industry Loss Warranties
Multiperil - U.S. -- -- 1,292,469 1,292,469
Reinsurance Sidecars
Multiperil - U.S. -- -- 2,355,153 2,355,153
Multiperil - Worldwide -- -- 10,080,356 10,080,356
All Other Insurance-Linked
Securities -- 9,444,958 -- 9,444,958
Senior Secured Floating
Rate Loan Interests -- 53,218,166 -- 53,218,166
Rights/Warrants
Capital Goods
Industrial Machinery -- -- --* --
Energy
Oil & Gas
Exploration & Production -- 63,362 2,713 66,075
All Other Rights/Warrants 40,524 -- 40,524
Repurchase Agreements -- 3,170,000 -- 3,170,000
-----------------------------------------------------------------------------------------------------
Total Investments in Securities $ 31,516,069 $731,591,109 $ 22,887,832 $ 785,995,010
=====================================================================================================
Other Financial Instruments
Net unrealized appreciation
on futures contracts $ 1,212,960 $ -- $ -- $ 1,212,960
Swap contracts, at value -- 792,231 -- 792,231
-----------------------------------------------------------------------------------------------------
Total Other
Financial Instruments $ 1,212,960 $ 792,231 $ -- $ 2,005,191
=====================================================================================================
* Security valued at $0
The accompanying notes are an integral part of these financial statements.
Pioneer High Yield Fund | Annual Report | 10/31/18 45
Schedule of Investments | 10/31/18 (continued)
The following is a reconciliation of assets valued using significant
unobservable inputs (Level 3):
-----------------------------------------------------------------------------------------------------
Convertible Insurance-
Common Preferred Linked Rights/
Stocks Stocks Securities Warrants Total
-----------------------------------------------------------------------------------------------------
Balance as
of 10/31/17 $1,498,655 $ 68,774 $ 17,918,535(a) $ 2,649 $ 19,488,613
Realized
gain (loss)(1) (736) -- (142,473) -- (143,209)
Change in
unrealized
appreciation
(depreciation)(2) -- (876) (1,612,552) 64 (1,613,364)
Accrued
discounts/
premiums -- -- (1,763) -- (1,763)
Purchases -- -- 17,013,753 -- 17,013,753
Sales -- -- (11,856,198) -- (11,856,198)
Transfers in
to Level 3* -- -- -- -- --
Transfers out
of Level 3* -- -- -- -- --
-----------------------------------------------------------------------------------------------------
Balance as
of 10/31/18 $1,497,919 $ 67,898 $ 21,319,302 $ 2,713 $ 22,887,832
=====================================================================================================
(a) Securities were classified as Corporate Bonds on the October 31, 2017
financial statements.
(1) Realized gain (loss) on these securities is included in the realized gain
(loss) from investments on the Statement of Operations.
(2) Unrealized appreciation (depreciation) on these securities is included in
the change in unrealized appreciation (depreciation) from investments on
the Statement of Operations.
* Transfers are calculated on the beginning of period value. For the year
ended October 31, 2018, there were no transfers between Levels 1, 2 and 3.
Net change in unrealized appreciation (depreciation) of Level 3 investments
still held and considered Level 3 at October 31, 2018: $(653,170)
---------
The accompanying notes are an integral part of these financial statements.
46 Pioneer High Yield Fund | Annual Report | 10/31/18
Statement of Assets and Liabilities | 10/31/18
ASSETS:
Investments in unaffiliated issuers, at value (cost $800,144,039) $785,995,010
Cash 1,589,944
Foreign currencies, at value (cost $1,996,338) 1,831,530
Swap contracts, at value (net premiums paid $491,215) 792,231
Futures collateral 1,179,000
Swap collateral 1,000,271
Net unrealized appreciation on futures contracts 1,212,960
Variation margin for central cleared swap contracts 11,391
Receivables --
Investment securities sold 5,573,265
Fund shares sold 302,338
Dividends 12,202
Interest 10,680,604
Other assets 36,558
------------------------------------------------------------------------------------
Total assets $810,217,304
====================================================================================
LIABILITIES:
Payables --
Investment securities purchased $ 6,306,749
Fund shares repurchased 1,664,521
Distributions 272,071
Trustees' fees 5,180
Due to broker for futures 1,212,628
Due to broker for swaps 685,848
Variation margin for futures contracts 171,238
Due to affiliates 141,810
Accrued expenses 356,411
------------------------------------------------------------------------------------
Total liabilities $ 10,816,456
====================================================================================
NET ASSETS:
Paid-in capital $838,561,517
Distributable earnings (loss) (39,160,669)
------------------------------------------------------------------------------------
Net assets $799,400,848
====================================================================================
NET ASSET VALUE PER SHARE:
No par value (unlimited number of shares authorized)
Class A (based on $537,907,103/57,405,397 shares) $ 9.37
Class C (based on $37,546,009/3,924,815 shares) $ 9.57
Class R (based on $18,404,819/1,734,592 shares) $ 10.61
Class Y (based on $205,542,917/21,916,996 shares) $ 9.38
MAXIMUM OFFERING PRICE PER SHARE:
Class A (based on $9.37 net asset value per share/100%-4.50%
maximum sales charge) $ 9.81
====================================================================================
The accompanying notes are an integral part of these financial statements.
Pioneer High Yield Fund | Annual Report | 10/31/18 47
Statement of Operations
FOR THE YEAR ENDED 10/31/18
INVESTMENT INCOME:
Interest from unaffiliated issuers $ 52,003,865
Dividends from unaffiliated issuers (net of foreign
taxes withheld $1,384) 1,525,169
------------------------------------------------------------------------------------------
Total investment income $ 53,529,034
------------------------------------------------------------------------------------------
EXPENSES:
Management fees $ 6,052,990
Administrative expense 315,323
Transfer agent fees
Class A 560,125
Class C 144,612
Class R 48,060
Class Y 194,619
Distribution fees
Class A 1,247,248
Class C 1,529,251
Class R 101,766
Shareowner communications expense 122,691
Custodian fees 43,130
Registration fees 85,451
Professional fees 71,367
Printing expense 29,270
Pricing fees 29,636
Trustees' fees 38,127
Insurance expense 12,451
Miscellaneous 69,287
------------------------------------------------------------------------------------------
Total expenses $ 10,695,404
------------------------------------------------------------------------------------------
Net investment income $ 42,833,630
------------------------------------------------------------------------------------------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
Net realized gain (loss) on:
Investments in unaffiliated issuers $ 8,454,591
Futures contracts (3,994,282)
Swap contracts 735,838
Other assets and liabilities denominated in
foreign currencies 12,176 $ 5,208,323
------------------------------------------------------------------------------------------
Change in net unrealized appreciation (depreciation) on:
Investments in unaffiliated issuers $ (48,054,676)
Futures contracts 2,392,978
Swap contracts (219,039)
Other assets and liabilities denominated in
foreign currencies (163,470) $ (46,044,207)
------------------------------------------------------------------------------------------
Net realized and unrealized gain (loss) on investments $ (40,835,884)
------------------------------------------------------------------------------------------
Net increase in net assets resulting from operations $ 1,997,746
==========================================================================================
The accompanying notes are an integral part of these financial statements.
48 Pioneer High Yield Fund | Annual Report | 10/31/18
Statements of Changes in Net Assets
---------------------------------------------------------------------------------------------------------
Year Ended Year Ended
10/31/18 10/31/17
---------------------------------------------------------------------------------------------------------
FROM OPERATIONS:
Net investment income (loss) $ 42,833,630 $ 48,130,843
Net realized gain (loss) on investments 5,208,323 24,970,616
Change in net unrealized appreciation (depreciation)
on investments (46,044,207) 15,313,045
---------------------------------------------------------------------------------------------------------
Net increase in net assets resulting from operations $ 1,997,746 $ 88,414,504
---------------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO SHAREOWNERS:*
Class A ($0.45 and $0.47 per share, respectively) $ (23,425,099) $ (26,300,134)
Class C ($0.39 and $0.41 per share, respectively) (6,083,826) (9,447,432)
Class R ($0.47 and $0.48 per share, respectively) (872,213) (1,247,795)
Class Y ($0.48 and $0.49 per share, respectively) (11,004,625) (11,451,263)
---------------------------------------------------------------------------------------------------------
Total distributions to shareowners $ (41,385,763) $ (48,446,624)
---------------------------------------------------------------------------------------------------------
FROM FUND SHARE TRANSACTIONS:
Net proceeds from sales of shares $ 211,098,816 $ 154,126,288
Reinvestment of distributions 36,782,944 42,729,533
Cost of shares repurchased (381,046,794) (365,104,577)
---------------------------------------------------------------------------------------------------------
Net decrease in net assets resulting from Fund
share transactions $ (133,165,034) $ (168,248,756)
---------------------------------------------------------------------------------------------------------
Net decrease in net assets $ (172,553,051) $ (128,280,876)
NET ASSETS:**
Beginning of year $ 971,953,899 $1,100,234,775
---------------------------------------------------------------------------------------------------------
End of year $ 799,400,848 $ 971,953,899
=========================================================================================================
* For the year ended October 31, 2017 Distributions to Shareowners was
presented as follows:
Net investment income:
Class A ($0.47 per share) $ (26,300,134)
Class C ($0.41 per share) (9,447,432)
Class K ($0.48 per share) (1,247,795)
Class Y ($0.49 per share) (11,451,263)
** For the year ended October 31, 2017 Distributions in excess of net
investment income was presented as follows: $(464,860)
The accompanying notes are an integral part of these financial statements.
Pioneer High Yield Fund | Annual Report | 10/31/18 49
Statements of Changes in Net Assets (continued)
--------------------------------------------------------------------------------------
Year Ended Year Ended Year Ended Year Ended
10/31/18 10/31/18 10/31/17 10/31/17
Shares Amount Shares Amount
--------------------------------------------------------------------------------------
Class A
Shares sold 16,425,475 $ 157,412,106 7,265,088 $ 70,314,457
Reinvestment of
distributions 2,124,353 20,405,552 2,416,226 23,373,878
Less shares repurchased (14,737,775) (141,604,735) (17,619,851) (169,556,007)
--------------------------------------------------------------------------------------
Net increase
(decrease) 3,812,053 $ 36,212,923 (7,938,537) $ (75,867,672)
======================================================================================
Class C
Shares sold 413,159 $ 4,059,361 695,591 $ 6,788,572
Reinvestment of
distributions 589,122 5,794,772 808,757 7,988,610
Less shares repurchased (16,322,682) (159,702,784) (9,252,653) (91,585,846)
--------------------------------------------------------------------------------------
Net decrease (15,320,401) $ (149,848,651) (7,748,305) $ (76,808,664)
======================================================================================
Class R
Shares sold 324,678 $ 3,539,805 612,267 $ 6,675,801
Reinvestment of
distributions 72,776 791,978 98,530 1,079,060
Less shares repurchased (859,962) (9,409,948) (1,297,690) (14,226,935)
--------------------------------------------------------------------------------------
Net decrease (462,508) $ (5,078,165) (586,893) $ (6,472,074)
======================================================================================
Class Y
Shares sold 4,773,706 $ 46,087,544 7,263,541 $ 70,347,458
Reinvestment of
distributions 1,017,895 9,790,642 1,062,198 10,287,985
Less shares repurchased (7,309,538) (70,329,327) (9,292,859) (89,735,789)
--------------------------------------------------------------------------------------
Net decrease (1,517,937) $ (14,451,141) (967,120) $ (9,100,346)
======================================================================================
The accompanying notes are an integral part of these financial statements.
50 Pioneer High Yield Fund | Annual Report | 10/31/18
Financial Highlights
---------------------------------------------------------------------------------------------------------------------------
Year Year Year Year Year
Ended Ended Ended Ended Ended
10/31/18 10/31/17 10/31/16* 10/31/15* 10/31/14*
---------------------------------------------------------------------------------------------------------------------------
Class A
Net asset value, beginning of period $ 9.80 $ 9.43 $ 9.33 $ 10.54 $ 11.07
---------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (loss) $ 0.47(a) $ 0.46(a) $ 0.46(a) $ 0.44(a) $ 0.46
Net realized and unrealized gain (loss) on investments (0.45) 0.38 0.19 (0.73) (0.11)
---------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 0.02 $ 0.84 $ 0.65 $ (0.29) $ 0.35
---------------------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income $ (0.45) $ (0.47) $ (0.48) $ (0.45) $ (0.49)
Net realized gain -- -- (0.07) (0.47) (0.39)
---------------------------------------------------------------------------------------------------------------------------
Total distributions $ (0.45) $ (0.47) $ (0.55) $ (0.92) $ (0.88)
---------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ (0.43) $ 0.37 $ 0.10 $ (1.21) $ (0.53)
---------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 9.37 $ 9.80 $ 9.43 $ 9.33 $ 10.54
===========================================================================================================================
Total return (b) 0.21% 9.05%(c) 7.29% (2.97)% 3.22%
Ratio of net expenses to average net assets 1.14% 1.15% 1.17% 1.17% 1.15%
Ratio of net investment income (loss) to average net assets 4.87% 4.80% 5.09% 4.51% 4.34%
Portfolio turnover rate 45% 39% 41% 32% 28%
Net assets, end of period (in thousands) $537,907 $525,164 $580,260 $651,646 $895,795
===========================================================================================================================
* The Fund was audited by an independent registered public accounting firm
other than Ernst & Young LLP.
(a) The per-share data presented above is based on the average shares
outstanding for the periods presented.
(b) Assumes initial investment at net asset value at the beginning of each
period, reinvestment of all distributions, the complete redemption of the
investment at net asset value at the end of each period and no sales
charges. Total return would be reduced if sales charges were taken into
account.
(c) If the Fund had not recognized gains in the settlement of class action
lawsuits during the year ended October 31, 2017, the total return would
have been 8.94%.
The accompanying notes are an integral part of these financial statements.
Pioneer High Yield Fund | Annual Report | 10/31/18 51
Financial Highlights (continued)
---------------------------------------------------------------------------------------------------------------------------
Year Year Year Year Year
Ended Ended Ended Ended Ended
10/31/18 10/31/17 10/31/16* 10/31/15* 10/31/14*
---------------------------------------------------------------------------------------------------------------------------
Class C
Net asset value, beginning of period $ 10.01 $ 9.63 $ 9.52 $ 10.74 $ 11.28
---------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (loss) $ 0.40(a) $ 0.41(a) $ 0.41(a) $ 0.38(a) $ 0.40
Net realized and unrealized gain (loss) on investments (0.45) 0.38 0.19 (0.75) (0.13)
---------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ (0.05) $ 0.79 $ 0.60 $ (0.37) $ 0.27
---------------------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income $ (0.39) $ (0.41) $ (0.42) $ (0.38) $ (0.42)
Net realized gain -- -- (0.07) (0.47) (0.39)
---------------------------------------------------------------------------------------------------------------------------
Total distributions $ (0.39) $ (0.41) $ (0.49) $ (0.85) $ (0.81)
---------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ (0.44) $ 0.38 $ 0.11 $ (1.22) $ (0.54)
---------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 9.57 $ 10.01 $ 9.63 $ 9.52 $ 10.74
===========================================================================================================================
Total return (b) (0.52)% 8.29%(c) 6.60% (3.64)% 2.41%
Ratio of net expenses to average net assets 1.86% 1.86% 1.88% 1.89% 1.83%
Ratio of net investment income (loss) to average net assets 4.10% 4.11% 4.40% 3.79% 3.65%
Portfolio turnover rate 45% 39% 41% 32% 28%
Net assets, end of period (in thousands) $37,546 $192,558 $259,910 $310,805 $397,186
===========================================================================================================================
* The Fund was audited by an independent registered public accounting firm
other than Ernst & Young LLP.
(a) The per-share data presented above is based on the average shares
outstanding for the periods presented.
(b) Assumes initial investment at net asset value at the beginning of each
period, reinvestment of all distributions, the complete redemption of the
investment at net asset value at the end of each period and no sales
charges. Total return would be reduced if sales charges were taken into
account.
(c) If the Fund had not recognized gains in the settlement of class action
lawsuits during the year ended October 31, 2017, the total return would
have been 8.18%.
The accompanying notes are an integral part of these financial statements.
52 Pioneer High Yield Fund | Annual Report | 10/31/18
------------------------------------------------------------------------------------------------------------------------
Year Year Year Year Year
Ended Ended Ended Ended Ended
10/31/18 10/31/17 10/31/16* 10/31/15* 10/31/14*
------------------------------------------------------------------------------------------------------------------------
Class R
Net asset value, beginning of period $ 11.09 $ 10.68 $ 10.53 $ 11.84 $ 12.39
------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (loss) $ 0.49(a) $ 0.48(a) $ 0.49(a) $ 0.46(a) $ 0.48
Net realized and unrealized gain (loss) on investments (0.50) 0.41 0.22 (0.83) (0.14)
------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ (0.01) $ 0.89 $ 0.71 $ (0.37) $ 0.34
------------------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income $ (0.47) $ (0.48) $ (0.49) $ (0.47) $ (0.50)
Net realized gain -- -- (0.07) (0.47) (0.39)
------------------------------------------------------------------------------------------------------------------------
Total distributions $ (0.47) $ (0.48) $ (0.56) $ (0.94) $ (0.89)
------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ (0.48) $ 0.41 $ 0.15 $ (1.31) $ (0.55)
------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 10.61 $ 11.09 $ 10.68 $ 10.53 $ 11.84
========================================================================================================================
Total return (b) (0.14)% 8.50%(c) 7.11%(d) (3.36)% 2.82%
Ratio of net expenses to average net assets 1.50% 1.56% 1.49% 1.51% 1.49%
Ratio of net investment income (loss) to average net assets 4.48% 4.39% 4.76% 4.16% 3.99%
Portfolio turnover rate 45% 39% 41% 32% 28%
Net assets, end of period (in thousands) $18,405 $24,366 $29,721 $36,931 $51,146
========================================================================================================================
* The Fund was audited by an independent registered public accounting firm
other than Ernst & Young LLP.
(a) The per-share data presented above is based on the average shares
outstanding for the periods presented.
(b) Assumes initial investment at net asset value at the beginning of each
period, reinvestment of all distributions and the complete redemption of
the investment at net asset value at the end of each period.
(c) If the Fund had not recognized gains in the settlement of class action
lawsuits during the year ended October 31, 2017, the total return would
have been 8.41%.
(d) If the Fund had not recognized gains in the settlement of class action
lawsuits during the year ended October 31, 2016, the total return would
have been 7.01%.
The accompanying notes are an integral part of these financial statements.
Pioneer High Yield Fund | Annual Report | 10/31/18 53
Financial Highlights (continued)
---------------------------------------------------------------------------------------------------------------------------
Year Year Year Year Year
Ended Ended Ended Ended Ended
10/31/18 10/31/17 10/31/16* 10/31/15* 10/31/14*
---------------------------------------------------------------------------------------------------------------------------
Class Y
Net asset value, beginning of period $ 9.81 $ 9.44 $ 9.34 $ 10.55 $ 11.08
---------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (loss) $ 0.50(a) $ 0.49(a) $ 0.49(a) $ 0.47(a) $ 0.50
Net realized and unrealized gain (loss) on investments (0.45) 0.37 0.18 (0.73) (0.12)
---------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 0.05 $ 0.86 $ 0.67 $ (0.26) $ 0.38
---------------------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income $ (0.48) $ (0.49) $ (0.50) $ (0.48) $ (0.52)
Net realized gain -- -- (0.07) (0.47) (0.39)
---------------------------------------------------------------------------------------------------------------------------
Total distributions $ (0.48) $ (0.49) $ (0.57) $ (0.95) $ (0.91)
---------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ (0.43) $ 0.37 $ 0.10 $ (1.21) $ (0.53)
---------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 9.38 $ 9.81 $ 9.44 $ 9.34 $ 10.55
===========================================================================================================================
Total return (b) 0.51% 9.34%(c) 7.62% (2.69)% 3.55%
Ratio of net expenses to average net assets 0.85% 0.87% 0.87% 0.88% 0.84%
Ratio of net investment income (loss) to average net assets 5.15% 5.08% 5.39% 4.77% 4.64%
Portfolio turnover rate 45% 39% 41% 32% 28%
Net assets, end of period (in thousands) $205,543 $229,866 $230,343 $264,761 $254,504
===========================================================================================================================
* The Fund was audited by an independent registered public accounting firm
other than Ernst & Young LLP.
(a) The per-share data presented above is based on the average shares
outstanding for the periods presented.
(b) Assumes initial investment at net asset value at the beginning of each
period, reinvestment of all distributions and the complete redemption of
the investment at net asset value at the end of each period.
(c) If the Fund had not recognized gains in the settlement of class action
lawsuits during the year ended October 31, 2017, the total return would
have been 9.23%.
The accompanying notes are an integral part of these financial statements.
54 Pioneer High Yield Fund | Annual Report | 10/31/18
Notes to Financial Statements | 10/31/18
1. Organization and Significant Accounting Policies
Pioneer High Yield Fund (the "Fund") is a Delaware statutory fund. 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 six classes of shares designated as Class A, Class C, Class K,
Class R, Class T and Class Y shares. Class K and Class T shares had not
commenced operations as of October 31, 2018. 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 Fund of the Fund gives the Board of
Trustees the flexibility to specify either per-share voting or dollar-weighted
voting when submitting matters for shareowner approval. Under per-share voting,
each share of a class of the Fund is entitled to one vote. Under dollar-weighted
voting, a shareowner's voting power is determined not by the number of shares
owned, but by the dollar value of the shares on the record date. Each share
class has exclusive voting rights with respect to matters affecting only that
class, including with respect to the distribution plan for that class. There is
no distribution plan for Class Y shares.
Amundi Pioneer Asset Management, Inc., an indirect wholly owned subsidiary of
Amundi and Amundi's wholly owned subsidiary, Amundi USA, Inc., serves as the
Fund's investment adviser (the "Adviser"). Amundi Pioneer Distributor, Inc., an
affiliate of Amundi Pioneer Asset Management, Inc., serves as the Fund's
distributor (the "Distributor").
In August 2018, the SEC released a Disclosure Update and Simplification Final
Rule. The Final Rule amends Regulation S-X disclosures requirements to conform
them to U.S. Generally Accepted Accounting Principles ("U.S. GAAP") for
investment companies. The Fund's financial statements were prepared in
compliance with the new amendments to Regulation S-X.
The Fund is an investment company and follows investment company accounting and
reporting guidance under U.S. GAAP. U.S. GAAP requires the management of the
Fund to make estimates and assumptions that affect the reported amounts of
assets and liabilities, the disclosure of contingent assets
Pioneer High Yield Fund | Annual Report | 10/31/18 55
and liabilities at the date of the financial statements, and the reported
amounts of income, expenses and gain or loss on investments during the reporting
period. Actual results could differ from those estimates.
The following is a summary of significant accounting policies followed by the
Fund in the preparation of its financial statements:
A. Security Valuation
The net asset value of the Fund is computed once daily, on each day the New
York Stock Exchange ("NYSE") is open, as of the close of regular trading on
the NYSE.
Fixed-income securities are valued by using prices supplied by independent
pricing services, which consider such factors as market prices, market
events, quotations from one or more brokers, Treasury spreads, yields,
maturities and ratings, or may use a pricing matrix or other fair value
methods or techniques to provide an estimated value of the security or
instrument. A pricing matrix is a means of valuing a debt security on the
basis of current market prices for other debt securities, historical
trading patterns in the market for fixed-income securities and/or other
factors. Non-U.S. debt securities that are listed on an exchange will be
valued at the bid price obtained from an independent third party pricing
service. When independent third party pricing services are unable to supply
prices, or when prices or market quotations are considered to be
unreliable, the value of that security may be determined using quotations
from one or more broker-dealers.
Loan interests are valued in accordance with guidelines established by the
Board of Trustees at the mean between the last available bid and asked
prices from one or more brokers or dealers as obtained from Loan Pricing
Corporation, an independent third party pricing service. If price
information is not available from Loan Pricing Corporation, or if the price
information is deemed to be unreliable, price information will be obtained
from an alternative loan interest pricing service. If no reliable price
quotes are available from either the primary or alternative pricing
service, broker quotes will be solicited.
Event-linked bonds or catastrophe bonds are valued at the bid price
obtained from an independent third party pricing service. Other
insurance-linked securities (including sidecars, collateralized reinsurance
and industry loss warranties) may be valued at the bid price obtained from
an independent pricing service, or through a third party using a pricing
matrix, insurance industry valuation models, or other fair value methods or
techniques to provide an estimated value of the instrument.
56 Pioneer High Yield Fund | Annual Report | 10/31/18
Equity securities that have traded on an exchange are valued by using the
last sale price on the principal exchange where they are traded. Equity
securities that have not traded on the date of valuation, or securities for
which sale prices are not available, generally are valued using the mean
between the last bid and asked prices or, if both last bid and asked prices
are not available, at the last quoted bid price. Last sale and bid and
asked prices are provided by independent third party pricing services. In
the case of equity securities not traded on an exchange, prices are
typically determined by independent third party pricing services using a
variety of techniques and methods.
The value of foreign securities is translated into U.S. dollars based on
foreign currency exchange rate quotations supplied by a third party pricing
source. Trading in non-U.S. equity securities is substantially completed
each day at various times prior to the close of the NYSE. The values of
such securities used in computing the net asset value of the Fund's shares
are determined as of such times. The Fund may use a fair value model
developed by an independent pricing service to value non-U.S. equity
securities.
Futures contracts are generally valued at the closing settlement price
established by the exchange on which they are traded.
Swap contracts, including interest rate swaps, caps and floors (other than
centrally cleared swap contracts) are valued at the dealer quotations
obtained from reputable International Swap Dealers Association members.
Centrally cleared swaps are valued at the daily settlement price provided
by the central clearing counterparty.
Repurchase agreements are valued at par. Cash may included overnight time
deposits at approved financial institutions.
Securities or loan interests for which independent pricing services or
broker-dealers are unable to supply prices or for which market prices
and/or quotations are not readily available or are considered to be
unreliable are valued by a fair valuation team comprised of certain
personnel of the Adviser pursuant to procedures adopted by the Fund's Board
of Trustees. The Adviser's fair valuation team uses fair value methods
approved by the Valuation Committee of the Board of Trustees. The Adviser's
fair valuation team is responsible for monitoring developments that may
impact fair valued securities and for discussing and assessing fair values
on an ongoing basis, and at least quarterly, with the Valuation Committee
of the Board of Trustees.
Inputs used when applying fair value methods to value a security may
include credit ratings, the financial condition of the company, current
market conditions and comparable securities. The Fund may use fair value
methods if it is determined that a significant event has occurred after the
close of the exchange or market on which the security trades and prior to
the determination of the Fund's net asset value. Examples of a significant
event
Pioneer High Yield Fund | Annual Report | 10/31/18 57
might include political or economic news, corporate restructurings, natural
disasters, terrorist activity or trading halts. Thus, the valuation of the
Fund's securities may differ significantly from exchange prices, and such
differences could be material.
At October 31, 2018, six securities were valued using fair value methods
(in addition to securities valued using prices supplied by independent
pricing services, broker-dealers or using a third party insurance pricing
model) representing 0.19% of net assets. The value of these fair valued
securities was $1,568,530.
B. Investment Income and Transactions
Dividend income is recorded on the ex-dividend date, except that certain
dividends from foreign securities where the ex-dividend date may have
passed are recorded as soon as the Fund becomes aware of the ex-dividend
data in the exercise of reasonable diligence.
Interest income, including interest on income-bearing cash accounts, is
recorded on the accrual basis. Dividend and interest income are reported
net of unrecoverable foreign taxes withheld at the applicable country rates
and net of income accrued on defaulted securities.
Interest and dividend income payable by delivery of additional shares is
reclassified as PIK (payment-in-kind) income upon receipt and is included
in interest and dividend income, respectively.
Principal amounts of mortgage-backed securities are adjusted for monthly
paydowns. Premiums and discounts related to certain mortgage-backed
securities are amortized or accreted in proportion to the monthly paydowns.
All discounts/premiums on purchase prices of debt securities are
accreted/amortized for financial reporting purposes over the life of the
respective securities, and such accretion/amortization is included in
interest income.
Security transactions are recorded as of trade date. Gains and losses on
sales of investments are calculated on the identified cost method for both
financial reporting and federal income tax purposes.
C. Foreign Currency Translation
The books and records of the Fund are maintained in U.S. dollars. Amounts
denominated in foreign currencies are translated into U.S. dollars using
current exchange rates.
Net realized gains and losses on foreign currency transactions, if any,
represent, among other things, the net realized gains and losses on foreign
currency contracts, disposition of foreign currencies and the difference
58 Pioneer High Yield Fund | Annual Report | 10/31/18
between the amount of income accrued and the U.S. dollars actually
received. Further, the effects of changes in foreign currency exchange
rates on investments are not segregated on the Statement of Operations from
the effects of changes in the market prices of those securities, but are
included with the net realized and unrealized gain or loss on investments.
D. Federal Income Taxes
It is the Fund's policy to comply with the requirements of the Internal
Revenue Code applicable to regulated investment companies and to distribute
all of its net taxable income and net realized capital gains, if any, to
its shareowners. Therefore, no provision for federal income taxes is
required. As of October 31, 2018, the Fund did not accrue any interest or
penalties with respect to uncertain tax positions, which, if applicable,
would be recorded as an income tax expense on the Statement of Operations.
Tax returns filed within the prior three years remain subject to
examination by federal and state tax authorities.
The amount and character of income and capital gain distributions to
shareowners are determined in accordance with federal income tax rules,
which may differ from U.S. GAAP. Distributions in excess of net investment
income or net realized gains are temporary over distributions for financial
statement purposes resulting from differences in the recognition or
classification of income or distributions for financial statement and tax
purposes. Capital accounts within the financial statements are adjusted for
permanent book/tax differences to reflect tax character, but are not
adjusted for temporary differences.
At October 31, 2018, the Trust was permitted to carry forward $7,980,147 of
short-term capital losses and $18,531,059 of long-term capital losses
without limitation. Since unlimited losses are required to be used first,
loss carryforwards that are subject to expiration may be more likely to
expire unused.
During the year ended October 31, 2018, a capital loss carryforward of
$7,220,551 was utilized to offset net realized gains by the Fund.
The tax character of distributions paid during the years ended October 31,
2018 and October 31, 2017, were as follows:
---------------------------------------------------------------------------
2018 2017
---------------------------------------------------------------------------
Distributions paid from:
Ordinary income $41,385,763 $48,446,624
---------------------------------------------------------------------------
Total $41,385,763 $48,446,624
===========================================================================
Pioneer High Yield Fund | Annual Report | 10/31/18 59
The following shows the components of distributable earnings on a federal
income tax basis at October 31, 2018:
---------------------------------------------------------------------------
2018
---------------------------------------------------------------------------
Distributable earnings:
Undistributed ordinary income $ 3,265,983
Capital loss carryforward (26,511,206)
Dividend payable (272,071)
Net unrealized depreciation (15,643,375)
---------------------------------------------------------------------------
Total $(39,160,669)
===========================================================================
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 on swaps and futures contracts, adjustments relating to
catastrophe bonds, the tax adjustments relating to credit default swaps,
interest accruals on defaulted bonds and preferred stocks.
E. Fund Shares
The Fund records sales and repurchases of its shares as of trade date. The
Distributor earned $14,751 in underwriting commissions on the sale of Class
A shares during the year ended October 31, 2018.
F. Class Allocations
Income, common expenses and realized and unrealized gains and losses are
calculated at the Fund level and allocated daily to each class of shares
based on its respective percentage of adjusted net assets at the beginning
of the day.
Distribution fees are calculated based on the average daily net asset value
attributable to Class A, Class C and Class R 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, Class R and Class Y shares
can reflect different transfer agent and distribution expense rates.
60 Pioneer High Yield Fund | Annual Report | 10/31/18
G. Risks
The value of securities held by the Fund may go up or down, sometimes
rapidly or unpredictably, due to general market conditions, such as real or
perceived adverse economic, political or regulatory conditions, inflation,
changes in interest rates, lack of liquidity in the bond markets or adverse
investor sentiment. In the past several years, financial markets have
experienced increased volatility, depressed valuations, decreased liquidity
and heightened uncertainty. These conditions may continue, recur, worsen or
spread.
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.
Interest rates in the U.S. have been historically low and have begun to
rise, so the Fund faces a heightened risk that interest rates may continue
to rise. A general rise in interest rates could adversely affect the price
and liquidity of fixed-income securities and could also result in increased
redemptions from the Fund.
The Fund invests in below investment grade (high yield) debt securities and
preferred stocks. Some of these high yield securities may be convertible
into equity securities of the issuer. Debt securities rated below
investment grade are commonly referred to as "junk bonds" and are
considered speculative. These securities involve greater risk of loss, are
subject to greater price volatility, and are less liquid, especially during
periods of economic uncertainty or change, than higher rated debt
securities.
With the increased use of technologies such as the Internet to conduct
business, the Fund is susceptible to operational, information security and
related risks. While the Fund's Adviser has established business continuity
plans in the event of, and risk management systems to prevent, limit or
mitigate, such cyber-attacks, there are inherent limitations in such plans
and systems including the possibility that certain risks have not been
identified. Furthermore, the Fund cannot control the cybersecurity plans
and systems put in place by service providers to the Fund such as Brown
Brothers Harriman & Co., the Fund's custodian and accounting agent, and DST
Asset Manager Solutions, Inc., the Fund's transfer agent. In addition, many
Pioneer High Yield Fund | Annual Report | 10/31/18 61
beneficial owners of Fund shares hold them through accounts at broker-
dealers, retirement platforms and other financial market participants over
which neither the Fund nor Amundi Pioneer exercises control. Each of these
may in turn rely on service providers to them, which are also subject to
the risk of cyber-attacks. Cybersecurity failures or breaches at Amundi
Pioneer or the Fund's service providers or intermediaries have the ability
to cause disruptions and impact business operations, potentially resulting
in financial losses, interference with the Fund's ability to calculate its
net asset value, impediments to trading, the inability of Fund shareowners
to effect share purchases, redemptions or exchanges or receive
distributions, loss of or unauthorized access to private shareowners
information and violations of applicable privacy and other laws, regulatory
fines, penalties, reputational damage, or additional compliance costs. Such
costs and losses may not be covered under any insurance. In addition,
maintaining vigilance against cyber-attacks may involve substantial costs
over time, and system enhancements may themselves be subject to
cyber-attacks.
The Fund's prospectus contains unaudited information regarding the Fund's
principal risks. Please refer to that document when considering the Fund's
principal risks.
H. Insurance-Linked Securities ("ILS")
The Fund invests in event-linked and other ILS. The Fund could lose a
portion or all of the principal it has invested in an ILS, and the right to
additional interest payments with respect to the security, upon the
occurrence of one or more trigger events, as defined within the terms of an
insurance-linked security. Trigger events, generally, are hurricanes,
earthquakes, or other natural events of a specific size or magnitude that
occur in a designated geographic region during a specified time period,
and/or that involve losses or other metrics that exceed a specific amount.
There is no way to accurately predict whether a trigger event will occur
and, accordingly, ILS carry significant risk. The Fund is entitled to
receive principal and interest payments so long as no trigger event occurs
of the description and magnitude specified by the instrument. In addition
to the specified trigger events, ILS may expose the Fund to other risks,
including but not limited to issuer (credit) default, adverse regulatory or
jurisdictional interpretations and adverse tax consequences.
The Fund's investments in ILS may include 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
62 Pioneer High Yield Fund | Annual Report | 10/31/18
instrument, known as collateralized reinsurance. Structured reinsurance
investments also may include industry loss warranties ("ILWs"). A
traditional ILW takes the form of a bilateral reinsurance contract, but
there are also products that take the form of derivatives, collateralized
structures, or exchange-traded instruments.
Where the ILS are based on the performance of underlying reinsurance
contracts, the Fund has limited transparency into the individual underlying
contracts, and therefore must rely upon the risk assessment and sound
underwriting practices of the issuer. Accordingly, it may be more difficult
for the Adviser to fully evaluate the underlying risk profile of the Fund's
structured reinsurance investments, and therefore the Fund's assets are
placed at greater risk of loss than if the Adviser had more complete
information. Structured reinsurance instruments generally will be
considered illiquid securities by the Fund. These securities may be
difficult to purchase, sell or unwind. Illiquid securities also may be
difficult to value. If the Fund is forced to sell an illiquid asset, the
Fund may be forced to sell at a loss.
Additionally, the Fund may gain exposure to ILS by investing in a closed
end interval fund, Pioneer ILS Interval Fund, an affiliate of the Adviser.
I. Repurchase Agreements
Repurchase agreements are arrangements under which the Fund purchases
securities from a broker-dealer or a bank, called the counterparty, upon
the agreement of the counterparty to repurchase the securities from the
Fund at a later date, and at a specific price, which is typically higher
than the purchase price paid by the Fund. The securities purchased serve as
the Fund's collateral for the obligation of the counterparty to repurchase
the securities. The value of the collateral, including accrued interest, is
required to be equal to or in excess of the repurchase price. The
collateral for all repurchase agreements is held in safekeeping in the
customer-only account of the Fund's custodian or a sub-custodian of the
Fund. The Adviser is responsible for determining that the value of the
collateral remains at least equal to the repurchase price. In the event of
a default by the counterparty, the Fund is entitled to sell the securities,
but the Fund may not be able to sell them for the price at which they were
purchased, thus causing a loss to the Fund. Additionally, if the
counterparty becomes insolvent, there is some risk that the Fund will not
have a right to the securities, or the immediate right to sell the
securities.
Open repurchase agreements as of October 31, 2018 are disclosed in the
Fund's Schedule of Investments.
Pioneer High Yield Fund | Annual Report | 10/31/18 63
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
October 31, 2018, is recorded as "Futures collateral" on the Statement of
Assets and Liabilities.
Subsequent payments for futures contracts ("variation margin") are paid or
received by the Fund, depending on the daily fluctuation in the value of
the contracts, and are recorded by the Fund as unrealized appreciation or
depreciation. Cash received from or paid to the broker related to previous
margin movement is held in a segregated account at the broker and is
recorded as either "Due from broker for futures" or "Due to broker for
futures" on the Statement of Assets and Liabilities. When the contract is
closed, the Fund realizes a gain or loss equal to the difference between
the opening and closing value of the contract as well as any fluctuation in
foreign currency exchange rates where applicable. Futures contracts are
subject to market risk, interest rate risk and currency exchange rate risk.
Changes in value of the contracts may not directly correlate to the changes
in value of the underlying securities. With futures, there is reduced
counterparty credit risk to the Fund since futures are exchange-traded and
the exchange's clearinghouse, as counterparty to all exchange-traded
futures, guarantees the futures against default.
The average market value of contracts open during the year ended October
31, 2018, was $ (24,446,670). Open futures contracts outstanding at October
31, 2018 are listed in the Schedule of Investments.
K. Credit Default Swap Contracts
A credit default swap is a contract between a buyer of protection and a
seller of protection against a pre-defined credit event or an underlying
reference obligation, which may be a single security or a basket or index
of securities. The Fund may buy or sell credit default swap contracts to
seek to increase the Fund's income, or to attempt to hedge the risk of
default on portfolio securities. A credit default swap index is used to
hedge risk or take a position on a basket of credit entities or indices.
64 Pioneer High Yield Fund | Annual Report | 10/31/18
As a seller of protection, the Fund would be required to pay the notional
(or other agreed-upon) value of the referenced debt obligation to the
counterparty in the event of a default by a U.S. or foreign corporate
issuer of a debt obligation, which would likely result in a loss to the
Fund. In return, the Fund would receive from the counterparty a periodic
stream of payments during the term of the contract, provided that no event
of default occurred. The maximum exposure of loss to the seller would be
the notional value of the credit default swaps outstanding. If no default
occurs, the Fund would keep the stream of payments and would have no
payment obligation. The Fund may also buy credit default swap contracts in
order to hedge against the risk of default of debt securities, in which
case the Fund would function as the counterparty referenced above.
As a buyer of protection, the Fund makes an upfront or periodic payment to
the protection seller in exchange for the right to receive a contingent
payment. An upfront payment made by the Fund, as the protection buyer, is
recorded within the "Swap contracts, at value" line item on the Statement
of Assets and Liabilities. Periodic payments received or paid by the Fund
are recorded as realized gains or losses on the Statement of Operations.
Credit default swap contracts are marked-to-market daily using valuations
supplied by independent sources and the change in value, if any, is
recorded within the "Swap contracts, at value" line item on the Statement
of Assets and Liabilities. Payments received or made as a result of a
credit event or upon termination of the contract are recognized, net of the
appropriate amount of the upfront payment, as realized gains or losses on
the Statement of Operations.
Credit default swap contracts involving the sale of protection may involve
greater risks than if the Fund had invested in the referenced debt
instrument directly. Credit default swap contracts are subject to general
market risk, liquidity risk, counterparty risk and credit risk. If the Fund
is a protection buyer and no credit event occurs, it will lose its
investment. If the Fund is a protection seller and a credit event occurs,
the value of the referenced debt instrument received by the Fund, together
with the periodic payments received, may be less than the amount the Fund
pays to the protection buyer, resulting in a loss to the Fund. In addition,
obligations under sell protection credit default swaps may be partially
offset by net amounts received from settlement of buy protection credit
default swaps entered into by the Fund for the same reference obligation
with the same counterparty.
Pioneer High Yield Fund | Annual Report | 10/31/18 65
Certain swap contracts that are cleared through a central clearinghouse are
referred to as centrally cleared swaps. All payments made or received by
the Fund are pursuant to a centrally cleared swap contract with the central
clearing party rather than the original counterparty. Upon entering into a
centrally cleared swap contract, the Fund is required to make an initial
margin deposit, either in cash or in securities. The daily change in value
on open centrally cleared contracts is recorded as "Variation margin for
centrally cleared swaps" on the Statement of Assets and Liabilities. Cash
received from or paid to the broker related to previous margin movement is
held in a segregated account at the broker and is recorded as either "Due
from broker for swaps" or "Due to broker for swaps" on the Statement of
Assets and Liabilities. The amount of cash deposited with a broker as
collateral at October 31, 2018, is recorded as "Swap collateral" on the
Statement of Assets and Liabilities.
The average market value of credit default swap contracts open during the
year ended October 31, 2018 was $1,186,466. Open credit default swap
contracts at October 31, 2018 are listed in the Schedule of Investments.
2. Management Agreement
The Adviser manages the Fund's portfolio. Management fees are calculated daily
at the annual rate of 0.70% of the Fund's average daily net assets up to $500
million, 0.65% of the next $500 million, 0.60% of the next $4 billion, 0.55% of
the next $1 billion, 0.50% of the next $1 billion, 0.45% of the next $1 billion,
0.40% of the next $1 billion, 0.35% of the next $1 billion, and 0.30% on assets
over $10 billion. For the year ended October 31, 2018, the effective management
fee (excluding waivers and/or assumption of expenses) was equivalent to 0.68% 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
$73,231 in management fees, administrative costs and certain other
reimbursements payable to the Adviser at October 31, 2018.
3. Transfer Agent
DST Asset Manager Solutions, Inc. serves as the transfer agent to the Fund at
negotiated rates. Transfer agent fees and payables shown on the Statement of
Operations and the Statement of Assets and Liabilities, respectively, include
sub-transfer agent expenses incurred through the Fund's omnibus relationship
contracts.
66 Pioneer High Yield Fund | Annual Report | 10/31/18
In addition, the Fund reimbursed the transfer agent for out-of-pocket expenses
incurred by the transfer agent related to shareowner communications activities
such as proxy and statement mailings, and outgoing phone calls. For the year
ended October 31, 2018, such out-of-pocket expenses by class of shares were as
follows:
--------------------------------------------------------------------------------
Shareowner Communications:
--------------------------------------------------------------------------------
Class A $ 83,317
Class C 23,848
Class R 1,753
Class Y 13,773
--------------------------------------------------------------------------------
Total $122,691
================================================================================
4. Distribution and Service Plans
The Fund has adopted a distribution plan (the "Plan") pursuant to Rule 12b-1 of
the Investment Company Act of 1940 with respect to its Class A, Class C and
Class R shares. Pursuant to the Plan, the Fund pays the Distributor 0.25% of the
average daily net assets attributable to Class A shares as compensation for
personal services and/or account maintenance services or distribution services
with regard to Class A shares. Pursuant to the Plan, the Fund also pays the
Distributor 1.00% of the average daily net assets attributable to Class C
shares. The fee for Class C shares consists of a 0.25% service fee and a 0.75%
distribution fee paid as compensation for personal services and/or account
maintenance services or distribution services with regard to Class C shares.
Pursuant to the Plan, the Fund further pays the Distributor 0.50% of the average
daily net assets attributable to Class R shares for distribution services.
Included in "Due to affiliates" reflected on the Statement of Assets and
Liabilities is $68,579 in distribution fees payable to the Distributor at
October 31, 2018.
The Fund also has adopted a separate service plan for Class R shares (the
"Service Plan"). The Service Plan authorizes the Fund to pay securities dealers,
plan administrators or other service organizations that agree to provide certain
services to retirement plans or plan participants holding shares of the Fund a
service fee of up to 0.25% of the Fund's average daily net assets attributable
to Class R shares held by such plans.
In addition, redemptions of each class of shares (except Class R and 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
Pioneer High Yield Fund | Annual Report | 10/31/18 67
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 R or Class Y shares. Proceeds from the
CDSCs are paid to the Distributor. For the year ended October 31, 2018, CDSCs in
the amount of $3,478 were paid to the Distributor.
5. Line of Credit Facility
The Fund, along with certain other funds in the Pioneer Family of Funds (the
"Funds"), participates in a committed, unsecured revolving line of credit
facility. Borrowings are used solely for temporary or emergency purposes. The
Fund may borrow up to the lesser of the amount available under the facility or
the limits set for borrowing by the Fund's prospectus and the 1940 Act.
Effective August 1, 2018 the Fund participates in a credit facility that is in
the amount of $250 million. Prior to August 1, 2018, the credit facility was in
the amount of $195 million. Under such credit facility, depending on the type of
loan, interest on borrowings is payable at the London Interbank Offered Rate
("LIBOR") plus 0.90% on an annualized basis, or the Alternate Base Rate, which
is the greater of (a) the facility's administrative agent's daily announced
prime rate on the borrowing date, (b) 2% plus the Federal Funds Rate on the
borrowing date, or (c) 2% plus the overnight Eurodollar rate on the borrowing
date. The Funds pay an annual commitment fee to participate in a credit
facility. The commitment fee is allocated among participating Funds based on an
allocation schedule set forth in the credit agreement. For the year ended
October 31, 2018, the Fund had no borrowings under the credit facility.
6. Master Netting Agreements
The Fund has entered into an International Swaps and Derivatives Association,
Inc. Master Agreement ("ISDA Master Agreement") or similar agreement with
substantially all its derivative counterparties. An ISDA Master Agreement is a
bilateral agreement between the Fund and a counterparty that governs the trading
of certain Over the Counter ("OTC") derivatives and typically contains, among
other things, close-out and set-off provisions which apply upon the occurrence
of an event of default and/or a termination event as defined under the relevant
ISDA Master Agreement. The ISDA Master Agreement may also give a party the right
to terminate all transactions traded under such agreement if, among other
things, there is deterioration in the credit quality of the other party.
Upon an event of default or a termination of the ISDA Master Agreement, the
non-defaulting party has the right to close out all transactions under such
agreement and to net amounts owed under each transaction to determine one net
amount payable by one party to the other. The right to close out and net
payments across all transactions under the ISDA Master Agreement could
68 Pioneer High Yield Fund | Annual Report | 10/31/18
result in a reduction of the Fund's credit risk to its counterparty equal to any
amounts payable by the Fund under the applicable transactions, if any. However,
the Fund's right to setoff may be restricted or prohibited by the bankruptcy or
insolvency laws of the particular jurisdiction to which each specific ISDA of
each counterparty is subject.
The collateral requirements for derivatives transactions under an ISDA Master
Agreement are governed by a credit support annex to the ISDA Master Agreement.
Collateral requirements are generally determined at the close of business each
day and are typically based on changes in market values for each transaction
under an ISDA Master Agreement and netted into one amount for such agreement.
Generally, the amount of collateral due from or to a counterparty is subject to
threshold (a "minimum transfer amount") before a transfer is required, which may
vary by counterparty. Collateral pledged for the benefit of the Fund and/or
counterparty is held in segregated accounts by the Fund's custodian and cannot
be sold, re-pledged, assigned or otherwise used while pledged. Cash that has
been segregated to cover the Fund's collateral obligations, if any, will be
reported separately on the Statement of Assets and Liabilities as "Swaps
collateral". Securities pledged by the Fund as collateral, if any, are
identified as such in the Schedule of Investments.
Financial instruments subject to an enforceable master netting agreement, such
as an ISDA Master Agreement, have been offset on the Statement of Assets and
Liabilities. The following charts show gross assets and liabilities of the Fund
as of October 31, 2018.
-----------------------------------------------------------------------------------------------
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)
-----------------------------------------------------------------------------------------------
Goldman Sachs
International $319,122 $ -- $ -- $ -- $319,122
-----------------------------------------------------------------------------------------------
Total $319,122 $ -- $ -- $ -- $319,122
===============================================================================================
-----------------------------------------------------------------------------------------------
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)
-----------------------------------------------------------------------------------------------
Goldman Sachs
International $ -- $ -- $ -- $ -- $ --
-----------------------------------------------------------------------------------------------
Total $ -- $ -- $ -- $ -- $ --
===============================================================================================
(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.
Pioneer High Yield Fund | Annual Report | 10/31/18 69
7. Additional Disclosures about Derivative Instruments and Hedging Activities
The Fund's use of derivatives may enhance or mitigate the Fund's exposure to the
following risks:
Interest rate risk relates to the fluctuations in the value of interest-bearing
securities due to changes in the prevailing levels of market interest rates.
Credit risk relates to the ability of the issuer of a financial instrument to
make further principal or interest payments on an obligation or commitment that
it has to the Fund.
Foreign exchange rate risk relates to fluctuations in the value of an asset or
liability due to changes in currency exchange rates.
Equity risk relates to the fluctuations in the value of financial instruments as
a result of changes in market prices (other than those arising from interest
rate risk or foreign exchange rate risk), whether caused by factors specific to
an individual investment, its issuer, or all factors affecting all instruments
traded in a market or market segment.
Commodity risk relates to the risk that the value of a commodity or commodity
index will fluctuate based on increases or decreases in the commodities market
and factors specific to a particular industry or commodity.
The fair value of open derivative instruments (not considered to be hedging
instruments for accounting disclosure purposes) by risk exposure at October 31,
2018 was as follows:
--------------------------------------------------------------------------------------------
Statement of Assets and Liabilities
Foreign
Interest Credit Exchange Equity Commodity
Rate Risk Risk Rate Risk Risk Risk
--------------------------------------------------------------------------------------------
Assets
Net unrealized appreciation
on futures contracts $ -- $ -- $ -- $ 1,212,960 $ --
Swap contracts, at value -- 792,231 -- -- --
--------------------------------------------------------------------------------------------
Total Value $ -- $ 792,231 $ -- $ 1,212,960 $ --
============================================================================================
70 Pioneer High Yield Fund | Annual Report | 10/31/18
The effect of derivative instruments (not considered to be hedging instruments
for accounting disclosure purposes) on the Statement of Operations by risk
exposure at October 31, 2018 was as follows:
--------------------------------------------------------------------------------------------
Statement of Operations
Foreign
Interest Credit Exchange Equity Commodity
Rate Risk Risk Rate Risk Risk Risk
--------------------------------------------------------------------------------------------
Net realized gain (loss) on:
Futures contracts $ -- $ -- $ -- $(3,994,282) $ --
Swap contracts -- 735,838 -- -- --
--------------------------------------------------------------------------------------------
Total Value $ -- $ 735,838 $ -- $(3,994,282) $ --
============================================================================================
Change in net unrealized
appreciation
(depreciation) on:
Futures contracts $ -- $ -- $ -- $ 2,392,978 $ --
Swap contracts -- (219,039) -- -- --
--------------------------------------------------------------------------------------------
Total Value $ -- $(219,039) $ -- $ 2,392,978 $ --
============================================================================================
Pioneer High Yield Fund | Annual Report | 10/31/18 71
Report of Independent Registered Public Accounting Firm
To the Board of Trustees and the Shareholders of
Pioneer High Yield Fund:
--------------------------------------------------------------------------------
Opinion on the Financial Statements
We have audited the accompanying statement of assets and liabilities of Pioneer
High Yield Fund (the "Fund"), including the schedule of investments, as of
October 31, 2018, and the related statements of operations, changes in net
assets and the financial highlights for the year then ended and the related
notes, and the statement of changes in net assets and financial highlights for
the year ended October 31, 2017 (collectively referred to as the "financial
statements"). The financial highlights for periods ended October 31, 2014,
October 31, 2015 and October 31, 2016 were audited by another independent
registered public accounting firm whose report, dated December 23, 2016,
expressed an unqualified opinion on those financial highlights. In our opinion,
the financial statements present fairly, in all material respects, the financial
position of the Fund at October 31, 2018, the results of its operations, the
changes in its net assets, and the financial highlights for the year ended, and
the statement of changes in net assets and financial highlights for the year
ended October 31, 2017, in conformity with U.S. generally accepted accounting
principles.
Basis for Opinion
These financial statements are the responsibility of the Fund's management. Our
responsibility is to express an opinion on the Fund's financial statements based
on our audits. We are a public accounting firm registered with the Public
Company Accounting Oversight Board (United States) ("PCAOB") and are required to
be independent with respect to the Fund in accordance with the U.S. federal
securities laws and the applicable rules and regulations of the Securities and
Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those
standards require that we plan and perform the audit to obtain reasonable
assurance about whether the financial statements are free of material
misstatement, whether due to error or fraud. The Fund is not required to have,
nor were we engaged to perform, an audit of the Fund's internal control over
financial reporting. As part of our audits, we are required to obtain an
understanding of internal control over financial reporting, but not for the
purpose of expressing an opinion on the effectiveness of the Fund's internal
control over financial reporting. Accordingly, we express no such opinion.
72 Pioneer High Yield Fund | Annual Report | 10/31/18
Our audits included performing procedures to assess the risks of material
misstatement of the financial statements, whether due to error or fraud, and
performing procedures that respond to those risks. Such procedures included
examining, on a test basis, evidence regarding the amounts and disclosures in
the financial statements. Our procedures included confirmation of securities
owned as of October 31, 2018, by correspondence with the custodian and brokers.
Our audits also included evaluating the accounting principles used and
significant estimates made by management, as well as evaluating the overall
presentation of the financial statements. We believe that our audits provide a
reasonable basis for our opinion.
/s/ Ernst & Young LLP
We have served as the Fund's auditor since 2017.
Boston, Massachusetts
December 21, 2018
Pioneer High Yield Fund | Annual Report | 10/31/18 73
Additional Information
The percentages of the Fund's ordinary income distributions that are exempt from
nonresident alien (NRA) tax withholding resulting from qualified interest income
was 77.29%.
Change in Independent Registered Public Accounting Firm
Prior to July 3, 2017 Pioneer Investment Management, Inc. (the "Adviser"), the
Fund's investment adviser, was an indirect, wholly owned subsidiary of UniCredit
S.p.A. ("UniCredit"). On that date, UniCredit completed the sale of its Pioneer
Investments business, which includes the Adviser, to Amundi (the "Transaction").
As a result of the Transaction, the Adviser became an indirect, wholly owned
subsidiary of Amundi. Amundi is controlled by Credit Agricole S.A. Amundi is
headquartered in Paris, France, and, as of September 30, 2016, had more than
$1.1 trillion in assets under management worldwide.
Deloitte & Touche LLP ("D&T"), the Fund's previous independent registered public
accounting firm, informed the Audit Committee and the Board that it would no
longer be independent with respect to the Fund upon the completion of the
Transaction as a result of certain services being provided to Amundi and Credit
Agricole, and, accordingly, that it intended to resign as the Fund's independent
registered public accounting firm upon the completion of the Transaction. D&T's
resignation was effective on July 3, 2017, when the Transaction was completed.
During the periods as to which D&T has served as the Fund's independent
registered public accounting firm, D&T's reports on the Fund's financial
statements have not contained an adverse opinion or disclaimer of opinion and
have not been qualified or modified as to uncertainty, audit scope or accounting
principles. Further, there have been no disagreements with D&T on any matter of
accounting principles or practices, financial statement disclosure, or auditing
scope or procedure, which, if not resolved to the satisfaction of D&T, would
have caused D&T to make reference to the subject matter of the disagreement in
connection with its report on the financial statements. In addition, there have
been no reportable events of the kind described in Item 304(a)(1)(v) of
Regulation S-K under the Securities Exchange Act of 1934.
Effective immediately following the completion of the Transaction on July 3,
2017, the Board, acting upon the recommendation of the Audit Committee, engaged
an independent registered public accounting firm, Ernst & Young LLP ("EY").
74 Pioneer High Yield Fund | Annual Report | 10/31/18
Prior to its engagement, EY had advised the Fund's Audit Committee that EY had
identified the following matters, in each case relating to services rendered by
other member firms of Ernst & Young Global Limited, all of which are located
outside the United States, to UniCredit and certain of its subsidiaries during
the period commencing July 1, 2016, that it determined to be inconsistent with
the auditor independence rules set forth by the Securities and Exchange
Commission ("SEC"): (a) project management support services to UniCredit in the
Czech Republic, Germany, Italy, Serbia and Slovenia in relation to twenty-two
projects, that were determined to be inconsistent with Rule 2-01(c)(4)(vi) of
Regulation S-X (management functions); (b) two engagements for UniCredit in
Italy where fees were contingent/success based and that were determined to be
inconsistent with Rule 2-01(c)(5) of Regulation S-X (contingent fees); (c) four
engagements where legal and expert services were provided to UniCredit in the
Czech Republic and Germany, and twenty engagements where the legal advisory
services were provided to UniCredit in Austria, Czech Republic, Italy and
Poland, that were determined to be inconsistent with Rule 2-01(c)(4)(ix) and (x)
of Regulation S-X (legal and expert services); and (d) two engagements for
UniCredit in Italy involving assistance in the sale of certain assets, that were
determined to be inconsistent with Rule 2-01(c)(4)(viii) of Regulation S-X
(broker-dealer, investment adviser or investment banking services). None of the
foregoing services involved the Fund, any of the other funds in the Pioneer
Family of Funds or any other Pioneer entity sold by UniCredit in the
Transaction.
EY advised the Audit Committee that it had considered the matters described
above and had concluded that such matters would not impair EY's ability to
exercise objective and impartial judgment in connection with the audits of the
financial statements of the Fund under the SEC and Public Company Accounting
Oversight Board independence rules, and that a reasonable investor with
knowledge of all relevant facts and circumstances would reach the same
conclusion. Management and the Audit Committee considered these matters and
discussed the matters with EY and, based upon EY's description of the matters
and statements made by EY, Management and the Audit Committee believe that EY
will be capable of exercising objective and impartial judgment in connection
with the audits of the financial statements of the Fund, and Management further
believes that a reasonable investor with knowledge of all relevant facts and
circumstances would reach the same conclusion.
Pioneer High Yield Fund | Annual Report | 10/31/18 75
Approval of Investment Management Agreement
Amundi Pioneer Asset Management, Inc. ("APAM") serves as the investment adviser
to Pioneer High Yield Fund (the "Fund") pursuant to an investment management
agreement between APAM and the Fund. In order for APAM to remain the investment
adviser of the Fund, the Trustees of the Fund must determine annually whether to
renew the investment management agreement for the Fund.
The contract review process began in January 2018 as the Trustees of the Fund
agreed on, among other things, an overall approach and timeline for the process.
Contract review materials were provided to the Trustees in March 2018, July 2018
and September 2018. In addition, the Trustees reviewed and discussed the Fund's
performance at regularly scheduled meetings throughout the year, and took into
account other information related to the Fund provided to the Trustees at
regularly scheduled meetings, in connection with the review of the Fund's
investment management agreement.
In March 2018, the Trustees, among other things, discussed the memorandum
provided by Fund counsel that summarized the legal standards and other
considerations that are relevant to the Trustees in their deliberations
regarding the renewal of the investment management agreement, and reviewed and
discussed the qualifications of the investment management teams for the Fund, as
well as the level of investment by the Fund's portfolio managers in the Fund. In
July 2018, the Trustees, among other things, reviewed the Fund's management fees
and total expense ratios, the financial statements of APAM and its parent
companies, profitability analyses provided by APAM, and analyses from APAM as to
possible economies of scale. The Trustees also reviewed the profitability of the
institutional business of APAM and APAM's affiliate, Amundi Pioneer
Institutional Asset Management, Inc. ("APIAM" and, together with APAM, "Amundi
Pioneer"), as compared to that of APAM's fund management business, and
considered the differences between the fees and expenses of the Fund and the
fees and expenses of APAM's and APIAM's institutional accounts, as well as the
different services provided by APAM to the Fund and by APAM and APIAM to the
institutional accounts. The Trustees further considered contract review
materials, including additional materials received in response to the Trustees'
request, in September 2018.
At a meeting held on September 18, 2018, based on their evaluation of the
information provided by APAM and third parties, the Trustees of the Fund,
including the Independent Trustees voting separately, unanimously approved the
renewal of the investment management agreement for another year. In approving
the renewal of the investment management agreement, the Trustees
76 Pioneer High Yield Fund | Annual Report | 10/31/18
considered various factors that they determined were relevant, including the
factors described below. The Trustees did not identify any single factor as the
controlling factor in determining to approve the renewal of the agreement.
Nature, Extent and Quality of Services
The Trustees considered the nature, extent and quality of the services that had
been provided by APAM to the Fund, taking into account the investment objective
and strategy of the Fund. The Trustees also reviewed APAM's investment approach
for the Fund and its research process. The Trustees considered the resources of
APAM and the personnel of APAM who provide investment management services to the
Fund. They also reviewed the amount of non-Fund assets managed by the portfolio
managers of the Fund. They considered the non-investment resources and personnel
of APAM that are involved in APAM's services to the Fund, including APAM's
compliance, risk management, and legal resources and personnel. The Trustees
noted the substantial attention and high priority given by APAM's senior
management to the Pioneer Fund complex.
The Trustees considered that APAM supervises and monitors the performance of the
Fund's service providers and provides the Fund with personnel (including Fund
officers) and other resources that are necessary for the Fund's business
management and operations. The Trustees also considered that, as administrator,
APAM is responsible for the administration of the Fund's business and other
affairs. The Trustees considered the fees paid to APAM for the provision of
administration services.
Based on these considerations, the Trustees concluded that the nature, extent
and quality of services that had been provided by APAM to the Fund were
satisfactory and consistent with the terms of the investment management
agreement.
Performance of the Fund
In considering the Fund's performance, the Trustees regularly review and discuss
throughout the year data prepared by APAM and information comparing the Fund's
performance with the performance of its peer group of funds, as classified by
Morningstar, Inc. (Morningstar), and the performance of the Fund's benchmark
index. They also discuss the Fund's performance with APAM on a regular basis.
The Trustees' regular reviews and discussions were factored into the Trustees'
deliberations concerning the renewal of the investment management agreement.
Pioneer High Yield Fund | Annual Report | 10/31/18 77
Management Fee and Expenses
The Trustees considered information showing the fees and expenses of the Fund in
comparison to the management fees of its peer group of funds as classified by
Morningstar and also to the expense ratios of a peer group of funds selected on
the basis of criteria determined by the Independent Trustees for this purpose
using data provided by Strategic Insight Mutual Fund Research and Consulting,
LLC (Strategic Insight), an independent third party. The peer group comparisons
referred to below are organized in quintiles. Each quintile represents one-fifth
of the peer group. In all peer group comparisons referred to below, first
quintile is most favorable to the Fund's shareowners. The Trustees noted that
they separately review and consider the impact of the Fund's transfer agency and
Fund- and APAM-paid expenses for sub-transfer agency and intermediary
arrangements, and that the results of the most recent such review were
considered in the consideration of the Fund's expense ratio.
The Trustees considered that the Fund's management fee for the most recent
fiscal year was in the fourth quintile relative to the management fees paid by
other funds in its Morningstar category for the comparable period. The Trustees
also considered the breakpoints in the management fee schedule and the reduced
fee rates above certain asset levels. The Trustees noted the resource commitment
necessary to manage a high yield fund that invests more significantly in
convertible securities than a traditional high yield fund. The Trustees
considered that the expense ratio of the Fund's Class A shares for the most
recent fiscal year was in the fifth quintile relative to its Strategic Insight
peer group for the comparable period.
The Trustees reviewed management fees charged by APAM and APIAM to institutional
and other clients, including publicly offered European funds sponsored by APAM's
affiliates, unaffiliated U.S. registered investment companies (in a sub-advisory
capacity), and unaffiliated foreign and domestic separate accounts. The Trustees
also considered APAM's costs in providing services to the Fund and APAM's and
APIAM's costs in providing services to the other clients and considered the
differences in management fees and profit margins for fund and non-fund
services. In evaluating the fees associated with APAM's and APIAM's client
accounts, the Trustees took into account the respective demands, resources and
complexity associated with the Fund and other client accounts. The Trustees
noted that, in some instances, the fee rates for those clients were lower than
the management fee for the Fund and considered that, under the investment
management agreement with the Fund, APAM performs additional services for the
Fund that it does not provide to those other clients or services that are
broader in scope, including oversight of the Fund's other service providers and
activities related to compliance and the
78 Pioneer High Yield Fund | Annual Report | 10/31/18
extensive regulatory and tax regimes to which the Fund is subject. The Trustees
also considered the entrepreneurial risks associated with APAM's management
of the Fund.
The Trustees concluded that the management fee payable by the Fund to APAM was
reasonable in relation to the nature and quality of the services provided by
APAM.
Profitability
The Trustees considered information provided by APAM regarding the profitability
of APAM with respect to the advisory services provided by APAM to the Fund,
including the methodology used by APAM in allocating certain of its costs to the
management of the Fund. The Trustees also considered APAM's profit margin in
connection with the overall operation of the Fund. They further reviewed the
financial results, including the profit margins, realized by APAM and APIAM from
non-fund businesses. The Trustees considered APAM's profit margins in comparison
to the limited industry data available and noted that the profitability of any
adviser was affected by numerous factors, including its organizational structure
and method for allocating expenses. The Trustees concluded that APAM's
profitability with respect to the management of the Fund was not unreasonable.
Economies of Scale
The Trustees considered APAM's views relating to economies of scale in
connection with the Pioneer Funds as fund assets grow and the extent to which
any such economies of scale are shared with the Fund and Fund shareholders. The
Trustees noted the breakpoints in the management fee schedule. The Trustees
recognize that economies of scale are difficult to identify and quantify, and
that, among other factors that may be relevant, are the following: fee levels,
expense subsidization, investment by APAM in research and analytical
capabilities and APAM's commitment and resource allocation to the Fund. The
Trustees noted that profitability also may be an indicator of the availability
of any economies of scale, although profitability may vary for other reasons
including due to reductions in expenses. The Trustees concluded that economies
of scale, if any, were being appropriately shared with the Fund.
Other Benefits
The Trustees considered the other benefits that APAM enjoys from its
relationship with the Fund. The Trustees considered the character and amount of
fees paid or to be paid by the Fund, other than under the investment management
agreement, for services provided by APAM and its affiliates. The
Pioneer High Yield Fund | Annual Report | 10/31/18 79
Trustees further considered the revenues and profitability of APAM's businesses
other than the Fund business. To the extent applicable, the Trustees also
considered the benefits to the Fund and to APAM and its affiliates from the use
of "soft" commission dollars generated by the Fund to pay for research and
brokerage services.
The Trustees considered that Amundi Pioneer is the principal U.S. asset
management business of Amundi, which is one of the largest asset managers
globally. Amundi's worldwide asset management business manages over $1.7
trillion in assets (including the Pioneer Funds). The Trustees considered that
APAM's relationship with Amundi creates potential opportunities for APAM, APIAM
and Amundi that derive from APAM's relationships with the Fund, including
Amundi's ability to market the services of APAM globally. The Trustees noted
that APAM has access to additional research and portfolio management
capabilities as a result of its relationship with Amundi and Amundi's enhanced
global presence that may contribute to an increase in the resources available to
APAM. The Trustees considered that APAM and the Fund receive reciprocal
intangible benefits from the relationship, including mutual brand recognition
and, for the Fund, direct and indirect access to the resources of a large global
asset manager. The Trustees concluded that any such benefits received by APAM as
a result of its relationship with the Fund were reasonable.
Conclusion
After consideration of the factors described above as well as other factors, the
Trustees, including the Independent Trustees, concluded that the investment
management agreement for the Fund, including the fees payable thereunder, was
fair and reasonable and voted to approve the proposed renewal of the investment
management agreement.
80 Pioneer High Yield Fund | Annual Report | 10/31/18
Trustees, Officers and Service Providers
Investment Adviser
Amundi Pioneer Asset Management, Inc.
Custodian and Sub-Administrator
Brown Brothers Harriman & Co.
Independent Registered Public Accounting Firm
Ernst & Young LLP
Principal Underwriter
Amundi Pioneer Distributor, Inc.
Legal Counsel
Morgan, Lewis & Bockius LLP
Shareowner Services and Transfer Agent
DST Asset Manager Solutions, Inc.
Proxy Voting Policies and Procedures of the Fund are available without charge,
upon request, by calling our toll free number (1-800-225-6292). Information
regarding how the Fund voted proxies relating to portfolio securities during the
most recent 12-month period ended June 30 is publicly available to shareowners
at www.amundipioneer.com. This information is also available on the Securities
and Exchange Commission's web site at www.sec.gov.
Trustees and Officers
The Fund's Trustees and officers are listed below, together with their principal
occupations and other directorships they have held during at least the past five
years. Trustees who are interested persons of the Fund within the meaning of the
1940 Act are referred to as Interested Trustees. Trustees who are not interested
persons of the Fund are referred to as Independent Trustees. Each of the
Trustees serves as a Trustee of each of the 43 U.S. registered investment
portfolios for which Amundi Pioneer serves as investment adviser (the "Pioneer
Funds"). The address for all Trustees and all officers of the Fund is 60 State
Street, Boston, Massachusetts 02109.
The Statement of Additional Information of the Fund includes additional
information about the Trustees and is available, without charge, upon request,
by calling 1-800-225-6292.
Pioneer High Yield Fund | Annual Report | 10/31/18 81
Independent Trustees
------------------------------------------------------------------------------------------------------------------------------------
Name, Age and Position Term of Office and Other Directorships
Held With the Fund Length of Service Principal Occupation Held by Trustee
------------------------------------------------------------------------------------------------------------------------------------
Thomas J. Perna (68) Trustee since 2006. Private investor (2004 - 2008 and 2013 - Director, Broadridge Financial
Chairman of the Serves until a present); Chairman (2008 - 2013) and Chief Solutions, Inc. (investor
Board and Trustee successor trustee is Executive Officer (2008 - 2012), Quadriserv, communications and securities
elected or earlier Inc. (technology products for securities lending processing provider for
retirement or industry); and Senior Executive Vice President, financial services industry)
removal. The Bank of New York (financial and securities (2009 - present); Director,
services) (1986 - 2004) Quadriserv, Inc. (2005 - 2013);
and Commissioner, New Jersey
State Civil Service Commission
(2011 - 2015)
------------------------------------------------------------------------------------------------------------------------------------
David R. Bock (74) Trustee since 2005. Managing Partner, Federal City Capital Advisors Director of New York Mortgage
Trustee Serves until a (corporate advisory services company) (1997 - Trust(publicly-traded mortgage
successor trustee is 2004 and 2008 - present); Interim Chief REIT) (2004 - 2009, 2012 -
elected or earlier Executive Officer, Oxford Analytica, Inc. present); Director of The Swiss
retirement or (privately held research and consulting company) Helvetia Fund, Inc. (closed-
removal. (2010); Executive Vice President and Chief end fund) (2010 - 2017);
Financial Officer, I-trax, Inc. (publicly traded Director of Oxford Analytica,
health care services company) (2004 - 2007); and Inc. (2008 - 2015); and
Executive Vice President and Chief Financial Director of Enterprise
Officer, Pedestal Inc. (internet-based mortgage Community Investment, Inc.
trading company) (2000 - 2002); Private (privately-held affordable
Consultant (1995 - 1997); Managing Director, housing finance company) (1985
Lehman Brothers (1992 - 1995); and Executive, - 2010)
The World Bank (1979 - 1992)
------------------------------------------------------------------------------------------------------------------------------------
Benjamin M. Friedman (74) Trustee since 2008. William Joseph Maier Professor of Political Trustee, Mellon Institutional
Trustee Serves until a Economy, Harvard University (1972 - present) Funds Investment Trust and
successor trustee is Mellon Institutional Funds
elected or earlier Master Portfolio (oversaw 17
retirement or portfolios in fund complex)
removal. (1989 - 2008)
------------------------------------------------------------------------------------------------------------------------------------
82 Pioneer High Yield Fund | Annual Report | 10/31/18
------------------------------------------------------------------------------------------------------------------------------------
Name, Age and Position Term of Office and Other Directorships
Held With the Fund Length of Service Principal Occupation Held by Trustee
------------------------------------------------------------------------------------------------------------------------------------
Margaret B.W. Graham (71) Trustee since 1998. Founding Director, Vice-President and Corporate None
Trustee Serves until a Secretary, The Winthrop Group, Inc. (consulting
successor trustee is firm) (1982 - present); Desautels Faculty of
elected or earlier Management, McGill University (1999 - 2017); and
retirement or Manager of Research Operations and
removal. Organizational Learning, Xerox PARC, Xerox's
advance research center (1990-1994)
------------------------------------------------------------------------------------------------------------------------------------
Lorraine H. Monchak (62) Trustee since 2017. Chief Investment Officer, 1199 SEIU Funds None
Trustee (Advisory Trustee (healthcare workers union pension funds) (2001 -
from 2014 - 2017) present); Vice President - International
Serves until a Investments Group, American International Group,
successor trustee is Inc. (insurance company) (1993 - 2001); Vice
elected or earlier President - Corporate Finance and Treasury
retirement or Group, Citibank, N.A. (1980 - 1986 and 1990 -
removal. 1993); Vice President - Asset/Liability
Management Group, Federal Farm Funding
Corporation (government-sponsored issuer of debt
securities) (1988 - 1990); Mortgage Strategies
Group, Shearson Lehman Hutton, Inc. (investment
bank) (1987 - 1988); and Mortgage Strategies
Group, Drexel Burnham Lambert, Ltd. (investment
bank) (1986 - 1987)
------------------------------------------------------------------------------------------------------------------------------------
Marguerite A. Piret (70) Trustee since 1998. President and Chief Executive Officer, Newbury Director of New America High
Trustee Serves until a Piret Company (investment banking firm) (1981 - Income Fund, Inc. (closed-end
successor trustee is present) investment company) (2004 -
elected or earlier present); and Member, Board of
retirement or Governors, Investment Company
removal. Institute (2000 - 2006)
------------------------------------------------------------------------------------------------------------------------------------
Fred J. Ricciardi (71) Trustee since 2014. Consultant (investment company services) (2012 - None
Trustee Serves until a present); Executive Vice President, BNY Mellon
successor trustee is (financial and investment company services)
elected or earlier (1969 - 2012); Director, BNY International
retirement or Financing Corp. (financial services) (2002 -
removal. 2012); and Director, Mellon Overseas Investment
Corp. (financial services) (2009 - 2012)
------------------------------------------------------------------------------------------------------------------------------------
Pioneer High Yield Fund | Annual Report | 10/31/18 83
Interested Trustees
------------------------------------------------------------------------------------------------------------------------------------
Name, Age and Position Term of Office and Other Directorships
Held With the Fund Length of Service Principal Occupation Held by Trustee
------------------------------------------------------------------------------------------------------------------------------------
Lisa M. Jones (56)* Trustee since 2017. Director, CEO and President of Amundi Pioneer None
Trustee, President and Serves until a Asset Management USA, Inc. (since September
Chief Executive Officer successor trustee is 2014); Director, CEO and President of Amundi
elected or earlier Pioneer Asset Management, Inc. (since September
retirement or 2014); Director, CEO and President of Amundi
removal Pioneer Distributor, Inc. (since September
2014); Director, CEO and President of Amundi
Pioneer Institutional Asset Management, Inc.
(since September 2014); Chair, Amundi Pioneer
Asset Management USA, Inc., Amundi Pioneer
Distributor, Inc. and Amundi Pioneer
Institutional Asset Management, Inc. (September
2014 - 2018); Managing Director, Morgan Stanley
Investment Management (2010 - 2013); and
Director of Institutional Business, CEO of
International, Eaton Vance Management (2005 -
2010)
------------------------------------------------------------------------------------------------------------------------------------
Kenneth J. Taubes (60)* Trustee since 2014. Director and Executive Vice President (since None
Trustee Serves until a 2008) and Chief Investment Officer, U.S. (since
successor trustee is 2010) of Amundi Pioneer Asset Management USA,
elected or earlier Inc.; Executive Vice President and Chief
retirement or Investment Officer, U.S. of Amundi Pioneer
removal (since 2008); Executive Vice President of Amundi
Pioneer Institutional Asset Management, Inc.
(since 2009); and Portfolio Manager of Amundi
Pioneer (since 1999)
------------------------------------------------------------------------------------------------------------------------------------
* Ms. Jones and Mr. Taubes are Interested Trustees because they are officers
or directors of the Fund's investment adviser and certain of its
affiliates.
84 Pioneer High Yield Fund | Annual Report | 10/31/18
Fund Officers
------------------------------------------------------------------------------------------------------------------------------------
Name, Age and Position Term of Office and Other Directorships
Held With the Fund Length of Service Principal Occupation Held by Officer
------------------------------------------------------------------------------------------------------------------------------------
Christopher J. Kelley (53) Since 2010. Serves Vice President and Associate General Counsel of None
Secretary and at the discretion of Amundi Pioneer since January 2008; Secretary and
Chief Legal Officer the Board Chief Legal Officer of all of the Pioneer Funds
since June 2010; Assistant Secretary of all of
the Pioneer Funds from September 2003 to May
2010; and Vice President and Senior Counsel of
Amundi Pioneer from July 2002 to December 2007
------------------------------------------------------------------------------------------------------------------------------------
Carol B. Hannigan (57) Since 2010. Serves Fund Governance Director of Amundi Pioneer since None
Assistant Secretary at the discretion of December 2006 and Assistant Secretary of all the
the Board Pioneer Funds since June 2010; Manager - Fund
Governance of Amundi Pioneer from December 2003
to November 2006; and Senior Paralegal of Amundi
Pioneer from January 2000 to November 2003
------------------------------------------------------------------------------------------------------------------------------------
Thomas Reyes (55) Since 2010. Serves Senior Counsel of Amundi Pioneer since May 2013 None
Assistant Secretary at the discretion of and Assistant Secretary of all the Pioneer Funds
the Board since June 2010; and Counsel of Amundi Pioneer
from June 2007 to May 2013
------------------------------------------------------------------------------------------------------------------------------------
Mark E. Bradley (58) Since 2008. Serves Vice President - Fund Treasury of Amundi None
Treasurer and at the discretion of Pioneer; Treasurer of all of the Pioneer Funds
Chief Financial and the Board since March 2008; Deputy Treasurer of Amundi
Accounting Officer Pioneer from March 2004 to February 2008; and
Assistant Treasurer of all of the Pioneer Funds
from March 2004 to February 2008
------------------------------------------------------------------------------------------------------------------------------------
Luis I. Presutti (53) Since 1998. Serves Director - Fund Treasury of Amundi Pioneer; and None
Assistant Treasurer at the discretion of Assistant Treasurer of all of the Pioneer Funds
the Board
------------------------------------------------------------------------------------------------------------------------------------
Gary Sullivan (60) Since 2002. Serves Senior Manager - Fund Treasury of Amundi None
Assistant Treasurer at the discretion of Pioneer; and Assistant Treasurer of all of the
the Board Pioneer Funds
------------------------------------------------------------------------------------------------------------------------------------
Pioneer High Yield Fund | Annual Report | 10/31/18 85
Fund Officers (continued)
------------------------------------------------------------------------------------------------------------------------------------
Name, Age and Position Term of Office and Other Directorships
Held With the Fund Length of Service Principal Occupation Held by Officer
------------------------------------------------------------------------------------------------------------------------------------
David F. Johnson (38) Since 2009. Serves Senior Manager - Fund Treasury of Amundi Pioneer None
Assistant Treasurer at the discretion of since November 2008; Assistant Treasurer of all
the Board of the Pioneer Funds since January 2009; and
Client Service Manager - Institutional Investor
Services at State Street Bank from March 2003 to
March 2007
------------------------------------------------------------------------------------------------------------------------------------
John Malone (47) Since 2018. Serves Managing Director, Chief Compliance Officer of None
Chief Compliance Officer at the discretion of Amundi Pioneer Asset Management; Amundi Pioneer
the Board Institutional Asset Management, Inc.; and the
Pioneer Funds since September 2018; and Chief
Compliance Officer of Amundi Pioneer
Distributor, Inc. since January 2014.
------------------------------------------------------------------------------------------------------------------------------------
Kelly O'Donnell (47) Since 2006. Serves Vice President - Investor Services Group of None
Anti-Money Laundering at the discretion of Amundi Pioneer and Anti-Money Laundering Officer
Officer the Board of all the Pioneer Funds since 2006
------------------------------------------------------------------------------------------------------------------------------------
86 Pioneer High Yield Fund | Annual Report | 10/31/18
This page is for your notes.
Pioneer High Yield Fund | Annual Report | 10/31/18 87
This page is for your notes.
88 Pioneer High Yield Fund | Annual Report | 10/31/18
This page is for your notes.
Pioneer High Yield Fund | Annual Report | 10/31/18 89
This page is for your notes.
90 Pioneer High Yield Fund | Annual Report | 10/31/18
This page is for your notes.
Pioneer High Yield Fund | Annual Report | 10/31/18 91
This page is for your notes.
92 Pioneer High Yield Fund | Annual Report | 10/31/18
How to Contact Amundi Pioneer
We are pleased to offer a variety of convenient ways for you to contact us for
assistance or information.
Call us for:
--------------------------------------------------------------------------------
Account Information, including existing accounts,
new accounts, prospectuses, applications
and service forms 1-800-225-6292
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:
--------------------------------------------------------------------------------
Amundi Pioneer
P.O. Box 55014
Boston, Massachusetts 02205-5014
Our toll-free fax 1-800-225-4240
Our internet e-mail address us.askamundipioneer@amundipioneer.com
(for general questions about Amundi Pioneer only)
Visit our web site: www.amundipioneer.com
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.
[LOGO] Amundi Pioneer
==============
ASSET MANAGEMENT
Amundi Pioneer Asset Management, Inc.
60 State Street
Boston, MA 02109
www.amundipioneer.com
Securities offered through Amundi Pioneer Distributor, Inc.
60 State Street, Boston, MA 02109
Underwriter of Pioneer Mutual Funds, Member SIPC
(C) 2018 Amundi Pioneer Asset Management 19441-12-1218
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.
The audit fees for the Fund were $45,000
payable to Ernst & Young LLP for the year ended
October 31, 2018 and $35,000 payable
for the year ended October 31, 2017.
(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.
There were no audit-related services in 2018 or 2017.
(c) Disclose, under the caption TAX FEES, the aggregate fees billed in each of
the last two fiscal years for professional services rendered by the principal
accountant for tax compliance, tax advice, and tax planning. Registrants shall
describe the nature of the services comprising the fees disclosed under this
category.
The tax fees for the Fund were $10,115
payable to Ernst & Young LLP for the year ended
October 31, 2018 and $10,115
for the year ended October 31, 2017.
(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.
There were no other fees in 2018 or 2017.
(e) (1) Disclose the audit committee's pre-approval policies and procedures
described in paragraph (c)(7) of Rule 2-01 of Regulation S-X.
PIONEER FUNDS
APPROVAL OF AUDIT, AUDIT-RELATED, TAX AND OTHER SERVICES
PROVIDED BY THE INDEPENDENT AUDITOR
SECTION I - POLICY PURPOSE AND APPLICABILITY
The Pioneer Funds recognize the importance of maintaining the independence of
their outside auditors. Maintaining independence is a shared responsibility
involving Amudi Pioneer Asset Management, Inc, the audit committee and
the independent auditors.
The Funds recognize that a Fund's independent auditors: 1) possess knowledge of
the Funds, 2) are able to incorporate certain services into the scope of the
audit, thereby avoiding redundant work, cost and disruption of Fund personnel
and processes, and 3) have expertise that has value to the Funds. As a result,
there are situations where it is desirable to use the Fund's independent
auditors for services in addition to the annual audit and where the potential
for conflicts of interests are minimal. Consequently, this policy, which is
intended to comply with Rule 210.2-01(C)(7), sets forth guidelines and
procedures to be followed by the Funds when retaining the independent audit firm
to perform audit, audit-related tax and other services under those
circumstances, while also maintaining independence.
Approval of a service in accordance with this policy for a Fund shall also
constitute approval for any other Fund whose pre-approval is required pursuant
to Rule 210.2-01(c)(7)(ii).
In addition to the procedures set forth in this policy, any non-audit services
that may be provided consistently with Rule 210.2-01 may be approved by the
Audit Committee itself and any pre-approval that may be waived in accordance
with Rule 210.2-01(c)(7)(i)(C) is hereby waived.
Selection of a Fund's independent auditors and their compensation shall be
determined by the Audit Committee and shall not be subject to this policy.
SECTION II - POLICY
---------------- -------------------------------- -------------------------------------------------
SERVICE SERVICE CATEGORY DESCRIPTION SPECIFIC PRE-APPROVED SERVICE SUBCATEGORIES
CATEGORY
---------------- -------------------------------- -------------------------------------------------
I. AUDIT Services that are directly o Accounting research assistance
SERVICES related to performing the o SEC consultation, registration
independent audit of the Funds statements, and reporting
o Tax accrual related matters
o Implementation of new accounting
standards
o Compliance letters (e.g. rating agency
letters)
o Regulatory reviews and assistance
regarding financial matters
o Semi-annual reviews (if requested)
o Comfort letters for closed end
offerings
---------------- -------------------------------- -------------------------------------------------
II. Services which are not o AICPA attest and agreed-upon procedures
AUDIT-RELATED prohibited under Rule o Technology control assessments
SERVICES 210.2-01(C)(4) (the "Rule") o Financial reporting control assessments
and are related extensions of o Enterprise security architecture
the audit services support the assessment
audit, or use the
knowledge/expertise gained
from the audit procedures as a
foundation to complete the
project. In most cases, if
the Audit-Related Services are
not performed by the Audit
firm, the scope of the Audit
Services would likely
increase. The Services are
typically well-defined and
governed by accounting
professional standards (AICPA,
SEC, etc.)
---------------- -------------------------------- -------------------------------------------------
------------------------------------- ------------------------------------
AUDIT COMMITTEE APPROVAL POLICY AUDIT COMMITTEE
REPORTING POLICY
------------------------------------- ------------------------------------
o "One-time" pre-approval o A summary of all such
for the audit period for all services and related fees
pre-approved specific service reported at each regularly
subcategories. Approval of the scheduled Audit Committee
independent auditors as meeting.
auditors for a Fund shall
constitute pre approval for
these services.
------------------------------------- ------------------------------------
o "One-time" pre-approval o A summary of all such
for the fund fiscal year within services and related fees
a specified dollar limit (including comparison to
for all pre-approved specified dollar limits)
specific service subcategories reported quarterly.
o Specific approval is
needed to exceed the
pre-approved dollar limit for
these services (see general
Audit Committee approval policy
below for details on obtaining
specific approvals)
o Specific approval is
needed to use the Fund's
auditors for Audit-Related
Services not denoted as
"pre-approved", or
to add a specific service
subcategory as "pre-approved"
------------------------------------- ------------------------------------
SECTION III - POLICY DETAIL, CONTINUED
----------------------- --------------------------- -----------------------------------------------
SERVICE CATEGORY SERVICE CATEGORY SPECIFIC PRE-APPROVED SERVICE SUBCATEGORIES
DESCRIPTION
----------------------- --------------------------- -----------------------------------------------
III. TAX SERVICES Services which are not o Tax planning and support
prohibited by the Rule, o Tax controversy assistance
if an officer of the Fund o Tax compliance, tax returns, excise
determines that using the tax returns and support
Fund's auditor to provide o Tax opinions
these services creates
significant synergy in
the form of efficiency,
minimized disruption, or
the ability to maintain a
desired level of
confidentiality.
----------------------- --------------------------- -----------------------------------------------
------------------------------------- -------------------------
AUDIT COMMITTEE APPROVAL POLICY AUDIT COMMITTEE
REPORTING POLICY
------------------------------------- -------------------------
------------------------------------- -------------------------
o "One-time" pre-approval o A summary of
for the fund fiscal year all such services and
within a specified dollar limit related fees
(including comparison
to specified dollar
limits) reported
quarterly.
o Specific approval is
needed to exceed the
pre-approved dollar limits for
these services (see general
Audit Committee approval policy
below for details on obtaining
specific approvals)
o Specific approval is
needed to use the Fund's
auditors for tax services not
denoted as pre-approved, or to add a specific
service subcategory as
"pre-approved"
------------------------------------- -------------------------
SECTION III - POLICY DETAIL, CONTINUED
----------------------- --------------------------- -----------------------------------------------
SERVICE CATEGORY SERVICE CATEGORY SPECIFIC PRE-APPROVED SERVICE SUBCATEGORIES
DESCRIPTION
----------------------- --------------------------- -----------------------------------------------
IV. OTHER SERVICES Services which are not o Business Risk Management support
prohibited by the Rule, o Other control and regulatory
A. SYNERGISTIC, if an officer of the Fund compliance projects
UNIQUE QUALIFICATIONS determines that using the
Fund's auditor to provide
these services creates
significant synergy in
the form of efficiency,
minimized disruption,
the ability to maintain a
desired level of
confidentiality, or where
the Fund's auditors
posses unique or superior
qualifications to provide
these services, resulting
in superior value and
results for the Fund.
----------------------- --------------------------- -----------------------------------------------
--------------------------------------- ------------------------
AUDIT COMMITTEE APPROVAL POLICY AUDIT COMMITTEE
REPORTING POLICY
------------------------------------- --------------------------
o "One-time" pre-approval o A summary of
for the fund fiscal year within all such services and
a specified dollar limit related fees
(including comparison
to specified dollar
limits) reported
quarterly.
o Specific approval is
needed to exceed the
pre-approved dollar limits for
these services (see general
Audit Committee approval policy
below for details on obtaining
specific approvals)
o Specific approval is
needed to use the Fund's
auditors for "Synergistic" or
"Unique Qualifications" Other
Services not denoted as
pre-approved to the left, or to
add a specific service
subcategory as "pre-approved"
------------------------------------- --------------------------
SECTION III - POLICY DETAIL, CONTINUED
----------------------- ------------------------- -----------------------------------------------
SERVICE CATEGORY SERVICE CATEGORY SPECIFIC PROHIBITED SERVICE SUBCATEGORIES
DESCRIPTION
----------------------- ------------------------- -----------------------------------------------
PROHIBITED SERVICES Services which result 1. Bookkeeping or other services
in the auditors losing related to the accounting records or
independence status financial statements of the audit
under the Rule. client*
2. Financial information systems design
and implementation*
3. Appraisal or valuation services,
fairness* opinions, or
contribution-in-kind reports
4. Actuarial services (i.e., setting
actuarial reserves versus actuarial
audit work)*
5. Internal audit outsourcing services*
6. Management functions or human
resources
7. Broker or dealer, investment
advisor, or investment banking services
8. Legal services and expert services
unrelated to the audit
9. Any other service that the Public
Company Accounting Oversight Board
determines, by regulation, is
impermissible
----------------------- ------------------------- -----------------------------------------------
------------------------------------------- ------------------------------
AUDIT COMMITTEE APPROVAL POLICY AUDIT COMMITTEE
REPORTING POLICY
------------------------------------------- ------------------------------
o These services are not to be o A summary of all
performed with the exception of the(*) services and related
services that may be permitted fees reported at each
if they would not be subject to audit regularly scheduled
procedures at the audit client (as Audit Committee meeting
defined in rule 2-01(f)(4)) level will serve as continual
the firm providing the service. confirmation that has
not provided any
restricted services.
------------------------------------------- ------------------------------
--------------------------------------------------------------------------------
GENERAL AUDIT COMMITTEE APPROVAL POLICY:
o For all projects, the officers of the Funds and the Fund's auditors will each
make an assessment to determine that any proposed projects will not impair
independence.
o Potential services will be classified into the four non-restricted service
categories and the "Approval of Audit, Audit-Related, Tax and Other
Services" Policy above will be applied. Any services outside the specific
pre-approved service subcategories set forth above must be specifically
approved by the Audit Committee.
o At least quarterly, the Audit Committee shall review a report summarizing the
services by service category, including fees, provided by the Audit firm as
set forth in the above policy.
--------------------------------------------------------------------------------
(2) Disclose the percentage of services described in each of paragraphs (b)
through (d) of this Item that were approved by the audit committee pursuant
to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.
Non-Audit Services
Beginning with non-audit service contracts entered
into on or after May 6, 2003, the effective date of the
new SEC pre-approval rules, the Fund's audit
committee is required to pre-approve services to
affiliates defined by SEC rules to the extent that the
services are determined to have a direct impact on the
operations or financial reporting of the Fund. For the
years ended October 31 2018 and 2017, there were no
services provided to an affiliate that required the
Fund's audit committee pre-approval.
(f) If greater than 50 percent, disclose the percentage of hours expended on the
principal accountants engagement to audit the registrant's financial statements
for the most recent fiscal year that were attributed to work performed by
persons other than the principal accountant's full-time, permanent employees.
N/A
(g) Disclose the aggregate non-audit fees billed by the registrants accountant
for services rendered to the registrant, and rendered to the registrants
investment adviser (not including any sub-adviser whose role is primarily
portfolio management and is subcontracted with or overseen by another investment
adviser), and any entity controlling, controlled by, or under common control
with the adviser that provides ongoing services to the registrant for each of
the last two fiscal years of the registrant.
The aggregate non-audit fees for the Fund were $10,115
payable to Ernst & Young LLP for the year ended
October 31, 2018 and $10,115 for the year ended
October 31, 2017.
(h) Disclose whether the registrants audit committee of the board of trustees
has considered whether the provision of non-audit services that were rendered to
the registrants investment adviser (not including any subadviser whose role is
primarily portfolio management and is subcontracted with or overseen by another
investment adviser), and any entity controlling, controlled by, or under common
control with the investment adviser that provides ongoing services to the
registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of
Rule 2-01 of Regulation S-X is compatible with maintaining the principal
accountant's independence.
The Fund's audit committee of the Board of Trustees
has considered whether the provision of non-audit
services that were rendered to the Affiliates (as
defined) that were not pre- approved pursuant to
paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is
compatible with maintaining the principal accountant's
independence.
ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS
(a) If the registrant is a listed issuer as defined in Rule 10A-3
under the Exchange Act (17 CFR 240.10A-3), state whether
or not the registrant has a separately-designated standing
audit committee established in accordance with Section
3(a)(58)(A) of the Exchange Act (15 U.S.C. 78c(a)(58)(A)).
If the registrant has such a committee, however designated,
identify each committee member. If the entire board of directors
is acting as the registrant's audit committee as specified in
Section 3(a)(58)(B) of the Exchange Act (15 U.S.C. 78c(a)(58)(B)),
so state.
N/A
(b) If applicable, provide the disclosure required by Rule 10A-3(d)
under the Exchange Act (17 CFR 240.10A-3(d)) regarding an exemption
from the listing standards for audit committees.
N/A
ITEM 6. SCHEDULE OF INVESTMENTS.
File Schedule of Investments in securities of unaffiliated issuers
as of the close of the reporting period as set forth in 210.1212
of Regulation S-X [17 CFR 210.12-12], unless the schedule is
included as part of the report to shareholders filed under Item
1 of this Form.
Included in Item 1
ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR
CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
A closed-end management investment company that is filing an annual report on
this Form N-CSR must, unless it invests exclusively in non-voting securities,
describe the policies and procedures that it uses to determine how to vote
proxies relating to portfolio securities, including the procedures that the
company uses when a vote presents a conflict between the interests of its
shareholders, on the one hand, and those of the company's investment adviser;
principal underwriter; or any affiliated person (as defined in Section 2(a)(3)
of the Investment Company Act of 1940 (15 U.S.C. 80a-2(a)(3)) and the rules
thereunder) of the company, its investment adviser, or its principal
underwriter, on the other. Include any policies and procedures of the company's
investment adviser, or any other third party, that the company uses, or that are
used on the company's behalf, to determine how to vote proxies relating to
portfolio securities.
Not applicable to open-end management investment companies.
ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
(a) If the registrant is a closed-end management investment company that
is filing an annual report on this Form N-CSR,provide the following
information:
(1) State the name, title, and length of service of the person or persons
employed by or associated with the registrant or an investment adviser
of the registrant who are primarily responsible for the day-to-day management
of the registrant's portfolio ("Portfolio Manager"). Also state each Portfolio
Manager's business experience during the past 5 years.
Not applicable to open-end management investment companies.
ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT
INVESTMENT COMPANY AND AFFILIATED PURCHASERS.
(a) If the registrant is a closed-end management investment company,
in the following tabular format, provide the information specified in
paragraph (b) of this Item with respect to any purchase made by or on
behalf of the registrant or any affiliated purchaser, as defined in
Rule 10b-18(a)(3) under the Exchange Act (17 CFR 240.10b-18(a)(3)), of
shares or other units of any class of the registrant's equity securities
that is registered by the registrant pursuant to Section 12 of the
Exchange Act (15 U.S.C. 781).
Not applicable to open-end management investment companies.
ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.
Describe any material changes to the procedures by which shareholders
may recommend nominees to the registrant's board of directors, where
those changes were implemented after the registrant last provided
disclosure in response to the requirements of Item 407(c)(2)(iv) of
Regulation S-R(17 CFR 229.407)(as required by Item 22(b)(15))
of Schedule 14A (17 CFR 240.14a-101), or this Item.
There have been no material changes to the procedures by which the
shareholders may recommend nominees to the registrant's board of
directors since the registrant last provided disclosure in response
to the requirements of Item 407(c)(2)(iv) of Regulation S-R of Schedule 14(A)
in its definitive proxy statement, or this item.
ITEM 11. CONTROLS AND PROCEDURES.
(a) Disclose the conclusions of the registrant's principal executive and
principal financials officers, or persons performing similar functions,
regarding the effectiveness of the registrant's disclosure
controls and procedures (as defined in Rule 30a-3(c) under the Act (17 CFR
270.30a-3(c))) as of a date within 90 days of the filing date of the report
that includes the disclosure required by this paragraph,
based on the evaluation of these controls and procedures required by Rule
30a-3(b) under the Act (17 CFR 270.30(a)-3(b) and Rules 13a-15(b) or 15d-15(b)
under the Exchange Act (17 CFR 240.13a-15(b) or 240.15d-15(b)).
The registrant's principal executive officer
and principal financial officer have
concluded that the registrant's disclosure
controls and procedures are effective based
on the evaluation of these controls and
procedures as of a date within 90 days of the
filing date of this report.
(b) Disclose any change in the registrant's internal control over financial
reporting (as defined in Rule 30a-3(d) under the Act (17CFR 270.30a-3(d)) that
occured during the second fiscal quarter of the period covered by this report
that has materially affected, or is reasonably likely to materially affect,
the registrant's internal control over financial reporting.
There were no significant changes in the
registrant's internal control over financial
reporting that occurred during the second
fiscal quarter of the period covered by this
report that have materially affected, or are
reasonably likely to materially affect, the
registrant's internal control over financial
reporting.
The registrant's principal executive officer and principal financial
officer, however, voluntarily are reporting the following information:
In August of 2006 the registrant's investment adviser
enhanced its internal procedures for reporting performance
information required to be included in prospectuses.
Those enhancements involved additional internal controls
over the appropriateness of performance data
generated for this purpose. Such enhancements were made
following an internal review which identified
prospectuses relating to certain classes of shares of
a limited number of registrants where, inadvertently,
performance information not reflecting the deduction of
applicable sales charges was included. Those prospectuses
were revised, and the revised prospectuses were distributed to
shareholders.
Item 12. Disclosure of Securities Lending Activities for Closed-End
Management Investment Companies.
(a) If the registrant is a closed-end management investment company,
provide the following dollar amounts of income and compensation related
to the securities lending activities of the registrant during its most
recent fiscal year:
N/A
(1) Gross income from securities lending activities;
N/A
(2) All fees and/or compensation for each of the following securities
lending activities and related services: any share of revenue generated
by the securities lending program paid to the securities lending agent(s)
(revenue split); fees paid for cash collateral management services
(including fees deducted from a pooled cash collateral reinvestment
vehicle) that are not included in the revenue split; administrative
fees that are not included in the revenue split; fees for
indemnification that are not included in the revenue split; rebates
paid to borrowers; and any other fees relating to the securities lending
program that are not included in the revenue split, including a description
of those other fees;
N/A
(3) The aggregate fees/compensation disclosed pursuant to paragraph (2); and
N/A
(4) Net income from securities lending activities (i.e., the dollar amount in
paragraph (1) minus the dollar amount in paragraph (3)).
If a fee for a service is included in the revenue split, state that the fee
is included in the revenue split.
N/A
(b) If the registrant is a closed-end management investment company, describe
the services provided to the registrant by the securities lending agent in
the registrants most recent fiscal year.
N/A
ITEM 13. EXHIBITS.
(a) File the exhibits listed below as part of this Form. Letter or number the
exhibits in the sequence indicated.
(1) Any code of ethics, or amendment thereto, that is the subject of the
disclosure required by Item 2, to the extent that the registrant intends to
satisfy the Item 2 requirements through filing of an exhibit.
(2) A separate certification for each principal executive officer and principal
financial officer of the registrant as required by Rule 30a-2(a) under the Act
(17 CFR 270.30a-2(a)) , exactly as set forth below:
Filed herewith.
SIGNATURES
[See General Instruction F]
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, the registrant has duly caused this report to be
signed on its behalf by the undersigned, thereunto duly authorized.
(Registrant) Pioneer High Yield Fund
By (Signature and Title)* /s/ Lisa M. Jones
Lisa M. Jones, President & Chief Executive Officer
Date December 28, 2018
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, this report has been signed below by the
following persons on behalf of the registrant and in the capacities and on the
dates indicated.
By (Signature and Title)* /s/ Lisa M. Jones
Lisa M. Jones, President & Chief Executive Officer
Date December 28, 2018
By (Signature and Title)* /s/ Mark E. Bradley
Mark E. Bradley, Treasurer & Chief Accounting & Financial Officer
Date December 28, 2018
* Print the name and title of each signing officer under his or her signature.