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, Pioneer Investment Management, Inc.,
60 State Street, Boston, MA 02109
(Name and address of agent for service)
Registrant's telephone number, including area code: (617) 742-7825
Date of fiscal year end: October 31
Date of reporting period: November 1, 2016 through April 30, 2017
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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Semiannual Report | April 30, 2017
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Ticker Symbols:
Class A TAHYX
Class C PYICX
Class R TYHRX
Class Y TYHYX
[LOGO] PIONEER
Investments(R)
visit us: us.pioneerinvestments.com
Table of Contents
President's Letter 2
Portfolio Management Discussion 4
Portfolio Summary 9
Prices and Distributions 10
Performance Update 11
Comparing Ongoing Fund Expenses 15
Schedule of Investments 17
Financial Statements 47
Notes to Financial Statements 55
Approval of New and Interim Management Agreements 70
Trustees, Officers and Service Providers 78
Pioneer High Yield Fund | Semiannual Report | 4/30/17 1
President's Letter
After an overall strong year for leading market indices in 2016, U.S. markets
continued to generate positive returns over the first calendar quarter of 2017,
with so-called "risk" assets, such as equities and credit-sensitive bonds,
posting solid gains. In the first quarter, U.S. equities, as measured by the
Standard & Poor's 500 Index, returned slightly more than 6%, while high-yield
securities dominated bond market performance.
The transfer of power in Washington, D.C. in January had little or no effect on
the markets in the first quarter, as the post-election momentum we witnessed
late in the fourth quarter of 2016 slowed only when oil prices slumped in March,
due to both higher-than-expected inventories and concerns over whether OPEC
(Organization of Petroleum Exporting Countries) would continue its supply cuts
in June. Not even the Federal Reserve System's (the Fed's) highly anticipated
rate hike during the month of March, its second in three months, nor Britain's
trigger of Article 50 to begin the "Brexit" process caused any dramatic sell-off
of risk assets.
While U.S. gross domestic product (GDP) did slow in the first quarter, the
expectation is for GDP to accelerate in the second quarter, with a strong
consumer leading the way. Pioneer believes the U.S. economy may lead all
developed nations in 2017, with GDP growth in excess of 2% for the year.
President Trump has proposed decidedly pro-business policies, such as lower
taxes, higher infrastructure spending, and less regulation, though we believe
the economy may realize the benefits of those policies, if enacted, more so in
2018 than in 2017. Conversely, the effects of the President's potentially
restrictive trade policies could offset some of the benefits of the pro-growth
fiscal policies.
Even so, we believe solid domestic employment figures should continue to support
consumption and the housing market, and that stronger corporate profits and
increased government spending may contribute to economic growth in 2018 and
beyond. Increasing global Purchasing Manager Indices (PMIs) suggest that growth
in global economies is also improving. (PMIs are used to measure the economic
health of the manufacturing sector.)
There are, as always, some risks to our outlook. First, the market already has
priced in a good deal of the Trump economic reform platform, and that could lead
to near-term disappointment if Congressional follow-through does not happen this
year. The future of the Affordable Care Act is another potential concern. The
first attempt to repeal/replace it failed, but any new proposed
2 Pioneer High Yield Fund | Semiannual Report | 4/30/17
legislation will undoubtedly have an effect on the health care sector, one of
the largest segments of the U.S. economy. Geopolitical risks, of course, remain
a potential headwind, given ongoing strife in the Middle East and renewed
tensions on the Korean Peninsula.
While our current outlook is generally optimistic, conditions can and often do
change, and while passive investment strategies may have a place in one's
overall portfolio, it is our view that all investment decisions are active
choices.
Throughout Pioneer's history, we have believed in the importance of active
management. The active decisions to invest in equities or fixed-income
securities are made by a team of experienced investment professionals focusing
on identifying value across global markets using proprietary research, careful
risk management, and a long-term perspective. We believe our shareowners can
benefit from the experience and tenure of our investment teams as well as the
insights generated from our extensive research process.
As always, and particularly during times of market uncertainty, we encourage
you to work with your financial advisor to develop an overall investment plan
that addresses both your short- and long-term goals, and to implement such a
plan in a disciplined manner.
We greatly appreciate the trust you have placed in us and look forward to
continuing to serve you in the future.
Sincerely,
/s/ Lisa M. Jones
Lisa M. Jones
President and CEO
Pioneer Investment Management USA Inc.
April 30, 2017
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 | Semiannual Report | 4/30/17 3
Portfolio Management Discussion | 4/30/17
In the following discussion, portfolio managers Tracy Wright and Andrew Feltus
discuss the factors that affected the performance of Pioneer High Yield Fund
during the six-month period ended April 30, 2017. Ms. Wright, lead portfolio
manager of the Fund, a senior vice president and a portfolio manager at Pioneer,
and Andrew Feltus, Director of High Yield and Bank Loans, a senior vice
president and a portfolio manager at Pioneer, are responsible for the day-to-day
management of the Fund.
Q How did the Fund perform during the six-month period ended April 30, 2017?
A Pioneer High Yield Fund's Class A shares returned 5.87% at net asset value
during the six-month period ended April 30, 2017, while the Fund's
benchmarks, the Bank of America Merrill Lynch (BofA ML) U.S. High Yield
Index and the BofA ML All-Convertibles Speculative Quality Index, returned
5.50% and 11.62%, respectively. During the same period, the average return
of the 691 mutual funds in Lipper's High Yield Funds category was 4.80%, and
the average return of the 714 mutual funds in Morningstar's High Yield Bond
Funds category was 4.88%.
Q How would you describe the market environment for high-yield bonds
during the six-month period ended April 30, 2017?
A While returns for the investment-grade portion of the fixed-income market
were challenged due to rising interest rates during the period, high-yield
bonds in aggregate provided strong positive returns over the six months.
Both credit sentiment and interest rates rose sharply in the immediate
aftermath of the November 2016 U.S. elections. With Republicans poised to be
in control of the White House and both houses of Congress, financial markets
appeared to anticipate higher economic growth and inflation rates. U.S.
Treasury yields bumped higher over November and December 2016, and credit
spreads narrowed, leading high-yield issues to outperform investment-grade
segments of the bond market that were more interest-rate sensitive. (Credit
spreads are commonly defined as the differences in yield between Treasuries
and other types of fixed-income securities with similar maturities.)
Those trends continued into March of 2017, when a decline in both oil prices
and inflation expectations halted the rise in Treasury rates. Nonetheless,
on the heels of economic data suggesting a significant
4 Pioneer High Yield Fund | Semiannual Report | 4/30/17
strengthening of employment conditions, the Federal Reserve (the Fed)
implemented a modest 0.25% hike in the Federal funds rate at its mid-March
meeting, the third such action taken by the Fed since December of 2015.
While markets were caught somewhat off-guard in the run-up to the rate
increase, ultimately, the Fed's move was interpreted by investors as
confirming a positive outlook for growth.
Finally, March saw the Republican-controlled Congress apparently surrender,
at least for the time being, in its efforts to come to terms on a plan to
replace the Affordable Care Act. While the failure to move forward on a key
element of President Trump's platform raised uncertainty over the passage of
other, pro-growth initiatives, credit sentiment in the markets quickly
stabilized.
Q Can you review the Fund's principal strategies during the six-month period
ended April 30, 2017, and the degree to which they added to or detracted
from benchmark-relative returns?
A During the period, we maintained the Fund's non-benchmark allocation to
convertible bonds, with a focus on sectors not well represented within the
high-yield bond universe, or where we have seen better valuations than
within high yield. Against a backdrop of optimism over the economy, the
Fund's convertibles position had a positive impact on benchmark-relative
results over the six months, with contributions led by the convertibles of
wire and cable manufacturer General Cable, electronic design automation
company Mentor Graphics, and various holdings within the medical industry.
The leading detractor from benchmark-relative returns among the Fund's
convertibles holdings was mobile cloud services company Synchronoss, as
investors questioned a shift in its business focus.
The Fund's non-benchmark allocation to equities also contributed to
performance overall. That said, the Fund's combined equity and bond
exposures to pharmaceutical home care solutions provider BioScrip was among
the leading detractors from relative returns for the period.
Finally, the Fund's out-of-benchmark holdings of floating-rate bank loans
were a drag on benchmark-relative performance. We continue to view having
modest out-of-benchmark exposures to convertibles, equities, and bank loans
in the portfolio as helping to improve the Fund's long-term total return
profile.
Pioneer High Yield Fund | Semiannual Report | 4/30/17 5
With regard to security selection, results within the Fund's core allocation
to high-yield bonds added modestly to relative performance, with the
strongest contributions coming from the gaming and utilities segments of the
market. Security selection results were negative for the Fund within the
telecommunication services, transportation, and energy segments. In terms of
individual high-yield positions within the portfolio, a position in gambling
products company Scientific Games was a positive contributor to the Fund's
relative returns, as a change in management has led to restructuring
initiatives and improved results. By contrast, a position in the bonds of
transport company Jack Cooper acted as a drag on the Fund's returns.
In terms of industry weightings within the high-yield market, the Fund's
below-benchmark position in retail issues aided relative performance,
although that positive was partially offset by the negative effects of the
portfolio's underweight exposure to telecommunication services.
From a quality perspective, the Fund's relative performance was constrained
by the portfolio's below-benchmark exposure to lower-quality, CCC-rated and
distressed issues, as that area of the high-yield market rose notably on the
post-election surge in credit sentiment.
Q Can you discuss the factors that affected the Fund's income-generation (or
yield), either positively or negatively, during the six-month period ended
April 30, 2017?
A The Fund's income generation and yield provided to shareholders remained
relatively stable over the six months. The portfolio's position in
convertible securities and common stocks resulted in a lower yield as
compared with a portfolio composed entirely of high-yield bonds, but, as
mentioned earlier, we view those allocations as helping to improve the
Fund's total return profile.
6 Pioneer High Yield Fund | Semiannual Report | 4/30/17
Q What role did derivatives play in the Fund's investment process and
results during the six-month period ended April 30, 2017?
A During the period, we utilized credit default swap indices 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 help meet any unanticipated shareholder redemptions. The
strategy had a neutral impact on performance.
Q What is your assessment of the current climate for fixed-income investing,
and how is the Fund positioned heading into the second half of its fiscal
year?
A The default rate for high-yield bonds has been running well below
historical averages, and we maintain a constructive outlook with respect to
both the U.S. economy and overall corporate credit fundamentals.
With regard to U.S. policymakers and their potential effect on the
investment environment, we will be closely monitoring the progress of the
Trump administration's proposals concerning taxation, infrastructure
spending, and health care. The Fed is expected to increase the Federal funds
rate roughly two more times in 2017, and we will be watching the course of
future rate increases closely. However, the general expectation continues to
be that the Fed's rate-hiking cycle will be gradual and measured in nature.
Within high yield, we have increased the Fund's weighting in energy, while
trimming the portfolio's exposures to banking and basic industry. We also
have modestly reduced the Fund's exposure to convertibles due to valuation
concerns following the recent strong performance.
While high-yield valuations have rebounded sharply from their lows of
February 2016, we believe overall conditions remain supportive of the asset
class, and we believe the Fund is positioned accordingly.
Pioneer High Yield Fund | Semiannual Report | 4/30/17 7
Please refer to the Schedule of Investments on pages 17-46 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 Pioneer Investments for a prospectus or
summary prospectus containing this information. Read it carefully.
Any information in this shareholder report regarding market or economic trends
or the factors influencing the Fund's historical or future performance are
statements of opinion as of the date of this report. Past performance is no
guarantee of future results.
8 Pioneer High Yield Fund | Semiannual Report | 4/30/17
Portfolio Summary | 4/30/17
Portfolio Diversification
--------------------------------------------------------------------------------
(As a percentage of total investment portfolio)*
[THE FOLLOWING DATA WAS REPRESENTED AS A PIE CHART IN THE PRINTED MATERIAL]
U.S. Corporate Bonds 59.6%
Convertible Corporate Bonds 9.9%
International Corporate Bonds 9.8%
Senior Secured Loans 6.0%
U.S. Common Stocks 4.1%
Temporary Cash Investment 3.0%
U.S. Government Securities 2.8%
Collateralized Mortgage Obligations 2.2%
Convertible Preferred Stocks 1.2%
Warrants 0.7%
Municipal Bonds 0.2%
U.S. Preferred Stocks 0.2%
International Preferred Stocks 0.1%
International Common Stocks 0.1%
Asset Backed Securities 0.1%
* Includes investments in insurance-linked securities totaling 3.0% of total
investment portfolio.
10 Largest Holdings
--------------------------------------------------------------------------------
(As a percentage of total long-term holdings)**
1. Sprint Corp., 7.25%, 9/15/21 2.18%
-----------------------------------------------------------------------------------------
2. HCA, Inc., 5.375%, 2/1/25 1.42
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3. United States Treasury Floating Rate Note, Floating Rate Note, 4/30/18 1.32
-----------------------------------------------------------------------------------------
4. Crown Cork & Seal Co., Inc., 7.375%, 12/15/26 1.07
-----------------------------------------------------------------------------------------
5. U.S. Treasury Bills, 5/4/17 1.05
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6. Frontier Communications Corp., 8.5%, 4/15/20 1.01
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7. Scientific Games International, Inc., 10.0%, 12/1/22 0.98
-----------------------------------------------------------------------------------------
8. KB Home, 7.0%, 12/15/21 0.95
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9. Valeant Pharmaceuticals International, Inc., 5.875%, 5/15/23 (144A) 0.91
-----------------------------------------------------------------------------------------
10. Lennar Corp., 4.75%, 11/15/22 0.84
-----------------------------------------------------------------------------------------
** This list excludes temporary cash investments and derivative instruments.
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 | Semiannual Report | 4/30/17 9
Prices and Distributions | 4/30/17
Net Asset Value per Share
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--------------------------------------------------------------------------------
Class 4/30/17 10/31/16
--------------------------------------------------------------------------------
A $ 9.73 $ 9.43
--------------------------------------------------------------------------------
C $ 9.94 $ 9.63
--------------------------------------------------------------------------------
R $11.02 $10.68
--------------------------------------------------------------------------------
Y $ 9.74 $ 9.44
--------------------------------------------------------------------------------
Distributions per Share: 11/1/16-4/30/17
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Net
Investment Short-Term Long-Term
Class Income Capital Gains Capital Gains
--------------------------------------------------------------------------------
A $0.2472 $ -- $ --
--------------------------------------------------------------------------------
C $0.2163 $ -- $ --
--------------------------------------------------------------------------------
R $0.2564 $ -- $ --
--------------------------------------------------------------------------------
Y $0.2611 $ -- $ --
--------------------------------------------------------------------------------
Index Definitions
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The 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 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 11-14.
10 Pioneer High Yield Fund | Semiannual Report | 4/30/17
Performance Update | 4/30/17 Class A Shares
Investment Returns
--------------------------------------------------------------------------------
The mountain chart on the right shows the change in value of a $10,000
investment made in Class A shares of Pioneer High Yield Fund at public offering
price during the periods shown, compared to that of the Bank of America
(BofA) Merrill Lynch (ML) U.S. High Yield Index and the Bank of America
(BofA) Merrill Lynch (ML) All-Convertibles Speculative Quality Index.
Average Annual Total Returns
(As of April 30, 2017)
--------------------------------------------------------------------------------
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 5.64% 5.16% 7.32% 6.48%
5 years 6.09 5.13 6.87 9.67
1 year 13.06 7.93 13.66 22.48
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated March 1, 2017)
--------------------------------------------------------------------------------
Gross
--------------------------------------------------------------------------------
1.17%
--------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $10,000 Investment
Pioneer High BofA ML US High BofA ML All-Convertibles
Yield Fund Yield Index Speculative Quality Index
4/07 $ 9,550 $10,000 $10,000
4/08 $ 9,607 $ 9,917 $ 9,706
4/09 $ 7,000 $ 8,460 $ 6,713
4/10 $10,614 $12,200 $10,724
4/11 $12,511 $13,828 $12,636
4/12 $12,302 $14,540 $11,815
4/13 $13,975 $16,582 $14,010
4/14 $15,098 $17,626 $16,363
4/15 $15,325 $18,078 $16,746
4/16 $14,625 $17,837 $15,305
4/17 $16,534 $20,273 $18,745
Call 1-800-225-6292 or visit us.pioneerinvestments.com for the most recent
month-end performance results. Current performance may be lower or higher than
the performance data quoted.
The performance data quoted represents past performance, which is no guarantee
of future results. Investment return and principal value will fluctuate, and
shares, when redeemed, may be worth more or less than their original cost.
NAV results represent the percent change in net asset value per share. 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 | Semiannual Report | 4/30/17 11
Performance Update | 4/30/17 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 Bank of America (BofA) Merrill
Lynch (ML) U.S. High Yield Index and the Bank of America (BofA) Merrill
Lynch (ML) All-Convertibles Speculative Quality Index.
Average Annual Total Returns
(As of April 30, 2017)
--------------------------------------------------------------------------------
BofA ML BofA ML All-
U.S. High Convertibles
If If Yield Speculative
Period Held Redeemed Index Quality Index
--------------------------------------------------------------------------------
10 years 4.93% 4.93% 7.32% 6.48%
5 years 5.37 5.37 6.87 9.67
1 year 12.31 12.31 13.66 22.48
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated March 1, 2017)
--------------------------------------------------------------------------------
Gross
--------------------------------------------------------------------------------
1.88%
--------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $10,000 Investment
Pioneer High BofA ML US High BofA ML All-Convertibles
Yield Fund Yield Index Speculative Quality Index
4/07 $10,000 $10,000 $10,000
4/08 $ 9,980 $ 9,917 $ 9,706
4/09 $ 7,233 $ 8,460 $ 6,713
4/10 $10,886 $12,200 $10,724
4/11 $12,754 $13,828 $12,636
4/12 $12,464 $14,540 $11,815
4/13 $14,065 $16,582 $14,010
4/14 $15,089 $17,626 $16,363
4/15 $15,202 $18,078 $16,746
4/16 $14,413 $17,837 $15,305
4/17 $16,188 $20,273 $18,745
Call 1-800-225-6292 or visit us.pioneerinvestments.com for the most recent
month-end performance results. Current performance may be lower or higher than
the performance data quoted.
The performance data quoted represents past performance, which is no guarantee
of future results. Investment return and principal value will fluctuate, and
shares, when redeemed, may be worth more or less than their original cost.
Class C shares held for less than one year are also subject to a 1% contingent
deferred sales charge (CDSC). "If Held" results represent the percent change in
net asset value per share. Returns would have been lower had sales charges been
reflected. All results are historical and assume the reinvestment of dividends
and capital gains. Other share classes are available for which performance and
expenses will differ.
Performance results reflect any applicable expense waivers in effect during the
periods shown. Without such waivers Fund performance would be lower. Waivers may
not be in effect for all funds. Certain fee waivers are contractual through a
specified period. Otherwise, fee waivers can be rescinded at any time. See the
prospectus and financial statements for more information.
The performance table and graph do not reflect the deduction of fees and taxes
that a shareowner would pay on Fund distributions or the redemption of Fund
shares.
Please refer to the financial highlights for a more current expense ratio.
12 Pioneer High Yield Fund | Semiannual Report | 4/30/17
Performance Update | 4/30/17 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 Bank of America (BofA) Merrill Lynch
(ML) U.S. High Yield Index and the Bank of America (BofA) Merrill Lynch
(ML) All-Convertibles Speculative Quality Index.
Average Annual Total Returns
(As of April 30, 2017)
--------------------------------------------------------------------------------
Net BofA ML BofA ML All-
Asset U.S. High Convertibles
Value Yield Speculative
Period (NAV) Index Quality Index
--------------------------------------------------------------------------------
10 years 5.36% 7.32% 6.48%
5 years 5.73 6.87 9.67
1 year 12.70 13.66 22.48
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated March 1, 2017)
--------------------------------------------------------------------------------
Gross
--------------------------------------------------------------------------------
1.49%
--------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $10,000 Investment
Pioneer High BofA ML US High BofA ML All-Convertibles
Yield Fund Yield Index Speculative Quality Index
4/07 $10,000 $10,000 $10,000
4/08 $10,033 $ 9,917 $ 9,706
4/09 $ 7,313 $ 8,460 $ 6,713
4/10 $11,060 $12,200 $10,724
4/11 $13,008 $13,828 $12,636
4/12 $12,759 $14,540 $11,815
4/13 $14,441 $16,582 $14,010
4/14 $15,547 $17,626 $16,363
4/15 $15,726 $18,078 $16,746
4/16 $14,960 $17,837 $15,305
4/17 $16,860 $20,273 $18,745
Call 1-800-225-6292 or visit us.pioneerinvestments.com for the most recent
month-end performance results. Current performance may be lower or higher than
the performance data quoted.
The performance data quoted represents past performance, which is no guarantee
of future results. Investment return and principal value will fluctuate, and
shares, when redeemed, may be worth more or less than their original cost.
Class 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 | Semiannual Report | 4/30/17 13
Performance Update | 4/30/17 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 Bank of America (BofA) Merrill
Lynch (ML) U.S. High Index and the Bank of America (BofA) Merrill Lynch
(ML) All-Convertibles Speculative Quality Index.
Average Annual Total Returns
(As of April 30, 2017)
--------------------------------------------------------------------------------
Net BofA ML BofA ML All-
Asset U.S. High Convertibles
Value Yield Speculative
Period (NAV) Index Quality Index
--------------------------------------------------------------------------------
10 years 6.06% 7.32% 6.48%
5 years 6.43 6.87 9.67
1 year 13.38 13.66 22.48
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated March 1, 2017)
--------------------------------------------------------------------------------
Gross
--------------------------------------------------------------------------------
0.87%
--------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $5 Million Investment
Pioneer High BofA ML US High BofA ML All-Convertibles
Yield Fund Yield Index Speculative Quality Index
4/07 $5,000,000 $ 5,000,000 $5,000,000
4/08 $5,048,176 $ 4,958,617 $4,852,955
4/09 $3,705,270 $ 4,230,222 $3,356,595
4/10 $5,639,630 $ 6,100,147 $5,361,810
4/11 $6,679,667 $ 6,914,207 $6,318,179
4/12 $6,590,297 $ 7,270,206 $5,907,418
4/13 $7,509,817 $ 8,290,919 $7,004,842
4/14 $8,145,961 $ 8,812,927 $8,181,461
4/15 $8,284,927 $ 9,039,084 $8,372,874
4/16 $7,938,924 $ 8,918,292 $7,652,351
4/17 $9,000,758 $10,136,411 $9,372,321
Call 1-800-225-6292 or visit us.pioneerinvestments.com for the most recent
month-end performance results. Current performance may be lower or higher than
the performance data quoted.
The performance data quoted represents past performance, which is no guarantee
of future results. Investment return and principal value will fluctuate, and
shares, when redeemed, may be worth more or less than their original cost.
Class Y shares are not subject to sales charges and are available for limited
groups of eligible investors, including institutional investors. All results are
historical and assume the reinvestment of dividends and capital gains. Other
share classes are available for which performance and expenses will differ.
Performance results reflect any applicable expense waivers in effect during the
periods shown. Without such waivers Fund performance would be lower. Waivers may
not be in effect for all funds. Certain fee waivers are contractual through a
specified period. Otherwise, fee waivers can be rescinded at any time. See the
prospectus and financial statements for more information.
The 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 | Semiannual Report | 4/30/17
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 November 1, 2016, through April 30, 2017.
--------------------------------------------------------------------------------
Share Class A C R Y
--------------------------------------------------------------------------------
Beginning Account $1,000.00 $1,000.00 $1,000.00 $1,000.00
Value on 11/1/16
--------------------------------------------------------------------------------
Ending Account $1,058.70 $1,055.20 $1,056.40 $1,060.10
Value (after expenses)
on 4/30/17
--------------------------------------------------------------------------------
Expenses Paid $ 5.87 $ 9.48 $ 8.06 $ 4.70
During Period*
--------------------------------------------------------------------------------
* Expenses are equal to the Fund's annualized net expense ratio of 1.15%,
1.86%, 1.58% and 0.92% for Class A, Class C, Class R and Class Y shares,
respectively, multiplied by the average account value over the period,
multiplied by 181/365 (to reflect the one-half year period).
Pioneer High Yield Fund | Semiannual Report | 4/30/17 15
Hypothetical Example for Comparison Purposes
The table below provides information about hypothetical account values and
hypothetical expenses based on the Fund's actual expense ratio and an
assumed rate of return of 5% per year before expenses, which is not the Fund's
actual return. The hypothetical account values and expenses may not be used
to estimate the actual ending account balance or expenses you paid for
the period.
You may use this information to compare the ongoing costs of investing in the
Fund and other funds. To do so, compare this 5% hypothetical example with
the 5% hypothetical examples that appear in the shareholder reports of the
other funds.
Please note that the expenses shown in the tables are meant to highlight your
ongoing costs only and do not reflect any transaction costs, such as sales
charges (loads) that are charged at the time of the transaction. Therefore, the
table below is useful in comparing ongoing costs only and will not help you
determine the relative total costs of owning different funds. In addition, if
these transaction costs were included, your costs would have been higher.
Expenses Paid on a $1,000 Investment in Pioneer High Yield Fund
Based on a hypothetical 5% return per year before expenses, reflecting the
period from November 1, 2016, through April 30, 2017.
--------------------------------------------------------------------------------
Share Class A C R Y
--------------------------------------------------------------------------------
Beginning Account $1,000.00 $1,000.00 $1,000.00 $1,000.00
Value on 11/1/16
--------------------------------------------------------------------------------
Ending Account $1,019.09 $1,015.57 $1,016.96 $1,020.23
Value (after expenses)
on 4/30/17
--------------------------------------------------------------------------------
Expenses Paid $ 5.76 $ 9.30 $ 7.90 $ 4.61
During Period*
--------------------------------------------------------------------------------
* Expenses are equal to the Fund's annualized net expense ratio of 1.15%,
1.86%, 1.58% and 0.92% for Class A, Class C, Class R and Class Y shares,
respectively, multiplied by the average account value over the period,
multiplied by 181/365 (to reflect the one-half year period).
16 Pioneer High Yield Fund | Semiannual Report | 4/30/17
Schedule of Investments | 4/30/17 (unaudited)
--------------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
--------------------------------------------------------------------------------------------------------
CONVERTIBLE CORPORATE BONDS -- 9.8%
ENERGY -- 0.8%
Oil & Gas Equipment & Services -- 0.2%
2,170,000 SEACOR Holdings, Inc., 3.0%, 11/15/28 $ 1,943,506
--------------------------------------------------------------------------------------------------------
Oil & Gas Exploration & Production -- 0.6%
2,710,000 Ascent Capital Group, Inc., 4.0%, 7/15/20 $ 2,057,906
4,930,000 Whiting Petroleum Corp., 1.25%, 4/1/20 4,356,888
---------------
$ 6,414,794
--------------------------------------------------------------------------------------------------------
Coal & Consumable Fuels -- 0.0%+
4,705,000 Alpha Natural Resources, Inc., 3.75%,
12/15/17 (e) $ 56,460
---------------
Total Energy $ 8,414,760
--------------------------------------------------------------------------------------------------------
CAPITAL GOODS -- 1.1%
Aerospace & Defense -- 0.1%
1,150,000 The KEYW Holding Corp., 2.5%, 7/15/19 $ 1,113,344
--------------------------------------------------------------------------------------------------------
Construction & Engineering -- 0.5%
4,250,000 Dycom Industries, Inc., 0.75%, 9/15/21 $ 5,368,281
--------------------------------------------------------------------------------------------------------
Electrical Components & Equipment -- 0.5%
6,619,000 General Cable Corp., 4.5%, 11/15/29 (Step) $ 5,183,504
---------------
Total Capital Goods $ 11,665,129
--------------------------------------------------------------------------------------------------------
TRANSPORTATION -- 0.1%
Airport Services -- 0.1%
1,250,000 Macquarie Infrastructure Corporation,
2.0%, 10/1/23 $ 1,234,375
---------------
Total Transportation $ 1,234,375
--------------------------------------------------------------------------------------------------------
CONSUMER DURABLES & APPAREL -- 0.4%
Homebuilding -- 0.4%
3,530,000 KB Home, 1.375%, 2/1/19 $ 3,638,106
---------------
Total Consumer Durables & Apparel $ 3,638,106
--------------------------------------------------------------------------------------------------------
MEDIA -- 0.3%
Cable & Satellite -- 0.3%
3,351,000 Dish Network. 2.375%, 3/15/24 (144A) $ 3,487,134
---------------
Total Media $ 3,487,134
--------------------------------------------------------------------------------------------------------
RETAILING -- 0.5%
Internet Retail -- 0.5%
1,320,000 Ctrip.com International, Ltd., 1.25%,
9/15/22 (144A) $ 1,379,400
4,065,000 Shutterfly, Inc., 0.25%, 5/15/18 4,108,191
---------------
$ 5,487,591
---------------
Total Retailing $ 5,487,591
--------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer High Yield Fund | Semiannual Report | 4/30/17 17
Schedule of Investments | 4/30/17 (unaudited) (continued)
--------------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
--------------------------------------------------------------------------------------------------------
HEALTH CARE EQUIPMENT & SERVICES -- 1.5%
Health Care Equipment -- 1.1%
3,170,000 Insulet Corp., 1.25%, 9/15/21 (144A) $ 3,207,644
1,795,000 Nuvasive Inc., 2.25% 3/15/21 2,388,472
4,540,000 Wright Medical Group, Inc., 2.0%, 2/15/20 5,317,475
---------------
$ 10,913,591
--------------------------------------------------------------------------------------------------------
Health Care Supplies -- 0.4%
2,015,000 Endologix, Inc., 2.25%, 12/15/18 $ 1,940,697
1,390,000 Endologix, Inc., 3.25%, 11/1/20 1,381,312
935,000 Quidel Corp., 3.25%, 12/15/20 981,166
---------------
$ 4,303,175
---------------
Total Health Care Equipment & Services $ 15,216,766
--------------------------------------------------------------------------------------------------------
PHARMACEUTICALS, BIOTECHNOLOGY &
LIFE SCIENCES -- 2.3%
Biotechnology -- 0.6%
1,920,000 BioMarin Pharmaceutical, Inc., 1.5%, 10/15/20 $ 2,379,600
2,815,000 Emergent BioSolutions, Inc., 2.875%, 1/15/21 3,397,353
---------------
$ 5,776,953
--------------------------------------------------------------------------------------------------------
Pharmaceuticals -- 1.5%
3,015,000 Impax Laboratories, Inc., 2.0%, 6/15/22 $ 2,542,022
4,835,000 Innoviva, Inc., 2.125%, 1/15/23 4,339,412
3,570,000 Jazz Investments I, Ltd., 1.875%, 8/15/21 3,953,775
2,455,000 The Medicines Co., 2.5%, 1/15/22 3,904,984
955,000 The Medicines Co., 2.75%, 7/15/23 (144A) 1,159,131
---------------
$ 15,899,324
--------------------------------------------------------------------------------------------------------
Life Sciences Tools & Services -- 0.2%
1,415,000 Albany Molecular Research, Inc.,
2.25%, 11/15/18 $ 1,650,244
---------------
Total Pharmaceuticals, Biotechnology &
Life Sciences $ 23,326,521
--------------------------------------------------------------------------------------------------------
SOFTWARE & SERVICES -- 1.7%
Internet Software & Services -- 0.6%
1,110,000 Akamai Technologies, Inc., 2/15/19 (d) $ 1,105,144
3,290,000 WebMD Health Corp., 2.5%, 1/31/18 3,355,800
615,000 WebMD Health Corp., 2.625%, 6/15/23 (144A) 592,322
1,530,000 Zillow Group, Inc., 2.0%, 12/1/21 (144A) 1,600,762
---------------
$ 6,654,028
--------------------------------------------------------------------------------------------------------
Data Processing & Outsourced Services -- 0.3%
2,690,000 Cardtronics, Inc., 1.0%, 12/1/20 $ 2,762,294
--------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
18 Pioneer High Yield Fund | Semiannual Report | 4/30/17
--------------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
--------------------------------------------------------------------------------------------------------
Application Software -- 0.6%
1,840,000 Citrix Systems, Inc., 0.5%, 4/15/19 $ 2,252,850
1,700,000 Nuance Communications, Inc., 1.0%, 12/15/35 1,642,625
2,785,000 Synchronoss Technologies, Inc., 0.75%, 8/15/19 2,374,212
---------------
$ 6,269,687
--------------------------------------------------------------------------------------------------------
Systems Software -- 0.2%
595,000 FireEye, Inc., 1.0%, 6/1/35 $ 561,531
595,000 FireEye, Inc., 1.625%, 6/1/35 534,756
905,000 Nice Systems, Inc., 1.25%, 1/15/24 (144A) 935,544
---------------
$ 2,031,831
---------------
Total Software & Services $ 17,717,840
--------------------------------------------------------------------------------------------------------
TECHNOLOGY HARDWARE & EQUIPMENT -- 0.3%
Communications Equipment -- 0.3%
925,000 Finisar Corp., 0.5%, 12/15/33 $ 974,141
1,630,000 Lumentum Holdings, 0.25%, 3/15/24
(144A)144A 1,623,888
---------------
$ 2,598,029
---------------
Total Technology Hardware & Equipment $ 2,598,029
--------------------------------------------------------------------------------------------------------
SEMICONDUCTORS & SEMICONDUCTOR
EQUIPMENT -- 0.8%
Semiconductor Equipment -- 0.1%
471,000 Teradyne, Inc., 1.25%, 12/15/23 (144A) $ 589,339
--------------------------------------------------------------------------------------------------------
Semiconductors -- 0.7%
1,675,000 Microchip Technology, Inc., 1.625%,
2/15/27 (144A) $ 1,714,781
2,113,000 ON Semiconductor Corp., 1.0%, 12/1/20 2,227,894
2,772,000 ON Semiconductor Corp., 1.625%, 10/15/23 2,768,535
875,000 Silicon Laboratory, 1.375%, 3/1/22 (144A) 918,203
---------------
$ 7,629,413
---------------
Total Semiconductors & Semiconductor
Equipment $ 8,218,752
--------------------------------------------------------------------------------------------------------
TOTAL CONVERTIBLE CORPORATE BONDS
(Cost $100,811,037) $ 101,005,003
--------------------------------------------------------------------------------------------------------
PREFERRED STOCKS -- 0.3%
TRANSPORTATION -- 0.1%
Air Freight & Logistics -- 0.1%
4,940 CEVA Group Plc, 12/31/14 (d)* $ 1,111,511
---------------
Total Transportation $ 1,111,511
--------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer High Yield Fund | Semiannual Report | 4/30/17 19
Schedule of Investments | 4/30/17 (unaudited) (continued)
--------------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
--------------------------------------------------------------------------------------------------------
DIVERSIFIED FINANCIALS -- 0.2%
Consumer Finance -- 0.3%
97,845 6.82 GMAC Capital Trust I, Floating Rate
Note, 2/15/40 $ 2,491,134
---------------
Total Diversified Financials $ 2,491,134
--------------------------------------------------------------------------------------------------------
TOTAL PREFERRED STOCKS
(Cost $7,271,241) $ 3,602,645
--------------------------------------------------------------------------------------------------------
CONVERTIBLE PREFERRED
STOCKS -- 1.2%
HEALTH CARE EQUIPMENT & SERVICES -- 0.3%
Health Care Supplies -- 0.3%
7,708 Alere, Inc., 3.0%, (Perpetual) $ 2,975,288
--------------------------------------------------------------------------------------------------------
Health Care Services -- 0.0%+
742 BioScrip, Inc., (Perpetual) (c) (d) $ 51,694
---------------
Total Health Care Equipment & Services $ 3,026,982
--------------------------------------------------------------------------------------------------------
PHARMACEUTICALS, BIOTECHNOLOGY &
LIFE SCIENCES -- 0.1%
Pharmaceuticals -- 0.1%
2,700 Allergan Plc, 5.5%, 3/1/18 $ 2,337,606
---------------
Total Pharmaceuticals, Biotechnology &
Life Sciences $ 2,337,606
--------------------------------------------------------------------------------------------------------
BANKS -- 0.8%
Diversified Banks -- 0.8%
920 Bank of America Corp., 7.25%, (Perpetual) $ 1,116,346
5,265 Wells Fargo & Co., 7.5% (Perpetual) 6,686,550
---------------
$ 7,802,896
---------------
Total Banks $ 7,802,896
--------------------------------------------------------------------------------------------------------
TOTAL CONVERTIBLE PREFERRED STOCKS
(Cost $11,115,411) $ 13,167,484
--------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------
Shares
--------------------------------------------------------------------------------------------------------
COMMON STOCKS -- 4.2%
ENERGY -- 0.2%
Oil & Gas Exploration & Production -- 0.1%
6,967,063 Ascent CNR Corp. Class A $ 905,718
996 Midstates Petroleum Co, Inc. 18,486
430 Swift Energy Co. 10,363
---------------
$ 934,567
--------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
20 Pioneer High Yield Fund | Semiannual Report | 4/30/17
--------------------------------------------------------------------------------------------------------
Shares Value
--------------------------------------------------------------------------------------------------------
Oil & Gas Refining & Marketing -- 0.1%
20,710 Marathon Petroleum Corp.* $ 1,054,967
--------------------------------------------------------------------------------------------------------
Coal & Consumable Fuels -- 0.0%+
516 Contura Energy, Inc. $ 35,346
---------------
Total Energy $ 2,024,880
--------------------------------------------------------------------------------------------------------
MATERIALS -- 0.2%
Commodity Chemicals -- 0.2%
30,554 LyondellBasell Industries NV $ 2,589,757
---------------
Total Materials $ 2,589,757
--------------------------------------------------------------------------------------------------------
CAPITAL GOODS -- 0.0%+
Industrial Machinery -- 0.0%+
73,714 Liberty Tire Recycling LLC (c) $ 737
---------------
Total Capital Goods $ 737
--------------------------------------------------------------------------------------------------------
COMMERCIAL SERVICES & SUPPLIES -- 0.0%+
Diversified Support Services -- 0.0%+
53 IAP Worldwide Services, Inc. $ 71,570
---------------
Total Commercial Services & Supplies $ 71,570
--------------------------------------------------------------------------------------------------------
TRANSPORTATION -- 0.3%
Air Freight & Logistics -- 0.1%
2,282 CEVA Group Plc* $ 456,412
--------------------------------------------------------------------------------------------------------
Airlines -- 0.2%
31,188 United Continental Holdings, Inc.* $ 2,189,709
---------------
Total Transportation $ 2,646,121
--------------------------------------------------------------------------------------------------------
AUTOMOBILES & COMPONENTS -- 0.6%
Automobile Manufacturers -- 0.6%
509,002 Ford Motor Co. $ 5,838,253
---------------
Total Automobiles & Components $ 5,838,253
--------------------------------------------------------------------------------------------------------
CONSUMER SERVICES -- 0.3%
Restaurants -- 0.3%
48,392 Starbucks Corp. $ 2,906,424
--------------------------------------------------------------------------------------------------------
Education Services -- 0.0%+
13,966 Cengage Learning Holdings II, Inc. $ 146,643
---------------
Total Consumer Services $ 3,053,067
--------------------------------------------------------------------------------------------------------
HEALTH CARE EQUIPMENT & SERVICES -- 0.7%
Health Care Services -- 0.0%+
255,259 BioScrip, Inc.* $ 387,994
--------------------------------------------------------------------------------------------------------
Managed Health Care -- 0.7%
29,704 Aetna, Inc. $ 4,012,119
16,643 Cigna Corp. 2,602,466
---------------
$ 6,614,585
---------------
Total Health Care Equipment & Services $ 7,002,579
--------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer High Yield Fund | Semiannual Report | 4/30/17 21
Schedule of Investments | 4/30/17 (unaudited) (continued)
--------------------------------------------------------------------------------------------------------
Shares Value
--------------------------------------------------------------------------------------------------------
PHARMACEUTICALS, BIOTECHNOLOGY &
LIFE SCIENCES -- 0.4%
Pharmaceuticals -- 0.1%
30,191 Mylan NV $ 1,127,634
--------------------------------------------------------------------------------------------------------
Life Sciences Tools & Services -- 0.3%
16,800 Thermo Fisher Scientific, Inc. $ 2,777,544
---------------
Total Pharmaceuticals, Biotechnology &
Life Sciences $ 3,905,178
--------------------------------------------------------------------------------------------------------
BANKS -- 0.1%
Diversified Banks -- 0.1%
17,581 JPMorgan Chase & Co. $ 1,529,547
---------------
Total Banks $ 1,529,547
--------------------------------------------------------------------------------------------------------
DIVERSIFIED FINANCIALS -- 0.2%
Consumer Finance -- 0.2%
24,013 Capital One Financial Corp. $ 1,930,165
---------------
Total Diversified Financials $ 1,930,165
--------------------------------------------------------------------------------------------------------
TECHNOLOGY HARDWARE &
EQUIPMENT -- 0.3%
Technology Hardware, Storage &
Peripherals -- 0.3%
70,088 NCR Corp.* $ 2,891,130
--------------------------------------------------------------------------------------------------------
Electronic Manufacturing Services -- 0.0%+
9,502 TE Connectivity, Ltd. $ 735,170
---------------
Total Technology Hardware & Equipment $ 3,626,300
--------------------------------------------------------------------------------------------------------
TELECOMMUNICATION SERVICES -- 0.0%+
Integrated Telecommunication Services -- 0.0%+
21,426 Windstream Holdings, Inc. $ 118,272
---------------
Total Telecommunication Services $ 118,272
--------------------------------------------------------------------------------------------------------
REAL ESTATE -- 0.9%
Diversified REIT -- 0.7%
308,523 Forest City Enterprises LP* $ 6,972,620
--------------------------------------------------------------------------------------------------------
Specialized REIT -- 0.2%
76,215 Uniti Group, Inc. $ 2,092,864
---------------
Total Real Estate $ 9,065,484
--------------------------------------------------------------------------------------------------------
TOTAL COMMON STOCKS
(Cost $27,921,369) $ 43,401,910
--------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
22 Pioneer High Yield Fund | Semiannual Report | 4/30/17
--------------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
--------------------------------------------------------------------------------------------------------
ASSET BACKED SECURITIES -- 0.1%
BANKS -- 0.1%
Thrifts & Mortgage Finance -- 0.1%
750,000 InSite Issuer LLC Class C Series 16-1A,
7.5%, 11/15/46 $ 767,146
999,013 VOLT XXV LLC, 4.5%, 6/26/45 (Step) (144A) 971,930
---------------
$ 1,739,076
---------------
Total Banks $ 1,739,076
--------------------------------------------------------------------------------------------------------
TOTAL ASSET BACKED SECURITIES
(Cost $1,731,575) $ 1,739,076
--------------------------------------------------------------------------------------------------------
COLLATERALIZED MORTGAGE
OBLIGATIONS -- 2.3%
BANKS -- 2.3%
Thrifts & Mortgage Finance -- 2.3%
1,475,000 5.59 CFCRE 2015-RUM Mortgage Trust, Floating
Rate Note, 7/15/30 (144A) $ 1,443,777
2,500,000 3.21 Citigroup Commercial Mortgage Trust
2014-GC23 REMICS, Floating Rate Note,
7/12/47 (144A) 1,632,739
2,750,000 5.99 COBALT CMBS Commercial Mortgage
Trust 2007-C3, Floating Rate Note, 5/15/46 2,749,413
1,200,000 5.99 COBALT CMBS Commercial Mortgage
Trust 2007-C3, Floating Rate Note, 5/15/46 851,792
1,300,000 4.99 COMM 2014-FL5 Mortgage Trust REMICS,
Floating Rate Note, 10/15/31 (144A) 1,202,187
600,000 5.10 Credit Suisse First Boston Mortgage Securities
Corp., Floating Rate Note, 8/15/38 508,271
917,448 5.74 EQTY 2014-MZ Mezzanine Trust, Floating Rate
Note, 5/10/19 (144A) 920,255
403,627 Global Mortgage Securitization, Ltd., 5.25%,
11/25/32 (144A) 256,408
2,513,900 5.00 GMAT 2013-1 Trust, Floating Rate Note, 8/25/53 2,340,971
448,642 Homeowner Assistance Program Reverse
Mortgage Loan Trust 2013-RM1, 4.0%,
5/26/53 (144A) 446,399
3,000,000 4.10 JPMBB Commercial Mortgage Securities
Trust 2014-C25 REMICS, Floating Rate Note,
11/18/47 (144A) 2,357,002
1,000,000 JPMCC Re-REMIC Trust 2014-FRR1, 4.234284%,
4/27/44 (144A) 970,860
1,350,000 4.19 JPMorgan Chase Commercial Mortgage
Securities Trust 2013-C13 REMICS, Floating
Rate Note, 1/18/46 (144A) 1,266,787
The accompanying notes are an integral part of these financial statements.
Pioneer High Yield Fund | Semiannual Report | 4/30/17 23
Schedule of Investments | 4/30/17 (unaudited) (continued)
--------------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
--------------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- (continued)
4,270,000 4.59 JPMorgan Chase Commercial Mortgage
Securities Trust 2014-INN, Floating Rate Note,
6/15/29 (144A) $ 4,270,002
2,171,000 5.59 PFP 2015-2, Ltd., Floating Rate Note,
7/14/34 (144A) 2,131,746
---------------
$ 23,348,609
---------------
Total Banks $ 23,348,609
--------------------------------------------------------------------------------------------------------
TOTAL COLLATERALIZED MORTGAGE
OBLIGATIONS
(Cost $23,790,302) $ 23,348,609
--------------------------------------------------------------------------------------------------------
CORPORATE BONDS -- 68.8%
ENERGY -- 13.9%
Oil & Gas Drilling -- 0.6%
780,000 Rowan Companies, Inc., 4.875%, 6/1/22 $ 733,200
3,604,000 Rowan Companies, Inc., 5.4%, 12/1/42 2,721,020
375,000 Rowan Companies, Inc., 5.85%, 1/15/44 294,375
2,730,000 Trinidad Drilling, Ltd., 6.625%, 2/15/25 (144A) 2,750,475
---------------
$ 6,499,070
--------------------------------------------------------------------------------------------------------
Oil & Gas Equipment & Services -- 0.7%
4,500,000 Archrock Partners LP, 6.0%, 10/1/22 $ 4,488,750
1,955,000 Archrock Partners LP, 6.0%, 4/1/21 1,959,888
1,030,000 Weatherford, 8.25%, 6/15/23 1,116,262
---------------
$ 7,564,900
--------------------------------------------------------------------------------------------------------
Oil & Gas Exploration & Production -- 7.2%
3,631,000 Antero Resources Corp., 5.0%, 3/1/25 (144A) $ 3,585,612
3,370,000 California Resources Corp., 8.0%,
12/15/22 (144A) 2,578,050
3,020,000 Carrizo Oil & Gas, Inc., 7.5%, 9/15/20 3,110,600
3,756,000 Chesapeake Energy Corp., 8.0%,
12/15/22 (144A) 3,957,885
3,660,000 Cobalt International Energy, Inc., 10.75%,
12/1/21 (144A) 3,614,250
1,544,000 Cobalt International Energy, Inc., 7.75%,
12/1/23 (144A) 949,560
2,050,000 Concho Resources, Inc., 4.375%, 1/15/25 2,075,625
3,675,000 Concho Resources, Inc., 5.5%, 4/1/23 3,810,516
1,255,000 Continental Resources, 4.5%, 4/15/23 1,236,175
375,000 Denbury Resources, Inc., 4.625%, 7/15/23 256,875
3,310,000 Denbury Resources, Inc., 5.5%, 5/1/22 2,465,950
2,240,000 Great Western Petroleum LLC, 9.0%,
9/30/21 (144A) 2,318,400
The accompanying notes are an integral part of these financial statements.
24 Pioneer High Yield Fund | Semiannual Report | 4/30/17
--------------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
--------------------------------------------------------------------------------------------------------
Oil & Gas Exploration &
Production -- (continued)
2,060,000 Gulfport Energy Corp., 6.0%, 10/15/24 $ 2,029,100
3,100,000 Gulfport Energy Corp., 6.375%, 5/15/25 (144A) 3,088,375
2,185,000 Halcon Resources Corp., 12.0%, 2/15/22 (144A) 2,542,794
1,425,000 Halcon Resources Corp., 6.75%, 2/15/25 (144A) 1,368,000
3,788,000 Hilcorp Energy I LP, 5.75%, 10/1/25 (144A) 3,674,360
1,025,000 MEG Energy Corp., 6.5%, 1/15/25 (144A) 1,012,188
3,630,000 MEG Energy Corp., 7.0%, 3/31/24 (144A) 3,239,775
870,000 Murphy Oil Corp., 6.875%, 8/15/24 926,550
705,000 Newfield Exploration Co., 5.625%, 7/1/24 745,100
4,420,000 Oasis Petroleum, Inc., 6.875%, 3/15/22 4,475,250
540,000 Parsley Energy LLC, 5.25%, 8/15/25 (144A) 544,050
2,888,000 Parsley Energy LLC, 6.25%, 6/1/24 (144A) 3,054,060
3,510,000 PDC Energy, Inc., 7.75%, 10/15/22 3,685,500
2,635,000 Rice Energy Inc., 6.25%, 5/1/22 2,755,235
1,878,000 Sanchez Energy Corp., 6.125%, 1/15/23 1,727,741
2,375,000 Sanchez Energy Corp., 7.75%, 6/15/21 2,297,812
235,000 SM Energy Co., 6.5%, 1/1/23 238,525
2,020,000 SM Energy Co., 6.75%, 9/15/26 2,035,150
354,000 SM Energy Company, 6.125%, 11/15/22 360,195
1,000,000 WPX Energy, Inc., 6.0%, 1/15/22 1,015,000
1,812,000 WPX Energy, Inc., 7.5%, 8/1/20 1,920,720
670,000 WPX Energy, Inc., 8.25%, 8/1/23 747,050
---------------
$ 73,442,028
--------------------------------------------------------------------------------------------------------
Oil & Gas Refining & Marketing -- 1.4%
6,525,000 Calumet Specialty Products Partners LP,
6.5%, 4/15/21 $ 5,513,625
685,000 EnLink Midstream Partners LP, 5.05%, 4/1/45 648,507
1,973,000 EnLink Midstream Partners LP, 5.6%, 4/1/44 2,007,687
1,205,000 PBF Holding Co LLC, 7.0%, 11/15/23 1,223,075
4,695,000 Tesoro Corp., 5.375%, 10/1/22 4,882,800
---------------
$ 14,275,694
--------------------------------------------------------------------------------------------------------
Oil & Gas Storage & Transportation -- 3.8%
3,150,000 Blue Racer Midstream LLC, 6.125%,
11/15/22 (144A) $ 3,228,750
1,414,000 Energy Transfer Equity LP, 5.875%, 1/15/24 1,523,585
3,618,000 Genesis Energy LP, 5.75%, 2/15/21 3,658,702
3,375,000 Global Partners LP, 7.0%, 6/15/23 3,341,250
1,555,000 Holly Energy Partners LP, 6.0%, 8/1/24 (144A) 1,644,412
4,755,000 ONEOK, Inc., 7.5%, 9/1/23 5,624,770
6,775,000 Sabine Pass Liquefaction LLC, 5.625%, 2/1/21 7,367,196
The accompanying notes are an integral part of these financial statements.
Pioneer High Yield Fund | Semiannual Report | 4/30/17 25
Schedule of Investments | 4/30/17 (unaudited) (continued)
--------------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
--------------------------------------------------------------------------------------------------------
Oil & Gas Storage &
Transportation -- (continued)
490,000 Targa Resources Partners LP, 4.125%, 11/15/19 $ 498,266
2,900,000 Targa Resources Partners LP, 4.25%, 11/15/23 2,871,000
2,491,000 Targa Resources Partners LP, 5.25%, 5/1/23 2,565,730
6,167,000 The Williams Companies, Inc., 5.75%, 6/24/44 6,382,845
---------------
$ 38,706,506
--------------------------------------------------------------------------------------------------------
Coal & Consumable Fuels -- 0.2%
1,875,000 SunCoke Energy Partners LP, 7.375%, 2/1/20 $ 1,921,875
---------------
Total Energy $ 142,410,073
--------------------------------------------------------------------------------------------------------
MATERIALS -- 4.2%
Commodity Chemicals -- 0.4%
1,220,000 Hexion, Inc., 6.625%, 4/15/20 $ 1,152,900
2,420,000 Tronox Finance LLC, 6.375%, 8/15/20 2,459,325
---------------
$ 3,612,225
--------------------------------------------------------------------------------------------------------
Diversified Chemicals -- 0.3%
540,000 Alpha 3 BV, 6.25%, 2/1/25 (144A) $ 548,100
2,275,000 CF Industries, Inc., 3.45%, 6/1/23 2,121,438
---------------
$ 2,669,538
--------------------------------------------------------------------------------------------------------
Fertilizers & Agricultural Chemicals -- 0.1%
1,140,000 CVR Partners LP, 9.25%, 6/15/23 (144A) $ 1,164,225
--------------------------------------------------------------------------------------------------------
Specialty Chemicals -- 0.4%
4,330,000 Kraton Polymers, 7%, 4/15/25 (144A) $ 4,546,500
--------------------------------------------------------------------------------------------------------
Metal & Glass Containers -- 2.3%
EURO 950,000 ARD Finance SA, 6.625%, 9/15/23 (144A) (PIK) $ 1,075,231
950,000 ARD Finance SA, 7.125%, 9/15/23 (144A) (PIK) 985,625
2,160,000 Ardagh Packaging Finance Plc, 6.0%,
2/15/25 (144A) 2,232,900
4,901,000 Ball Corp., 5.25%, 7/1/25 5,293,080
9,120,000 Crown Cork & Seal Co., Inc., 7.375%, 12/15/26 10,579,200
2,790,000 Reynolds Group Issuer, Inc., 7.0%,
7/15/24 (144A) 3,002,738
---------------
$ 23,168,774
--------------------------------------------------------------------------------------------------------
Diversified Metals & Mining -- 0.2%
975,000 Hudbay Minerals, Inc., 7.625%, 1/15/25 (144A) $ 1,044,469
1,307,000 Prince Mineral Holding Corp., 11.5%,
12/15/19 (144A) 1,346,210
---------------
$ 2,390,679
--------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
26 Pioneer High Yield Fund | Semiannual Report | 4/30/17
--------------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
--------------------------------------------------------------------------------------------------------
Copper -- 0.4%
2,185,000 First Quantum, 7.5%, 1/4/25 (144A) $ 2,228,700
2,475,000 Freeport-McMoRan, Inc., 3.55%, 3/1/22 2,326,500
---------------
$ 4,555,200
--------------------------------------------------------------------------------------------------------
Paper Products -- 0.1%
673,000 Resolute Forest Products, Inc., 5.875%, 5/15/23 $ 641,032
---------------
Total Materials $ 42,748,173
--------------------------------------------------------------------------------------------------------
CAPITAL GOODS -- 4.0%
Aerospace & Defense -- 0.0%+
230,000 Triumph Group, Inc., 5.25%, 6/1/22 $ 224,250
--------------------------------------------------------------------------------------------------------
Building Products -- 0.2%
1,800,000 Griffon Corp., 5.25%, 3/1/22 $ 1,840,500
--------------------------------------------------------------------------------------------------------
Construction & Engineering -- 1.4%
3,175,000 AECOM, 5.875%, 10/15/24 $ 3,406,775
4,485,000 Amsted Industries, Inc., 5.0%, 3/15/22 (144A) 4,597,125
2,600,000 Amsted Industries, Inc., 5.375%,
9/15/24 (144A) 2,671,500
1,565,000 Covey Park Energy, 7.5%, 5/15/25 (144A) 1,565,000
2,250,000 Tutor Perini, 6.875%, 5/1/25 (144A) 2,362,500
---------------
$ 14,602,900
--------------------------------------------------------------------------------------------------------
Electrical Components & Equipment -- 0.2%
1,490,000 Exterran NRG, 8.125%, 5/1/25 (144A) $ 1,537,494
--------------------------------------------------------------------------------------------------------
Industrial Conglomerates -- 0.5%
4,030,000 JB Poindexter & Co., Inc., 9.0%, 4/1/22 (144A) $ 4,221,425
785,000 Park-Ohio Industries, 6.625%, 4/15/27 (144A) 804,625
---------------
$ 5,026,050
--------------------------------------------------------------------------------------------------------
Construction & Farm Machinery & Heavy
Trucks -- 0.3%
2,430,000 Engility Corp., 8.875%, 9/1/24 (144A) $ 2,594,025
--------------------------------------------------------------------------------------------------------
Industrial Machinery -- 0.5%
4,901,000 Apex Tool Group LLC, 7.0%, 2/1/21 (144A) $ 4,533,425
1,025,000 Enpro Industries, 5.875%, 9/15/22 (144A) 1,076,250
---------------
$ 5,609,675
--------------------------------------------------------------------------------------------------------
Trading Companies & Distributors -- 0.9%
2,112,000 Rexel SA, 5.25%, 6/15/20 (144A) $ 2,164,800
2,020,000 United Rentals North America, Inc.,
5.5%, 5/15/27 2,078,075
1,963,000 United Rentals North America, Inc.,
5.75%, 11/15/24 2,075,872
The accompanying notes are an integral part of these financial statements.
Pioneer High Yield Fund | Semiannual Report | 4/30/17 27
Schedule of Investments | 4/30/17 (unaudited) (continued)
--------------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
--------------------------------------------------------------------------------------------------------
Trading Companies & Distributors -- (continued)
385,000 United Rentals North America, Inc.,
5.875%, 9/15/26 $ 406,175
2,330,000 WESCO Distribution, Inc., 5.375%, 12/15/21 2,394,075
---------------
$ 9,118,997
---------------
Total Capital Goods $ 40,553,891
--------------------------------------------------------------------------------------------------------
COMMERCIAL SERVICES & SUPPLIES -- 0.2%
Diversified Support Services -- 0.2%
2,165,000 TMS International Corp., 7.625%,
10/15/21 (144A) $ 2,181,238
---------------
Total Commercial Services & Supplies $ 2,181,238
--------------------------------------------------------------------------------------------------------
TRANSPORTATION -- 1.1%
Airlines -- 0.5%
1,920,000 Air Canada, 5.00%, 3/15/20 (144A) $ 1,958,400
2,950,000 Intrepid Aviation Group Holdings LLC,
6.875%, 2/15/19 (144A) 2,817,250
---------------
$ 4,775,650
--------------------------------------------------------------------------------------------------------
Railroads -- 0.4%
4,250,000 Florida East Coast Holdings Corp., 6.75%,
5/1/19 (144A) $ 4,369,000
--------------------------------------------------------------------------------------------------------
Trucking -- 0.2%
3,500,000 syncreon Group BV, 8.625%, 11/1/21 (144A) $ 2,642,500
---------------
Total Transportation $ 11,787,150
--------------------------------------------------------------------------------------------------------
AUTOMOBILES & COMPONENTS -- 0.9%
Auto Parts & Equipment -- 0.9%
3,380,000 Dana Financing Luxembourg Sarl, 6.5%,
6/1/26 (144A) $ 3,540,550
1,430,000 IHO Verwaltungs GmbH, 4.5%, 9/15/23
(144A) (PIK) 1,428,212
909,000 International Automotive Components
Group SA, 9.125%, 6/1/18 (144A) 884,002
3,185,000 TI Group Automotive Systems LLC, 8.75%,
7/15/23 (144A) 3,407,950
---------------
$ 9,260,714
---------------
Total Automobiles & Components $ 9,260,714
--------------------------------------------------------------------------------------------------------
CONSUMER DURABLES & APPAREL -- 4.5%
Home Furnishings -- 0.2%
1,750,000 Tempur Sealy International, Inc., 5.5%, 6/15/26 $ 1,740,165
--------------------------------------------------------------------------------------------------------
Homebuilding -- 4.0%
1,540,000 CalAtlantic Group, Inc., 5.375%, 10/1/22 $ 1,643,950
3,975,000 CalAtlantic Group, Inc., 6.25%, 12/15/21 4,421,591
The accompanying notes are an integral part of these financial statements.
28 Pioneer High Yield Fund | Semiannual Report | 4/30/17
--------------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
--------------------------------------------------------------------------------------------------------
Homebuilding -- (continued)
8,375,000 KB Home, 7.0%, 12/15/21 $ 9,359,062
4,150,000 Lennar Corp., 4.5%, 6/15/19 4,284,875
7,930,000 Lennar Corp., 4.75%, 11/15/22 8,247,200
3,660,000 Meritage Homes Corp., 7.0%, 4/1/22 4,154,100
3,059,000 PulteGroup, Inc., 5.0%, 1/15/27 3,097,238
1,500,000 Rialto Holdings LLC, 7.0%, 12/1/18 (144A) 1,522,500
3,990,000 Taylor Morrison Communities, Inc., 5.875%,
4/15/23 (144A) 4,249,350
---------------
$ 40,979,866
--------------------------------------------------------------------------------------------------------
Textiles -- 0.3%
2,920,000 Springs Industries, Inc., 6.25%, 6/1/21 $ 3,011,250
---------------
Total Consumer Durables & Apparel $ 45,731,281
--------------------------------------------------------------------------------------------------------
CONSUMER SERVICES -- 2.8%
Casinos & Gaming -- 1.1%
1,080,000 Eagle II Acquisition, 6%, 4/1/25 (144A) $ 1,116,450
500,919 Mashantucket Western Pequot Tribe, 6.5%,
7/1/36 (1.0% cash, 5.50% PIK) (PIK) (e) 6,111
8,860,000 Scientific Games International, Inc.,
10.0%, 12/1/22 9,613,100
700,000 Scientific Games International, Inc.,
6.25%, 9/1/20 673,750
---------------
$ 11,409,411
--------------------------------------------------------------------------------------------------------
Hotels, Resorts & Cruise Lines -- 0.9%
1,710,000 Hilton Grand Vacations Borrower LLC,
6.125%, 12/1/24 (144A) $ 1,821,150
1,480,000 NCL Corp, Ltd., 4.625%, 11/15/20 (144A) 1,517,000
1,680,000 Viking Cruises, Ltd., 6.25%, 5/15/25 (144A) 1,617,000
4,140,000 Viking Cruises, Ltd., 8.5%, 10/15/22 (144A) 4,326,300
---------------
$ 9,281,450
--------------------------------------------------------------------------------------------------------
Specialized Consumer Services -- 0.8%
3,475,000 Constellis Holdings LLC, 9.75%, 5/15/20 (144A) $ 3,738,405
4,275,000 Sotheby's, 5.25%, 10/1/22 (144A) 4,371,188
---------------
$ 8,109,593
---------------
Total Consumer Services $ 28,800,454
--------------------------------------------------------------------------------------------------------
MEDIA -- 5.7%
Advertising -- 0.2%
2,320,000 MDC Partners, Inc., 6.5%, 5/1/24 (144A) $ 2,262,000
--------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer High Yield Fund | Semiannual Report | 4/30/17 29
Schedule of Investments | 4/30/17 (unaudited) (continued)
--------------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
--------------------------------------------------------------------------------------------------------
Broadcasting -- 1.5%
6,170,000 Gannett Co., Inc., 6.375%, 10/15/23 $ 6,555,625
2,169,000 Gray Television, Inc., 5.875%, 7/15/26 (144A) 2,244,915
2,693,000 Nexstar Broadcasting, Inc., 5.625%,
8/1/24 (144A) 2,760,325
3,671,000 Sinclair Television Group, Inc., 5.125%,
2/15/27 (144A) 3,643,468
---------------
$ 15,204,333
--------------------------------------------------------------------------------------------------------
Cable & Satellite -- 3.0%
1,840,000 Altice Financing SA, 6.625%, 2/15/23 (144A) $ 1,948,100
1,375,000 Altice US Finance I Corp., 5.375%,
7/15/23 (144A) 1,435,156
1,055,000 Altice US Finance I Corp., 5.5%, 5/15/26 (144A) 1,090,606
6,925,000 CCO Holdings LLC, 5.75%, 2/15/26 (144A) 7,355,596
2,005,000 CSC Holdings LLC, 5.5%, 4/15/27 (144A) 2,072,669
1,670,000 CSC Holdings LLC, 6.625%, 10/15/25 (144A) 1,826,562
3,370,000 DISH DBS Corp., 5.875%, 7/15/22 3,569,807
1,575,000 SFR Group SA, 6.0%, 5/15/22 (144A) 1,641,938
2,195,000 Sirius XM Radio, Inc., 5.375%, 7/15/26 (144A) 2,247,131
7,076,000 Videotron, Ltd., 5.375%, 6/15/24 (144A) 7,456,335
---------------
$ 30,643,900
--------------------------------------------------------------------------------------------------------
Movies & Entertainment -- 1.0%
1,600,000 AMC Entertainment, 6.125%, 5/15/27 (144A) $ 1,634,000
5,749,000 Netflix Inc., 4.375% 11/15/26 5,662,765
2,895,000 Regal Entertainment Group, Inc., 5.75%, 2/1/25 3,010,800
---------------
$ 10,307,565
---------------
Total Media $ 58,417,798
--------------------------------------------------------------------------------------------------------
RETAILING -- 0.5%
Department Stores -- 0.2%
2,710,000 PetSmart, Inc., 7.125%, 3/15/23 (144A) $ 2,476,262
--------------------------------------------------------------------------------------------------------
Automotive Retail -- 0.3%
2,900,000 Asbury Automotive Group, Inc., 6.0%, 12/15/24 $ 2,994,250
---------------
Total Retailing $ 5,470,512
--------------------------------------------------------------------------------------------------------
FOOD & STAPLES RETAILING -- 0.2%
Food Retail -- 0.2%
2,241,000 C&S Group Enterprises LLC, 5.375%,
7/15/22 (144A) $ 2,212,988
---------------
Total Food & Staples Retailing $ 2,212,988
--------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
30 Pioneer High Yield Fund | Semiannual Report | 4/30/17
--------------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
--------------------------------------------------------------------------------------------------------
FOOD, BEVERAGE & TOBACCO -- 1.9%
Packaged Foods & Meats -- 1.4%
860,000 Lamb Weston Holdings, Inc., 4.625%,
11/1/24 (144A) $ 887,950
860,000 Lamb Weston Holdings, Inc., 4.875%,
11/1/26 (144A) 886,875
2,425,000 Pilgrim's Pride Corp., 5.75%, 3/15/25 (144A) 2,522,000
7,600,000 Post Holdings, Inc., 6.0%, 12/15/22 (144A) 8,113,000
1,907,000 Post Holdings, Inc., 8.0%, 7/15/25 (144A) 2,169,212
---------------
$ 14,579,037
--------------------------------------------------------------------------------------------------------
Tobacco -- 0.5%
875,000 Alliance One International Inc., 8.5%, 4/15/21 $ 907,812
4,745,000 Alliance One International, Inc., 9.875%, 7/15/21 4,097,308
---------------
$ 5,005,120
---------------
Total Food, Beverage & Tobacco $ 19,584,157
--------------------------------------------------------------------------------------------------------
HOUSEHOLD & PERSONAL PRODUCTS -- 0.1%
Personal Products -- 0.1%
1,220,000 Revlon Consumer Products Corp., 5.75%, 2/15/21 $ 1,213,900
---------------
Total Household & Personal Products $ 1,213,900
--------------------------------------------------------------------------------------------------------
HEALTH CARE EQUIPMENT & SERVICES -- 5.0%
Health Care Services -- 0.6%
2,350,000 BioScrip, Inc., 8.875%, 2/15/21 $ 1,985,750
2,365,000 Team Health Holdings, Inc., 6.375%,
2/1/25 (144A) 2,308,831
1,865,000 Universal Hospital Services, Inc.,
7.625%, 8/15/20 1,890,644
---------------
$ 6,185,225
--------------------------------------------------------------------------------------------------------
Health Care Facilities -- 3.0%
850,000 CHS, 6.875%, 2/1/22 $ 703,375
7,700,000 CHS, Inc., 8.0%, 11/15/19 7,493,178
13,410,000 HCA, Inc., 5.375%, 2/1/25 13,963,162
6,180,000 Kindred Healthcare Inc., 6.375%, 4/15/22 5,971,425
1,795,000 RegionalCare Hospital Partners Holdings, Inc.,
8.25%, 5/1/23 (144A) 1,909,656
905,000 Tenet Healthcare Corp., 7.5%, 1/1/22 (144A) 968,350
---------------
$ 31,009,146
--------------------------------------------------------------------------------------------------------
Managed Health Care -- 1.4%
1,220,000 Centene Corp., 4.75%, 1/15/25 $ 1,239,825
1,953,000 Centene Corp., 5.625%, 2/15/21 2,053,091
The accompanying notes are an integral part of these financial statements.
Pioneer High Yield Fund | Semiannual Report | 4/30/17 31
Schedule of Investments | 4/30/17 (unaudited) (continued)
--------------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
--------------------------------------------------------------------------------------------------------
Managed Health Care -- (continued)
1,325,000 Centene Corp., 6.125%, 2/15/24 $ 1,427,688
3,465,000 Molina Healthcare, Inc., 5.375%, 11/15/22 3,620,925
5,195,000 WellCare Health, 5.25% 4/1/25 5,402,800
---------------
$ 13,744,329
---------------
Total Health Care Equipment & Services $ 50,938,700
--------------------------------------------------------------------------------------------------------
PHARMACEUTICALS, BIOTECHNOLOGY &
LIFE SCIENCES -- 1.8%
Pharmaceuticals -- 1.8%
4,160,000 Endo Finance LLC, 5.75%, 1/15/22 (144A) $ 3,848,000
1,880,000 Endo, Ltd., 6.0%, 2/1/25 (144A) 1,587,660
755,000 Endo, Ltd., 6.0%, 7/15/23 (144A) 661,569
370,000 Horizon Pharma Inc., 8.75% 11/1/24 385,262
1,230,000 Horizon Pharma, Inc., 6.625%, 5/1/23 1,216,162
12,195,000 Valeant Pharmaceuticals International, Inc.,
5.875%, 5/15/23 (144A) 9,009,056
935,000 Valeant Pharmaceuticals, 6.5%, 3/15/22 (144A) 957,206
1,250,000 Valeant Pharmaceuticals, 7%, 3/15/24 (144A) 1,275,000
---------------
$ 18,939,915
---------------
Total Pharmaceuticals, Biotechnology &
Life Sciences $ 18,939,915
--------------------------------------------------------------------------------------------------------
BANKS -- 2.9%
Diversified Banks -- 2.6%
3,175,000 6.10 Bank of America Corp., Floating Rate
Note, (Perpetual) $ 3,401,219
600,000 6.30 Bank of America Corp., Floating Rate
Note, (Perpetual) 660,750
4,563,000 5.90 Citigroup, Inc., Floating Rate Note, (Perpetual) 4,791,150
4,960,000 6.25 Citigroup, Inc., Floating Rate Note, (Perpetual) 5,400,200
4,775,000 8.12 Credit Agricole SA, Floating Rate Note,
(Perpetual) (144A) 5,269,786
1,300,000 7.70 Intesa Sanpaolo S.p.A., Floating Rate Note,
(Perpetual) (144A) 1,282,125
650,000 8.62 Royal Bank of Scotland Group Plc, Floating
Rate Note, (Perpetual) 701,675
4,775,000 8.00 Royal Bank of Scotland Group Plc, Floating
Rate Note, (Perpetual) 4,954,062
---------------
$ 26,460,967
--------------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- 0.3%
2,920,000 Provident Funding Associates LP, 6.75%,
6/15/21 (144A) $ 2,993,000
---------------
Total Banks $ 29,453,967
--------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
32 Pioneer High Yield Fund | Semiannual Report | 4/30/17
--------------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
--------------------------------------------------------------------------------------------------------
DIVERSIFIED FINANCIALS -- 2.5%
Specialized Finance -- 1.5%
5,825,000 Fly Leasing, Ltd., 6.375%, 10/15/21 $ 6,058,000
7,220,000 Nationstar Mortgage LLC, 6.5%, 7/1/21 7,328,300
1,820,000 Nationstar Mortgage LLC, 6.5%, 8/1/18 1,838,200
---------------
$ 15,224,500
--------------------------------------------------------------------------------------------------------
Consumer Finance -- 0.8%
1,870,000 Ally Financial, Inc., 4.625%, 3/30/25 $ 1,845,456
6,292,000 Ally Financial, Inc., 5.75%, 11/20/25 6,441,435
---------------
$ 8,286,891
--------------------------------------------------------------------------------------------------------
Financial Exchanges & Data -- 0.2%
1,740,000 MSCI, Inc., 4.75%, 8/1/26 (144A) $ 1,787,850
---------------
Total Diversified Financials $ 25,299,241
--------------------------------------------------------------------------------------------------------
INSURANCE -- 3.0%
Reinsurance -- 3.0%
500,000 6.13 Alamo Re, Ltd., Floating Rate Note, 6/7/18
(Cat Bond) (144A) $ 514,250
1,000,000 Arlington Segregated Account (Artex SAC Ltd.),
Variable Rate Notes, 8/31/16 (f) (g) 48,600
1,200,000 Berwick 2016-1 Segregated Account (Artex
SAC Ltd.), Variable Rate Notes, 2/1/18 (f) (g) 57,000
1,000,000 Berwick Segregated Account (Artex SAC Ltd.),
Variable Rate Note, 1/22/16 (f) (g) 30,000
250,000 14.35 Blue Halo Re, Ltd., Floating Rate Note,
6/21/19 (Cat Bond) (144A) 247,825
750,000 0.00 Caelus Re, Ltd., Floating Rate Note, 6/5/20
(Cat Bond) (144A) 750,000
1,500,000 Carnosutie 2017,Segregated Account (Artex
SAC Ltd.), Variable Rate Notes, 11/30/21 (f) (g) 1,519,050
3,600,000 Carnoustie 2016-N,Segregated Account (Artex
SAC Ltd.), Variable Rate Notes, 11/30/20 (f) (g) 389,520
4,500,000 Carnoustie Segregated Account (Artex SAC Ltd.),
Variable Rate Notes, 2/19/16 (f) (g) 91,800
1,000,000 Cypress Segregated Account (Artex SAC Ltd.),
Variable Rate Notes, 7/10/17 (f) (g) 889,800
1,000,000 Eden Re II, Ltd., 3/22/21 (f) (g) 1,026,500
3,639 Eden Re II, Ltd., 4/23/19 (144A) (f) (g) 78,531
250,000 8.98 Galilei Re, Ltd., Floating Rate Note, 1/8/20
(Cat Bond) (144A) 247,575
600,000 6.34 Galilei Re, Ltd., Floating Rate Note, 1/8/20
(Cat Bond) (144A) 599,880
600,000 7.34 Galilei Re, Ltd., Floating Rate Note, 1/8/20
(Cat Bond) (144A) 598,860
The accompanying notes are an integral part of these financial statements.
Pioneer High Yield Fund | Semiannual Report | 4/30/17 33
Schedule of Investments | 4/30/17 (unaudited) (continued)
--------------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
--------------------------------------------------------------------------------------------------------
Reinsurance -- (continued)
600,000 7.26 Galilei Re, Ltd., Floating Rate Note, 1/8/21
(Cat Bond) (144A) $ 599,880
250,000 9.01 Galilei Re, Ltd., Floating Rate Note, 1/8/21
(Cat Bond) (144A) 247,725
2,400,000 Gleneagles Segregated Account (Artex SAC
Ltd), Variable Rate Notes, 11/30/20 (f) (g) 403,680
4,500,000 Gullane Segregated Account (Artex SAC Ltd.),
Variable Rate Note 11/30/20 (f) (g) 188,550
1,500,000 Gullane Segregated Account (Artex SAC Ltd.),
Variable Rate Note 11/30/21 (f) (g) 1,525,650
EURO 250,000 12.00 Horse Capital I DAC, Floating Rate Note,
6/15/20 (Cat Bond) (144A) 273,953
1,250,000 9.41 Kilimanjaro Re, Ltd., Floating Rate Note,
12/6/19 (Cat Bond) (144A) 1,262,125
1,000,000 7.25 Kilimanjaro Re, Ltd., Floating Rate Note,
12/6/19 (Cat Bond) (144A) 1,020,100
1,000,000 0.00 Kilimanjaro Re, Ltd., Floating Rate Note,
4/20/21 (Cat Bond) (144A 1,004,800
600,000 Kingsbarns Segregated Account (Artex SAC
Ltd.), Variable Rate Notes, 5/15/17 (f) (g) 599,760
500,000 Lahinch Re, Variable Rate Notes, 5/10/21 (f) (g) 8,900
500,000 Limestone Re, Ltd., 8/31/21 (f) (g) 503,550
500,000 Limestone Re, Ltd., 8/31/21 (f) (g) 503,550
2,600,000 Lorenz Re, Ltd., Variable Rate Notes,
3/31/18 (f) (g) 15,080
2,600,000 Lorenz Re, Ltd., Variable Rate Notes,
3/31/19 (f) (g) 145,600
800,000 Lorenz Re, Ltd., Variable Rate Notes,
3/31/20 (f) (g) 804,800
1,000,000 Madison Re. Variable Rate Notes, 3/31/19 (f) (g) 1,110,900
4,500,000 Pangaea Re, Series 2015-1, Principal at Risk
Notes, 2/1/19 (f) (g) 20,250
5,800,000 Pangaea Re, Series 2015-2, Principal at Risk
Notes, 11/30/19 (f) (g) 468,060
2,000,000 Pangaea Re, Series 2016-2, Principal at Risk
Notes, 11/30/20 (f) (g) 2,304,400
1,100,000 Pangaea Re., Variable Rate Notes, 11/30/21 (f) (g) 1,130,250
4,200,000 Pangaea Re., Variable Rate Notes, 2/1/20 (f) (g) 583,800
450,000 Pinehurst Segregated Account (Artex SAC Ltd.),
Variable Rate Notes, 1/16/18 (f) (g) 432,585
1,500,000 Prestwick Segregated Account (Artex SAC Ltd.),
Variable Rate Notes, 7/1/16 (f) (g) 43,800
500,000 0.00 Residential Reinsurance 2016, Ltd., 12/6/20
(Cat Bond) (144A) 470,700
The accompanying notes are an integral part of these financial statements.
34 Pioneer High Yield Fund | Semiannual Report | 4/30/17
--------------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
--------------------------------------------------------------------------------------------------------
Reinsurance -- (continued)
1,000,000 5.03 Residential Reinsurance 2016, Ltd., Floating
Rate Note, 12/6/23 (Cat Bond) (144A) $ 996,100
750,000 Resilience Re, Ltd., Floating Rate Note,
1/9/19 (f) (g) 750,000
800,000 Resilience Re, Ltd., Floating Rate Note,
4/7/18 (f) (g) 724,480
7,345 Sector Re V, Ltd., Variable Rate Notes,
12/1/20 (144A) (f) (g) 89,467
2,700,000 Silverton Re, Ltd., Variable Rate Notes,
9/18/18 (144A) (f) (g) 131,760
3,000,000 St. Andrews Segregated Account (Artex SAC
Ltd.), Variable Rate Notes, 1/22/16 (f) (g) 59,100
1,000,000 St. Andrews Segregated Account (Artex SAC
Ltd.), Variable Rate Notes, 2/1/19 (f) (g) 1,019,000
1,000,000 St. Andrews Segregated Account (Artex SAC
Ltd.), Variable Rate Notes, 6/1/19 (f) (g) 1,000,800
2,450,000 St. Andrews Segregated Account (Artex SAC
Ltd.), Variance Rate Notes, 2/1/18 (f) (g) 344,470
1,000,000 Sunningdale 2017 Segregated Account (Artex
SAC Ltd.), Variable Rate Notes, 1/16/18 (f) (g) 925,100
500,000 4.00 Ursa Re, Ltd., Floating Rate Note, 12/10/19
(Cat Bond) (144A) 502,450
4,000,000 Versutus 2016, Class A-1, Variable Rate Notes,
11/30/20 (f) (g) 163,200
1,100,000 Versutus Ltd., Series 2017-A, Variable Rate
Notes, 11/30/2021 (f) (g) 1,126,070
---------------
$ 30,593,636
---------------
Total Insurance $ 30,593,636
--------------------------------------------------------------------------------------------------------
SOFTWARE & SERVICES -- 2.8%
Internet Software & Services -- 0.9%
3,225,000 Cimpress NV, 7.0%, 4/1/22 (144A) $ 3,317,719
6,085,000 j2 Cloud Services LLC, 8.0%, 8/1/20 6,275,156
---------------
$ 9,592,875
--------------------------------------------------------------------------------------------------------
IT Consulting & Other Services -- 0.6%
1,310,000 Change Healthcare Holdings LLC, 5.75%,
3/1/25 (144A) $ 1,344,388
1,645,000 Diamond 1 Finance Corp., 5.875%,
6/15/21 (144A) 1,743,700
2,390,000 Rackspace, 8.625%, 11/15/24 2,530,412
---------------
$ 5,618,500
--------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer High Yield Fund | Semiannual Report | 4/30/17 35
Schedule of Investments | 4/30/17 (unaudited) (continued)
--------------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
--------------------------------------------------------------------------------------------------------
Data Processing & Outsourced Services -- 1.1%
2,848,000 Alliance Data Systems Company, 5.875, 11/1/21 $ 2,947,680
2,750,000 First Data Corp., 5.0%, 1/15/24 (144A) 2,812,562
3,500,000 First Data Corp., 5.75%, 1/15/24 (144A) 3,631,250
1,830,000 First Data Corp., 7.0%, 12/1/23 (144A) 1,962,126
---------------
$ 11,353,618
--------------------------------------------------------------------------------------------------------
Application Software -- 0.2%
2,245,000 Open Text Corp., 5.875%, 6/1/26 (144A) $ 2,396,538
---------------
Total Software & Services $ 28,961,531
--------------------------------------------------------------------------------------------------------
TECHNOLOGY HARDWARE & EQUIPMENT -- 0.5%
Communications Equipment -- 0.1%
1,510,000 Commscope Technology LLC, 5%, 3/15/27 (144A) $ 1,523,212
--------------------------------------------------------------------------------------------------------
Technology Hardware, Storage &
Peripherals -- 0.4%
3,560,000 Diebold Nixdorf, Inc., 8.5%, 4/15/24 $ 3,969,400
---------------
Total Technology Hardware & Equipment $ 5,492,612
--------------------------------------------------------------------------------------------------------
SEMICONDUCTORS & SEMICONDUCTOR
EQUIPMENT -- 1.1%
Semiconductor Equipment -- 0.4%
4,225,000 Entegris, Inc., 6.0%, 4/1/22 (144A) $ 4,404,562
--------------------------------------------------------------------------------------------------------
Semiconductors -- 0.7%
3,930,000 Micron Technology, Inc., 5.25%, 8/1/23 (144A) $ 4,067,550
2,350,000 Micron Technology, Inc., 5.875%, 2/15/22 2,461,625
---------------
$ 6,529,175
---------------
Total Semiconductors & Semiconductor
Equipment $ 10,933,737
--------------------------------------------------------------------------------------------------------
TELECOMMUNICATION SERVICES -- 5.8%
Integrated Telecommunication Services -- 2.9%
1,996,000 CenturyLink, Inc., 5.8%, 3/15/22 $ 2,088,315
3,300,000 CenturyLink, Inc., 6.45%, 6/15/21 3,564,000
9,377,000 Frontier Communications Corp., 8.5%, 4/15/20 9,974,784
3,100,000 Frontier Communications Corp., 8.75%, 4/15/22 2,990,539
3,990,000 Windstream Corp., 7.5%, 6/1/22 3,880,275
2,975,000 Windstream Services LLC, 6.375%, 8/1/23 2,625,438
4,145,000 Windstream Services LLC, 7.75%, 10/15/20 4,227,900
---------------
$ 29,351,251
--------------------------------------------------------------------------------------------------------
Wireless Telecommunication Services -- 2.9%
19,648,000 Sprint Corp., 7.25%, 9/15/21 $ 21,490,006
3,445,000 T-Mobile USA, Inc., 5.125%, 4/15/25 3,630,169
700,000 T-Mobile USA, Inc., 6.0%, 4/15/24 758,450
The accompanying notes are an integral part of these financial statements.
36 Pioneer High Yield Fund | Semiannual Report | 4/30/17
--------------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
--------------------------------------------------------------------------------------------------------
Wireless Telecommunication
Services -- (continued)
860,000 T-Mobile USA, Inc., 6.5%, 1/15/26 $ 953,525
3,350,000 WCP Issuer llc, 6.657%, 8/15/20 (144A) 3,455,798
---------------
$ 30,287,948
---------------
Total Telecommunication Services $ 59,639,199
--------------------------------------------------------------------------------------------------------
UTILITIES -- 2.8%
Electric Utilities -- 0.4%
223,000 Talen Energy Supply LLC, 4.625%,
7/15/19 (144A) $ 219,655
4,460,000 Talen Energy Supply LLC, 6.5%, 6/1/25 3,545,700
---------------
$ 3,765,355
--------------------------------------------------------------------------------------------------------
Gas Utilities -- 1.0%
1,025,000 AmeriGas Partners LP, 5.5%, 5/20/25 $ 1,035,250
1,065,000 DCP Midstream Operating LP, 2.7%, 4/1/19 1,062,338
1,785,000 DCP Midstream Operating LP, 3.875%, 3/15/23 1,740,375
3,400,000 DCP Midstream Operating LP, 5.6%, 4/1/44 3,247,000
3,585,000 Ferrellgas LP, 6.75%, 1/15/22 3,450,562
---------------
$ 10,535,525
--------------------------------------------------------------------------------------------------------
Independent Power Producers & Energy
Traders -- 1.4%
1,650,000 AES Corp. Virginia, 5.5%, 3/15/24 $ 1,695,375
1,175,000 Calpine Corp., 5.75%, 1/15/25 1,136,812
2,619,000 NRG Energy, Inc., 6.25%, 5/1/24 2,609,834
350,000 NRG Energy, Inc., 6.25%, 7/15/22 356,584
4,090,000 NRG Energy, Inc., 6.625%, 1/15/27 4,049,100
2,480,000 NRG Energy, Inc., 7.25%, 5/15/26 2,535,800
400,000 NRG Energy, Inc., 7.875%, 5/15/21 410,000
360,513 NSG Holdings LLC, 7.75%, 12/15/25 (144A) 387,552
1,235,000 TerraForm Power Operating LLC, 6.375%,
2/1/23 (Step) (144A) 1,276,681
---------------
$ 14,457,738
---------------
Total Utilities $ 28,758,618
--------------------------------------------------------------------------------------------------------
REAL ESTATE -- 0.6%
Specialized REIT -- 0.3%
2,686,520 AAF Holdings LLC, 12.0%, 7/1/19 (144A)
(12.0% cash, 0.0% PIK) (PIK) $ 2,814,130
--------------------------------------------------------------------------------------------------------
Specialized REIT -- 0.2%
2,075,000 Communications Sales & Leasing, Inc., 6.0%,
4/15/23 (144A) $ 2,159,307
--------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer High Yield Fund | Semiannual Report | 4/30/17 37
Schedule of Investments | 4/30/17 (unaudited) (continued)
--------------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
--------------------------------------------------------------------------------------------------------
Real Estate Services -- 0.1%
1,480,000 Kennedy-Wilson, Inc., 5.875%, 4/1/24 $ 1,535,500
---------------
Total Real Estate $ 6,508,937
--------------------------------------------------------------------------------------------------------
TOTAL CORPORATE BONDS
(Cost $675,350,151) $ 705,892,422
--------------------------------------------------------------------------------------------------------
U.S. GOVERNMENT AND AGENCY
OBLIGATIONS -- 2.8%
5,120,000 U.S. Treasury Bills, 5/18/17 (d) $ 5,118,356
10,340,000 U.S. Treasury Bills, 5/4/17 (d) 10,339,452
13,000,000 1.01 United States Treasury Floating Rate Note,
Floating Rate Note, 4/30/18 13,023,192
--------------------------------------------------------------------------------------------------------
TOTAL U.S. GOVERNMENT AND AGENCY
OBLIGATIONS
(Cost $28,459,818) $ 28,481,000
--------------------------------------------------------------------------------------------------------
MUNICIPAL BONDS -- 0.3% (h)
Municipal Development -- 0.3%
2,630,000 0.89 Mississippi Business Finance Corp., Floating
Rate Note, 12/1/30 $ 2,630,000
--------------------------------------------------------------------------------------------------------
TOTAL MUNICIPAL BONDS
(Cost $2,630,000) $ 2,630,000
--------------------------------------------------------------------------------------------------------
SENIOR FLOATING RATE LOAN
INTERESTS -- 6.0%**
ENERGY -- 0.6%
Oil & Gas Drilling -- 0.6%
3,210,000 7.00 Gavilan Resources LLC, 2nd Lien (Term Loan),
6.5%, 2/23/24 $ 3,202,938
2,863,910 7.50 Jonah Energy LLC, Term Loan (Second
Lien), 5/8/21 2,731,454
---------------
$ 5,934,392
---------------
Total Energy $ 5,934,392
--------------------------------------------------------------------------------------------------------
MATERIALS -- 0.5%
Specialty Chemicals -- 0.1%
1,062,813 3.65 Axalta Coating Systems US Holdings, Inc.,
Term B-1 Dollar Loan, 2/1/20 $ 1,074,772
--------------------------------------------------------------------------------------------------------
Diversified Metals & Mining -- 0.0%+
278,701 3.75 Fortescue Metals Group Ltd., Bank Loan, 6/30/19 $ 280,758
--------------------------------------------------------------------------------------------------------
Steel -- 0.4%
3,424,168 4.91 Zekelman Industries, Inc., Term Loan, 6/8/21 $ 3,469,110
---------------
Total Materials $ 4,824,640
--------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
38 Pioneer High Yield Fund | Semiannual Report | 4/30/17
--------------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
--------------------------------------------------------------------------------------------------------
CAPITAL GOODS -- 0.2%
Building Products -- 0.2%
2,394,923 4.07 Builders Firstsource, Inc., First Lien (Term
Loan), 3%, 2/29/24 $ 2,391,331
---------------
Total Capital Goods $ 2,391,331
--------------------------------------------------------------------------------------------------------
COMMERCIAL SERVICES & SUPPLIES -- 0.1%
Environmental & Facilities Services -- 0.1%
604,972 3.74 WCA Waste Systems Inc., Term Loan (First
Lien), 8/12/23 $ 607,052
--------------------------------------------------------------------------------------------------------
Diversified Support Services -- 0.0%+
412,457 3.76 IAP Worldwide Services, Inc., Term Loan, 7/18/19 $ 391,834
---------------
Total Commercial Services & Supplies $ 998,886
--------------------------------------------------------------------------------------------------------
AUTOMOBILES & COMPONENTS -- 0.9%
Auto Parts & Equipment -- 0.9%
4,136 2.99 Allison Transmission, Inc., Term B-3 Loan, 8/23/19 $ 4,183
6,855,702 3.75 Pioneer.Financial.Reporting.DL@bbh.com 6,849,991
1,911,245 3.74 TI Group Automotive Systems LLC, Initial US
Term Loan, 6/25/22 1,925,579
---------------
$ 8,779,753
---------------
Total Automobiles & Components $ 8,779,753
--------------------------------------------------------------------------------------------------------
MEDIA -- 0.3%
Advertising -- 0.2%
1,938,116 6.75 Affinion Group, Inc., Tranche B Term Loan,
4/30/18 $ 1,937,943
--------------------------------------------------------------------------------------------------------
Broadcasting -- 0.1%
1,380,462 3.75 Univision Communications, Inc., First Lien
(Term Loan), 2.75%, 3/15/24 $ 1,372,505
---------------
Total Media $ 3,310,448
--------------------------------------------------------------------------------------------------------
RETAILING -- 0.4%
Automotive Retail -- 0.4%
4,318,392 4.74 CWGS Group LLC, Term Loan, 11/3/23 $ 4,354,019
---------------
Total Retailing $ 4,354,019
--------------------------------------------------------------------------------------------------------
HOUSEHOLD & PERSONAL PRODUCTS -- 0.3%
Household Products -- 0.2%
2,205,000 8.50 Redbox Automated Retail LLC, Term Loan (First
Lien), 9/28/21 $ 2,212,349
--------------------------------------------------------------------------------------------------------
Personal Products -- 0.1%
1,054,700 4.49 Revlon Consumer Products Corp., Initial
Term B Loan, 7/22/23 $ 1,058,584
---------------
Total Household & Personal Products $ 3,270,933
--------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer High Yield Fund | Semiannual Report | 4/30/17 39
Schedule of Investments | 4/30/17 (unaudited) (continued)
--------------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
--------------------------------------------------------------------------------------------------------
HEALTH CARE EQUIPMENT & SERVICES -- 1.1%
Health Care Supplies -- 0.2%
1,835,000 4.40 Kinetic Concepts, Inc., Term Loan B, 2/1/24 $ 1,840,544
--------------------------------------------------------------------------------------------------------
Health Care Services -- 0.8%
1,141,862 4.35 Alliance HealthCare Services, Inc., Initial Term
Loan, 6/3/19 $ 1,142,576
710,010 6.65 Ardent Legacy Acquisitions, Inc., Term
Loan, 7/31/21 714,003
1,940,154 6.50 BioScrip, Inc., Initial Term B Loan, 7/31/20 1,924,390
1,164,092 6.50 BioScrip, Inc., Term Loan, 7/31/20 1,154,634
2,512,300 4.40 National Mentor Holdings, Inc., Tranche B Term
Loan, 1/31/21 2,524,078
1,331,834 4.50 National Surgical Hospitals, Inc., Term Loan
(First Lien), 5/15/22 1,332,633
---------------
$ 8,792,314
--------------------------------------------------------------------------------------------------------
Managed Health Care -- 0.1%
564,506 10.25 MMM Holdings, Inc., Term Loan, 10/9/17 (e) $ 553,216
410,392 10.25 MSO of Puerto Rico, Inc., MSO Term Loan,
12/12/17 (e) 402,185
---------------
$ 955,401
---------------
Total Health Care Equipment & Services $ 11,588,259
--------------------------------------------------------------------------------------------------------
INSURANCE -- 0.0%+
Multi-line Insurance -- 0.0%+
363,217 4.42 Alliant Holdings Intermediate LLC, Initial Term
Loan, 7/28/22 $ 365,424
---------------
Total Insurance $ 365,424
--------------------------------------------------------------------------------------------------------
SOFTWARE & SERVICES -- 0.2%
IT Consulting & Other Services -- 0.2%
1,481,386 5.75 Evergreen Skills Lux Sarl, Initial Term Loan
(First Lien), 4/23/21 $ 1,391,577
---------------
Total Software & Services $ 1,391,577
--------------------------------------------------------------------------------------------------------
SEMICONDUCTORS & SEMICONDUCTOR
EQUIPMENT -- 0.3%
Semiconductors -- 0.3%
3,274,470 3.24 First Lien (Term Loan), $ 3,296,072
---------------
Total Semiconductors & Semiconductor
Equipment $ 3,296,072
--------------------------------------------------------------------------------------------------------
TELECOMMUNICATION SERVICES -- 1.0%
Integrated Telecommunication Services -- 0.5%
5,000,000 3.24 Level 3 Financing Inc., First Lien (Term Loan),
2.25%, 2/17/24 $ 5,022,500
--------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
40 Pioneer High Yield Fund | Semiannual Report | 4/30/17
--------------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
--------------------------------------------------------------------------------------------------------
Wireless Telecommunication Services -- 0.5%
5,100,408 3.74 Virgin Media Bristol LLC, I Facility, 1/31/25 $ 5,125,273
---------------
Total Telecommunication Services $ 10,147,773
--------------------------------------------------------------------------------------------------------
UTILITIES -- 0.1%
Electric Utilities -- 0.1%
222,010 3.74 Vistra Operations Co LLC, Initial Term C
Loan, 8/4/23 $ 221,802
970,996 3.75 Vistra Operations Co LLC, Initial Term
Loan, 8/4/23 970,086
---------------
$ 1,191,888
---------------
Total Utilities $ 1,191,888
--------------------------------------------------------------------------------------------------------
TOTAL SENIOR FLOATING RATE LOAN INTERESTS
(Cost $61,415,987) $ 61,845,395
--------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------
Shares
--------------------------------------------------------------------------------------------------------
RIGHTS / WARRANTS -- 0.0%+
ENERGY -- 0.0%+
Oil & Gas Exploration & Production -- 0.0%+
7,060 Midstates Petroleum Company, Inc.
Warrants, 4/21/20 $ --
--------------------------------------------------------------------------------------------------------
Coal & Consumable Fuels -- 0.0%+
837 Contura Energy, Inc., 7/26/23 $ 23,930
---------------
Total Energy $ 23,930
--------------------------------------------------------------------------------------------------------
HEALTH CARE EQUIPMENT & SERVICES -- 0.0%+
Health Care Services -- 0.0%+
2,136 BioScrip, Inc. 6/30/25 (c) $ --
2,136 BioScrip, Inc. 6/30/25 (c) --
---------------
$ --
---------------
Total Health Care Equipment & Services $ --
--------------------------------------------------------------------------------------------------------
TOTAL RIGHTS / WARRANTS
(Cost $2,441) $ 23,930
--------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------
Principal
Amount ($)
--------------------------------------------------------------------------------------------------------
TEMPORARY CASH INVESTMENTS -- 3.0%
Commercial Paper -- 1.2%
2,390,000 Amphenol, Inc., Commercial Paper, 5/1/17 (d) $ 2,389,780
2,565,000 Federation des caisses Desjardinss, Commercial
Paper, 5/1/17 (d) 2,564,821
2,565,000 Mondelez, Commercial Paper, 5/1/17 (d) 2,564,764
2,565,000 Natixis, Commercial Paper, 5/1/17 (d) 2,564,803
The accompanying notes are an integral part of these financial statements.
Pioneer High Yield Fund | Semiannual Report | 4/30/17 41
Schedule of Investments | 4/30/17 (unaudited) (continued)
--------------------------------------------------------------------------------------------------------
Principal
Amount ($) Value
--------------------------------------------------------------------------------------------------------
Commercial Paper -- (continued)
2,565,000 Prudential Funding, Inc., Commercial
Paper, 5/1/17 (d) $ 2,564,828
---------------
$ 12,648,996
--------------------------------------------------------------------------------------------------------
Repurchase Agreements -- 1.8%
7,695,000 $7,695,000 ScotiaBank, 0.82%, dated
4/28/17 plus accrued interest on 5/1/17
collateralized by the following:
$6,189,952 Federal National Mortgage
Association, 3.0 - 4.5%, 9/1/42 - 1/1/47
$1,659,485 Government National Mortgage
Association, 3.0 - 4.0%, 9/20/45 - 11/20/46 $ 7,695,000
7,695,000 $7,695,000 TD Securities USA LLC, 0.80%,
dated 4/28/17 plus accrued interest on 5/1/17
collateralized by the following:
$7,848,960 U.S. Treasury Notes, 1.5% - 1.875%,
8/31/17 - 12/31/18 7,695,000
3,070,000 $3,070,000 TD Securities USA LLC, 0.82%,
dated 4/28/17 plus accrued interest on 5/1/17
collateralized by the following:
$3,131,482 U.S. Treasury Notes, 1.875%,
8/31/17 3,070,000
---------------
$ 18,460,000
--------------------------------------------------------------------------------------------------------
TOTAL TEMPORARY CASH INVESTMENTS
(Cost $31,110,000) $ 31,108,996
--------------------------------------------------------------------------------------------------------
TOTAL INVESTMENT IN SECURITIES -- 98.8%
(Cost $971,609,332) (a) $ 1,016,246,470
--------------------------------------------------------------------------------------------------------
OTHER ASSETS & LIABILITIES -- 1.2% $ 12,222,491
--------------------------------------------------------------------------------------------------------
NET ASSETS -- 100.0% $ 1,028,468,961
========================================================================================================
+ Amount rounds to less than 0.1%.
* Non-income producing security.
(Cat Bond) Catastrophe or event-linked bond. At April 30, 2017, the value of
these securities amounted to $9,336,223 or 0.9% of net assets. See
Notes to Financial Statements -- Note 1G.
(Perpetual) Security with no stated maturity date.
(PIK) Represents a pay in kind security.
(Step) Bond issued with an initial coupon rate which converts to a higher
rate at a later date.
REMICS Real Estate Mortgage Investment Conduits.
REIT Real Estate Investment Trust.
The accompanying notes are an integral part of these financial statements.
42 Pioneer High Yield Fund | Semiannual Report | 4/30/17
(144A) Security is exempt from registration under Rule 144A of
the Securities Act of 1933. Such securities may be resold
normally to qualified institutional buyers in a transaction
exempt from registration. At April 30, 2017, the value of these
securities amounted to $311,938,436 or 30.3% of net assets.
** Senior floating rate loan interests in which the Fund invests
generally pay interest at rates that are periodically
redetermined by reference to a base lending rate plus a premium.
These base lending rates are generally (i) the lending rate
offered by one or more major European banks, such as LIBOR
(London InterBank Offered Rate), (ii) the prime rate offered by
one or more major U.S. banks, (iii) the certificate of deposit
or (iv) other base lending rates used by commercial lenders. The
rate shown is the coupon rate at period end.
(a) At April 30, 2017, the net unrealized appreciation on
investments based on cost for federal income tax purposes of
$976,315,025 was as follows:
Aggregate gross unrealized appreciation for all investments in which
there is an excess of value over tax cost $ 67,241,351
Aggregate gross unrealized depreciation for all investments in which
there is an excess of tax cost over value (27,309,906)
------------
Net unrealized appreciation $ 39,931,445
============
(b) Debt obligation with a variable interest rate. Rate shown is
rate at period end.
(c) Security is valued using fair value methods (other than
prices supplied by independent pricing services). See Notes to
Financial Statements -- Note 1A.
(d) Security issued with a zero coupon. Income is earned through
accretion of discount.
(e) Security is in default.
(f) Structured reinsurance investment. At April 30, 2017, the
value of these securities amounted to $21,257,413 or 2.1% of net
assets. See Notes to Financial Statements -- Note 1G.
(g) Rate to be determined.
(h) Consists of Revenue Bonds unless otherwise indicated.
Purchases and sales of securities (excluding temporary cash investments) for the
six months ended April 30, 2017 were as follows:
-----------------------------------------------------------------------------------------------------
Purchases Sales
-----------------------------------------------------------------------------------------------------
Long-Term U.S. Government $ -- $ 16,852,543
Other Long-Term Securities $210,346,870 $297,519,712
The Fund is permitted to engage in purchase and sale transactions ("cross
trades") with certain Funds and accounts for which Pioneer Investment
Management, Inc. (PIM), serves as the Fund's investment adviser, as set forth in
Rule 17a-7 under the Investment Company Act of 1940, pursuant to procedures
adopted by the Board of Trustees. Under these procedures, cross trades are
effected at current market prices.
During the six months ended April 30, 2017, the Fund engaged in purchases and
sales pursuant to these procedures amounting to $106,439 and $14,944,111,
respectively, which resulted in a net realized loss of $192,503.
The accompanying notes are an integral part of these financial statements.
Pioneer High Yield Fund | Semiannual Report | 4/30/17 43
Schedule of Investments | 4/30/17 (unaudited) (continued)
CENTRALLY CLEARED CREDIT DEFAULT SWAP AGREEMENTS - SELL PROTECTION
-------------------------------------------------------------------------------------------------------------
Premiums
Notional Obligation Credit Expiration Paid Unrealized
Principal ($)(1) Exchange Entity/Index Coupon Rating(2) Date (Received) Appreciation
-------------------------------------------------------------------------------------------------------------
27,344,180 Chicago Markit CDX 5.00% B+ 12/20/19 $1,859,192 $481,309
Mercantile North America
Exchange High Yield
Index
5,919,200 Chicago Markit CDX 5.00% B+ 12/20/20 136,734 368,106
Mercantile North America
Exchange High Yield
Index
-------------------------------------------------------------------------------------------------------------
$1,995,926 $849,415
=============================================================================================================
(1) The notional amount is the maximum amount that a seller of credit
protection would be obligated to pay upon occurrence of a credit event.
(2) Based on Standard & Poor's rating of the issuer or the weighted average
of all the underlying securities in the index.
Various inputs are used in determining the value of the Fund's investments.
These inputs are summarized in the three broad levels listed below.
Level 1 - quoted prices in active markets for identical securities.
Level 2 - other significant observable inputs (including quoted
prices for similar securities, interest rates, prepayment
speeds, credit risk, etc.) See Notes to Financial Statements --
Note 1A.
Level 3 - significant unobservable inputs (including the
Fund's own assumptions in determining fair value of
investments) See Notes to Financial Statements -- Note 1A.
The following is a summary of the inputs used as of April 30, 2017, in valuing
the Fund's investments:
------------------------------------------------------------------------------------------------------
Level 1 Level 2 Level 3 Total
------------------------------------------------------------------------------------------------------
Convertible Corporate Bonds $ -- $101,005,003 $ -- $ 101,005,003
Preferred Stocks
Transportation
Air Freight & Logistics -- 1,111,511 -- 1,111,511
Diversified Financials
Consumer Finance 2,491,134 -- -- 2,491,134
Convertible Preferred Stocks
Health Care Equipment &
Services
Health Care Services -- -- 51,694 51,694
All Other Convertible
Preferred Stocks 13,115,790 -- -- 13,115,790
The accompanying notes are an integral part of these financial statements.
44 Pioneer High Yield Fund | Semiannual Report | 4/30/17
-----------------------------------------------------------------------------------------------
Level 1 Level 2 Level 3 Total
-----------------------------------------------------------------------------------------------
Common Stock
Energy
Oil & Gas Exploration &
Production 28,849 905,718 -- 934,567
Capital Goods
Industrial Machinery -- -- 737 737
Commercial Services &
Supplies
Diversified Support
Services -- 71,570 -- 71,570
Transportation
Air Freight & Logistics -- 456,412 -- 456,412
Consumer Services
Education Services -- 146,643 -- 146,643
All Other Common Stocks 41,791,981 -- -- 41,791,981
Asset Backed Securities -- 1,739,076 -- 1,739,076
Collateralized Mortgage
Obligations -- 23,348,609 -- 23,348,609
Corporate Bonds
Insurance
Reinsurance -- 9,336,223 21,257,413 30,593,636
All Other Corporate Bonds -- 675,298,786 -- 675,298,786
U.S. Government Agency
Obligations -- 28,481,000 -- 28,481,000
Municipal Bonds -- 2,630,000 -- 2,630,000
Senior Floating Rate
Loan Interests -- 61,845,395 -- 61,845,395
Warrants* -- 23,930 -- 23,930
Commercial Paper -- 12,648,996 -- 12,648,996
Repurchase Agreements -- 18,460,000 -- 18,460,000
-----------------------------------------------------------------------------------------------
Total $57,427,754 $937,508,872 $21,309,844 $1,016,246,470
===============================================================================================
* Security is valued at $0.
Other Financial Instruments
Unrealized depreciation on
futures contracts $ (184,625) $ -- $ -- $ (184,625)
Unrealized appreciation on
swap contracts -- 849,415 -- 849,415
-----------------------------------------------------------------------------------------------
Total Other
Financial Instruments $ (184,625) $ 849,415 $ -- $ 664,790
===============================================================================================
The accompanying notes are an integral part of these financial statements.
Pioneer High Yield Fund | Semiannual Report | 4/30/17 45
Schedule of Investments | 4/30/17 (unaudited) (continued)
The following is a reconciliation of assets valued using significant
unobservable inputs (Level 3):
----------------------------------------------------------------------------------------------------
Convertible
Preferred Common Corporate
Stocks Stocks Bonds Total
----------------------------------------------------------------------------------------------------
Balance as of 10/31/15 $67,755 $737 $39,958,452 $40,026,944
Realized gain (loss)(1) -- -- 7,345 7,345
Change in unrealized
appreciation (depreciation)(2) (16,061) -- 237,420 221,359
Purchases -- -- 13,043,134 13,043,134
Sales -- -- (31,988,938) (31,988,938)
Changes between Level 3* -- -- -- --
----------------------------------------------------------------------------------------------------
Balance as of 4/30/17 $51,694 $737 $21,257,413 $21,309,844
====================================================================================================
(1) Realized gain (loss) on these securities is included in the net realized
gain (loss) from investments in the Statement of Operations.
(2) Unrealized appreciation (depreciation) on these securities is included in
the change in unrealized appreciation (depreciation) on investments in the
Statement of Operations.
* Transfers are calculated on the beginning of period values. During the six
months ended April 30, 2017, there were no transfers between Levels 1, 2 and
3.
Net change in unrealized appreciation (depreciation) of investments
still held as of 4/30/17 $ 401,679
---------
The accompanying notes are an integral part of these financial statements.
46 Pioneer High Yield Fund | Semiannual Report | 4/30/17
Statement of Assets and Liabilities | 4/30/17 (unaudited)
ASSETS:
Investment in securities (cost $971,609,332) $ 1,016,246,470
Cash 782,660
Foreign currencies, at value (cost $40,714) 41,705
Restricted cash* 2,202,760
Receivables --
Investment securities sold 4,394,193
Fund shares sold 1,167,167
Interest 11,888,366
Dividends 101,816
Variation margin for futures contracts 59,080
Variation margin for centrally cleared swap contracts 11,755
Other assets 52,427
-----------------------------------------------------------------------------------------------------
Total assets $ 1,036,948,399
=====================================================================================================
LIABILITIES:
Payables --
Investment securities purchased $ 4,880,949
Fund shares repurchased 2,336,117
Distributions 595,765
Audit expense 31,254
Printing expense 13,640
Legal expense 54,245
Trustee fees 6,126
Due to affiliates 164,767
Accrued expenses 396,575
-----------------------------------------------------------------------------------------------------
Total liabilities $ 8,479,438
=====================================================================================================
NET ASSETS:
Paid-in capital $ 1,035,119,099
Distributions in excess of net investment income (953,260)
Accumulated net realized loss on investments, futures contracts,
foreign currency transactions, and swap contracts (50,999,998)
Net unrealized appreciation on investments 44,637,138
Unrealized depreciation on futures contracts (184,625)
Unrealized appreciation on centrally cleared swap contracts 849,415
Net unrealized appreciation on other assets and liabilities
denominated in foreign currencies 1,192
-----------------------------------------------------------------------------------------------------
Net assets $ 1,028,468,961
=====================================================================================================
NET ASSET VALUE PER SHARE:
(No par value, unlimited number of shares authorized)
Class A (based on $535,373,302/55,010,511 shares) $ 9.73
Class C (based on $241,917,026/24,340,019 shares) $ 9.94
Class R (based on $29,772,487/2,702,822 shares) $ 11.02
Class Y (based on $221,406,146/22,735,666 shares) $ 9.74
MAXIMUM OFFERING PRICE:
Class A ($9.73/ 95.5%) $ 10.19
=====================================================================================================
* Represents restricted cash deposited at the custodian and/or counterparty
for derivative contracts.
The accompanying notes are an integral part of these financial statements.
Pioneer High Yield Fund | Semiannual Report | 4/30/17 47
Statement of Operations (unaudited)
For the Six Months Ended 4/30/17
INVESTMENT INCOME:
Interest $32,310,963
Dividend (net of foreign taxes withheld $2,625) 1,046,031
------------------------------------------------------------------------------------------------
Total investment income $33,356,994
------------------------------------------------------------------------------------------------
EXPENSES:
Management fees $ 3,497,181
Transfer agent fees
Class A 409,770
Class C 140,677
Class R 48,562
Class Y 188,459
Distribution fees
Class A 676,172
Class C 1,246,821
Class R 72,934
Shareholder communications expense 2,476
Administrative expense 187,286
Custodian fees 18,758
Registration fees 38,921
Professional fees 54,501
Printing expense 9,946
Fees and expenses of nonaffiliated Trustees 25,135
Miscellaneous 60,820
------------------------------------------------------------------------------------------------
Total expenses $ 6,678,419
------------------------------------------------------------------------------------------------
Net investment income $26,678,575
------------------------------------------------------------------------------------------------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS,
CLASS ACTIONS, FUTURES CONTRACTS, FOREIGN CURRENCY
TRANSACTIONS AND SWAP CONTRACTS:
Net realized gain (loss) on:
Investments $ 6,623,638
Class actions 523,069
Futures contracts (2,048,657)
Swap contracts 593,999
Other assets and liabilities denominated in
foreign currencies 10,882 $ 5,702,931
------------------------------------------------------------------------------------------------
Change in net unrealized appreciation (depreciation) on:
Investments $27,309,794
Futures contracts (790,195)
Swap contracts 851,323
Other assets and liabilities denominated in
foreign currencies 1,286 $27,372,208
------------------------------------------------------------------------------------------------
Net realized and unrealized gain (loss) on investments,
class actions, futures contracts and swap contracts $33,075,139
------------------------------------------------------------------------------------------------
Net increase in net assets resulting from operations $59,753,714
================================================================================================
The accompanying notes are an integral part of these financial statements.
48 Pioneer High Yield Fund | Semiannual Report | 4/30/17
Statements of Changes in Net Assets
--------------------------------------------------------------------------------------------------
Six Months
Ended
4/30/17 Year Ended
(unaudited) 10/31/16
--------------------------------------------------------------------------------------------------
FROM OPERATIONS:
Net investment income $ 26,678,575 $ 55,594,403
Net realized gain (loss) on investments, class actions,
futures contracts, swap contracts and other assets
and liabilities denominated in foreign currencies 5,702,931 (56,907,266)
Change in net unrealized appreciation (depreciation) on
investments, futures contracts, swap contracts and other
assets and liabilities denominated in foreign currencies 27,372,208 73,774,464
--------------------------------------------------------------------------------------------------
Net decrease in net assets resulting
from operations $ 59,753,714 $ 72,461,601
--------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO SHAREOWNERS:
Net investment income:
Class A ($0.25 and $0.48 per share, respectively) $ (14,194,234) $ (30,736,966)
Class C ($0.22 and $0.42 per share, respectively) (5,616,181) (12,301,556)
Class R ($0.26 and $0.49 per share, respectively) (701,021) (1,455,477)
Class Y ($0.26 and $0.50 per share, respectively) (6,151,884) (12,904,081)
Net realized gain:
Class A ($0.00 and $0.07 per share, respectively) -- (4,544,310)
Class C ($0.00 and $0.07 per share, respectively) -- (2,101,774)
Class R ($0.00 and $0.07 per share, respectively) -- (210,950)
Class Y ($0.00 and $0.07 per share, respectively) -- (1,776,087)
--------------------------------------------------------------------------------------------------
Total distributions to shareowners $ (26,663,320) $ (66,031,201)
--------------------------------------------------------------------------------------------------
FROM FUND SHARE TRANSACTIONS:
Net proceeds from sale or exchange of shares $ 67,532,359 $ 150,075,971
Reinvestment of distributions 23,314,114 57,858,717
Cost of shares repurchased (195,702,681) (378,274,434)
--------------------------------------------------------------------------------------------------
Net decrease in net assets resulting from Fund
share transactions $ (104,856,208) $ (170,339,746)
--------------------------------------------------------------------------------------------------
Net decrease in net assets $ (71,765,814) $ (163,909,346)
NET ASSETS:
Beginning of period $1,100,234,775 $1,264,144,121
--------------------------------------------------------------------------------------------------
End of period $1,028,468,961 $1,100,234,775
--------------------------------------------------------------------------------------------------
Distributions in excess of net investment income $ (953,260) $ (968,515)
==================================================================================================
The accompanying notes are an integral part of these financial statements.
Pioneer High Yield Fund | Semiannual Report | 4/30/17 49
Statements of Changes in Net Assets (continued)
--------------------------------------------------------------------------------------------------
Six Months Six Months
Ended Ended
4/30/17 4/30/17 Year Ended Year Ended
Shares Amount 10/31/16 10/31/16
(unaudited) (unaudited) Shares Amount
--------------------------------------------------------------------------------------------------
Class A
Shares sold 2,367,226 $ 22,505,357 7,756,351 $ 69,548,945
Reinvestment of
distributions 1,332,626 12,781,915 3,556,932 32,089,083
Less shares repurchased (10,221,222) (97,304,761) (19,657,393) (176,937,468)
--------------------------------------------------------------------------------------------------
Net decrease (6,521,370) $(62,017,489) (8,344,110) $ (75,299,440)
==================================================================================================
Class C
Shares sold 433,689 $ 4,159,729 1,123,650 $ 10,349,673
Reinvestment of
distributions 450,151 4,408,618 1,211,226 11,149,266
Less shares repurchased (3,537,342) (34,606,055) (7,999,161) (73,402,487)
--------------------------------------------------------------------------------------------------
Net decrease (2,653,502) $(26,037,708) (5,664,285) $ (51,903,548)
==================================================================================================
Class R
Shares sold 384,801 $ 4,164,557 802,213 $ 8,115,504
Reinvestment of
distributions 55,562 603,646 146,753 1,496,808
Less shares repurchased (521,534) (5,649,260) (1,671,454) (17,057,050)
--------------------------------------------------------------------------------------------------
Net decrease (81,171) $ (881,057) (722,488) $ (7,444,738)
==================================================================================================
Class Y
Shares sold 3,819,099 $ 36,702,716 6,867,808 $ 62,061,849
Reinvestment of
distributions 574,836 5,519,935 1,453,136 13,123,560
Less shares repurchased (6,060,322) (58,142,605) (12,281,090) (110,877,429)
--------------------------------------------------------------------------------------------------
Net decrease (1,666,387) $(15,919,954) (3,960,146) $ (35,692,020)
==================================================================================================
The accompanying notes are an integral part of these financial statements.
50 Pioneer High Yield Fund | Semiannual Report | 4/30/17
Financial Highlights
----------------------------------------------------------------------------------------------------------------------------------
Six Months Year Year
Ended Year Year Year Ended Ended
4/30/17 Ended Ended Ended 10/31/13 10/31/12
(unaudited) 10/31/16 10/31/15 10/31/14 (Consolidated) (Consolidated)
----------------------------------------------------------------------------------------------------------------------------------
Class A
Net asset value, beginning of period $ 9.43 $ 9.33 $ 10.54 $ 11.07 $ 10.25 $ 9.67
----------------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (loss) $ 0.25(b) $ 0.46(b) $ 0.44(b) $ 0.46 $ 0.51 $ 0.51
Net realized and unrealized gain (loss) on
investments 0.30 0.19 (0.73) (0.11) 0.84 0.59
----------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 0.55 $ 0.65 $ (0.29) $ 0.35 $ 1.35 $ 1.10
----------------------------------------------------------------------------------------------------------------------------------
Distribution to shareowners:
Net investment income $ (0.25) $ (0.48) $ (0.45) $ (0.49) $ (0.53) $ (0.52)
Net realized gain -- (0.07) (0.47) (0.39) -- --
----------------------------------------------------------------------------------------------------------------------------------
Total distributions $ (0.25) $ (0.55) $ (0.92) $ (0.88) $ (0.53) $ (0.52)
----------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ 0.30 $ 0.10 $ (1.21) $ (0.53) $ 0.82 $ 0.58
----------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 9.73 $ 9.43 $ 9.33 $ 10.54 $ 11.07 $ 10.25
==================================================================================================================================
Total return* 5.87% 7.29% (2.97)% 3.22% 13.52%(a) 11.66%
Ratio of net expenses to average net assets 1.15%** 1.17% 1.17% 1.15% 1.14% 1.16%
Ratio of net investment income (loss) to average net
assets 5.25%** 5.09% 4.51% 4.34% 4.82% 5.18%
Portfolio turnover rate 42%** 41% 32% 28% 46% 33%
Net assets, end of period (in thousands) $535,373 $580,260 $651,646 $895,795 $1,206,497 $1,263,707
==================================================================================================================================
* 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.
(a) If the Fund had not recognized gains in the settlement of class action
lawsuits during the year ended October 31, 2013, the total return would have
been 13.49%.
(b) The per-share data presented above is based on the average shares
outstanding for the period presented.
** Annualized
The accompanying notes are an integral part of these financial statements.
Pioneer High Yield Fund | Semiannual Report | 4/30/17 51
Financial Highlights (continued)
-----------------------------------------------------------------------------------------------------------------------------------
Six Months Year Year
Ended Year Year Year Ended Ended
4/30/17 Ended Ended Ended 10/31/13 10/31/12
(unaudited) 10/31/16 10/31/15 10/31/14 (Consolidated) (Consolidated)
-----------------------------------------------------------------------------------------------------------------------------------
Class C
Net asset value, beginning of period $ 9.63 $ 9.52 $ 10.74 $ 11.28 $ 10.43 $ 9.84
-----------------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (loss) $ 0.22(b) $ 0.41(b) $ 0.38(b) $ 0.40 $ 0.44 $ 0.45
Net realized and unrealized gain (loss) on
investments 0.31 0.19 (0.75) (0.13) 0.87 0.59
-----------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 0.53 $ 0.60 $ (0.37) $ 0.27 $ 1.31 $ 1.04
-----------------------------------------------------------------------------------------------------------------------------------
Distribution to shareowners:
Net investment income $ (0.22) $ (0.42) $ (0.38) $ (0.42) $ (0.46) $ (0.45)
Net realized gain -- (0.07) (0.47) (0.39) -- --
-----------------------------------------------------------------------------------------------------------------------------------
Total distributions $ (0.22) $ (0.49) $ (0.85) $ (0.81) $ (0.46) $ (0.45)
-----------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ 0.31 $ 0.11 $ (1.22) $ (0.54) $ 0.85 $ 0.59
-----------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 9.94 $ 9.63 $ 9.52 $ 10.74 $ 11.28 $ 10.43
===================================================================================================================================
Total return* 5.52%(c) 6.60% (3.64)% 2.41% 12.87%(a) 10.85%
Ratio of net expenses to average net assets 1.86%** 1.88% 1.89% 1.83% 1.86% 1.85%
Ratio of net investment income (loss) to average net
assets 4.56%** 4.40% 3.79% 3.65% 4.11% 4.50%
Portfolio turnover rate 42%** 41% 32% 28% 46% 33%
Net assets, end of period (in thousands) $241,917 $259,910 $310,805 $397,186 $ 443,442 $467,377
===================================================================================================================================
* 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.
(a) If the Fund had not recognized gains in the settlement of class action
lawsuits during the year ended October 31, 2013, the total return would have
been 12.75%.
(b) The per-share data presented above is based on the average shares
outstanding for the period presented.
(c) If the Fund had not recognized gains in the settlement of class action
lawsuits during the six months ended April 30, 2017, the total return would
have been 5.41%.
** Annualized
The accompanying notes are an integral part of these financial statements.
52 Pioneer High Yield Fund | Semiannual Report | 4/30/17
---------------------------------------------------------------------------------------------------------------------------------
Six Months Year Year
Ended Year Year Year Ended Ended
4/30/17 Ended Ended Ended 10/31/13 10/31/12
(unaudited) 10/31/16 10/31/15 10/31/14 (Consolidated) (Consolidated)
---------------------------------------------------------------------------------------------------------------------------------
Class R
Net asset value, beginning of period $ 10.68 $ 10.53 $ 11.84 $ 12.39 $ 11.46 $ 10.82
---------------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (loss) $ 0.26(b) $ 0.49(b) $ 0.46(b) $ 0.48 $ 0.53 $ 0.53
Net realized and unrealized gain (loss) on
investments 0.34 0.22 (0.83) (0.14) 0.95 0.64
---------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 0.60 $ 0.71 $ (0.37) $ 0.34 $ 1.48 $ 1.17
---------------------------------------------------------------------------------------------------------------------------------
Distribution to shareowners:
Net investment income $ (0.26) $ (0.49) $ (0.47) $ (0.50) $ (0.55) $ (0.53)
Net realized gain -- (0.07) (0.47) (0.39) -- --
---------------------------------------------------------------------------------------------------------------------------------
Total distributions $ (0.26) $ (0.56) $ (0.94) $ (0.89) $ (0.55) $ (0.53)
---------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ 0.34 $ 0.15 $ (1.31) $ (0.55) $ 0.93 $ 0.64
---------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 11.02 $ 10.68 $ 10.53 $ 11.84 $ 12.39 $ 11.46
=================================================================================================================================
Total return* 5.64%(d) 7.11%(c) (3.36)% 2.82% 13.24%(a) 11.11%
Ratio of net expenses to average net assets 1.58%** 1.49% 1.51% 1.49% 1.47% 1.56%
Ratio of net investment income (loss) to average net
assets 4.80%** 4.76% 4.16% 3.99% 4.50% 4.79%
Portfolio turnover rate 42%** 41% 32% 28% 46% 33%
Net assets, end of period (in thousands) $29,772 $29,721 $36,931 $51,146 $56,248 $69,207
=================================================================================================================================
* 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.
(a) If the Fund had not recognized gains in the settlement of class action
lawsuits during the year ended October 31, 2013, the total return would have
been 13.13%.
(b) The per-share data presented above is based on the average shares
outstanding for the period presented.
(c) 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%.
(d) If the Fund had not recognized gains in the settlement of class action
lawsuits during the six months ended April 30, 2017, the total return would
have been 5.55%.
** Annualized
The accompanying notes are an integral part of these financial statements.
Pioneer High Yield Fund | Semiannual Report | 4/30/17 53
Financial Highlights (continued)
------------------------------------------------------------------------------------------------------------------------------------
Six Months Year Year
Ended Year Year Year Ended Ended
4/30/17 Ended Ended Ended 10/31/13 10/31/12
(unaudited) 10/31/16 10/31/15 10/31/14 (Consolidated) (Consolidated)
------------------------------------------------------------------------------------------------------------------------------------
Class Y
Net asset value, beginning of period $ 9.44 $ 9.34 $ 10.55 $ 11.08 $ 10.25 $ 9.67
------------------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (loss) $ 0.26(b) $ 0.49(b) $ 0.47(b) $ 0.50 $ 0.55 $ 0.54
Net realized and unrealized gain (loss) on
investments 0.30 0.18 (0.73) (0.12) 0.85 0.59
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 0.56 $ 0.67 $ (0.26) $ 0.38 $ 1.40 $ 1.13
------------------------------------------------------------------------------------------------------------------------------------
Distribution to shareowners:
Net investment income $ (0.26) $ (0.50) $ (0.48) $ (0.52) $ (0.57) $ (0.55)
Net realized gain -- (0.07) (0.47) (0.39) -- --
------------------------------------------------------------------------------------------------------------------------------------
Total distributions $ (0.26) $ (0.57) $ (0.95) $ (0.91) $ (0.57) $ (0.55)
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ 0.30 $ 0.10 $ (1.21) $ (0.53) $ 0.83 $ 0.58
------------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 9.74 $ 9.44 $ 9.34 $ 10.55 $ 11.08 $ 10.25
====================================================================================================================================
Total return* 6.01%(c) 7.62% (2.69)% 3.55% 13.98%(a) 12.02%
Ratio of net expenses to average net assets 0.92%** 0.87% 0.88% 0.84% 0.82% 0.82%
Ratio of net investment income (loss) to average net
assets 5.48%** 5.39% 4.77% 4.64% 5.12% 5.51%
Portfolio turnover rate 42%** 41% 32% 28% 46% 33%
Net assets, end of period (in thousands) $221,406 $230,343 $264,761 $254,504 $330,398 $287,901
====================================================================================================================================
* 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.
(a) If the Fund had not recognized gains in the settlement of class action
lawsuits during the year ended October 31, 2013, the total return would have
been 13.89%.
(b) The per-share data presented above is based on the average shares
outstanding for the period presented.
(c) If the Fund had not recognized gains in the settlement of class action
lawsuits during the six months ended April 30, 2017, the total return would
have been 5.90%.
** Annualized
The accompanying notes are an integral part of these financial statements.
54 Pioneer High Yield Fund | Semiannual Report | 4/30/17
Notes to Financial Statements | 4/30/17 (unaudited)
1. Organization and Significant Accounting Policies
Pioneer High Yield Fund (the Fund) is a Delaware statutory trust. The Fund is
registered under the Investment Company Act of 1940 as a diversified, open-end
management investment company. The investment objective of the Fund is to
maximize total return through a combination of income and capital appreciation.
The Fund offers four classes of shares designated as Class A, Class C, Class R
and Class Y shares. Class B shares converted to Class A shares as of the close
of business on November 10, 2014. Class Z shares converted to Class Y shares as
of the close of business on August 7, 2015. Each class of shares represents an
interest in the same portfolio of investments of the Fund and has identical
rights (based on relative net asset values) to assets and liquidation proceeds.
Share classes can bear different rates of class-specific fees and expenses such
as transfer agent and distribution fees. Differences in class-specific fees and
expenses will result in differences in net investment income and, therefore, the
payment of different dividends from net investment income earned by each class.
The Amended and Restated Declaration of Trust of the Fund gives the Board of
Trustees the flexibility to specify either per-share voting or dollar-weighted
voting when submitting matters for shareholder approval. Under per-share voting,
each share of a class of the Fund is entitled to one vote. Under dollar-weighted
voting, a shareholder's voting power is determined not by the number of shares
owned, but by the dollar value of the shares on the record date. Each share
class has exclusive voting rights with respect to matters affecting only that
class, including with respect to the distribution plan for that class. There is
no distribution plan for Class Y shares.
The Fund's financial statements have been prepared in conformity with U.S.
generally accepted accounting principles (U.S. GAAP) that require the management
of the Fund to make estimates and assumptions that affect the reported amounts
of assets and liabilities, the disclosure of contingent assets and liabilities
at the date of the financial statements, and the reported amounts of income,
expenses and gains and losses on investments during the reporting period. Actual
results could differ from those estimates.
The Fund is an investment company and follows investment company accounting and
reporting guidance under U.S. GAAP. The following is a summary of significant
accounting policies followed by the Fund in the preparation of its financial
statements:
Pioneer High Yield Fund | Semiannual Report | 4/30/17 55
A. Security Valuation
The net asset value of the Fund is computed once daily, on each day the
New York Stock Exchange (NYSE) is open, as of the close of regular trading
on the NYSE.
Fixed-income securities are valued by using prices supplied by
independent pricing services, which consider such factors as market prices,
market events, quotations from one or more brokers, Treasury spreads,
yields, maturities and ratings, or may use a pricing matrix or other fair
value methods or techniques to provide an estimated value of the security
or instrument. A pricing matrix is a means of valuing a debt security on
the basis of current market prices for other debt securities, historical
trading patterns in the market for fixed-income securities and/or other
factors. Non-U.S. debt securities that are listed on an exchange will be
valued at the bid price obtained from an independent third party pricing
service. When independent third party pricing services are unable to supply
prices, or when prices or market quotations are considered to be
unreliable, the value of that security may be determined using quotations
from one or more broker-dealers.
The value of foreign securities is translated into U.S. dollars based
on foreign currency exchange rate quotations supplied by a third party
pricing source. Trading in non-U.S. equity securities is substantially
completed each day at various times prior to the close of the NYSE. The
values of such securities used in computing the net asset value of the
Fund's shares are determined as of such times. The Fund may use a fair
value model developed by an independent pricing service to value non-U.S.
equity securities.
Loan interests are valued in accordance with guidelines established by
the Board of Trustees at the mean between the last available bid and asked
prices from one or more brokers or dealers as obtained from Loan Pricing
Corporation, an independent third party pricing service. If price
information is not available from Loan Pricing Corporation, or if the price
information is deemed to be unreliable, price information will be obtained
from an alternative loan interest pricing service. If no reliable price
quotes are available from either the primary or alternative pricing
service, broker quotes will be solicited.
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 | Semiannual Report | 4/30/17
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.
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.
Futures contracts are generally valued at the closing settlement price
established by the exchange on which they are traded.
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 Pioneer Investment Management, Inc. (PIM), the Fund's
investment adviser and a wholly owned indirect subsidiary of UniCredit
S.p.A. (UniCredit), pursuant to procedures adopted by the Fund's Board of
Trustees. PIM's fair valuation team uses fair value methods approved by the
Valuation Committee of the Board of Trustees. PIM's fair valuation team is
responsible for monitoring developments that may impact fair valued
securities and for discussing and assessing fair values on an ongoing basis,
and at least quarterly, with the Valuation Committee of the Board of
Trustees.
Inputs used when applying fair value methods to value a security may
include credit ratings, the financial condition of the company, current
market conditions and comparable securities. The Fund may use fair value
methods if it is determined that a significant event has occurred after the
close of the exchange or market on which the security trades and prior to
the determination of the Fund's net asset value. Examples of a significant
event might include political or economic news, corporate restructurings,
natural disasters, terrorist activity or trading halts. Thus, the valuation
of the Fund's securities may differ significantly from exchange prices and
such differences could be material.
Pioneer High Yield Fund | Semiannual Report | 4/30/17 57
At April 30, 2017, four securities were valued using fair value methods (in
addition to securities valued using prices supplied by independent pricing
services, broker-dealers or using a third party insurance industry pricing
model) representing 0.01% of net assets.
B. Investment Income and Transactions
Principal amounts of mortgage-backed securities are adjusted for
monthly paydowns. Premiums and discounts related to certain mortgage-backed
securities are amortized or accreted in proportion to the monthly paydowns.
All discounts/premiums on purchase prices of debt securities are
accreted/amortized for financial reporting purposes over the life of the
respective securities, and such accretion/amortization is included in
interest income.
Dividend income is recorded on the ex-dividend date, except that
certain dividends from foreign securities where the ex-dividend date may
have passed are recorded as soon as the Fund becomes aware of the
ex-dividend data in the exercise of reasonable diligence. Interest income,
including interest on income-bearing cash accounts, is recorded on the
accrual basis, net of unrecoverable foreign taxes withheld at the
applicable country rates.
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. 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 federal income tax provision is required.
As of October 31, 2016, the Fund did not accrue any interest or penalties
with respect to uncertain tax positions, which, if applicable, would be
recorded as an income tax expense in the Statement of Operations. Tax
returns filed within the prior three years remain subject to examination by
federal and state tax authorities.
The amount and character of income and capital gain distributions to
shareowners are determined in accordance with federal income tax rules,
which may differ from U.S. GAAP. Distributions in excess of net investment
income or net realized gains are temporary overdistributions for financial
statement purposes resulting from differences in the recognition or
classification of income or distributions for financial statement and tax
purposes. Capital accounts within the financial statements are adjusted for
permanent book/tax differences to reflect tax character, but are not
adjusted for temporary differences.
58 Pioneer High Yield Fund | Semiannual Report | 4/30/17
The tax character of current year distributions payable will be determined
at the end of the current taxable year. The tax character of distributions
during the year ended October 31, 2016 was as follows:
----------------------------------------------------------------------------
2016
----------------------------------------------------------------------------
Distributions paid from:
Ordinary income $57,398,080
Long term capital gain 8,633,121
----------------------------------------------------------------------------
Total $66,031,201
============================================================================
The following shows the components of distributable earnings on a federal
income tax basis at October 31, 2016:
----------------------------------------------------------------------------
2016
----------------------------------------------------------------------------
Distributable earnings:
Undistributed ordinary income $ 3,699,909
Capital loss carryforward (55,892,949)
Dividend payable (416,032)
Net unrealized appreciation 12,868,540
----------------------------------------------------------------------------
Total $(39,740,532)
============================================================================
The difference between book basis and tax basis unrealized appreciation
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, preferred stocks, Real Estate
Investment Trust (REIT) and other holdings.
D. Fund Shares
The Fund records sales and repurchases of its shares as of trade date.
Pioneer Funds Distributor, Inc. (PFD), the principal underwriter for the
Fund and a wholly owned indirect subsidiary of UniCredit, earned $11,819 in
underwriting commissions on the sale of Class A shares during the six
months ended April 30, 2017.
E. 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
Pioneer High Yield Fund | Semiannual Report | 4/30/17 59
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.
F. 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 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. The Fund's prospectus contains unaudited information regarding
the Fund's principal risks. Please refer to that document when considering
the Fund's principal risks.
Interest rates in the U.S. recently have been historically low, so the
Fund faces a heightened risk that interest rates may rise. A general rise
in interest rates may cause investors to move out of fixed income
securities on a large scale, which could adversely affect the price and
liquidity of fixed income securities and could also result in increased
redemptions from the Fund.
Certain securities in which the Fund invests, including floating rate
loans, once sold, may not settle for an extended period (for example,
several weeks or even longer). The Fund will not receive its sale proceeds
until that time, which may constrain the Fund's ability to meet its
obligations (including obligations to redeeming shareholders).
60 Pioneer High Yield Fund | Semiannual Report | 4/30/17
G. Insurance-linked Securities (ILS)
The Fund invests in event-linked bonds. Event-linked bonds are floating
rate debt obligations for which the return of principal and the payment of
interest are contingent on the non-occurrence of a pre-defined "trigger"
event, such as a hurricane or an earthquake of a specific magnitude. The
trigger event's magnitude may be based on losses to a company or industry,
industry indexes or readings of scientific instruments, or may be based on
specified actual losses. If a trigger event occurs, as defined within the
terms of an event-linked bond, the Fund may lose a portion or all of its
accrued interest and/or principal invested in such event-linked bond. The
Fund is entitled to receive principal and interest payments so long as no
trigger event occurs of the description and magnitude specified by the
instrument. In addition to the specified trigger events, event-linked bonds
may expose the Fund to other risks, including but not limited to issuer
(credit) default, adverse regulatory or jurisdictional interpretations and
adverse tax consequences.
The Fund's investments in ILS may include special purpose vehicles
("SPVs") or similar instruments structured to comprise a portion of a
reinsurer's catastrophe-oriented business, known as quota share instruments
(sometimes referred to as reinsurance sidecars), or to provide reinsurance
relating to specific risks to insurance or reinsurance companies through a
collateralized instrument, known as collateralized reinsurance. Structured
reinsurance investments also may include industry loss warranties ("ILWs").
A traditional ILW takes the form of a bilateral reinsurance contract, but
there are also products that take the form of derivatives, collateralized
structures, or exchange traded instruments.
Structured reinsurance investments, including quota share instruments,
collateralized reinsurance investments and ILWs, generally are subject to
the same risks as event-linked bonds. In addition, where the instruments
are based on the performance of underlying reinsurance contracts, the Fund
has limited transparency into the individual underlying contracts and
therefore must rely upon the risk assessment and sound underwriting
practices of the issuer. Accordingly, it may be more difficult for PIM to
fully evaluate the underlying risk profile of the Fund's structured
reinsurance investments, and therefore the Fund's assets are placed at
greater risk of loss than if PIM had more complete information. Structured
reinsurance instruments generally will be considered illiquid securities by
the Fund. These securities may be difficult to purchase, sell or unwind.
Illiquid securities also may be difficult to value. If the Fund is forced
to sell an illiquid asset, the Fund may be forced to sell at a loss.
Pioneer High Yield Fund | Semiannual Report | 4/30/17 61
H. Futures Contracts
The Fund may enter into futures transactions in order to attempt to
hedge against changes in interest rates, securities prices and currency
exchange rates or to seek to increase total return. Futures contracts are
types of derivatives. All futures contracts entered into by the Fund are
traded on a futures exchange. Upon entering into a futures contract, the
Fund is required to deposit with a broker an amount of cash or securities
equal to the minimum "initial margin" requirements of the associated
futures exchange. The amount of cash deposited with the broker as
collateral at April 30, 2017, was $1,059,000. Subsequent payments for
futures contracts ("variation margin") are paid or received by the Fund,
depending on the daily fluctuation in the value of the contracts, and are
recorded by the Fund as unrealized gains or losses. When the contract is
closed, the Fund realizes a gain or loss equal to the difference between
the opening and closing value of the contract as well as any fluctuation in
foreign currency exchange rates where applicable. Futures contracts are
subject to market risk, interest rate risk and currency exchange rate risk.
Changes in value of the contracts may not directly correlate to the changes
in value of the underlying securities. With futures, there is minimal
counterparty credit risk to the Fund since futures are exchange-traded and
the exchange's clearinghouse, as counterparty to all exchange-traded
futures, guarantees the futures against default. The average value of
contracts open during the six months ended April 30, 2017, was
$(24,011,951).
At April 30, 2017, open futures contracts were as follows:
-------------------------------------------------------------------------------------
Number of
Contracts Settlement Unrealized
Type Counterparty Long/(Short) Month Value Depreciation
-------------------------------------------------------------------------------------
S&P 500 Citibank NA (211) 6/17 $(25,114,275) $(184,625)
EMINI
-------------------------------------------------------------------------------------
Total (211) $(25,114,275) $(184,625)
=====================================================================================
I. Credit Default Swap Agreements
A credit default swap is a contract between a buyer of protection and a
seller of protection against a pre-defined credit event on an underlying
reference obligation, which may be a single security or basket or index of
securities. The Fund may sell or buy credit default swap contracts to seek
to increase the Fund's income, or to attempt to hedge the risk of default
on portfolio securities. A credit default swap index is used to hedge risk
or take a position on a basket of credit entities or indices. As a seller
of protection, the Fund would be required to pay the notional (or other
agreed-upon) value of the referenced debt obligation to the counterparty in
the event of a default by a U.S. or foreign corporate issuer of a debt
obligation, which would likely result in a loss to the Fund. In return, the
Fund would receive from the
62 Pioneer High Yield Fund | Semiannual Report | 4/30/17
counterparty a periodic stream of payments during the term of the
contract provided that no event of default occurred. The maximum exposure
of loss to the seller would be the notional value of the credit default
swaps outstanding. If no default occurs, the Fund would keep the stream of
payments and would have no payment obligation. The Fund may also buy credit
default swap contracts in order to hedge against the risk of default of
debt securities, in which case the Fund would function as the counterparty
referenced above.
When the Fund enters into a credit default swap contract, the
protection buyer makes an upfront or periodic payment to the protection
seller in exchange for the right to receive a contingent payment. An
upfront payment made by the Fund, as the protection buyer, is recorded as
an asset in the Statement of Assets and Liabilities. Periodic payments
received or paid by the Fund are recorded as realized gains or losses in
the Statement of Operations.
Credit default swap contracts are marked-to-market daily using valuations
supplied by independent sources, and the change in value, if any, is
recorded as unrealized appreciation or depreciation in the Statement of
Assets and Liabilities. Payments received or made as a result of a credit
event or upon termination of the contract are recognized, net of the
appropriate amount of the upfront payment, as realized gains or losses in
the Statement of Operations.
Credit default swap contracts involving the sale of protection may involve
greater risks than if the Fund had invested in the referenced debt
instrument directly. Credit default swap contracts are subject to general
market risk, liquidity risk, counterparty risk and credit risk. If the Fund
is a protection buyer and no credit event occurs, it will lose its
investment. If the Fund is a protection seller and a credit event occurs,
the value of the referenced debt instrument received by the Fund, together
with the periodic payments received, may be less than the amount the Fund
pays to the protection buyer, resulting in a loss to the Fund.
Certain swap contracts that are cleared through a central clearinghouse are
referred to as centrally cleared swaps. All payments made or received by the
Fund are pursuant to a centrally cleared swap contract with the central
clearing party rather than the original counterparty. Upon entering into a
centrally cleared swap contract, the Fund is required to make an initial
margin deposit, either in cash or in securities. The daily change in value
on open centrally cleared contracts is recorded as variation margin on
centrally cleared swaps on the Statement of Assets and Liabilities.
The amount of cash deposited with a broker as collateral at April 30, 2017
was $1,181,724 and is recorded within "Restricted Cash" on the Statement of
Assets and Liabilities.
Pioneer High Yield Fund | Semiannual Report | 4/30/17 63
Open credit default swap contracts at April 30, 2017, are listed in the
Schedule of Investments. The average value of credit default swap contracts
open during the year ended April 30, 2017, was $2,545,824.
J. Repurchase Agreements
Repurchase agreements are arrangements under which the Fund purchases
securities from a broker-dealer or a bank, called the counterparty, upon the
agreement of the counterparty to repurchase the securities from the Fund at
a later date, and at a specific price, which is typically higher than the
purchase price paid by the Fund. The securities purchased serve as the
Fund's collateral for the obligation of the counterparty to repurchase the
securities. The value of the collateral, including accrued interest, is
required to be equal to or in excess of the repurchase price. The collateral
for all repurchase agreements is held in safekeeping in the customer-only
account of the Fund's custodian or a subcustodian of the Fund. PIM is
responsible for determining that the value of the collateral remains at
least equal to the repurchase price. In the event of a default by the
counterparty, the Fund is entitled to sell the securities, but the Fund may
not be able to sell them for the price at which they were purchased, thus
causing a loss to the Fund. Additionally, if the counterparty becomes
insolvent, there is some risk that the Fund will not have a right to the
securities, or the immediate right to sell the securities.
2. Management Agreement
PIM 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 six months ended April 30, 2017, the effective management fee
(excluding waivers and/or assumption of expenses) was equivalent to 0.67% 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
$78,422 in management fees, administrative costs and certain other
reimbursements payable to PIM at April 30, 2017.
3. Transfer Agent
Boston Financial Data Services, 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.
64 Pioneer High Yield Fund | Semiannual Report | 4/30/17
In addition, the Fund reimbursed the transfer agent for out-of-pocket expenses
incurred by the transfer agent related to shareholder communications activities
such as proxy and statement mailings and outgoing phone calls. For the
six months ended April 30, 2017, such out-of-pocket expenses by class of
shares were as follows:
--------------------------------------------------------------------------------
Shareholder Communications:
--------------------------------------------------------------------------------
Class A $1,146
Class C 816
Class R 32
Class Y 482
--------------------------------------------------------------------------------
Total $2,476
================================================================================
4. Distribution and Service Plans
The Fund has adopted a distribution plan pursuant to Rule 12b-1 of the
Investment Company Act of 1940 with respect to its Class A, Class C and Class R
shares (the Plan). Pursuant to the Plan, the Fund pays PFD 0.25% of the average
daily net assets attributable to Class A shares as compensation for personal
services and/or account maintenance services or distribution services with
regard to Class A shares. Pursuant to the Plan, the Fund also pays PFD 1.00% of
the average daily net assets attributable to Class C shares. The fee for Class C
shares consists of a 0.25% service fee and a 0.75% distribution fee paid as
compensation for personal services and/or account maintenance services or
distribution services with regard to Class C shares. Pursuant to the Plan, the
Fund further pays PFD 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 $86,345 in distribution
fees payable to PFD at April 30, 2017.
The Fund also has adopted a separate service plan for Class R shares (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
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 PFD. For the six months ended April 30, 2017, CDSCs in the
amount of $3,297 were paid to PFD.
Pioneer High Yield Fund | Semiannual Report | 4/30/17 65
5. Line of Credit Facility
The Fund, along with certain other funds in the Pioneer Family of Funds (the
Funds), participates in a committed, unsecured revolving line of credit
facility. Borrowings are used solely for temporary or emergency purposes. The
Fund may borrow up to the lesser of the amount available under the facility or
the limits set for borrowing by the Fund's prospectus and the 1940 Act. The
credit facility in which the Fund participated until February 9, 2016 was in the
amount of $240 million. The credit facility in which the Fund participated until
February 7, 2017, was in the amount of $220 million. Effective February 8, 2017,
the Fund participated in a facility that is in the amount of $195 million. Under
such facility, depending on the type of loan, interest on borrowings is payable
at the London Interbank Offered Rate (LIBOR) plus 0.85% on an annualized basis,
or the Alternate Base Rate, which is the greater of (a) the facility's
administrative agent's daily announced prime rate on the borrowing date, (b) 2%
plus the Federal Funds Rate on the borrowing date 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 six months ended April 30, 2017, the Fund had no borrowings
under the credit facility.
6. Additional Disclosures about Derivative Instruments and Hedging Activities
The Fund's use of derivatives may subject it to the following risks:
Interest rate risk relates to the fluctuations in the value of interest-bearing
securities due to changes in the prevailing levels of market interest rates.
Credit risk relates to the ability of the issuer of a financial instrument to
make further principal or interest payments on an obligation or commitment that
it has to the Fund.
Foreign exchange rate risk relates to fluctuations in the value of an asset or
liability due to changes in currency exchange rates.
Equity risk relates to the fluctuations in the value of financial instruments as
a result of changes in market prices (other than those arising from interest
rate risk or foreign exchange risk), whether caused by factors specific to an
individual investment, its issuer, or all factors affecting all instruments
traded in a market or market segment.
Commodity risk relates to the risk that the value of a commodity or commodity
index will fluctuate based on increases or decreases in the commodities market
and factors specific to a particular industry or commodity.
66 Pioneer High Yield Fund | Semiannual Report | 4/30/17
The fair value of open derivative instruments (not considered to be hedging
instruments for accounting disclosure purposes) by risk exposure at April 30,
2017, 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 centrally cleared
swap contracts $-- $ -- $-- $849,415 $--
------------------------------------------------------------------------------------------------------
Total Value $-- $ -- $-- $849,415 $--
======================================================================================================
Liabilities
Unrealized depreciation
of futures contracts* $-- $184,625 $-- $ -- $--
------------------------------------------------------------------------------------------------------
Total Value $-- $184,625 $-- $ -- $--
======================================================================================================
* Reflects unrealized appreciation/depreciation of futures contracts (see Note
1H). The current day's variation margin is disclosed on the Statement of
Assets and Liabilities.
The effect of derivative instruments (not considered to be hedging instruments
for accounting disclosure purposes) on the Statement of Operations by risk
exposure at April 30, 2017 was as follows:
------------------------------------------------------------------------------------------------------
Statement of Operations
Foreign
Interest Credit Exchange Equity Commodity
Rate Risk Risk Rate Risk Risk Risk
------------------------------------------------------------------------------------------------------
Net realized gain (loss) on
Swap contracts $-- $593,999 $-- $ -- $--
Futures contracts -- -- -- (2,048,657) --
------------------------------------------------------------------------------------------------------
Total Value $-- $593,999 $-- $(2,048,657) $--
======================================================================================================
Change in net unrealized
appreciation
(depreciation) on
Swap contracts $-- $851,323 $-- $ -- $--
Futures contracts -- -- -- (790,195) --
------------------------------------------------------------------------------------------------------
Total Value $-- $851,323 $-- $ (790,195) $--
======================================================================================================
7. Pending Litigation
The Fund is currently involved in a litigation matter relating to Fund
investments. The plaintiff in the matter seeks to recover approximately $73
million in principal from the Fund, together with interest. The litigation,
which is one of four lawsuits arising from the bankruptcy of Lyondell Chemical
Company, asserts both constructive and actual intent fraudulent transfers. The
Fund believes the lawsuit is without merit and is defending the matter
vigorously.
Pioneer High Yield Fund | Semiannual Report | 4/30/17 67
The actual intent claims asserted in the four related lawsuits were previously
dismissed by then-Judge Gerber of the United States Bankruptcy Court for the
Southern District of New York on November 18, 2015. On July 27, 2016, the
District Court issued an opinion in one of the lawsuits (in which the Fund is
not named as a defendant) (the "Hofmann Case") that reversed the November 2015
dismissal of the actual intent claims and remanded the Hofmann case to the
Bankruptcy Court for further proceedings. On April 24, 2017, Judge Glenn of the
United States Bankruptcy Court issued a ruling in another of the related
lawsuits (in which the Fund is not named as a defendant) (the "Blavatnik Case"),
which involves many of the same facts as the lawsuit involving the Fund. Judge
Glenn ruled in favor of the Blavatnik defendants on virtually all claims
(including the constructive and actual fraudulent transfer claims). On May 30,
2017, the Fund filed a motion in the Bankruptcy Court seeking dismissal of the
Hofmann Case on collateral estoppel grounds based on Judge Glenn's ruling in the
Blavatnik Case. The outcome of the Hofmann Case could impact the Fund's
exposure.
On May 4, 2016, the Fund filed a renewed motion to dismiss the constructive
fraudulent transfer count of the complaint on the grounds that a recent decision
from the Second Circuit Court of Appeals required dismissal. On July 20, 2016,
Judge Glenn granted the renewed motion to dismiss, subject to review by the
District Court. On August 3, 2016, the plaintiff objected to Judge Glenn's
recommendation. On May 30, 2017, the Fund filed a motion requesting that the
District Court remand the case to the Bankruptcy Court so that Judge Glenn could
consider additional grounds for dismissal in light of his April 2017 ruling in
the Blavatnik Case. As of May 31, 2017, the District Court has not yet issued a
decision on either Judge Glenn's 2016 report and recommendation or the Fund's
motion for remand.
It is reasonably possible that the Fund may experience an adverse outcome in one
or more of the pending cases. Currently, the amount of a judgment cannot be
reasonably estimated. On December 4, 2014, the plaintiff made a settlement offer
to all defendants in the Fund litigation. The plaintiff offered full settlement
for 10% of the face amount of the claims. A limited group of small holders
accepted the settlement offer. On April 24, 2015, the plaintiff renewed its
settlement offer, offering full settlement for 8.5% of the face amount of the
claims. The renewed settlement offer was not accepted. On May 27, 2016, the
plaintiff renewed its settlement offer, offering full settlement for 3% of the
face amount of the claims. While the plaintiff did not set a date by which
defendants needed to accept the offer, it is unlikely that this settlement offer
remains open.
68 Pioneer High Yield Fund | Semiannual Report | 4/30/17
Additional Information
Pioneer Investment Management, Inc. (the "Adviser"), the Fund's investment
adviser, is currently an indirect, wholly owned subsidiary of UniCredit S.p.A.
("UniCredit"). On December 12, 2016, UniCredit announced that it has entered
into a binding agreement for the sale of its Pioneer Investments business, which
includes the Adviser, to Amundi (the "Transaction"). Amundi is headquartered in
Paris, France, and, as of September 30, 2016, had more than $1.1 trillion in
assets under management worldwide. The closing of the Transaction is expected to
happen in 2017, subject to certain regulatory and antitrust approvals, and other
conditions.
Under the Investment Company Act of 1940, the closing of the Transaction will
cause the Fund's current investment advisory agreement with the Adviser to
terminate. Accordingly, the Fund's Board of Trustees has approved a new
investment advisory agreement for the Fund, which has been submitted to the
shareholders of the Fund for their approval.
Change in Independent Registered Public Accounting Firm
Deloitte & Touche LLP, the Fund's independent registered public accounting firm,
has informed the Board that it will no longer be independent with respect to the
Fund upon the completion of the Transaction and, accordingly, that it intends to
resign as the Fund's independent registered public accounting firm upon the
completion of the Transaction. The Board will engage a new independent
registered public accounting firm for the Fund upon the completion of the
Transaction.
During the periods that Deloitte & Touche LLP has served as the Fund's
independent registered public accounting firm, including the Fund's two most
recent fiscal years, Deloitte & Touche LLP'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 Deloitte & Touche LLP
on any matter of accounting principles or practices, financial statement
disclosure, or auditing scope or procedure, which, if not resolved to the
satisfaction of Deloitte & Touche LLP, would have caused Deloitte & Touche LLP
to make reference to the subject matter of the disagreement in connection with
its report on the financial statements. In addition, there have been no
reportable events of the kind described in Item 304(a)(1)(v) of Regulation S-K
under the Securities Exchange Act of 1934.
Pioneer High Yield Fund | Semiannual Report | 4/30/17 69
Approval of New and Interim Management Agreements
Pioneer Investment Management, Inc. (PIM) serves as the investment adviser to
Pioneer High Yield Fund (the Fund) pursuant to an investment management
agreement between PIM and the Fund.
PIM is the principal U.S. asset management business of Pioneer Investments, a
group of companies owned by Pioneer Global Asset Management S.p.A. ("PGAM").
PGAM is a wholly-owned subsidiary of UniCredit S.p.A. ("UniCredit"). UniCredit
and PGAM have entered into a binding agreement to sell Pioneer Investments,
including PIM, to Amundi (the "Transaction"). Upon the consummation of the
transaction, PIM will become an indirect wholly-owned subsidiary of Amundi and
Amundi's wholly-owned subsidiary, Amundi USA, Inc. The closing of the
Transaction is expected to happen in 2017.
Under the Investment Company Act of 1940, the Fund's current investment
management agreement (the "Current Management Agreement") will terminate
automatically upon the consummation of the Transaction. In order for PIM to
continue to manage the Fund after the consummation of the Transaction, the
Trustees and shareholders of the Fund must approve a new investment management
agreement for the Fund (the "New Management Agreement"). As discussed below, the
Board of Trustees of the Fund approved the New Management Agreement at a meeting
held on March 6-7, 2017. The New Management Agreement has been submitted to the
shareholders of the Fund for their approval at a meeting to be held on June 13,
2017. If the shareholders of the Fund do not approve the New Management
Agreement and the Transaction is completed, an interim investment management
agreement between PIM and the Fund (the "Interim Management Agreement") will
take effect upon the closing of the Transaction. The Board of Trustees of the
Fund also approved the Interim Management Agreement at the March 6-7, 2017
meeting.
Board Evaluation of the New and Interim Management Agreements
The Board evaluated the Transaction and the New Management Agreement and
Interim Management Agreement for the Fund. In connection with their evaluation
of the Transaction and the New Management Agreement for the Fund, the Trustees
requested such information as they deemed reasonably necessary, including: (a)
the structure of the Transaction and the strategy underlying the Transaction;
(b) the anticipated benefits of the Transaction to the Fund and its
shareholders; (c) the post-Transaction plans for PIM, including Amundi's plans
for integration of Pioneer Investments and PIM with its existing asset
management businesses and plans for the future development of PIM; (d) the
effect of the Transaction on the ongoing services provided to
70 Pioneer High Yield Fund | Semiannual Report | 4/30/17
the Fund, including the need to select a new independent registered public
accounting firm for the Fund, and any plans to modify the operations of the
Fund; (e) the stability and continuity of PIM's management and key employees,
including compensation and benefits to PIM's key employees, and retention plans
and incentive plan structure; (f) the post-Transaction indebtedness and
financial resources of PIM; (g) Amundi's legal and operational structure, its
principal shareholders and senior management, its investment management, risk
management, administrative, legal and compliance functions; (h) certain
regulatory matters relating to Amundi's affiliates; and (i) Amundi's commitment
to the United States, including the role of PIM in the larger Amundi business.
The Trustees also requested and obtained the following information in connection
with their evaluation of the Transaction and the New Management Agreement for
the Fund: (i) memoranda provided by Fund counsel that summarized the legal
standards and other considerations that are relevant to the Trustees in their
deliberations regarding the New Management Agreement; (ii) 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; (iii) the Fund's management fees
and total expense ratios, the financial statements of PIM and its pre- and
post-Transaction parent companies, profitability analyses from PIM, and analyses
from PIM as to possible economies of scale; (iv) the profitability of the
institutional business of PIM and PIM's affiliate, Pioneer Institutional Asset
Management, Inc. ("PIAM") as compared to that of PIM's fund management business;
and (v) the differences between the fees and expenses of the Fund and the fees
and expenses of PIM's and PIAM's institutional accounts, as well as the
different services provided by Adviser to the Fund and by PIM and PIAM to the
institutional accounts. In addition, the Trustees considered the information
provided at regularly scheduled meetings throughout the year regarding the
Fund's performance and risk attributes, including through meetings with
investment management personnel, and took into account other information related
to the Fund provided to the Trustees at regularly scheduled meetings. The
Trustees also considered information they had received in their review of the
continuance of the Current Management Agreement for the Fund in September 2016.
At meetings held on January 9, 2017 and January 10, 2017, the Trustees met with
representatives of Amundi and PGAM, including separate meetings of the Trustees
who are not "interested persons" of the Fund Complex ("Independent Trustees")
and counsel with representatives of Amundi and PGAM, and subsequently with
representatives of Amundi. In those meetings, they received an extensive
presentation from the representatives of Amundi, including the chief executive
officer of Amundi, describing Amundi's background and history, its global asset
management activities, the growth of its business, and its status as the largest
asset management firm in Europe and
Pioneer High Yield Fund | Semiannual Report | 4/30/17 71
one of the largest globally; its capital structure and financial resources,
including information as to the financing of the Transaction; its principal
investors, including its majority investor Credit Agricole S.A., and Credit
Agricole's long-term commitment to the asset management business; the philosophy
and strategy underlying the Transaction and the complementarity of Amundi's and
Pioneer Investments' respective asset management businesses; Amundi's various
operating and investment committees and how they would likely interact with PIM;
the proposed integration process, including the progress to date and the
establishment of various integration work streams; Amundi's plans for management
of PIM; Amundi's philosophy as to compensation of key employees and its general
intentions with respect to incentive plans for key employees of PIM; Amundi's
preliminary plans to achieve cost and other synergies; and opportunities to
further develop the business of PIM and PIAM, including in the area of
institutional asset management, and how that would benefit shareholders of the
Pioneer Funds.
In those meetings, the representatives of Amundi confirmed their intention that
the Chief Executive Officer and Chief Investment Officer of PIM would remain in
their current positions, and confirmed that they do not currently foresee major
changes in the day-to-day investment management operations of PIM with respect
to the Fund as a direct result of the Transaction. They discussed incentive
arrangements for key personnel that would continue after the closing of the
Transaction and their plans to establish a new long-term incentive plan
following the closing. They also generally discussed ways in which PIM could
potentially draw on the expanded global resources of Amundi post-Transaction. At
those meetings, the Independent Trustees identified certain areas to which they
requested further information, including as to trading and execution of
securities transactions, research and portfolio management and potential changes
in investment process, particularly where asset classes managed by PIM would
overlap with asset classes managed by Amundi, the continued availability of
resources currently at Pioneer Investments or elsewhere within Amundi to assist
in management of certain Funds, and any anticipated significant changes in
operations. The Independent Trustees considered the uncertainty as to whether
the Fund's independent registered public accounting firm could continue to act
in that capacity after the closing of the Transaction. The Independent Trustees
also met with counsel to review the information they had received to date and to
discuss next steps.
Subsequently, the Trustees received further information from Amundi, including
written responses to questions raised by the Independent Trustees, and received
from PIM the information requested of it. The Independent Trustees reviewed the
information provided with counsel at telephonic meetings held on February 16,
2017 and February 27, 2017. The Trustees held a special in-person Board meeting
on March 6-7, 2017 for further
72 Pioneer High Yield Fund | Semiannual Report | 4/30/17
consideration of the New Management Agreements, the Interim Management
Agreements and the Transaction. The Trustees met again with senior executives of
Amundi at the March 6-7, 2017 meeting.
At the March 6-7, 2017 meeting, based on their evaluation of the information
provided by PIM and Amundi, the Trustees including the Independent Trustees
voting separately, approved the New Management Agreement and the Interim
Management Agreement for the Fund. In considering the New Management Agreement
for the Fund, the Trustees 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 their determinations. The
Trustees considered the same factors with respect to the Interim Management
Agreement for the Fund.
Nature, Extent and Quality of Services
The Trustees considered the nature, extent and quality of the services that had
been provided by PIM to the Fund and that are expected to be provided by PIM to
the Fund following the consummation of the Transaction. The Trustees reviewed
the terms of the New Management Agreement, and noted that such terms are
substantially similar to the terms of the Current Management Agreement, except
for different execution dates, effective dates and termination dates. The
Trustees reviewed PIM's investment approach for the Fund and its research
process. The Trustees considered the resources of PIM and the personnel of PIM
who provide investment management services to the Fund. They also reviewed the
amount of non-investment resources and personnel of PIM that are involved in
PIM's services to the Fund, including PIM's compliance and legal resources and
personnel. The Trustees noted the substantial attention and high priority given
by PIM's senior management to the Pioneer Fund complex.
The Trustees considered that PIM 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 and that PIM would continue to provide those
investment management and research services and resources to the Fund following
the consummation of the Transaction. The Trustees also considered that, as
administrator, PIM would continue to be responsible for the administration of
the Fund's business and other affairs. The Trustees considered the fees to be
paid to PIM for the provision of administration services.
Pioneer High Yield Fund | Semiannual Report | 4/30/17 73
The Trustees considered that Deloitte & Touche LLP has informed the Board that
it will no longer be independent with respect to the Fund upon the completion of
the Transaction and, accordingly, that it will be necessary for the Board to
engage a new independent registered public accounting firm for the Fund.
The Trustees considered that the Transaction is not expected to have a material
adverse impact on the nature, scope and overall quality of services provided to
the Fund and its shareholders, including investment management, risk management,
administrative, compliance, legal and other services, as a result of the
Transaction.
In that regard, the Trustees considered that Amundi is one of the largest asset
managers globally, and that PIM may have access to additional research and
portfolio management capabilities as a result of the Transaction and that PIM,
as part of Amundi, is expected to have an enhanced global presence that may
contribute to an increase in the overall scale and resources of PIM.
Furthermore, in considering whether the Transaction would be expected to have a
material adverse impact on the nature, scope and overall quality of services
provided to the Fund and its shareholders, the Trustees considered the
statements by representatives of Amundi that they expect the Chief Executive
Officer and Chief Investment Officer of PIM to remain in their current positions
and that they do not currently foresee major changes in the day-to-day
investment management operations of PIM as a direct result of the Transaction,
or the risk management, legal or compliance services provided by PIM, with
respect to the Fund. They further considered the current incentive arrangements
for key personnel of PIM that would continue after the closing of the
Transaction. They also noted Amundi's stated intention to establish a new
long-term incentive plan following the closing.
The Trustees also took into account their experience in evaluating the proposed
combination of Pioneer Investments and Santander Asset Management, which was
announced in September, 2014 and abandoned in July, 2016. In light of, among
other things, this experience, the Trustees determined that they were not able
to identify any realistic alternatives to approving the New Management Agreement
that would provide the level of services to the Fund and its shareholders that
are expected to be provided by PIM after the closing of the Transaction.
Based on these considerations, the Trustees concluded that the nature, extent
and quality of services that PIM would continue to provide to the Fund under the
New Management Agreement would be satisfactory and consistent with the terms of
the New Management Agreement.
74 Pioneer High Yield Fund | Semiannual Report | 4/30/17
Performance of the Fund
In considering the Fund's performance, the Trustees regularly reviewed and
discussed throughout the year data prepared by PIM and information comparing the
Fund's performance with the performance of its peer group of funds, as
classified by each of Morningstar, Inc. (Morningstar) and Lipper, and the
performance of the Fund's benchmark index. They also discussed the Fund's
performance with PIM on a regular basis.
The Trustees' regular reviews and discussions were factored into the Trustees'
deliberations concerning the approval of the New Management Agreement.
Management Fee and Expenses
The Trustees noted that the stated management fees to be paid by the Fund are
identical under the Current Management Agreement and the New Management
Agreement. The Trustees considered information showing the fees and expenses of
the Fund in comparison to the management fees and expense ratios 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. In all quintile rankings referred to below, first quintile is most
favorable to the Fund's shareowners. To the extent applicable, the Trustees also
considered the impact of transfer agency, sub-transfer agency, and other
non-management fee expenses on the expense ratios of the Fund. The Trustees
noted that they separately review the Fund's transfer agency, 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 as of September 30, 2016
was in the third 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 considered that the expense ratio of the
Fund's Class A shares as of September 30, 2016 was in the fifth quintile
relative to its Morningstar category and in the fifth quintile relative to its
Strategic Insight peer group, in each case for the comparable period. The
Trustees noted the impact of expenses relating to small accounts and omnibus
accounts on transfer and sub-transfer agency expenses generally.
The Trustees reviewed management fees charged by PIM and PIAM to institutional
and other clients, including publicly offered European funds sponsored by PIM's
affiliates, unaffiliated U.S. registered investment companies (in a sub-advisory
capacity), and unaffiliated foreign and domestic separate
Pioneer High Yield Fund | Semiannual Report | 4/30/17 75
accounts. The Trustees also considered PIM's costs in providing services to the
Fund and PIM's and PIAM'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 PIM's and PIAM'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 both the Current
Management Agreement and the New Management Agreement, PIM would perform
additional services for the Fund that it does not provide to those other clients
or services that are broader in scope, including oversight of the Fund's other
service providers and activities related to compliance and the extensive
regulatory and tax regimes to which the Fund is subject. The Trustees also
considered the different risks associated with PIM's management of the Fund and
PIM's and PIAM's management of the other client accounts.
The Trustees concluded that the management fee payable by the Fund to PIM was
reasonable in relation to the nature and quality of the services to be provided
by PIM.
Profitability
The Trustees considered information provided by PIM regarding the profitability
of PIM with respect to the advisory services provided by PIM to the Fund,
including the methodology used by PIM in allocating certain of its costs to the
management of the Fund. The Trustees also considered PIM's profit margin in
connection with the overall operation of the Fund. They further reviewed the
financial results, including the profit margins, realized by PIM and PIAM from
non-fund businesses. The Trustees considered PIM's profit margins with respect
to the Fund 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 PIM's profitability with respect to the management of the Fund
was not unreasonable.
Economies of Scale
The Trustees considered PIM's views relating to economies of scale in connection
with the Pioneer Funds as fund assets grow and the extent to which any such
economies of scale are shared with the Fund and Fund shareholders. The Trustees
recognize that economies of scale are difficult to identify and quantify, and
that, among other factors that may be relevant, are the following: fee levels,
expense subsidization, investment by PIM in research and analytical capabilities
and PIM's commitment and resource allocation to the Fund. The Trustees noted
that profitability also may be an indicator of the
76 Pioneer High Yield Fund | Semiannual Report | 4/30/17
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 PIM 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 Current Management Agreement or the
New Management Agreement, for services provided by PIM and its affiliates. The
Trustees further considered the revenues and profitability of PIM's businesses
other than the Fund business. To the extent applicable, the Trustees also
considered the benefits to the Fund and to PIM 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 following the completion of the Transaction, PIM
will be the principal U.S. asset management business of Amundi, and that
Amundi's worldwide asset management business will manage over $1.38 trillion in
assets (including the Pioneer Funds). This may create opportunities for PIM,
PIAM and Amundi that derive from PIM's relationships with the Fund, including
Amundi's ability to market the services of PIM globally. The Trustees noted that
PIM may have access to additional research capabilities as a result of the
Transaction and Amundi's enhanced global presence that may contribute to an
increase of the overall scale of PIM. The Trustees considered that PIM and the
Fund are expected to 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 PIM 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 New Management
Agreement and the Interim Management Agreement for the Fund, including the fees
payable thereunder, were fair and reasonable and voted to approve the New
Management Agreement and the Interim Management Agreement, and to recommend that
shareholders approve the New Management Agreement.
Pioneer High Yield Fund | Semiannual Report | 4/30/17 77
Trustees, Officers and Service Providers
Trustees Advisory Trustee
Thomas J. Perna, Chairman Lorraine H. Monchak*
David R. Bock
Benjamin M. Friedman Officers
Margaret B.W. Graham Lisa M. Jones, President and Chief
Marguerite A. Piret Executive Officer
Fred J. Ricciardi Mark E. Bradley, Treasurer and
Kenneth J. Taubes Chief Financial Officer
Christopher J. Kelley, Secretary and
Chief Legal Officer
Investment Adviser and Administrator
Pioneer Investment Management, Inc.
Custodian and Sub-Administrator
Brown Brothers Harriman & Co.
Principal Underwriter
Pioneer Funds Distributor, Inc.
Legal Counsel
Morgan, Lewis & Bockius LLP
Shareowner Services and Transfer Agent
Boston Financial Data Services, Inc.
Proxy Voting Policies and Procedures of the Fund are available without charge,
upon request, by calling our toll free number (1-800-225-6292). Information
regarding how the Fund voted proxies relating to portfolio securities during the
most recent 12-month period ended June 30 is publicly available to shareowners
at us.pioneerinvestments.com. This information is also available on the
Securities and Exchange Commission's web site at www.sec.gov.
* Ms. Monchak is a non-voting Advisory Trustee.
78 Pioneer High Yield Fund | Semiannual Report | 4/30/17
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Pioneer High Yield Fund | Semiannual Report | 4/30/17 83
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How to Contact Pioneer
We are pleased to offer a variety of convenient ways for you to contact us for
assistance or information.
Call us for:
--------------------------------------------------------------------------------
Account Information, including existing accounts,
new accounts, prospectuses, applications
and service forms 1-800-225-6292
FactFone(SM) for automated fund yields, prices,
account information and transactions 1-800-225-4321
Retirement plans information 1-800-622-0176
Write to us:
--------------------------------------------------------------------------------
Pioneer Funds
P.O. Box 55014
Boston, Massachusetts 02205-5014
Our toll-free fax 1-800-225-4240
Our internet e-mail address ask.pioneer@pioneerinvestments.com
(for general questions about Pioneer only)
Visit our web site: us.pioneerinvestments.com
This report must be preceded or accompanied by a prospectus.
The Fund files a complete schedule of investments with the Securities and
Exchange Commission for the first and third quarters for each fiscal year on
Form N-Q. Shareholders may view the filed Form N-Q by visiting the Commission's
web site at www.sec.gov. The filed form may also be viewed and copied at the
Commission's Public Reference Room in Washington, DC. Information regarding the
operations of the Public Reference Room may be obtained by calling
1-800-SEC-0330.
[LOGO] PIONEER
Investments(R)
Pioneer Investment Management, Inc.
60 State Street
Boston, MA 02109
us.pioneerinvestments.com
Securities offered through Pioneer Funds Distributor, Inc.
60 State Street, Boston, MA 02109
Underwriter of Pioneer Mutual Funds, Member SIPC
(C) 2017 Pioneer Investments 19383-11-0617
ITEM 2. CODE OF ETHICS.
(a) Disclose whether, as of the end of the period covered by the report, the
registrant has adopted a code of ethics that applies to the registrant's
principal executive officer, principal financial officer, principal accounting
officer or controller, or persons performing similar functions, regardless of
whether these individuals are employed by the registrant or a third party. If
the registrant has not adopted such a code of ethics, explain why it has not
done so.
The registrant has adopted, as of the end of the period covered by this report,
a code of ethics that applies to the registrant's principal executive officer,
principal financial officer, principal accounting officer and controller.
(b) For purposes of this Item, the term "code of ethics" means written standards
that are reasonably designed to deter wrongdoing and to promote:
(1) Honest and ethical conduct, including the ethical handling of actual
or apparent conflicts of interest between personal and professional
relationships;
(2) Full, fair, accurate, timely, and understandable disclosure in
reports and documents that a registrant files with, or submits to, the
Commission and in other public communications made by the registrant;
(3) Compliance with applicable governmental laws, rules, and
regulations;
(4) The prompt internal reporting of violations of the code to an
appropriate person or persons identified in the code; and
(5) Accountability for adherence to the code.
(c) The registrant must briefly describe the nature of any amendment, during the
period covered by the report, to a provision of its code of ethics that applies
to the registrant's principal executive officer, principal financial officer,
principal accounting officer or controller, or persons performing similar
functions, regardless of whether these individuals are employed by the
registrant or a third party, and that relates to any element of the code of
ethics definition enumerated in paragraph (b) of this Item. The registrant must
file a copy of any such amendment as an exhibit pursuant to Item 10(a), unless
the registrant has elected to satisfy paragraph (f) of this Item by posting its
code of ethics on its website pursuant to paragraph (f)(2) of this Item, or by
undertaking to provide its code of ethics to any person without charge, upon
request, pursuant to paragraph (f)(3) of this Item.
The registrant has made no amendments to the code of ethics during the period
covered by this report.
(d) If the registrant has, during the period covered by the report, granted a
waiver, including an implicit waiver, from a provision of the code of ethics to
the registrant's principal executive officer, principal financial officer,
principal accounting officer or controller, or persons performing similar
functions, regardless of whether these individuals are employed by the
registrant or a third party, that relates to one or more of the items set forth
in paragraph (b) of this Item, the registrant must briefly describe the nature
of the waiver, the name of the person to whom the waiver was granted, and the
date of the waiver.
Not applicable.
(e) If the registrant intends to satisfy the disclosure requirement under
paragraph (c) or (d) of this Item regarding an amendment to, or a waiver from,
a provision of its code of ethics that applies to the registrant's principal
executive officer, principal financial officer, principal accounting officer or
controller, or persons performing similar functions and that relates to any
element of the code of ethics definition enumerated in paragraph (b) of this
Item by posting such information on its Internet website, disclose the
registrant's Internet address and such intention.
Not applicable.
(f) The registrant must:
(1) File with the Commission, pursuant to Item 12(a)(1), a copy of
its code of ethics that applies to the registrant's principal
executive officer,principal financial officer, principal accounting
officer or controller, or persons performing similar functions,
as an exhibit to its annual
report on this Form N-CSR (see attachment);
(2) Post the text of such code of ethics on its Internet website and
disclose, in its most recent report on this Form N-CSR, its Internet
address and the fact that it has posted such code of ethics on its
Internet website; or
(3) Undertake in its most recent report on this Form N-CSR to provide to
any person without charge, upon request, a copy of such code of ethics
and explain the manner in which such request may be made.
See Item 10(2)
ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.
(a) (1) Disclose that the registrant's board of trustees has determined that
the registrant either:
(i) Has at least one audit committee financial expert serving on its audit
committee; or
(ii) Does not have an audit committee financial expert serving on its audit
committee.
The registrant's Board of Trustees has determined that the registrant has at
least one audit committee financial expert.
(2) If the registrant provides the disclosure required by paragraph
(a)(1)(i) of this Item, it must disclose the name of the audit committee
financial expert and whether that person is "independent." In order to be
considered "independent" for purposes of this Item, a member of an audit
committee may not, other than in his or her capacity as a member of the audit
committee, the board of trustees, or any other board committee:
(i) Accept directly or indirectly any consulting, advisory, or other
compensatory fee from the issuer; or
(ii) Be an "interested person" of the investment company as defined in
Section 2(a)(19) of the Act (15 U.S.C. 80a-2(a)(19)).
Ms. Marguerite A. Piret, an independent trustee, is such an audit committee
financial expert.
(3) If the registrant provides the disclosure required by paragraph (a)(1)
(ii) of this Item, it must explain why it does not have an audit committee
financial expert.
Not applicable.
ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.
(a) Disclose, under the caption AUDIT FEES, the aggregate fees billed for each
of the last two fiscal years for professional services rendered by the principal
accountant for the audit of the registrant's annual financial statements or
services that are normally provided by the accountant in connection with
statutory and regulatory filings or engagements for those fiscal years.
N/A
(b) Disclose, under the caption AUDIT-RELATED FEES, the aggregate fees billed in
each of the last two fiscal years for assurance and related services by the
principal accountant that are reasonably related to the performance of the audit
of the registrant's financial statements and are not reported under
paragraph (a) of this Item. Registrants shall describe the nature of the
services comprising the fees disclosed under this category.
N/A
(c) Disclose, under the caption TAX FEES, the aggregate fees billed in each of
the last two fiscal years for professional services rendered by the principal
accountant for tax compliance, tax advice, and tax planning. Registrants shall
describe the nature of the services comprising the fees disclosed under this
category.
N/A
(d) Disclose, under the caption ALL OTHER FEES, the aggregate fees billed in
each of the last two fiscal years for products and services provided by the
principal accountant, other than the services reported in paragraphs (a) through
(c) of this Item. Registrants shall describe the nature of the services
comprising the fees disclosed under this category.
N/A
(e) (1) Disclose the audit committee's pre-approval policies and procedures
described in paragraph (c)(7) of Rule 2-01 of Regulation S-X.
PIONEER FUNDS
APPROVAL OF AUDIT, AUDIT-RELATED, TAX AND OTHER SERVICES
PROVIDED BY THE INDEPENDENT AUDITOR
SECTION I - POLICY PURPOSE AND APPLICABILITY
The Pioneer Funds recognize the importance of maintaining the independence of
their outside auditors. Maintaining independence is a shared responsibility
involving Pioneer Investment Management, Inc ("PIM"), the audit committee and
the independent auditors.
The Funds recognize that a Fund's independent auditors: 1) possess knowledge of
the Funds, 2) are able to incorporate certain services into the scope of the
audit, thereby avoiding redundant work, cost and disruption of Fund personnel
and processes, and 3) have expertise that has value to the Funds. As a result,
there are situations where it is desirable to use the Fund's independent
auditors for services in addition to the annual audit and where the potential
for conflicts of interests are minimal. Consequently, this policy, which is
intended to comply with Rule 210.2-01(C)(7), sets forth guidelines and
procedures to be followed by the Funds when retaining the independent audit firm
to perform audit, audit-related tax and other services under those
circumstances, while also maintaining independence.
Approval of a service in accordance with this policy for a Fund shall also
constitute approval for any other Fund whose pre-approval is required pursuant
to Rule 210.2-01(c)(7)(ii).
In addition to the procedures set forth in this policy, any non-audit services
that may be provided consistently with Rule 210.2-01 may be approved by the
Audit Committee itself and any pre-approval that may be waived in accordance
with Rule 210.2-01(c)(7)(i)(C) is hereby waived.
Selection of a Fund's independent auditors and their compensation shall be
determined by the Audit Committee and shall not be subject to this policy.
SECTION II - POLICY
---------------- -------------------------------- -------------------------------------------------
SERVICE SERVICE CATEGORY DESCRIPTION SPECIFIC PRE-APPROVED SERVICE SUBCATEGORIES
CATEGORY
---------------- -------------------------------- -------------------------------------------------
I. AUDIT Services that are directly o Accounting research assistance
SERVICES related to performing the o SEC consultation, registration
independent audit of the Funds statements, and reporting
o Tax accrual related matters
o Implementation of new accounting
standards
o Compliance letters (e.g. rating agency
letters)
o Regulatory reviews and assistance
regarding financial matters
o Semi-annual reviews (if requested)
o Comfort letters for closed end
offerings
---------------- -------------------------------- -------------------------------------------------
II. Services which are not o AICPA attest and agreed-upon procedures
AUDIT-RELATED prohibited under Rule o Technology control assessments
SERVICES 210.2-01(C)(4) (the "Rule") o Financial reporting control assessments
and are related extensions of o Enterprise security architecture
the audit services support the assessment
audit, or use the
knowledge/expertise gained
from the audit procedures as a
foundation to complete the
project. In most cases, if
the Audit-Related Services are
not performed by the Audit
firm, the scope of the Audit
Services would likely
increase. The Services are
typically well-defined and
governed by accounting
professional standards (AICPA,
SEC, etc.)
---------------- -------------------------------- -------------------------------------------------
------------------------------------- ------------------------------------
AUDIT COMMITTEE APPROVAL POLICY AUDIT COMMITTEE
REPORTING POLICY
------------------------------------- ------------------------------------
o "One-time" pre-approval o A summary of all such
for the audit period for all services and related fees
pre-approved specific service reported at each regularly
subcategories. Approval of the scheduled Audit Committee
independent auditors as meeting.
auditors for a Fund shall
constitute pre approval for
these services.
------------------------------------- ------------------------------------
o "One-time" pre-approval o A summary of all such
for the fund fiscal year within services and related fees
a specified dollar limit (including comparison to
for all pre-approved specified dollar limits)
specific service subcategories reported quarterly.
o Specific approval is
needed to exceed the
pre-approved dollar limit for
these services (see general
Audit Committee approval policy
below for details on obtaining
specific approvals)
o Specific approval is
needed to use the Fund's
auditors for Audit-Related
Services not denoted as
"pre-approved", or
to add a specific service
subcategory as "pre-approved"
------------------------------------- ------------------------------------
SECTION III - POLICY DETAIL, CONTINUED
----------------------- --------------------------- -----------------------------------------------
SERVICE CATEGORY SERVICE CATEGORY SPECIFIC PRE-APPROVED SERVICE SUBCATEGORIES
DESCRIPTION
----------------------- --------------------------- -----------------------------------------------
III. TAX SERVICES Services which are not o Tax planning and support
prohibited by the Rule, o Tax controversy assistance
if an officer of the Fund o Tax compliance, tax returns, excise
determines that using the tax returns and support
Fund's auditor to provide o Tax opinions
these services creates
significant synergy in
the form of efficiency,
minimized disruption, or
the ability to maintain a
desired level of
confidentiality.
----------------------- --------------------------- -----------------------------------------------
------------------------------------- -------------------------
AUDIT COMMITTEE APPROVAL POLICY AUDIT COMMITTEE
REPORTING POLICY
------------------------------------- -------------------------
------------------------------------- -------------------------
o "One-time" pre-approval o A summary of
for the fund fiscal year all such services and
within a specified dollar limit related fees
(including comparison
to specified dollar
limits) reported
quarterly.
o Specific approval is
needed to exceed the
pre-approved dollar limits for
these services (see general
Audit Committee approval policy
below for details on obtaining
specific approvals)
o Specific approval is
needed to use the Fund's
auditors for tax services not
denoted as pre-approved, or to add a specific
service subcategory as
"pre-approved"
------------------------------------- -------------------------
SECTION III - POLICY DETAIL, CONTINUED
----------------------- --------------------------- -----------------------------------------------
SERVICE CATEGORY SERVICE CATEGORY SPECIFIC PRE-APPROVED SERVICE SUBCATEGORIES
DESCRIPTION
----------------------- --------------------------- -----------------------------------------------
IV. OTHER SERVICES Services which are not o Business Risk Management support
prohibited by the Rule, o Other control and regulatory
A. SYNERGISTIC, if an officer of the Fund compliance projects
UNIQUE QUALIFICATIONS determines that using the
Fund's auditor to provide
these services creates
significant synergy in
the form of efficiency,
minimized disruption,
the ability to maintain a
desired level of
confidentiality, or where
the Fund's auditors
posses unique or superior
qualifications to provide
these services, resulting
in superior value and
results for the Fund.
----------------------- --------------------------- -----------------------------------------------
--------------------------------------- ------------------------
AUDIT COMMITTEE APPROVAL POLICY AUDIT COMMITTEE
REPORTING POLICY
------------------------------------- --------------------------
o "One-time" pre-approval o A summary of
for the fund fiscal year within all such services and
a specified dollar limit related fees
(including comparison
to specified dollar
limits) reported
quarterly.
o Specific approval is
needed to exceed the
pre-approved dollar limits for
these services (see general
Audit Committee approval policy
below for details on obtaining
specific approvals)
o Specific approval is
needed to use the Fund's
auditors for "Synergistic" or
"Unique Qualifications" Other
Services not denoted as
pre-approved to the left, or to
add a specific service
subcategory as "pre-approved"
------------------------------------- --------------------------
SECTION III - POLICY DETAIL, CONTINUED
----------------------- ------------------------- -----------------------------------------------
SERVICE CATEGORY SERVICE CATEGORY SPECIFIC PROHIBITED SERVICE SUBCATEGORIES
DESCRIPTION
----------------------- ------------------------- -----------------------------------------------
PROHIBITED SERVICES Services which result 1. Bookkeeping or other services
in the auditors losing related to the accounting records or
independence status financial statements of the audit
under the Rule. client*
2. Financial information systems design
and implementation*
3. Appraisal or valuation services,
fairness* opinions, or
contribution-in-kind reports
4. Actuarial services (i.e., setting
actuarial reserves versus actuarial
audit work)*
5. Internal audit outsourcing services*
6. Management functions or human
resources
7. Broker or dealer, investment
advisor, or investment banking services
8. Legal services and expert services
unrelated to the audit
9. Any other service that the Public
Company Accounting Oversight Board
determines, by regulation, is
impermissible
----------------------- ------------------------- -----------------------------------------------
------------------------------------------- ------------------------------
AUDIT COMMITTEE APPROVAL POLICY AUDIT COMMITTEE
REPORTING POLICY
------------------------------------------- ------------------------------
o These services are not to be o A summary of all
performed with the exception of the(*) services and related
services that may be permitted fees reported at each
if they would not be subject to audit regularly scheduled
procedures at the audit client (as Audit Committee meeting
defined in rule 2-01(f)(4)) level will serve as continual
the firm providing the service. confirmation that has
not provided any
restricted services.
------------------------------------------- ------------------------------
--------------------------------------------------------------------------------
GENERAL AUDIT COMMITTEE APPROVAL POLICY:
o For all projects, the officers of the Funds and the Fund's auditors will each
make an assessment to determine that any proposed projects will not impair
independence.
o Potential services will be classified into the four non-restricted service
categories and the "Approval of Audit, Audit-Related, Tax and Other
Services" Policy above will be applied. Any services outside the specific
pre-approved service subcategories set forth above must be specifically
approved by the Audit Committee.
o At least quarterly, the Audit Committee shall review a report summarizing the
services by service category, including fees, provided by the Audit firm as
set forth in the above policy.
--------------------------------------------------------------------------------
(2) Disclose the percentage of services described in each of paragraphs (b)
through (d) of this Item that were approved by the audit committee pursuant
to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.
N/A
(f) If greater than 50 percent, disclose the percentage of hours expended on the
principal accountants engagement to audit the registrant's financial statements
for the most recent fiscal year that were attributed to work performed by
persons other than the principal accountant's full-time, permanent employees.
N/A
(g) Disclose the aggregate non-audit fees billed by the registrants accountant
for services rendered to the registrant, and rendered to the registrants
investment adviser (not including any sub-adviser whose role is primarily
portfolio management and is subcontracted with or overseen by another investment
adviser), and any entity controlling, controlled by, or under common control
with the adviser that provides ongoing services to the registrant for each of
the last two fiscal years of the registrant.
N/A
(h) Disclose whether the registrants audit committee of the board of trustees
has considered whether the provision of non-audit services that were rendered to
the registrants investment adviser (not including any subadviser whose role is
primarily portfolio management and is subcontracted with or overseen by another
investment adviser), and any entity controlling, controlled by, or under common
control with the investment adviser that provides ongoing services to the
registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of
Rule 2-01 of Regulation S-X is compatible with maintaining the principal
accountant's independence.
N/A
ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS
(a) If the registrant is a listed issuer as defined in Rule 10A-3
under the Exchange Act (17 CFR 240.10A-3), state whether
or not the registrant has a separately-designated standing
audit committee established in accordance with Section
3(a)(58)(A) of the Exchange Act (15 U.S.C. 78c(a)(58)(A)).
If the registrant has such a committee, however designated,
identify each committee member. If the entire board of directors
is acting as the registrant's audit committee as specified in
Section 3(a)(58)(B) of the Exchange Act (15 U.S.C. 78c(a)(58)(B)),
so state.
N/A
(b) If applicable, provide the disclosure required by Rule 10A-3(d)
under the Exchange Act (17 CFR 240.10A-3(d)) regarding an exemption
from the listing standards for audit committees.
N/A
ITEM 6. SCHEDULE OF INVESTMENTS.
File Schedule of Investments in securities of unaffiliated issuers
as of the close of the reporting period as set forth in 210.1212
of Regulation S-X [17 CFR 210.12-12], unless the schedule is
included as part of the report to shareholders filed under Item
1 of this Form.
Included in Item 1
ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR
CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
A closed-end management investment company that is filing an annual report on
this Form N-CSR must, unless it invests exclusively in non-voting securities,
describe the policies and procedures that it uses to determine how to vote
proxies relating to portfolio securities, including the procedures that the
company uses when a vote presents a conflict between the interests of its
shareholders, on the one hand, and those of the company's investment adviser;
principal underwriter; or any affiliated person (as defined in Section 2(a)(3)
of the Investment Company Act of 1940 (15 U.S.C. 80a-2(a)(3)) and the rules
thereunder) of the company, its investment adviser, or its principal
underwriter, on the other. Include any policies and procedures of the company's
investment adviser, or any other third party, that the company uses, or that are
used on the company's behalf, to determine how to vote proxies relating to
portfolio securities.
Not applicable to open-end management investment companies.
ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
(a) If the registrant is a closed-end management investment company that
is filing an annual report on this Form N-CSR,provide the following
information:
(1) State the name, title, and length of service of the person or persons
employed by or associated with the registrant or an investment adviser
of the registrant who are primarily responsible for the day-to-day management
of the registrant's portfolio ("Portfolio Manager"). Also state each Portfolio
Manager's business experience during the past 5 years.
Not applicable to open-end management investment companies.
ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT
INVESTMENT COMPANY AND AFFILIATED PURCHASERS.
(a) If the registrant is a closed-end management investment company,
in the following tabular format, provide the information specified in
paragraph (b) of this Item with respect to any purchase made by or on
behalf of the registrant or any affiliated purchaser, as defined in
Rule 10b-18(a)(3) under the Exchange Act (17 CFR 240.10b-18(a)(3)), of
shares or other units of any class of the registrant's equity securities
that is registered by the registrant pursuant to Section 12 of the
Exchange Act (15 U.S.C. 781).
Not applicable to open-end management investment companies.
ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.
Describe any material changes to the procedures by which shareholders
may recommend nominees to the registrant's board of directors, where
those changes were implemented after the registrant last provided
disclosure in response to the requirements of Item 407(c)(2)(iv) of
Regulation S-R(17 CFR 229.407)(as required by Item 22(b)(15))
of Schedule 14A (17 CFR 240.14a-101), or this Item.
There have been no material changes to the procedures by which the
shareholders may recommend nominees to the registrant's board of
directors since the registrant last provided disclosure in response
to the requirements of Item 407(c)(2)(iv) of Regulation S-R of Schedule 14(A)
in its definitive proxy statement, or this item.
ITEM 11. CONTROLS AND PROCEDURES.
(a) Disclose the conclusions of the registrant's principal executive and
principal financials officers, or persons performing similar functions,
regarding the effectiveness of the registrant's disclosure
controls and procedures (as defined in Rule 30a-3(c) under the Act (17 CFR
270.30a-3(c))) as of a date within 90 days of the filing date of the report
that includes the disclosure required by this paragraph,
based on the evaluation of these controls and procedures required by Rule
30a-3(b) under the Act (17 CFR 270.30(a)-3(b) and Rules 13a-15(b) or 15d-15(b)
under the Exchange Act (17 CFR 240.13a-15(b) or 240.15d-15(b)).
The registrant's principal executive officer
and principal financial officer have
concluded that the registrant's disclosure
controls and procedures are effective based
on the evaluation of these controls and
procedures as of a date within 90 days of the
filing date of this report.
(b) Disclose any change in the registrant's internal control over financial
reporting (as defined in Rule 30a-3(d) under the Act (17CFR 270.30a-3(d)) that
occured during the second fiscal quarter of the period covered by this report
that has materially affected, or is reasonably likely to materially affect,
the registrant's internal control over financial reporting.
There were no significant changes in the
registrant's internal control over financial
reporting that occurred during the second
fiscal quarter of the period covered by this
report that have materially affected, or are
reasonably likely to materially affect, the
registrant's internal control over financial
reporting.
The registrant's principal executive officer and principal financial
officer, however, voluntarily are reporting the following information:
In August of 2006 the registrant's investment adviser
enhanced its internal procedures for reporting performance
information required to be included in prospectuses.
Those enhancements involved additional internal controls
over the appropriateness of performance data
generated for this purpose. Such enhancements were made
following an internal review which identified
prospectuses relating to certain classes of shares of
a limited number of registrants where, inadvertently,
performance information not reflecting the deduction of
applicable sales charges was included. Those prospectuses
were revised, and the revised prospectuses were distributed to
shareholders.
ITEM 12. EXHIBITS.
(a) File the exhibits listed below as part of this Form. Letter or number the
exhibits in the sequence indicated.
(1) Any code of ethics, or amendment thereto, that is the subject of the
disclosure required by Item 2, to the extent that the registrant intends to
satisfy the Item 2 requirements through filing of an exhibit.
(2) A separate certification for each principal executive officer and principal
financial officer of the registrant as required by Rule 30a-2(a) under the Act
(17 CFR 270.30a-2(a)) , exactly as set forth below:
Filed herewith.
SIGNATURES
[See General Instruction F]
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, the registrant has duly caused this report to be
signed on its behalf by the undersigned, thereunto duly authorized.
(Registrant) Pioneer High Yield Fund
By (Signature and Title)* /s/ Lisa M. Jones
Lisa M. Jones, President & Chief Executive Officer
Date June 27, 2017
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, this report has been signed below by the
following persons on behalf of the registrant and in the capacities and on the
dates indicated.
By (Signature and Title)* /s/ Lisa M. Jones
Lisa M. Jones, President & Chief Executive Officer
Date June 27, 2017
By (Signature and Title)* /s/ Mark E. Bradley
Mark E. Bradley, Treasurer & Chief Accounting & Financial Officer
Date June 27, 2017
* Print the name and title of each signing officer under his or her signature.