UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-09685
Pioneer High Yield Fund
(Exact name of registrant as specified in charter)
60 State Street, Boston, MA 02109
(Address of principal executive offices) (ZIP code)
Terrence J. Cullen, Amundi Pioneer Asset Management, Inc.,
60 State Street, Boston, MA 02109
(Name and address of agent for service)
Registrant's telephone number, including area code: (617) 742-7825
Date of fiscal year end: October 31
Date of reporting period: November 1, 2016 through October 31, 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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Annual Report | October 31, 2017
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Ticker Symbols:
Class A TAHYX
Class C PYICX
Class R TYHRX
Class Y TYHYX
[LOGO] Amundi Pioneer
==============
ASSET MANAGEMENT
visit us: www.amundipioneer.com
Table of Contents
President's Letter 2
Portfolio Management Discussion 4
Portfolio Summary 9
Prices and Distributions 10
Performance Update 11
Comparing Ongoing Fund Expenses 15
Schedule of Investments 17
Financial Statements 45
Notes to Financial Statements 53
Report of Independent Registered Public Accounting Firm 69
Additional Information 70
Trustees, Officers and Service Providers 73
Pioneer High Yield Fund | Annual Report | 10/31/17 1
President's Letter
Robust, synchronized global economic growth and rising corporate profits have
continued to drive strong performance in both the credit and equity markets for
most of 2017. U.S. stocks, as measured by the Standard & Poor's 500 Index,
returned 14.23% through the end of the third quarter. Fixed-income markets,
while not generating the same dazzling returns as equities, held their own, led
by high-yield securities, which produced a return of 7.05% in the U.S., as
measured by the Bank of America Merrill Lynch U.S. High Yield Index. Meanwhile,
the Bloomberg Barclays U.S. Aggregate Bond Index returned 3.14% over the first
three quarters of the calendar year.
Continued strong employment numbers and higher consumer confidence, together
with solid global economic growth and a depreciating U.S. dollar contributed to
better-than-expected U.S. gross domestic product (GDP) growth of more than 3% in
both the second and third quarters. Outside the U.S., economic growth in the
second quarter also surprised to the upside across the Euro zone, China, and
Japan. Meanwhile, despite higher oil and commodities prices, inflation continued
to be moderate, both in the U.S. and globally, enabling major non-U.S. central
banks to maintain their easy monetary policies. As expected, however, the U.S.
Federal Reserve System (the Fed) recently announced that it would commence
tapering its balance sheet this October. The Fed also appears primed to raise
interest rates one more time before the end of this year, which would be the
fourth rate increase since December of 2016.
As we move into the final months of 2017, we believe the U.S. economy will
experience modest growth in the short term, depending on the mix of economic
policies enacted as the country moves away from monetary stimulus (driven by the
Fed) and toward fiscal stimulus (potentially including tax reform) as well as
lighter regulatory burdens. Meanwhile, corporate earnings remain solid and we
think they will improve even further, despite the possibility of some pressure
from wage increases. In addition, it is our view that the economy will continue
to grow and that we may begin to see a modest upturn in inflation. In that
scenario, we anticipate that the Fed will continue to raise interest rates.
While economic and market conditions appear solid, there are always risks to
consider that could dampen the outlook. Geopolitical concerns, such as increased
tensions with North Korea, and continued political gridlock in Washington are
just some of the risks that could lead to increased market volatility.
2 Pioneer High Yield Fund | Annual Report | 10/31/17
It is for those reasons that we at Amundi Pioneer continue to believe that
investors can benefit from the experience and tenure of our investment teams who
make active and informed decisions across our funds.
As always, and particularly during times of market uncertainty, we encourage you
to work with your financial advisor to develop an overall investment plan that
addresses both your short- and long-term goals, and to implement such a plan in
a disciplined manner.
We greatly appreciate the trust you have placed in us and look forward to
continuing to serve you in the future.
Sincerely,
/s/ Lisa M. Jones
Lisa M. Jones
Head of the Americas, President and CEO of U.S.
Amundi Pioneer Asset Management USA, Inc.
October 31, 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 | Annual Report | 10/31/17 3
Portfolio Management Discussion | 10/31/17
In the following discussion, portfolio managers Tracy Wright, Andrew Feltus, and
Matthew Shulkin discuss the factors that affected the performance of Pioneer
High Yield Fund during the 12-month period ended October 31, 2017. Ms. Wright,
lead portfolio manager of the Fund, a senior vice president, and a portfolio
manager at Amundi Pioneer Asset Management, Inc. ("Amundi Pioneer"), Mr. Feltus,
Co-Director of High Yield, a senior vice president, and a portfolio manager at
Amundi Pioneer, and Mr. Shulkin, a vice president and a portfolio manager at
Amundi Pioneer, are responsible for the day-to-day management of the Fund. (Mr.
Shulkin became a portfolio manager for the Fund on October 1, 2017).
Q How did the Fund perform during the 12-month period ended October 31, 2017?
A Pioneer High Yield Fund's Class A shares returned 9.05% at net asset value
during the 12-month period ended October 31, 2017, while the Fund's
benchmarks, the ICE Bank of America Merrill Lynch (BofA ML) U.S. High Yield
Index and the ICE BofA ML All-Convertibles Speculative Quality Index,
returned 9.14% and 20.40%, respectively. During the same period, the
average return of the 665 mutual funds in Lipper's High Yield Funds
category was 7.94%, and the average return of the 698 mutual funds in
Morningstar's High Yield Bond Funds category was 7.93%.
Q Could you please describe the market environment for high-yield bonds
during the 12-month period ended October 31, 2017?
A While returns in the investment-grade fixed-income market were modest given
the rise in interest rates during the period, high-yield bonds in aggregate
provided strong, positive returns. Near the beginning of the period, market
sentiment regarding both credit and interest rates rose sharply in the
immediate aftermath of the November 2016 U.S. elections. With Republicans
poised to control the White House and both houses of Congress, financial
markets appeared to anticipate higher economic growth and increased
inflation going forward. U.S. Treasury yields bumped higher over November
and December 2016, and credit spreads tightened, leading high-yield issues
to outperform the investment-grade segments of the bond market, which are
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 market trends continued into March of 2017, when a decline in oil
prices and inflation expectations halted the rise in Treasury rates.
Nonetheless, on the heels of data suggesting a significant strengthening of
4 Pioneer High Yield Fund | Annual Report | 10/31/17
domestic employment conditions, the Federal Reserve (the Fed)
implemented a modest 25 basis point (0.25%) hike in short-term rates at
its mid-March meeting, the third such action on interest rates taken by the
Fed since December of 2015. Caught somewhat off-guard in the run-up to
the rate increase, the markets ultimately came to interpret the Fed's move
as confirming a positive outlook for economic growth. March 2017 also
saw the Republicans apparently surrender in their 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, market sentiment towards
credit-sensitive asset classes quickly stabilized.
In fact, as the period progressed, positive sentiment with respect to
credit-sensitive areas of the bond market continued to receive support from
generally positive economic data releases. Despite indications that
inflation was running below its 2% target, the Fed implemented its second
rate hike of the calendar year in June, increasing the federal funds rate
target range by another 0.25%, to between 1.00% and 1.25%. With few signs of
inflationary pressure despite recent improvements in the labor market, the
Fed remained on hold at its next two meetings with respect to its benchmark
short-term lending rate. In September, however, the Fed announced that it
would begin the gradual tapering of its holdings of mortgage-backed
securities and Treasuries in October of 2017 -- securities the Fed had
purchased during its multiple quantitative easing programs between 2008 and
2014. The Fed's announcement of an actual launch date for its balance sheet
tapering merely affirmed the market's long-term expectations, however, and
so it generated a muted reaction from investors.
Q Can you review the Fund's principal strategies during the 12-month
period ended October 31, 2017, and the degree to which they added to or
detracted from benchmark-relative returns?
A We continued to maintain non-benchmark allocations to equities and
convertible bonds in the portfolio, with a focus on sectors not well
represented within the high-yield bond universe, or where we found
valuations better than valuations within high yield. Against a backdrop of
optimism over the economy, those Fund positions had a positive impact on
benchmark-relative results over the 12 months. Within convertibles, the top
contributions came from holdings in the basic industry, technology, and
health care sectors. In terms of individual names, the convertible bonds of
wire and cable manufacturer General Cable performed well during the
period, due to speculation that the company could be an acquisition
candidate. Within equities, the Fund's holdings in the health care,
industrials, and financials sectors contributed positively to relative
returns, led by positions in a pair of managed care providers, Aetna and
Cigna. An
Pioneer High Yield Fund | Annual Report | 10/31/17 5
overweight position in the perpetual preferred securities of the Royal Bank
of Scotland also benefited the Fund's performance, as the company's debt
received an upgrade to investment-grade status during the period.
An out-of-benchmark portfolio allocation to floating-rate bank loans acted
as a constraint on the Fund's benchmark-relative performance, as loan
returns lagged the performance of high-yield bonds during the 12-month
period. Another detractor from the Fund's relative returns was a position in
event-linked securities sponsored by insurance companies seeking to transfer
some of the risk of having to pay claims after a natural disaster. In
particular, so-called "catastrophe" bonds hurt the Fund's performance during
the period. Catastrophe bonds have been a valuable source of
diversification* and incremental income in the Fund's portfolio for a number
of years, but the asset class struggled during the period in the wake of a
severe Atlantic hurricane season, which generated numerous insurance claims.
We continue to view a modest tactical exposure to out-of-benchmark segments,
including loans and catastrophe bonds, as helping to improve the Fund's
long-term total return profile.
With regard to industry weightings within the high-yield market, the Fund's
below-benchmark position in the retail sector aided benchmark-relative
performance, as the segment was the biggest laggard within high yield during
the period, due to investor concerns over secular changes with respect to
consumer spending trends.
As for sector selection, results within the Fund's core allocation to
high-yield bonds added modestly to benchmark-relative performance during the
period, with the strongest returns coming from holdings in the leisure,
banking, and health care segments. Conversely, security selection results
within telecommunication services and transportation detracted from
benchmark-relative returns.
In terms of individual portfolio positions within high yield, the debt of
casino-gaming products company Scientific Games International led the
positive contributors to benchmark-relative performance during the period,
as a change in management led to restructuring initiatives and improved
operating results. In addition, our decision to add Fund exposure to Valeant
Pharmaceuticals - after its debt experienced a severe sell-off - aided
relative returns as the company's efforts to sell assets and pay down debt
supported the bond's performance. By contrast, positions in the bonds of
transport company Jack Cooper and retailer PetSmart detracted from the
Fund's benchmark-relative returns, as did positions in the bonds of a range
of wireline providers within telecommunication services, as the segment
suffered from secular pressures.
* Diversification does not assure a profit nor protect against loss.
6 Pioneer High Yield Fund | Annual Report | 10/31/17
Finally, with regard to portfolio quality, the Fund's relative performance
was constrained by its below-benchmark exposures to lower-quality
CCC-rated and distressed issues, as that area of the market rose notably on
the post-election surge in credit-market sentiment. That segment tends to
benefit the most in a market featuring a low default outlook.
Q Can you discuss the factors that affected the Fund's income-generation for
its shareholders during the 12-month period ended October 31, 2017?
A The Fund's income-generation remained relatively stable over the 12 months.
While the portfolio's positions in convertible securities and common stock
resulted in a lower yield as compared with a portfolio composed entirely of
high-yield bonds, we view those non-benchmark allocations as helping to
improve the Fund's total return profile.
Q What role did derivatives play in the Fund's investment process and results
during the 12-month period ended October 31, 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 that would enable us to
make opportunistic purchases and help meet any unanticipated shareholder
redemptions. The Fund's derivatives strategy had a neutral impact on
relative performance.
Q What is your assessment of the current climate for fixed-income investing?
A The default rate for high-yield bonds remains well below historical
averages, and we maintain a constructive outlook with respect to the U.S.
economy and overall corporate credit fundamentals. Within high yield, we
increased the Fund's energy weighting earlier in the year, while trimming
exposure to the banking and basic industry areas of the market. In addition,
we have modestly reduced the Fund's exposure to convertibles due to
valuation concerns in the wake of recent, strong performance from the
asset class.
As for the nation's policymakers, we will be closely monitoring the progress
of the Trump administration's proposals in such areas as taxation,
infrastructure spending, and health care. The tapering of the Fed's bond
portfolio should inevitably lead to some tightening of credit conditions;
however, the expectation continues to be that the Fed's interest-rate-hiking
cycle will be gradual and measured in nature.
We view the overall composition of the high-yield market as healthy, with
an improving quality profile across a range of industries. While high-yield
valuations are somewhat extended, we believe overall conditions remain
supportive of the asset class, and we believe the Fund's portfolio is
positioned accordingly.
Pioneer High Yield Fund | Annual Report | 10/31/17 7
Please refer to the Schedule of Investments on pages 17-44 for a full listing of
Fund securities.
All investments are subject to risk, including the possible loss of principal.
In the past several years, financial markets have experienced increased
volatility, depressed valuations, decreased liquidity and heightened
uncertainty. These conditions may continue, recur, worsen or spread.
Investments in high-yield or lower-rated securities are subject to greater-than-
average price volatility, illiquidity and possibility of default.
When interest rates rise, the prices of fixed-income securities in the Fund will
generally fall. Conversely, when interest rates fall, the prices of fixed-income
securities in the Fund will generally rise.
Investments in the Fund are subject to possible loss due to the financial
failure of issuers of underlying securities and their inability to meet their
debt obligations.
Prepayment risk is the chance that an issuer may exercise its right to prepay
its security, if falling interest rates prompt the issuer to do so. Forced to
reinvest the unanticipated proceeds at lower interest rates, the Fund would
experience a decline in income and lose the opportunity for additional price
appreciation.
The portfolio may invest in mortgage-backed securities, which during times of
fluctuating interest rates may increase or decrease more than other fixed-income
securities. Mortgage-backed securities are also subject to prepayments.
The Fund may use derivatives, such as options, futures, inverse floating rate
obligations, swaps, and others, which can be illiquid, may disproportionately
increase losses, and have a potentially large impact on Fund performance.
Derivatives may have a leveraging effect on the Fund.
At times, the Fund's investments may represent industries or industry sectors
that are interrelated or have common risks, making it more susceptible to any
economic, political, or regulatory developments or other risks affecting those
industries and sectors.
These risks may increase share price volatility.
Before investing, consider the product's investment objectives, risks, charges
and expenses. Contact your advisor or Amundi Pioneer Asset Management, Inc., for
a prospectus or summary prospectus containing this information. Read it
carefully.
Any information in this shareholder report regarding market or economic trends
or the factors influencing the Fund's historical or future performance are
statements of opinion as of the date of this report. Past performance is no
guarantee of future results.
8 Pioneer High Yield Fund | Annual Report | 10/31/17
Portfolio Summary | 10/31/17
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 62.1%
International Corporate Bonds 9.9%
Convertible Corporate Bonds 9.4%
Senior Secured Floating Rate Loan Interests 5.2%
U.S. Government and Agency Obligations 4.1%
U.S. Common Stocks 3.7%
Collateralized Mortgage Obligations 2.0%
Convertible Preferred Stocks 1.5%
Temporary Cash Investments 1.3%
U.S. Preferred Stocks 0.3%
International Common Stocks 0.3%
Asset Backed Securities 0.2%
Rights/Warrants 0.0%+
* Includes investments in Insurance Linked Securities totaling 2.8% of total
investment portfolio.
+ Amount rounds to less than 0.1%.
10 Largest Holdings
--------------------------------------------------------------------------------
(As a percentage of total long-term holdings)**
1. Sprint Corp., 7.25%, 9/15/21 2.14%
---------------------------------------------------------------------------------------------------------
2. VRX Escrow Corp., 5.875%, 5/15/23 (144A) 1.47
---------------------------------------------------------------------------------------------------------
3. U.S. Treasury Floating Rate Note, 1.323% (3 Month Treasury Yield + 19 bps), 4/30/18 1.37
---------------------------------------------------------------------------------------------------------
4. HCA, Inc., 5.375%, 2/1/25 1.37
---------------------------------------------------------------------------------------------------------
5. U.S. Treasury Bill, 11/2/17 1.24
---------------------------------------------------------------------------------------------------------
6. Crown Cork & Seal Co., Inc., 7.375%, 12/15/26 1.13
---------------------------------------------------------------------------------------------------------
7. KB Home, 7.0%, 12/15/21 1.00
---------------------------------------------------------------------------------------------------------
8. Lennar Corp., 4.75%, 11/15/22 0.88
---------------------------------------------------------------------------------------------------------
9. Videotron, Ltd., 5.375%, 6/15/24 (144A) 0.81
---------------------------------------------------------------------------------------------------------
10. Wells Fargo & Co., 7.5% 0.79
---------------------------------------------------------------------------------------------------------
** 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 | Annual Report | 10/31/17 9
Prices and Distributions | 10/31/17
Net Asset Value per Share
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--------------------------------------------------------------------------------
Class 10/31/17 10/31/16
--------------------------------------------------------------------------------
A $ 9.80 $ 9.43
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C $10.01 $ 9.63
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R $11.09 $10.68
--------------------------------------------------------------------------------
Y $ 9.81 $ 9.44
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Distributions per Share: 11/1/16-10/31/17
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Net
Investment Short-Term Long-Term
Class Income Capital Gains Capital Gains
--------------------------------------------------------------------------------
A $0.4672 $-- $--
--------------------------------------------------------------------------------
C $0.4055 $-- $--
--------------------------------------------------------------------------------
R $0.4827 $-- $--
--------------------------------------------------------------------------------
Y $0.4938 $-- $--
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Index Definitions
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The ICE Bank of America (BofA) Merrill Lynch (ML) U.S. High Yield Index is an
unmanaged, commonly accepted measure of the performance of high-yield
securities. The ICE Bank of America (BofA) Merrill Lynch (ML) All- Convertibles
Speculative Quality Index is an unmanaged index of high-yield U.S. convertible
securities. Index returns are calculated monthly, assume reinvestment of
dividends and, unlike fund returns, do not reflect any fees, expense or sales
charges. It is not possible to invest directly in an index.
The indices defined here pertain to the "Value of $10,000 Investment" and the
"Value of $5 Million Investment" charts on pages 11-14.
10 Pioneer High Yield Fund | Annual Report | 10/31/17
Performance Update | 10/31/17 Class A Shares
Investment Returns
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The mountain chart on the right shows the change in value of a $10,000
investment made in Class A shares of Pioneer High Yield Fund at public offering
price during the periods shown, compared to that of the ICE Bank of America
(BofA) Merrill Lynch (ML) U.S. High Yield Index and the ICE BofA ML
All-Convertibles Speculative Quality Index.
Average Annual Total Returns
(As of October 31, 2017)
--------------------------------------------------------------------------------
ICE ICE
Net Public BofA ML BofA ML All-
Asset Offering U.S. High Convertibles
Value Price Yield Speculative
Period (NAV) (POP) Index Quality Index
--------------------------------------------------------------------------------
10 years 5.52% 5.04% 7.69% 6.70%
5 years 5.87 4.91 6.29 10.47
1 year 9.05 4.19 9.14 20.40
--------------------------------------------------------------------------------
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 ICE BofA ML U.S. ICE BofA ML All Convertibles
Yield Fund High Yield Index Speculative Quality Index
10/07 $ 9,550 $10,000 $10,000
10/08 $ 6,469 $ 7,348 $ 5,307
10/09 $ 8,914 $10,934 $ 8,322
10/10 $10,666 $13,039 $10,519
10/11 $11,007 $13,667 $10,585
10/12 $12,290 $15,468 $11,620
10/13 $13,952 $16,834 $14,227
10/14 $14,401 $17,818 $15,758
10/15 $13,973 $17,453 $14,784
10/16 $14,992 $19,227 $15,881
10/17 $16,349 $20,984 $19,120
Call 1-800-225-6292 or visit www.amundipioneer.com for the most recent month-end
performance results. Current performance may be lower or higher than the
performance data quoted.
The performance data quoted represents past performance, which is no guarantee
of future results. Investment return and principal value will fluctuate, and
shares, when redeemed, may be worth more or less than their original cost.
NAV results represent the percent change in net asset value per share. POP
returns reflect deduction of maximum 4.50% sales charge. NAV returns would have
been lower had sales charges been reflected. All results are historical and
assume the reinvestment of dividends and capital gains. Other share classes are
available for which performance and expenses will differ.
Performance results reflect any applicable expense waivers in effect during the
periods shown. Without such waivers Fund performance would be lower. Waivers may
not be in effect for all funds. Certain fee waivers are contractual through a
specified period. Otherwise, fee waivers can be rescinded at any time. See the
prospectus and financial statements for more information.
The performance table and graph do not reflect the deduction of fees and taxes
that a shareowner would pay on Fund distributions or the redemption of Fund
shares.
Please refer to the financial highlights for a more current expense ratio.
Pioneer High Yield Fund | Annual Report | 10/31/17 11
Performance Update | 10/31/17 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 ICE Bank of America (BofA) Merrill
Lynch (ML) U.S. High Yield Index and the ICE BofA ML All-Convertibles
Speculative Quality Index.
Average Annual Total Returns
(As of October 31, 2017)
--------------------------------------------------------------------------------
ICE ICE
BofA ML BofA ML All-
U.S. High Convertibles
If If Yield Speculative
Period Held Redeemed Index Quality Index
--------------------------------------------------------------------------------
10 years 4.81% 4.81% 7.69% 6.70%
5 years 5.15 5.15 6.29 10.47
1 year 8.29 8.29 9.14 20.40
--------------------------------------------------------------------------------
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 ICE BofA ML U.S. ICE BofA ML All Convertibles
Yield Fund High Yield Index Speculative Quality Index
10/07 $10,000 $10,000 $10,000
10/08 $ 6,722 $ 7,348 $ 5,307
10/09 $ 9,210 $10,934 $ 8,322
10/10 $10,941 $13,039 $10,519
10/11 $11,224 $13,667 $10,585
10/12 $12,442 $15,468 $11,620
10/13 $14,042 $16,834 $14,227
10/14 $14,381 $17,818 $15,758
10/15 $13,857 $17,453 $14,784
10/16 $14,771 $19,227 $15,881
10/17 $15,996 $20,984 $19,120
Call 1-800-225-6292 or visit www.amundipioneer.com for the most recent month-end
performance results. Current performance may be lower or higher than the
performance data quoted.
The performance data quoted represents past performance, which is no guarantee
of future results. Investment return and principal value will fluctuate, and
shares, when redeemed, may be worth more or less than their original cost.
Class C shares held for less than one year are also subject to a 1% contingent
deferred sales charge (CDSC). "If Held" results represent the percent change in
net asset value per share. "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 | Annual Report | 10/31/17
Performance Update | 10/31/17 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 ICE Bank of America (BofA) Merrill
Lynch (ML) U.S. High Yield Index and the ICE BofA ML All-Convertibles
Speculative Quality Index.
Average Annual Total Returns
(As of October 31, 2017)
--------------------------------------------------------------------------------
ICE ICE
Net BofA ML BofA ML All-
Asset U.S. High Convertibles
Value Yield Speculative
Period (NAV) Index Quality Index
--------------------------------------------------------------------------------
10 years 5.23% 7.69% 6.70%
5 years 5.51 6.29 10.47
1 year 8.50 9.14 20.40
--------------------------------------------------------------------------------
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 ICE BofA ML U.S. ICE BofA ML All Convertibles
Yield Fund High Yield Index Speculative Quality Index
10/07 $10,000 $10,000 $10,000
10/08 $ 6,764 $ 7,348 $ 5,307
10/09 $ 9,316 $10,934 $ 8,322
10/10 $11,116 $13,039 $10,519
10/11 $11,453 $13,667 $10,585
10/12 $12,726 $15,468 $11,620
10/13 $14,410 $16,834 $14,227
10/14 $14,817 $17,818 $15,758
10/15 $14,320 $17,453 $14,784
10/16 $15,339 $19,227 $15,881
10/17 $16,643 $20,984 $19,120
Call 1-800-225-6292 or visit www.amundipioneer.com for the most recent month-end
performance results. Current performance may be lower or higher than the
performance data quoted.
The performance data quoted represents past performance, which is no guarantee
of future results. Investment return and principal value will fluctuate, and
shares, when redeemed, may be worth more or less than their original cost.
Class R shares are not subject to sales charges and are available for limited
groups of eligible investors, including institutional investors. All results are
historical and assume the reinvestment of dividends and capital gains. Other
share classes are available for which performance and expenses will differ.
Performance results reflect any applicable expense waivers in effect during the
periods shown. Without such waivers Fund performance would be lower. Waivers may
not be in effect for all funds. Certain fee waivers are contractual through a
specified period. Otherwise, fee waivers can be rescinded at any time. See the
prospectus and financial statements for more information.
The performance table and graph do not reflect the deduction of fees and taxes
that a shareowner would pay on Fund distributions or the redemption of Fund
shares.
Please refer to the financial highlights for a more current expense ratio.
Pioneer High Yield Fund | Annual Report | 10/31/17 13
Performance Update | 10/31/17 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 ICE Bank of America (BofA) Merrill
Lynch (ML) U.S. High Index and the ICE BofA ML All-Convertibles
Speculative Quality Index.
Average Annual Total Returns
(As of October 31, 2017)
--------------------------------------------------------------------------------
ICE ICE
Net BofA ML BofA ML All-
Asset U.S. High Convertibles
Value Yield Speculative
Period (NAV) Index Quality Index
--------------------------------------------------------------------------------
10 years 5.94% 7.69% 6.70%
5 years 6.21 6.29 10.47
1 year 9.34 9.14 20.40
--------------------------------------------------------------------------------
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 ICE BofA ML U.S. ICE BofA ML All Convertibles
Yield Fund High Yield Index Speculative Quality Index
10/07 $5,000,000 $ 5,000,000 $5,000,000
10/08 $3,410,357 $ 3,674,145 $2,653,720
10/09 $4,726,273 $ 5,466,802 $4,161,189
10/10 $5,678,940 $ 6,519,651 $5,259,623
10/11 $5,880,529 $ 6,833,448 $5,292,303
10/12 $6,587,360 $ 7,734,126 $5,810,135
10/13 $7,507,842 $ 8,416,815 $7,113,416
10/14 $7,774,078 $ 8,909,224 $7,878,809
10/15 $7,564,803 $ 8,726,439 $7,391,778
10/16 $8,141,286 $ 9,613,446 $7,940,288
10/17 $8,901,697 $10,492,190 $9,560,046
Call 1-800-225-6292 or visit www.amundipioneer.com for the most recent month-end
performance results. Current performance may be lower or higher than the
performance data quoted.
The performance data quoted represents past performance, which is no guarantee
of future results. Investment return and principal value will fluctuate, and
shares, when redeemed, may be worth more or less than their original cost.
Class Y shares are not subject to sales charges and are available for limited
groups of eligible investors, including institutional investors. All results are
historical and assume the reinvestment of dividends and capital gains. Other
share classes are available for which performance and expenses will differ.
Performance results reflect any applicable expense waivers in effect during the
periods shown. Without such waivers Fund performance would be lower. Waivers may
not be in effect for all funds. Certain fee waivers are contractual through a
specified period. Otherwise, fee waivers can be rescinded at any time. See the
prospectus and financial statements for more information.
The performance table and graph do not reflect the deduction of fees and taxes
that a shareowner would pay on Fund distributions or the redemption of Fund
shares.
Please refer to the financial highlights for a more current expense ratio.
14 Pioneer High Yield Fund | Annual Report | 10/31/17
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 May 1, 2017, through October 31, 2017.
---------------------------------------------------------------------------------------------------
Share Class A C R Y
---------------------------------------------------------------------------------------------------
Beginning Account $1,000.00 $1,000.00 $1,000.00 $1,000.00
Value on 5/1/17
---------------------------------------------------------------------------------------------------
Ending Account $1,030.04 $1,026.25 $1,027.07 $1,031.41
Value (after expenses)
on 10/31/17
---------------------------------------------------------------------------------------------------
Expenses Paid $ 5.88 $ 9.50 $ 7.97 $ 4.45
During Period*
---------------------------------------------------------------------------------------------------
* Expenses are equal to the Fund's annualized net expense ratio of 1.15%,
1.86%, 1.56% and 0.87% Class A, Class C, Class R and Class Y shares,
respectively, multiplied by the average account value over the period,
multiplied by 184/365 (to reflect the one-half year period).
Pioneer High Yield Fund | Annual Report | 10/31/17 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 May 1, 2017, through October 31, 2017.
---------------------------------------------------------------------------------------------------
Share Class A C R Y
---------------------------------------------------------------------------------------------------
Beginning Account $1,000.00 $1,000.00 $1,000.00 $1,000.00
Value on 5/1/17
---------------------------------------------------------------------------------------------------
Ending Account $1,019.41 $1,015.83 $1,017.34 $1,020.82
Value (after expenses)
on 10/31/17
---------------------------------------------------------------------------------------------------
Expenses Paid $ 5.85 $ 9.45 $ 7.93 $ 4.43
During Period*
---------------------------------------------------------------------------------------------------
* Expenses are equal to the Fund's annualized net expense ratio of 1.15%,
1.86%, 1.56% and 0.87% Class A, Class C, Class R and Class Y shares,
respectively, multiplied by the average account value over the period,
multiplied by 184/365 (to reflect the one-half year period).
16 Pioneer High Yield Fund | Annual Report | 10/31/17
Schedule of Investments | 10/31/17
-------------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
-------------------------------------------------------------------------------------------------------------
UNAFFILIATED ISSUERS -- 98.7%
CONVERTIBLE CORPORATE BONDS -- 9.3% of Net Assets
CAPITAL GOODS -- 1.1%
Aerospace & Defense -- 0.1%
1,150,000 KeyW Holding Corp., 2.5%, 7/15/19 $ 1,077,406
-------------------------------------------------------------------------------------------------------------
Construction & Engineering -- 0.5%
4,190,000 Dycom Industries, Inc., 0.75%, 9/15/21 $ 4,865,638
-------------------------------------------------------------------------------------------------------------
Electrical Components & Equipment -- 0.5%
4,544,000(a) General Cable Corp., 4.5%, 11/15/29 $ 4,365,080
---------------
Total Capital Goods $ 10,308,124
-------------------------------------------------------------------------------------------------------------
CONSUMER DURABLES & APPAREL -- 0.4%
Homebuilding -- 0.4%
3,530,000 KB Home, 1.375%, 2/1/19 $ 3,960,219
---------------
Total Consumer Durables & Apparel $ 3,960,219
-------------------------------------------------------------------------------------------------------------
CONSUMER SERVICES -- 0.2%
Security & Alarm Services -- 0.2%
2,710,000 Ascent Capital Group, Inc., 4.0%, 7/15/20 $ 2,127,350
---------------
Total Consumer Services $ 2,127,350
-------------------------------------------------------------------------------------------------------------
ENERGY -- 0.7%
Oil & Gas Equipment & Services -- 0.2%
2,170,000 SEACOR Holdings, Inc., 3.0%, 11/15/28 $ 1,988,262
-------------------------------------------------------------------------------------------------------------
Oil & Gas Exploration & Production -- 0.5%
4,930,000 Whiting Petroleum Corp., 1.25%, 4/1/20 $ 4,421,594
---------------
Total Energy $ 6,409,856
-------------------------------------------------------------------------------------------------------------
HEALTH CARE EQUIPMENT & SERVICES -- 1.4%
Health Care Equipment -- 1.0%
2,280,000 Insulet Corp., 1.25%, 9/15/21 $ 2,704,650
1,870,000 NuVasive, Inc., 2.25%, 3/15/21 2,164,525
4,540,000 Wright Medical Group, Inc., 2.0%, 2/15/20 4,914,550
---------------
$ 9,783,725
-------------------------------------------------------------------------------------------------------------
Health Care Supplies -- 0.4%
2,015,000 Endologix, Inc., 2.25%, 12/15/18 $ 1,929,362
1,390,000 Endologix, Inc., 3.25%, 11/1/20 1,215,381
505,000 Quidel Corp., 3.25%, 12/15/20 736,038
---------------
$ 3,880,781
---------------
Total Health Care Equipment & Services $ 13,664,506
-------------------------------------------------------------------------------------------------------------
MEDIA -- 0.3%
Cable & Satellite -- 0.3%
3,351,000 DISH Network Corp., 2.375%, 3/15/24 (144A) $ 3,219,054
---------------
Total Media $ 3,219,054
-------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer High Yield Fund | Annual Report | 10/31/17 17
Schedule of Investments | 10/31/17 (continued)
-------------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
-------------------------------------------------------------------------------------------------------------
PHARMACEUTICALS, BIOTECHNOLOGY &
LIFE SCIENCES -- 1.9%
Biotechnology -- 1.2%
1,644,000 BioMarin Pharmaceutical, Inc., 0.599%, 8/1/24 $ 1,571,047
1,705,000 BioMarin Pharmaceutical, Inc., 1.5%, 10/15/20 1,934,109
2,815,000 Emergent BioSolutions, Inc., 2.875%, 1/15/21 4,076,472
2,455,000 Medicines Co., 2.5%, 1/15/22 2,669,813
955,000 Medicines Co., 2.75%, 7/15/23 894,716
---------------
$ 11,146,157
-------------------------------------------------------------------------------------------------------------
Pharmaceuticals -- 0.7%
3,885,000 Innoviva, Inc., 2.125%, 1/15/23 $ 3,566,916
3,570,000 Jazz Investments I, Ltd., 1.875%, 8/15/21 3,672,637
---------------
$ 7,239,553
---------------
Total Pharmaceuticals, Biotechnology & Life Sciences $ 18,385,710
-------------------------------------------------------------------------------------------------------------
RETAILING -- 0.3%
Internet & Direct Marketing Retail -- 0.1%
1,320,000 Ctrip.com International, Ltd., 1.25%, 9/15/22 $ 1,374,450
-------------------------------------------------------------------------------------------------------------
Internet Retail -- 0.2%
2,015,000 Shutterfly, Inc., 0.25%, 5/15/18 $ 1,991,072
---------------
Total Retailing $ 3,365,522
-------------------------------------------------------------------------------------------------------------
SEMICONDUCTORS & SEMICONDUCTOR
EQUIPMENT -- 1.1%
Semiconductor Equipment -- 0.1%
471,000 Teradyne, Inc., 1.25%, 12/15/23 (144A) $ 679,712
-------------------------------------------------------------------------------------------------------------
Semiconductors -- 1.0%
1,675,000 Microchip Technology, Inc., 1.625%, 2/15/27 (144A) $ 2,109,453
2,113,000 ON Semiconductor Corp., 1.0%, 12/1/20 2,724,450
2,772,000 ON Semiconductor Corp., 1.625%, 10/15/23 (144A) 3,454,605
875,000 Silicon Laboratories, Inc., 1.375%, 3/1/22 (144A) 1,048,906
1,060,000 Synaptics, Inc., 0.5%, 6/15/22 (144A) 952,675
---------------
$ 10,290,089
---------------
Total Semiconductors & Semiconductor Equipment $ 10,969,801
-------------------------------------------------------------------------------------------------------------
SOFTWARE & SERVICES -- 1.5%
Application Software -- 0.7%
1,840,000 Citrix Systems, Inc., 0.5%, 4/15/19 $ 2,256,300
1,700,000 Nuance Communications, Inc., 1.0%, 12/15/35 1,560,813
2,785,000 Synchronoss Technologies, Inc., 0.75%, 8/15/19 2,602,234
---------------
$ 6,419,347
-------------------------------------------------------------------------------------------------------------
Data Processing & Outsourced Services -- 0.3%
3,185,000 Cardtronics, Inc., 1.0%, 12/1/20 $ 2,938,162
-------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
18 Pioneer High Yield Fund | Annual Report | 10/31/17
-------------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
-------------------------------------------------------------------------------------------------------------
Internet Software & Services -- 0.3%
1,110,000(b) Akamai Technologies, Inc., 2/15/19 $ 1,090,575
1,530,000 Zillow Group, Inc., 2.0%, 12/1/21 (144A) 1,677,262
---------------
$ 2,767,837
-------------------------------------------------------------------------------------------------------------
Systems Software -- 0.2%
595,000 FireEye, Inc., 1.0%, 6/1/35 $ 562,275
595,000 FireEye, Inc., 1.625%, 6/1/35 553,722
905,000 Nice Systems, Inc., 1.25%, 1/15/24 (144A) 1,041,316
---------------
$ 2,157,313
---------------
Total Software & Services $ 14,282,659
-------------------------------------------------------------------------------------------------------------
TECHNOLOGY HARDWARE & EQUIPMENT -- 0.2%
Communications Equipment -- 0.2%
925,000 Finisar Corp., 0.5%, 12/15/33 $ 977,031
805,000 Lumentum Holdings, Inc., 0.25%, 3/15/24 (144A) 1,020,338
---------------
Total Technology Hardware & Equipment $ 1,997,369
-------------------------------------------------------------------------------------------------------------
TELECOMMUNICATION SERVICES -- 0.1%
Wireless Telecommunication Services -- 0.1%
628,000 Air Transport Services Group, Inc., 1.125%, 10/15/24 (144A) $ 656,652
---------------
Total Telecommunication Services $ 656,652
-------------------------------------------------------------------------------------------------------------
TRANSPORTATION -- 0.1%
Airport Services -- 0.1%
1,250,000 Macquarie Infrastructure Corp., 2.0%, 10/1/23 $ 1,198,438
---------------
Total Transportation $ 1,198,438
-------------------------------------------------------------------------------------------------------------
TOTAL CONVERTIBLE CORPORATE BONDS
(Cost $84,601,389) $ 90,545,260
-------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------
Shares
-------------------------------------------------------------------------------------------------------------
PREFERRED STOCKS -- 0.3% of Net Assets
BANKS -- 0.3%
Consumer Finance -- 0.3%
97,845(c) GMAC Capital Trust I, 7.1% (3 Month USD LIBOR + 579 bps),
2/15/40 $ 2,569,410
---------------
Total Banks $ 2,569,410
-------------------------------------------------------------------------------------------------------------
TOTAL PREFERRED STOCKS
(Cost $2,331,190) $ 2,569,410
-------------------------------------------------------------------------------------------------------------
CONVERTIBLE PREFERRED STOCKS --
1.4% of Net Assets
BANKS -- 1.2%
Diversified Banks -- 1.2%
3,620(f) Bank of America Corp., 7.25% $ 4,694,995
5,721(f) Wells Fargo & Co., 7.5% 7,494,510
---------------
Total Banks $ 12,189,505
-------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer High Yield Fund | Annual Report | 10/31/17 19
Schedule of Investments | 10/31/17 (continued)
-------------------------------------------------------------------------------------------------------------
Shares Value
-------------------------------------------------------------------------------------------------------------
HEALTH CARE EQUIPMENT & SERVICES -- 0.0%+
Health Care Services -- 0.0%+
742(d)(e) BioScrip, Inc., $ 68,774
---------------
Total Health Care Equipment & Services $ 68,774
-------------------------------------------------------------------------------------------------------------
PHARMACEUTICALS, BIOTECHNOLOGY &
LIFE SCIENCES -- 0.2%
Pharmaceuticals -- 0.2%
2,700 Allergan Plc, 5.5%, 3/1/18 $ 1,737,963
---------------
Total Pharmaceuticals, Biotechnology & Life Sciences $ 1,737,963
-------------------------------------------------------------------------------------------------------------
TOTAL CONVERTIBLE PREFERRED STOCKS
(Cost $13,755,993) $ 13,996,242
-------------------------------------------------------------------------------------------------------------
COMMON STOCKS -- 4% of Net Assets
AUTOMOBILES & COMPONENTS -- 0.6%
Automobile Manufacturers -- 0.6%
434,002 Ford Motor Co. $ 5,325,205
---------------
Total Automobiles & Components $ 5,325,205
-------------------------------------------------------------------------------------------------------------
BANKS -- 0.1%
Diversified Banks -- 0.1%
4,763 JPMorgan Chase & Co. $ 479,205
---------------
Total Banks $ 479,205
-------------------------------------------------------------------------------------------------------------
CAPITAL GOODS -- 0.0%+
Industrial Machinery -- 0.0%+
73,714(d)(e) Liberty Tire Recycling LLC $ 737
---------------
Total Capital Goods $ 737
-------------------------------------------------------------------------------------------------------------
CONSUMER SERVICES -- 0.2%
Restaurants -- 0.2%
38,427 Starbucks Corp. $ 2,107,337
---------------
Total Consumer Services $ 2,107,337
-------------------------------------------------------------------------------------------------------------
DIVERSIFIED FINANCIALS -- 0.2%
Consumer Finance -- 0.2%
22,185 Capital One Financial Corp. $ 2,045,013
---------------
Total Diversified Financials $ 2,045,013
-------------------------------------------------------------------------------------------------------------
ENERGY -- 0.2%
Coal & Consumable Fuels -- 0.0%+
730(d) Alpha Natural Resources Holdings, Inc. $ 2,920
568 Contura Energy, Inc. 33,569
---------------
$ 36,489
-------------------------------------------------------------------------------------------------------------
Oil & Gas Exploration & Production -- 0.2%
6,967,063(d)(e) Ascent CNR Corp. $ 1,497,918
996(d) Midstates Petroleum Co., Inc. 15,189
430(d) SilverBow Resources, Inc. 9,671
---------------
$ 1,522,778
---------------
Total Energy $ 1,559,267
-------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
20 Pioneer High Yield Fund | Annual Report | 10/31/17
-------------------------------------------------------------------------------------------------------------
Shares Value
-------------------------------------------------------------------------------------------------------------
HEALTH CARE EQUIPMENT & SERVICES -- 0.9%
Health Care Services -- 0.1%
255,259(d) BioScrip, Inc. $ 645,805
-------------------------------------------------------------------------------------------------------------
Managed Health Care -- 0.8%
28,489 Aetna, Inc. $ 4,843,985
16,643 Cigna Corp. 3,282,332
---------------
$ 8,126,317
---------------
Total Health Care Equipment & Services $ 8,772,122
-------------------------------------------------------------------------------------------------------------
HOUSEHOLD & PERSONAL PRODUCTS -- 0.1%
Personal Products -- 0.1%
36,583(d) Revlon, Inc., Class A $ 823,118
---------------
Total Household & Personal Products $ 823,118
-------------------------------------------------------------------------------------------------------------
MATERIALS -- 0.2%
Commodity Chemicals -- 0.2%
21,556 LyondellBasell Industries NV, Class A $ 2,231,693
-------------------------------------------------------------------------------------------------------------
Steel -- 0.0%+
730(d) ANR, Inc., Class C $ 15,330
---------------
Total Materials $ 2,247,023
-------------------------------------------------------------------------------------------------------------
PHARMACEUTICALS, BIOTECHNOLOGY &
LIFE SCIENCES -- 0.1%
Pharmaceuticals -- 0.1%
30,191(d) Mylan NV $ 1,078,121
---------------
Total Pharmaceuticals, Biotechnology & Life Sciences $ 1,078,121
-------------------------------------------------------------------------------------------------------------
REAL ESTATE -- 0.8%
Diversified REIT -- 0.7%
270,035 Forest City Realty Trust, Inc., Class A $ 6,650,962
-------------------------------------------------------------------------------------------------------------
Specialized REIT -- 0.1%
76,215 Uniti Group, Inc. $ 1,333,762
---------------
Total Real Estate $ 7,984,724
-------------------------------------------------------------------------------------------------------------
TECHNOLOGY HARDWARE & EQUIPMENT -- 0.2%
Computer Hardware Storage & Peripherals -- 0.2%
70,088(d) NCR Corp. $ 2,249,124
---------------
Total Technology Hardware & Equipment $ 2,249,124
-------------------------------------------------------------------------------------------------------------
TRANSPORTATION -- 0.4%
Air Freight & Logistics -- 0.3%
7,222(d) CEVA Holdings LLC $ 2,924,954
-------------------------------------------------------------------------------------------------------------
Airlines -- 0.1%
19,931(d) United Continental Holdings, Inc. $ 1,165,565
---------------
Total Transportation $ 4,090,519
-------------------------------------------------------------------------------------------------------------
TOTAL COMMON STOCKS
(Cost $32,727,844) $ 38,761,515
-------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer High Yield Fund | Annual Report | 10/31/17 21
Schedule of Investments | 10/31/17 (continued)
-------------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
-------------------------------------------------------------------------------------------------------------
ASSET BACKED SECURITIES -- 0.2% of Net Assets
BANKS -- 0.2%
Thrifts & Mortgage Finance -- 0.2%
750,000 InSite Issuer LLC, Series 2016-1A, Class C, 6.414%,
11/15/46 (144A) $ 767,241
998,564(a) VOLT XXV LLC, Series 2015-NPL8, Class A2, 4.5%,
6/26/45 (144A) 984,172
---------------
Total Banks $ 1,751,413
-------------------------------------------------------------------------------------------------------------
TOTAL ASSET BACKED SECURITIES
(Cost $1,731,542) $ 1,751,413
-------------------------------------------------------------------------------------------------------------
COLLATERALIZED MORTGAGE OBLIGATIONS --
1.9% of Net Assets
BANKS -- 1.9%
Diversified Banks -- 0.1%
1,300,000(g) Wells Fargo Commercial Mortgage Trust, Series 2014-LC18,
Class D, 3.957%, 12/15/47 (144A) $ 1,091,784
-------------------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- 1.8%
1,475,000(c) CFCRE Mortgage Trust, Series 2015-RUM, Class E, 5.839%
(1 Month USD LIBOR + 460 bps), 7/15/30 (144A) $ 1,441,684
2,500,000(g) Citigroup Commercial Mortgage Trust, Series 2014-GC23,
Class E, 3.208%, 7/10/47 (144A) 1,616,996
2,750,000(g) COBALT CMBS Commercial Mortgage Trust, Series 2007-C3,
Class B, 5.842%, 5/15/46 2,744,884
1,200,000(g) COBALT CMBS Commercial Mortgage Trust, Series 2007-C3,
Class C, 5.842%, 5/15/46 849,972
1,300,000(c) Commercial Mortgage Trust, Series 2014-FL5, Class D,
5.239% (1 Month USD LIBOR + 400 bps), 10/15/31 (144A) 1,235,390
600,000(g) Credit Suisse First Boston Mortgage Securities Corp., Series
2005-C5, Class G, 5.1%, 8/15/38 (144A) 540,252
362,563 Global Mortgage Securitization, Ltd., Series 2004-A,
Class B1, 5.25%, 11/25/32 (144A) 280,813
2,513,900(g) GMAT Trust, Series 2013-1A, Class M, 5.0%,
11/25/43 (144A) 2,159,010
276,082 Homeowner Assistance Program Reverse Mortgage Loan
Trust, Series 2013-RM1, Class A, 4.0%, 5/26/53 (144A) 275,392
1,350,000(g) JP Morgan Chase Commercial Mortgage Securities Trust,
Series 2013-C13, Class D, 4.052%, 1/15/46 (144A) 1,289,370
3,000,000(g) JPMBB Commercial Mortgage Securities Trust, Series
2014-C25, Class D, 3.946%, 11/15/47 (144A) 2,318,007
2,171,000(c) PFP, Ltd., Series 2015-2, Class E, 5.839% (1 Month USD
LIBOR + 460 bps), 7/14/34 (144A) 2,142,036
750,000(g) Wachovia Bank Commercial Mortgage Trust, Series
2006-C27, Class B, 5.865%, 7/15/45 757,840
---------------
$ 17,651,646
---------------
Total Banks $ 18,743,430
-------------------------------------------------------------------------------------------------------------
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS
(Cost $19,341,161) $ 18,743,430
-------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
22 Pioneer High Yield Fund | Annual Report | 10/31/17
-------------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
-------------------------------------------------------------------------------------------------------------
CORPORATE BONDS -- 71.1% of Net Assets
AUTOMOBILES & COMPONENTS -- 0.7%
Auto Parts & Equipment -- 0.7%
600,000 Allison Transmission, Inc., 4.75%, 10/1/27 (144A) $ 606,000
3,380,000 Dana Financing Luxembourg S.a.r.l., 6.5%, 6/1/26 (144A) 3,675,750
909,000 International Automotive Components Group SA, 9.125%,
6/1/18 (144A) 909,000
1,487,000 TI Group Automotive Systems LLC, 8.75%, 7/15/23 (144A) 1,605,960
---------------
Total Automobiles & Components $ 6,796,710
-------------------------------------------------------------------------------------------------------------
BANKS -- 1.5%
Diversified Banks -- 1.3%
600,000(f)(g) Bank of America Corp., 6.3% (3 Month USD LIBOR + 455 bps) $ 683,568
1,138,000(f)(g) Danske Bank AS, 6.125% (USD Swap Rate + 390 bps) 1,234,962
2,098,000(f)(g) HSBC Holdings Plc, 6.0% (USD ICE Swap Rate 5Yr + 375 bps) 2,229,125
400,000(c) International Bank for Reconstruction & Development,
12.557% (6 Month USD LIBOR + 1.150 bps), 7/15/20 (144A) 399,768
4,775,000(f)(g) Royal Bank of Scotland Group Plc, 8.0% (5 Year USD Swap
Rate + 572 bps) 5,458,780
650,000(f)(g) Royal Bank of Scotland Group Plc, 8.625% (5 Year USD
Swap Rate + 760 bps) 736,060
1,350,000(f)(g) Societe Generale SA, 7.375% (5 Year USD Swap
Rate + 624 bps) (144A) 1,488,375
---------------
$ 12,230,638
-------------------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- 0.2%
2,067,000 Provident Funding Associates LP / PFG Finance Corp.,
6.375%, 6/15/25 (144A) $ 2,185,853
---------------
Total Banks $ 14,416,491
-------------------------------------------------------------------------------------------------------------
CAPITAL GOODS -- 4.2%
Aerospace & Defense -- 0.3%
2,430,000 Engility Corp., 8.875%, 9/1/24 $ 2,648,700
-------------------------------------------------------------------------------------------------------------
Building Products -- 0.4%
1,800,000 Griffon Corp., 5.25%, 3/1/22 $ 1,826,460
1,806,000 USG Corp., 4.875%, 6/1/27 (144A) 1,873,725
---------------
$ 3,700,185
-------------------------------------------------------------------------------------------------------------
Construction & Engineering -- 0.5%
2,360,000 AECOM, 5.875%, 10/15/24 $ 2,604,260
2,250,000 Tutor Perini Corp., 6.875%, 5/1/25 (144A) 2,427,187
---------------
$ 5,031,447
-------------------------------------------------------------------------------------------------------------
Electrical Components & Equipment -- 0.1%
1,490,000 Exterran Energy Solutions LP / EES Finance Corp.,
8.125%, 5/1/25 (144A) $ 1,568,225
-------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer High Yield Fund | Annual Report | 10/31/17 23
Schedule of Investments | 10/31/17 (continued)
-------------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
-------------------------------------------------------------------------------------------------------------
Industrial Conglomerates -- 0.7%
2,410,000 CSVC Acquisition Corp., 7.75%, 6/15/25 (144A) $ 2,349,750
3,236,000 JB Poindexter & Co., Inc., 9.0%, 4/1/22 (144A) 3,385,665
785,000 Park-Ohio Industries, Inc., 6.625%, 4/15/27 851,725
---------------
$ 6,587,140
-------------------------------------------------------------------------------------------------------------
Industrial Machinery -- 1.1%
4,485,000 Amsted Industries, Inc., 5.0%, 3/15/22 (144A) $ 4,630,763
2,600,000 Amsted Industries, Inc., 5.375%, 9/15/24 (144A) 2,730,000
2,076,000 Apex Tool Group LLC, 7.0%, 2/1/21 (144A) 1,967,010
1,025,000 EnPro Industries, Inc., 5.875%, 9/15/22 (144A) 1,072,406
---------------
$ 10,400,179
-------------------------------------------------------------------------------------------------------------
Trading Companies & Distributors -- 1.1%
1,839,000 H&E Equipment Services, Inc., 5.625%, 9/1/25 (144A) $ 1,942,444
700,000 United Rentals North America, Inc., 4.625%, 10/15/25 716,205
700,000 United Rentals North America, Inc., 4.875%, 1/15/28 703,500
2,020,000 United Rentals North America, Inc., 5.5%, 5/15/27 2,161,400
1,963,000 United Rentals North America, Inc., 5.75%, 11/15/24 2,080,780
385,000 United Rentals North America, Inc., 5.875%, 9/15/26 419,650
2,330,000 WESCO Distribution, Inc., 5.375%, 12/15/21 2,401,298
---------------
$ 10,425,277
---------------
Total Capital Goods $ 40,361,153
-------------------------------------------------------------------------------------------------------------
COMMERCIAL & PROFESSIONAL SERVICES -- 0.2%
Security & Alarm Services -- 0.2%
2,000,000 Brink's Co., 4.625%, 10/15/27 (144A) $ 1,990,200
---------------
Total Commercial & Professional Services $ 1,990,200
-------------------------------------------------------------------------------------------------------------
CONSUMER DURABLES & APPAREL -- 5.8%
Home Furnishings -- 0.2%
1,750,000 Tempur Sealy International, Inc., 5.5%, 6/15/26 $ 1,802,500
-------------------------------------------------------------------------------------------------------------
Homebuilding -- 5.3%
2,000,000 Beazer Homes USA, Inc., 5.875%, 10/15/27 (144A) $ 1,997,500
6,095,000 Beazer Homes USA, Inc., 6.75%, 3/15/25 6,447,291
1,540,000 CalAtlantic Group, Inc., 5.375%, 10/1/22 1,678,600
3,975,000 CalAtlantic Group, Inc., 6.25%, 12/15/21 4,402,312
8,375,000 KB Home, 7.0%, 12/15/21 9,442,812
4,150,000 Lennar Corp., 4.5%, 6/15/19 4,264,125
7,930,000 Lennar Corp., 4.75%, 11/15/22 8,376,063
3,660,000 Meritage Homes Corp., 7.0%, 4/1/22 4,172,400
3,059,000 PulteGroup, Inc., 5.0%, 1/15/27 3,211,950
1,500,000 Rialto Holdings LLC / Rialto Corp., 7.0%, 12/1/18 (144A) 1,503,750
3,990,000 Taylor Morrison Communities, Inc / Taylor Morrison
Holdings II, Inc., 5.875%, 4/15/23 (144A) 4,271,774
The accompanying notes are an integral part of these financial statements.
24 Pioneer High Yield Fund | Annual Report | 10/31/17
-------------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
-------------------------------------------------------------------------------------------------------------
Homebuilding -- (continued)
1,840,000 TRI Pointe Group, Inc., 5.25%, 6/1/27 $ 1,881,400
---------------
$ 51,649,977
-------------------------------------------------------------------------------------------------------------
Textiles -- 0.3%
2,920,000 Springs Industries, Inc., 6.25%, 6/1/21 $ 3,007,600
---------------
Total Consumer Durables & Apparel $ 56,460,077
-------------------------------------------------------------------------------------------------------------
CONSUMER SERVICES -- 2.2%
Casinos & Gaming -- 1.4%
2,885,000 Eldorado Resorts, Inc., 6.0%, 4/1/25 $ 3,043,675
2,150,000 Golden Nugget, Inc., 8.75%, 10/1/25 (144A) 2,209,125
517,198(h)(i) Mashantucket Western Pequot Tribe, 6.5% (5.5%
PIK 1.0% cash), 7/1/36 2,586
1,450,000 Scientific Games International, Inc., 5.0%, 10/15/25 (144A) 1,471,750
6,410,000 Scientific Games International, Inc., 10.0%, 12/1/22 7,090,614
---------------
$ 13,817,750
-------------------------------------------------------------------------------------------------------------
Hotels, Resorts & Cruise Lines -- 0.6%
1,710,000 Hilton Grand Vacations Borrower LLC / Hilton Grand
Vacations Borrower, Inc., 6.125%, 12/1/24 (144A) $ 1,876,725
2,100,000 Viking Cruises, Ltd., 5.875%, 9/15/27 (144A) 2,115,750
1,680,000 Viking Cruises, Ltd., 6.25%, 5/15/25 (144A) 1,738,800
---------------
$ 5,731,275
-------------------------------------------------------------------------------------------------------------
Specialized Consumer Services -- 0.2%
1,814,000 Ashtead Capital, Inc., 4.125%, 8/15/25 (144A) $ 1,827,605
---------------
Total Consumer Services $ 21,376,630
-------------------------------------------------------------------------------------------------------------
DIVERSIFIED FINANCIALS -- 2.6%
Consumer Finance -- 0.6%
2,475,000 Ally Financial, Inc., 4.625%, 3/30/25 $ 2,632,781
2,608,000 Ally Financial, Inc., 5.75%, 11/20/25 2,878,580
---------------
$ 5,511,361
-------------------------------------------------------------------------------------------------------------
Diversified Capital Markets -- 0.3%
1,097,000(f)(g) Credit Suisse Group AG, 7.125% (5 Year USD Swap
Rate + 511 bps) $ 1,201,215
1,791,000(f)(g) UBS Group AG, 7.125% (5 Year USD Swap Rate + 588 bps) $ 1,965,623
---------------
$ 3,166,838
-------------------------------------------------------------------------------------------------------------
Diversified Finance -- 0.2%
1,740,000 MSCI, Inc., 4.75%, 8/1/26 (144A) $ 1,811,775
-------------------------------------------------------------------------------------------------------------
Specialized Finance -- 1.5%
5,825,000 Fly Leasing, Ltd., 6.375%, 10/15/21 $ 6,079,844
1,820,000 Nationstar Mortgage LLC / Nationstar Capital Corp.,
6.5%, 8/1/18 1,824,550
The accompanying notes are an integral part of these financial statements.
Pioneer High Yield Fund | Annual Report | 10/31/17 25
Schedule of Investments | 10/31/17 (continued)
-------------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
-------------------------------------------------------------------------------------------------------------
Specialized Finance -- (continued)
7,220,000 Nationstar Mortgage LLC / Nationstar Capital Corp.,
6.5%, 7/1/21 $ 7,328,300
---------------
$ 15,232,694
---------------
Total Diversified Financials $ 25,722,668
-------------------------------------------------------------------------------------------------------------
ENERGY -- 12.8%
Oil & Gas Drilling -- 0.7%
780,000 Rowan Cos., Inc., 4.875%, 6/1/22 $ 735,150
3,604,000 Rowan Cos., Inc., 5.4%, 12/1/42 2,739,040
375,000 Rowan Cos., Inc., 5.85%, 1/15/44 301,875
710,000 Transocean, Inc., 7.5%, 1/15/26 (144A) 731,300
2,730,000 Trinidad Drilling, Ltd., 6.625%, 2/15/25 (144A) 2,654,925
---------------
$ 7,162,290
-------------------------------------------------------------------------------------------------------------
Oil & Gas Equipment & Services -- 0.8%
1,955,000 Archrock Partners LP / Archrock Partners Finance Corp.,
6.0%, 4/1/21 $ 1,945,225
4,500,000 Archrock Partners LP / Archrock Partners Finance Corp.,
6.0%, 10/1/22 4,471,875
795,000 SESI LLC, 7.75%, 9/15/24 (144A) 822,825
---------------
$ 7,239,925
-------------------------------------------------------------------------------------------------------------
Oil & Gas Exploration & Production -- 5.6%
2,053,000 Antero Resources Corp., 5.0%, 3/1/25 $ 2,083,795
1,220,000 California Resources Corp., 8.0%, 12/15/22 (144A) 805,200
1,035,000 Chesapeake Energy Corp., 8.0%, 12/15/22 (144A) 1,113,598
1,144,000 Cobalt International Energy, Inc., 7.75%, 12/1/23 (144A) 704,990
2,860,000 Cobalt International Energy, Inc., 10.75%, 12/1/21 (144A) 2,938,650
2,050,000 Concho Resources, Inc., 4.375%, 1/15/25 2,163,078
1,565,000 Covey Park Energy LLC / Covey Park Finance Corp.,
7.5%, 5/15/25 (144A) 1,623,687
1,050,000 Extraction Oil & Gas, Inc., 7.375%, 5/15/24 (144A) 1,118,250
2,240,000 Great Western Petroleum LLC / Great Western Finance
Corp., 9.0%, 9/30/21 (144A) 2,296,000
2,060,000 Gulfport Energy Corp., 6.0%, 10/15/24 2,060,000
3,100,000 Gulfport Energy Corp., 6.375%, 5/15/25 3,146,500
345,000 Halcon Resources Corp., 6.75%, 2/15/25 (144A) 352,762
3,788,000 Hilcorp Energy I LP / Hilcorp Finance Co., 5.75%,
10/1/25 (144A) 3,877,965
1,025,000 MEG Energy Corp., 6.5%, 1/15/25 (144A) 1,019,875
2,234,000 MEG Energy Corp., 7.0%, 3/31/24 (144A) 2,027,355
720,000 Murphy Oil Corp., 6.875%, 8/15/24 774,000
705,000 Newfield Exploration Co., 5.625%, 7/1/24 762,281
3,320,000 Oasis Petroleum, Inc., 6.875%, 3/15/22 3,403,000
540,000 Parsley Energy LLC / Parsley Finance Corp., 5.25%,
8/15/25 (144A) 545,400
The accompanying notes are an integral part of these financial statements.
26 Pioneer High Yield Fund | Annual Report | 10/31/17
-------------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
-------------------------------------------------------------------------------------------------------------
Oil & Gas Exploration & Production -- (continued)
1,900,000 Parsley Energy LLC / Parsley Finance Corp., 5.625%,
10/15/27 (144A) $ 1,960,572
2,888,000 Parsley Energy LLC / Parsley Finance Corp., 6.25%,
6/1/24 (144A) 3,061,280
3,510,000 PDC Energy, Inc., 7.75%, 10/15/22 3,659,175
2,635,000 Rice Energy, Inc., 6.25%, 5/1/22 2,757,264
1,878,000 Sanchez Energy Corp., 6.125%, 1/15/23 1,568,130
2,375,000 Sanchez Energy Corp., 7.75%, 6/15/21 2,208,750
354,000 SM Energy Co., 6.125%, 11/15/22 355,770
235,000 SM Energy Co., 6.5%, 1/1/23 239,113
2,020,000 SM Energy Co., 6.75%, 9/15/26 2,073,025
1,900,000 WPX Energy, Inc., 5.25%, 9/15/24 1,907,125
1,213,000 WPX Energy, Inc., 7.5%, 8/1/20 1,316,105
670,000 WPX Energy, Inc., 8.25%, 8/1/23 754,588
---------------
$ 54,677,283
-------------------------------------------------------------------------------------------------------------
Oil & Gas Refining & Marketing -- 1.6%
4,695,000 Andeavor, 5.375%, 10/1/22 $ 4,818,244
6,525,000 Calumet Specialty Products Partners LP / Calumet
Finance Corp., 6.5%, 4/15/21 6,386,344
685,000 EnLink Midstream Partners LP, 5.05%, 4/1/45 670,710
1,973,000 EnLink Midstream Partners LP, 5.6%, 4/1/44 2,052,024
1,965,000 PBF Holding Co., LLC / PBF Finance Corp., 7.0%, 11/15/23 2,043,600
---------------
$ 15,970,922
-------------------------------------------------------------------------------------------------------------
Oil & Gas Storage & Transportation -- 4.1%
3,150,000 Blue Racer Midstream LLC / Blue Racer Finance Corp.,
6.125%, 11/15/22 (144A) $ 3,283,875
5,833,000 Cheniere Corpus Christi Holdings LLC, 5.125%,
6/30/27 (144A) 6,015,281
2,800,000 Delek Logistics Partners LP, 6.75%, 5/15/25 (144A) 2,852,500
1,050,000 Energy Transfer Equity LP, 4.25%, 3/15/23 1,068,386
1,414,000 Energy Transfer Equity LP, 5.875%, 1/15/24 1,534,190
2,713,000 Genesis Energy LP / Genesis Energy Finance Corp.,
5.75%, 2/15/21 2,754,780
2,190,000 Genesis Energy LP / Genesis Energy Finance Corp.,
6.5%, 10/1/25 2,217,375
3,375,000 Global Partners LP / GLP Finance Corp., 7.0%, 6/15/23 3,425,625
1,532,000 NGPL PipeCo LLC, 4.375%, 8/15/22 (144A) 1,576,045
2,200,000 PBF Logistics LP / PBF Logistics Finance Corp., 6.875%,
5/15/23 (144A) 2,277,000
2,140,000 Sabine Pass Liquefaction LLC, 5.625%, 2/1/21 2,321,376
490,000 Targa Resources Partners LP / Targa Resources Partners
Finance Corp., 4.125%, 11/15/19 494,900
The accompanying notes are an integral part of these financial statements.
Pioneer High Yield Fund | Annual Report | 10/31/17 27
Schedule of Investments | 10/31/17 (continued)
-------------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
-------------------------------------------------------------------------------------------------------------
Oil & Gas Storage & Transportation -- (continued)
2,695,000 Targa Resources Partners LP / Targa Resources Partners
Finance Corp., 4.25%, 11/15/23 $ 2,681,525
350,000 Targa Resources Partners LP / Targa Resources Partners
Finance Corp., 5.0%, 1/15/28 (144A) 350,875
2,491,000 Targa Resources Partners LP / Targa Resources Partners
Finance Corp., 5.25%, 5/1/23 2,562,616
3,892,000 Williams Cos., Inc., 5.75%, 6/24/44 4,125,520
---------------
$ 39,541,869
---------------
Total Energy $ 124,592,289
-------------------------------------------------------------------------------------------------------------
FOOD & STAPLES RETAILING -- 0.2%
Food Retail -- 0.2%
2,241,000 C&S Group Enterprises LLC, 5.375%, 7/15/22 (144A) $ 2,173,770
---------------
Total Food & Staples Retailing $ 2,173,770
-------------------------------------------------------------------------------------------------------------
FOOD, BEVERAGE & TOBACCO -- 1.5%
Packaged Foods & Meats -- 1.0%
860,000 Lamb Weston Holdings, Inc., 4.625%, 11/1/24 (144A) $ 898,700
860,000 Lamb Weston Holdings, Inc., 4.875%, 11/1/26 (144A) 904,075
2,969,000 Pilgrim's Pride Corp., 5.75%, 3/15/25 (144A) 3,143,429
777,000 Pilgrim's Pride Corp., 5.875%, 9/30/27 (144A) 808,080
3,940,000 Post Holdings, Inc., 6.0%, 12/15/22 (144A) 4,127,150
---------------
$ 9,881,434
-------------------------------------------------------------------------------------------------------------
Tobacco -- 0.5%
875,000 Alliance One International, Inc., 8.5%, 4/15/21 (144A) $ 916,562
3,725,000 Alliance One International, Inc., 9.875%, 7/15/21 3,282,656
---------------
$ 4,199,218
---------------
Total Food, Beverage & Tobacco $ 14,080,652
-------------------------------------------------------------------------------------------------------------
HEALTH CARE EQUIPMENT & SERVICES -- 5.1%
Health Care Facilities -- 3.1%
800,000 CHS/Community Health Systems, Inc., 6.25%, 3/31/23 $ 770,000
850,000 CHS/Community Health Systems, Inc., 6.875%, 2/1/22 615,187
7,700,000 CHS/Community Health Systems, Inc., 8.0%, 11/15/19 7,334,250
12,620,000 HCA, Inc., 5.375%, 2/1/25 13,014,375
6,180,000 Kindred Healthcare, Inc., 6.375%, 4/15/22 5,719,590
1,795,000 RegionalCare Hospital Partners Holdings, Inc., 8.25%,
5/1/23 (144A) 1,884,750
905,000 Tenet Healthcare Corp., 7.5%, 1/1/22 (144A) 952,513
---------------
$ 30,290,665
-------------------------------------------------------------------------------------------------------------
Health Care Services -- 0.6%
2,350,000 BioScrip, Inc., 8.875%, 2/15/21 $ 2,167,875
2,365,000 Team Health Holdings, Inc., 6.375%, 2/1/25 (144A) 2,175,800
1,415,000 Universal Hospital Services, Inc., 7.625%, 8/15/20 1,432,687
---------------
$ 5,776,362
-------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
28 Pioneer High Yield Fund | Annual Report | 10/31/17
-------------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
-------------------------------------------------------------------------------------------------------------
Managed Health Care -- 1.4%
1,220,000 Centene Corp., 4.75%, 1/15/25 $ 1,259,650
1,953,000 Centene Corp., 5.625%, 2/15/21 2,026,237
1,325,000 Centene Corp., 6.125%, 2/15/24 1,424,375
3,465,000 Molina Healthcare, Inc., 5.375%, 11/15/22 3,605,333
5,195,000 WellCare Health Plans, Inc., 5.25%, 4/1/25 5,467,738
---------------
$ 13,783,333
---------------
Total Health Care Equipment & Services $ 49,850,360
-------------------------------------------------------------------------------------------------------------
HOUSEHOLD & PERSONAL PRODUCTS -- 0.2%
Personal Products -- 0.2%
1,720,000 Revlon Consumer Products Corp., 5.75%, 2/15/21 $ 1,474,900
1,100,000 Revlon Consumer Products Corp., 6.25%, 8/1/24 811,250
---------------
Total Household & Personal Products $ 2,286,150
-------------------------------------------------------------------------------------------------------------
INSURANCE -- 2.7%
Reinsurance -- 2.7%
500,000(c) Alamo Re, Ltd., 5.944% (3 Month Treasury Bill + 481 bps),
6/7/18 (144A) (Cat Bond) $ 506,900
1,000,000+(j)(k) Arlington Segregated Account (Artex SAC, Ltd.), Variable
Rate Notes, 8/1/18 48,600
1,000,000+(j)(k) Berwick Segregated Account (Artex SAC, Ltd.), Variable
Rate Notes, 12/31/17 30,000
1,200,000+(j)(k) Berwick Segregated Account (Artex SAC, Ltd.), Variable
Rate Notes, 2/1/18 57,000
750,000(c) Caelus Re V, Ltd., Series D, 10.381% (3 Month Treasury
Bill + 925 bps), 6/5/20 (144A) (Cat Bond) 354,225
4,500,000+(j)(k) Carnoustie Segregated Account (Artex SAC, Ltd.), Variable
Rate Notes, 12/31/17 91,800
3,600,000+(j)(k) Carnoustie Segregated Account (Artex SAC, Ltd.), Variable
Rate Notes, 11/30/20 389,520
1,500,000+(j)(k) Carnoustie Segregated Account (Artex SAC, Ltd.), Variable
Rate Notes, 11/30/21 1,350,000
1,000,000+(j)(k) Cyprus Segregated Account (Artex SAC, Ltd.), Series 2017,
Variable Rate Notes, 1/10/18 862,100
3,639+(b)(j) Eden Re II, Ltd., 4/23/19 (144A) 62,464
1,000,000+(b)(j) Eden Re II, Ltd., 3/22/21 (144A) 961,800
600,000(c) Galilei Re, Ltd., 6.375% (6 Month USD LIBOR + 525 bps),
1/8/20 (144A) (Cat Bond) 584,820
600,000(c) Galilei Re, Ltd., 7.375% (6 Month USD LIBOR + 625 bps),
1/8/20 (144A) (Cat Bond) 565,440
600,000(c) Galilei Re, Ltd., 7.395% (6 Month USD LIBOR + 625 bps),
1/8/21 (144A) (Cat Bond) 552,660
250,000(c) Galilei Re, Ltd., 9.125% (6 Month USD LIBOR + 800 bps),
1/8/20 (144A) (Cat Bond) 217,150
250,000(c) Galilei Re, Ltd., 9.145% (6 Month USD LIBOR + 800 bps),
1/8/21 (144A) (Cat Bond) 217,650
The accompanying notes are an integral part of these financial statements.
Pioneer High Yield Fund | Annual Report | 10/31/17 29
Schedule of Investments | 10/31/17 (continued)
-------------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
-------------------------------------------------------------------------------------------------------------
Reinsurance -- (continued)
2,400,000+(j)(k) Gleneagles Segregated Account (Artex SAC, Ltd.), Variable
Rate Notes, 11/30/20 $ 281,280
4,500,000+(j)(k) Gullane Segregated Account (Artex SAC, Ltd.), Variable
Rate Notes, 11/30/20 98,100
1,500,000+(j)(k) Gullane Segregated Account (Artex SAC, Ltd.), Variable
Rate Notes, 11/30/21 1,470,300
1,000,000(c) Kilimanjaro II Re, Ltd., 11.209% (6 Month USD LIBOR +
1,000 bps), 4/20/21 (144A) (Cat Bond) 618,300
1,000,000(c) Kilimanjaro Re, Ltd., Series 2015-1, Class E, 7.879%
(3 Month Treasury Bill + 675 bps), 12/6/19 (144A)
(Cat Bond) 1,010,900
1,250,000(c) Kilimanjaro Re, Ltd., Series 2015-1, Class D, 10.379%
(3 Month Treasury Bill + 925 bps), 12/6/19 (144A)
(Cat Bond) 1,222,750
500,000+(j)(k) Kingsbarns Segregated Account (Artex SAC, Ltd.), Variable
Rate Notes, 5/1/18 463,100
500,000+(j)(k) Limestone Re, Ltd., Series 1, Class A Non Voting, Variable
Rate Notes, 8/31/21 462,500
500,000+(j)(k) Limestone Re, Ltd., Series 1, Class A Voting, Variable
Rate Notes, 8/31/21 462,500
2,600,000+(j)(k) Lorenz Re, Ltd. (Prime, Ltd.), Variable Rate Notes, 3/31/19 145,600
800,000+(j)(k) Lorenz Re, Ltd. (Prime, Ltd.), Variable Rate Notes, 3/31/20 720,720
1,000,000+(j)(k) Madison Re, Variable Rate Notes, 3/31/19 63,500
500,000+(j)(k) Madison Re, Variable Rate Notes, 3/31/20 358,150
500,000+(j)(k) Oakmont 2017 Segregated Account (Artex SAC, Ltd.), Variable
Rate Notes, 4/1/18 457,450
4,500,000+(j)(k) Pangaea Re Segregated Account (Artex SAC, Ltd.), Series
2015-1, Variable Rate Notes, 2/1/19 20,250
5,800,000+(j)(k) Pangaea Re Segregated Account (Artex SAC, Ltd.), Series
2015-2, Variable Rate Notes, 7/1/19 60,320
4,200,000+(j)(k) Pangaea Re Segregated Account (Artex SAC, Ltd.), Series
2016-1, Variable Rate Notes, 2/1/20 277,620
2,000,000+(j)(k) Pangaea Re Segregated Account (Artex SAC, Ltd.), Series
2016-2, Variable Rate Notes, 11/30/20 131,600
1,100,000+(j)(k) Pangaea Re Segregated Account (Artex SAC, Ltd.), Series
2017-1, Variable Rate Notes, 2/1/21 923,120
450,000+(j)(k) Pinehurst Segregated Account (Artex SAC, Ltd.), Variable
Rate Notes, 1/16/18 445,725
750,000+(j)(k) Portrush 2017 Segregated Account (Artex SAC, Ltd.), Variable
Rate Notes, 6/15/18 701,175
The accompanying notes are an integral part of these financial statements.
30 Pioneer High Yield Fund | Annual Report | 10/31/17
-------------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
-------------------------------------------------------------------------------------------------------------
Reinsurance -- (continued)
1,500,000+(j)(k) Prestwick Segregated Account (Artex SAC Ltd.), Variable
Rate Notes, 12/31/17 $ 25,500
500,000(c) Residential Reinsurance 2016, Ltd., 12/6/17
(144A) (Cat Bond) 496,850
1,000,000(c) Residential Reinsurance 2016, Ltd., 6.501%
(3 Month Treasury Bill + 537 bps), 12/6/20
(144A) (Cat Bond) 990,100
750,000+(j)(k) Resilience Re, Ltd., Variable Rate Notes
(3 Month Treasury Bill + 450 bps), 1/8/19 (144A) 750,000
800,000+(j)(k) Resilience Re, Ltd., Variable Rate Notes, 4/6/18 695,040
7,345+(j)(k) Sector Re V, Ltd. (Swiss Re), Series 5, Class C, Variable
Rate Notes, 12/1/20 (144A) 45,878
2,700,000+(j)(k) Silverton Re, Ltd., Variable Rate Notes, 9/17/18 (144A) 75,600
3,000,000+(j)(k) St. Andrews Segregated Account (Artex SAC, Ltd.), Variable
Rate Notes, 12/31/17 59,100
2,450,000+(j)(k) St. Andrews Segregated Account (Artex SAC, Ltd.), Variable
Rate Notes, 2/1/18 344,470
1,000,000+(j)(k) St. Andrews Segregated Account (Artex SAC, Ltd.), Variable
Rate Notes, 2/1/19 1,035,900
868,992+(j)(k) St. Andrews Segregated Account (Artex SAC, Ltd.), Variable
Rate Notes, 6/1/19 893,063
1,000,000+(j)(k) Sunningdale 2017 Segregated Account (Artex SAC, Ltd.),
Variable Rate Notes, 1/16/18 981,500
500,000(c) Ursa Re, Ltd., 4.0% (ZERO + 400 bps), 12/10/19
(144A) (Cat Bond) 504,750
800,000(c) Ursa Re, Ltd., 6.0% (ZERO + 600 bps), 5/27/20
(144A) (Cat Bond) 805,200
4,000,000+(j)(k) Versutus, Ltd. (MMC Securities), Series 2016-A, Variable
Rate Notes, 11/30/20 170,400
1,100,000+(j)(k) Versutus, Ltd. (MMC Securities), Series 2017-A, Variable
Rate Notes, 11/30/21 1,077,230
400,000+(j)(k) Wentworth 2017, Variable Rate Notes, 7/13/18 368,560
---------------
Total Insurance $ 26,566,230
-------------------------------------------------------------------------------------------------------------
MATERIALS -- 5.8%
Commodity Chemicals -- 0.5%
2,830,000 CF Industries, Inc., 3.45%, 6/1/23 $ 2,794,625
1,220,000 Hexion, Inc., 6.625%, 4/15/20 1,085,800
1,050,000 Valvoline, Inc., 4.375%, 8/15/25 (144A) 1,060,500
---------------
$ 4,940,925
-------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer High Yield Fund | Annual Report | 10/31/17 31
Schedule of Investments | 10/31/17 (continued)
-------------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
-------------------------------------------------------------------------------------------------------------
Construction Materials -- 0.3%
2,550,000 Beacon Escrow Corp., 4.875%, 11/1/25 (144A) $ 2,581,110
-------------------------------------------------------------------------------------------------------------
Diversified Chemicals -- 0.1%
540,000 Alpha 3 BV / Alpha US Bidco, Inc., 6.25%, 2/1/25 (144A) $ 553,500
942,000 Avantor, Inc., 6.0%, 10/1/24 (144A) 960,840
---------------
$ 1,514,340
-------------------------------------------------------------------------------------------------------------
Diversified Metals & Mining -- 0.5%
2,475,000 Freeport-McMoRan, Inc., 3.55%, 3/1/22 $ 2,450,250
975,000 Hudbay Minerals, Inc., 7.625%, 1/15/25 (144A) 1,074,937
1,307,000 Prince Mineral Holding Corp., 11.5%, 12/15/19 (144A) 1,349,478
---------------
$ 4,874,665
-------------------------------------------------------------------------------------------------------------
Gold -- 0.2%
1,835,000 Kinross Gold Corp., 4.5%, 7/15/27 (144A) $ 1,857,938
-------------------------------------------------------------------------------------------------------------
Metal & Glass Containers -- 2.5%
EUR 950,000(i) ARD Finance SA, 6.625% (7.375% PIK 0.0% cash), 9/15/23 $ 1,189,324
950,000(i) ARD Finance SA, 7.125% (7.875% PIK 0.0% cash), 9/15/23 1,011,750
2,160,000 Ardagh Packaging Finance Plc / Ardagh Holdings USA, Inc.,
6.0%, 2/15/25 (144A) 2,292,300
4,901,000 Ball Corp., 5.25%, 7/1/25 5,384,974
9,120,000 Crown Cork & Seal Co., Inc., 7.375%, 12/15/26 10,716,000
1,060,000 Plastipak Holdings, Inc., 6.25%, 10/15/25 (144A) 1,080,988
2,790,000 Reynolds Group Issuer, Inc. / Reynolds Group Issuer LLC /
Reynolds Group Issuer Lu, 7.0%, 7/15/24 (144A) 2,978,325
---------------
$ 24,653,661
-------------------------------------------------------------------------------------------------------------
Silver -- 0.3%
2,550,000 Coeur Mining, Inc., 5.875%, 6/1/24 $ 2,550,000
-------------------------------------------------------------------------------------------------------------
Specialty Chemicals -- 0.5%
4,330,000 Kraton Polymers LLC / Kraton Polymers Capital Corp.,
7.0%, 4/15/25 (144A) $ 4,676,400
-------------------------------------------------------------------------------------------------------------
Steel -- 0.9%
1,970,000 AK Steel Corp., 6.375%, 10/15/25 $ 1,940,450
1,640,000 Big River Steel LLC / BRS Finance Corp., 7.25%,
9/1/25 (144A) 1,758,900
1,230,000 Commercial Metals Co., 5.375%, 7/15/27 1,269,975
1,060,000 SunCoke Energy Partners LP / SunCoke Energy Partners
Finance Corp., 7.5%, 6/15/25 (144A) 1,110,350
1,287,000 United States Steel Corp., 6.875%, 8/15/25 1,305,501
1,550,000 Warrior Met Coal, Inc., 8.0%, 11/1/24 (144A) 1,588,052
---------------
$ 8,973,228
---------------
Total Materials $ 56,622,267
-------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
32 Pioneer High Yield Fund | Annual Report | 10/31/17
-------------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
-------------------------------------------------------------------------------------------------------------
MEDIA -- 6.2%
Advertising -- 0.2%
2,320,000 MDC Partners, Inc., 6.5%, 5/1/24 (144A) $ 2,366,400
-------------------------------------------------------------------------------------------------------------
Broadcasting -- 2.1%
2,290,000 CCO Holdings LLC / CCO Holdings Capital Corp., 5.0%,
2/1/28 (144A) $ 2,272,825
4,919,000 Gray Television, Inc., 5.875%, 7/15/26 (144A) 5,041,975
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) 3,492,039
6,170,000 TEGNA, Inc., 6.375%, 10/15/23 6,547,912
---------------
$ 20,115,076
-------------------------------------------------------------------------------------------------------------
Cable & Satellite -- 2.8%
6,925,000 CCO Holdings LLC / CCO Holdings Capital Corp., 5.75%,
2/15/26 (144A) $ 7,240,088
2,005,000 CSC Holdings LLC, 5.5%, 4/15/27 (144A) 2,065,150
1,670,000 CSC Holdings LLC, 6.625%, 10/15/25 (144A) 1,830,320
3,370,000 DISH DBS Corp., 5.875%, 7/15/22 3,388,973
2,945,000 Sirius XM Radio, Inc., 5.0%, 8/1/27 (144A) 2,970,769
2,195,000 Sirius XM Radio, Inc., 5.375%, 7/15/26 (144A) 2,312,981
7,076,000 Videotron, Ltd., 5.375%, 6/15/24 (144A) $ 7,642,080
---------------
$ 27,450,361
-------------------------------------------------------------------------------------------------------------
Movies & Entertainment -- 1.1%
1,600,000 AMC Entertainment Holdings, Inc., 6.125%, 5/15/27 $ 1,584,000
5,749,000 Netflix, Inc., 4.375%, 11/15/26 (144A) 5,637,613
2,895,000 Regal Entertainment Group, 5.75%, 2/1/25 2,952,900
---------------
$ 10,174,513
---------------
Total Media $ 60,106,350
-------------------------------------------------------------------------------------------------------------
PHARMACEUTICALS, BIOTECHNOLOGY &
LIFE SCIENCES -- 2.4%
Pharmaceuticals -- 2.4%
1,880,000 Endo Dac / Endo Finance LLC / Endo Finco, Inc., 6.0%,
2/1/25 (144A) $ 1,494,600
2,601,000 Endo Finance LLC, 5.75%, 1/15/22 (144A) 2,275,875
1,230,000 Horizon Pharma, Inc., 6.625%, 5/1/23 1,211,550
370,000 Horizon Pharma, Inc. / Horizon Pharma USA, Inc., 8.75%,
11/1/24 (144A) 387,575
1,470,000 Valeant Pharmaceuticals International, Inc., 5.5%,
11/1/25 (144A) 1,503,075
16,483,000 Valeant Pharmaceuticals International, Inc., 5.875%,
5/15/23 (144A) 13,928,135
935,000 Valeant Pharmaceuticals International, Inc., 6.5%,
3/15/22 (144A) 991,100
1,250,000 Valeant Pharmaceuticals International, Inc., 7.0%,
3/15/24 (144A) 1,353,125
The accompanying notes are an integral part of these financial statements.
Pioneer High Yield Fund | Annual Report | 10/31/17 33
Schedule of Investments | 10/31/17 (continued)
-------------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
-------------------------------------------------------------------------------------------------------------
Pharmaceuticals -- (continued)
575,000 West Street Merger Sub, Inc., 6.375%, 9/1/25 (144A) $ 582,906
---------------
Total Pharmaceuticals, Biotechnology & Life Sciences $ 23,727,941
-------------------------------------------------------------------------------------------------------------
REAL ESTATE -- 1.5%
Diversified REIT -- 0.5%
2,407,152(i) AAF Holdings LLC / AAF Finance Co., 12.0% (12.75%
PIK 12.0% cash), 7/1/19 (144A) $ 2,527,509
2,100,000 MPT Operating Partnership LP / MPT Finance Corp.,
5.0%, 10/15/27 2,157,750
---------------
$ 4,685,259
-------------------------------------------------------------------------------------------------------------
Residential REIT -- 0.2%
1,480,000 Kennedy-Wilson, Inc., 5.875%, 4/1/24 $ 1,535,500
-------------------------------------------------------------------------------------------------------------
Specialized REIT -- 0.2%
2,075,000 Uniti Group LP / Uniti Group Finance, Inc. / CSL Capital LLC,
6.0%, 4/15/23 (144A) $ 2,077,594
6,000,000 Iron Mountain, Inc., 4.875%, 9/15/27 (144A) 6,076,860
---------------
$ 8,154,454
---------------
Total Real Estate $ 14,375,213
-------------------------------------------------------------------------------------------------------------
RETAILING -- 0.9%
Automotive Retail -- 0.4%
2,900,000 Asbury Automotive Group, Inc., 6.0%, 12/15/24 $ 3,059,500
636,000 Penske Automotive Group, Inc., 3.75%, 8/15/20 648,720
---------------
$ 3,708,220
-------------------------------------------------------------------------------------------------------------
Specialty Stores -- 0.5%
2,710,000 PetSmart, Inc., 7.125%, 3/15/23 (144A) $ 2,066,375
3,285,000 PetSmart, Inc., 8.875%, 6/1/25 (144A) 2,586,938
---------------
$ 4,653,313
---------------
Total Retailing $ 8,361,533
-------------------------------------------------------------------------------------------------------------
SEMICONDUCTORS & SEMICONDUCTOR
EQUIPMENT -- 0.7%
Semiconductor Equipment -- 0.5%
4,225,000 Entegris, Inc., 6.0%, 4/1/22 (144A) $ 4,415,125
-------------------------------------------------------------------------------------------------------------
Semiconductors -- 0.2%
1,960,000 Micron Technology, Inc., 5.25%, 8/1/23 (144A) $ 2,051,336
---------------
Total Semiconductors & Semiconductor Equipment $ 6,466,461
-------------------------------------------------------------------------------------------------------------
SOFTWARE & SERVICES -- 2.5%
Application Software -- 0.2%
2,245,000 Open Text Corp., 5.875%, 6/1/26 (144A) $ 2,433,019
-------------------------------------------------------------------------------------------------------------
Data Processing & Outsourced Services -- 1.2%
2,848,000 Alliance Data Systems Corp., 5.875%, 11/1/21 (144A) $ 2,947,680
2,750,000 First Data Corp., 5.0%, 1/15/24 (144A) 2,856,562
The accompanying notes are an integral part of these financial statements.
34 Pioneer High Yield Fund | Annual Report | 10/31/17
-------------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
-------------------------------------------------------------------------------------------------------------
Data Processing & Outsourced Services -- (continued)
3,350,000 First Data Corp., 5.75%, 1/15/24 (144A) $ 3,504,937
1,830,000 First Data Corp., 7.0%, 12/1/23 (144A) 1,958,137
---------------
$ 11,267,316
-------------------------------------------------------------------------------------------------------------
Internet Software & Services -- 0.3%
3,225,000 Cimpress NV, 7.0%, 4/1/22 (144A) $ 3,358,031
-------------------------------------------------------------------------------------------------------------
IT Consulting & Other Services -- 0.8%
1,310,000 Change Healthcare Holdings LLC / Change Healthcare
Finance, Inc., 5.75%, 3/1/25 (144A) $ 1,339,475
1,645,000 Dell International LLC / EMC Corp., 5.875%,
6/15/21 (144A) 1,722,772
655,000 j2 Cloud Services LLC / j2 Global Co-Obligor, Inc.,
6.0%, 7/15/25 (144A) 689,388
3,690,000 Rackspace Hosting, Inc., 8.625%, 11/15/24 (144A) 3,886,031
---------------
$ 7,637,666
---------------
Total Software & Services $ 24,696,032
-------------------------------------------------------------------------------------------------------------
TECHNOLOGY HARDWARE & EQUIPMENT -- 0.9%
Communications Equipment -- 0.4%
3,563,000 Avaya, Inc., 7.0%, 4/1/19 (144A) $ 2,992,920
1,510,000 CommScope Technologies LLC, 5.0%, 3/15/27 (144A) 1,470,363
---------------
$ 4,463,283
-------------------------------------------------------------------------------------------------------------
Computer Hardware Storage & Peripherals -- 0.4%
3,560,000 Diebold Nixdorf, Inc., 8.5%, 4/15/24 $ 3,742,450
-------------------------------------------------------------------------------------------------------------
Electronic Manufacturing Services -- 0.1%
695,000 TTM Technologies, Inc., 5.625%, 10/1/25 (144A) $ 708,900
---------------
Total Technology Hardware & Equipment $ 8,914,633
-------------------------------------------------------------------------------------------------------------
TELECOMMUNICATION SERVICES -- 6.0%
Integrated Telecommunication Services -- 2.7%
1,840,000 Altice Financing SA, 6.625%, 2/15/23 (144A) $ 1,939,544
1,375,000 Altice US Finance I Corp., 5.375%, 7/15/23 (144A) 1,433,437
1,055,000 Altice US Finance I Corp., 5.5%, 5/15/26 (144A) 1,097,200
1,550,000 CB Escrow Corp., 8.0%, 10/15/25 (144A) 1,600,375
1,996,000 CenturyLink, Inc., 5.8%, 3/15/22 2,025,940
3,300,000 CenturyLink, Inc., 6.45%, 6/15/21 3,481,863
3,696,000 Frontier Communications Corp., 8.5%, 4/15/20 3,654,420
2,500,000 Frontier Communications Corp., 8.75%, 4/15/22 2,059,375
1,575,000 SFR Group SA, 6.0%, 5/15/22 (144A) 1,641,937
3,990,000 Windstream Corp., 7.5%, 6/1/22 2,972,550
2,975,000 Windstream Services LLC, 6.375%, 8/1/23 2,164,313
1,825,000 Windstream Services LLC, 7.75%, 10/15/20 1,633,375
---------------
$ 25,704,329
-------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer High Yield Fund | Annual Report | 10/31/17 35
Schedule of Investments | 10/31/17 (continued)
-------------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
-------------------------------------------------------------------------------------------------------------
Wireless Telecommunication Services -- 3.3%
18,573,000 Sprint Corp., 7.25%, 9/15/21 $ 20,244,570
3,445,000 T-Mobile USA, Inc., 5.125%, 4/15/25 3,607,604
700,000 T-Mobile USA, Inc., 6.0%, 4/15/24 749,000
860,000 T-Mobile USA, Inc., 6.5%, 1/15/26 951,478
3,350,000 WCP Issuer LLC, 6.657%, 8/15/20 (144A) 3,469,198
3,165,000 Wind Tre SpA, 5.0%, 1/20/26 (144A) 3,185,535
---------------
$ 32,207,385
---------------
Total Telecommunication Services $ 57,911,714
-------------------------------------------------------------------------------------------------------------
TRANSPORTATION -- 1.0%
Airlines -- 0.7%
1,920,000 Air Canada 2015-1 Class C Pass Through Trust, 5.0%,
3/15/20 (144A) $ 1,963,200
1,060,000 DAE Funding LLC, 4.5%, 8/1/22 (144A) 1,074,575
3,475,000 Intrepid Aviation Group Holdings LLC / Intrepid Finance Co.,
6.875%, 2/15/19 (144A) 3,431,562
---------------
$ 6,469,337
-------------------------------------------------------------------------------------------------------------
Trucking -- 0.3%
3,500,000 syncreon Group BV / syncreon Global Finance US, Inc.,
8.625%, 11/1/21 (144A) $ 2,887,500
---------------
Total Transportation $ 9,356,837
-------------------------------------------------------------------------------------------------------------
UTILITIES -- 3.5%
Electric Utilities -- 0.2%
723,000 AES Corp., 5.125%, 9/1/27 $ 742,159
600,000 NextEra Energy Operating Partners LP, 4.25%, 9/15/24 (144A) 606,000
223,000 Talen Energy Supply LLC, 4.625%, 7/15/19 (144A) 225,788
---------------
$ 1,573,947
-------------------------------------------------------------------------------------------------------------
Gas Utilities -- 1.2%
925,000 AmeriGas Partners LP / AmeriGas Finance Corp.,
5.5%, 5/20/25 $ 945,812
1,065,000 DCP Midstream Operating LP, 2.7%, 4/1/19 1,058,344
1,785,000 DCP Midstream Operating LP, 3.875%, 3/15/23 1,771,612
3,400,000 DCP Midstream Operating LP, 5.6%, 4/1/44 3,247,000
3,585,000 Ferrellgas LP / Ferrellgas Finance Corp., 6.75%, 1/15/22 3,396,788
1,550,000 Ferrellgas LP / Ferrellgas Finance Corp., 6.75%, 6/15/23 1,441,500
---------------
$ 11,861,056
-------------------------------------------------------------------------------------------------------------
Independent Power Producers & Energy Traders -- 2.1%
1,650,000 AES Corp., 5.5%, 3/15/24 $ 1,724,250
6,267,000 Calpine Corp., 5.75%, 1/15/25 5,953,650
3,002,000 Dynegy, Inc., 8.0%, 1/15/25 (144A) 3,279,685
1,810,300 Dynegy, Inc., 8.125%, 1/30/26 (144A) 2,009,433
350,000 NRG Energy, Inc., 6.25%, 7/15/22 367,500
1,669,000 NRG Energy, Inc., 6.25%, 5/1/24 1,773,312
The accompanying notes are an integral part of these financial statements.
36 Pioneer High Yield Fund | Annual Report | 10/31/17
-------------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
-------------------------------------------------------------------------------------------------------------
Independent Power Producers & Energy Traders -- (continued)
2,694,000 NRG Energy, Inc., 6.625%, 1/15/27 $ 2,869,110
710,000 NRG Energy, Inc., 7.25%, 5/15/26 769,463
354,340 NSG Holdings LLC / NSG Holdings, Inc., 7.75%,
12/15/25 (144A) 384,902
1,235,000(a) TerraForm Power Operating LLC, 6.375%, 2/1/23 (144A) 1,293,663
---------------
$ 20,424,968
---------------
Total Utilities $ 33,859,971
-------------------------------------------------------------------------------------------------------------
TOTAL CORPORATE BONDS $ 691,072,332
-------------------------------------------------------------------------------------------------------------
(Cost $668,229,464)
U.S. GOVERNMENT AND AGENCY OBLIGATIONS --
4% of Net Assets
11,705,000(b) U.S. Treasury Bill, 11/2/17 $ 11,704,702
7,300,000(b) U.S. Treasury Bill, 11/9/17 7,298,481
7,305,000(b) U.S. Treasury Bill, 11/24/17 7,300,461
13,000,000 U.S. Treasury Floating Rate Note, 1.323% (3 Month Treasury
Yield + 19 bps), 4/30/18 13,014,709
---------------
$ 39,318,353
-------------------------------------------------------------------------------------------------------------
TOTAL U.S. GOVERNMENT AND AGENCY OBLIGATIONS
(Cost $39,703,922) $ 39,318,353
-------------------------------------------------------------------------------------------------------------
SENIOR SECURED FLOATING RATE LOAN INTERESTS --
5.2% of Net Assets*(c)
AUTOMOBILES & COMPONENTS -- 0.9%
Auto Parts & Equipment -- 0.9%
4,116 Allison Transmission, Inc., Term Loan B-3, 3.25% (LIBOR +
200 bps), 9/23/22 $ 4,145
1,548,090 TI Group Automotive Systems LLC, Initial US Term Loan,
3.992% (LIBOR + 275 bps), 6/30/22 1,555,347
6,821,338 Tower Automotive Holdings USA LLC, Initial Term Loan, 4.0%
(LIBOR + 275 bps), 3/7/24 6,863,971
---------------
Total Automobiles & Components $ 8,423,463
-------------------------------------------------------------------------------------------------------------
CAPITAL GOODS -- 0.3%
Building Products -- 0.3%
2,382,828 Builders FirstSource, Inc., Refinancing Term Loan, 4.333%
(LIBOR + 300 bps), 2/29/24 $ 2,394,742
---------------
Total Capital Goods $ 2,394,742
-------------------------------------------------------------------------------------------------------------
COMMERCIAL SERVICES & SUPPLIES -- 0.1%
Diversified Support Services -- 0.0%+
410,336 IAP Worldwide Services, Inc., Second Lien Term Loan,
8.0% (LIBOR + 650 bps), 7/18/19 $ 409,310
-------------------------------------------------------------------------------------------------------------
Environmental & Facilities Services -- 0.1%
601,932 WCA Waste Systems, Inc., Initial Term Loan, 3.989%
(LIBOR + 275 bps), 8/11/23 $ 603,719
---------------
Total Commercial Services & Supplies $ 1,013,029
-------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer High Yield Fund | Annual Report | 10/31/17 37
Schedule of Investments | 10/31/17 (continued)
-------------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
-------------------------------------------------------------------------------------------------------------
ENERGY -- 0.3%
Oil & Gas Drilling -- 0.3%
3,210,000 Gavilan Resources LLC, Second Lien Initial Term Loan,
7.238% (LIBOR + 600 bps), 3/1/24 $ 3,129,750
---------------
Total Energy $ 3,129,750
-------------------------------------------------------------------------------------------------------------
HEALTH CARE EQUIPMENT & SERVICES -- 0.7%
Health Care Services -- 0.4%
1,100,000 Alliance HealthCare Services, Inc., First Lien Initial Term
Loan, 5.88% (LIBOR + 450 bps), 10/24/23 $ 1,104,125
699,197 Ardent Legacy Acquisitions, Inc. (Ardent Mergeco LLC),
Term Loan, 6.833% (LIBOR + 550 bps), 8/4/21 702,693
2,499,350 National Mentor Holdings, Inc., Tranche B Term Loan,
4.333% (LIBOR + 300 bps), 1/31/21 2,524,734
---------------
$ 4,331,552
-------------------------------------------------------------------------------------------------------------
Health Care Supplies -- 0.2%
1,830,413 Kinetic Concepts, Inc., Dollar Term Loan, 4.583%
(LIBOR + 325 bps), 2/2/24 $ 1,830,793
-------------------------------------------------------------------------------------------------------------
Managed Health Care -- 0.1%
564,506(h) MMM Holdings, Inc., MMM Term Loan, 10.25%
(LIBOR + 875 bps), 6/30/19 $ 553,215
410,392(h) MSO of Puerto Rico, Inc., MSO Term Loan, 10.25%
(LIBOR + 875 bps), 6/30/19 402,185
---------------
$ 955,400
---------------
Total Health Care Equipment & Services $ 7,117,745
-------------------------------------------------------------------------------------------------------------
HOUSEHOLD & PERSONAL PRODUCTS -- 0.4%
Personal Products -- 0.4%
3,944,147 Alliant Holdings Intermediate LLC, Initial Term Loan,
4.742% (LIBOR + 350 bps), 9/7/23 $ 3,419,082
---------------
Total Household & Personal Products $ 3,419,082
-------------------------------------------------------------------------------------------------------------
INSURANCE -- 0.0%+
Multi-Line Insurance -- 0.0%+
361,372 Alliant Holdings I LLC, Term Loan B, 4.49% (LIBOR +
325 bps), 8/12/22 $ 364,309
---------------
Total Insurance $ 364,309
-------------------------------------------------------------------------------------------------------------
MATERIALS -- 0.5%
Specialty Chemicals -- 0.1%
1,060,156 Axalta Coating Systems Dutch Holding B BV (Axalta Coating
Systems US Holdings, Inc.), Term B-2 Dollar Loan, 3.333%
(LIBOR + 200 bps), 6/1/24 $ 1,067,224
-------------------------------------------------------------------------------------------------------------
Steel -- 0.4%
3,407,004 Zekelman Industries, Inc. (fka JMC Steel Group, Inc.), Term
Loan, 4.073% (LIBOR + 275 bps), 6/14/21 $ 3,429,515
---------------
Total Materials $ 4,496,739
-------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
38 Pioneer High Yield Fund | Annual Report | 10/31/17
-------------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
-------------------------------------------------------------------------------------------------------------
MEDIA -- 0.1%
Broadcasting -- 0.1%
1,373,038 Univision Communications, Inc., 2017 Replacement Repriced
First Lien Term Loan, 3.992% (LIBOR + 275 bps), 3/15/24 $ 1,368,201
---------------
Total Media $ 1,368,201
-------------------------------------------------------------------------------------------------------------
RETAILING -- 0.5%
Automotive Retail -- 0.5%
4,296,746 CWGS Group LLC, Term Loan, 4.238% (LIBOR +
300-375 bps), 11/8/23 $ 4,340,607
---------------
Total Retailing $ 4,340,607
-------------------------------------------------------------------------------------------------------------
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT -- 0.3%
Semiconductors -- 0.3%
2,911,557 ON Semiconductor Corp., 2017 New Replacement Term
Loan, 3.492% (LIBOR + 225 bps), 3/31/23 $ 2,927,783
---------------
Total Semiconductors & Semiconductor Equipment $ 2,927,783
-------------------------------------------------------------------------------------------------------------
TELECOMMUNICATION SERVICES -- 1.0%
Integrated Telecommunication Services -- 0.5%
5,000,000 Level 3 Financing, Inc., Tranche B 2024 Term Loan,
3.489% (LIBOR + 225 bps), 2/22/24 $ 5,019,645
-------------------------------------------------------------------------------------------------------------
Wireless Telecommunication Services -- 0.5%
5,100,408 Virgin Media Bristol LLC, Facility I, 3.989% (LIBOR +
275 bps), 1/31/25 $ 5,125,513
---------------
Total Telecommunication Services $ 10,145,158
-------------------------------------------------------------------------------------------------------------
UTILITIES -- 0.1%
Electric Utilities -- 0.1%
222,010 Vistra Operations Co., LLC (fka Tex Operations Co., LLC),
Initial Term C Loan, 4.084% (LIBOR + 275 bps), 8/4/23 $ 222,981
966,129 Vistra Operations Co., LLC (fka Tex Operations Co., LLC),
Initial Term Loan, 4.011% (LIBOR + 275 bps), 8/4/23 970,356
---------------
Total Utilities $ 1,193,337
-------------------------------------------------------------------------------------------------------------
TOTAL SENIOR SECURED FLOATING RATE LOAN INTERESTS
(Cost $50,227,243) $ 50,333,945
-------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------
Shares
-------------------------------------------------------------------------------------------------------------
RIGHTS/WARRANTS -- 0.0%+ of Net Assets
ENERGY -- 0.0%+
Coal & Consumable Fuels -- 0.0%+
921(d) Contura Energy, Inc. $ 21,183
-------------------------------------------------------------------------------------------------------------
Oil & Gas Exploration & Production -- 0.0%+
4,728,525(d) ANR, Inc. $ 37,828
2,136(d)(e) BioScrip, Inc. 1,175
2,136(d)(e) BioScrip, Inc. 1,474
The accompanying notes are an integral part of these financial statements.
Pioneer High Yield Fund | Annual Report | 10/31/17 39
Schedule of Investments | 10/31/17 (continued)
-------------------------------------------------------------------------------------------------------------
Shares Value
-------------------------------------------------------------------------------------------------------------
Oil & Gas Exploration & Production -- (continued)
7,060(d) Midstates Petroleum Co., Inc. $ --
---------------
$ 40,477
---------------
Total Energy $ 61,660
-------------------------------------------------------------------------------------------------------------
TOTAL RIGHTS/WARRANTS
(Cost $598,118) $ 61,660
-------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($)
-------------------------------------------------------------------------------------------------------------
TEMPORARY CASH INVESTMENTS -- 1.3% of Net Assets
COMMERCIAL PAPER -- 0.3%
2,355,000 Natixis NY, 1.08%, 11/1/17 $ 2,354,923
-------------------------------------------------------------------------------------------------------------
REPURCHASE AGREEMENTS -- 1.0%
3,560,000 $3,560,000 ScotiaBank, 1.05%, dated 10/31/17
plus accrued interest on 11/1/17 collateralized
by the following:
$2,186,632 Federal National Mortgage Association,
3.5% -- 4.0%, 7/1/34 -- 9/1/47 $1,444,674
Government National Mortgage Association,
3.0% -- 3.5%, 7/20/46 -- 3/20/47. $ 3,560,000
2,185,000 $2,185,000 TD Securities USA LLC, 1.03%, dated
10/31/17 plus accrued interest on 11/1/17
collateralized by the following:
$2,228,743 U.S. Treasury Notes, 1.875% -- 3.375%,
7/31/22 -- 4/15/32. 2,185,000
2,185,000 $2,185,000 TD Securities USA LLC, 1.05%, dated
10/31/17 plus accrued interest on 11/1/17
collateralized by the following:
$2,228,743 U.S. Treasury Notes, 1.875% -- 3.375%,
7/31/22 -- 4/15/32. 2,185,000
1,795,000 $1,795,000 RBC Capital Markets LLC, 1.03%, dated
10/31/17 plus accrued interest on 11/1/17
collateralized by the following:
$1,469 Federal Home Loan Mortgage Corp., 3.5%,
11/1/47 $161,976 Federal National Mortgage Association,
3.17% -- 4.0%, 6/1/29 -- 6/1/47 $1,667,456 Government
National Mortgage Association, 3.5%, 9/20/47. 1,795,000
---------------
$ 9,725,000
-------------------------------------------------------------------------------------------------------------
TOTAL TEMPORARY CASH INVESTMENTS
(Cost $12,080,000) $ 12,079,923
-------------------------------------------------------------------------------------------------------------
TOTAL INVESTMENTS IN UNAFFILIATED ISSUERS -- 98.7%
(Cost -- $925,327,836) $ 959,233,483
-------------------------------------------------------------------------------------------------------------
OTHER ASSETS AND LIABILITIES -- 1.3% $ 12,720,416
-------------------------------------------------------------------------------------------------------------
NET ASSETS -- 100.0% $ 971,953,899
=============================================================================================================
The accompanying notes are an integral part of these financial statements.
40 Pioneer High Yield Fund | Annual Report | 10/31/17
BPS Basis Point.
LIBOR London Interbank Offered Rate.
ZERO Zero Constant Index.
REIT Real Estate Investment Trust.
(144A) Security is exempt from registration under Rule 144A of the
Securities Act of 1933. Such securities may be resold normally to
qualified institutional buyers in a transaction exempt from
registration. At October 31, 2017, the value of these securities
amounted to $338,439,291, or 34.8% of net assets.
(Cat Bond) Catastrophe or event-linked bond. At October 31, 2017, the value
of these securities amounted to $8,647,695, or 0.9% of net assets.
See Notes to Financial Statements -- Note 1G.
+ Amount rounds to less than 0.1%.
* Senior secured floating rate loan interests in which the Fund
invests generally pay interest at rates that are periodically
redetermined by reference to a base lending rate plus a premium.
These base lending rates are generally (i) the lending rate offered
by one or more major European banks, such as LIBOR, (ii) the prime
rate offered by one or more major United States banks, (iii) the
rate of a certificate of deposit or (iv) other base lending rates
used by commercial lenders. The interest rate shown is the rate
accruing at October 31, 2017.
+ Securities that used significant unobservable inputs to determine
their value.
(a) Debt obligation initially issued at one coupon which converts to a
higher coupon at a specific date. The rate shown is the rate at
October 31, 2017.
(b) Security issued with a zero coupon. Income is recognized through
accretion of discount.
(c) Floating rate note. Coupon rate, reference index and spread shown
at October 31, 2017.
(d) Non-income producing.
(e) Security is valued using fair value methods (other than prices
supplied by independent pricing services). See Notes to Financial
Statements -- Note 1A.
(f) Security is perpetual in nature and has no stated maturity date.
(g) The interest rate is subject to change periodically. The interest
rate, reference index and spread shown at October 31, 2017.
(h) Security is in default.
(i) Payment in Kind (PIK) security which may pay interest in the form
of additional principal amount.
(j) Structured reinsurance investment. At October 31, 2017, the value
of these securities amounted to $17,918,535, or 1.8% of net
assets. See Notes to Financial Statements -- Note 1G.
(k) Rate to be determined.
FUTURES CONTRACTS
INDEX FUTURES CONTRACTS
-------------------------------------------------------------------------------------------------------------
Number of
Contracts Expiration Notional Market Unrealized
(Short) Description Date Amount Value (Depreciation)
-------------------------------------------------------------------------------------------------------------
(211) S&P 500 EMINI 12/15/2017 $25,962,495 $27,142,513 $(1,180,018)
-------------------------------------------------------------------------------------------------------------
TOTAL FUTURES CONTRACT $25,962,495 $27,142,513 $(1,180,018)
=============================================================================================================
The accompanying notes are an integral part of these financial statements.
Pioneer High Yield Fund | Annual Report | 10/31/17 41
Schedule of Investments | 10/31/17 (continued)
SWAP CONTRACTS
CENTRALLY CLEARED CREDIT DEFAULT SWAP CONTRACTS - SELL PROTECTION
--------------------------------------------------------------------------------------------------------------
Obligation Annual
Notional Reference/ Pay/ Fixed Expiration Premiums Unrealized Market
Amount ($)(1) Index Receive(2) Rate Date Paid Appreciation Value
--------------------------------------------------------------------------------------------------------------
22,442,345 Markit CDX Pay 5.00% 12/20/19 $1,507,241 $ 71,691 $1,578,932
North America
High Yield
Index Series 23
5,858,800 Markit CDX Pay 5.00% 12/20/20 135,338 331,552 466,890
North America
High Yield Index
Series 25
--------------------------------------------------------------------------------------------------------------
$1,642,579 $403,243 $2,045,822
==============================================================================================================
CREDIT DEFAULT SWAP CONTRACTS - SELL PROTECTION
OVER THE COUNTER (OTC)
---------------------------------------------------------------------------------------------------------------------------
Obligation Annual
Notional Reference/ Pay/ Fixed Expiration Premiums Unrealized Market
Amount ($)(1) Counterparty Index Receive(2) Rate Date (Received) Appreciation Value
---------------------------------------------------------------------------------------------------------------------------
690,000 Goldman Sachs Chesapeake Pay 5.00% 6/20/22 $ (77,625) $ 41,601 $ (36,024)
International Bank Energy Corp.
415,000 Goldman Sachs Chesapeake Pay 5.00% 6/20/22 (50,837) 29,171 (21,666)
International Bank Energy Corp.
655,000 Goldman Sachs Chesapeake Pay 5.00% 6/20/22 (80,238) 46,040 (34,198)
International Bank Energy Corp.
---------------------------------------------------------------------------------------------------------------------------
$ (208,700) $116,812 $ (91,888)
===========================================================================================================================
TOTAL SWAP CONTRACTS $1,433,879 $520,055 $1,953,934
===========================================================================================================================
(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) Pays Quarterly
Principal amounts are denominated in U.S. dollars unless otherwise noted.
EUR - Euro
At October 31, 2017, the net unrealized appreciation on investments based on
cost for federal tax purposes of $927,954,017 was as follows:
Aggregate gross unrealized appreciation for all investments in which
there is an excess of value over tax cost $ 60,231,784
Aggregate gross unrealized depreciation for all investments in which
there is an excess of tax cost over value (28,178,402)
------------
Net unrealized appreciation $ 32,053,382
============
Purchases and sales of securities (excluding temporary cash investments) for the
year ended October 31, 2017 were as follows:
---------------------------------------------------------------------------------------------------------
Purchases Sales
---------------------------------------------------------------------------------------------------------
Long-Term U.S. Government $ -- $ 16,852,543
Other Long-Term Securities $387,292,969 $548,314,342
The accompanying notes are an integral part of these financial statements.
42 Pioneer High Yield Fund | Annual Report | 10/31/17
The Fund is permitted to engage in purchase and sale transactions (cross trades)
with certain funds and accounts for which Amundi Pioneer Asset Management, Inc.
(the "Adviser"), serves as the investment adviser, as set forth in Rule 17a-7
under the Investment Company Act of 1940, pursuant to procedures adopted by the
Board of Trustees. Under these procedures, cross trades are affected at current
market prices. During the year ended October 31, 2017, the Fund engaged in
purchases and sales pursuant to these procedures amounting to $5,956,469 and
$26,123,642, respectively resulting in a loss of $(331,552).
Various inputs are used in determining the value of the Fund's investments.
These inputs are summarized in the three broad levels below.
Level 1 - quoted prices in active markets for identical securities.
Level 2 - other significant observable inputs (including quoted prices for
similar securities, interest rates, prepayment speeds, credit
risks, etc.). See Notes to Financial Statements -- Note 1A.
Level 3 - significant unobservable inputs (including the Fund's own
assumptions in determining fair value of investments). See
Notes to Financial Statements -- Note 1A.
The following is a summary of the inputs used as of October 31, 2017, in valuing
the Fund's investments.
--------------------------------------------------------------------------------------------------------
Level 1 Level 2 Level 3 Total
--------------------------------------------------------------------------------------------------------
Convertible Corporate Bonds $ -- $ 90,545,260 $ -- $ 90,545,260
Preferred Stocks 2,569,410 -- -- 2,569,410
Convertible Preferred Stocks
Health Care Equipment &
Services
Health Care Services -- -- 68,774 68,774
Other Convertible
Preferred Stocks 13,927,468 -- -- 13,927,468
Common Stocks
Capital Goods
Industrial Machinery -- -- 737 737
Energy
Oil & Gas Exploration &
Production 24,860 -- 1,497,918 1,522,778
Transportation
Air Freight & Logistics -- 2,924,954 -- 2,924,954
All Other Common Stocks 34,313,046 -- -- 34,313,046
Asset Backed Securities -- 1,751,413 -- 1,751,413
Collateralized Mortgage
Obligations -- 18,743,430 -- 18,743,430
Corporate Bonds
Insurance
Reinsurance -- 8,647,695 17,918,535 26,566,230
All Other Corporate Bonds -- 664,506,102 -- 664,506,102
U.S. Government and
Agency Obligations -- 39,318,353 -- 39,318,353
Senior Secured Floating
Rate Loan Interests -- 50,333,945 -- 50,333,945
Rights/Warrants
Energy
Coal & Consumable Fuels -- 21,183 -- 21,183
Oil & Gas Exploration &
Production -- 37,828 2,649 40,477
Commercial Paper -- 2,354,923 -- 2,354,923
Repurchase Agreements -- 9,725,000 -- 9,725,000
--------------------------------------------------------------------------------------------------------
Total Investments in Securities $ 50,834,784 $ 888,910,086 $ 19,488,613 $ 959,233,483
========================================================================================================
The accompanying notes are an integral part of these financial statements.
Pioneer High Yield Fund | Annual Report | 10/31/17 43
Schedule of Investments | 10/31/17 (continued)
-------------------------------------------------------------------------------------------------------
Level 1 Level 2 Level 3 Total
-------------------------------------------------------------------------------------------------------
Other Financial Instruments
Unrealized depreciation
on futures contracts $ (1,180,018) $ -- $ -- $ (1,180,018)
Swap contracts, at value -- 1,953,934 -- 1,953,934
-------------------------------------------------------------------------------------------------------
Total Other
Financial Instruments $ (1,180,018) $ 1,953,934 $ -- $ 773,916
=======================================================================================================
The following is a reconciliation of assets valued using significant
unobservable inputs (Level 3):
-------------------------------------------------------------------------------------------------------------
Convertible
Preferred Common Corporate Rights/
Stocks Stocks Bonds Warrants Total
-------------------------------------------------------------------------------------------------------------
Balance as of 10/31/16 $ 67,755 $ 737 $ 39,958,452 $ --** $ 40,026,944
Realized gain (loss)(1) -- -- 7,345 -- 7,345
Change in unrealized
appreciation (depreciation)(2) 1,019 1,025,798 (2,488,636) 2,649 (1,459,170)
Accrued discounts/premiums -- -- (37,629) -- (37,629)
Purchases -- 99,741 16,137,567 -- 16,237,308
Sales -- -- (35,658,564) -- (35,658,564)
Transfers in to Level 3* -- 372,379 -- -- 372,379
Transfers out of Level 3* -- -- -- -- --
-------------------------------------------------------------------------------------------------------------
Balance as of 10/31/17 $ 68,774 $1,498,655 $ 17,918,535 $ 2,649 $ 19,488,613
=============================================================================================================
(1) Realized gain (loss) on these securities is included in the realized
gain (loss) on 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. For year
ended October 31, 2017, there were no transfers between Levels 1 and 3.
Securities with an aggregate market value of $372,379 transferred from
Level 2 to Level 3 as there were observable inputs available to
determine their value.
** Security is valued at $0.
Net change in unrealized depreciation of Level 3 investments still held and
considered Level 3 at October 31, 2017: $(1,085,649)
-----------
The accompanying notes are an integral part of these financial statements.
44 Pioneer High Yield Fund | Annual Report | 10/31/17
Statement of Assets and Liabilities | 10/31/17
ASSETS:
Investments in unaffiliated issuers, at value (cost $925,327,836) $ 959,233,483
Cash 2,764,187
Foreign currencies, at value (cost $91,765) 90,162
Swap contracts, at value (net premiums paid $1,433,879) 1,953,934
Variation margin for centrally cleared swap contracts 17,800
Swaps collateral 920,035
Futures collateral 989,000
Due from broker for futures 1,180,545
Receivables --
Investment securities sold 3,799,800
Fund shares sold 613,214
Dividends 65,100
Interest 11,341,083
Other assets 33,251
---------------------------------------------------------------------------------------------
Total assets $ 983,001,594
=============================================================================================
LIABILITIES:
Payables --
Investment securities purchased $ 4,715,000
Fund shares repurchased 1,966,631
Distributions 332,771
Trustees fees 5,927
Due to broker for swaps 2,070,003
Variation margin for futures contracts 47,475
Unrealized depreciation on futures contracts 1,180,018
Due to affiliates 295,038
Accrued expenses 434,832
---------------------------------------------------------------------------------------------
Total liabilities $ 11,047,695
=============================================================================================
NET ASSETS:
Paid-in capital $ 971,726,551
Distributions in excess of net investment income (464,860)
Accumulated net realized loss on investments (32,551,749)
Net unrealized appreciation on investments 33,243,957
---------------------------------------------------------------------------------------------
Net assets $ 971,953,899
=============================================================================================
NET ASSET VALUE PER SHARE:
No par value (unlimited number of shares authorized)
Class A (based on $525,164,052/53,593,344 shares) $ 9.80
Class C (based on $192,557,994/19,245,216 shares) 10.01
Class R (based on $24,366,020/2,197,100 shares) 11.09
Class Y (based on $229,865,833/23,434,933 shares) 9.81
MAXIMUM OFFERING PRICE:
Class A ($9.80 (divided by) 95.5%) $ 10.26
=============================================================================================
The accompanying notes are an integral part of these financial statements.
Pioneer High Yield Fund | Annual Report | 10/31/17 45
Statement of Operations
For the Year Ended 10/31/17
INVESTMENT INCOME:
Interest from unaffiliated issuers $ 59,005,559
Dividends from unaffiliated issuers (net of
foreign taxes withheld $2,625) 1,997,100
----------------------------------------------------------------------------------------------------
Total investment income $61,002,659
----------------------------------------------------------------------------------------------------
EXPENSES:
Management fees $ 6,893,866
Administrative expense 356,183
Transfer agent fees
Class A 732,683
Class C 239,568
Class R 87,010
Class Y 248,615
Distribution fees
Class A 1,359,125
Class C 2,280,650
Class R 141,105
Shareholder communications expense 75,486
Custodian fees 51,904
Registration fees 93,632
Professional fees 107,895
Printing expense 52,897
Pricing expense 29,520
Trustees' fees 47,009
Miscellaneous 74,668
----------------------------------------------------------------------------------------------------
Total expenses $12,871,816
----------------------------------------------------------------------------------------------------
Net investment income $48,130,843
----------------------------------------------------------------------------------------------------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
Net realized gain (loss) on:
Investments in unaffiliated issuers $ 26,498,930
Class actions 428,918
Swap contracts 1,151,723
Futures contracts (3,124,788)
Other assets and liabilities denominated
in foreign currencies 15,833 $24,970,616
----------------------------------------------------------------------------------------------------
Change in net unrealized appreciation (depreciation) on:
Investments in unaffiliated issuers $ 16,578,303
Swap contracts 521,964
Futures contracts (1,785,588)
Other assets and liabilities denominated
in foreign currencies (1,634) $15,313,045
----------------------------------------------------------------------------------------------------
Net realized and unrealized gain on investments $40,283,661
----------------------------------------------------------------------------------------------------
Net increase in net assets resulting from operations $88,414,504
====================================================================================================
The accompanying notes are an integral part of these financial statements.
46 Pioneer High Yield Fund | Annual Report | 10/31/17
Statements of Changes in Net Assets
--------------------------------------------------------------------------------------------------
Year Ended Year Ended
10/31/17 10/31/16*
--------------------------------------------------------------------------------------------------
FROM OPERATIONS:
Net investment income (loss) $ 48,130,843 $ 55,594,403
Net realized gain (loss) on investments 24,970,616 (56,907,266)
Change in net unrealized appreciation (depreciation) on
investments 15,313,045 (73,774,464)
--------------------------------------------------------------------------------------------------
Net increase in net assets resulting
from operations $ 88,414,504 $ 72,461,601
--------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO SHAREOWNERS:
Net investment income:
Class A ($0.47 and $0.48, per share, respectively) $ (26,300,134) $ (30,736,966)
Class C ($0.41 and $0.42, per share, respectively) (9,447,432) (12,301,556)
Class R ($0.48 and $0.49, per share, respectively) (1,247,795) (1,455,477)
Class Y ($0.49 and $0.50, per share, respectively) (11,451,263) (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 $ (48,446,624) $ (66,031,201)
--------------------------------------------------------------------------------------------------
FROM FUND SHARE TRANSACTIONS:
Net proceeds from sales or exchange of shares $ 154,126,288 $ 150,075,971
Reinvestment of distributions 42,729,533 57,858,717
Cost of shares repurchased (365,104,577) (378,274,434)
--------------------------------------------------------------------------------------------------
Net decrease in net assets resulting from Fund
share transactions $ (168,248,756) $ (170,339,746)
--------------------------------------------------------------------------------------------------
Net decrease in net assets $ (128,280,876) $ (163,909,346)
NET ASSETS:
Beginning of year $1,100,234,775 $ 1,264,144,121
--------------------------------------------------------------------------------------------------
End of year $ 971,953,899 $ 1,100,234,775
--------------------------------------------------------------------------------------------------
Distributions in excess of net investment income $ (464,860) $ (968,515)
==================================================================================================
* The Fund was audited by an independent registered public accounting
firm other than Ernst & Young LLP.
The accompanying notes are an integral part of these financial statements.
Pioneer High Yield Fund | Annual Report | 10/31/17 47
Statements of Changes in Net Assets (continued)
---------------------------------------------------------------------------------------------------
Year Ended Year Ended Year Ended Year Ended
10/31/17 10/31/17 10/31/16* 10/31/16*
Shares Amount Shares Amount
---------------------------------------------------------------------------------------------------
Class A
Shares sold 7,265,088 $ 70,314,457 7,756,351 $ 69,548,945
Reinvestment of
distributions 2,416,226 23,373,878 3,556,932 32,089,083
Less shares repurchased (17,619,851) (169,556,007) (19,657,393) (176,937,468)
---------------------------------------------------------------------------------------------------
Net decrease (7,938,537) $ (75,867,672) (8,344,110) $ (75,299,440)
===================================================================================================
Class C
Shares sold 695,591 $ 6,788,572 1,123,650 $ 10,349,673
Reinvestment of
distributions 808,757 7,988,610 1,211,226 11,149,266
Less shares repurchased (9,252,653) (91,585,846) (7,999,161) (73,402,487)
---------------------------------------------------------------------------------------------------
Net decrease (7,748,305) $ (76,808,664) (5,664,285) $ (51,903,548)
===================================================================================================
Class R
Shares sold 612,267 $ 6,675,801 802,213 $ 8,115,504
Reinvestment of
distributions 98,530 1,079,060 146,753 1,496,808
Less shares repurchased (1,297,690) (14,226,935) (1,671,454) (17,057,050)
---------------------------------------------------------------------------------------------------
Net decrease (586,893) $ (6,472,074) (722,488) $ (7,444,738)
===================================================================================================
Class Y
Shares sold 7,263,541 $ 70,347,458 6,867,808 $ 62,061,849
Reinvestment of
distributions 1,062,198 10,287,985 1,453,136 13,123,560
Less shares repurchased (9,292,859) (89,735,789) (12,281,090) (110,877,429)
---------------------------------------------------------------------------------------------------
Net decrease (967,120) $ (9,100,346) (3,960,146) $ (35,692,020)
===================================================================================================
* The Fund was audited by an independent registered public accounting
firm other than Ernst & Young LLP.
The accompanying notes are an integral part of these financial statements.
48 Pioneer High Yield Fund | Annual Report | 10/31/17
Financial Highlights
-----------------------------------------------------------------------------------------------------------------------------------
Year
Year Year Year Year Ended
Ended Ended Ended Ended 10/31/13
10/31/17 10/31/16* 10/31/15* 10/31/14* (Consolidated)
-----------------------------------------------------------------------------------------------------------------------------------
Class A
Net asset value, beginning of period $ 9.43 $ 9.33 $ 10.54 $ 11.07 $ 10.25
-----------------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (loss) $ 0.46(a) $ 0.46(a) $ 0.44(a) $ 0.46 $ 0.51
Net realized and unrealized gain (loss) on investments 0.38 0.19 (0.73) (0.11) 0.84
-----------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 0.84 $ 0.65 $ (0.29) $ 0.35 $ 1.35
-----------------------------------------------------------------------------------------------------------------------------------
Distribution to shareowners:
Net investment income $ (0.47) $ (0.48) $ (0.45) $ (0.49) $ (0.53)
Net realized gain -- (0.07) (0.47) (0.39) --
-----------------------------------------------------------------------------------------------------------------------------------
Total distributions $ (0.47) $ (0.55) $ (0.92) $ (0.88) $ (0.53)
-----------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ 0.37 $ 0.10 $ (1.21) $ (0.53) $ 0.82
-----------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 9.80 $ 9.43 $ 9.33 $ 10.54 $ 11.07
===================================================================================================================================
Total return (b) 9.05%(d) 7.29% (2.97)% 3.22% 13.52%(c)
Ratio of net expenses to average net assets 1.15% 1.17% 1.17% 1.15% 1.14%
Ratio of net investment income (loss) to average net assets 4.80% 5.09% 4.51% 4.34% 4.82%
Portfolio turnover rate 39% 41% 32% 28% 46%
Net assets, end of period (in thousands) $525,164 $580,260 $651,646 $895,795 $1,206,497
===================================================================================================================================
* The Fund was audited by an independent registered public accounting
firm other than Ernst & Young LLP.
(a) The per share data presented above is based on the average shares
outstanding for the periods presented.
(b) Assumes initial investment at net asset value at the beginning of each
period, reinvestment of all distributions, the complete redemption of the
investment at net asset value at the end of each period and no sales
charges. Total return would be reduced if sales charges were taken
into account.
(c) If the Fund had not recognized gains in the settlement of class action
lawsuits during the year ended October 31, 2013, the total return would have
been 13.49%.
(d) If the Fund had not recognized gains in the settlement of class action
lawsuits during the year ended October 31, 2017, the total return would
have been 8.94%.
The accompanying notes are an integral part of these financial statements.
Pioneer High Yield Fund | Annual Report | 10/31/17 49
Financial Highlights (continued)
-----------------------------------------------------------------------------------------------------------------------------------
Year
Year Year Year Year Ended
Ended Ended Ended Ended 10/31/13
10/31/17 10/31/16* 10/31/15* 10/31/14* (Consolidated)
-----------------------------------------------------------------------------------------------------------------------------------
Class C
Net asset value, beginning of period $ 9.63 $ 9.52 $ 10.74 $ 11.28 $ 10.43
-----------------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (loss) $ 0.41(a) $ 0.41(a) $ 0.38(a) $ 0.40 $ 0.44
Net realized and unrealized gain (loss) on investments 0.38 0.19 (0.75) (0.13) 0.87
-----------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 0.79 $ 0.60 $ (0.37) $ 0.27 $ 1.31
-----------------------------------------------------------------------------------------------------------------------------------
Distribution to shareowners:
Net investment income $ (0.41) $ (0.42) $ (0.38) $ (0.42) $ (0.46)
Net realized gain -- (0.07) (0.47) (0.39) --
-----------------------------------------------------------------------------------------------------------------------------------
Total distributions $ (0.41) $ (0.49) $ (0.85) $ (0.81) $ (0.46)
-----------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ 0.38 $ 0.11 $ (1.22) $ (0.54) $ 0.85
-----------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 10.01 $ 9.63 $ 9.52 $ 10.74 $ 11.28
===================================================================================================================================
Total return (b) 8.29%(d) 6.60% (3.64)% 2.41% 12.87%(c)
Ratio of net expenses to average net assets 1.86% 1.88% 1.89% 1.83% 1.86%
Ratio of net investment income (loss) to average net assets 4.11% 4.40% 3.79% 3.65% 4.11%
Portfolio turnover rate 39% 41% 32% 28% 46%
Net assets, end of period (in thousands) $192,558 $259,910 $310,805 $397,186 $443,442
===================================================================================================================================
* The Fund was audited by an independent registered public accounting
firm other than Ernst & Young LLP.
(a) The per share data presented above is based on the average shares
outstanding for the periods presented.
(b) Assumes initial investment at net asset value at the beginning of each
period, reinvestment of all distributions, the complete redemption of the
investment at net asset value at the end of each period and no sales
charges. Total return would be reduced if sales charges were taken into
account.
(c) If the Fund had not recognized gains in the settlement of class action
lawsuits during the year ended October 31, 2013, the total return would have
been 12.75%.
(d) If the Fund had not recognized gains in the settlement of class action
lawsuits during the year ended October 31, 2017, the total return would have
been 8.18%.
The accompanying notes are an integral part of these financial statements.
50 Pioneer High Yield Fund | Annual Report | 10/31/17
-----------------------------------------------------------------------------------------------------------------------------------
Year
Year Year Year Year Ended
Ended Ended Ended Ended 10/31/13
10/31/17 10/31/16* 10/31/15* 10/31/14* (Consolidated)
-----------------------------------------------------------------------------------------------------------------------------------
Class R
Net asset value, beginning of period $ 10.68 $ 10.53 $ 11.84 $ 12.39 $ 11.46
-----------------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (loss) $ 0.48(a) $ 0.49(a) $ 0.46(a) $ 0.48 $ 0.53
Net realized and unrealized gain (loss) on investments 0.41 0.22 (0.83) (0.14) 0.95
-----------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 0.89 $ 0.71 $ (0.37) $ 0.34 $ 1.48
-----------------------------------------------------------------------------------------------------------------------------------
Distribution to shareowners:
Net investment income $ (0.48) $ (0.49) $ (0.47) $ (0.50) $ (0.55)
Net realized gain -- (0.07) (0.47) (0.39) --
-----------------------------------------------------------------------------------------------------------------------------------
Total distributions $ (0.48) $ (0.56) $ (0.94) $ (0.89) $ (0.55)
-----------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ 0.41 $ 0.15 $ (1.31) $ (0.55) $ 0.93
-----------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 11.09 $ 10.68 $ 10.53 $ 11.84 $ 12.39
===================================================================================================================================
Total return (b) 8.50%(e) 7.11%(c) (3.36)% 2.82% 13.24%(d)
Ratio of net expenses to average net assets 1.56% 1.49% 1.51% 1.49% 1.47%
Ratio of net investment income (loss) to average net assets 4.39% 4.76% 4.16% 3.99% 4.50%
Portfolio turnover rate 39% 41% 32% 28% 46%
Net assets, end of period (in thousands) $24,366 $29,721 $36,931 $51,146 $56,248
===================================================================================================================================
* The Fund was audited by an independent registered public accounting
firm other than Ernst & Young LLP.
(a) The per share data presented above is based on the average shares
outstanding for the periods presented.
(b) Assumes initial investment at net asset value at the beginning of each
period, reinvestment of all distributions, the complete redemption of the
investment at net asset value at the end of each period and no sales
charges. Total return would be reduced if sales charges were taken
into account.
(c) If the Fund had not recognized gains in the settlement of class action
lawsuits during the year ended October 31, 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 year ended October 31, 2013, the total return would
have been 13.13%.
(e) If the Fund had not recognized gains in the settlement of class action
lawsuits during the year ended October 31, 2017, the total return would
have been 8.41%.
The accompanying notes are an integral part of these financial statements.
Pioneer High Yield Fund | Annual Report | 10/31/17 51
Financial Highlights (continued)
-----------------------------------------------------------------------------------------------------------------------------------
Year
Year Year Year Year Ended
Ended Ended Ended Ended 10/31/13
10/31/17 10/31/16* 10/31/15* 10/31/14* (Consolidated)
-----------------------------------------------------------------------------------------------------------------------------------
Class Y
Net asset value, beginning of period $ 9.44 $ 9.34 $ 10.55 $ 11.08 $ 10.25
-----------------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (loss) $ 0.49(a) $ 0.49(a) $ 0.47(a) $ 0.50 $ 0.55
Net realized and unrealized gain (loss) on investments 0.37 0.18 (0.73) (0.12) 0.85
-----------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 0.86 $ 0.67 $ (0.26) $ 0.38 $ 1.40
-----------------------------------------------------------------------------------------------------------------------------------
Distribution to shareowners:
Net investment income $ (0.49) $ (0.50) $ (0.48) $ (0.52) $ (0.57)
Net realized gain -- (0.07) (0.47) (0.39) --
-----------------------------------------------------------------------------------------------------------------------------------
Total distributions $ (0.49) $ (0.57) $ (0.95) $ (0.91) $ (0.57)
-----------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ 0.37 $ 0.10 $ (1.21) $ (0.53) $ 0.83
-----------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 9.81 $ 9.44 $ 9.34 $ 10.55 $ 11.08
===================================================================================================================================
Total return (b) 9.34%(d) 7.62% (2.69)% 3.55% 13.98%(c)
Ratio of net expenses to average net assets 0.87% 0.87% 0.88% 0.84% 0.82%
Ratio of net investment income (loss) to average net assets 5.08% 5.39% 4.77% 4.64% 5.12%
Portfolio turnover rate 39% 41% 32% 28% 46%
Net assets, end of period (in thousands) $229,866 $230,343 $264,761 $254,504 $330,398
===================================================================================================================================
* The Fund was audited by an independent registered public accounting
firm other than Ernst & Young LLP.
(a) The per share data presented above is based on the average shares
outstanding for the periods presented.
(b) Assumes initial investment at net asset value at the beginning of each
period, reinvestment of all distributions, the complete redemption of the
investment at net asset value at the end of each period and no sales
charges. Total return would be reduced if sales charges were taken
into account.
(c) If the Fund had not recognized gains in the settlement of class action
lawsuits during the year ended October 31, 2013, the total return would
have been 13.89%.
(d) If the Fund had not recognized gains in the settlement of class action
lawsuits during the year ended October 31, 2017, the total return would
have been 9.23%.
The accompanying notes are an integral part of these financial statements.
52 Pioneer High Yield Fund | Annual Report | 10/31/17
Notes to Financial Statements | 10/31/17
1. Organization and Significant Accounting Policies
Pioneer High Yield Fund (the Fund) is a Delaware statutory fund. The Fund is
registered under the Investment Company Act of 1940 as a diversified, open-end
management investment company. The investment objective of the Fund is to
maximize total return through a combination of income and capital appreciation.
The Fund offers 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 Fund of the Fund gives the Board of
Trustees the flexibility to specify either per-share voting or dollarweighted
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.
On July 3, 2017, Amundi acquired Pioneer Investments, a group of asset
management companies located throughout the world. Amundi, one of the world's
largest asset managers, is headquartered in Paris, France. As a result of the
transaction, Pioneer Investment Management, Inc., the Fund's investment adviser,
became an indirect wholly owned subsidiary of Amundi and Amundi's wholly owned
subsidiary, Amundi USA, Inc. Prior to July 3, 2017, Pioneer Investments was
owned by Pioneer Global Asset Management S.p.A., a wholly owned subsidiary of
UniCredit S.p.A.
In connection with the transaction, the names of the Fund's investment adviser
and principal underwriter changed. Effective July 3, 2017, the name of Pioneer
Investment Management, Inc. changed to Amundi Pioneer Asset Management, Inc.
(the "Adviser") and the name of Pioneer Funds Distributor, Inc. changed to
Amundi Pioneer Distributor, Inc. (the "Distributor").
Pioneer High Yield Fund | Annual Report | 10/31/17 53
In October 2016, the Securities and Exchange Commission (SEC) released its Final
Rule on Investment Company Reporting Modernization. In addition to introducing
two new regulatory reporting forms (Form N-PORT and Form N-CEN), the Final Rule
amends Regulation S-X, which impacts financial statement presentation,
particularly related to the presentation of derivative investments. The Fund's
financial statements were prepared in compliance with the amendments to
Regulation S-X.
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 year. 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:
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
54 Pioneer High Yield Fund | Annual Report | 10/31/17
used in computing the net asset value of the Fund's shares are determined as of
such times. The Fund may use a fair value model developed by an independent
pricing service to value non-U.S. equity securities.
Loan interests are valued in accordance with guidelines established by the Board
of Trustees at the mean between the last available bid and asked prices from one
or more brokers or dealers as obtained from Loan Pricing Corporation, an
independent third party pricing service. If price information is not available
from Loan Pricing Corporation, or if the price information is deemed to be
unreliable, price information will be obtained from an alternative loan interest
pricing service. If no reliable price quotes are available from either the
primary or alternative pricing service, broker quotes will be solicited.
Event-linked bonds or catastrophe bonds are valued at the bid price obtained
from an independent third party pricing service. Other insurance linked
securities (including sidecars, collateralized reinsurance and industry loss
warranties) may be valued at the bid price obtained from an independent pricing
service, or through a third party using a pricing matrix, insurance industry
valuation models, or other fair value methods or techniques to provide an
estimated value of the instrument.
Equity securities that have traded on an exchange are valued by using the last
sale price on the principal exchange where they are traded. Equity securities
that have not traded on the date of valuation, or securities for which sale
prices are not available, generally are valued using the mean between the last
bid and asked prices or, if both last bid and asked prices are not available, at
the last quoted bid price. Last sale and bid and asked prices are provided by
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 the Adviser pursuant to
procedures adopted by the Fund's Board of Trustees. The
Pioneer High Yield Fund | Annual Report | 10/31/17 55
Adviser's fair valuation team uses fair value methods approved by the
Valuation Committee of the Board of Trustees. The Adviser's fair valuation
team is responsible for monitoring developments that may impact fair valued
securities and for discussing and assessing fair values on an ongoing basis,
and at least quarterly, with the Valuation Committee of the Board of
Trustees.
Inputs used when applying fair value methods to value a security may include
credit ratings, the financial condition of the company, current market
conditions and comparable securities. The Fund may use fair value methods if
it is determined that a significant event has occurred after the close of
the exchange or market on which the security trades and prior to the
determination of the Fund's net asset value. Examples of a significant event
might include political or economic news, corporate restructurings, natural
disasters, terrorist activity or trading halts. Thus, the valuation of the
Fund's securities may differ significantly from exchange prices and such
differences could be material.
At October 31, 2017, five 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 0.16% of net assets. The value of these fair
valued securities is $1,570,078.
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. Interest and dividend income payable by delivery of
additional shares is reclassified as PIK (payment in kind) income upon
receipt and is included in interest and dividend income, respectively.
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 and net
of income accrued on defaulted securities.
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.
56 Pioneer High Yield Fund | Annual Report | 10/31/17
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, 2017, 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 and tax purposes. Capital accounts within the financial statements
are adjusted for permanent book/tax differences to reflect tax character,
but are not adjusted for temporary differences.
At October 31, 2017, the Fund reclassified $819,436 to decrease
distributions in excess of net investment income and $819,436 to increase
accumulated net realized loss on investments to reflect permanent book/tax
differences. These adjustments have no impact on the net assets or results
of operations.
At October 31, 2017, the Fund was permitted to carry forward indefinitely
$1,957,917 of short-term losses and $31,773,840 of long-term losses under
the Regulated Investment Company Modernization Act of 2010 without
limitation.
During the year ended October 31, 2017, a capital loss carryforward of
$22,161,192 was utilized to offset net realized gains by the Fund.
The tax character of distributions paid during the fiscal years ended
October 31, 2017 and October 31, 2016 were as follows:
------------------------------------------------------------------------------------
2017 2016
------------------------------------------------------------------------------------
Distributions paid from:
Ordinary income $48,446,624 $57,398,080
Long term capital gain -- 8,633,121
------------------------------------------------------------------------------------
Total $48,446,624 $66,031,201
====================================================================================
Pioneer High Yield Fund | Annual Report | 10/31/17 57
The following shows the components of distributable earnings on a federal
income tax basis at October 31, 2017:
---------------------------------------------------------------------------------
2017
---------------------------------------------------------------------------------
Distributable earnings:
Undistributed ordinary income $ 2,240,221
Capital loss carryforward (33,731,757)
Current year dividend payable (332,771)
Net unrealized appreciation 32,051,655
---------------------------------------------------------------------------------
Total $ 227,348
=================================================================================
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 and preferred stocks.
D. Fund Shares
The Fund records sales and repurchases of its shares as of trade date. The
Distributor, earned $19,274 in underwriting commissions on the sale of Class
A shares during the year ended October 31, 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 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.
58 Pioneer High Yield Fund | Annual Report | 10/31/17
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 years 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).
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
Pioneer High Yield Fund | Annual Report | 10/31/17 59
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 the Adviser to fully
evaluate the underlying risk profile of the Fund's structured reinsurance
investments, and therefore the Fund's assets are placed at greater risk of
loss than if the Adviser had more complete information. Structured
reinsurance instruments generally will be considered illiquid securities by
the Fund. These securities may be difficult to purchase, sell or unwind.
Illiquid securities also may be difficult to value. If the Fund is forced to
sell an illiquid asset, the Fund may be forced to sell at a loss.
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
October 31, 2017 is recorded as "Futures collateral" in the Statement of
Assets and Liabilities. Subsequent payments for futures contracts (variation
margin) are paid or received by the Fund, depending on the daily fluctuation
in the value of the contracts, and are recorded by the Fund as unrealized
appreciation or depreciation. When
60 Pioneer High Yield Fund | Annual Report | 10/31/17
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 year ended October 31, 2017, was $
(24,988,040).
Futures contracts outstanding at October 31, 2017 are listed in the Schedule
of Investments.
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 a basket or index of
securities. The Fund may buy or sell credit default swap contracts to seek
to increase the Fund's income, or to attempt to hedge the risk of default on
portfolio securities. A credit default swap index is used to hedge risk or
take a position on a basket of credit entities or indices. As a seller of
protection, the Fund would be required to pay the notional (or other
agreed-upon) value of the referenced debt obligation to the counterparty in
the event of a default by a U.S. or foreign corporate issuer of a debt
obligation, which would likely result in a loss to the Fund. In return, the
Fund would receive from the counterparty a periodic stream of payments
during the term of the contract provided that no event of default occurred.
The maximum exposure of loss to the seller would be the notional value of
the credit default swaps outstanding. If no default occurs, the Fund would
keep the stream of payments and would have no payment obligation. The Fund
may also buy credit default swap contracts in order to hedge against the
risk of default of debt securities, in which case the Fund would function as
the counterparty referenced above.
When the Fund enters into a credit default swap contracts, 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 a component of
unrealized appreciation/depreciation on open swap contracts 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.
Pioneer High Yield Fund | Annual Report | 10/31/17 61
Credit default swap contracts are marked-to-market daily using valuations
supplied by independent sources and the change in value, if any, is recorded
within "Swap contracts, at value" line item 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 swap contracts is recorded as variation margin on
centrally cleared swaps on the Statement of Assets and Liabilities.
The amount of cash deposited with the broker as collateral at October 31,
2017 is recorded as "Swap collateral" in the Statement of Assets and
Liabilities.
Open credit default swap contracts at October 31, 2017 are listed in the
Schedule of Investments. The average market value of credit default swap
contracts open during the year ended October 31, 2017 was $ 2,364,502.
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. The Adviser
is responsible for determining that the
62 Pioneer High Yield Fund | Annual Report | 10/31/17
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
The Adviser manages the Fund's portfolio. Management fees are calculated daily
at the annual rate of 0.70% of the Fund's average daily net assets up to $500
million, 0.65% of the next $500 million, 0.60% of the next $4 billion, 0.55% of
the next $1 billion, 0.50% of the next $1 billion, 0.45% of the next $1 billion,
0.40% of the next $1 billion, 0.35% of the next $1 billion, and 0.30% on assets
over $10 billion. For the year ended October 31, 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
$129,194 in management fees, administrative costs and certain other
reimbursements payable to the Adviser at October 31, 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.
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 year ended October 31, 2017, such out-of-pocket
expenses by class of shares were as follows:
--------------------------------------------------------------------------------
Shareholder Communications
--------------------------------------------------------------------------------
Class A $54,215
Class C 14,407
Class R 202
Class Y 6,662
--------------------------------------------------------------------------------
Total $75,486
================================================================================
Pioneer High Yield Fund | Annual Report | 10/31/17 63
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 the Distributor 0.25% of
the average daily net assets attributable to Class A shares as compensation for
personal services and/or account maintenance services or distribution services
with regard to Class A shares. Pursuant to the Plan, the Fund also pays the
Distributor 1.00% of the average daily net assets attributable to Class C
shares. The fee for Class C shares consists of a 0.25% service fee and a 0.75%
distribution fee paid as compensation for personal services and/or account
maintenance services or distribution services with regard to Class C shares.
Pursuant to the Plan, the Fund further pays the Distributor 0.50% of the average
daily net assets attributable to Class R shares for distribution services.
Included in "Due to affiliates" reflected on the Statement of Assets and
Liabilities is $165,844 in distribution fees payable to the Distributor at
October 31, 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 the Distributor. For the year ended October 31, 2017, CDSCs in
the amount of $5,577 were paid to the Distributor.
5. Line of Credit Facility
The Fund, along with certain other funds in the Pioneer Family of Funds (the
Funds), participates in a committed, unsecured revolving line of credit
facility. Borrowings are used solely for temporary or emergency purposes. The
Fund may borrow up to the lesser of the amount available under the facility or
the limits set for borrowing by the Fund's prospectus and the 1940 Act. 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
64 Pioneer High Yield Fund | Annual Report | 10/31/17
February 8, 2017, the Fund participates 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 year ended October 31,
2017, the Fund had no borrowings under the credit facility.
6. Assets and Liabilities Offsetting
The Fund has entered into an International Swaps and Derivatives Association,
Inc. Master Agreement ("ISDA Master Agreement") or similar agreement with
substantially all its derivative counterparties. An ISDA Master Agreement is a
bilateral agreement between the Fund and a counterparty that governs the trading
of certain OTC derivatives and typically contains, among other things, close-out
and set-off provisions which apply upon the occurrence of an event of default
and/or a termination event as defined under the relevant ISDA Master Agreement.
The ISDA Master Agreement may also give a party the right to terminate all
transactions traded under such agreement if, among other things, there is
deterioration in the credit quality of the other party.
Upon an event of default or a termination of the ISDA Master Agreement, the
non-defaulting party has the right to close out all transactions under such
agreement and to net amounts owed under each transaction to determine one net
amount payable by one party to the other. The right to close out and net
payments across all transactions under the ISDA Master Agreement could result in
a reduction of the Fund's credit risk to its counterparty equal to any amounts
payable by the Fund under the applicable transactions, if any. However, the
Fund's right to setoff may be restricted or prohibited by the bankruptcy or
insolvency laws of the particular jurisdiction to which each specific ISDA of
each counterparty is subject.
The collateral requirements for derivatives transactions under an ISDA Master
Agreement are governed by a credit support annex to the ISDA Master Agreement.
Collateral requirements are generally determined at the close of business each
day and are typically based on changes in market values for each transaction
under an ISDA Master Agreement and netted into one amount for such agreement.
Generally, the amount of collateral due from or to a counterparty is subject to
threshold (a "minimum transfer amount") before a transfer is required, which may
vary by counterparty. Collateral pledged for the benefit of the Fund and/or
counterparty is held in segregated accounts by
Pioneer High Yield Fund | Annual Report | 10/31/17 65
the Fund's custodian and cannot be sold, re-pledged, assigned or otherwise used
while pledged. Cash that has been segregated to cover the Fund's collateral
obligations, if any, will be reported separately in the Statement of Assets and
Liabilities as "Swaps collateral" and/or "Futures collateral". Securities
pledged by the Fund as collateral, if any, are identified as such in the
Schedule of Investments.
Financial instruments subject to an enforceable master netting agreement such as
an ISDA Master Agreement have not been offset on the Statement of Assets and
Liabilities. The following charts show gross assets and liabilities of the Fund
as of October 31, 2017.
-----------------------------------------------------------------------------------------------------
Derivative
Liabilities
Subject to Derivatives Non-Cash Cash Net Amount
Master Netting Available Collateral Collateral of Derivative
Counterparty Agreement for Offset Received (a) Received (a) Liabilities (b)
-----------------------------------------------------------------------------------------------------
Goldman Sachs
International $91,888 $ -- $ -- $ -- $91,888
-----------------------------------------------------------------------------------------------------
Total $91,888 $ -- $ -- $ -- $91,888
=====================================================================================================
(a) The amount presented here may be less than the total amount of collateral
received/pledged as the net amount of derivative assets and liabilities
cannot be less than $0.
(b) Represents the net amount payable to the counterparty in the event of
default.
7. Additional Disclosures about Derivative Instruments and Hedging
Activities
The Fund's use of derivatives may 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 | Annual Report | 10/31/17
The fair value of open derivative instruments (not considered to be hedging
instruments for accounting disclosure purposes) by risk exposure at
October 31, 2017, was as follows:
---------------------------------------------------------------------------------------------------
Statement of Assets and Liabilities
Foreign
Interest Credit Exchange Equity Commodity
Rate Risk Risk Rate Risk Risk Risk
---------------------------------------------------------------------------------------------------
Assets
Swap contracts, at value $ -- $1,953,934 $ -- $ -- $ --
---------------------------------------------------------------------------------------------------
Total Value $ -- $1,953,934 $ -- $ -- $ --
===================================================================================================
Liabilities
Net unrealized depreciation
on futures contracts $ -- $ -- $ -- $ 1,180,018 $ --
---------------------------------------------------------------------------------------------------
Total Value $ -- $ -- $ -- $ 1,180,018 $ --
===================================================================================================
The effect of derivative instruments (not considered to be hedging instruments
for accounting disclosure purposes) on the Statement of Operations by risk
exposure at October 31, 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
Futures contracts $ -- $ -- $ -- $(3,124,788) $ --
Swap contracts -- 1,151,723 -- -- --
---------------------------------------------------------------------------------------------------
Total Value $ -- $1,151,723 $ -- $(3,124,788) $ --
===================================================================================================
Change in net unrealized
appreciation
(depreciation) on
Futures contracts $ -- $ -- $ -- $(1,785,588) $ --
Swap contracts -- 521,964 -- -- --
---------------------------------------------------------------------------------------------------
Total Value $ -- $ 521,964 $ -- $(1,785,588) $ --
===================================================================================================
Pioneer High Yield Fund | Annual Report | 10/31/17 67
8. Unfunded Loan Commitments
The Fund may enter into unfunded loan commitments. Unfunded loan
commitments may be partially or wholly unfunded. During the contractual
period, the Fund is obliged to provide funding to the borrower upon demand.
A fee is earned by the Fund on the unfunded commitment and is recorded as
interest income in the Statement of Operations.
As of October 31, 2017, the Fund had the following unfunded loan
commitments outstanding:
------------------------------------------------------------------------------------------
Unrealized
Appreciation/
Loan Principal Cost Value Depreciation
------------------------------------------------------------------------------------------
Centene Corp., $7,010,000 $7,010,000 $7,010,000 $ --
Itron, Inc., 2,750,000 2,750,000 2,750,000 --
------------------------------------------------------------------------------------------
Total Value Bridge Loans $9,760,000 $9,760,000 $9,760,000 $ --
==========================================================================================
68 Pioneer High Yield Fund | Annual Report | 10/31/17
Report of Independent Registered Public Accounting Firm
To the Board of Trustees and the Shareholders of
Pioneer High Yield Fund:
--------------------------------------------------------------------------------
We have audited the accompanying statement of assets and liabilities of Pioneer
High Yield Fund (the "Fund"), including the schedule of investments, as of
October 31, 2017, and the related statements of operations, changes in net
assets and the financial highlights for the year then ended and the consolidated
financial highlights for the year ended October 31, 2013. These financial
statements and financial highlights are the responsibility of the Fund's
management. Our responsibility is to express an opinion on these financial
statements and financial highlights based on our audits. The statement of
changes in net assets for the year ended October 31, 2016 and the financial
highlights for periods ended October 31, 2014, October 31, 2015 and October 31,
2016 were audited by another independent registered public accounting firm whose
report, dated December 23, 2016, expressed an unqualified opinion on the
statement of changes in net assets and those financial highlights.
We conducted our audits in accordance with the standards of the Public Company
Accounting Oversight Board (United States). Those standards require that we plan
and perform the audits to obtain reasonable assurance about whether the
financial statements and financial highlights are free of material misstatement.
We were not engaged to perform audits of the Fund's internal control over
financial reporting. Our audits included consideration of internal control over
financial reporting as a basis for designing audit procedures that are
appropriate in the circumstances, but not for the purpose of expressing an
opinion on the effectiveness of the Fund's internal control over financial
reporting. Accordingly, we express no such opinion. An audit also includes
examining, on a test basis, evidence supporting the amounts and disclosures in
the financial statements and financial highlights, assessing the accounting
principles used and significant estimates made by management, and evaluating the
overall financial statement presentation. Our procedures included confirmation
of securities owned as of October 31, 2017, by correspondence with the
custodian, brokers and others or by other appropriate auditing procedures where
replies from brokers and others were not received. We believe that our audits
provide a reasonable basis for our opinion.
In our opinion, the financial statements and financial highlights referred to
above present fairly, in all material respects, the financial position of
Pioneer High Yield Fund at October 31, 2017, the results of its operations, the
changes in its net assets, and the financial highlights for the year then ended
and the consolidated financial highlights for the year ended October 31, 2013,
in conformity with U.S. generally accepted accounting principles.
/s/ Ernst & Young LLP
Boston, Massachusetts
December 26, 2017
Pioneer High Yield Fund | Annual Report | 10/31/17 69
Additional Information
The percentages of the Fund's ordinary income distributions that are exempt from
nonresident alien (NRA) tax withholding resulting from qualified interest income
was 82.47%.
Change in Independent Registered Public Accounting Firm
Prior to July 3, 2017 Pioneer Investment Management, Inc. (the Adviser), the
Fund's investment adviser, was an indirect, wholly owned subsidiary of UniCredit
S.p.A. (UniCredit). On that date, UniCredit completed the sale of its Pioneer
Investments business, which includes the Adviser, to Amundi (the Transaction).
As a result of the Transaction, the Adviser became an indirect, wholly-owned
subsidiary of Amundi. Amundi is controlled by Credit Agricole S.A. Amundi is
headquartered in Paris, France, and, as of September 30, 2016, had more than
$1.1 trillion in assets under management worldwide.
Deloitte & Touche LLP (D&T), the Fund's previous independent registered public
accounting firm, informed the Audit Committee and the Board that it would no
longer be independent with respect to the Fund upon the completion of the
Transaction as a result of certain services being provided to Amundi and Credit
Agricole, and, accordingly, that it intended to resign as the Fund's independent
registered public accounting firm upon the completion of the Transaction. D&T's
resignation was effective on July 3, 2017, when the Transaction was completed.
During the periods as to which D&T has served as the Fund's independent
registered public accounting firm, including the Fund's two most recent fiscal
years, D&T's reports on the Fund's financial statements have not contained an
adverse opinion or disclaimer of opinion and have not been qualified or modified
as to uncertainty, audit scope or accounting principles. Further, there have
been no disagreements with D&T on any matter of accounting principles or
practices, financial statement disclosure, or auditing scope or procedure,
which, if not resolved to the satisfaction of D&T, would have caused D&T to make
reference to the subject matter of the disagreement in connection with its
report on the financial statements. In addition, there have been no reportable
events of the kind described in Item 304(a)(1)(v) of Regulation S-K under the
Securities Exchange Act of 1934.
Effective immediately following the completion of the Transaction on July 3,
2017, the Board, acting upon the recommendation of the Audit Committee, engaged
a new independent registered public accounting firm, Ernst & Young LLP (EY), for
the Fund's fiscal year ended October 31, 2017.
70 Pioneer High Yield Fund | Annual Report | 10/31/17
Prior to its engagement, EY had advised the Fund's Audit Committee that EY had
identified the following matters, in each case relating to services rendered by
other member firms of Ernst & Young Global Limited, all of which are located
outside the United States, to UniCredit and certain of its subsidiaries during
the period commencing July 1, 2016, that it determined to be inconsistent with
the auditor independence rules set forth by the Securities and Exchange
Commission (SEC): (a) project management support services to UniCredit in the
Czech Republic, Germany, Italy, Serbia and Slovenia in relation to twenty-two
projects, that were determined to be inconsistent with Rule 2-01(c)(4)(vi) of
Regulation S-X (management functions); (b) two engagements for UniCredit in
Italy where fees were contingent/success based and that were determined to be
inconsistent with Rule 2-01(c)(5) of Regulation S-X (contingent fees); (c) four
engagements where legal and expert services were provided to UniCredit in the
Czech Republic and Germany, and twenty engagements where the legal advisory
services were provided to UniCredit in Austria, Czech Republic, Italy and
Poland, that were determined to be inconsistent with Rule 2-01(c)(4)(ix) and (x)
of Regulation S-X (legal and expert services); and (d) two engagements for
UniCredit in Italy involving assistance in the sale of certain assets, that were
determined to be inconsistent with Rule 2-01(c)(4)(viii) of Regulation S-X
(broker-dealer, investment advisor or investment banking services). None of the
foregoing services involved the Fund, any of the other funds in the Pioneer
Family of Funds or any other Pioneer entity sold by UniCredit in the
Transaction.
EY advised the Audit Committee that it had considered the matters described
above and had concluded that such matters would not impair EY's ability to
exercise objective and impartial judgment in connection with the audits of the
financial statements of the Fund under the SEC and Public Company Accounting
Oversight Board independence rules, and that a reasonable investor with
knowledge of all relevant facts and circumstances would reach the same
conclusion. Management and the Audit Committee considered these matters and
discussed the matters with EY and, based upon EY's description of the matters
and statements made by EY, Management and the Audit Committee believe that EY
will be capable of exercising objective and impartial judgment in connection
with the audits of the financial statements of the Fund, and Management further
believes that a reasonable investor with knowledge of all relevant facts and
circumstances would reach the same conclusion.
Pioneer High Yield Fund | Annual Report | 10/31/17 71
Results of Shareholder Meeting
At a special meeting held on June 13, 2017, shareholders of the Fund were
asked to consider the proposals described below. A report of the total votes
cast by the Fund's shareholders follows:
-----------------------------------------------------------------------------------------------------------
For Against Abstain Broker Non-Votes
-----------------------------------------------------------------------------------------------------------
Proposal 1 - To approve a New 38,780,221.751 1,685,091.392 2,604,387.121 10,804,904.761
Management Agreement with the
Adviser
-----------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------
For Withhold
-------------------------------------------------------------------------
Proposal 2 - To elect Trustees
-------------------------------------------------------------------------
David R. Bock 51,021,220.013 2,853,385.021
-------------------------------------------------------------------------
Benjamin M. Friedman 51,036,838.784 2,837,766.250
-------------------------------------------------------------------------
Margaret B.W. Graham 51,086,053.053 2,788,551.961
-------------------------------------------------------------------------
Lisa M. Jones 50,994,781.555 2,879,823.459
-------------------------------------------------------------------------
Lorraine H. Monchak 51,069,721.743 2,804,883.271
-------------------------------------------------------------------------
Thomas J. Perna 51,105,648.490 2,768,956.544
-------------------------------------------------------------------------
Marguerite A. Piret 51,058,693.487 2,815,911.527
-------------------------------------------------------------------------
Fred J. Ricciardi 51,077,752.568 2,796,852.466
-------------------------------------------------------------------------
Kenneth J. Taubes 51,073,068.930 2,801,536.104
-------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------
For Against Abstain Broker Non-Votes
-----------------------------------------------------------------------------------------------------------
Proposal 3 - To convert 34,404,123.282 4,910,742.690 3,754,808.262 10,804,930.791
investment objective(s) from
fundamental to non-fundamental
-----------------------------------------------------------------------------------------------------------
72 Pioneer High Yield Fund | Annual Report | 10/31/17
Trustees, Officers and Service Providers
Investment Adviser
Amundi Pioneer Asset Management, Inc.
Custodian and Sub-Administrator
Brown Brothers Harriman & Co.
Independent Registered Public Accounting Firm
Ernst & Young LLP
Principal Underwriter
Amundi Pioneer Distributor, Inc.
Legal Counsel
Morgan, Lewis & Bockius LLP
Shareowner Services and Transfer Agent
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 July 31 is publicly available to shareowners
at www.amundipioneer.com. This information is also available on the Securities
and Exchange Commission's web site at www.sec.gov.
Trustees and Officers
The Fund's Trustees and officers are listed below, together with their principal
occupations and other directorships they have held during at least the past five
years. Trustees who are interested persons of the Fund within the meaning of the
1940 Act are referred to as Interested Trustees. Trustees who are not interested
persons of the Fund are referred to as Independent Trustees. Each of the
Trustees serves as a Trustee of each of the 46 U.S. registered investment
portfolios for which Amundi Pioneer serves as investment adviser (the
"Pioneer Funds"). The address for all Trustees and all officers of the Fund is
60 State Street, Boston, Massachusetts 02109.
The Statement of Additional Information of the Fund includes additional
information about the Trustees and is available, without charge, upon request,
by calling 1-800-225-6292.
Pioneer High Yield Fund | Annual Report | 10/31/17 73
Independent Trustees
------------------------------------------------------------------------------------------------------------------------------------
Name, Age and Term of Office and Other Directorships
Position Held With the Fund Length of Service Principal Occupation Held by Trustee
------------------------------------------------------------------------------------------------------------------------------------
Thomas J. Perna (67) Trustee since 2006. Private investor (2004 - 2008 and 2013 - Director, Broadridge Financial
Chairman of the Board Serves until a present); Chairman (2008 - 2013) and Chief Solutions, Inc. (investor
and Trustee successor trustee is Executive Officer (2008 - 2012), Quadriserv, communications and securities
elected or earlier Inc. (technology products for securities lending processing provider for
retirement or industry); and Senior Executive Vice President, financial services industry)
removal. The Bank of New York (financial and securities (2009 - present); Director,
services) (1986 - 2004) Quadriserv, Inc. (2005 - 2013);
and Commissioner, New Jersey
State Civil Service Commission
(2011 - 2015)
------------------------------------------------------------------------------------------------------------------------------------
David R. Bock (73) Trustee since 2005. Managing Partner, Federal City Capital Advisors Director of New York Mortgage
Trustee Serves until a (corporate advisory services company) (1997 - Trust (publicly-traded mortgage
successor trustee is 2004 and 2008 - present); Interim Chief REIT) (2004 - 2009, 2012 -
elected or earlier Executive Officer, Oxford Analytica, Inc. present); Director of The Swiss
retirement or (privately held research and consulting company) Helvetia Fund, Inc. (closed-end
removal. (2010); Executive Vice President and Chief fund) (2010 - present);
Financial Officer, I-trax, Inc. (publicly traded Director of Oxford Analytica,
health care services company) (2004 - 2007); and Inc. (2008 - present); and
Executive Vice President and Chief Financial Director of Enterprise
Officer, Pedestal Inc. (internet-based mortgage Community Investment, Inc.
trading company) (2000 - 2002); Private (privately-held affordable
Consultant (1995 - 1997); Managing Director, housing finance company) (1985 -
Lehman Brothers (1992 - 1995); Executive, The 2010)
World Bank (1979 - 1992)
------------------------------------------------------------------------------------------------------------------------------------
Benjamin M. Friedman (73) Trustee since 2008. William Joseph Maier Professor of Political Trustee, Mellon Institutional
Trustee Serves until a Economy, Harvard University (1972 - present) Funds Investment Trust and
successor trustee is Mellon Institutional Funds
elected or earlier Master Portfolio (oversaw 17
retirement or portfolios in fund complex)
removal. (1989 - 2008)
------------------------------------------------------------------------------------------------------------------------------------
74 Pioneer High Yield Fund | Annual Report | 10/31/17
------------------------------------------------------------------------------------------------------------------------------------
Name, Age and Term of Office and Other Directorships
Position Held With the Fund Length of Service Principal Occupation Held by Trustee
------------------------------------------------------------------------------------------------------------------------------------
Margaret B.W. Graham (70) Trustee since 1998. Founding Director, Vice-President and Corporate None
Trustee Serves until a Secretary, The Winthrop Group, Inc. (consulting
successor trustee is firm) (1982 - present); Desautels Faculty of
elected or earlier Management, McGill University (1999 - present);
retirement or and Manager of Research Operations and
removal. Organizational Learning, Xerox PARC, Xerox's
advance research center (1990-1994)
------------------------------------------------------------------------------------------------------------------------------------
Lorraine H. Monchak (61) Trustee since 2017. Chief Investment Officer, 1199 SEIU Funds None
Trustee (Advisory Trustee (healthcare workers union pension funds) (2001 -
from 2014 - 2017). present); Vice President - International
Serves until a Investments Group, American International Group,
successor trustee is Inc. (insurance company) (1993 - 2001); Vice
elected or earlier President, Corporate Finance and Treasury Group,
retirement or Citibank, N.A. (1980 - 1986 and 1990 - 1993);
removal. Vice President - Asset/Liability Management
Group, Federal Farm Funding Corporation
(government-sponsored issuer of debt securities)
(1988 - 1990); Mortgage Strategies Group,
Shearson Lehman Hutton, Inc. (investment bank)
(1987 - 1988); Mortgage Strategies Group, Drexel
Burnham Lambert, Ltd. (investment bank) (1986 -
1987)
------------------------------------------------------------------------------------------------------------------------------------
Marguerite A. Piret (69) Trustee since 1998. President and Chief Executive Officer, Newbury Director of New America High
Trustee Serves until a Piret Company (investment banking firm) (1981 - Income Fund, Inc. (closed-end
successor trustee is present) investment company) (2004 -
elected or earlier present); and Member, Board of
retirement or Governors, Investment Company
removal. Institute (2000 - 2006)
------------------------------------------------------------------------------------------------------------------------------------
Fred J. Ricciardi (70) Trustee since 2014. Consultant (investment company services) (2012 - None
Trustee Serves until a present); Executive Vice President, BNY Mellon
successor trustee is (financial and investment company services) (1969
elected or earlier - 2012); Director, BNY International Financing
retirement or Corp. (financial services) (2002 - 2012);
removal. Director, Mellon Overseas Investment Corp.
(financial services) (2009 - 2012)
------------------------------------------------------------------------------------------------------------------------------------
Pioneer High Yield Fund | Annual Report | 10/31/17 75
Interested Trustees
------------------------------------------------------------------------------------------------------------------------------------
Name, Age and Term of Office and Other Directorships
Position Held With the Fund Length of Service Principal Occupation Held by Trustee
------------------------------------------------------------------------------------------------------------------------------------
Lisa M. Jones (55)* Trustee since 2017. Chair, Director, CEO and President of Amundi None
Trustee, President and Serves until a Pioneer Asset Management USA, Inc. (since
Chief Executive Officer successor trustee is September 2014); Chair, Director and CEO of
elected or earlier Amundi Pioneer Asset Management, Inc. (since
retirement or removal September 2014); Chair, Director and CEO of
Amundi Pioneer Distributor, Inc. (since
September 2014); Chair, Director, CEO and
President of Amundi Pioneer Institutional Asset
Management, Inc. (since September 2014);
Managing Director, Morgan Stanley Investment
Management (2010 - 2013); Director of
Institutional Business, CEO of International,
Eaton Vance Management (2005 - 2010)
------------------------------------------------------------------------------------------------------------------------------------
Kenneth J. Taubes (59)* Trustee since 2014. Director and Executive Vice President (since None
Trustee Serves until a 2008) and Chief Investment Officer, U.S. (since
successor trustee is 2010) of Amundi Pioneer Asset Management USA,
elected or earlier Inc.; Executive Vice President and Chief
retirement or removal Investment Officer, U.S. of Amundi Pioneer
(since 2008); Executive Vice President of Amundi
Pioneer Institutional Asset Management, Inc.
(since 2009); Portfolio Manager of Amundi
Pioneer (since 1999)
------------------------------------------------------------------------------------------------------------------------------------
* Ms. Jones and Mr. Taubes are Interested Trustees because they are officers
or directors of the Fund's investment adviser and certain of its
affiliates.
76 Pioneer High Yield Fund | Annual Report | 10/31/17
Fund Officers
------------------------------------------------------------------------------------------------------------------------------------
Name, Age and Term of Office and Other Directorships
Position Held With the Fund Length of Service Principal Occupation Held by Trustee
------------------------------------------------------------------------------------------------------------------------------------
Christopher J. Kelley (52) Since 2010. Serves at Vice President and Associate General Counsel of None
Secretary and Chief Legal the discretion of the Amundi Pioneer since January 2008; Secretary and
Officer Board Chief Legal Officer of all of the Pioneer Funds
since June 2010; Assistant Secretary of all of
the Pioneer Funds from September 2003 to May
2010; Vice President and Senior Counsel of
Amundi Pioneer from July 2002 to December 2007
------------------------------------------------------------------------------------------------------------------------------------
Carol B. Hannigan (56) Since 2010. Serves at Fund Governance Director of Amundi Pioneer since None
Assistant Secretary the discretion of the December 2006 and Assistant Secretary of all the
Board Pioneer Funds since June 2010; Manager - Fund
Governance of Amundi Pioneer from December 2003
to November 2006; and Senior Paralegal of Amundi
Pioneer from January 2000 to November 2003
------------------------------------------------------------------------------------------------------------------------------------
Thomas Reyes (54) Since 2010. Serves at Senior Counsel of Amundi Pioneer since May 2013 None
Assistant Secretary the discretion of the and Assistant Secretary of all the Pioneer Funds
Board since June 2010; Counsel of Amundi Pioneer from
June 2007 to May 2013
------------------------------------------------------------------------------------------------------------------------------------
Mark E. Bradley (57) Since 2008. Serves at Vice President - Fund Treasury of Amundi None
Treasurer and Chief the discretion of the Pioneer; Treasurer of all of the Pioneer Funds
Financial Board since March 2008; Deputy Treasurer of Amundi
and Accounting Officer Pioneer from March 2004 to February 2008; and
Assistant Treasurer of all of the Pioneer Funds
from March 2004 to February 2008
------------------------------------------------------------------------------------------------------------------------------------
Luis I. Presutti (52) Since 1998. Serves at Director - Fund Treasury of Amundi Pioneer; and None
Assistant Treasurer the discretion of the Assistant Treasurer of all of the Pioneer Funds
Board
------------------------------------------------------------------------------------------------------------------------------------
Gary Sullivan (59) Since 2002. Serves at Fund Accounting Manager - Fund Treasury of None
Assistant Treasurer the discretion of the Amundi Pioneer; and Assistant Treasurer of all
Board of the Pioneer Funds
------------------------------------------------------------------------------------------------------------------------------------
David F. Johnson (37) Since 2009. Serves at Fund Administration Manager - Fund Treasury of None
Assistant Treasurer the discretion of the Amundi Pioneer since November 2008; Assistant
Board Treasurer of all of the Pioneer Funds since
January 2009; Client Service Manager -
Institutional Investor Services at State Street
Bank from March 2003 to March 2007
------------------------------------------------------------------------------------------------------------------------------------
Pioneer High Yield Fund | Annual Report | 10/31/17 77
Fund Officers (continued)
------------------------------------------------------------------------------------------------------------------------------------
Name, Age and Term of Office and Other Directorships
Position Held With the Fund Length of Service Principal Occupation Held by Trustee
------------------------------------------------------------------------------------------------------------------------------------
Jean M. Bradley (65) Since 2010. Serves at Chief Compliance Officer of Amundi Pioneer and None
Chief Compliance Officer the discretion of the of all the Pioneer Funds since March 2010; Chief
Board Compliance Officer of Amundi Pioneer
Institutional Asset Management, Inc. since
January 2012; Chief Compliance Officer of
Vanderbilt Capital Advisors, LLC since July
2012: Director of Adviser and Portfolio
Compliance at Amundi Pioneer since October 2005;
Senior Compliance Officer for Columbia
Management Advisers, Inc. from October 2003 to
October 2005
------------------------------------------------------------------------------------------------------------------------------------
Kelly O'Donnell (46) Since 2006. Serves at Director - Transfer Agency Compliance of Amundi None
Anti-Money Laundering the discretion of the Pioneer and Anti-Money Laundering Officer of all
Officer Board the Pioneer Funds since 2006
------------------------------------------------------------------------------------------------------------------------------------
78 Pioneer High Yield Fund | Annual Report | 10/31/17
This page is for your notes.
Pioneer High Yield Fund | Annual Report | 10/31/17 79
This page is for your notes.
80 Pioneer High Yield Fund | Annual Report | 10/31/17
This page is for your notes.
Pioneer High Yield Fund | Annual Report | 10/31/17 81
This page is for your notes.
82 Pioneer High Yield Fund | Annual Report | 10/31/17
This page is for your notes.
Pioneer High Yield Fund | Annual Report | 10/31/17 83
This page is for your notes.
84 Pioneer High Yield Fund | Annual Report | 10/31/17
How to Contact Amundi Pioneer
We are pleased to offer a variety of convenient ways for you to contact us for
assistance or information.
Call us for:
--------------------------------------------------------------------------------
Account Information, including existing accounts,
new accounts, prospectuses, applications
and service forms 1-800-225-6292
FactFone(SM) for automated fund yields, prices,
account information and transactions 1-800-225-4321
Retirement plans information 1-800-622-0176
Write to us:
--------------------------------------------------------------------------------
Amundi Pioneer
P.O. Box 55014
Boston, Massachusetts 02205-5014
Our toll-free fax 1-800-225-4240
Our internet e-mail address us.askamundipioneer@amundipioneer.com
(for general questions about Amundi Pioneer only)
Visit our web site: www.amundipioneer.com
This report must be preceded or accompanied by a prospectus.
The Fund files a complete schedule of investments with the Securities and
Exchange Commission for the first and third quarters for each fiscal year on
Form N-Q. Shareholders may view the filed Form N-Q by visiting the Commission's
web site at www.sec.gov. 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] Amundi Pioneer
==============
ASSET MANAGEMENT
Amundi Pioneer Asset Management, Inc.
60 State Street
Boston, MA 02109
www.amundipioneer.com
Securities offered through Amundi Pioneer Distributor, Inc.
60 State Street, Boston, MA 02109
Underwriter of Pioneer Mutual Funds, Member SIPC
(C) 2017 Amundi Pioneer Asset Management 19441-11-1217
ITEM 2. CODE OF ETHICS.
(a) Disclose whether, as of the end of the period covered by the report, the
registrant has adopted a code of ethics that applies to the registrant's
principal executive officer, principal financial officer, principal accounting
officer or controller, or persons performing similar functions, regardless of
whether these individuals are employed by the registrant or a third party. If
the registrant has not adopted such a code of ethics, explain why it has not
done so.
The registrant has adopted, as of the end of the period covered by this report,
a code of ethics that applies to the registrant's principal executive officer,
principal financial officer, principal accounting officer and controller.
(b) For purposes of this Item, the term "code of ethics" means written standards
that are reasonably designed to deter wrongdoing and to promote:
(1) Honest and ethical conduct, including the ethical handling of actual
or apparent conflicts of interest between personal and professional
relationships;
(2) Full, fair, accurate, timely, and understandable disclosure in
reports and documents that a registrant files with, or submits to, the
Commission and in other public communications made by the registrant;
(3) Compliance with applicable governmental laws, rules, and
regulations;
(4) The prompt internal reporting of violations of the code to an
appropriate person or persons identified in the code; and
(5) Accountability for adherence to the code.
(c) The registrant must briefly describe the nature of any amendment, during the
period covered by the report, to a provision of its code of ethics that applies
to the registrant's principal executive officer, principal financial officer,
principal accounting officer or controller, or persons performing similar
functions, regardless of whether these individuals are employed by the
registrant or a third party, and that relates to any element of the code of
ethics definition enumerated in paragraph (b) of this Item. The registrant must
file a copy of any such amendment as an exhibit pursuant to Item 10(a), unless
the registrant has elected to satisfy paragraph (f) of this Item by posting its
code of ethics on its website pursuant to paragraph (f)(2) of this Item, or by
undertaking to provide its code of ethics to any person without charge, upon
request, pursuant to paragraph (f)(3) of this Item.
The registrant has made no amendments to the code of ethics during the period
covered by this report.
(d) If the registrant has, during the period covered by the report, granted a
waiver, including an implicit waiver, from a provision of the code of ethics to
the registrant's principal executive officer, principal financial officer,
principal accounting officer or controller, or persons performing similar
functions, regardless of whether these individuals are employed by the
registrant or a third party, that relates to one or more of the items set forth
in paragraph (b) of this Item, the registrant must briefly describe the nature
of the waiver, the name of the person to whom the waiver was granted, and the
date of the waiver.
Not applicable.
(e) If the registrant intends to satisfy the disclosure requirement under
paragraph (c) or (d) of this Item regarding an amendment to, or a waiver from,
a provision of its code of ethics that applies to the registrant's principal
executive officer, principal financial officer, principal accounting officer or
controller, or persons performing similar functions and that relates to any
element of the code of ethics definition enumerated in paragraph (b) of this
Item by posting such information on its Internet website, disclose the
registrant's Internet address and such intention.
Not applicable.
(f) The registrant must:
(1) File with the Commission, pursuant to Item 12(a)(1), a copy of
its code of ethics that applies to the registrant's principal
executive officer,principal financial officer, principal accounting
officer or controller, or persons performing similar functions,
as an exhibit to its annual
report on this Form N-CSR (see attachment);
(2) Post the text of such code of ethics on its Internet website and
disclose, in its most recent report on this Form N-CSR, its Internet
address and the fact that it has posted such code of ethics on its
Internet website; or
(3) Undertake in its most recent report on this Form N-CSR to provide to
any person without charge, upon request, a copy of such code of ethics
and explain the manner in which such request may be made.
See Item 10(2)
ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.
(a) (1) Disclose that the registrant's board of trustees has determined that
the registrant either:
(i) Has at least one audit committee financial expert serving on its audit
committee; or
(ii) Does not have an audit committee financial expert serving on its audit
committee.
The registrant's Board of Trustees has determined that the registrant has at
least one audit committee financial expert.
(2) If the registrant provides the disclosure required by paragraph
(a)(1)(i) of this Item, it must disclose the name of the audit committee
financial expert and whether that person is "independent." In order to be
considered "independent" for purposes of this Item, a member of an audit
committee may not, other than in his or her capacity as a member of the audit
committee, the board of trustees, or any other board committee:
(i) Accept directly or indirectly any consulting, advisory, or other
compensatory fee from the issuer; or
(ii) Be an "interested person" of the investment company as defined in
Section 2(a)(19) of the Act (15 U.S.C. 80a-2(a)(19)).
Ms. Marguerite A. Piret, an independent trustee, is such an audit committee
financial expert.
(3) If the registrant provides the disclosure required by paragraph (a)(1)
(ii) of this Item, it must explain why it does not have an audit committee
financial expert.
Not applicable.
ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.
(a) Disclose, under the caption AUDIT FEES, the aggregate fees billed for each
of the last two fiscal years for professional services rendered by the principal
accountant for the audit of the registrant's annual financial statements or
services that are normally provided by the accountant in connection with
statutory and regulatory filings or engagements for those fiscal years.
The audit fees for the Fund was $35,000
payable to Ernst & Young LLP for the year ended
October 31, 2017 and $53,457 payable to Deloitte & Touche LLP
for the year ended October 31, 2016.
(b) Disclose, under the caption AUDIT-RELATED FEES, the aggregate fees billed in
each of the last two fiscal years for assurance and related services by the
principal accountant that are reasonably related to the performance of the audit
of the registrant's financial statements and are not reported under
paragraph (a) of this Item. Registrants shall describe the nature of the
services comprising the fees disclosed under this category.
There were no audit-related services in 2017 or 2016.
(c) Disclose, under the caption TAX FEES, the aggregate fees billed in each of
the last two fiscal years for professional services rendered by the principal
accountant for tax compliance, tax advice, and tax planning. Registrants shall
describe the nature of the services comprising the fees disclosed under this
category.
The tax fees for the Fund were $10,115
payable to Ernst & Young LLP for the year ended
October 31, 2017 and $8,778 payable to Deloitte & Touche LLP
for the year ended October 31, 2016.
(d) Disclose, under the caption ALL OTHER FEES, the aggregate fees billed in
each of the last two fiscal years for products and services provided by the
principal accountant, other than the services reported in paragraphs (a) through
(c) of this Item. Registrants shall describe the nature of the services
comprising the fees disclosed under this category.
There were no other fees in 2017 or 2016.
(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 Amundi Pioneer Asset Management, Inc, the audit committee and
the independent auditors.
The Funds recognize that a Fund's independent auditors: 1) possess knowledge of
the Funds, 2) are able to incorporate certain services into the scope of the
audit, thereby avoiding redundant work, cost and disruption of Fund personnel
and processes, and 3) have expertise that has value to the Funds. As a result,
there are situations where it is desirable to use the Fund's independent
auditors for services in addition to the annual audit and where the potential
for conflicts of interests are minimal. Consequently, this policy, which is
intended to comply with Rule 210.2-01(C)(7), sets forth guidelines and
procedures to be followed by the Funds when retaining the independent audit firm
to perform audit, audit-related tax and other services under those
circumstances, while also maintaining independence.
Approval of a service in accordance with this policy for a Fund shall also
constitute approval for any other Fund whose pre-approval is required pursuant
to Rule 210.2-01(c)(7)(ii).
In addition to the procedures set forth in this policy, any non-audit services
that may be provided consistently with Rule 210.2-01 may be approved by the
Audit Committee itself and any pre-approval that may be waived in accordance
with Rule 210.2-01(c)(7)(i)(C) is hereby waived.
Selection of a Fund's independent auditors and their compensation shall be
determined by the Audit Committee and shall not be subject to this policy.
SECTION II - POLICY
---------------- -------------------------------- -------------------------------------------------
SERVICE SERVICE CATEGORY DESCRIPTION SPECIFIC PRE-APPROVED SERVICE SUBCATEGORIES
CATEGORY
---------------- -------------------------------- -------------------------------------------------
I. AUDIT Services that are directly o Accounting research assistance
SERVICES related to performing the o SEC consultation, registration
independent audit of the Funds statements, and reporting
o Tax accrual related matters
o Implementation of new accounting
standards
o Compliance letters (e.g. rating agency
letters)
o Regulatory reviews and assistance
regarding financial matters
o Semi-annual reviews (if requested)
o Comfort letters for closed end
offerings
---------------- -------------------------------- -------------------------------------------------
II. Services which are not o AICPA attest and agreed-upon procedures
AUDIT-RELATED prohibited under Rule o Technology control assessments
SERVICES 210.2-01(C)(4) (the "Rule") o Financial reporting control assessments
and are related extensions of o Enterprise security architecture
the audit services support the assessment
audit, or use the
knowledge/expertise gained
from the audit procedures as a
foundation to complete the
project. In most cases, if
the Audit-Related Services are
not performed by the Audit
firm, the scope of the Audit
Services would likely
increase. The Services are
typically well-defined and
governed by accounting
professional standards (AICPA,
SEC, etc.)
---------------- -------------------------------- -------------------------------------------------
------------------------------------- ------------------------------------
AUDIT COMMITTEE APPROVAL POLICY AUDIT COMMITTEE
REPORTING POLICY
------------------------------------- ------------------------------------
o "One-time" pre-approval o A summary of all such
for the audit period for all services and related fees
pre-approved specific service reported at each regularly
subcategories. Approval of the scheduled Audit Committee
independent auditors as meeting.
auditors for a Fund shall
constitute pre approval for
these services.
------------------------------------- ------------------------------------
o "One-time" pre-approval o A summary of all such
for the fund fiscal year within services and related fees
a specified dollar limit (including comparison to
for all pre-approved specified dollar limits)
specific service subcategories reported quarterly.
o Specific approval is
needed to exceed the
pre-approved dollar limit for
these services (see general
Audit Committee approval policy
below for details on obtaining
specific approvals)
o Specific approval is
needed to use the Fund's
auditors for Audit-Related
Services not denoted as
"pre-approved", or
to add a specific service
subcategory as "pre-approved"
------------------------------------- ------------------------------------
SECTION III - POLICY DETAIL, CONTINUED
----------------------- --------------------------- -----------------------------------------------
SERVICE CATEGORY SERVICE CATEGORY SPECIFIC PRE-APPROVED SERVICE SUBCATEGORIES
DESCRIPTION
----------------------- --------------------------- -----------------------------------------------
III. TAX SERVICES Services which are not o Tax planning and support
prohibited by the Rule, o Tax controversy assistance
if an officer of the Fund o Tax compliance, tax returns, excise
determines that using the tax returns and support
Fund's auditor to provide o Tax opinions
these services creates
significant synergy in
the form of efficiency,
minimized disruption, or
the ability to maintain a
desired level of
confidentiality.
----------------------- --------------------------- -----------------------------------------------
------------------------------------- -------------------------
AUDIT COMMITTEE APPROVAL POLICY AUDIT COMMITTEE
REPORTING POLICY
------------------------------------- -------------------------
------------------------------------- -------------------------
o "One-time" pre-approval o A summary of
for the fund fiscal year all such services and
within a specified dollar limit related fees
(including comparison
to specified dollar
limits) reported
quarterly.
o Specific approval is
needed to exceed the
pre-approved dollar limits for
these services (see general
Audit Committee approval policy
below for details on obtaining
specific approvals)
o Specific approval is
needed to use the Fund's
auditors for tax services not
denoted as pre-approved, or to add a specific
service subcategory as
"pre-approved"
------------------------------------- -------------------------
SECTION III - POLICY DETAIL, CONTINUED
----------------------- --------------------------- -----------------------------------------------
SERVICE CATEGORY SERVICE CATEGORY SPECIFIC PRE-APPROVED SERVICE SUBCATEGORIES
DESCRIPTION
----------------------- --------------------------- -----------------------------------------------
IV. OTHER SERVICES Services which are not o Business Risk Management support
prohibited by the Rule, o Other control and regulatory
A. SYNERGISTIC, if an officer of the Fund compliance projects
UNIQUE QUALIFICATIONS determines that using the
Fund's auditor to provide
these services creates
significant synergy in
the form of efficiency,
minimized disruption,
the ability to maintain a
desired level of
confidentiality, or where
the Fund's auditors
posses unique or superior
qualifications to provide
these services, resulting
in superior value and
results for the Fund.
----------------------- --------------------------- -----------------------------------------------
--------------------------------------- ------------------------
AUDIT COMMITTEE APPROVAL POLICY AUDIT COMMITTEE
REPORTING POLICY
------------------------------------- --------------------------
o "One-time" pre-approval o A summary of
for the fund fiscal year within all such services and
a specified dollar limit related fees
(including comparison
to specified dollar
limits) reported
quarterly.
o Specific approval is
needed to exceed the
pre-approved dollar limits for
these services (see general
Audit Committee approval policy
below for details on obtaining
specific approvals)
o Specific approval is
needed to use the Fund's
auditors for "Synergistic" or
"Unique Qualifications" Other
Services not denoted as
pre-approved to the left, or to
add a specific service
subcategory as "pre-approved"
------------------------------------- --------------------------
SECTION III - POLICY DETAIL, CONTINUED
----------------------- ------------------------- -----------------------------------------------
SERVICE CATEGORY SERVICE CATEGORY SPECIFIC PROHIBITED SERVICE SUBCATEGORIES
DESCRIPTION
----------------------- ------------------------- -----------------------------------------------
PROHIBITED SERVICES Services which result 1. Bookkeeping or other services
in the auditors losing related to the accounting records or
independence status financial statements of the audit
under the Rule. client*
2. Financial information systems design
and implementation*
3. Appraisal or valuation services,
fairness* opinions, or
contribution-in-kind reports
4. Actuarial services (i.e., setting
actuarial reserves versus actuarial
audit work)*
5. Internal audit outsourcing services*
6. Management functions or human
resources
7. Broker or dealer, investment
advisor, or investment banking services
8. Legal services and expert services
unrelated to the audit
9. Any other service that the Public
Company Accounting Oversight Board
determines, by regulation, is
impermissible
----------------------- ------------------------- -----------------------------------------------
------------------------------------------- ------------------------------
AUDIT COMMITTEE APPROVAL POLICY AUDIT COMMITTEE
REPORTING POLICY
------------------------------------------- ------------------------------
o These services are not to be o A summary of all
performed with the exception of the(*) services and related
services that may be permitted fees reported at each
if they would not be subject to audit regularly scheduled
procedures at the audit client (as Audit Committee meeting
defined in rule 2-01(f)(4)) level will serve as continual
the firm providing the service. confirmation that has
not provided any
restricted services.
------------------------------------------- ------------------------------
--------------------------------------------------------------------------------
GENERAL AUDIT COMMITTEE APPROVAL POLICY:
o For all projects, the officers of the Funds and the Fund's auditors will each
make an assessment to determine that any proposed projects will not impair
independence.
o Potential services will be classified into the four non-restricted service
categories and the "Approval of Audit, Audit-Related, Tax and Other
Services" Policy above will be applied. Any services outside the specific
pre-approved service subcategories set forth above must be specifically
approved by the Audit Committee.
o At least quarterly, the Audit Committee shall review a report summarizing the
services by service category, including fees, provided by the Audit firm as
set forth in the above policy.
--------------------------------------------------------------------------------
(2) Disclose the percentage of services described in each of paragraphs (b)
through (d) of this Item that were approved by the audit committee pursuant
to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.
Non-Audit Services
Beginning with non-audit service contracts entered
into on or after May 6, 2003, the effective date of the
new SEC pre-approval rules, the Fund's audit
committee is required to pre-approve services to
affiliates defined by SEC rules to the extent that the
services are determined to have a direct impact on the
operations or financial reporting of the Fund. For the
years ended October 31 2017 and 2016, there were no
services provided to an affiliate that required the
Fund's audit committee pre-approval.
(f) If greater than 50 percent, disclose the percentage of hours expended on the
principal accountants engagement to audit the registrant's financial statements
for the most recent fiscal year that were attributed to work performed by
persons other than the principal accountant's full-time, permanent employees.
N/A
(g) Disclose the aggregate non-audit fees billed by the registrants accountant
for services rendered to the registrant, and rendered to the registrants
investment adviser (not including any sub-adviser whose role is primarily
portfolio management and is subcontracted with or overseen by another investment
adviser), and any entity controlling, controlled by, or under common control
with the adviser that provides ongoing services to the registrant for each of
the last two fiscal years of the registrant.
The aggregate non-audit fees for the Fund were $10,155
payable to Ernst & Young LLP for the year ended
October 31, 2017 and $8,778 to Deloitte & Touche LLP
for the year ended October 31, 2016.
(h) Disclose whether the registrants audit committee of the board of trustees
has considered whether the provision of non-audit services that were rendered to
the registrants investment adviser (not including any subadviser whose role is
primarily portfolio management and is subcontracted with or overseen by another
investment adviser), and any entity controlling, controlled by, or under common
control with the investment adviser that provides ongoing services to the
registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of
Rule 2-01 of Regulation S-X is compatible with maintaining the principal
accountant's independence.
The Fund's audit committee of the Board of Trustees
has considered whether the provision of non-audit
services that were rendered to the Affiliates (as
defined) that were not pre- approved pursuant to
paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is
compatible with maintaining the principal accountant's
independence.
ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS
(a) If the registrant is a listed issuer as defined in Rule 10A-3
under the Exchange Act (17 CFR 240.10A-3), state whether
or not the registrant has a separately-designated standing
audit committee established in accordance with Section
3(a)(58)(A) of the Exchange Act (15 U.S.C. 78c(a)(58)(A)).
If the registrant has such a committee, however designated,
identify each committee member. If the entire board of directors
is acting as the registrant's audit committee as specified in
Section 3(a)(58)(B) of the Exchange Act (15 U.S.C. 78c(a)(58)(B)),
so state.
N/A
(b) If applicable, provide the disclosure required by Rule 10A-3(d)
under the Exchange Act (17 CFR 240.10A-3(d)) regarding an exemption
from the listing standards for audit committees.
N/A
ITEM 6. SCHEDULE OF INVESTMENTS.
File Schedule of Investments in securities of unaffiliated issuers
as of the close of the reporting period as set forth in 210.1212
of Regulation S-X [17 CFR 210.12-12], unless the schedule is
included as part of the report to shareholders filed under Item
1 of this Form.
Included in Item 1
ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR
CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
A closed-end management investment company that is filing an annual report on
this Form N-CSR must, unless it invests exclusively in non-voting securities,
describe the policies and procedures that it uses to determine how to vote
proxies relating to portfolio securities, including the procedures that the
company uses when a vote presents a conflict between the interests of its
shareholders, on the one hand, and those of the company's investment adviser;
principal underwriter; or any affiliated person (as defined in Section 2(a)(3)
of the Investment Company Act of 1940 (15 U.S.C. 80a-2(a)(3)) and the rules
thereunder) of the company, its investment adviser, or its principal
underwriter, on the other. Include any policies and procedures of the company's
investment adviser, or any other third party, that the company uses, or that are
used on the company's behalf, to determine how to vote proxies relating to
portfolio securities.
Not applicable to open-end management investment companies.
ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
(a) If the registrant is a closed-end management investment company that
is filing an annual report on this Form N-CSR,provide the following
information:
(1) State the name, title, and length of service of the person or persons
employed by or associated with the registrant or an investment adviser
of the registrant who are primarily responsible for the day-to-day management
of the registrant's portfolio ("Portfolio Manager"). Also state each Portfolio
Manager's business experience during the past 5 years.
Not applicable to open-end management investment companies.
ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT
INVESTMENT COMPANY AND AFFILIATED PURCHASERS.
(a) If the registrant is a closed-end management investment company,
in the following tabular format, provide the information specified in
paragraph (b) of this Item with respect to any purchase made by or on
behalf of the registrant or any affiliated purchaser, as defined in
Rule 10b-18(a)(3) under the Exchange Act (17 CFR 240.10b-18(a)(3)), of
shares or other units of any class of the registrant's equity securities
that is registered by the registrant pursuant to Section 12 of the
Exchange Act (15 U.S.C. 781).
Not applicable to open-end management investment companies.
ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.
Describe any material changes to the procedures by which shareholders
may recommend nominees to the registrant's board of directors, where
those changes were implemented after the registrant last provided
disclosure in response to the requirements of Item 407(c)(2)(iv) of
Regulation S-R(17 CFR 229.407)(as required by Item 22(b)(15))
of Schedule 14A (17 CFR 240.14a-101), or this Item.
There have been no material changes to the procedures by which the
shareholders may recommend nominees to the registrant's board of
directors since the registrant last provided disclosure in response
to the requirements of Item 407(c)(2)(iv) of Regulation S-R of Schedule 14(A)
in its definitive proxy statement, or this item.
ITEM 11. CONTROLS AND PROCEDURES.
(a) Disclose the conclusions of the registrant's principal executive and
principal financials officers, or persons performing similar functions,
regarding the effectiveness of the registrant's disclosure
controls and procedures (as defined in Rule 30a-3(c) under the Act (17 CFR
270.30a-3(c))) as of a date within 90 days of the filing date of the report
that includes the disclosure required by this paragraph,
based on the evaluation of these controls and procedures required by Rule
30a-3(b) under the Act (17 CFR 270.30(a)-3(b) and Rules 13a-15(b) or 15d-15(b)
under the Exchange Act (17 CFR 240.13a-15(b) or 240.15d-15(b)).
The registrant's principal executive officer
and principal financial officer have
concluded that the registrant's disclosure
controls and procedures are effective based
on the evaluation of these controls and
procedures as of a date within 90 days of the
filing date of this report.
(b) Disclose any change in the registrant's internal control over financial
reporting (as defined in Rule 30a-3(d) under the Act (17CFR 270.30a-3(d)) that
occured during the second fiscal quarter of the period covered by this report
that has materially affected, or is reasonably likely to materially affect,
the registrant's internal control over financial reporting.
There were no significant changes in the
registrant's internal control over financial
reporting that occurred during the second
fiscal quarter of the period covered by this
report that have materially affected, or are
reasonably likely to materially affect, the
registrant's internal control over financial
reporting.
The registrant's principal executive officer and principal financial
officer, however, voluntarily are reporting the following information:
In August of 2006 the registrant's investment adviser
enhanced its internal procedures for reporting performance
information required to be included in prospectuses.
Those enhancements involved additional internal controls
over the appropriateness of performance data
generated for this purpose. Such enhancements were made
following an internal review which identified
prospectuses relating to certain classes of shares of
a limited number of registrants where, inadvertently,
performance information not reflecting the deduction of
applicable sales charges was included. Those prospectuses
were revised, and the revised prospectuses were distributed to
shareholders.
ITEM 12. EXHIBITS.
(a) File the exhibits listed below as part of this Form. Letter or number the
exhibits in the sequence indicated.
(1) Any code of ethics, or amendment thereto, that is the subject of the
disclosure required by Item 2, to the extent that the registrant intends to
satisfy the Item 2 requirements through filing of an exhibit.
(2) A separate certification for each principal executive officer and principal
financial officer of the registrant as required by Rule 30a-2(a) under the Act
(17 CFR 270.30a-2(a)) , exactly as set forth below:
Filed herewith.
SIGNATURES
[See General Instruction F]
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, the registrant has duly caused this report to be
signed on its behalf by the undersigned, thereunto duly authorized.
(Registrant) Pioneer High Yield Fund
By (Signature and Title)* /s/ Lisa M. Jones
Lisa M. Jones, President & Chief Executive Officer
Date December 29, 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 December 29, 2017
By (Signature and Title)* /s/ Mark E. Bradley
Mark E. Bradley, Treasurer & Chief Accounting & Financial Officer
Date December 29, 2017
* Print the name and title of each signing officer under his or her signature.