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, 2018 through April 30, 2019
Form N-CSR is to be used by management investment companies to file reports with
the Commission not later than 10 days after the transmission to stockholders of
any report that is required to be transmitted to stockholders under Rule 30e-1
under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may
use the information provided on Form N-CSR in its regulatory, disclosure review,
inspection, and policymaking roles.
A registrant is required to disclose the information specified by Form N-CSR,
and the Commission will make this information public. A registrant is not
required to respond to the collection of information contained in Form N-CSR
unless the Form displays a currently valid Office of Management and Budget
("OMB") control number. Please direct comments concerning the accuracy of the
information collection burden estimate and any suggestions for reducing the
burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW,
Washington, DC 20549-0609. The OMB has reviewed this collection of information
under the clearance requirements of 44 U.S.C. ss. 3507.
ITEM 1. REPORTS TO STOCKHOLDERS.
Pioneer High
Yield Fund
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Semiannual Report | April 30, 2019
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Ticker Symbols:
Class A TAHYX
Class C PYICX
Class R TYHRX
Class Y TYHYX
Beginning in April 2021, as permitted by regulations adopted by the Securities
and Exchange Commission, paper copies of the Fund's shareholder reports like
this one will no longer be sent by mail, unless you specifically request paper
copies of the reports from the Fund or from your financial intermediary, such
as a broker-dealer, bank or insurance company. Instead, the reports will be
made available on the Fund's website, and you will be notified by mail each
time a report is posted and provided with a website link to access the report.
If you already elected to receive shareholder reports electronically, you will
not be affected by this change and you need not take any action. You may elect
to receive shareholder reports and other communications electronically by
contacting your financial intermediary or, if you invest directly with the
Fund, by calling 1-800-225-6292.
You may elect to receive all future reports in paper free of charge. If you
invest directly with the Fund, you can inform the Fund that you wish to
continue receiving paper copies of your shareholder reports by calling
1-800-225-6292. If you invest through a financial intermediary, you can contact
your financial intermediary to request that you continue to receive paper
copies of your shareholder reports. Your election to receive reports in paper
will apply to all funds held in your account if you invest through your
financial intermediary or all funds held within the Pioneer Fund complex if you
invest directly.
[LOGO] Amundi Pioneer
==============
ASSET MANAGEMENT
visit us: www.amundipioneer.com/us
Table of Contents
President's Letter 2
Portfolio Management Discussion 4
Portfolio Summary 9
Prices and Distributions 10
Performance Update 11
Comparing Ongoing Fund Expenses 15
Schedule of Investments 17
Financial Statements 40
Notes to Financial Statements 48
Trustees, Officers and Service Providers 64
Pioneer High Yield Fund | Semiannual Report | 4/30/19 1
President's Letter
Since 1928, active portfolio management based on in-depth, fundamental
research, has been the foundation of Amundi Pioneer's investment approach. We
believe an active management investment strategy is a prudent approach to
investing, especially during periods of market volatility, which can result
from any number of risk factors, including slow U.S. economic growth, rising
interest rates, and geopolitical factors. Of course, in today's global economy,
risk factors extend well beyond U.S. borders. In fact, it's not unusual for
political and economic issues on the international front to cause or contribute
to volatility in U.S. markets.
At Amundi Pioneer, each security under consideration is researched by our team
of experienced investment professionals, who visit companies and meet with
their management teams. At the end of this research process, if we have
conviction in a company's business model and management team, and regard the
security as a potentially solid investment opportunity, an Amundi Pioneer
portfolio manager makes an active decision to invest in that security. The
portfolio resulting from these decisions represents an expression of his or her
convictions, and strives to balance overall risk and return opportunity.
As an example, the Standard & Poor's 500 Index -- the predominant benchmark for
many U.S. Large-Cap Core Equity funds -- has 500 stocks. An Amundi Pioneer
portfolio manager chooses to invest in only those companies that he or she
believes can offer the most attractive opportunities to pursue the fund's
investment objective, thus potentially benefiting the fund's shareowners. This
process results in a portfolio that does not own all 500 stocks, but a much
narrower universe.
The same active decision to invest in a company is also applied when we decide
to sell a security, either due to changing fundamentals, valuation concerns, or
market risks. We apply this active decision-making across all of our equity,
fixed-income, and global portfolios.
Today, as investors, we have many options. It is our view that active
management can serve shareholders well not only when markets are thriving, but
also during periods of market volatility and uncertainty, thus making it a
compelling investment choice. As you consider the many choices today, we
encourage you to work with your financial advisor to develop an overall
investment plan that addresses both your short- and long-term goals, and to
implement such a plan in a disciplined manner.
2 Pioneer High Yield Fund | Semiannual Report | 4/30/19
We greatly appreciate the trust you have placed in us and look forward to
continuing to serve you in the future.
Sincerely,
/s/ Lisa M. Jones
Lisa M. Jones
Head of the Americas, President and CEO of U.S.
Amundi Pioneer Asset Management USA, Inc.
April 30, 2019
Any information in this shareowner report regarding market or economic trends
or the factors influencing the Fund's historical or future performance are
statements of opinion as of the date of this report. Past performance is no
guarantee of future results.
Pioneer High Yield Fund | Semiannual Report | 4/30/19 3
Portfolio Management Discussion | 4/30/19
In the following interview, portfolio managers Andrew Feltus and Matthew
Shulkin discuss the factors that influenced Pioneer High Yield Fund's
performance for the six-month period ended April 30, 2019. Mr. Feltus, Managing
Director, Co-Director of High Yield, and a portfolio manager at Amundi Pioneer
Asset Management, Inc. (Amundi Pioneer), is responsible for the daily
management of the Fund. He is assisted by Matthew Shulkin, a vice president and
a portfolio manager at Amundi Pioneer.
Q How did the Fund perform during the six-month period ended April 30, 2019?
A Pioneer High Yield Fund's Class A shares returned 4.28% at net asset value
during the six-month period ended April 30, 2019, while the Fund's
benchmarks, the ICE Bank of America Merrill Lynch (ICE BofA ML) U.S. High
Yield Index and the ICE BofA ML All-Convertibles Speculative Quality
Index, returned 5.55% and 10.70%, respectively. During the same period,
the average return of the 717 mutual funds in Morningstar's High Yield
Bond Funds category was 4.69%.
Q Could you please describe the market environment for high-yield bonds
during the six-month period ended April 30, 2019?
A Late 2018 saw investor sentiment for riskier assets weaken due to a range
of concerns, including U.S.-China trade tensions, softening economic
growth overseas, Italy's budget crisis, and political uncertainty. In
mid-December, the U.S. Federal Reserve (the Fed) met expectations and
raised its short-term rate target rate to the 2.25% to 2.50% range, its
fourth rate hike in calendar year 2018, while also noting the potential
for additional rate increases in 2019. In combination with signs of
slowing global economic growth and yet another setback in the "Brexit"
negotiations in the United Kingdom, fears that the Fed would overshoot on
interest rates led to a spike in volatility in the market for risk assets.
December 2018 saw the 10-year U.S. Treasury yield decline from 3.01% to
2.69%, as investors sought a safe haven from the market turmoil.
Energy-related issues declined sharply as crude oil prices plunged over
the fourth quarter, mainly due to concerns about a weaker demand outlook
and higher-than-expected supply driven in part by a loosening of U.S.
sanctions on Iran.
Risk-oriented assets rebounded sharply in January of 2019, however, as the
Fed pivoted on monetary policy and took on a less aggressive tone,
announcing an early end to its balance-sheet reduction program while also
4 Pioneer High Yield Fund | Semiannual Report | 4/30/19
indicating it would become more "data dependent" with regard to interest
rates, thus putting further increases on hold, at least temporarily. In
addition to the Fed's policy actions, weak economic data out of the euro
zone and China led to renewed monetary accommodations from both the
European Central Bank and the People's Bank of China. Modest progress on
trade matters, a firming in oil prices, and positive corporate earnings
reports also helped boost credit-market sentiment during the first quarter
of 2019. While the overall pace of gains moderated and there was some
interim market volatility over the final weeks of the period,
credit-sensitive assets continued to outperform interest-rate-sensitive
issues through the end of April.
U.S. high-yield prices received support over the period from a continued
low default rate relative to historical averages. In addition, notably
lower new-issue supply relative to the same period a year earlier more
than balanced out the negative effects of outflows from high-yield mutual
funds. Within the high-yield market, lower-rated issues outperformed
higher-rated securities over the six-month period.
Q Please review the Fund's principal strategies during the six-month period
ended April 30, 2019, and the degree to which they added to or detracted
from returns versus the benchmark?
A We typically augment the Fund's high-yield bond holdings with allocations
to other asset categories that we believe complement the core high-yield
exposure, increase portfolio diversification*, and have potential for
solid risk-reward profiles. That said, the Fund's non-core exposures were
a drag on benchmark-relative performance during the six-month period. In
particular, an allocation to insurance-linked securities (ILS) detracted
from relative returns. The performance of ILS, which are sponsored by
insurance companies to help mitigate the risk of having to pay claims in
the wake of natural disasters, struggled during the period due to a number
of claims-generating catastrophes occurring over the second half of 2018.
The disasters included typhoons in Japan, hurricanes that hit the
Southeastern U.S. and the Carolinas, and the worst California wildfire
season on record. The Fund's exposure to floating-rate bank loans also
detracted from benchmark-relative results, as the asset class
underperformed high-yield corporates over the six-month period. Among the
portfolio's non-core allocations, exposure to convertible bonds was the
leading contributor to the Fund's benchmark-relative returns for the
six-month period.
* Diversification does not assure a profit nor protect against loss.
Pioneer High Yield Fund | Semiannual Report | 4/30/19 5
Within the Fund's core high-yield component, security selection results
were strong and contributed positively to benchmark-relative performance.
In sector terms, the top positive contributions came from the portfolio's
holdings in basic industries, with relative value gained through an
overweight to building & construction issuers as well as from security
selection results within chemicals. Security selection within both the
energy and services sectors also contributed meaningfully to the Fund's
benchmark-relative results. Conversely, financial services holdings
detracted the most from relative returns, as the Fund gave up some
performance in the sector through adverse security selection. Security
selection results also lagged within telecommunications, as the Fund's
wireline holdings struggled, and within the transportation sector.
Looking at rating tiers, the Fund's underweights to issues rated CCC and
below aided benchmark-relative performance, while security selection was
strong in the Ba and B-rated categories.
With regard to individual portfolio holdings, the Fund's overweight
position in Bausch Health (formerly Valeant Pharmaceuticals) contributed
positively to benchmark-relative performance, as Bausch, an aggressive
acquirer of drug companies, continued to de-leverage. Positions in the
high-yield debt of home construction company Beazer Homes and wireless
provider Sprint also contributed positively to the Fund's relative
returns, as did exposure to the convertible debt of biopharmaceutical
company Insmed.
On the negative side of the ledger, a position in the high-yield debt of
logistics-services provider Syncreon Global detracted from the Fund's
benchmark-relative returns. Additionally, a portfolio overweight to
wireline firm Windstream negatively affected performance, as the company
had to file for bankruptcy after being on the receiving end of an
unexpected adverse court ruling.
Q Did the Fund's income-generation/distributions** to shareholders change
during the six-month period ended April 30, 2019?
A The Fund's income generation and distributions to shareholders remained
relatively stable over the period. The portfolio's positions in
convertible securities and common stocks resulted in a lower yield
compared with a portfolio composed entirely of high-yield bonds, but we
view those allocations as helping to improve the Fund's total-return
profile.
** Distributions are not guaranteed.
6 Pioneer High Yield Fund | Semiannual Report | 4/30/19
Q What role did derivatives play in the Fund's investment process and
results?
A We invested in credit-default-swap indices during the period in order to
maintain the desired level of portfolio exposure to the high-yield market,
while also seeking to maintain sufficient liquidity to make opportunistic
purchases and help meet any unanticipated shareholder redemptions. The
strategy had a neutral effect on the Fund's performance.
Q What is your assessment of the current climate for high-yield investing?
A While we currently view the bar as high for the Fed to implement any
near-term change in the federal funds rate, market pricing continues to
indicate a greater than 50% probability of a rate cut by year-end. We
believe it will take a material deterioration in economic growth,
particularly employment growth, for the Federal Open Market Committee to
lower the target for its benchmark overnight lending rate. We believe if
the Fed does not ultimately validate the easing currently priced into
money market curves, Treasury yields will likely move higher. On balance,
we expect longer-term Treasury yields to gradually trend higher over time,
considering the strength of the U.S. economy.
Our investment outlook is framed by expectations of solid near-term
economic growth, a patient Fed (with respect to policy changes), and
relatively low market volatility. Such an environment could be attractive
for investors to earn the incremental income provided by assets that trade
at a yield spread relative to Treasuries. (Credit, or yield spreads are
commonly defined as the differences in yield between Treasuries and other
types of fixed-income securities with similar maturities.) We would note,
however, that recent strong market performance has reduced the scope for
near-term spread tightening and made the risk-reward profile less
attractive across most credit-sensitive asset classes. We believe bond
prices are mostly likely to receive support from spread tightening within
the lower-quality, CCC-rated area of the market, and that issuer selection
within that segment will be important.
Despite a relative lack of new supply, we have remained highly selective.
Our focus in both the new-issue and secondary markets remains on
identifying what we believe to be fundamentally strong companies that may
benefit from barriers to entry, and pricing power.
Pioneer High Yield Fund | Semiannual Report | 4/30/19 7
Please refer to the Schedule of Investments on pages 17-39 for a full listing
of Fund securities.
All investments are subject to risk, including the possible loss of principal.
In the past several years, financial markets have experienced increased
volatility, depressed valuations, decreased liquidity and heightened
uncertainty. These conditions may continue, recur, worsen or spread.
Investments in high-yield or lower-rated securities are subject to
greater-than-average price volatility, illiquidity and possibility of default.
When interest rates rise, the prices of fixed-income securities held by the
Fund will generally fall. Conversely, when interest rates fall, the prices of
fixed-income securities held by the Fund will generally rise.
Investments in the Fund are subject to possible loss due to the financial
failure of issuers of underlying securities and their inability to meet their
debt obligations.
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 | Semiannual Report | 4/30/19
Portfolio Summary | 4/30/19
Portfolio Diversification
--------------------------------------------------------------------------------
(As a percentage of total investments)*
[THE FOLLOWING DATA WAS REPRESENTED AS A PIE CHART IN THE PRINTED MATERIAL]
Corporate Bonds 77.7%
Senior Secured Floating Rate Loan Interests 5.3%
Convertible Corporate Bonds 5.2%
U.S. Government and Agency Obligations 4.1%
Insurance-Linked Securities 3.5%
Convertible Preferred Stocks 1.5%
Collateralized Mortgage Obligations 1.4%
Common Stocks 0.9%
Preferred Stock 0.3%
Asset Backed Security 0.1%
Rights/Warrants 0.0%+
+ Amount rounds to less than 0.1%.
10 Largest Holdings
--------------------------------------------------------------------------------
(As a percentage of total investments)*
1. Sprint Corp., 7.25%, 9/15/21 2.63%
--------------------------------------------------------------------------------------
2. U.S. Treasury Bills, 5/7/19 2.60
--------------------------------------------------------------------------------------
3. U.S. Treasury Bills, 5/14/19 1.31
--------------------------------------------------------------------------------------
4. Bausch Health Cos., Inc., 5.875%, 5/15/23 (144A) 1.01
--------------------------------------------------------------------------------------
5. Scientific Games International, Inc., 8.25%, 3/15/26 (144A) 0.84
--------------------------------------------------------------------------------------
6. Wells Fargo & Co., 7.5% 0.83
--------------------------------------------------------------------------------------
7. Cheniere Corpus Christi Holdings LLC, 5.125%, 6/30/27 0.82
--------------------------------------------------------------------------------------
8. HCA, Inc., 5.375%, 2/1/25 0.82
--------------------------------------------------------------------------------------
9. Beazer Homes USA, Inc., 6.75%, 3/15/25 0.80
--------------------------------------------------------------------------------------
10. Iron Mountain, Inc., 4.875%, 9/15/27 (144A) 0.79
--------------------------------------------------------------------------------------
* Excludes temporary cash investments and all derivative contracts except
for options purchased. The Fund is actively managed, and current holdings
may be different. The holdings listed should not be considered
recommendations to buy or sell any securities.
Pioneer High Yield Fund | Semiannual Report | 4/30/19 9
Prices and Distributions | 4/30/19
Net Asset Value per Share
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Class 4/30/19 10/31/18
--------------------------------------------------------------------------------
A $ 9.49 $ 9.37
--------------------------------------------------------------------------------
C $ 9.70 $ 9.57
--------------------------------------------------------------------------------
R $10.75 $10.61
--------------------------------------------------------------------------------
Y $ 9.50 $ 9.38
--------------------------------------------------------------------------------
Distributions per Share: 11/1/18-4/30/19
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Net
Investment Short-Term Long-Term
Class Income Capital Gains Capital Gains
--------------------------------------------------------------------------------
A $0.2708 $ -- $ --
--------------------------------------------------------------------------------
C $0.2353 $ -- $ --
--------------------------------------------------------------------------------
R $0.2829 $ -- $ --
--------------------------------------------------------------------------------
Y $0.2843 $ -- $ --
--------------------------------------------------------------------------------
Index Definitions
--------------------------------------------------------------------------------
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 | Semiannual Report | 4/30/19
Performance Update | 4/30/19 Class A Shares
Investment Returns
--------------------------------------------------------------------------------
The mountain chart on the right shows the change in value of a $10,000
investment made in Class A shares of Pioneer 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 April 30, 2019)
----------------------------------------------------------
ICE ICE
Net Public BofA ML BofA ML All-
Asset Offering U.S. High Convertibles
Value Price Yield Speculative
Period (NAV) (POP) Index Quality Index
----------------------------------------------------------
10 years 9.78% 9.28% 10.19% 12.36%
5 years 3.35 2.40 4.84 5.64
1 year 4.28 -0.42 6.71 9.37
----------------------------------------------------------
Expense Ratio
(Per prospectus dated March 1, 2019)
----------------------------------------------------------
Gross
----------------------------------------------------------
1.14%
----------------------------------------------------------
[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
4/09 $ 9,550 $10,000 $10,000
4/10 $14,481 $14,420 $15,974
4/11 $17,070 $16,350 $18,823
4/12 $16,785 $17,186 $17,599
4/13 $19,068 $19,599 $20,869
4/14 $20,600 $20,833 $24,374
4/15 $20,909 $21,368 $24,945
4/16 $19,954 $21,082 $22,798
4/17 $22,560 $23,962 $27,922
4/18 $23,289 $24,732 $29,320
4/19 $24,285 $26,391 $32,068
Call 1-800-225-6292 or visit www.amundipioneer.com/us for the most recent
month-end performance results. Current performance may be lower or higher than
the performance data quoted.
The performance data quoted represents past performance, which is no guarantee
of future results. Investment return and principal value will fluctuate, and
shares, when redeemed, may be worth more or less than their original cost.
NAV results represent the percent change in net asset value per share. POP
returns reflect deduction of maximum 4.50% sales charge. NAV returns would have
been lower had sales charges been reflected. All results are historical and
assume the reinvestment of dividends and capital gains. Other share classes are
available for which performance and expenses will differ.
Performance results reflect any applicable expense waivers in effect during the
periods shown. Without such waivers Fund performance would be lower. Waivers
may not be in effect for all funds. Certain fee waivers are contractual through
a specified period. Otherwise, fee waivers can be rescinded at any time. See
the prospectus and financial statements for more information.
The performance table and graph do not reflect the deduction of fees and taxes
that a shareowner would pay on Fund distributions or the redemption of Fund
shares.
Please refer to the financial highlights for a more current expense ratio.
Pioneer High Yield Fund | Semiannual Report | 4/30/19 11
Performance Update | 4/30/19 Class C Shares
Investment Returns
--------------------------------------------------------------------------------
The mountain chart on the right shows the change in value of a $10,000
investment made in Class C shares of Pioneer 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 April 30, 2019)
----------------------------------------------------------
ICE ICE
BofA ML BofA ML All-
U.S. High Convertibles
If If Yield Speculative
Period Held Redeemed Index Quality Index
----------------------------------------------------------
10 years 9.03% 9.03% 10.19% 12.36%
5 years 2.62 2.62 4.84 5.64
1 year 3.59 3.59 6.71 9.37
----------------------------------------------------------
Expense Ratio
(Per prospectus dated March 1, 2019)
----------------------------------------------------------
Gross
----------------------------------------------------------
1.86%
----------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $10,000 Investment
Pioneer High ICE BofA ML U.S. ICE BofA ML All-Convertibles
Yield Fund High Yield Index Speculative Quality Index
4/09 $10,000 $10,000 $10,000
4/10 $15,051 $14,420 $15,974
4/11 $17,633 $16,350 $18,823
4/12 $17,232 $17,186 $17,599
4/13 $19,447 $19,599 $20,869
4/14 $20,863 $20,833 $24,374
4/15 $21,019 $21,368 $24,945
4/16 $19,929 $21,082 $22,798
4/17 $22,383 $23,962 $27,922
4/18 $22,922 $24,732 $29,320
4/19 $23,744 $26,391 $32,068
Call 1-800-225-6292 or visit www.amundipioneer.com/us for the most recent
month-end performance results. Current performance may be lower or higher than
the performance data quoted.
The performance data quoted represents past performance, which is no guarantee
of future results. Investment return and principal value will fluctuate, and
shares, when redeemed, may be worth more or less than their original cost.
Class C shares held for less than one year are also subject to a 1% contingent
deferred sales charge (CDSC). "If Held" results represent the percent change in
net asset value per share. NAV returns would have been lower had sales charges
been reflected. All results are historical and assume the reinvestment of
dividends and capital gains. Other share classes are available for which
performance and expenses will differ.
Performance results reflect any applicable expense waivers in effect during the
periods shown. Without such waivers Fund performance would be lower. Waivers
may not be in effect for all funds. Certain fee waivers are contractual through
a specified period. Otherwise, fee waivers can be rescinded at any time. See
the prospectus and financial statements for more information.
The performance table and graph do not reflect the deduction of fees and taxes
that a shareowner would pay on Fund distributions or the redemption of Fund
shares.
Please refer to the financial highlights for a more current expense ratio.
12 Pioneer High Yield Fund | Semiannual Report | 4/30/19
Performance Update | 4/30/19 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 April 30, 2019)
----------------------------------------------------------
ICE ICE
Net BofA ML BofA ML All-
Asset U.S. High Convertibles
Value Yield Speculative
Period (NAV) Index Quality Index
----------------------------------------------------------
10 years 9.43% 10.19% 12.36%
5 years 2.97 4.84 5.64
1 year 3.97 6.71 9.37
----------------------------------------------------------
Expense Ratio
(Per prospectus dated March 1, 2019)
----------------------------------------------------------
Gross
----------------------------------------------------------
1.50%
----------------------------------------------------------
[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
4/09 $10,000 $10,000 $10,000
4/10 $15,122 $14,420 $15,974
4/11 $17,787 $16,350 $18,823
4/12 $17,451 $17,186 $17,599
4/13 $19,751 $19,599 $20,869
4/14 $21,264 $20,833 $24,374
4/15 $21,509 $21,368 $24,945
4/16 $20,462 $21,082 $22,798
4/17 $23,061 $23,962 $27,922
4/18 $23,679 $24,732 $29,320
4/19 $24,619 $26,391 $32,068
Call 1-800-225-6292 or visit www.amundipioneer.com/us for the most recent
month-end performance results. Current performance may be lower or higher than
the performance data quoted.
The performance data quoted represents past performance, which is no guarantee
of future results. Investment return and principal value will fluctuate, and
shares, when redeemed, may be worth more or less than their original cost.
Class R shares are not subject to sales charges and are available for limited
groups of eligible investors, including institutional investors. All results
are historical and assume the reinvestment of dividends and capital gains.
Other share classes are available for which performance and expenses will
differ.
Performance results reflect any applicable expense waivers in effect during the
periods shown. Without such waivers Fund performance would be lower. Waivers
may not be in effect for all funds. Certain fee waivers are contractual through
a specified period. Otherwise, fee waivers can be rescinded at any time. See
the prospectus and financial statements for more information.
The performance table and graph do not reflect the deduction of fees and taxes
that a shareowner would pay on Fund distributions or the redemption of Fund
shares.
Please refer to the financial highlights for a more current expense ratio.
Pioneer High Yield Fund | Semiannual Report | 4/30/19 13
Performance Update | 4/30/19 Class Y Shares
Investment Returns
--------------------------------------------------------------------------------
The mountain chart on the right shows the change in value of a $5 million
investment made in Class Y shares of Pioneer 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 April 30, 2019)
----------------------------------------------------------
ICE ICE
Net BofA ML BofA ML All-
Asset U.S. High Convertibles
Value Yield Speculative
Period (NAV) Index Quality Index
----------------------------------------------------------
10 years 10.15% 10.19% 12.36%
5 years 3.65 4.84 5.64
1 year 4.69 6.71 9.37
----------------------------------------------------------
Expense Ratio
(Per prospectus dated March 1, 2019)
----------------------------------------------------------
Gross
----------------------------------------------------------
0.85%
----------------------------------------------------------
[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
4/09 $ 5,000,000 $ 5,000,000 $ 5,000,000
4/10 $ 7,610,282 $ 7,210,199 $ 7,986,978
4/11 $ 9,013,739 $ 8,174,832 $ 9,411,589
4/12 $ 8,893,103 $ 8,593,176 $ 8,799,718
4/13 $10,134,227 $ 9,799,632 $10,434,446
4/14 $10,992,925 $10,416,630 $12,187,143
4/15 $11,180,583 $10,683,940 $12,472,273
4/16 $10,713,875 $10,541,165 $11,398,979
4/17 $12,147,030 $11,980,943 $13,961,054
4/18 $12,560,812 $12,366,040 $14,659,958
4/19 $13,149,829 $13,195,510 $16,033,824
Call 1-800-225-6292 or visit www.amundipioneer.com/us for the most recent
month-end performance results. Current performance may be lower or higher than
the performance data quoted.
The performance data quoted represents past performance, which is no guarantee
of future results. Investment return and principal value will fluctuate, and
shares, when redeemed, may be worth more or less than their original cost.
Class Y shares are not subject to sales charges and are available for limited
groups of eligible investors, including institutional investors. All results
are historical and assume the reinvestment of dividends and capital gains.
Other share classes are available for which performance and expenses will
differ.
Performance results reflect any applicable expense waivers in effect during the
periods shown. Without such waivers Fund performance would be lower. Waivers
may not be in effect for all funds. Certain fee waivers are contractual through
a specified period. Otherwise, fee waivers can be rescinded at any time. See
the prospectus and financial statements for more information.
The performance table and graph do not reflect the deduction of fees and taxes
that a shareowner would pay on Fund distributions or the redemption of Fund
shares.
Please refer to the financial highlights for a more current expense ratio.
14 Pioneer High Yield Fund | Semiannual Report | 4/30/19
Comparing Ongoing Fund Expenses
As a shareowner in the Fund, you incur two types of costs:
(1) ongoing costs, including management fees, distribution and/or service
(12b-1) fees, and other Fund expenses; and
(2) transaction costs, including sales charges (loads) on purchase payments.
This example is intended to help you understand your ongoing expenses (in
dollars) of investing in the Fund and to compare these costs with the ongoing
costs of investing in other mutual funds. The example is based on an investment
of $1,000 at the beginning of the Fund's latest six-month period and held
throughout the six months.
Using the Tables
--------------------------------------------------------------------------------
Actual Expenses
The first table below provides information about actual account values and
actual expenses. You may use the information in this table, together with the
amount you invested, to estimate the expenses that you paid over the period as
follows:
1. Divide your account value by $1,000
Example: an $8,600 account value [divided by] $1,000 = 8.6
2. Multiply the result in (1) above by the corresponding share class's number
in the third row under the heading entitled "Expenses Paid During Period"
to estimate the expenses you paid on your account during this period.
Expenses Paid on a $1,000 Investment in Pioneer High Yield Fund
Based on actual returns from November 1, 2018, through April 30, 2019.
--------------------------------------------------------------------------------
Share Class A C R Y
--------------------------------------------------------------------------------
Beginning Account $1,000.00 $1,000.00 $1,000.00 $1,000.00
Value on 11/1/18
--------------------------------------------------------------------------------
Ending Account $1,042.80 $1,039.10 $1,040.90 $1,044.30
Value (after expenses)
on 4/30/19
--------------------------------------------------------------------------------
Expenses Paid $ 5.93 $ 9.81 $ 7.84 $ 4.51
During Period*
--------------------------------------------------------------------------------
* Expenses are equal to the Fund's annualized net expense ratio of 1.17%,
1.94%, 1.55% and 0.89% for Class A, Class C, Class R and Class Y shares,
respectively, multiplied by the average account value over the period,
multiplied by 181/365 (to reflect the one-half year period).
Pioneer High Yield Fund | Semiannual Report | 4/30/19 15
Hypothetical Example for Comparison Purposes
The table below provides information about hypothetical account values and
hypothetical expenses based on the Fund's actual expense ratio and an assumed
rate of return of 5% per year before expenses, which is not the Fund's actual
return. The hypothetical account values and expenses may not be used to
estimate the actual ending account balance or expenses you paid for the
period.
You may use this information to compare the ongoing costs of investing in the
Fund and other funds. To do so, compare this 5% hypothetical example with the
5% hypothetical examples that appear in the shareholder reports of the other
funds.
Please note that the expenses shown in the tables are meant to highlight your
ongoing costs only and do not reflect any transaction costs, such as sales
charges (loads) that are charged at the time of the transaction. Therefore, the
table below is useful in comparing ongoing costs only and will not help you
determine the relative total costs of owning different funds. In addition, if
these transaction costs were included, your costs would have been higher.
Expenses Paid on a $1,000 Investment in Pioneer High Yield Fund
Based on a hypothetical 5% return per year before expenses, reflecting the
period from November 1, 2018, through April 30, 2019.
--------------------------------------------------------------------------------
Share Class A C R Y
--------------------------------------------------------------------------------
Beginning Account $1,000.00 $1,000.00 $1,000.00 $1,000.00
Value on 11/1/18
--------------------------------------------------------------------------------
Ending Account $1,018.99 $1,015.17 $1,017.11 $1,020.38
Value (after expenses)
on 4/30/19
--------------------------------------------------------------------------------
Expenses Paid $ 5.86 $ 9.69 $ 7.75 $ 4.46
During Period*
--------------------------------------------------------------------------------
* Expenses are equal to the Fund's annualized net expense ratio of 1.17%,
1.94%, 1.55% and 0.89% for Class A, Class C, Class R and Class Y shares,
respectively, multiplied by the average account value over the period,
multiplied by 181/365 (to reflect the one-half year period).
16 Pioneer High Yield Fund | Semiannual Report | 4/30/19
Schedule of Investments | 4/30/19 (unaudited)
---------------------------------------------------------------------------------------------------------------
Shares Value
---------------------------------------------------------------------------------------------------------------
UNAFFILIATED ISSUERS -- 96.8%
COMMON STOCKS -- 0.9% of Net Assets
Airlines -- 0.2%
14,931(a) United Continental Holdings, Inc. $ 1,326,769
-------------
Total Airlines $ 1,326,769
---------------------------------------------------------------------------------------------------------------
Chemicals -- 0.1%
9,227 LyondellBasell Industries NV $ 814,098
-------------
Total Chemicals $ 814,098
---------------------------------------------------------------------------------------------------------------
Health Care Providers & Services -- 0.3%
255,259(a) BioScrip, Inc. $ 490,097
9,264 Cigna Corp. 1,471,494
-------------
Total Health Care Providers & Services $ 1,961,591
---------------------------------------------------------------------------------------------------------------
Oil, Gas & Consumable Fuels -- 0.2%
6,967,063^+(a) Ascent CNR Corp. $ 1,567,589
-------------
Total Oil, Gas & Consumable Fuels $ 1,567,589
---------------------------------------------------------------------------------------------------------------
Technology Hardware, Storage & Peripherals -- 0.1%
33,088(a) NCR Corp. $ 957,898
-------------
Total Technology Hardware, Storage & Peripherals $ 957,898
---------------------------------------------------------------------------------------------------------------
TOTAL COMMON STOCKS
(Cost $3,267,901) $ 6,627,945
---------------------------------------------------------------------------------------------------------------
CONVERTIBLE PREFERRED STOCKS --
1.4% of Net Assets
Banks -- 1.4%
3,500(b) Bank of America Corp., 7.25% $ 4,621,785
4,715(b) Wells Fargo & Co., 7.5% 6,164,580
-------------
Total Banks $ 10,786,365
---------------------------------------------------------------------------------------------------------------
Health Care Providers & Services -- 0.0%+
742^+(a) BioScrip, Inc. $ 98,857
-------------
Total Health Care Providers & Services $ 98,857
---------------------------------------------------------------------------------------------------------------
TOTAL CONVERTIBLE PREFERRED STOCKS
(Cost $9,974,672) $ 10,885,222
---------------------------------------------------------------------------------------------------------------
PREFERRED STOCK -- 0.3% of Net Assets
Consumer Finance -- 0.3%
97,845(c) GMAC Capital Trust I, 8.469% (3 Month USD LIBOR +
579 bps), 2/15/40 $ 2,573,323
-------------
Total Consumer Finance $ 2,573,323
---------------------------------------------------------------------------------------------------------------
TOTAL PREFERRED STOCK
(Cost $2,331,191) $ 2,573,323
---------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer High Yield Fund | Semiannual Report | 4/30/19 17
Schedule of Investments | 4/30/19 (unaudited)(continued)
---------------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
---------------------------------------------------------------------------------------------------------------
ASSET BACKED SECURITY --
0.1% of Net Assets
750,000 InSite Issuer LLC, Series 2016-1A, Class C, 6.414%,
11/15/46 (144A) $ 763,860
---------------------------------------------------------------------------------------------------------------
TOTAL ASSET BACKED SECURITY
(Cost $750,000) $ 763,860
---------------------------------------------------------------------------------------------------------------
COLLATERALIZED MORTGAGE OBLIGATIONS --
1.4% of Net Assets
1,861,675 Banc of America Commercial Mortgage Trust, Series 2007-4,
Class H, 5.928%, 2/10/51 $ 1,777,900
1,854,722(c) COBALT CMBS Commercial Mortgage Trust, Series 2007-C3,
Class B, 5.802%, 5/15/46 1,860,700
170,398(c) COBALT CMBS Commercial Mortgage Trust, Series 2007-C3,
Class C, 5.802%, 5/15/46 175,321
1,300,000(d) COMM Mortgage Trust, Series 2014-FL5, Class D, 3.87%
(1 Month USD LIBOR + 400 bps),10/15/31 (144A) 1,285,224
400,000(c) COMM Mortgage Trust, Series 2014-UBS4, Class D, 4.845%,
8/10/47 (144A) 362,916
284,904 Global Mortgage Securitization, Ltd., Series 2004-A,
Class B1, 5.25%, 11/25/32 (144A) 199,405
2,513,900(c) GMAT Trust, Series 2013-1A, Class M, 5.0%,
11/25/43 (144A) 1,538,727
600,000(c) JP Morgan Chase Commercial Mortgage Securities Trust,
Series 2013-LC11, Class D, 4.307%, 4/15/46 530,078
1,250,000(c) Morgan Stanley Bank of America Merrill Lynch Trust, Series
2014-C17, Class D, 4.859%, 8/15/47 (144A) 1,190,712
1,100,000(c) Ready Capital Mortgage Trust, Series 2019-5, Class E,
5.647%, 2/25/52 (144A) 902,653
650,000(c) Wells Fargo Commercial Mortgage Trust, Series 2014-LC18,
Class D, 3.957%, 12/15/47 (144A) 598,074
200,000(c) WFRBS Commercial Mortgage Trust, Series 2011-C4,
Class E, 5.397%, 6/15/44 (144A) 197,047
---------------------------------------------------------------------------------------------------------------
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS
(Cost $11,258,859) $ 10,618,757
---------------------------------------------------------------------------------------------------------------
CONVERTIBLE CORPORATE BONDS --
4.9% of Net Assets
Biotechnology -- 1.3%
2,412,000 Alder Biopharmaceuticals, Inc., 2.5%, 2/1/25 $ 2,313,485
3,275,000 Insmed, Inc., 1.75%, 1/15/25 3,408,047
2,455,000 Medicines Co., 2.5%, 1/15/22 2,653,787
955,000 Medicines Co., 2.75%, 7/15/23 873,442
632,000 Medicines Co., 3.5%, 1/15/24 (144A) 905,638
-------------
Total Biotechnology $ 10,154,399
---------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
18 Pioneer High Yield Fund | Semiannual Report | 4/30/19
---------------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
---------------------------------------------------------------------------------------------------------------
Commercial Services -- 0.2%
1,250,000 Macquarie Infrastructure Corp., 2.0%, 10/1/23 $ 1,096,904
-------------
Total Commercial Services $ 1,096,904
---------------------------------------------------------------------------------------------------------------
Computers -- 0.3%
2,172,000 Pure Storage, Inc., 0.125%, 4/15/23 $ 2,397,759
-------------
Total Computers $ 2,397,759
---------------------------------------------------------------------------------------------------------------
Engineering & Construction -- 0.1%
1,040,000 Dycom Industries, Inc., 0.75%, 9/15/21 $ 981,347
-------------
Total Engineering & Construction $ 981,347
---------------------------------------------------------------------------------------------------------------
Healthcare-Products -- 0.6%
1,390,000 Endologix, Inc., 3.25%, 11/1/20 $ 959,030
3,491,000 Wright Medical Group, Inc., 1.625%, 6/15/23 (144A) 3,791,750
-------------
Total Healthcare-Products $ 4,750,780
---------------------------------------------------------------------------------------------------------------
Internet -- 0.3%
2,121,000 Palo Alto Networks, Inc., 0.75%, 7/1/23 (144A) $ 2,404,068
-------------
Total Internet $ 2,404,068
---------------------------------------------------------------------------------------------------------------
Media -- 0.4%
3,351,000 DISH Network Corp., 2.375%, 3/15/24 $ 2,912,718
-------------
Total Media $ 2,912,718
---------------------------------------------------------------------------------------------------------------
Oil & Gas -- 0.4%
3,270,000 Oasis Petroleum, Inc., 2.625%, 9/15/23 $ 3,126,556
-------------
Total Oil & Gas $ 3,126,556
---------------------------------------------------------------------------------------------------------------
Semiconductors -- 0.2%
1,372,000 ON Semiconductor Corp., 1.625%, 10/15/23 $ 1,801,505
-------------
Total Semiconductors $ 1,801,505
---------------------------------------------------------------------------------------------------------------
Software -- 0.8%
3,475,000 Akamai Technologies, Inc., 0.125%, 5/1/25 (144A) $ 3,678,382
2,785,000 Synchronoss Technologies, Inc., 0.75%, 8/15/19 2,757,182
-------------
Total Software $ 6,435,564
---------------------------------------------------------------------------------------------------------------
Transportation -- 0.3%
2,170,000 SEACOR Holdings, Inc., 3.0%, 11/15/28 $ 2,110,204
-------------
Total Transportation $ 2,110,204
---------------------------------------------------------------------------------------------------------------
TOTAL CONVERTIBLE CORPORATE BONDS
(Cost $37,192,363) $ 38,171,804
---------------------------------------------------------------------------------------------------------------
CORPORATE BONDS -- 74.4% of Net Assets
Advertising -- 0.5%
4,591,000 MDC Partners, Inc., 6.5%, 5/1/24 (144A) $ 3,879,395
-------------
Total Advertising $ 3,879,395
---------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer High Yield Fund | Semiannual Report | 4/30/19 19
Schedule of Investments | 4/30/19 (unaudited)(continued)
---------------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
---------------------------------------------------------------------------------------------------------------
Aerospace & Defense -- 1.0%
3,850,000 Bombardier, Inc., 6.0%, 10/15/22 (144A) $ 3,852,406
1,550,000 Bombardier, Inc., 7.5%, 3/15/25 (144A) 1,555,812
2,280,000 Bombardier, Inc., 7.875%, 4/15/27 (144A) 2,294,250
-------------
Total Aerospace & Defense $ 7,702,468
---------------------------------------------------------------------------------------------------------------
Agriculture -- 0.2%
1,749,000 Darling Ingredients, Inc., 5.25%, 4/15/27 (144A) $ 1,779,607
-------------
Total Agriculture $ 1,779,607
---------------------------------------------------------------------------------------------------------------
Airlines -- 0.3%
1,920,000 Air Canada 2015-1 Class C Pass Through Trust, 5.0%,
3/15/20 (144A) $ 1,935,168
-------------
Total Airlines $ 1,935,168
---------------------------------------------------------------------------------------------------------------
Auto Manufacturers -- 0.3%
1,860,000 Ford Motor Credit Co. LLC, 5.584%, 3/18/24 $ 1,955,834
-------------
Total Auto Manufacturers $ 1,955,834
---------------------------------------------------------------------------------------------------------------
Auto Parts & Equipment -- 1.0%
4,275,000 American Axle & Manufacturing, Inc., 6.25%, 3/15/26 $ 4,275,000
3,852,000 Titan International, Inc., 6.5%, 11/30/23 3,697,920
-------------
Total Auto Parts & Equipment $ 7,972,920
---------------------------------------------------------------------------------------------------------------
Banks -- 3.7%
3,850,000(b)(c) Barclays Plc, 7.75% (5 Year USD Swap Rate + 484 bps) $ 3,979,937
3,960,000(b)(c) BNP Paribas SA, 6.625% (5 Year USD Swap Rate +
415 bps) (144A) 4,039,200
1,097,000(b)(c) Credit Suisse Group AG, 7.125% (5 Year USD Swap
Rate + 511 bps) 1,143,623
4,000,000 Freedom Mortgage Corp., 8.125%, 11/15/24 (144A) 3,550,000
4,135,000 Freedom Mortgage Corp., 8.25%, 4/15/25 (144A) 3,669,812
1,885,000(b)(c) ING Groep NV, 6.5% (5 Year USD Swap Rate + 445 bps) 1,907,997
1,600,000(b)(c) Intesa Sanpaolo S.p.A., 7.7% (5 Year USD Swap Rate +
546 bps) (144A) 1,567,008
2,000,000(b)(c) Lloyds Banking Group Plc, 7.5% (5 Year USD Swap Rate +
450 bps) 2,075,500
3,538,000 Provident Funding Associates LP/PFG Finance Corp., 6.375%,
6/15/25 (144A) 3,308,030
604,000(b)(c) Societe Generale SA, 8.0% (5 Year USD 1100 Run ICE
Swap Rate + 587 bps) (144A) 654,585
1,500,000(b)(c) UBS Group Funding Switzerland AG, 7.0% (5 Year USD
Swap Rate + 434 bps) (144A) 1,563,705
1,141,000(b)(c) UBS Group Funding Switzerland AG, 7.125% (5 Year USD
Swap Rate + 588 bps) 1,198,050
-------------
Total Banks $ 28,657,447
---------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
20 Pioneer High Yield Fund | Semiannual Report | 4/30/19
---------------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
---------------------------------------------------------------------------------------------------------------
Building Materials -- 1.9%
4,840,000 American Woodmark Corp., 4.875%, 3/15/26 (144A) $ 4,797,650
5,424,000 Builders FirstSource, Inc., 5.625%, 9/1/24 (144A) 5,437,560
1,592,000 Standard Industries, Inc., 5.375%, 11/15/24 (144A) 1,621,850
2,918,000 Summit Material LLC/Summit Materials Finance Corp.,
6.5%, 3/15/27 (144A) 3,016,483
-------------
Total Building Materials $ 14,873,543
---------------------------------------------------------------------------------------------------------------
Chemicals -- 3.4%
1,437,000 CF Industries, Inc., 4.95%, 6/1/43 $ 1,260,522
2,607,000 CF Industries, Inc., 5.375%, 3/15/44 2,385,926
4,676,000 Chemours Co., 7.0%, 5/15/25 4,944,870
1,495,000 Kraton Polymers LLC/Kraton Polymers Capital Corp.,
7.0%, 4/15/25 (144A) 1,545,008
4,300,000 NOVA Chemicals Corp., 4.875%, 6/1/24 (144A) 4,203,250
859,000 NOVA Chemicals Corp., 5.0%, 5/1/25 (144A) 835,378
1,000,000 Nufarm Australia, Ltd./Nufarm Americas, Inc., 5.75%,
4/30/26 (144A) 930,000
3,600,000 OCI NV, 6.625%, 4/15/23 (144A) 3,749,400
3,765,000 Olin Corp., 5.0%, 2/1/30 3,727,350
2,400,000 Trinseo Materials Operating SCA/Trinseo Materials Finance,
Inc., 5.375%, 9/1/25 (144A) 2,334,000
-------------
Total Chemicals $ 25,915,704
---------------------------------------------------------------------------------------------------------------
Coal -- 0.6%
4,474,000 SunCoke Energy Partners LP/SunCoke Energy Partners
Finance Corp., 7.5%, 6/15/25 (144A) $ 4,513,147
-------------
Total Coal $ 4,513,147
---------------------------------------------------------------------------------------------------------------
Commercial Services -- 4.6%
1,814,000 Ashtead Capital, Inc., 4.125%, 8/15/25 (144A) $ 1,800,395
4,341,000 Brink's Co., 4.625%, 10/15/27 (144A) 4,189,065
2,125,000 Cardtronics, Inc./Cardtronics USA, Inc., 5.5%, 5/1/25 (144A) 2,093,125
2,302,000 Carriage Services, Inc., 6.625%, 6/1/26 (144A) 2,371,060
1,550,000 Garda World Security Corp., 8.75%, 5/15/25 (144A) 1,461,185
1,275,000 Prime Security Services Borrower LLC/Prime Finance, Inc.,
5.25%, 4/15/24 (144A) 1,278,188
1,335,000 Prime Security Services Borrower LLC/Prime Finance, Inc.,
5.75%, 4/15/26 (144A) 1,348,617
3,535,000 Prime Security Services Borrower LLC/Prime Finance, Inc.,
9.25%, 5/15/23 (144A) 3,725,713
3,000,000 StoneMor Partners LP/Cornerstone Family Services WV,
7.875%, 6/1/21 2,730,000
2,365,000 Team Health Holdings, Inc., 6.375%, 2/1/25 (144A) 2,010,250
700,000 United Rentals North America, Inc., 4.625%, 10/15/25 694,750
700,000 United Rentals North America, Inc., 4.875%, 1/15/28 694,750
1,950,000 United Rentals North America, Inc., 5.25%, 1/15/30 1,959,750
2,020,000 United Rentals North America, Inc., 5.5%, 5/15/27 2,080,600
The accompanying notes are an integral part of these financial statements.
Pioneer High Yield Fund | Semiannual Report | 4/30/19 21
Schedule of Investments | 4/30/19 (unaudited)(continued)
---------------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
---------------------------------------------------------------------------------------------------------------
Commercial Services -- (continued)
385,000 United Rentals North America, Inc., 5.875%, 9/15/26 $ 402,325
3,381,000 United Rentals North America, Inc., 6.5%, 12/15/26 3,617,670
3,249,000 Verscend Escrow Corp., 9.75%, 8/15/26 (144A) 3,435,818
-------------
Total Commercial Services $ 35,893,261
---------------------------------------------------------------------------------------------------------------
Computers -- 0.3%
2,100,000 Western Digital Corp., 4.75%, 2/15/26 $ 2,026,500
-------------
Total Computers $ 2,026,500
---------------------------------------------------------------------------------------------------------------
Distribution & Wholesale -- 0.8%
3,950,000 Global Partners LP/GLP Finance Corp., 7.0%, 6/15/23 $ 3,950,000
1,877,000 H&E Equipment Services, Inc., 5.625%, 9/1/25 1,905,155
-------------
Total Distribution & Wholesale $ 5,855,155
---------------------------------------------------------------------------------------------------------------
Diversified Financial Services -- 1.7%
2,848,000 Alliance Data Systems Corp., 5.875%, 11/1/21 (144A) $ 2,908,520
2,550,000 Avation Capital SA, 6.5%, 5/15/21 (144A) 2,550,000
470,000 Nationstar Mortgage Holdings, Inc., 8.125%,
7/15/23 (144A) 473,525
1,848,000 Nationstar Mortgage Holdings, Inc., 9.125%,
7/15/26 (144A) 1,852,620
5,646,000 Nationstar Mortgage LLC/Nationstar Capital Corp.,
6.5%, 7/1/21 5,653,057
-------------
Total Diversified Financial Services $ 13,437,722
---------------------------------------------------------------------------------------------------------------
Electric -- 1.3%
2,546,000 Clearway Energy Operating LLC, 5.75%, 10/15/25 (144A) $ 2,603,285
1,669,000 NRG Energy, Inc., 6.25%, 5/1/24 1,722,742
710,000 NRG Energy, Inc., 7.25%, 5/15/26 773,013
320,035 NSG Holdings LLC/NSG Holdings, Inc., 7.75%,
12/15/25 (144A) 344,037
50,000 Talen Energy Supply LLC, 4.6%, 12/15/21 48,250
4,102,000 Vistra Operations Co. LLC, 5.625%, 2/15/27 (144A) 4,209,678
-------------
Total Electric $ 9,701,005
---------------------------------------------------------------------------------------------------------------
Electrical Components & Equipment -- 0.2%
EUR 1,530,000 Belden, Inc., 3.875%, 3/15/28 (144A) $ 1,774,824
-------------
Total Electrical Components & Equipment $ 1,774,824
---------------------------------------------------------------------------------------------------------------
Energy-Alternate Sources -- 0.1%
615,000 TerraForm Power Operating LLC, 4.25%, 1/31/23 (144A) $ 608,081
-------------
Total Energy-Alternate Sources $ 608,081
---------------------------------------------------------------------------------------------------------------
Entertainment -- 2.3%
1,725,000 Cirsa Finance International S.a.r.l., 7.875%,
12/20/23 (144A) $ 1,785,620
3,514,000 Enterprise Development Authority, 12.0%, 7/15/24 (144A) 3,601,850
785,000 International Game Technology Plc, 6.25%, 1/15/27 (144A) 825,282
The accompanying notes are an integral part of these financial statements.
22 Pioneer High Yield Fund | Semiannual Report | 4/30/19
---------------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
---------------------------------------------------------------------------------------------------------------
Entertainment -- (continued)
903,000 Penn National Gaming, Inc., 5.625%, 1/15/27 (144A) $ 891,713
1,450,000 Scientific Games International, Inc., 5.0%, 10/15/25 (144A) 1,442,297
6,000,000 Scientific Games International, Inc., 8.25%, 3/15/26 (144A) 6,217,500
2,618,000 Scientific Games International, Inc., 10.0%, 12/1/22 2,755,445
-------------
Total Entertainment $ 17,519,707
---------------------------------------------------------------------------------------------------------------
Environmental Control -- 1.8%
4,182,000 Covanta Holding Corp., 6.0%, 1/1/27 $ 4,255,185
3,647,000 GFL Environmental, Inc., 5.375%, 3/1/23 (144A) 3,546,708
2,155,000 GFL Environmental, Inc., 8.5%, 5/1/27 (144A) 2,244,993
3,668,000 Tervita Escrow Corp., 7.625%, 12/1/21 (144A) 3,713,850
-------------
Total Environmental Control $ 13,760,736
---------------------------------------------------------------------------------------------------------------
Food -- 2.5%
3,765,000 Albertsons Cos., LLC/Safeway, Inc./New Albertsons
LP/Albertson's LLC, 5.75%, 3/15/25 $ 3,736,762
1,178,000 Albertsons Cos., LLC/Safeway, Inc./New Albertsons
LP/Albertson's LLC, 7.5%, 3/15/26 (144A) 1,248,680
2,241,000 C&S Group Enterprises LLC, 5.375%, 7/15/22 (144A) 2,235,398
1,752,000 Ingles Markets, Inc., 5.75%, 6/15/23 1,773,900
2,738,000 JBS USA LUX SA/JBS USA Finance, Inc., 6.75%,
2/15/28 (144A) 2,895,435
1,740,000 JBS USA LUX SA/JBS USA Food Co./JBS USA Finance, Inc.,
6.5%, 4/15/29 (144A) 1,844,400
1,838,000 Pilgrim's Pride Corp., 5.875%, 9/30/27 (144A) 1,897,735
2,306,000 Post Holdings, Inc., 5.625%, 1/15/28 (144A) 2,331,089
1,265,000 Simmons Foods, Inc., 5.75%, 11/1/24 (144A) 1,163,800
-------------
Total Food $ 19,127,199
---------------------------------------------------------------------------------------------------------------
Forest Products & Paper -- 0.5%
3,718,000 Schweitzer-Mauduit International, Inc., 6.875%,
10/1/26 (144A) $ 3,820,245
-------------
Total Forest Products & Paper $ 3,820,245
---------------------------------------------------------------------------------------------------------------
Healthcare-Services -- 3.1%
2,291,000 Centene Corp., 5.375%, 6/1/26 (144A) $ 2,383,167
800,000 CHS/Community Health Systems, Inc., 6.25%, 3/31/23 779,000
5,733,000 HCA, Inc., 5.375%, 2/1/25 6,033,982
847,000 HCA, Inc., 5.625%, 9/1/28 902,055
563,000 HCA, Inc., 5.875%, 2/1/29 605,929
3,465,000 Molina Healthcare, Inc., 5.375%, 11/15/22 3,616,594
3,069,000 RegionalCare Hospital Partners Holdings, Inc., 8.25%,
5/1/23 (144A) 3,263,690
2,215,000 Surgery Center Holdings, Inc., 10.0%, 4/15/27 (144A) 2,275,913
4,075,000 WellCare Health Plans, Inc., 5.25%, 4/1/25 4,207,437
-------------
Total Healthcare-Services $ 24,067,767
---------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer High Yield Fund | Semiannual Report | 4/30/19 23
Schedule of Investments | 4/30/19 (unaudited)(continued)
---------------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
---------------------------------------------------------------------------------------------------------------
Home Builders -- 3.5%
2,000,000 Beazer Homes USA, Inc., 5.875%, 10/15/27 $ 1,805,000
6,095,000 Beazer Homes USA, Inc., 6.75%, 3/15/25 5,881,675
4,767,000 KB Home, 6.875%, 6/15/27 4,975,556
1,465,000 Lennar Corp., 4.75%, 11/15/22 1,499,501
4,790,000 Lennar Corp., 4.75%, 11/29/27 4,883,165
1,200,000 Meritage Homes Corp., 6.0%, 6/1/25 1,272,000
2,360,000 Meritage Homes Corp., 7.0%, 4/1/22 2,525,200
4,090,000 Taylor Morrison Communities, Inc./Taylor Morrison Holdings
II, Inc., 5.875%, 4/15/23 (144A) 4,207,918
-------------
Total Home Builders $ 27,050,015
---------------------------------------------------------------------------------------------------------------
Home Furnishings -- 0.2%
1,750,000 Tempur Sealy International, Inc., 5.5%, 6/15/26 $ 1,741,162
-------------
Total Home Furnishings $ 1,741,162
---------------------------------------------------------------------------------------------------------------
Internet -- 0.7%
1,597,000 Netflix, Inc., 4.375%, 11/15/26 $ 1,579,034
3,907,000 Netflix, Inc., 5.375%, 11/15/29 (144A) 3,955,838
-------------
Total Internet $ 5,534,872
---------------------------------------------------------------------------------------------------------------
Iron & Steel -- 0.9%
1,218,000 Commercial Metals Co., 4.875%, 5/15/23 $ 1,230,180
1,230,000 Commercial Metals Co., 5.375%, 7/15/27 1,211,550
4,310,000 Commercial Metals Co., 5.75%, 4/15/26 4,353,100
-------------
Total Iron & Steel $ 6,794,830
---------------------------------------------------------------------------------------------------------------
Leisure Time -- 0.8%
4,640,000 Viking Cruises, Ltd., 5.875%, 9/15/27 (144A) $ 4,616,800
1,850,000 VOC Escrow, Ltd., 5.0%, 2/15/28 (144A) 1,836,125
-------------
Total Leisure Time $ 6,452,925
---------------------------------------------------------------------------------------------------------------
Lodging -- 0.3%
2,486,000 MGM Resorts International, 5.5%, 4/15/27 $ 2,563,687
-------------
Total Lodging $ 2,563,687
---------------------------------------------------------------------------------------------------------------
Machinery-Diversified -- 0.6%
4,329,000 Cloud Crane LLC, 10.125%, 8/1/24 (144A) $ 4,653,675
-------------
Total Machinery-Diversified $ 4,653,675
---------------------------------------------------------------------------------------------------------------
Media -- 3.9%
1,840,000 Altice Financing SA, 6.625%, 2/15/23 (144A) $ 1,886,000
2,290,000 CCO Holdings LLC/CCO Holdings Capital Corp., 5.0%,
2/1/28 (144A) 2,287,138
4,425,000 CCO Holdings LLC/CCO Holdings Capital Corp., 5.75%,
2/15/26 (144A) 4,621,912
3,052,000 Clear Channel Worldwide Holdings, Inc., 9.25%,
2/15/24 (144A) 3,284,715
2,000,000 CSC Holdings LLC, 5.375%, 2/1/28 (144A) 2,032,500
The accompanying notes are an integral part of these financial statements.
24 Pioneer High Yield Fund | Semiannual Report | 4/30/19
---------------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
---------------------------------------------------------------------------------------------------------------
Media -- (continued)
1,055,000 CSC Holdings LLC, 5.5%, 5/15/26 (144A) $ 1,083,353
2,005,000 CSC Holdings LLC, 5.5%, 4/15/27 (144A) 2,065,411
1,670,000 CSC Holdings LLC, 6.625%, 10/15/25 (144A) 1,774,375
2,650,000 Gray Television, Inc., 5.875%, 7/15/26 (144A) 2,731,169
936,000 Gray Television, Inc., 7.0%, 5/15/27 (144A) 1,010,587
2,693,000 Sinclair Television Group, Inc., 5.875%, 3/15/26 (144A) 2,706,465
2,283,000 Sirius XM Radio, Inc., 5.375%, 7/15/26 (144A) 2,348,636
1,808,000 Videotron, Ltd., 5.375%, 6/15/24 (144A) 1,898,400
-------------
Total Media $ 29,730,661
---------------------------------------------------------------------------------------------------------------
Metal Fabricate & Hardware -- 0.4%
3,235,000 Novelis Corp., 5.875%, 9/30/26 (144A) $ 3,287,569
-------------
Total Metal Fabricate & Hardware $ 3,287,569
---------------------------------------------------------------------------------------------------------------
Mining -- 1.4%
2,550,000 Coeur Mining, Inc., 5.875%, 6/1/24 $ 2,422,500
3,358,000 First Quantum Minerals, Ltd., 6.875%, 3/1/26 (144A) 3,143,927
2,096,000 Hudbay Minerals, Inc., 7.25%, 1/15/23 (144A) 2,174,600
2,008,000 Hudbay Minerals, Inc., 7.625%, 1/15/25 (144A) 2,088,320
1,120,000 Joseph T Ryerson & Son, Inc., 11.0%, 5/15/22 (144A) 1,187,200
-------------
Total Mining $ 11,016,547
---------------------------------------------------------------------------------------------------------------
Miscellaneous Manufacturers -- 1.2%
2,243,000 Amsted Industries, Inc., 5.0%, 3/15/22 (144A) $ 2,257,019
2,600,000 Amsted Industries, Inc., 5.375%, 9/15/24 (144A) 2,600,000
4,130,000 EnPro Industries, Inc., 5.75%, 10/15/26 (144A) 4,243,575
-------------
Total Miscellaneous Manufacturers $ 9,100,594
---------------------------------------------------------------------------------------------------------------
Oil & Gas -- 7.1%
1,356,000 Calumet Specialty Products Partners LP/Calumet Finance
Corp., 6.5%, 4/15/21 $ 1,311,930
1,609,000 Centennial Resource Production LLC, 6.875%, 4/1/27 (144A) 1,667,326
3,242,000 Ensign Drilling, Inc., 9.25%, 4/15/24 (144A) 3,247,382
1,050,000 Extraction Oil & Gas, Inc., 7.375%, 5/15/24 (144A) 945,000
3,340,000 Great Western Petroleum LLC/Great Western Finance Corp.,
9.0%, 9/30/21 (144A) 2,713,750
2,060,000 Gulfport Energy Corp., 6.0%, 10/15/24 1,806,373
2,274,000 Halcon Resources Corp., 6.75%, 2/15/25 1,461,045
5,198,000 Indigo Natural Resources LLC, 6.875%, 2/15/26 (144A) 4,821,145
1,559,000 Jagged Peak Energy LLC, 5.875%, 5/1/26 1,566,795
4,695,000 Marathon Petroleum Corp., 5.375%, 10/1/22 (144A) 4,783,446
1,025,000 MEG Energy Corp., 6.5%, 1/15/25 (144A) 1,030,125
859,000 MEG Energy Corp., 7.0%, 3/31/24 (144A) 814,710
4,054,000 Neptune Energy Bondco Plc, 6.625%, 5/15/25 (144A) 4,084,405
3,141,000 Oasis Petroleum, Inc., 6.875%, 3/15/22 3,152,779
The accompanying notes are an integral part of these financial statements.
Pioneer High Yield Fund | Semiannual Report | 4/30/19 25
Schedule of Investments | 4/30/19 (unaudited)(continued)
---------------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
---------------------------------------------------------------------------------------------------------------
Oil & Gas -- (continued)
540,000 Parsley Energy LLC/Parsley Finance Corp., 5.25%,
8/15/25 (144A) $ 544,725
1,900,000 Parsley Energy LLC/Parsley Finance Corp., 5.625%,
10/15/27 (144A) 1,942,750
2,888,000 Parsley Energy LLC/Parsley Finance Corp., 6.25%,
6/1/24 (144A) 2,996,300
1,965,000 PBF Holding Co. LLC/PBF Finance Corp., 7.0%, 11/15/23 2,021,494
4,172,000 Shelf Drilling Holdings, Ltd., 8.25%, 2/15/25 (144A) 4,088,560
265,000 SM Energy Co., 6.125%, 11/15/22 267,650
2,020,000 SM Energy Co., 6.75%, 9/15/26 1,934,150
625,000 Sunoco LP/Sunoco Finance Corp., 5.875%, 3/15/28 640,625
3,450,000 Transocean, Inc., 7.25%, 11/1/25 (144A) 3,415,500
1,005,000 Whiting Petroleum Corp., 6.625%, 1/15/26 1,003,442
1,900,000 WPX Energy, Inc., 5.25%, 9/15/24 1,961,750
670,000 WPX Energy, Inc., 8.25%, 8/1/23 764,637
-------------
Total Oil & Gas $ 54,987,794
---------------------------------------------------------------------------------------------------------------
Oil & Gas Services -- 1.6%
2,635,000 Archrock Partners LP/Archrock Partners Finance Corp.,
6.0%, 10/1/22 $ 2,654,762
2,700,000 Archrock Partners LP/Archrock Partners Finance Corp.,
6.875%, 4/1/27 (144A) 2,811,375
874,000 Calfrac Holdings LP, 8.5%, 6/15/26 (144A) 725,420
1,865,000 Exterran Energy Solutions LP/EES Finance Corp.,
8.125%, 5/1/25 1,930,275
1,961,000 FTS International, Inc., 6.25%, 5/1/22 1,926,683
795,000 SESI LLC, 7.75%, 9/15/24 586,313
1,300,000 USA Compression Partners LP/USA Compression Finance
Corp., 6.875%, 9/1/27 (144A) 1,368,250
-------------
Total Oil & Gas Services $ 12,003,078
---------------------------------------------------------------------------------------------------------------
Packaging & Containers -- 1.8%
EUR 950,000(e) ARD Finance SA, 6.625% (7.375% PIK or
0.0% cash), 9/15/23 $ 1,080,940
950,000(e) ARD Finance SA, 7.125% (7.875% PIK or
0.0% cash), 9/15/23 951,187
2,160,000 Ardagh Packaging Finance Plc/Ardagh Holdings USA, Inc.,
6.0%, 2/15/25 (144A) 2,176,200
4,453,000 Crown Cork & Seal Co., Inc., 7.375%, 12/15/26 4,987,360
434,000 Greif, Inc., 6.5%, 3/1/27 (144A) 447,020
1,060,000 Plastipak Holdings, Inc., 6.25%, 10/15/25 (144A) 991,100
2,790,000 Reynolds Group Issuer, Inc./Reynolds Group Issuer LLC/
Reynolds Group Issuer Lu, 7.0%, 7/15/24 (144A) 2,884,163
-------------
Total Packaging & Containers $ 13,517,970
---------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
26 Pioneer High Yield Fund | Semiannual Report | 4/30/19
---------------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
---------------------------------------------------------------------------------------------------------------
Pharmaceuticals -- 3.0%
2,087,000 Bausch Health Americas, Inc., 8.5%, 1/31/27 (144A) $ 2,273,526
2,470,000 Bausch Health Cos., Inc., 5.5%, 11/1/25 (144A) 2,527,897
7,439,000 Bausch Health Cos., Inc., 5.875%, 5/15/23 (144A) 7,496,280
935,000 Bausch Health Cos., Inc., 6.5%, 3/15/22 (144A) 967,725
1,250,000 Bausch Health Cos., Inc., 7.0%, 3/15/24 (144A) 1,317,187
3,011,000 BioScrip, Inc., 8.875%, 2/15/21 3,003,473
1,460,000 Endo Dac/Endo Finance LLC/Endo Finco, Inc., 6.0%,
2/1/25 (144A) 1,115,075
1,757,000 Horizon Pharma USA, Inc., 6.625%, 5/1/23 1,809,710
370,000 Horizon Pharma USA, Inc., 8.75%, 11/1/24 (144A) 399,600
2,483,000 Par Pharmaceutical, Inc., 7.5%, 4/1/27 (144A) 2,575,616
-------------
Total Pharmaceuticals $ 23,486,089
---------------------------------------------------------------------------------------------------------------
Pipelines -- 4.9%
3,328,000 American Midstream Partners LP/American Midstream
Finance Corp., 9.5%, 12/15/21 (144A) $ 3,203,200
3,150,000 Blue Racer Midstream LLC/Blue Racer Finance Corp.,
6.125%, 11/15/22 (144A) 3,181,500
5,833,000 Cheniere Corpus Christi Holdings LLC, 5.125%, 6/30/27 6,080,902
913,000 DCP Midstream Operating LP, 3.875%, 3/15/23 913,000
3,400,000 DCP Midstream Operating LP, 5.6%, 4/1/44 3,230,000
2,800,000 Delek Logistics Partners LP/Delek Logistics Finance Corp.,
6.75%, 5/15/25 2,800,000
1,414,000 Energy Transfer Operating LP, 5.875%, 1/15/24 1,543,480
68,000 EnLink Midstream LLC, 5.375%, 6/1/29 68,258
685,000 EnLink Midstream Partners LP, 5.05%, 4/1/45 589,100
1,973,000 EnLink Midstream Partners LP, 5.6%, 4/1/44 1,778,166
2,760,000 Genesis Energy LP/Genesis Energy Finance Corp.,
6.25%, 5/15/26 2,732,400
2,190,000 Genesis Energy LP/Genesis Energy Finance Corp.,
6.5%, 10/1/25 2,200,293
1,545,000 Hess Infrastructure Partners LP/Hess Infrastructure Partners
Finance Corp., 5.625%, 2/15/26 (144A) 1,579,763
1,532,000 NGPL PipeCo LLC, 4.375%, 8/15/22 (144A) 1,570,300
2,200,000 PBF Logistics LP/PBF Logistics Finance Corp.,
6.875%, 5/15/23 2,249,280
2,695,000 Targa Resources Partners LP/Targa Resources Partners
Finance Corp., 4.25%, 11/15/23 2,691,705
552,000 Targa Resources Partners LP/Targa Resources Partners
Finance Corp., 6.5%, 7/15/27 (144A) 591,330
1,204,000 Williams Cos., Inc., 5.75%, 6/24/44 1,310,877
-------------
Total Pipelines $ 38,313,554
---------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer High Yield Fund | Semiannual Report | 4/30/19 27
Schedule of Investments | 4/30/19 (unaudited)(continued)
---------------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
---------------------------------------------------------------------------------------------------------------
Real Estate -- 0.3%
1,480,000 Kennedy-Wilson, Inc., 5.875%, 4/1/24 $ 1,494,800
838,000 Realogy Group LLC/Realogy Co-Issuer Corp., 9.375%,
4/1/27 (144A) 870,431
-------------
Total Real Estate $ 2,365,231
---------------------------------------------------------------------------------------------------------------
REITS -- 1.4%
1,750,000 CyrusOne LP/CyrusOne Finance Corp., 5.0%, 3/15/24 $ 1,789,375
6,000,000 Iron Mountain, Inc., 4.875%, 9/15/27 (144A) 5,808,750
1,225,000 MPT Operating Partnership LP/MPT Finance Corp.,
5.0%, 10/15/27 1,228,063
2,075,000 Uniti Group LP/Uniti Group Finance, Inc./CSL Capital LLC,
6.0%, 4/15/23 (144A) 1,992,000
-------------
Total REITS $ 10,818,188
---------------------------------------------------------------------------------------------------------------
Retail -- 0.5%
2,735,000 Golden Nugget, Inc., 8.75%, 10/1/25 (144A) $ 2,864,913
900,000 JC Penney Corp., Inc., 5.875%, 7/1/23 (144A) 769,500
-------------
Total Retail $ 3,634,413
---------------------------------------------------------------------------------------------------------------
Software -- 1.6%
2,750,000 First Data Corp., 5.0%, 1/15/24 (144A) $ 2,819,052
3,350,000 First Data Corp., 5.75%, 1/15/24 (144A) 3,452,594
2,245,000 Open Text Corp., 5.875%, 6/1/26 (144A) 2,351,638
1,409,000 Rackspace Hosting, Inc., 8.625%, 11/15/24 (144A) 1,313,892
2,137,000 SS&C Technologies, Inc., 5.5%, 9/30/27 (144A) 2,191,761
-------------
Total Software $ 12,128,937
---------------------------------------------------------------------------------------------------------------
Telecommunications -- 5.7%
1,645,000 Altice France SA, 8.125%, 2/1/27 (144A) $ 1,719,025
1,996,000 CenturyLink, Inc., 5.8%, 3/15/22 2,051,065
2,575,000 CenturyLink, Inc., 6.45%, 6/15/21 2,684,437
1,510,000 CommScope Technologies LLC, 5.0%, 3/15/27 (144A) 1,411,850
2,000,000 Frontier Communications Corp., 8.5%, 4/1/26 (144A) 1,885,000
2,500,000 Frontier Communications Corp., 8.75%, 4/15/22 1,731,250
3,600,000 Frontier Communications Corp., 11.0%, 9/15/25 2,331,000
475,000 Level 3 Financing, Inc., 5.375%, 5/1/25 483,835
18,573,000 Sprint Corp., 7.25%, 9/15/21 19,455,217
2,050,000 T-Mobile USA, Inc., 4.75%, 2/1/28 2,067,938
3,445,000 T-Mobile USA, Inc., 5.125%, 4/15/25 3,548,350
700,000 T-Mobile USA, Inc., 6.0%, 4/15/24 728,875
860,000 T-Mobile USA, Inc., 6.5%, 1/15/26 919,942
2,471,000(f) Windstream Services LLC/Windstream Finance Corp.,
6.375%, 8/1/23 543,620
The accompanying notes are an integral part of these financial statements.
28 Pioneer High Yield Fund | Semiannual Report | 4/30/19
---------------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
---------------------------------------------------------------------------------------------------------------
Telecommunications -- (continued)
2,550,000(f) Windstream Services LLC/Windstream Finance Corp.,
8.625%, 10/31/25 (144A) $ 2,511,750
705,000(f) Windstream Services LLC/Windstream Finance Corp.,
8.75%, 12/15/24 (144A) 155,100
-------------
Total Telecommunications $ 44,228,254
---------------------------------------------------------------------------------------------------------------
Transportation -- 0.0%+
3,500,000+ syncreon Group BV/syncreon Global Finance US, Inc.,
8.625%, 11/1/21 (144A) $ 175,000
-------------
Total Transportation $ 175,000
---------------------------------------------------------------------------------------------------------------
Trucking & Leasing -- 0.5%
3,800,000 Fly Leasing, Ltd., 6.375%, 10/15/21 $ 3,857,000
-------------
Total Trucking & Leasing $ 3,857,000
---------------------------------------------------------------------------------------------------------------
TOTAL CORPORATE BONDS
(Cost $572,338,002) $ 574,219,480
---------------------------------------------------------------------------------------------------------------
INSURANCE-LINKED SECURITIES --
3.3% of Net Assets(g)
Catastrophe Linked Bonds -- 1.2%
Earthquakes -- California -- 0.2%
500,000(d) Ursa Re, 4.0% (ZERO + 400 bps), 12/10/19 (144A) $ 492,500
800,000(d) Ursa Re, 6.0% (ZERO + 600 bps), 5/27/20 (144A) 793,600
-------------
$ 1,286,100
---------------------------------------------------------------------------------------------------------------
Earthquakes -- Mexico -- 0.0%+
350,000(d) International Bank for Reconstruction & Development,
10.734% (3 Month USD LIBOR + 825 bps),
2/14/20 (144A) $ 348,145
---------------------------------------------------------------------------------------------------------------
Earthquakes -- Peru -- 0.1%
350,000(d) International Bank for Reconstruction & Development,
8.484% (3 Month USD LIBOR + 600 bps),2/15/21 (144A) $ 349,440
---------------------------------------------------------------------------------------------------------------
Multiperil -- U.S. -- 0.6%
750,000(d) Caelus Re V, 2.92% (1 Month U.S. Treasury Bill +
50 bps), 6/5/20 (144A) $ 75
450,000(d) Caelus Re V, 9.92% (3 Month U.S. Treasury Bill +
750 bps), 6/7/21 (144A) 375,480
1,000,000(d) Kilimanjaro Re, 9.165% (3 Month U.S. Treasury Bill +
675 bps), 12/6/19 (144A) 998,900
1,250,000(d) Kilimanjaro Re, 11.665% (3 Month U.S. Treasury Bill +
925 bps), 12/6/19 (144A) 1,248,875
1,000,000(d) Kilimanjaro II Re, 12.941% (6 Month USD LIBOR +
949 bps), 4/20/21 (144A) 993,300
1,000,000(d) Residential Reinsurance 2016, 7.615% (3 Month U.S.
Treasury Bill + 520 bps), 12/6/20 (144A) 969,500
-------------
$ 4,586,130
---------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer High Yield Fund | Semiannual Report | 4/30/19 29
Schedule of Investments | 4/30/19 (unaudited)(continued)
---------------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
---------------------------------------------------------------------------------------------------------------
Multiperil -- Worldwide -- 0.3%
600,000(d) Galilei Re, 8.116% (6 Month USD LIBOR + 560 bps),
1/8/20 (144A) $ 595,560
600,000(d) Galilei Re, 9.296% (6 Month USD LIBOR + 678 bps),
1/8/20 (144A) 596,520
600,000(d) Galilei Re, 9.316% (6 Month USD LIBOR + 678 bps),
1/8/21 (144A) 599,760
250,000(d) Galilei Re, 11.146% (6 Month USD LIBOR + 863 bps),
1/8/20 (144A) 248,875
250,000(d) Galilei Re, 11.166% (6 Month USD LIBOR + 863 bps),
1/8/21 (144A) 245,625
-------------
$ 2,286,340
---------------------------------------------------------------------------------------------------------------
Pandemic -- Worldwide -- 0.0%+
400,000(d) International Bank for Reconstruction & Development,
13.965% (6 Month USD LIBOR + 1,150 bps),
7/15/20 (144A) $ 310,000
-------------
Total Catastrophe Linked Bonds $ 9,166,155
---------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------
Face
Amount
USD ($)
---------------------------------------------------------------------------------------------------------------
Collateralized Reinsurance -- 0.6%
Multiperil -- U.S. -- 0.0%+
500,000+(a)(x) Kingsbarns Re 2017, 5/15/19 $ 76,600
---------------------------------------------------------------------------------------------------------------
Multiperil -- Worldwide -- 0.5%
460,649+(a)(x) Clarendon Re 2018, 1/15/20 $ 410,125
1,000,000+(a)(x) Cypress Re 2017, 1/10/20 86,600
360,822+(a)(x) Dartmouth Re 2018, 1/15/20 194,988
138,698+(a)(x) Dartmouth Re 2019, 1/31/20 112,412
250,000+(a)(x) Dingle Re 2019, 2/1/20 230,264
584,814+(a)(x) Gloucester Re 2018, 1/15/20 453,780
553,354+(x) Kilarney Re 2018, 4/15/19 468,968
24,000+(x) Limestone Re 2016-1, 8/31/21 88,548
24,000+(x) Limestone Re 2016-1, 8/31/21 88,548
400,000+(x) Merion Re 2018, 12/31/21 25,400
415,430+(x) Merion Re 2019-1, 12/31/22 353,189
250,000+(a)(x) Old Head Re 2019, 12/31/22 212,608
333,342+(a)(x) Oyster Bay Re 2018, 1/15/20 302,541
350,000+(a)(x) Resilience Re, 7/26/19 358,680
800,000+(a)(x) Resilience Re, 5/1/19 80
340,299+(a)(x) Seminole Re 2018, 1/15/20 140,373
85,714+(x) Seminole Re 2019, 1/31/20 67,225
442,599+(a)(x) Walton Health Re 2018, 6/15/19 221,300
250,000+(a)(x) Wentworth Re 2019-1, 12/31/22 225,501
-------------
$ 4,041,130
---------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
30 Pioneer High Yield Fund | Semiannual Report | 4/30/19
---------------------------------------------------------------------------------------------------------------
Face
Amount
USD ($) Value
---------------------------------------------------------------------------------------------------------------
Windstorms -- Florida -- 0.1%
400,000+(x) Formby Re 2018, 6/15/19 $ 409,549
138,027+(a)(x) Formby Re 2018-2, 3/31/19 1,132
750,000+(a)(x) Portrush Re 2017, 6/15/19 497,175
-------------
$ 907,856
---------------------------------------------------------------------------------------------------------------
Windstorms -- U.S. Regional -- 0.0%+
500,000+(a)(x) Oakmont Re 2017, 4/15/19 $ 14,700
400,000+(a)(y) Promissum Re 2018, 6/15/19 29,280
-------------
$ 43,980
-------------
Total Collateralized Reinsurance $ 5,069,566
---------------------------------------------------------------------------------------------------------------
Industry Loss Warranties -- 0.0%+
Multiperil -- U.S. -- 0.0%+
372,500+(x) Cypress Re 2018, 4/15/19 $ 27,192
-------------
Total Industry Loss Warranties $ 27,192
---------------------------------------------------------------------------------------------------------------
Reinsurance Sidecars -- 1.5%
All Natural Peril -- Worldwide -- 0.3%
785,000+(a)(x) Eden Re II, 3/22/23 (144A) $ 818,441
600,000+(a)(z) Thopas Re 2019, 12/31/22 613,500
397,146+(a)(x) Versutus Re 2019-A, 12/31/21 402,468
-------------
$ 1,834,409
---------------------------------------------------------------------------------------------------------------
Multiperil -- U.S. -- 0.2%
4,500,000+(a)(x) Carnoustie Re 2015, 7/1/19 $ 14,400
3,600,000+(a)(x) Carnoustie Re 2016, 11/30/20 97,200
1,500,000+(a)(x) Carnoustie Re 2017, 11/30/21 381,300
300,000+(a)(x) Carnoustie Re 2018, 12/31/21 29,940
1,400,000+(a)(z) Harambee Re 2018, 12/31/21 260,172
973,488+(a)(z) Harambee Re 2019, 12/31/22 984,975
1,500,000+(a)(x) Prestwick Re 2015-1, 7/1/19 25,500
-------------
$ 1,793,487
---------------------------------------------------------------------------------------------------------------
Multiperil -- Worldwide -- 1.0%
700,000+(a)(x) Alturas Re 2019-2, 3/10/22 $ 707,420
1,000,000+(a)(x) Arlington Re 2015, 2/1/20 48,600
1,000,000+(a)(x) Bantry Re 2016, 3/31/20 80,600
500,000+(a)(x) Bantry Re 2017, 3/31/20 158,550
400,000+(a)(x) Bantry Re 2018, 12/31/21 24,560
400,000+(a)(x) Bantry Re 2019, 12/31/21 407,081
2,152,482+(x) Berwick Re 2018-1, 12/31/21 355,375
1,150,000+(a)(x) Berwick Re 2019-1, 12/31/22 1,176,220
400,000+(a)(z) Blue Lotus Re 2018, 12/31/21 426,640
37,500+(a)(x) Eden Re II, 3/22/22 (144A) 88,395
15,000+(a)(x) Eden Re II, 3/22/22 (144A) 36,453
The accompanying notes are an integral part of these financial statements.
Pioneer High Yield Fund | Semiannual Report | 4/30/19 31
Schedule of Investments | 4/30/19 (unaudited)(continued)
---------------------------------------------------------------------------------------------------------------
Face
Amount
USD ($) Value
---------------------------------------------------------------------------------------------------------------
Multiperil -- Worldwide -- (continued)
2,400,000+(a)(x) Gleneagles Re 2016, 11/30/20 $ 148,800
400,000+(a)(x) Gleneagles Re 2018, 12/31/21 47,320
400,000+(a)(x) Limestone Re 2018, 3/1/22 420,400
800,000+(a)(z) Lorenz Re 2017, 3/31/20 47,680
800,000+(a)(z) Lorenz Re 2018, 7/1/21 591,120
900,000+(a)(x) Merion Re 2018-2, 12/31/21 895,410
4,500,000+(a)(x) Pangaea Re 2015-1, 2/1/20 8,100
5,800,000+(x) Pangaea Re 2015-2, 11/30/19 5,220
4,200,000+(x) Pangaea Re 2016-1, 11/30/20 5,460
2,000,000+(x) Pangaea Re 2016-2, 11/30/20 7,800
1,100,000+(a)(x) Pangaea Re 2017-1, 11/30/21 --
500,000+(a)(x) Pangaea Re 2018-1, 12/31/21 29,400
500,000+(a)(x) Pangaea Re 2018-3, 7/1/22 426,650
409,624+(a)(x) Pangaea Re 2019-1, 2/1/23 415,563
1,000,000+(a)(x) St. Andrews Re 2017-1, 2/1/20 67,800
868,992+(a)(x) St. Andrews Re 2017-4, 6/1/19 85,509
250,000+(a)(z) Thopas Re 2018, 12/31/21 42,175
1,100,000+(a)(x) Versutus Re 2017, 11/30/21 5,280
450,000+(a)(x) Versutus Re 2018, 12/31/21 31,455
52,853+(a)(x) Versutus Re 2019-B, 12/31/21 53,561
300,000+(a)(z) Viribus Re 2018, 12/31/21 94,740
127,384+(a)(z) Viribus Re 2019, 12/31/22 133,919
405,831+(a)(x) Woburn Re 2018, 12/31/21 172,478
419,863+(a)(x) Woburn Re 2019, 12/31/22 432,138
-------------
$ 7,677,872
-------------
Total Reinsurance Sidecars $ 11,305,768
---------------------------------------------------------------------------------------------------------------
TOTAL INSURANCE-LINKED SECURITIES
(Cost $27,292,925) $ 25,568,681
---------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($)
---------------------------------------------------------------------------------------------------------------
SENIOR SECURED FLOATING RATE LOAN
INTERESTS -- 5.1% of Net Assets*(d)
Automobile -- 0.8%
2,262 Allison Transmission, Inc., Initial Term Loan, 4.479%
(LIBOR + 200 bps), 3/29/26 $ 2,283
1,733,348 CWGS Group LLC (aka Camping World, Inc.), Term Loan,
5.229% (LIBOR + 275 bps), 11/8/23 1,610,280
4,817,032 Tower Automotive Holdings USA LLC, Initial Term Loan,
5.25% (LIBOR + 275 bps), 3/7/24 4,774,883
-------------
Total Automobile $ 6,387,446
---------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
32 Pioneer High Yield Fund | Semiannual Report | 4/30/19
---------------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
---------------------------------------------------------------------------------------------------------------
Buildings & Real Estate -- 0.3%
2,346,633 Builders FirstSource, Inc., Refinancing Term Loan, 5.601%
(LIBOR + 300 bps), 2/29/24 $ 2,320,966
-------------
Total Buildings & Real Estate $ 2,320,966
---------------------------------------------------------------------------------------------------------------
Computers & Electronics -- 0.3%
2,058,711 ON Semiconductor Corp., 2018 New Replacement
Term B-3 Loan, 4.233% (LIBOR + 175 bps), 3/31/23 $ 2,053,243
-------------
Total Computers & Electronics $ 2,053,243
---------------------------------------------------------------------------------------------------------------
Diversified & Conglomerate Service -- 0.2%
403,974 IAP Worldwide Services, Inc., Second Lien Term Loan,
9.101% (LIBOR + 650 bps), 7/18/19 $ 404,984
770,000 National Mentor Holdings, Inc. (aka Civitas Solutions,
Inc.), First Lien Initial Term Loan, 6.74% (LIBOR +
425 bps), 3/9/26 773,007
48,000 National Mentor Holdings, Inc. (aka Civitas Solutions,
Inc.), First Lien Initial Term C Loan, 6.74%
(LIBOR + 425 bps), 3/9/26 48,187
-------------
Total Diversified & Conglomerate Service $ 1,226,178
---------------------------------------------------------------------------------------------------------------
Healthcare, Education & Childcare -- 0.9%
1,065,625 Alliance HealthCare Services, Inc., First Lien Initial Term
Loan, 6.983% (LIBOR + 450 bps), 10/24/23 $ 1,072,285
1,802,888 Kinetic Concepts, Inc., Dollar Term Loan, 5.851% (LIBOR +
325 bps), 2/2/24 1,810,550
3,672,388 Regionalcare Hospital Partners Holdings, Inc., First Lien
Term B Loan, 6.987% (LIBOR + 450 bps), 11/16/25 3,701,077
-------------
Total Healthcare, Education & Childcare $ 6,583,912
---------------------------------------------------------------------------------------------------------------
Metals & Mining -- 0.3%
2,431,625 Aleris International, Inc., Initial Term Loan, 7.233%
(LIBOR + 475 bps), 2/27/23 $ 2,441,884
-------------
Total Metals & Mining $ 2,441,884
---------------------------------------------------------------------------------------------------------------
Oil & Gas -- 0.4%
3,229,000 Encino Acquisition Partners Holdings LLC, Second Lien
Initial Term Loan, 9.233% (LIBOR + 675 bps), 10/29/25 $ 3,067,550
416,231 Gavilan Resources LLC, Second Lien Initial Term Loan,
8.477% (LIBOR + 600 bps), 3/1/24 313,908
-------------
Total Oil & Gas $ 3,381,458
---------------------------------------------------------------------------------------------------------------
Personal, Food & Miscellaneous Services -- 0.4%
3,884,387 Revlon Consumer Products Corp., Initial Term Loan B,
6.129% (LIBOR + 350 bps), 9/7/23 $ 3,053,128
-------------
Total Personal, Food & Miscellaneous Services $ 3,053,128
---------------------------------------------------------------------------------------------------------------
Retail -- 0.3%
2,461,039 Neiman Marcus Group, Ltd. LLC, Other Term Loan, 5.724%
(LIBOR + 325 bps), 10/25/20 $ 2,287,888
-------------
Total Retail $ 2,287,888
---------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer High Yield Fund | Semiannual Report | 4/30/19 33
Schedule of Investments | 4/30/19 (unaudited)(continued)
---------------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
---------------------------------------------------------------------------------------------------------------
Telecommunications -- 1.1%
3,725,000 Commscope, Inc., Initial Term Loan, 5.733% (LIBOR +
325 bps), 4/6/26 $ 3,762,716
5,000,000 Level 3 Financing, Inc., Tranche B 2024 Term Loan, 4.733%
(LIBOR + 225 bps), 2/22/24 5,010,415
-------------
Total Telecommunications $ 8,773,131
---------------------------------------------------------------------------------------------------------------
Utilities -- 0.1%
951,527 Vistra Operations Co. LLC (fka Tex Operations Co. LLC),
Initial Term Loan, 4.483% (LIBOR + 200 bps), 8/4/23 $ 953,583
-------------
Total Utilities $ 953,583
---------------------------------------------------------------------------------------------------------------
TOTAL SENIOR SECURED FLOATING RATE LOAN INTERESTS
(Cost $40,251,347) $ 39,462,817
---------------------------------------------------------------------------------------------------------------
U.S. GOVERNMENT AND AGENCY OBLIGATIONS --
4.0% of Net Assets
19,200,000(h) U.S. Treasury Bills, 5/7/19 $ 19,192,413
9,676,300(h) U.S. Treasury Bills, 5/14/19 9,667,970
1,652,000(h) U.S. Treasury Bills, 5/21/19 1,649,803
---------------------------------------------------------------------------------------------------------------
TOTAL U.S. GOVERNMENT AND AGENCY OBLIGATIONS
(Cost $30,510,197) $ 30,510,186
---------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------
Shares
---------------------------------------------------------------------------------------------------------------
RIGHTS/WARRANTS -- 0.0%+ of Net Assets
Machinery -- 0.0%+
353^+(a)(i) LTR Intermediate Holdings, Inc. $ --
-------------
Total Machinery $ --
---------------------------------------------------------------------------------------------------------------
Oil, Gas & Consumable Fuels -- 0.0%+
4,728,525(a)(j) ANR, Inc. $ 56,742
2,136^+(a)(k) BioScrip, Inc. 662
2,136^+(a)(l) BioScrip, Inc. 855
921(a)(m) Contura Energy, Inc. 18,420
7,233^+(a)(n) Midstates Petroleum Co., Inc. --
-------------
Total Oil, Gas & Consumable Fuels $ 76,679
---------------------------------------------------------------------------------------------------------------
TOTAL RIGHTS/WARRANTS
(Cost $598,120) $ 76,679
---------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
34 Pioneer High Yield Fund | Semiannual Report | 4/30/19
---------------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
---------------------------------------------------------------------------------------------------------------
TEMPORARY CASH INVESTMENTS --
1.0% of Net Assets
REPURCHASE AGREEMENTS -- 1.0%
1,975,000 $1,975,000 ScotiaBank, 2.75%, dated 4/30/19 plus
accrued interest on 5/1/19 collateralized by
$2,014,711 U.S. Treasury Notes, 2.1%, 5/15/25 $ 1,975,000
1,975,000 $1,975,000 RBC Capital Markets LLC, 2.73%, dated
4/30/19 plus accrued interest on 5/1/19
collateralized by the following:
$1,882,933 Federal National Mortgage Association,
4.0% - 4.5%, 11/1/38 - 2/1/49
$131,720 Government National Mortgage Association,
5.0%, 1/20/49 1,975,000
1,975,000 $1,975,000 TD Securities USA LLC, 2.74%, dated
4/30/19 plus accrued interest on 5/1/19 collateralized by
$2,014,500 Federal National Mortgage
Association, 4.0%, 3/1/49 1,975,000
1,975,000 $1,975,000 TD Securities USA LLC, 2.76%, dated
4/30/19 plus accrued interest on 5/1/19 collateralized by
$2,014,500 Federal National Mortgage
Association, 4.0%, 3/1/49 1,975,000
-------------
$ 7,900,000
---------------------------------------------------------------------------------------------------------------
TOTAL TEMPORARY CASH INVESTMENTS
(Cost $7,900,000) $ 7,900,000
---------------------------------------------------------------------------------------------------------------
TOTAL INVESTMENTS IN UNAFFILIATED ISSUERS -- 96.8%
(Cost $743,665,577) $ 747,378,754
---------------------------------------------------------------------------------------------------------------
OTHER ASSETS AND LIABILITIES -- 3.2% $ 24,734,250
---------------------------------------------------------------------------------------------------------------
NET ASSETS -- 100.0% $ 772,113,004
===============================================================================================================
(144A) Security is exempt from registration under Rule 144A of the Securities
Act of 1933. Such securities may be resold normally to qualified
institutional buyers in a transaction exempt from registration. At
April 30, 2019, the value of these securities amounted to
$364,801,089, or 47.2% of net assets.
bps Basis Points.
LIBOR London Interbank Offered Rate.
REIT Real Estate Investment Trust.
ZERO Zero Constant Index.
+ 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 April 30, 2019.
+ Security that used significant unobservable inputs to determine its
value.
The accompanying notes are an integral part of these financial statements.
Pioneer High Yield Fund | Semiannual Report | 4/30/19 35
Schedule of Investments | 4/30/19 (unaudited)(continued)
^ Security is valued using fair value methods (other than supplied by
independent pricing services). See Notes to Financial Statements --
Note 1A.
(a) Non-income producing security.
(b) Security is perpetual in nature and has no stated maturity date.
(c) The interest rate is subject to change periodically. The interest rate
and/or reference index and spread shown at April 30, 2019.
(d) Floating rate note. Coupon rate, reference index and spread shown at
April 30, 2019.
(e) Payment-in-kind (PIK) security which may pay interest in the form of
additional principal amount.
(f) Security is in default.
(g) Securities are restricted as to resale.
(h) Security issued with a zero coupon. Income is recognized through
accretion of discount.
(i) LTR Intermediate Holdings, Inc. warrants are exercisable into 353
shares.
(j) ANR, Inc. warrants are exercisable into 4,728,525 shares.
(k) BioScrip, Inc. warrants are exercisable into 2,136 shares.
(l) BioScrip, Inc. warrants are exercisable into 2,136 shares.
(m) Contura Energy, Inc. warrants are exercisable into 921 shares.
(n) Midstates Petroleum Co., Inc. warrants are exercisable into 7,233
shares.
(x) Issued as participation notes.
(y) Issued as participation shares.
(z) Issued as preference shares.
FUTURES CONTRACT
INDEX FUTURES CONTRACT
----------------------------------------------------------------------------------------------
Number of
Contracts Expiration Notional Market Unrealized
Short Description Date Amount Value (Depreciation)
----------------------------------------------------------------------------------------------
91 S&P 500 EMINI 6/21/19 $12,828,042 $13,415,675 $(587,633)
----------------------------------------------------------------------------------------------
TOTAL FUTURE CONTRACT $12,828,042 $13,415,675 $(587,633)
==============================================================================================
SWAP CONTRACTS
CENTRALLY CLEARED CREDIT DEFAULT SWAP CONTRACTS -- SELL PROTECTION
-------------------------------------------------------------------------------------------------------------------------
Obligation Annual Unrealized
Notional Reference/ Pay/ Fixed Expiration Premiums Appreciation Market
Amount ($)(1) Index Receive(2) Rate Date Paid (Depreciation) Value
-------------------------------------------------------------------------------------------------------------------------
8,192,638 Markit CDX Receive 5.00% 12/20/19 $ 366,274 $(114,292) $ 251,982
North America
High Yield
Index Series 23
5,617,200 Markit CDX Receive 5.00% 12/20/20 311,505 33,616 345,121
North America
High Yield
Index Series 25
7,148,900 Markit CDX Receive 5.00% 12/20/23 404,985 239,376 644,361
North America
High Yield
Index Series 31
-------------------------------------------------------------------------------------------------------------------------
TOTAL CENTRALLY CLEARED CREDIT DEFAULT
SWAP CONTRACTS -- SELL PROTECTION $1,082,764 $ 158,700 $1,241,464
=========================================================================================================================
The accompanying notes are an integral part of these financial statements.
36 Pioneer High Yield Fund | Semiannual Report | 4/30/19
OVER THE COUNTER (OTC) CREDIT DEFAULT SWAP CONTRACTS -- SELL PROTECTION
----------------------------------------------------------------------------------------------------------------------------------
Obligation Annual
Notional Reference/ Pay/ Fixed Expiration Premiums Unrealized Market
Amount ($)(1) Counterparty Index Receive(2) Rate Date (Received) Appreciation Value
----------------------------------------------------------------------------------------------------------------------------------
690,000 Goldman Sachs Chesapeake Receive 5.00% 6/20/22 $ (77,625) $109,982 $ 32,357
International Energy Corp.
415,000 Goldman Sachs Chesapeake Receive 5.00% 6/20/22 (50,837) 70,298 19,461
International Energy Corp.
655,000 Goldman Sachs Chesapeake Receive 5.00% 6/20/22 (80,238) 110,953 30,715
International Energy Corp.
----------------------------------------------------------------------------------------------------------------------------------
TOTAL OVER THE COUNTER (OTC) CREDIT DEFAULT
SWAP CONTRACTS -- SELL PROTECTION $(208,700) $291,233 $ 82,533
==================================================================================================================================
TOTAL SWAP CONTRACTS $ 874,064 $449,933 $1,323,997
==================================================================================================================================
(1) The notional amount is the maximum amount that a seller of credit
protection would be obligated to pay upon occurrence of a credit event.
(2) Receives quarterly.
Principal amounts are denominated in U.S. dollars ("USD") unless otherwise
noted.
EUR -- Euro
Purchases and sales of securities (excluding temporary cash investments) for
the six months ended April 30, 2019, aggregated $175,648,390 and $263,767,132,
respectively.
The Fund is permitted to engage in purchase and sale transactions ("cross
trades") with certain funds and accounts for which Amundi Pioneer Asset
Management, Inc. (the "Adviser") serves as the Fund's investment adviser, as
set forth in Rule 17a-7 under the Investment Company Act of 1940, pursuant to
procedures adopted by the Board of Trustees. Under these procedures, cross
trades are effected at current market prices. During the six months ended April
30, 2019, the Fund engaged in purchases of $5,121,258 and sales of $148,454
pursuant to these procedures, which resulted in a net realized gain/(loss) of
$817.
At April 30, 2019, the net unrealized appreciation on investments based on cost
for federal tax purposes of $747,873,981 was as follows:
Aggregate gross unrealized appreciation for all investments in which
there is an excess of value over tax cost $ 26,210,505
Aggregate gross unrealized depreciation for all investments in which
there is an excess of tax cost over value (25,969,368)
------------
Net unrealized appreciation $ 241,137
============
Various inputs are used in determining the value of the Fund's investments.
These inputs are summarized in the three broad levels below.
Level 1 - quoted prices in active markets for identical securities.
Level 2 - other significant observable inputs (including quoted prices for
similar securities, interest rates, prepayment speeds, credit risks,
etc.). See Notes to Financial Statements -- Note 1A.
Level 3 - significant unobservable inputs (including the Fund's own
assumptions in determining fair value of investments). See Notes to
Financial Statements -- Note 1A.
The accompanying notes are an integral part of these financial statements.
Pioneer High Yield Fund | Semiannual Report | 4/30/19 37
Schedule of Investments | 4/30/19 (unaudited)(continued)
The following is a summary of the inputs used as of April 30, 2019, in valuing
the Fund's investments:
--------------------------------------------------------------------------------------------------------
Level 1 Level 2 Level 3 Total
--------------------------------------------------------------------------------------------------------
Common Stocks
Oil, Gas & Consumable Fuels $ -- $ -- $ 1,567,589 $ 1,567,589
All Other Common Stocks 5,060,356 -- -- 5,060,356
Convertible Preferred Stocks
Health Care Providers &
Services -- -- 98,857 98,857
All Other Convertible
Preferred Stocks 10,786,365 -- -- 10,786,365
Preferred Stock 2,573,323 -- -- 2,573,323
Asset Backed Security -- 763,860 -- 763,860
Collateralized Mortgage
Obligations -- 10,618,757 -- 10,618,757
Convertible Corporate Bonds -- 38,171,804 -- 38,171,804
Corporate Bonds -- --
Transportation -- -- 175,000 175,000
All Other Corporate Bonds -- 574,044,480 -- 574,044,480
Insurance-Linked Securities
Collateralized Reinsurance
Multiperil - U.S. -- -- 76,600 76,600
Multiperil - Worldwide -- -- 4,041,130 4,041,130
Windstorms - Florida -- -- 907,856 907,856
Windstorms - U.S. Regional -- -- 43,980 43,980
Industry Loss Warranties
Multiperil - U.S. -- -- 27,192 27,192
Reinsurance Sidecars
All Natural Peril - Worldwide -- -- 1,834,409 1,834,409
Multiperil - U.S. -- -- 1,793,487 1,793,487
Multiperil - Worldwide -- -- 7,677,872 7,677,872
All Other Insurance-Linked
Securities -- 9,166,155 -- 9,166,155
Senior Secured Floating Rate
Loan Interests -- 39,462,817 -- 39,462,817
U.S. Government and Agency
Obligations -- 30,510,186 -- 30,510,186
Rights/Warrants
Machinery -- -- --* --*
Oil, Gas & Consumable Fuels 18,420 56,742 1,517 76,679
Repurchase Agreements -- 7,900,000 -- 7,900,000
--------------------------------------------------------------------------------------------------------
Total Investments in Securities $18,438,464 $710,694,801 $18,245,489 $747,378,754
========================================================================================================
Other Financial Instruments
Net unrealized depreciation
on futures contracts $ (587,633) $ -- $ -- $ (587,633)
Swap contracts, at value -- 1,323,997 -- 1,323,997
--------------------------------------------------------------------------------------------------------
Total Other
Financial Instruments $ (587,633) $ 1,323,997 $ -- $ 736,364
========================================================================================================
* Security valued at $0.
The accompanying notes are an integral part of these financial statements.
38 Pioneer High Yield Fund | Semiannual Report | 4/30/19
The following is a reconciliation of assets valued using significant
unobservable inputs (Level 3):
-------------------------------------------------------------------------------------------------------------
Convertible Insurance-
Common Preferred Corporate Linked Rights/
Stocks Stocks Bonds Securities Warrants Total
-------------------------------------------------------------------------------------------------------------
Balance as
of 10/31/18 $1,497,919 $67,898 $ -- $ 21,319,302 $ 2,713 $ 22,887,832
Realized
gain (loss)(1) -- -- -- (148,237) -- (148,237)
Change in
unrealized
appreciation
(depreciation)(2) 69,670 30,959 (2,869,690) (1,003,715) (1,196) (3,773,972)
Accrued
discounts/
premiums -- -- (310) (118) -- (428)
Purchases -- -- -- 8,330,881 -- 8,330,881
Sales -- -- -- (12,095,587) -- (12,095,587)
Transfers in
to Level 3* -- -- 3,045,000 -- -- 3,045,000
Transfers out
of Level 3* -- -- -- -- -- --
-------------------------------------------------------------------------------------------------------------
Balance as
of 4/30/19 $1,567,589 $98,857 $ 175,000 $16,402,526 $ 1,517 $ 18,245,489
=============================================================================================================
1 Realized gain (loss) on these securities is included in the realized gain
(loss) from investments on the Statement of Operations.
2 Unrealized appreciation (depreciation) on these securities is included in
the change in unrealized appreciation (depreciation) from investments on
the Statement of Operations.
* Transfers are calculated on the beginning of period values. During the six
months ended April 30, 2019 investments having a value of $3,045,000 was
transferred from Level 2 to Level 3, due to valuing the security using
unobservable inputs. There were no other transfers between Levels 1, 2 and
3.
Net change in unrealized appreciation (depreciation) of Level 3 investments still
held and considered Level 3 at April 30, 2019: $(3,688,250)
-----------
The accompanying notes are an integral part of these financial statements.
Pioneer High Yield Fund | Semiannual Report | 4/30/19 39
Statement of Assets and Liabilities | 4/30/19 (unaudited)
ASSETS:
Investments in unaffiliated issuers, at value (cost $743,665,577) $747,378,754
Cash 1,906,543
Foreign currencies, at value (cost $69,205) 68,575
Swap contracts, at value (net premiums paid $874,064) 1,323,997
Futures collateral 568,330
Swaps collateral 952,216
Variation margin for centrally cleared swap contracts 3,724
Due from broker for futures 586,478
Receivables --
Investment securities sold 18,330,417
Fund shares sold 486,203
Interest 9,692,540
Other assets 54,742
-------------------------------------------------------------------------------------------
Total assets $781,352,519
===========================================================================================
LIABILITIES:
Payables --
Investment securities purchased $ 5,619,680
Fund shares repurchased 1,064,246
Distributions 257,516
Trustees' fees 1,736
Due to broker for swaps 1,246,485
Net unrealized depreciation on futures contracts 587,633
Variation margin for futures contracts 25,025
Due to affiliates 137,148
Accrued expenses 300,046
-------------------------------------------------------------------------------------------
Total liabilities $ 9,239,515
===========================================================================================
NET ASSETS:
Paid-in capital $801,444,892
Distributable earnings (loss) (29,331,888)
-------------------------------------------------------------------------------------------
Net assets $772,113,004
===========================================================================================
NET ASSET VALUE PER SHARE:
No par value (unlimited number of shares authorized)
Class A (based on $520,405,055/54,809,829 shares) $ 9.49
Class C (based on $30,470,017/3,141,558 shares) $ 9.70
Class R (based on $16,989,812/1,579,828 shares) $ 10.75
Class Y (based on $204,248,120/21,493,719 shares) $ 9.50
MAXIMUM OFFERING PRICE PER SHARE:
Class A (based on $9.49 net asset value per share/100%-4.50%
maximum sales charge) $ 9.94
===========================================================================================
The accompanying notes are an integral part of these financial statements.
40 Pioneer High Yield Fund | Semiannual Report | 4/30/19
Statement of Operations (unaudited)
For the Six Months Ended 4/30/19
INVESTMENT INCOME:
Interest from unaffiliated issuers $22,564,540
Dividends from unaffiliated issuers 1,050,468
---------------------------------------------------------------------------------------------------
Total investment income $23,615,008
---------------------------------------------------------------------------------------------------
EXPENSES:
Management fees $ 2,605,275
Administrative expense 142,746
Transfer agent fees
Class A 352,492
Class C 25,125
Class R 21,092
Class Y 117,784
Distribution fees
Class A 642,731
Class C 165,550
Class R 43,053
Shareowner communications expense 36,029
Custodian fees 12,887
Registration fees 33,229
Professional fees 54,073
Printing expense 26,021
Pricing fees 10,830
Trustees' fees 13,995
Insurance expense 5,724
Miscellaneous 56,234
---------------------------------------------------------------------------------------------------
Total expenses $ 4,364,870
---------------------------------------------------------------------------------------------------
Net investment income $19,250,138
---------------------------------------------------------------------------------------------------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
Net realized gain (loss) on:
Investments in unaffiliated issuers $(4,112,597)
Futures contracts 811,153
Swap contracts 136,861
Other assets and liabilities denominated in
foreign currencies (162,328) $(3,326,911)
---------------------------------------------------------------------------------------------------
Change in net unrealized appreciation (depreciation) on:
Investments in unaffiliated issuers $17,862,206
Futures contracts (1,800,593)
Swap contracts 148,917
Other assets and liabilities denominated in
foreign currencies 164,517 $16,375,047
---------------------------------------------------------------------------------------------------
Net realized and unrealized gain (loss) on investments $13,048,136
---------------------------------------------------------------------------------------------------
Net increase in net assets resulting from operations $32,298,274
===================================================================================================
The accompanying notes are an integral part of these financial statements.
Pioneer High Yield Fund | Semiannual Report | 4/30/19 41
Statements of Changes in Net Assets
-------------------------------------------------------------------------------------------------------
Six Months
Ended
4/30/19 Year Ended
(unaudited) 10/31/18
-------------------------------------------------------------------------------------------------------
FROM OPERATIONS:
Net investment income (loss) $ 19,250,138 $ 42,833,630
Net realized gain (loss) on investments (3,326,911) 5,208,323
Change in net unrealized appreciation (depreciation)
on investments 16,375,047 (46,044,207)
-------------------------------------------------------------------------------------------------------
Net increase in net assets resulting from operations $ 32,298,274 $ 1,997,746
-------------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO SHAREOWNERS:
Class A ($0.27 and $0.45 per share, respectively) $ (15,060,605) $ (23,425,099)
Class C ($0.24 and $0.39 per share, respectively) (830,331) (6,083,826)
Class R ($0.28 and $0.47 per share, respectively) (465,690) (872,213)
Class Y ($0.28 and $0.48 per share, respectively) (6,112,867) (11,004,625)
-------------------------------------------------------------------------------------------------------
Total distributions to shareowners $ (22,469,493) $ (41,385,763)
-------------------------------------------------------------------------------------------------------
FROM FUND SHARE TRANSACTIONS:
Net proceeds from sales of shares $ 45,808,195 $ 211,098,816
Reinvestment of distributions 20,038,406 36,782,944
Cost of shares repurchased (102,963,226) (381,046,794)
-------------------------------------------------------------------------------------------------------
Net decrease in net assets resulting from Fund
share transactions $ (37,116,625) $(133,165,034)
-------------------------------------------------------------------------------------------------------
Net decrease in net assets $ (27,287,844) $(172,553,051)
NET ASSETS:
Beginning of period $ 799,400,848 $ 971,953,899
-------------------------------------------------------------------------------------------------------
End of period $ 772,113,004 $ 799,400,848
=======================================================================================================
The accompanying notes are an integral part of these financial statements.
42 Pioneer High Yield Fund | Semiannual Report | 4/30/19
---------------------------------------------------------------------------------------------
Six Months Six Months
Ended Ended
4/30/19 4/30/19 Year Ended Year Ended
Shares Amount 10/31/18 10/31/18
(unaudited) (unaudited) Shares Amount
---------------------------------------------------------------------------------------------
Class A
Shares sold 2,439,840 $ 22,742,300 16,425,475 $ 157,412,106
Reinvestment of
distributions 1,447,321 13,388,343 2,124,353 20,405,552
Less shares repurchased (6,482,729) (60,289,478) (14,737,775) (141,604,735)
---------------------------------------------------------------------------------------------
Net increase
(decrease) (2,595,568) $(24,158,835) 3,812,053 $ 36,212,923
=============================================================================================
Class C
Shares sold 142,248 $ 1,340,259 413,159 $ 4,059,361
Reinvestment of
distributions 79,659 751,489 589,122 5,794,772
Less shares repurchased (1,005,164) (9,536,655) (16,322,682) (159,702,784)
---------------------------------------------------------------------------------------------
Net decrease (783,257) $ (7,444,907) (15,320,401) $(149,848,651)
=============================================================================================
Class R
Shares sold 207,009 $ 2,179,324 324,678 $ 3,539,805
Reinvestment of
distributions 41,137 431,024 72,776 791,978
Less shares repurchased (402,910) (4,240,548) (859,962) (9,409,948)
---------------------------------------------------------------------------------------------
Net decrease (154,764) $ (1,630,200) (462,508) $ (5,078,165)
=============================================================================================
Class Y
Shares sold 2,100,043 $ 19,546,312 4,773,706 $ 46,087,544
Reinvestment of
distributions 590,262 5,467,550 1,017,895 9,790,642
Less shares repurchased (3,113,582) (28,896,545) (7,309,538) (70,329,327)
---------------------------------------------------------------------------------------------
Net decrease (423,277) $ (3,882,683) (1,517,937) $ (14,451,141)
=============================================================================================
The accompanying notes are an integral part of these financial statements.
Pioneer High Yield Fund | Semiannual Report | 4/30/19 43
Financial Highlights
------------------------------------------------------------------------------------------------------------------------------------
Six Months
Ended Year Year Year Year Year
4/30/19 Ended Ended Ended Ended Ended
(unaudited) 10/31/18 10/31/17 10/31/16* 10/31/15* 10/31/14*
------------------------------------------------------------------------------------------------------------------------------------
Class A
Net asset value, beginning of period $ 9.37 $ 9.80 $ 9.43 $ 9.33 $ 10.54 $ 11.07
------------------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (loss) $ 0.23(a) $ 0.47(a) $ 0.46(a) $ 0.46(a) $ 0.44(a) $ 0.46
Net realized and unrealized gain (loss) on investments 0.16 (0.45) 0.38 0.19 (0.73) (0.11)
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 0.39 $ 0.02 $ 0.84 $ 0.65 $ (0.29) $ 0.35
------------------------------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income $ (0.27) $ (0.45) $ (0.47) $ (0.48) $ (0.45) $ (0.49)
Net realized gain -- -- -- (0.07) (0.47) (0.39)
------------------------------------------------------------------------------------------------------------------------------------
Total distributions $ (0.27) $ (0.45) $ (0.47) $ (0.55) $ (0.92) $ (0.88)
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ 0.12 $ (0.43) $ 0.37 $ 0.10 $ (1.21) $ (0.53)
------------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 9.49 $ 9.37 $ 9.80 $ 9.43 $ 9.33 $ 10.54
====================================================================================================================================
Total return (b) 4.28%(c) 0.21% 9.05%(d) 7.29% (2.97)% 3.22%
Ratio of net expenses to average net assets 1.17%(e) 1.14% 1.15% 1.17% 1.17% 1.15%
Ratio of net investment income (loss) to average net assets 5.01%(e) 4.87% 4.80% 5.09% 4.51% 4.34%
Portfolio turnover rate 24%(c) 45% 39% 41% 32% 28%
Net assets, end of period (in thousands) $520,405 $537,907 $525,164 $580,260 $651,646 $895,795
====================================================================================================================================
* The Fund was audited by an independent registered public accounting firm
other than Ernst & Young LLP.
(a) The per-share data presented above is based on the average shares
outstanding for the periods presented.
(b) Assumes initial investment at net asset value at the beginning of each
period, reinvestment of all distributions, the complete redemption of the
investment at net asset value at the end of each period and no sales
charges. Total return would be reduced if sales charges were taken into
account.
(c) Not annualized.
(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%.
(e) Annualized.
The accompanying notes are an integral part of these financial statements.
44 Pioneer High Yield Fund | Semiannual Report | 4/30/19
------------------------------------------------------------------------------------------------------------------------------------
Six Months
Ended Year Year Year Year Year
4/30/19 Ended Ended Ended Ended Ended
(unaudited) 10/31/18 10/31/17 10/31/16* 10/31/15* 10/31/14*
------------------------------------------------------------------------------------------------------------------------------------
Class C
Net asset value, beginning of period $ 9.57 $ 10.01 $ 9.63 $ 9.52 $ 10.74 $ 11.28
------------------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (loss) $ 0.20(a) $ 0.40(a) $ 0.41(a) $ 0.41(a) $ 0.38(a) $ 0.40
Net realized and unrealized gain (loss) on investments 0.17 (0.45) 0.38 0.19 (0.75) (0.13)
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 0.37 $ (0.05) $ 0.79 $ 0.60 $ (0.37) $ 0.27
------------------------------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income $ (0.24) $ (0.39) $ (0.41) $ (0.42) $ (0.38) $ (0.42)
Net realized gain -- -- -- (0.07) (0.47) (0.39)
------------------------------------------------------------------------------------------------------------------------------------
Total distributions $ (0.24) $ (0.39) $ (0.41) $ (0.49) $ (0.85) $ (0.81)
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ 0.13 $ (0.44) $ 0.38 $ 0.11 $ (1.22) $ (0.54)
------------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 9.70 $ 9.57 $ 10.01 $ 9.63 $ 9.52 $ 10.74
====================================================================================================================================
Total return (b) 3.91%(c) (0.52)% 8.29%(d) 6.60% (3.64)% 2.41%
Ratio of net expenses to average net assets 1.94%(e) 1.86% 1.86% 1.88% 1.89% 1.83%
Ratio of net investment income (loss) to average net assets 4.24%(e) 4.10% 4.11% 4.40% 3.79% 3.65%
Portfolio turnover rate 24%(c) 45% 39% 41% 32% 28%
Net assets, end of period (in thousands) $30,470 $37,546 $192,558 $259,910 $310,805 $397,186
====================================================================================================================================
* The Fund was audited by an independent registered public accounting firm
other than Ernst & Young LLP.
(a) The per-share data presented above is based on the average shares
outstanding for the periods presented.
(b) Assumes initial investment at net asset value at the beginning of each
period, reinvestment of all distributions, the complete redemption of the
investment at net asset value at the end of each period and no sales
charges. Total return would be reduced if sales charges were taken into
account.
(c) Not annualized.
(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%.
(e) Annualized.
The accompanying notes are an integral part of these financial statements.
Pioneer High Yield Fund | Semiannual Report | 4/30/19 45
Financial Highlights (continued)
------------------------------------------------------------------------------------------------------------------------------------
Six Months
Ended Year Year Year Year Year
4/30/19 Ended Ended Ended Ended Ended
(unaudited) 10/31/18 10/31/17 10/31/16* 10/31/15* 10/31/14*
------------------------------------------------------------------------------------------------------------------------------------
Class R
Net asset value, beginning of period $ 10.61 $ 11.09 $ 10.68 $ 10.53 $ 11.84 $ 12.39
------------------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (loss) $ 0.24(a) $ 0.49(a) $ 0.48(a) $ 0.49(a) $ 0.46(a) $ 0.48
Net realized and unrealized gain (loss) on investments 0.18 (0.50) 0.41 0.22 (0.83) (0.14)
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 0.42 $ (0.01) $ 0.89 $ 0.71 $ (0.37) $ 0.34
------------------------------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income $ (0.28) $ (0.47) $ (0.48) $ (0.49) $ (0.47) $ (0.50)
Net realized gain -- -- -- (0.07) (0.47) (0.39)
------------------------------------------------------------------------------------------------------------------------------------
Total distributions $ (0.28) $ (0.47) $ (0.48) $ (0.56) $ (0.94) $ (0.89)
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ 0.14 $ (0.48) $ 0.41 $ 0.15 $ (1.31) $ (0.55)
------------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 10.75 $ 10.61 $ 11.09 $ 10.68 $ 10.53 $ 11.84
====================================================================================================================================
Total return (b) 4.09%(c) (0.14)% 8.50%(d) 7.11%(e) (3.36)% 2.82%
Ratio of net expenses to average net assets 1.55%(f) 1.50% 1.56% 1.49% 1.51% 1.49%
Ratio of net investment income (loss) to average net assets 4.63%(f) 4.48% 4.39% 4.76% 4.16% 3.99%
Portfolio turnover rate 24%(c) 45% 39% 41% 32% 28%
Net assets, end of period (in thousands) $16,990 $18,405 $24,366 $29,721 $36,931 $51,146
====================================================================================================================================
* The Fund was audited by an independent registered public accounting firm
other than Ernst & Young LLP.
(a) The per-share data presented above is based on the average shares
outstanding for the periods presented.
(b) Assumes initial investment at net asset value at the beginning of each
period, reinvestment of all distributions and the complete redemption of
the investment at net asset value at the end of each period.
(c) Not annualized.
(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 8.41%.
(e) 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%.
(f) Annualized.
The accompanying notes are an integral part of these financial statements.
46 Pioneer High Yield Fund | Semiannual Report | 4/30/19
------------------------------------------------------------------------------------------------------------------------------------
Six Months
Ended Year Year Year Year Year
4/30/19 Ended Ended Ended Ended Ended
(unaudited) 10/31/18 10/31/17 10/31/16* 10/31/15* 10/31/14*
------------------------------------------------------------------------------------------------------------------------------------
Class Y
Net asset value, beginning of period $ 9.38 $ 9.81 $ 9.44 $ 9.34 $ 10.55 $ 11.08
------------------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (loss) $ 0.24(a) $ 0.50(a) $ 0.49(a) $ 0.49(a) $ 0.47(a) $ 0.50
Net realized and unrealized gain (loss) on investments 0.16 (0.45) 0.37 0.18 (0.73) (0.12)
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 0.40 $ 0.05 $ 0.86 $ 0.67 $ (0.26) $ 0.38
------------------------------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income $ (0.28) $ (0.48) $ (0.49) $ (0.50) $ (0.48) $ (0.52)
Net realized gain -- -- -- (0.07) (0.47) (0.39)
------------------------------------------------------------------------------------------------------------------------------------
Total distributions $ (0.28) $ (0.48) $ (0.49) $ (0.57) $ (0.95) $ (0.91)
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ 0.12 $ (0.43) $ 0.37 $ 0.10 $ (1.21) $ (0.53)
------------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 9.50 $ 9.38 $ 9.81 $ 9.44 $ 9.34 $ 10.55
====================================================================================================================================
Total return (b) 4.43%(c) 0.51% 9.34%(d) 7.62% (2.69)% 3.55%
Ratio of net expenses to average net assets 0.89%(e) 0.85% 0.87% 0.87% 0.88% 0.84%
Ratio of net investment income (loss) to average net assets 5.29%(e) 5.15% 5.08% 5.39% 4.77% 4.64%
Portfolio turnover rate 24%(c) 45% 39% 41% 32% 28%
Net assets, end of period (in thousands) $204,248 $205,543 $229,866 $230,343 $264,761 $254,504
====================================================================================================================================
* The Fund was audited by an independent registered public accounting firm
other than Ernst & Young LLP.
(a) The per-share data presented above is based on the average shares
outstanding for the periods presented.
(b) Assumes initial investment at net asset value at the beginning of each
period, reinvestment of all distributions and the complete redemption of
the investment at net asset value at the end of each period.
(c) Not annualized.
(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%.
(e) Annualized.
The accompanying notes are an integral part of these financial statements.
Pioneer High Yield Fund | Semiannual Report | 4/30/19 47
Notes to Financial Statements | 4/30/19 (unaudited)
1. Organization and Significant Accounting Policies
Pioneer High Yield Fund (the "Fund") is a Delaware statutory Trust. The Fund is
registered under the Investment Company Act of 1940 as a diversified, open-end
management investment company. The investment objective of the Fund is to
maximize total return through a combination of income and capital
appreciation.
The Fund offers five classes of shares designated as Class A, Class C, Class K,
Class R and Class Y shares. Class K shares had not commenced operations as of
April 30, 2019. Each class of shares represents an interest in the same
portfolio of investments of the Fund and has identical rights (based on
relative net asset values) to assets and liquidation proceeds. Share classes
can bear different rates of class-specific fees and expenses, such as transfer
agent and distribution fees. Differences in class-specific fees and expenses
will result in differences in net investment income and, therefore, the payment
of different dividends from net investment income earned by each class. The
Amended and Restated Declaration of Trust of the Fund gives the Board of
Trustees the flexibility to specify either per-share voting or dollar-weighted
voting when submitting matters for shareowner approval. Under per-share voting,
each share of a class of the Fund is entitled to one vote. Under
dollar-weighted voting, a shareowner's voting power is determined not by the
number of shares owned, but by the dollar value of the shares on the record
date. Each share class has exclusive voting rights with respect to matters
affecting only that class, including with respect to the distribution plan for
that class. There is no distribution plan for Class Y shares.
Amundi Pioneer Asset Management, Inc., an indirect, wholly owned subsidiary of
Amundi and Amundi's wholly owned subsidiary, Amundi USA, Inc., serves as the
Fund's investment adviser (the "Adviser"). Amundi Pioneer Distributor, Inc., an
affiliate of Amundi Pioneer Asset Management, Inc., serves as the Fund's
distributor (the "Distributor").
In August 2018, the Securities and Exchange Commission ("SEC") released a
Disclosure Update and Simplification Final Rule. The Final Rule amends
Regulation S-X disclosures requirements to conform them to U.S. Generally
Accepted Accounting Principles ("U.S. GAAP") for investment companies. The
Fund's financial statements were prepared in compliance with the new amendments
to Regulation S-X.
The Fund is an investment company and follows investment company accounting and
reporting guidance under U.S. GAAP. U.S. GAAP requires the management of the
Fund to make estimates and assumptions that affect the reported amounts of
assets and liabilities, the disclosure of contingent assets
48 Pioneer High Yield Fund | Semiannual Report | 4/30/19
and liabilities at the date of the financial statements, and the reported
amounts of income, expenses and gain or loss on investments during the
reporting period. Actual results could differ from those estimates.
The following is a summary of significant accounting policies followed by the
Fund in the preparation of its financial statements:
A. Security Valuation
The net asset value of the Fund is computed once daily, on each day the
New York Stock Exchange ("NYSE") is open, as of the close of regular
trading on the NYSE.
Fixed-income securities are valued by using prices supplied by independent
pricing services, which consider such factors as market prices, market
events, quotations from one or more brokers, Treasury spreads, yields,
maturities and ratings, or may use a pricing matrix or other fair value
methods or techniques to provide an estimated value of the security or
instrument. A pricing matrix is a means of valuing a debt security on the
basis of current market prices for other debt securities, historical
trading patterns in the market for fixed-income securities and/or other
factors. Non-U.S. debt securities that are listed on an exchange will be
valued at the bid price obtained from an independent third party pricing
service. When independent third party pricing services are unable to
supply prices, or when prices or market quotations are considered to be
unreliable, the value of that security may be determined using quotations
from one or more broker-dealers.
Loan interests are valued in accordance with guidelines established by the
Board of Trustees at the mean between the last available bid and asked
prices from one or more brokers or dealers as obtained from Loan Pricing
Corporation, an independent third party pricing service. If price
information is not available from Loan Pricing Corporation, or if the
price information is deemed to be unreliable, price information will be
obtained from an alternative loan interest pricing service. If no reliable
price quotes are available from either the primary or alternative pricing
service, broker quotes will be solicited.
Event-linked bonds or catastrophe bonds are valued at the bid price
obtained from an independent third party pricing service. Other
insurance-linked securities (including sidecars, collateralized
reinsurance and industry loss warranties) may be valued at the bid price
obtained from an independent pricing service, or through a third party
using a pricing matrix, insurance industry valuation models, or other fair
value methods or techniques to provide an estimated value of the
instrument.
Pioneer High Yield Fund | Semiannual Report | 4/30/19 49
Equity securities that have traded on an exchange are valued by using the
last sale price on the principal exchange where they are traded. Equity
securities that have not traded on the date of valuation, or securities
for which sale prices are not available, generally are valued using the
mean between the last bid and asked prices or, if both last bid and asked
prices are not available, at the last quoted bid price. Last sale and bid
and asked prices are provided by independent third party pricing services.
In the case of equity securities not traded on an exchange, prices are
typically determined by independent third party pricing services using a
variety of techniques and methods.
The value of foreign securities is translated into U.S. dollars based on
foreign currency exchange rate quotations supplied by a third party
pricing source. Trading in non-U.S. equity securities is substantially
completed each day at various times prior to the close of the NYSE. The
values of such securities used in computing the net asset value of the
Fund's shares are determined as of such times. The Fund may use a fair
value model developed by an independent pricing service to value non-U.S.
equity securities.
Futures contracts are generally valued at the closing settlement price
established by the exchange on which they are traded.
Swap contracts, including interest rate swaps, caps and floors (other than
centrally cleared swap contracts), are valued at the dealer quotations
obtained from reputable International Swap Dealers Association members.
Centrally cleared swaps are valued at the daily settlement price provided
by the central clearing counterparty.
Repurchase agreements are valued at par. Cash may include overnight time
deposits at approved financial institutions.
Securities or loan interests for which independent pricing services or
broker-dealers are unable to supply prices or for which market prices
and/or quotations are not readily available or are considered to be
unreliable are valued by a fair valuation team comprised of certain
personnel of the Adviser pursuant to procedures adopted by the Fund's
Board of Trustees. The Adviser's fair valuation team uses fair value
methods approved by the Valuation Committee of the Board of Trustees. The
Adviser's fair valuation team is responsible for monitoring developments
that may impact fair valued securities and for discussing and assessing
fair values on an ongoing basis, and at least quarterly, with the
Valuation Committee of the Board of Trustees.
Inputs used when applying fair value methods to value a security may
include credit ratings, the financial condition of the company, current
market conditions and comparable securities. The Fund may use fair value
methods if it is determined that a significant event has occurred after
the close of the exchange or market on which the security trades and prior
to the determination of the Fund's net asset value. Examples of a
significant event
50 Pioneer High Yield Fund | Semiannual Report | 4/30/19
might include political or economic news, corporate restructurings,
natural disasters, terrorist activity or trading halts. Thus, the
valuation of the Fund's securities may differ significantly from exchange
prices, and such differences could be material.
At April 30, 2019, six securities were valued using fair value methods (in
addition to securities valued using prices supplied by independent pricing
services, broker-dealers or using a third party insurance pricing model)
representing 0.22% of net assets. The value of these fair valued
securities was $1,667,963.
B. Investment Income and Transactions
Dividend income is recorded on the ex-dividend date, except that certain
dividends from foreign securities where the ex-dividend date may have
passed are recorded as soon as the Fund becomes aware of the ex-dividend
data in the exercise of reasonable diligence.
Interest income, including interest on income-bearing cash accounts, is
recorded on the accrual basis. Dividend and interest income are reported
net of unrecoverable foreign taxes withheld at the applicable country
rates and net of income accrued on defaulted securities.
Interest and dividend income payable by delivery of additional shares is
reclassified as PIK (payment-in-kind) income upon receipt and is included
in interest and dividend income, respectively.
Principal amounts of mortgage-backed securities are adjusted for monthly
paydowns. Premiums and discounts related to certain mortgage-backed
securities are amortized or accreted in proportion to the monthly
paydowns. All discounts/premiums on purchase prices of debt securities are
accreted/amortized for financial reporting purposes over the life of the
respective securities, and such accretion/amortization is included in
interest income.
Security transactions are recorded as of trade date. Gains and losses on
sales of investments are calculated on the identified cost method for both
financial reporting and federal income tax purposes.
C. Foreign Currency Translation
The books and records of the Fund are maintained in U.S. dollars. Amounts
denominated in foreign currencies are translated into U.S. dollars using
current exchange rates.
Net realized gains and losses on foreign currency transactions, if any,
represent, among other things, the net realized gains and losses on
foreign currency contracts, disposition of foreign currencies and the
difference
Pioneer High Yield Fund | Semiannual Report | 4/30/19 51
between the amount of income accrued and the U.S. dollars actually
received. Further, the effects of changes in foreign currency exchange
rates on investments are not segregated on the Statement of Operations
from the effects of changes in the market prices of those securities, but
are included with the net realized and unrealized gain or loss on
investments.
D. Federal Income Taxes
It is the Fund's policy to comply with the requirements of the Internal
Revenue Code applicable to regulated investment companies and to
distribute all of its net taxable income and net realized capital gains,
if any, to its shareowners. Therefore, no provision for federal income
taxes is required. As of October 31, 2018, the Fund did not accrue any
interest or penalties with respect to uncertain tax positions, which, if
applicable, would be recorded as an income tax expense on the Statement of
Operations. Tax returns filed within the prior three years remain subject
to examination by federal and state tax authorities.
The amount and character of income and capital gain distributions to
shareowners are determined in accordance with federal income tax rules,
which may differ from U.S. GAAP. Distributions in excess of net investment
income or net realized gains are temporary over distributions for
financial statement purposes resulting from differences in the recognition
or classification of income or distributions for financial statement and
tax purposes. Capital accounts within the financial statements are
adjusted for permanent book/tax differences to reflect tax character, but
are not adjusted for temporary differences.
The tax character of distributions paid during the year ended October 31,
2018 was as follows:
--------------------------------------------------------------------------
2018
--------------------------------------------------------------------------
Distributions paid from:
Ordinary income $41,385,763
--------------------------------------------------------------------------
Total $41,385,763
==========================================================================
The following shows the components of distributable earnings on a federal
income tax basis at October 31, 2018:
--------------------------------------------------------------------------
2018
--------------------------------------------------------------------------
Distributable earnings:
Undistributed ordinary income $ 3,265,983
Capital loss carryforward (26,511,206)
Dividend payable (272,071)
Net unrealized appreciation (15,643,375)
--------------------------------------------------------------------------
Total $(39,160,669)
==========================================================================
52 Pioneer High Yield Fund | Semiannual Report | 4/30/19
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.
E. Fund Shares
The Fund records sales and repurchases of its shares as of trade date. The
Distributor earned $7,855 in underwriting commissions on the sale of Class
A shares during the six months ended April 30, 2019.
F. Class Allocations
Income, common expenses and realized and unrealized gains and losses are
calculated at the Fund level and allocated daily to each class of shares
based on its respective percentage of adjusted net assets at the beginning
of the day.
Distribution fees are calculated based on the average daily net asset
value attributable to Class A, 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.
G. Risks
The value of securities held by the Fund may go up or down, sometimes
rapidly or unpredictably, due to general market conditions, such as real
or perceived adverse economic, political or regulatory conditions,
inflation, changes in interest rates, lack of liquidity in the bond
markets or adverse investor sentiment. In the past several years,
financial markets have experienced increased volatility, depressed
valuations, decreased liquidity and heightened uncertainty. These
conditions may continue, recur, worsen or spread. A general rise in
interest rates could adversely affect the price and liquidity of
fixed-income securities and could also result in increased redemptions
from the Fund.
Pioneer High Yield Fund | Semiannual Report | 4/30/19 53
At times, the Fund's investments may represent industries or industry
sectors that are interrelated or have common risks, making the Fund more
susceptible to any economic, political, or regulatory developments or
other risks affecting those industries and sectors. The Fund's investments
in foreign markets and countries with limited developing markets may
subject the Fund to a greater degree of risk than investments in a
developed market. These risks include disruptive political or economic
conditions and the imposition of adverse governmental laws or currency
exchange restrictions.
The Fund invests in below-investment-grade (high-yield) debt securities
and preferred stocks. Some of these high-yield securities may be
convertible into equity securities of the issuer. Debt securities rated
below-investment-grade are commonly referred to as "junk bonds" and are
considered speculative. These securities involve greater risk of loss, are
subject to greater price volatility, and are less liquid, especially
during periods of economic uncertainty or change, than higher rated debt
securities.
With the increased use of technologies such as the Internet to conduct
business, the Fund is susceptible to operational, information security and
related risks. While the Fund's Adviser has established business
continuity plans in the event of, and risk management systems to prevent,
limit or mitigate, such cyber-attacks, there are inherent limitations in
such plans and systems, including the possibility that certain risks have
not been identified. Furthermore, the Fund cannot control the
cybersecurity plans and systems put in place by service providers to the
Fund such as Brown Brothers Harriman & Co., the Fund's custodian and
accounting agent, and DST Asset Manager Solutions, Inc., the Fund's
transfer agent. In addition, many beneficial owners of Fund shares hold
them through accounts at broker-dealers, retirement platforms and other
financial market participants over which neither the Fund nor Amundi
Pioneer exercises control. Each of these may in turn rely on service
providers to them, which are also subject to the risk of cyber-attacks.
Cybersecurity failures or breaches at Amundi Pioneer or the Fund's service
providers or intermediaries have the ability to cause disruptions and
impact business operations, potentially resulting in financial losses,
interference with the Fund's ability to calculate its net asset value,
impediments to trading, the inability of Fund shareowners to effect share
purchases, redemptions or exchanges or receive distributions, loss of or
unauthorized access to private shareowner information and violations of
applicable privacy and other laws, regulatory fines, penalties,
reputational damage, or additional compliance costs. Such costs and losses
may not be covered under any insurance. In addition, maintaining vigilance
against cyber-attacks may involve substantial costs over time, and system
enhancements may themselves be subject to cyber-attacks.
54 Pioneer High Yield Fund | Semiannual Report | 4/30/19
The Fund's prospectus contains unaudited information regarding the Fund's
principal risks. Please refer to that document when considering the Fund's
principal risks.
H. Insurance-Linked Securities ("ILS")
The Fund invests in ILS. The Fund could lose a portion or all of the
principal it has invested in an ILS, and the right to additional interest
or dividend payments with respect to the security, upon the occurrence of
one or more trigger events, as defined within the terms of an
insurance-linked security. Trigger events, generally, are hurricanes,
earthquakes, or other natural events of a specific size or magnitude that
occur in a designated geographic region during a specified time period,
and/or that involve losses or other metrics that exceed a specific amount.
There is no way to accurately predict whether a trigger event will occur,
and accordingly, ILS carry significant risk. The Fund is entitled to
receive principal, and interest and/or dividend payments so long as no
trigger event occurs of the description and magnitude specified by the
instrument. In addition to the specified trigger events, ILS may expose
the Fund to other risks, including but not limited to issuer (credit)
default, adverse regulatory or jurisdictional interpretations and adverse
tax consequences.
The Fund's investments in ILS may include event-linked bonds. ILS also may
include special purpose vehicles ("SPVs") or similar instruments
structured to comprise a portion of a reinsurer's catastrophe-oriented
business, known as quota share instruments (sometimes referred to as
reinsurance sidecars), or to provide reinsurance relating to specific
risks to insurance or reinsurance companies through a collateralized
instrument, known as collateralized reinsurance. Structured reinsurance
investments also may include industry loss warranties ("ILWs"). A
traditional ILW takes the form of a bilateral reinsurance contract, but
there are also products that take the form of derivatives, collateralized
structures, or exchange-traded instruments.
Where the ILS are based on the performance of underlying reinsurance
contracts, the Fund has limited transparency into the individual
underlying contracts, and therefore must rely upon the risk assessment and
sound underwriting practices of the issuer. Accordingly, it may be more
difficult for the Adviser to fully evaluate the underlying risk profile of
the Fund's structured reinsurance investments, and therefore the Fund's
assets are placed at greater risk of loss than if the Adviser had more
complete information. Structured reinsurance instruments generally will be
considered illiquid securities by the Fund. These securities may be
difficult to purchase, sell or unwind. Illiquid securities also may be
difficult to value. If the Fund is forced to sell an illiquid asset, the
Fund may be forced to sell at a loss.
Pioneer High Yield Fund | Semiannual Report | 4/30/19 55
I. Repurchase Agreements
Repurchase agreements are arrangements under which the Fund purchases
securities from a broker-dealer or a bank, called the counterparty, upon
the agreement of the counterparty to repurchase the securities from the
Fund at a later date, and at a specific price, which is typically higher
than the purchase price paid by the Fund. The securities purchased serve
as the Fund's collateral for the obligation of the counterparty to
repurchase the securities. The value of the collateral, including accrued
interest, is required to be equal to or in excess of the repurchase price.
The collateral for all repurchase agreements is held in safekeeping in the
customer-only account of the Fund's custodian or a sub-custodian of the
Fund. The Adviser is responsible for determining that the value of the
collateral remains at least equal to the repurchase price. In the event of
a default by the counterparty, the Fund is entitled to sell the
securities, but the Fund may not be able to sell them for the price at
which they were purchased, thus causing a loss to the Fund. Additionally,
if the counterparty becomes insolvent, there is some risk that the Fund
will not have a right to the securities, or the immediate right to sell
the securities.
Open repurchase agreements as of April 30, 2019 are disclosed in the
Fund's Schedule of Investments.
J. Futures Contracts
The Fund may enter into futures transactions in order to attempt to hedge
against changes in interest rates, securities prices and currency exchange
rates or to seek to increase total return. Futures contracts are types of
derivatives. All futures contracts entered into by the Fund are traded on
a futures exchange. Upon entering into a futures contract, the Fund is
required to deposit with a broker an amount of cash or securities equal to
the minimum "initial margin" requirements of the associated futures
exchange. The amount of cash deposited with the broker as collateral at
April 30, 2019, is recorded as "Futures collateral" on the Statement of
Assets and Liabilities.
Subsequent payments for futures contracts ("variation margin") are paid or
received by the Fund, depending on the daily fluctuation in the value of
the contracts, and are recorded by the Fund as unrealized appreciation or
depreciation. Cash received from or paid to the broker related to previous
margin movement is held in a segregated account at the broker and is
recorded as either "Due from broker for futures" or "Due to broker for
futures" on the Statement of Assets and Liabilities. When the contract is
closed, the Fund realizes a gain or loss equal to the difference between
the opening and closing value of the contract as well as any fluctuation
in foreign currency exchange rates where applicable. Futures contracts are
subject to market risk, interest rate risk and currency exchange rate
risk. Changes in value of the contracts may not directly correlate to the
changes in value of the
56 Pioneer High Yield Fund | Semiannual Report | 4/30/19
underlying securities. With futures, there is reduced counterparty credit
risk to the Fund since futures are exchange-traded and the exchange's
clearinghouse, as counterparty to all exchange-traded futures, guarantees
the futures against default.
The average market value of contracts open during the six months ended
April 30, 2019, was $(13,562,221). Open futures contracts outstanding at
April 30, 2019, are listed in the Schedule of Investments.
K. Credit Default Swap Contracts
A credit default swap is a contract between a buyer of protection and a
seller of protection against a pre-defined credit event or an underlying
reference obligation, which may be a single security or a basket or index
of securities. The Fund may buy or sell credit default swap contracts to
seek to increase the Fund's income, or to attempt to hedge the risk of
default on portfolio securities. A credit default swap index is used to
hedge risk or take a position on a basket of credit entities or indices.
As a seller of protection, the Fund would be required to pay the notional
(or other agreed-upon) value of the referenced debt obligation to the
counterparty in the event of a default by a U.S. or foreign corporate
issuer of a debt obligation, which would likely result in a loss to the
Fund. In return, the Fund would receive from the counterparty a periodic
stream of payments during the term of the contract, provided that no event
of default occurred. The maximum exposure of loss to the seller would be
the notional value of the credit default swaps outstanding. If no default
occurs, the Fund would keep the stream of payments and would have no
payment obligation. The Fund may also buy credit default swap contracts in
order to hedge against the risk of default of debt securities, in which
case the Fund would function as the counterparty referenced above.
As a buyer of protection, the Fund makes an upfront or periodic payment to
the protection seller in exchange for the right to receive a contingent
payment. An upfront payment made by the Fund, as the protection buyer, is
recorded within the "Swap contracts, at value" line item on the Statement
of Assets and Liabilities. Periodic payments received or paid by the Fund
are recorded as realized gains or losses on the Statement of Operations.
Credit default swap contracts are marked-to-market daily using valuations
supplied by independent sources, and the change in value, if any, is
recorded within the "Swap contracts, at value" line item on the Statement
of Assets and Liabilities. Payments received or made as a result of a
credit event or upon termination of the contract are recognized, net of
the appropriate amount of the upfront payment, as realized gains or losses
on the Statement of Operations.
Pioneer High Yield Fund | Semiannual Report | 4/30/19 57
Credit default swap contracts involving the sale of protection may involve
greater risks than if the Fund had invested in the referenced debt
instrument directly. Credit default swap contracts are subject to general
market risk, liquidity risk, counterparty risk and credit risk. If the
Fund is a protection buyer and no credit event occurs, it will lose its
investment. If the Fund is a protection seller and a credit event occurs,
the value of the referenced debt instrument received by the Fund, together
with the periodic payments received, may be less than the amount the Fund
pays to the protection buyer, resulting in a loss to the Fund. In
addition, obligations under sell protection credit default swaps may be
partially offset by net amounts received from settlement of buy protection
credit default swaps entered into by the Fund for the same reference
obligation with the same counterparty.
Certain swap contracts that are cleared through a central clearinghouse
are referred to as centrally cleared swaps. All payments made or received
by the Fund are pursuant to a centrally cleared swap contract with the
central clearing party rather than the original counterparty. Upon
entering into a centrally cleared swap contract, the Fund is required to
make an initial margin deposit, either in cash or in securities. The daily
change in value on open centrally cleared contracts is recorded as
"Variation margin for centrally cleared swaps" on the Statement of Assets
and Liabilities. Cash received from or paid to the broker related to
previous margin movement is held in a segregated account at the broker and
is recorded as either "Due from broker for swaps" or "Due to broker for
swaps" on the Statement of Assets and Liabilities. The amount of cash
deposited with a broker as collateral at April 30, 2019, is recorded as
"Swaps collateral" on the Statement of Assets and Liabilities.
The average market value of credit default swap contracts open during the
six months ended April 30, 2019, was $776,662. Open credit default swap
contracts at April 30, 2019, are listed in the Schedule of Investments.
2. Management Agreement
The Adviser manages the Fund's portfolio. Management fees are calculated daily
at the annual rate of 0.70% of the Fund's average daily net assets up to $500
million, 0.65% of the next $500 million, 0.60% of the next $4 billion, 0.55% of
the next $1 billion, 0.50% of the next $1 billion, 0.45% of the next
$1 billion, 0.40% of the next $1 billion, 0.35% of the next $1 billion, and
0.30% on assets over $10 billion. For the six months ended April 30, 2019, the
effective management fee (excluding waivers and/or assumption of expenses) was
equivalent to 0.68% (annualized) of the Fund's average daily net assets.
58 Pioneer High Yield Fund | Semiannual Report | 4/30/19
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
$70,500 in management fees, administrative costs and certain other
reimbursements payable to the Adviser at April 30, 2019.
3. Transfer Agent
DST Asset Manager Solutions, Inc. serves as the transfer agent to the Fund at
negotiated rates. Transfer agent fees and payables shown on the Statement of
Operations and the Statement of Assets and Liabilities, respectively, include
sub-transfer agent expenses incurred through the Fund's omnibus relationship
contracts.
In addition, the Fund reimbursed the transfer agent for out-of-pocket expenses
incurred by the transfer agent related to shareowner communications activities
such as proxy and statement mailings, and outgoing phone calls. For the six
months ended April 30, 2019, such out-of-pocket expenses by class of shares
were as follows:
--------------------------------------------------------------------------------
Shareowner Communications:
--------------------------------------------------------------------------------
Class A $30,876
Class C 2,340
Class R 2,426
Class Y 387
--------------------------------------------------------------------------------
Total $36,029
================================================================================
4. Distribution and Service Plans
The Fund has adopted a distribution plan (the "Plan") pursuant to Rule 12b-1 of
the Investment Company Act of 1940 with respect to its Class A, Class C and
Class R shares. Pursuant to the Plan, the Fund pays the Distributor 0.25% of
the average daily net assets attributable to Class A shares as compensation for
personal services and/or account maintenance services or distribution services
with regard to Class A shares. Pursuant to the Plan, the Fund also pays the
Distributor 1.00% of the average daily net assets attributable to Class C
shares. The fee for Class C shares consists of a 0.25% service fee and a 0.75%
distribution fee paid as compensation for personal services and/or account
maintenance services or distribution services with regard to Class C shares.
Pursuant to the Plan, the Fund further pays the Distributor 0.50% of the
average daily net assets attributable to Class R shares for distribution
services. Included in "Due to affiliates" reflected on the Statement of Assets
and Liabilities is $66,648 in distribution fees payable to the Distributor at
April 30, 2019.
Pioneer High Yield Fund | Semiannual Report | 4/30/19 59
The Fund also has adopted a separate service plan for Class R shares (the
"Service Plan"). The Service Plan authorizes the Fund to pay securities
dealers, plan administrators or other service organizations that agree to
provide certain services to retirement plans or plan participants holding
shares of the Fund a service fee of up to 0.25% of the Fund's average daily net
assets attributable to Class R shares held by such plans.
In addition, redemptions of Class A and Class C shares may be subject to a
contingent deferred sales charge ("CDSC"). A CDSC of 1.00% may be imposed on
redemptions of certain net asset value purchases of Class A shares within 12
months of purchase. Redemptions of Class C shares within 12 months of purchase
are subject to a CDSC of 1.00% based on the lower of cost or market value of
shares being redeemed. Shares purchased as part of an exchange remain subject
to any CDSC that applied to the original purchase of those shares. There is no
CDSC for Class R or Class Y shares. Proceeds from the CDSCs are paid to the
Distributor. For the six months ended April 30, 2019, CDSCs in the amount of
$1,065 were paid to the Distributor.
5. Line of Credit Facility
The Fund, along with certain other funds in the Pioneer Family of Funds (the
"Funds"), participates in a committed, unsecured revolving line of credit
facility. Borrowings are used solely for temporary or emergency purposes. The
Fund may borrow up to the lesser of the amount available under the facility or
the limits set for borrowing by the Fund's prospectus and the 1940 Act.
Effective August 1, 2018, the Fund participates in a credit facility in the
amount of $250 million. Prior to August 1, 2018, the credit facility was in the
amount of $195 million. Under such credit facility, depending on the type of
loan, interest on borrowings is payable at the London Interbank Offered Rate
("LIBOR") plus 0.90% on an annualized basis, or the Alternate Base Rate, which
is the greater of (a) the facility's administrative agent's daily announced
prime rate on the borrowing date, (b) 2% plus the Federal Funds Rate on the
borrowing date, or (c) 2% plus the overnight Eurodollar rate on the borrowing
date. The Fund pays an annual commitment fee to participate in a credit
facility. The commitment fee is allocated among participating Funds based on an
allocation schedule set forth in the credit agreement. For the six months ended
April 30, 2019, the Fund had no borrowings under the credit facility.
60 Pioneer High Yield Fund | Semiannual Report | 4/30/19
6. Master Netting Agreements
The Fund has entered into an International Swaps and Derivatives Association,
Inc. Master Agreement ("ISDA Master Agreement") or similar agreement with
substantially all its derivative counterparties. An ISDA Master Agreement is a
bilateral agreement between the Fund and a counterparty that governs the
trading of certain Over the Counter ("OTC") derivatives and typically contains,
among other things, close-out and set-off provisions which apply upon the
occurrence of an event of default and/or a termination event as defined under
the relevant ISDA Master Agreement. The ISDA Master Agreement may also give a
party the right to terminate all transactions traded under such agreement if,
among other things, there is deterioration in the credit quality of the other
party.
Upon an event of default or a termination of the ISDA Master Agreement, the
non-defaulting party has the right to close-out all transactions under such
agreement and to net amounts owed under each transaction to determine one net
amount payable by one party to the other. The right to close-out and net
payments across all transactions under the ISDA Master Agreement could result
in a reduction of the Fund's credit risk to its counterparty equal to any
amounts payable by the Fund under the applicable transactions, if any. However,
the Fund's right to set-off may be restricted or prohibited by the bankruptcy
or insolvency laws of the particular jurisdiction to which each specific ISDA
Master Agreement of each counterparty is subject.
The collateral requirements for derivatives transactions under an ISDA Master
Agreement are governed by a credit support annex to the ISDA Master Agreement.
Collateral requirements are generally determined at the close of business each
day and are typically based on changes in market values for each transaction
under an ISDA Master Agreement and netted into one amount for such agreement.
Generally, the amount of collateral due from or to a counterparty is subject to
threshold (a "minimum transfer amount") before a transfer is required, which
may vary by counterparty. Collateral pledged for the benefit of the Fund and/or
counterparty is held in segregated accounts by the Fund's custodian and cannot
be sold, re-pledged, assigned or otherwise used while pledged. Cash that has
been segregated to cover the Fund's collateral obligations, if any, will be
reported separately on the Statement of Assets and Liabilities as "Swaps
collateral". Securities pledged by the Fund as collateral, if any, are
identified as such in the Schedule of Investments.
Pioneer High Yield Fund | Semiannual Report | 4/30/19 61
Financial instruments subject to an enforceable master netting agreement, such
as an ISDA Master Agreement, have been offset on the Statement of Assets and
Liabilities. The following charts show gross assets and liabilities of the Fund
as of April 30, 2019.
-------------------------------------------------------------------------------------------------
Derivative
Assets
Subject to Derivatives Non-Cash Cash Net Amount
Master Netting Available Collateral Collateral of Derivative
Counterparty Agreement for Offset Received (a) Received (a) Assets (b)
-------------------------------------------------------------------------------------------------
Goldman Sachs
International $291,233 $ -- $ -- $ -- $291,233
Total $291,233 $ -- $ -- $ -- $291,233
=================================================================================================
--------------------------------------------------------------------------------------------------
Derivative
Liabilities
Subject to Derivatives Non-Cash Cash Net Amount
Master Netting Available Collateral Collateral of Derivative
Counterparty Agreement for Offset Pledged (a) Pledged (a) Liabilities (c)
--------------------------------------------------------------------------------------------------
Goldman Sachs
International $ -- $ -- $ -- $ -- $ --
Total $ -- $ -- $ -- $ -- $ --
==================================================================================================
(a) The amount presented here may be less than the total amount of collateral
received/pledged as the net amount of derivative assets and liabilities
cannot be less than $0.
(b) Represents the net amount due from the counterparty in the event of
default.
(c) Represents the net amount payable to the counterparty in the event of
default.
7. Additional Disclosures about Derivative Instruments and Hedging Activities
The Fund's use of derivatives may enhance or mitigate the Fund's exposure to
the following risks:
Interest rate risk relates to the fluctuations in the value of interest-bearing
securities due to changes in the prevailing levels of market interest rates.
Credit risk relates to the ability of the issuer of a financial instrument to
make further principal or interest payments on an obligation or commitment that
it has to the Fund.
Foreign exchange rate risk relates to fluctuations in the value of an asset or
liability due to changes in currency exchange rates.
Equity risk relates to the fluctuations in the value of financial instruments
as a result of changes in market prices (other than those arising from interest
rate risk or foreign exchange rate risk), whether caused by factors specific to
an individual investment, its issuer, or all factors affecting all instruments
traded in a market or market segment.
62 Pioneer High Yield Fund | Semiannual Report | 4/30/19
Commodity risk relates to the risk that the value of a commodity or commodity
index will fluctuate based on increases or decreases in the commodities market
and factors specific to a particular industry or commodity.
The fair value of open derivative instruments (not considered to be hedging
instruments for accounting disclosure purposes) by risk exposure at April 30,
2019, 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 $ -- $1,323,997 $ -- $ -- $ --
---------------------------------------------------------------------------------------------------
Total Value $ -- $1,323,997 $ -- $ -- $ --
===================================================================================================
Liabilities
Net unrealized depreciation
on futures contracts $ -- $ -- $ -- $587,633 $ --
---------------------------------------------------------------------------------------------------
Total Value $ -- $ -- $ -- $587,633 $ --
===================================================================================================
The effect of derivative instruments (not considered to be hedging instruments
for accounting disclosure purposes) on the Statement of Operations by risk
exposure at April 30, 2019, 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 $ -- $ -- $ -- $ 811,153 $ --
Swap contracts -- 136,861 -- -- --
-----------------------------------------------------------------------------------------------------
Total Value $ -- $136,861 $ -- $ 811,153 $ --
=====================================================================================================
Change in net unrealized
appreciation
(depreciation) on:
Futures contracts $ -- $ -- $ -- $(1,800,593) $ --
Swap contracts -- 148,917 -- -- --
-----------------------------------------------------------------------------------------------------
Total Value $ -- $148,917 $ -- $(1,800,593) $ --
=====================================================================================================
Pioneer High Yield Fund | Semiannual Report | 4/30/19 63
Trustees, Officers and Service Providers
Trustees Officers
Thomas J. Perna, Chairman Lisa M. Jones, President and
David R. Bock Chief Executive Officer
Benjamin M. Friedman Mark E. Bradley, Treasurer and
Margaret B.W. Graham Chief Financial and
Lisa M. Jones Accounting Officer
Lorraine H. Monchak Christopher J. Kelley, Secretary and
Marguerite A. Piret Chief Legal Officer
Fred J. Ricciardi
Kenneth J. Taubes
Investment Adviser and Administrator
Amundi Pioneer Asset Management, Inc.
Custodian and Sub-Administrator
Brown Brothers Harriman & Co.
Principal Underwriter
Amundi Pioneer Distributor, Inc.
Legal Counsel
Morgan, Lewis & Bockius LLP
Transfer Agent
DST Asset Manager Solutions, Inc.
Proxy Voting Policies and Procedures of the Fund are available without charge,
upon request, by calling our toll free number (1-800-225-6292). Information
regarding how the Fund voted proxies relating to portfolio securities during
the most recent 12-month period ended June 30 is publicly available to
shareowners at www.amundipioneer.com/us. This information is also available on
the Securities and Exchange Commission's web site at www.sec.gov.
64 Pioneer High Yield Fund | Semiannual Report | 4/30/19
This page is for your notes.
Pioneer High Yield Fund | Semiannual Report | 4/30/19 65
This page is for your notes.
66 Pioneer High Yield Fund | Semiannual Report | 4/30/19
This page is for your notes.
Pioneer High Yield Fund | Semiannual Report | 4/30/19 67
This page is for your notes.
68 Pioneer High Yield Fund | Semiannual Report | 4/30/19
How to Contact Amundi Pioneer
We are pleased to offer a variety of convenient ways for you to contact us for
assistance or information.
Call us for:
--------------------------------------------------------------------------------
Account Information, including existing accounts,
new accounts, prospectuses, applications
and service forms 1-800-225-6292
FactFoneSM for automated fund yields, prices,
account information and transactions 1-800-225-4321
Retirement plans information 1-800-622-0176
Write to us:
--------------------------------------------------------------------------------
Amundi Pioneer
P.O. Box 219427
Kansas City, MO 64121-9427
Our toll-free fax 1-800-225-4240
Our internet e-mail address us.askamundipioneer@amundipioneer.com
(for general questions about Amundi Pioneer only)
Visit our web site: www.amundipioneer.com/us
This report must be preceded or accompanied by a prospectus.
The Fund files a complete schedule of portfolio holdings with the Securities
and Exchange Commission for the first and third quarters of each fiscal year as
an exhibit to its reports on Form N-PORT. Shareholders may view the filed Form
N-PORT by visiting the Commission's web site at https://www.sec.gov.
[LOGO] Amundi Pioneer
==============
ASSET MANAGEMENT
Amundi Pioneer Asset Management, Inc.
60 State Street
Boston, MA 02109
www.amundipioneer.com/us
Securities offered through Amundi Pioneer Distributor, Inc.
60 State Street, Boston, MA 02109
Underwriter of Pioneer Mutual Funds, Member SIPC
[C] 2019 Amundi Pioneer Asset Management 19383-13-0619
ITEM 2. CODE OF ETHICS.
(a) Disclose whether, as of the end of the period covered by the report, the
registrant has adopted a code of ethics that applies to the registrant's
principal executive officer, principal financial officer, principal accounting
officer or controller, or persons performing similar functions, regardless of
whether these individuals are employed by the registrant or a third party. If
the registrant has not adopted such a code of ethics, explain why it has not
done so.
The registrant has adopted, as of the end of the period covered by this report,
a code of ethics that applies to the registrant's principal executive officer,
principal financial officer, principal accounting officer and controller.
(b) For purposes of this Item, the term "code of ethics" means written standards
that are reasonably designed to deter wrongdoing and to promote:
(1) Honest and ethical conduct, including the ethical handling of actual
or apparent conflicts of interest between personal and professional
relationships;
(2) Full, fair, accurate, timely, and understandable disclosure in
reports and documents that a registrant files with, or submits to, the
Commission and in other public communications made by the registrant;
(3) Compliance with applicable governmental laws, rules, and
regulations;
(4) The prompt internal reporting of violations of the code to an
appropriate person or persons identified in the code; and
(5) Accountability for adherence to the code.
(c) The registrant must briefly describe the nature of any amendment, during the
period covered by the report, to a provision of its code of ethics that applies
to the registrant's principal executive officer, principal financial officer,
principal accounting officer or controller, or persons performing similar
functions, regardless of whether these individuals are employed by the
registrant or a third party, and that relates to any element of the code of
ethics definition enumerated in paragraph (b) of this Item. The registrant must
file a copy of any such amendment as an exhibit pursuant to Item 10(a), unless
the registrant has elected to satisfy paragraph (f) of this Item by posting its
code of ethics on its website pursuant to paragraph (f)(2) of this Item, or by
undertaking to provide its code of ethics to any person without charge, upon
request, pursuant to paragraph (f)(3) of this Item.
The registrant has made no amendments to the code of ethics during the period
covered by this report.
(d) If the registrant has, during the period covered by the report, granted a
waiver, including an implicit waiver, from a provision of the code of ethics to
the registrant's principal executive officer, principal financial officer,
principal accounting officer or controller, or persons performing similar
functions, regardless of whether these individuals are employed by the
registrant or a third party, that relates to one or more of the items set forth
in paragraph (b) of this Item, the registrant must briefly describe the nature
of the waiver, the name of the person to whom the waiver was granted, and the
date of the waiver.
Not applicable.
(e) If the registrant intends to satisfy the disclosure requirement under
paragraph (c) or (d) of this Item regarding an amendment to, or a waiver from,
a provision of its code of ethics that applies to the registrant's principal
executive officer, principal financial officer, principal accounting officer or
controller, or persons performing similar functions and that relates to any
element of the code of ethics definition enumerated in paragraph (b) of this
Item by posting such information on its Internet website, disclose the
registrant's Internet address and such intention.
Not applicable.
(f) The registrant must:
(1) File with the Commission, pursuant to Item 12(a)(1), a copy of
its code of ethics that applies to the registrant's principal
executive officer,principal financial officer, principal accounting
officer or controller, or persons performing similar functions,
as an exhibit to its annual
report on this Form N-CSR (see attachment);
(2) Post the text of such code of ethics on its Internet website and
disclose, in its most recent report on this Form N-CSR, its Internet
address and the fact that it has posted such code of ethics on its
Internet website; or
(3) Undertake in its most recent report on this Form N-CSR to provide to
any person without charge, upon request, a copy of such code of ethics
and explain the manner in which such request may be made.
See Item 10(2)
ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.
(a) (1) Disclose that the registrant's board of trustees has determined that
the registrant either:
(i) Has at least one audit committee financial expert serving on its audit
committee; or
(ii) Does not have an audit committee financial expert serving on its audit
committee.
The registrant's Board of Trustees has determined that the registrant has at
least one audit committee financial expert.
(2) If the registrant provides the disclosure required by paragraph
(a)(1)(i) of this Item, it must disclose the name of the audit committee
financial expert and whether that person is "independent." In order to be
considered "independent" for purposes of this Item, a member of an audit
committee may not, other than in his or her capacity as a member of the audit
committee, the board of trustees, or any other board committee:
(i) Accept directly or indirectly any consulting, advisory, or other
compensatory fee from the issuer; or
(ii) Be an "interested person" of the investment company as defined in
Section 2(a)(19) of the Act (15 U.S.C. 80a-2(a)(19)).
Mr. David R. Bock, an independent trustee, is such an audit committee
financial expert.
(3) If the registrant provides the disclosure required by paragraph (a)(1)
(ii) of this Item, it must explain why it does not have an audit committee
financial expert.
Not applicable.
ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.
(a) Disclose, under the caption AUDIT FEES, the aggregate fees billed for each
of the last two fiscal years for professional services rendered by the principal
accountant for the audit of the registrant's annual financial statements or
services that are normally provided by the accountant in connection with
statutory and regulatory filings or engagements for those fiscal years.
N/A
(b) Disclose, under the caption AUDIT-RELATED FEES, the aggregate fees billed in
each of the last two fiscal years for assurance and related services by the
principal accountant that are reasonably related to the performance of the audit
of the registrant's financial statements and are not reported under
paragraph (a) of this Item. Registrants shall describe the nature of the
services comprising the fees disclosed under this category.
N/A
(c) Disclose, under the caption TAX FEES, the aggregate fees billed in each of
the last two fiscal years for professional services rendered by the principal
accountant for tax compliance, tax advice, and tax planning. Registrants shall
describe the nature of the services comprising the fees disclosed under this
category.
N/A
(d) Disclose, under the caption ALL OTHER FEES, the aggregate fees billed in
each of the last two fiscal years for products and services provided by the
principal accountant, other than the services reported in paragraphs (a) through
(c) of this Item. Registrants shall describe the nature of the services
comprising the fees disclosed under this category.
N/A
(e) (1) Disclose the audit committee's pre-approval policies and procedures
described in paragraph (c)(7) of Rule 2-01 of Regulation S-X.
PIONEER FUNDS
APPROVAL OF AUDIT, AUDIT-RELATED, TAX AND OTHER SERVICES
PROVIDED BY THE INDEPENDENT AUDITOR
SECTION I - POLICY PURPOSE AND APPLICABILITY
The Pioneer Funds recognize the importance of maintaining the independence of
their outside auditors. Maintaining independence is a shared responsibility
involving Amudi Pioneer Asset Management, Inc, the audit committee and
the independent auditors.
The Funds recognize that a Fund's independent auditors: 1) possess knowledge of
the Funds, 2) are able to incorporate certain services into the scope of the
audit, thereby avoiding redundant work, cost and disruption of Fund personnel
and processes, and 3) have expertise that has value to the Funds. As a result,
there are situations where it is desirable to use the Fund's independent
auditors for services in addition to the annual audit and where the potential
for conflicts of interests are minimal. Consequently, this policy, which is
intended to comply with Rule 210.2-01(C)(7), sets forth guidelines and
procedures to be followed by the Funds when retaining the independent audit firm
to perform audit, audit-related tax and other services under those
circumstances, while also maintaining independence.
Approval of a service in accordance with this policy for a Fund shall also
constitute approval for any other Fund whose pre-approval is required pursuant
to Rule 210.2-01(c)(7)(ii).
In addition to the procedures set forth in this policy, any non-audit services
that may be provided consistently with Rule 210.2-01 may be approved by the
Audit Committee itself and any pre-approval that may be waived in accordance
with Rule 210.2-01(c)(7)(i)(C) is hereby waived.
Selection of a Fund's independent auditors and their compensation shall be
determined by the Audit Committee and shall not be subject to this policy.
SECTION II - POLICY
---------------- -------------------------------- -------------------------------------------------
SERVICE SERVICE CATEGORY DESCRIPTION SPECIFIC PRE-APPROVED SERVICE SUBCATEGORIES
CATEGORY
---------------- -------------------------------- -------------------------------------------------
I. AUDIT Services that are directly o Accounting research assistance
SERVICES related to performing the o SEC consultation, registration
independent audit of the Funds statements, and reporting
o Tax accrual related matters
o Implementation of new accounting
standards
o Compliance letters (e.g. rating agency
letters)
o Regulatory reviews and assistance
regarding financial matters
o Semi-annual reviews (if requested)
o Comfort letters for closed end
offerings
---------------- -------------------------------- -------------------------------------------------
II. Services which are not o AICPA attest and agreed-upon procedures
AUDIT-RELATED prohibited under Rule o Technology control assessments
SERVICES 210.2-01(C)(4) (the "Rule") o Financial reporting control assessments
and are related extensions of o Enterprise security architecture
the audit services support the assessment
audit, or use the
knowledge/expertise gained
from the audit procedures as a
foundation to complete the
project. In most cases, if
the Audit-Related Services are
not performed by the Audit
firm, the scope of the Audit
Services would likely
increase. The Services are
typically well-defined and
governed by accounting
professional standards (AICPA,
SEC, etc.)
---------------- -------------------------------- -------------------------------------------------
------------------------------------- ------------------------------------
AUDIT COMMITTEE APPROVAL POLICY AUDIT COMMITTEE
REPORTING POLICY
------------------------------------- ------------------------------------
o "One-time" pre-approval o A summary of all such
for the audit period for all services and related fees
pre-approved specific service reported at each regularly
subcategories. Approval of the scheduled Audit Committee
independent auditors as meeting.
auditors for a Fund shall
constitute pre approval for
these services.
------------------------------------- ------------------------------------
o "One-time" pre-approval o A summary of all such
for the fund fiscal year within services and related fees
a specified dollar limit (including comparison to
for all pre-approved specified dollar limits)
specific service subcategories reported quarterly.
o Specific approval is
needed to exceed the
pre-approved dollar limit for
these services (see general
Audit Committee approval policy
below for details on obtaining
specific approvals)
o Specific approval is
needed to use the Fund's
auditors for Audit-Related
Services not denoted as
"pre-approved", or
to add a specific service
subcategory as "pre-approved"
------------------------------------- ------------------------------------
SECTION III - POLICY DETAIL, CONTINUED
----------------------- --------------------------- -----------------------------------------------
SERVICE CATEGORY SERVICE CATEGORY SPECIFIC PRE-APPROVED SERVICE SUBCATEGORIES
DESCRIPTION
----------------------- --------------------------- -----------------------------------------------
III. TAX SERVICES Services which are not o Tax planning and support
prohibited by the Rule, o Tax controversy assistance
if an officer of the Fund o Tax compliance, tax returns, excise
determines that using the tax returns and support
Fund's auditor to provide o Tax opinions
these services creates
significant synergy in
the form of efficiency,
minimized disruption, or
the ability to maintain a
desired level of
confidentiality.
----------------------- --------------------------- -----------------------------------------------
------------------------------------- -------------------------
AUDIT COMMITTEE APPROVAL POLICY AUDIT COMMITTEE
REPORTING POLICY
------------------------------------- -------------------------
------------------------------------- -------------------------
o "One-time" pre-approval o A summary of
for the fund fiscal year all such services and
within a specified dollar limit related fees
(including comparison
to specified dollar
limits) reported
quarterly.
o Specific approval is
needed to exceed the
pre-approved dollar limits for
these services (see general
Audit Committee approval policy
below for details on obtaining
specific approvals)
o Specific approval is
needed to use the Fund's
auditors for tax services not
denoted as pre-approved, or to add a specific
service subcategory as
"pre-approved"
------------------------------------- -------------------------
SECTION III - POLICY DETAIL, CONTINUED
----------------------- --------------------------- -----------------------------------------------
SERVICE CATEGORY SERVICE CATEGORY SPECIFIC PRE-APPROVED SERVICE SUBCATEGORIES
DESCRIPTION
----------------------- --------------------------- -----------------------------------------------
IV. OTHER SERVICES Services which are not o Business Risk Management support
prohibited by the Rule, o Other control and regulatory
A. SYNERGISTIC, if an officer of the Fund compliance projects
UNIQUE QUALIFICATIONS determines that using the
Fund's auditor to provide
these services creates
significant synergy in
the form of efficiency,
minimized disruption,
the ability to maintain a
desired level of
confidentiality, or where
the Fund's auditors
posses unique or superior
qualifications to provide
these services, resulting
in superior value and
results for the Fund.
----------------------- --------------------------- -----------------------------------------------
--------------------------------------- ------------------------
AUDIT COMMITTEE APPROVAL POLICY AUDIT COMMITTEE
REPORTING POLICY
------------------------------------- --------------------------
o "One-time" pre-approval o A summary of
for the fund fiscal year within all such services and
a specified dollar limit related fees
(including comparison
to specified dollar
limits) reported
quarterly.
o Specific approval is
needed to exceed the
pre-approved dollar limits for
these services (see general
Audit Committee approval policy
below for details on obtaining
specific approvals)
o Specific approval is
needed to use the Fund's
auditors for "Synergistic" or
"Unique Qualifications" Other
Services not denoted as
pre-approved to the left, or to
add a specific service
subcategory as "pre-approved"
------------------------------------- --------------------------
SECTION III - POLICY DETAIL, CONTINUED
----------------------- ------------------------- -----------------------------------------------
SERVICE CATEGORY SERVICE CATEGORY SPECIFIC PROHIBITED SERVICE SUBCATEGORIES
DESCRIPTION
----------------------- ------------------------- -----------------------------------------------
PROHIBITED SERVICES Services which result 1. Bookkeeping or other services
in the auditors losing related to the accounting records or
independence status financial statements of the audit
under the Rule. client*
2. Financial information systems design
and implementation*
3. Appraisal or valuation services,
fairness* opinions, or
contribution-in-kind reports
4. Actuarial services (i.e., setting
actuarial reserves versus actuarial
audit work)*
5. Internal audit outsourcing services*
6. Management functions or human
resources
7. Broker or dealer, investment
advisor, or investment banking services
8. Legal services and expert services
unrelated to the audit
9. Any other service that the Public
Company Accounting Oversight Board
determines, by regulation, is
impermissible
----------------------- ------------------------- -----------------------------------------------
------------------------------------------- ------------------------------
AUDIT COMMITTEE APPROVAL POLICY AUDIT COMMITTEE
REPORTING POLICY
------------------------------------------- ------------------------------
o These services are not to be o A summary of all
performed with the exception of the(*) services and related
services that may be permitted fees reported at each
if they would not be subject to audit regularly scheduled
procedures at the audit client (as Audit Committee meeting
defined in rule 2-01(f)(4)) level will serve as continual
the firm providing the service. confirmation that has
not provided any
restricted services.
------------------------------------------- ------------------------------
--------------------------------------------------------------------------------
GENERAL AUDIT COMMITTEE APPROVAL POLICY:
o For all projects, the officers of the Funds and the Fund's auditors will each
make an assessment to determine that any proposed projects will not impair
independence.
o Potential services will be classified into the four non-restricted service
categories and the "Approval of Audit, Audit-Related, Tax and Other
Services" Policy above will be applied. Any services outside the specific
pre-approved service subcategories set forth above must be specifically
approved by the Audit Committee.
o At least quarterly, the Audit Committee shall review a report summarizing the
services by service category, including fees, provided by the Audit firm as
set forth in the above policy.
--------------------------------------------------------------------------------
(2) Disclose the percentage of services described in each of paragraphs (b)
through (d) of this Item that were approved by the audit committee pursuant
to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.
N/A
(f) If greater than 50 percent, disclose the percentage of hours expended on the
principal accountants engagement to audit the registrant's financial statements
for the most recent fiscal year that were attributed to work performed by
persons other than the principal accountant's full-time, permanent employees.
N/A
(g) Disclose the aggregate non-audit fees billed by the registrants accountant
for services rendered to the registrant, and rendered to the registrants
investment adviser (not including any sub-adviser whose role is primarily
portfolio management and is subcontracted with or overseen by another investment
adviser), and any entity controlling, controlled by, or under common control
with the adviser that provides ongoing services to the registrant for each of
the last two fiscal years of the registrant.
N/A
(h) Disclose whether the registrants audit committee of the board of trustees
has considered whether the provision of non-audit services that were rendered to
the registrants investment adviser (not including any subadviser whose role is
primarily portfolio management and is subcontracted with or overseen by another
investment adviser), and any entity controlling, controlled by, or under common
control with the investment adviser that provides ongoing services to the
registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of
Rule 2-01 of Regulation S-X is compatible with maintaining the principal
accountant's independence.
The Fund's audit committee of the Board of Trustees
has considered whether the provision of non-audit
services that were rendered to the Affiliates (as
defined) that were not pre- approved pursuant to
paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is
compatible with maintaining the principal accountant's
independence.
ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS
(a) If the registrant is a listed issuer as defined in Rule 10A-3
under the Exchange Act (17 CFR 240.10A-3), state whether
or not the registrant has a separately-designated standing
audit committee established in accordance with Section
3(a)(58)(A) of the Exchange Act (15 U.S.C. 78c(a)(58)(A)).
If the registrant has such a committee, however designated,
identify each committee member. If the entire board of directors
is acting as the registrant's audit committee as specified in
Section 3(a)(58)(B) of the Exchange Act (15 U.S.C. 78c(a)(58)(B)),
so state.
N/A
(b) If applicable, provide the disclosure required by Rule 10A-3(d)
under the Exchange Act (17 CFR 240.10A-3(d)) regarding an exemption
from the listing standards for audit committees.
N/A
ITEM 6. SCHEDULE OF INVESTMENTS.
File Schedule of Investments in securities of unaffiliated issuers
as of the close of the reporting period as set forth in 210.1212
of Regulation S-X [17 CFR 210.12-12], unless the schedule is
included as part of the report to shareholders filed under Item
1 of this Form.
Included in Item 1
ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR
CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
A closed-end management investment company that is filing an annual report on
this Form N-CSR must, unless it invests exclusively in non-voting securities,
describe the policies and procedures that it uses to determine how to vote
proxies relating to portfolio securities, including the procedures that the
company uses when a vote presents a conflict between the interests of its
shareholders, on the one hand, and those of the company's investment adviser;
principal underwriter; or any affiliated person (as defined in Section 2(a)(3)
of the Investment Company Act of 1940 (15 U.S.C. 80a-2(a)(3)) and the rules
thereunder) of the company, its investment adviser, or its principal
underwriter, on the other. Include any policies and procedures of the company's
investment adviser, or any other third party, that the company uses, or that are
used on the company's behalf, to determine how to vote proxies relating to
portfolio securities.
Not applicable to open-end management investment companies.
ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
(a) If the registrant is a closed-end management investment company that
is filing an annual report on this Form N-CSR,provide the following
information:
(1) State the name, title, and length of service of the person or persons
employed by or associated with the registrant or an investment adviser
of the registrant who are primarily responsible for the day-to-day management
of the registrant's portfolio ("Portfolio Manager"). Also state each Portfolio
Manager's business experience during the past 5 years.
Not applicable to open-end management investment companies.
ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT
INVESTMENT COMPANY AND AFFILIATED PURCHASERS.
(a) If the registrant is a closed-end management investment company,
in the following tabular format, provide the information specified in
paragraph (b) of this Item with respect to any purchase made by or on
behalf of the registrant or any affiliated purchaser, as defined in
Rule 10b-18(a)(3) under the Exchange Act (17 CFR 240.10b-18(a)(3)), of
shares or other units of any class of the registrant's equity securities
that is registered by the registrant pursuant to Section 12 of the
Exchange Act (15 U.S.C. 781).
Not applicable to open-end management investment companies.
ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.
Describe any material changes to the procedures by which shareholders
may recommend nominees to the registrant's board of directors, where
those changes were implemented after the registrant last provided
disclosure in response to the requirements of Item 407(c)(2)(iv) of
Regulation S-R(17 CFR 229.407)(as required by Item 22(b)(15))
of Schedule 14A (17 CFR 240.14a-101), or this Item.
There have been no material changes to the procedures by which the
shareholders may recommend nominees to the registrant's board of
directors since the registrant last provided disclosure in response
to the requirements of Item 407(c)(2)(iv) of Regulation S-R of Schedule 14(A)
in its definitive proxy statement, or this item.
ITEM 11. CONTROLS AND PROCEDURES.
(a) Disclose the conclusions of the registrant's principal executive and
principal financials officers, or persons performing similar functions,
regarding the effectiveness of the registrant's disclosure
controls and procedures (as defined in Rule 30a-3(c) under the Act (17 CFR
270.30a-3(c))) as of a date within 90 days of the filing date of the report
that includes the disclosure required by this paragraph,
based on the evaluation of these controls and procedures required by Rule
30a-3(b) under the Act (17 CFR 270.30(a)-3(b) and Rules 13a-15(b) or 15d-15(b)
under the Exchange Act (17 CFR 240.13a-15(b) or 240.15d-15(b)).
The registrant's principal executive officer
and principal financial officer have
concluded that the registrant's disclosure
controls and procedures are effective based
on the evaluation of these controls and
procedures as of a date within 90 days of the
filing date of this report.
(b) Disclose any change in the registrant's internal control over financial
reporting (as defined in Rule 30a-3(d) under the Act (17CFR 270.30a-3(d)) that
occured during the second fiscal quarter of the period covered by this report
that has materially affected, or is reasonably likely to materially affect,
the registrant's internal control over financial reporting.
There were no significant changes in the
registrant's internal control over financial
reporting that occurred during the second
fiscal quarter of the period covered by this
report that have materially affected, or are
reasonably likely to materially affect, the
registrant's internal control over financial
reporting.
The registrant's principal executive officer and principal financial
officer, however, voluntarily are reporting the following information:
In August of 2006 the registrant's investment adviser
enhanced its internal procedures for reporting performance
information required to be included in prospectuses.
Those enhancements involved additional internal controls
over the appropriateness of performance data
generated for this purpose. Such enhancements were made
following an internal review which identified
prospectuses relating to certain classes of shares of
a limited number of registrants where, inadvertently,
performance information not reflecting the deduction of
applicable sales charges was included. Those prospectuses
were revised, and the revised prospectuses were distributed to
shareholders.
Item 12. Disclosure of Securities Lending Activities for Closed-End
Management Investment Companies.
(a) If the registrant is a closed-end management investment company,
provide the following dollar amounts of income and compensation related
to the securities lending activities of the registrant during its most
recent fiscal year:
N/A
(1) Gross income from securities lending activities;
N/A
(2) All fees and/or compensation for each of the following securities
lending activities and related services: any share of revenue generated
by the securities lending program paid to the securities lending agent(s)
(revenue split); fees paid for cash collateral management services
(including fees deducted from a pooled cash collateral reinvestment
vehicle) that are not included in the revenue split; administrative
fees that are not included in the revenue split; fees for
indemnification that are not included in the revenue split; rebates
paid to borrowers; and any other fees relating to the securities lending
program that are not included in the revenue split, including a description
of those other fees;
N/A
(3) The aggregate fees/compensation disclosed pursuant to paragraph (2); and
N/A
(4) Net income from securities lending activities (i.e., the dollar amount in
paragraph (1) minus the dollar amount in paragraph (3)).
If a fee for a service is included in the revenue split, state that the fee
is included in the revenue split.
N/A
(b) If the registrant is a closed-end management investment company, describe
the services provided to the registrant by the securities lending agent in
the registrants most recent fiscal year.
N/A
ITEM 13. EXHIBITS.
(a) File the exhibits listed below as part of this Form. Letter or number the
exhibits in the sequence indicated.
(1) Any code of ethics, or amendment thereto, that is the subject of the
disclosure required by Item 2, to the extent that the registrant intends to
satisfy the Item 2 requirements through filing of an exhibit.
(2) A separate certification for each principal executive officer and principal
financial officer of the registrant as required by Rule 30a-2(a) under the Act
(17 CFR 270.30a-2(a)) , exactly as set forth below:
Filed herewith.
SIGNATURES
[See General Instruction F]
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, the registrant has duly caused this report to be
signed on its behalf by the undersigned, thereunto duly authorized.
(Registrant) Pioneer High Yield Fund
By (Signature and Title)* /s/ Lisa M. Jones
Lisa M. Jones, President & Chief Executive Officer
Date July 1, 2019
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, this report has been signed below by the
following persons on behalf of the registrant and in the capacities and on the
dates indicated.
By (Signature and Title)* /s/ Lisa M. Jones
Lisa M. Jones, President & Chief Executive Officer
Date July 1, 2019
By (Signature and Title)* /s/ Mark E. Bradley
Mark E. Bradley, Treasurer & Chief Accounting & Financial Officer
Date July 1, 2019
* Print the name and title of each signing officer under his or her signature.