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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-09685
Pioneer High Yield Fund
(Exact name of registrant as specified in charter)
60 State Street, Boston, MA 02109
(Address of principal executive offices) (ZIP code)
Terrence J. Cullen, Pioneer Investment Management, Inc.,
60 State Street, Boston, MA 02109
(Name and address of agent for service)
Registrant's telephone number, including area code: (617) 742-7825
Date of fiscal year end: October 31
Date of reporting period: November 1, 2009 through October 31, 2010
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 SHAREOWNERS.
Pioneer High
Yield Fund
- --------------------------------------------------------------------------------
Annual Report | October 31, 2010
- --------------------------------------------------------------------------------
Ticker Symbols:
Class A TAHYX
Class B TBHYX
Class C PYICX
Class R TYHRX
Class Y TYHYX
Class Z TAHZX
[LOGO]PIONEER
Investments(R)
visit us: pioneerinvestments.com
Table of Contents
Letter to Shareowners 2
Portfolio Management Discussion 4
Portfolio Summary 7
Prices and Distributions 9
Performance Update 10
Comparing Ongoing Fund Expenses 16
Schedule of Investments 18
Financial Statements 48
Notes to Financial Statements 58
Report of Independent Registered Public Accounting Firm 68
Trustees, Officers and Service Providers 70
Pioneer High Yield Fund | Annual Report | 10/31/10 1
President's Letter
Dear Shareowner,
Through the first nine months of 2010, the U.S. economy moved forward on a slow
path to recovery. But with the memory of a deep recession still lingering,
businesses and consumers remained cautious about both investing and spending.
While business fundamentals showed signs of improvement, there was still a
reluctance to hire, and high unemployment remains a problem. Wary investors,
concerned about risk, gravitated towards cash and bonds. We remain generally
optimistic about the prospects for economic recovery, although it may occur
more slowly than many would like.
At Pioneer, we have long advocated the benefits of staying diversified and
investing for the long term. This strategy has generally performed well for
many investors. Bond markets certainly rewarded investors in the first nine
months of 2010. While the equity markets barely budged, equities at the end of
September 2010 were inexpensive relative to bonds, compared with historic
levels, and represented potentially good value for long-term investors.
Pioneer has not changed the basic approach to investing that we have used for
more than 80 years. We remain focused on company fundamentals and risk
management. Our investment process is based on careful research into individual
companies, quantitative analysis, and active portfolio management. This
three-pillared process, which we apply to each of our portfolios, is supported
by an integrated team approach and is designed to carefully balance risk and
reward. Our experienced professionals devote themselves to the careful research
needed to identify investment opportunities in markets around the world.
Our advice, as always, is to work closely with a trusted financial advisor to
discuss your goals and work together to develop an investment strategy that
meets your individual needs. There is no single best strategy that works for
every investor.
2 Pioneer High Yield Fund | Annual Report | 10/31/10
We invite you to learn more about Pioneer and our time-tested approach to
investing by consulting with your financial advisor or visiting us online at
www.pioneerinvestments.com. We greatly appreciate your trust in us and we thank
you for investing with Pioneer.
Sincerely,
/s/ Daniel K. Kingsbury
Daniel K. Kingsbury
President and CEO
Pioneer Investment Management USA, Inc.
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 the opinion of Fund management as of the date of this report.
These statements should not be relied upon for any other purposes. Past
performance is no guarantee of future results, and there is no guarantee that
market forecasts discussed will be realized.
Pioneer High Yield Fund | Annual Report | 10/31/10 3
Portfolio Management Discussion | 10/31/10
High-yield bonds posted impressive returns during the 12 months ended October
31, 2010, continuing a strong run that commenced early in 2009. In the
following interview, portfolio managers Tracy Wright and Andrew Feltus discuss
what factors drove the high-yield market and those that influenced the
performance of Pioneer High Yield Fund over the 12-month period. Mr. Feltus,
senior vice president, and Ms. Wright, vice president, are responsible for the
day-to-day management of the Fund's portfolio and are supported by Pioneer's
fixed-income team.
Q How did the Fund perform during the 12 months ended October 31, 2010?
A Pioneer High Yield Fund Class A shares returned 19.66% at net asset value
over the 12 months ended October 31, 2010, while the Fund's benchmarks, the
Bank of America Merrill Lynch (BofA ML) High Yield Master II Index, the
BofA ML All Convertibles Speculative Quality Index, and the BofA ML Index
of Convertible Bonds (Speculative Quality), returned 19.26%, 26.40%, and
25.22%, respectively. Over the same period, the average return of the 483
mutual funds in Lipper's High Current Yield Funds category was 17.82%.
Q What was the investment backdrop like for high-yield bonds over the 12 months
ended October 31, 2010?
A The high-yield asset class was helped by the Federal Reserve Board's (the
Fed's) extremely accommodative monetary policy, which kept interest rates
very low over the 12-month period. The demand for fixed-income investments
outpaced demand for equities, and the lack of attractive yields in almost
every other area of the fixed-income markets helped drive investors into
the high-yield areas. Even though yields within the asset class were low
due to the influence of low yields for comparable 10-year Treasury bonds,
yield spreads -- the difference between yields offered by high-yield bonds
over comparable Treasuries -- remained attractive. Default rates continued
to decline and were projected to be about 2% this calendar year (2010) and
next (2011). Many companies issuing high-yield debt also benefited from
better-than-expected earnings, very strong cash flows, cleaned-up balance
sheets with lower leverage, and refinancing activity that pushed maturities
further into the future.
Q What factors influenced the Fund's performance over the 12 months ended
October 31, 2010?
A Relative to the BofA ML High Yield Master II Index (the Fund's primary
comparison index), the Fund benefited from strong security selection
4 Pioneer High Yield Fund | Annual Report | 10/31/10
within its portfolio's fixed-income allocation. At the industry level,
overweighting real estate and underweighting utilities and health care also
helped Fund performance. On the down side, the Fund lost ground due to an
overweighting in capital goods, along with underweightings in banking and
financial services. In terms of credit quality, our underweighting in
lower-rated CCC bonds detracted from Fund performance, as those more-
speculative issues outperformed. Looking at asset classes, the Fund's
convertible security allocation helped performance. Holding bank loans and
equities in the Fund's portfolio hurt performance, as those segments of the
market underperformed high yield. Strong individual stock selection,
however, helped offset the overall negative influence of holding equities.
Q What was your investment strategy for the Fund during the 12 months ended
October 31, 2010?
A Given the Fed's extremely accommodative stance, we felt comfortable becoming
more aggressive with the Fund's investments in common stocks and
convertible bonds. We also continued to overweight the Fund to late-
economic-cycle industries such as capital goods, because we believed market
liquidity, improved earnings and better outlooks would eventually lead to
increased capital spending.
Q Which Fund holdings contributed the most to performance relative to the BofA
ML High Yield Master II Index during the 12 months ended October 31, 2010,
and which holdings detracted the most?
A Bonds issued by real estate operating company Forest City Enterprises
performed well during the 12-month period, due to the company's much-improved
liquidity outlook. The convertible securities of industrial distributor
WESCO also contributed to Fund performance, as did investments in the
common stock of BE Aerospace and chemicals manufacturer Georgia Gulf, which
rose due to an improved earnings outlook.
Detractors from the Fund's relative performance included the common stock
of drilling company Hercules Offshore, which was hurt by the disaster in
the Gulf of Mexico, where the firm operates. Bonds issued by leisure/
casino firm Mashantucket Pequot (Foxwoods) declined on concerns about the
company's solvency. The common stock of Scientific Games also lagged, due
to the slower-than-expected adoption of lottery tickets in China. The
convertible securities the Fund held in medical diagnostics provider Alere
also dampened relative performance.
Q What's your outlook?
A We believe the U.S. will achieve gross domestic product (GDP) growth of
approximately 2% to 3% in 2010, led by the corporate sector. At the margin,
we feel U.S. GDP growth will be somewhat lower than we had expected at the
beginning of 2010 amid reduced global growth expectations, which
Pioneer High Yield Fund | Annual Report | 10/31/10 5
reflect tighter monetary policy from several emerging market countries as
well as deficit-reduction measures among the highly indebted Eurozone
members. We do not believe that inflation is an immediate concern, but feel
it could pose a significant intermediate threat if monetary and fiscal
stimulus and the deteriorating government debt situation are not managed
effectively. With its new $600 billion Treasury purchase program, the Fed
faces even greater inflation challenges in the intermediate term. With
expected slow growth and continued high levels of unemployment in the U.S.,
we believe the Fed likely will maintain the current low-rate environment
into 2011.
We continue to see value in high yield, given attractive spreads and the
generally strong financial position of corporations, as well as low default
expectations for the coming year. We continue to add to the Fund's equity-
sensitive convertible bond positions, believing the stock market will
benefit from attractive valuations and respond positively to the Fed's
quantitative easing. As always, we will focus on security selection, which
we feel will represent the primary means for outperformance going forward,
given a more normalized market environment relative to the past three
years.
Please refer to the Schedule of Investments on pages 18-47 for a full listing
of Fund securities.
Investments in high-yield or lower-rated securities are subject to
greater-than-average risk. When interest rates rise, the prices of fixed-income
securities in the Fund will generally fall. Conversely, when interest rates
fall, the prices of fixed-income securities in the Fund will generally rise.
Investments in the Fund are subject to possible loss due to the financial
failure of the issuers of underlying securities and their inability to meet
their debt obligations. These risks may increase share price volatility.
Prepayment risk is the chance that mortgage-backed bonds will be paid off early
if falling interest rates prompt homeowners to refinance their mortgages.
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 associated with falling interest rates. 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.
Past performance is no guarantee of future results, and there is no guarantee
that market forecasts discussed will be realized.
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 the opinion of Fund management as of the date of this report.
These statements should not be relied upon for any other purposes.
6 Pioneer High Yield Fund | Annual Report | 10/31/10
Portfolio Summary | 10/31/10
Portfolio Diversification
- --------------------------------------------------------------------------------
(As a percentage of total investment portfolio)
[THE FOLLOWING DATA WAS REPRESENTED AS A PIE CHART IN THE PRINTED MATERIAL]
U.S. Corporate Bonds 48.8%
Convertible Corporate Bonds 18.2%
U.S. Common Stocks 15.2%
Senior Secured Loans 7.1%
Temporary Cash Investments 6.3%
Preferred Stocks 4.2%
Asset Backed Securities 0.1%
Collateralized Mortgage Obligations 0.1%
Sector Distribution
- --------------------------------------------------------------------------------
(As a percentage of equity holdings)
[THE FOLLOWING DATA WAS REPRESENTED AS A PIE CHART IN THE PRINTED MATERIAL]
Industrials 19.01%
Energy 13.32%
Consumer Discretionary 13.21%
Health Care 12.21%
Materials 12.14%
Financials 11.80%
Information Technology 5.96%
Telecommunication Services 5.47%
Consumer Staples 3.66%
Utilities 3.18%
Government 0.04%
Pioneer High Yield Fund | Annual Report | 10/31/10 7
Portfolio Summary | 10/31/10 (continued)
Quality Distribution
- --------------------------------------------------------------------------------
(As a percentage of long-term securities; based on S&P ratings)
[THE FOLLOWING DATA WAS REPRESENTED AS A PIE CHART IN THE PRINTED MATERIAL]
AAA 0.04%
BBB 1.98%
BB 24.61%
B 49.43%
CCC 13.75%
Not Rated 7.47%
Cash Equivalents 2.72%
10 Largest Holdings
- --------------------------------------------------------------------------------
(As a percentage of total long-term holdings)
1. Forest City Enterprises, Inc., 6.50%, 2/1/17 2.39%
- --------------------------------------------------------------------------------
2. Tesoro Corp., 6.625%, 11/1/15 2.03
- --------------------------------------------------------------------------------
3. WESCO International, Inc., 6.0%, 9/15/29 2.02
- --------------------------------------------------------------------------------
4. Forest City Enterprises, Inc., 7.0%, 2/31/49 1.89
- --------------------------------------------------------------------------------
5. Nova Chemicals Corp., 7.875%, 9/15/25 1.83
- --------------------------------------------------------------------------------
6. WESCO Distribution, Inc., 7.5%, 10/15/17 1.16
- --------------------------------------------------------------------------------
7. Anixter International, Inc., 5.95%, 3/1/15 1.13
- --------------------------------------------------------------------------------
8. Roper Industries, Inc., 1.4813%, 1/15/34 1.06
- --------------------------------------------------------------------------------
9. Ford Motor Co., 4.25%, 11/15/16 1.04
- --------------------------------------------------------------------------------
10. Alliance One International Inc., 10.0%, 7/15/16 1.04
- --------------------------------------------------------------------------------
* This list excludes temporary cash investments and derivative instruments. The
portfolio is actively managed, and current holdings may be different
investments. The holdings listed should not be considered recommendations to
buy or sell any security listed.
8 Pioneer High Yield Fund | Annual Report | 10/31/10
Prices and Distributions | 10/31/10
Net Asset Value per Share
- --------------------------------------------------------------------------------
Class 10/31/10 10/31/09
A $ 9.88 $ 8.69
- --------------------------------------------------------------------------------
B $ 9.95 $ 8.74
- --------------------------------------------------------------------------------
C $ 10.04 $ 8.83
- --------------------------------------------------------------------------------
R $ 11.03 $ 9.70
- --------------------------------------------------------------------------------
Y $ 9.88 $ 8.69
- --------------------------------------------------------------------------------
Z $ 9.86 $ 8.65
- --------------------------------------------------------------------------------
Distributions per Share: 11/1/09-4/30/10
- --------------------------------------------------------------------------------
Net Investment Short-Term Long-Term
Class Income Capital Gains Capital Gains
A $ 0.4740 $ -- $ --
- --------------------------------------------------------------------------------
B $ 0.3996 $ -- $ --
- --------------------------------------------------------------------------------
C $ 0.4120 $ -- $ --
- --------------------------------------------------------------------------------
R $ 0.4984 $ -- $ --
- --------------------------------------------------------------------------------
Y $ 0.5127 $ -- $ --
- --------------------------------------------------------------------------------
Z $ 0.5012 $ -- $ --
- --------------------------------------------------------------------------------
Index Definitions
- --------------------------------------------------------------------------------
The Bank of America (BofA) Merrill Lynch (ML) High Yield Master II Index is a
commonly accepted measure of the performance of high yield securities. The Bank
of America (BofA) Merrill Lynch (ML) Index of Convertible Bonds (Speculative
Quality) is a commonly accepted measure of the performance of speculative grade
convertible bond securities. The Bank of America (BofA) Merrill Lynch (ML)
All-Convertibles Speculative Quality Index is an unmanaged index of high-yield
U.S. convertible securities, was added as a benchmark for Pioneer High Yield
Fund. Index returns 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 indexes defined here pertain to the "Value of $10,000 Investment" and the
"Value of $5 Million Investment" charts on pages 10-15.
Pioneer High Yield Fund | Annual Report | 10/31/10 9
Performance Update | 10/31/10 Class A Shares
Investment Returns
- --------------------------------------------------------------------------------
The mountain chart on the right shows the change in value of a $10,000
investment made in Pioneer High Yield Fund at public offering price, compared
to that of the Bank of America (BofA) Merrill Lynch (ML) High Yield Master II
Index, the Bank of America (BofA) Merrill Lynch (ML) Index of Convertible Bonds
(Speculative Quality), and the Bank of America (BofA) Merrill Lynch (ML) All
Convertibles Speculative Quality Index.
Average Annual Total Returns
(As of October 31, 2010)
- -------------------------------------------------------------------
Net Public
Asset Value Offering
Period (NAV) Price (POP)
- -------------------------------------------------------------------
10 Years 7.90% 7.41%
5 Years 6.79 5.80
1 Year 19.66 14.27
- -------------------------------------------------------------------
Expense Ratio
(Per prospectus dated March 1, 2010)
- -------------------------------------------------------------------
Gross Net
- -------------------------------------------------------------------
1.25% 1.25%
- -------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $10,000 Investment
BofA ML Index of
Pioneer High BofA ML All Convertibles BofA ML High Yield Convertible Bonds
Yield Fund Speculative Quality Index Master II Index (Speculative Quality) Index
10/00 9550 10000 10000 10000
9967 7284 10005 6805
10/02 9626 7091 9352 6625
13171 10130 12447 9464
10/04 14221 11025 13959 10301
14717 11277 14512 10536
10/06 16185 13086 16012 12226
18304 14661 17108 13697
10/08 12396 8336 12572 7788
17081 12000 18705 11211
10/10 20439 15026 22308 14039
Call 1-800-225-6292 or visit www.pioneerinvestments.com for the most recent
month-end performance results. Current performance may be lower or higher than
the performance data quoted.
The performance data quoted represents past performance, which is no guarantee
of future results. Investment return and principal value will fluctuate, and
shares, when redeemed, may be worth more or less than their original cost.
NAV results represent the percent change in net asset value per share. POP
returns reflect deduction of maximum 4.50% sales charge. NAV returns would have
been lower had sales charges been reflected. All results are historical and
assume the reinvestment of dividends and capital gains. Other share classes are
available for which performance and expenses will differ.
Performance results reflect any applicable expense waivers in effect during the
periods shown. Without such waivers Fund performance would be lower. Waivers
may not be in effect for all funds. Certain fee waivers are contractual through
a specified period. Otherwise, fee waivers can be rescinded at any time. See
the prospectus and financial statements for more information.
The performance table and graph do not reflect the deduction of fees and taxes
that a shareowner would pay on Fund distributions or the redemption of Fund
shares.
10 Pioneer High Yield Fund | Annual Report | 10/31/10
Performance Update | 10/31/10 Class B Shares
Investment Returns
- --------------------------------------------------------------------------------
The mountain chart on the right shows the change in value of a $10,000
investment made in Pioneer High Yield Fund, compared to that of the Bank of
America (BofA) Merrill Lynch (ML) High Yield Master II Index, the Bank of
America (BofA) Merrill Lynch (ML) Index of Convertible Bonds (Speculative
Quality), and the Bank of America (BofA) Merrill Lynch (ML) All Convertibles
Speculative Quality Index.
Average Annual Total Returns
(As of October 31, 2010)
- ---------------------------------------------------------------
If If
Period Held Redeemed
- ---------------------------------------------------------------
10 Years 7.12% 7.12%
5 Years 6.06 6.06
1 Year 18.83 14.83
- ---------------------------------------------------------------
Expense Ratio
(Per prospectus dated March 1, 2010)
- ---------------------------------------------------------------
Gross Net
- ---------------------------------------------------------------
2.04% 2.04%
- ---------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $10,000 Investment
BofA ML Index of
Pioneer High BofA ML All Convertibles BofA ML High Yield Convertible Bonds
Yield Fund Speculative Quality Index Master II Index (Speculative Quality) Index
10/00 10000 10000 10000 10000
10345 7284 10005 6805
10/02 9910 7091 9352 6625
13473 10130 12447 9464
10/04 14446 11025 13959 10301
14823 11277 14512 10536
10/06 16194 13086 16012 12226
18175 14661 17108 13697
10/08 12228 8336 12572 7788
16740 12000 18705 11211
10/10 19892 15026 22308 14039
Call 1-800-225-6292 or visit www.pioneerinvestments.com for the most recent
month-end performance results. Current performance may be lower or higher than
the performance data quoted.
The performance data quoted represents past performance, which is no guarantee
of future results. Investment return and principal value will fluctuate, and
shares, when redeemed, may be worth more or less than their original cost.
"If Held" results represent the percent change in net asset value per share.
Returns would have been lower had sales charges been reflected. "If Redeemed"
returns reflect the deduction of applicable contingent deferred sales charge
(CDSC). Effective December 1, 2004, the period during which a CDSC is applied
to withdrawals was shortened to 5 years. The maximum CDSC for Class B shares is
4% and declines over five years. For more complete information, please see the
prospectus. Note: Shares purchased prior to December 1, 2004 remain subject to
the CDSC in effect at the time you purchased those shares. For performance
information for shares purchased prior to December 1, 2004, please visit
www.pioneerinvestments.com.
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 taxes that a
shareowner would pay on Fund distributions or the redemption of Fund shares.
Pioneer High Yield Fund | Annual Report | 10/31/10 11
Performance Update | 10/31/10 Class C Shares
Investment Returns
- --------------------------------------------------------------------------------
The mountain chart on the right shows the change in value of a $10,000
investment made in Pioneer High Yield Fund, compared to that of the Bank of
America (BofA) Merrill Lynch (ML) High Yield Master II Index, the Bank of
America (BofA) Merrill Lynch (ML) Index of Convertible Bonds (Speculative
Quality), and the Bank of America (BofA) Merrill Lynch (ML) All Convertibles
Speculative Quality Index.
Average Annual Total Returns
(As of October 31, 2010)
- ---------------------------------------------------------------
If If
Period Held Redeemed
- ---------------------------------------------------------------
10 Years 7.12% 7.12%
5 Years 6.07 6.07
1 Year 18.79 18.79
- ---------------------------------------------------------------
Expense Ratio
(Per prospectus dated March 1, 2010)
- ---------------------------------------------------------------
Gross Net
- ---------------------------------------------------------------
1.98% 1.98%
- ---------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $10,000 Investment
BofA ML Index of
Pioneer High BofA ML All Convertibles BofA ML High Yield Convertible Bonds
Yield Fund Speculative Quality Index Master II Index (Speculative Quality) Index
10/00 10000 10000 10000 10000
10350 7284 10005 6805
10/02 9919 7091 9352 6625
13466 10130 12447 9464
10/04 14437 11025 13959 10301
14819 11277 14512 10536
10/06 16186 13086 16012 12226
18186 14661 17108 13697
10/08 12225 8336 12572 7788
16750 12000 18705 11211
10/10 19897 15026 22308 14039
Call 1-800-225-6292 or visit www.pioneerinvestments.com for the most recent
month-end performance results. Current performance may be lower or higher than
the performance data quoted.
The performance data quoted represents past performance, which is no guarantee
of future results. Investment return and principal value will fluctuate, and
shares, when redeemed, may be worth more or less than their original cost.
Class C shares held for less than one year are also subject to a 1% contingent
deferred sales charge (CDSC). The performance of Class C shares does not
reflect the 1% front-end sales charge in effect prior to February 1, 2004. If
you paid a 1% sales charge, your returns would be lower than those shown above.
"If Held" results represent the percent change in net asset value per share.
Returns would have been lower had sales charges been reflected. All results are
historical and assume the reinvestment of dividends and capital gains. Other
share classes are available for which performance and expenses will differ.
Performance results reflect any applicable expense waivers in effect during the
periods shown. Without such waivers Fund performance would be lower. Waivers
may not be in effect for all funds. Certain fee waivers are contractual through
a specified period. Otherwise, fee waivers can be rescinded at any time. See
the prospectus and financial statements for more information.
The performance table and graph do not reflect the deduction of fees and taxes
that a shareowner would pay on Fund distributions or the redemption of Fund
shares.
12 Pioneer High Yield Fund | Annual Report | 10/31/10
Performance Update | 10/31/10 Class R Shares
Investment Returns
- --------------------------------------------------------------------------------
The mountain chart on the right shows the change in value of a $10,000
investment made in Pioneer High Yield Fund, compared to that of the Bank of
America (BofA) Merrill Lynch (ML) High Yield Master II Index, the Bank of
America (BofA) Merrill Lynch (ML) Index of Convertible Bonds (Speculative
Quality), and the Bank of America (BofA) Merrill Lynch (ML) All Convertibles
Speculative Quality Index.
Average Annual Total Returns
(As of October 31, 2010)
- ---------------------------------------------------------------
If If
Period Held Redeemed
- ---------------------------------------------------------------
10 Years 7.63% 7.63%
5 Years 6.57 6.57
1 Year 19.32 19.32
- ---------------------------------------------------------------
Expense Ratio
(Per prospectus dated March 1, 2010)
- ---------------------------------------------------------------
Gross Net
- ---------------------------------------------------------------
1.47% 1.47%
- ---------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $10,000 Investment
BofA ML Index of
Pioneer High BofA ML All Convertibles BofA ML High Yield Convertible Bonds
Yield Fund Speculative Quality Index Master II Index (Speculative Quality) Index
10/00 10000 10000 10000 10000
10381 7284 10005 6805
10/02 9975 7091 9352 6625
13630 10130 12447 9464
10/04 14728 11025 13959 10301
15177 11277 14512 10536
10/06 16645 13086 16012 12226
18768 14661 17108 13697
10/08 12695 8336 12572 7788
17485 12000 18705 11211
10/10 20863 15026 22308 14039
Call 1-800-225-6292 or visit www.pioneerinvestments.com for the most recent
month-end performance results. Current performance may be lower or higher than
the performance data quoted.
The performance data quoted represents past performance, which is no guarantee
of future results. Investment return and principal value will fluctuate, and
shares, when redeemed, may be worth more or less than their original cost.
The performance shown for Class R shares for the period prior to the
commencement of operations of Class R shares on April 1, 2003, is based on the
performance of the Fund's Class A shares, reduced to reflect the higher
distribution and service fees of Class R shares. For the period beginning on
April 1, 2003, the actual performance of Class R shares is reflected. 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.
Pioneer High Yield Fund | Annual Report | 10/31/10 13
Performance Update | 10/31/10 Class Y Shares
Investment Returns
- --------------------------------------------------------------------------------
The mountain chart on the right shows the change in value of a $5 million
investment made in Pioneer High Yield Fund, compared to that of the Bank of
America (BofA) Merrill Lynch (ML) High Yield Master II Index, the Bank of
America (BofA) Merrill Lynch (ML) Index of Convertible Bonds (Speculative
Quality), and the Bank of America (BofA) Merrill Lynch (ML) All Convertibles
Speculative Quality Index.
Average Annual Total Returns
(As of October 31, 2010)
- ---------------------------------------------------------------
If If
Period Held Redeemed
- ---------------------------------------------------------------
10 Years 8.31% 8.31%
5 Years 7.31 7.31
1 Year 20.16 20.16
- ---------------------------------------------------------------
Expense Ratio
(Per prospectus dated March 1, 2010)
- ---------------------------------------------------------------
Gross Net
- ---------------------------------------------------------------
0.78% 0.78%
- ---------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $5,000,000 Investment
BofA ML Index of
Pioneer High BofA ML All Convertibles BofA ML High Yield Convertible Bonds
Yield Fund Speculative Quality Index Master II Index (Speculative Quality) Index
10/00 5,000,000 5,000,000 5,000,000 5,000,000
10/01 5,214,132 3,641,976 5,002,717 3,402,627
10/02 5,050,316 3,545,744 4,675,849 3,312,720
10/03 6,932,164 5,065,045 6,223,678 4,732,174
10/04 7,512,251 5,512,689 6,979,477 5,150,399
10/05 7,806,899 5,638,712 7,255,806 5,268,140
10/06 8,620,806 6,543,092 8,005,986 6,113,084
10/07 9,782,756 7,330,257 8,554,134 6,848,517
10/08 6,672,537 4,168,131 6,285,826 3,894,203
10/09 9,247,195 5,999,850 9,352,480 5,605,543
10/10 11,111,137 7,513,065 11,153,990 7,019,310
Call 1-800-225-6292 or visit www.pioneerinvestments.com for the most recent
month-end performance results. Current performance may be lower or higher than
the performance data quoted.
The performance data quoted represents past performance, which is no guarantee
of future results. Investment return and principal value will fluctuate, and
shares, when redeemed, may be worth more or less than their original cost.
Class Y shares are not subject to sales charges and are available for limited
groups of eligible investors, including institutional investors. All results
are historical and assume the reinvestment of dividends and capital gains.
Other share classes are available for which performance and expenses will
differ.
Performance results reflect any applicable expense waivers in effect during the
periods shown. Without such waivers Fund performance would be lower. Waivers
may not be in effect for all funds. Certain fee waivers are contractual through
a specified period. Otherwise, fee waivers can be rescinded at any time. See
the prospectus and financial statements for more information.
The performance table and graph do not reflect the deduction of fees and taxes
that a shareowner would pay on Fund distributions or the redemption of Fund
shares.
14 Pioneer High Yield Fund | Annual Report | 10/31/10
Performance Update | 10/31/10 Class Z Shares
Investment Returns
- --------------------------------------------------------------------------------
The mountain chart on the right shows the change in value of a $10,000
investment made in Pioneer High Yield Fund, compared to that of the Bank of
America (BofA) Merrill Lynch (ML) High Yield Master II Index, the Bank of
America (BofA) Merrill Lynch (ML) Index of Convertible Bonds (Speculative
Quality), and the Bank of America (BofA) Merrill Lynch (ML) All Convertibles
Speculative Quality Index.
Average Annual Total Returns
(As of October 31, 2010)
- ---------------------------------------------------------------
If If
Period Held Redeemed
- ---------------------------------------------------------------
10 Years 8.03% 8.03%
5 Years 7.05 7.05
1 Year 20.35 20.35
- ---------------------------------------------------------------
Expense Ratio
(Per prospectus dated March 1, 2010)
- ---------------------------------------------------------------
Gross Net
- ---------------------------------------------------------------
0.98% 0.85%
- ---------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $10,000 Investment
BofA ML Index of
Pioneer High BofA ML All Convertibles BofA ML High Yield Convertible Bonds
Yield Fund Speculative Quality Index Master II Index (Speculative Quality) Index
10/00 10000 10000 10000 10000
10432 7284 10005 6805
10/02 10075 7091 9352 6625
13786 10130 12447 9464
10/04 14885 11025 13959 10301
15404 11277 14512 10536
10/06 16941 13086 16012 12226
19179 14661 17108 13697
10/08 13089 8336 12572 7788
17994 12000 18705 11211
10/10 21655 15026 22308 14039
Call 1-800-225-6292 or visit www.pioneerinvestments.com for the most recent
month-end performance results. Current performance may be lower or higher than
the performance data quoted.
The performance data quoted represents past performance, which is no guarantee
of future results. Investment return and principal value will fluctuate, and
shares, when redeemed, may be worth more or less than their original cost.
Performance shown for Class Z shares for periods prior to the inception of
Class Z shares on July 6, 2007, reflects the NAV performance of the Fund's
Class A shares. The performance does not reflect differences in expenses,
including the Rule 12b-1 fees, applicable to Class A shares. Since fees for
Class A shares are generally higher than those of Class Z shares, the
performance for Class Z shares for periods prior to their inception on July 6,
2007 would have been higher than the performance shown. Class Z shares are not
subject to sales charges and are available for limited groups of eligible
investors, including institutional investors. All results are historical and
assume the reinvestment of dividends and capital gains. Other share classes are
available for which performance and expenses will differ.
Performance results reflect any applicable expense waivers in effect during the
periods shown. Without such waivers Fund performance would be lower. Waivers
may not be in effect for all funds. Certain fee waivers are contractual through
a specified period. Otherwise, fee waivers can be rescinded at any time. See
the prospectus and financial statements for more information.
The net expense ratio reflects contractual expense limitations currently in
effect through March 1, 2012, for Class Z shares. There can be no assurance
that Pioneer will extend the expense limitations beyond such time. Please see
the prospectus and financial statements for more information.
The performance table and graph do not reflect the deduction of fees and taxes
that a shareowner would pay on Fund distributions or the redemption of Fund
shares.
Pioneer High Yield Fund | Annual Report | 10/31/10 15
Comparing Ongoing Fund Expenses
As a shareowner in the Fund, you incur two types of costs:
(1) ongoing costs, including management fees, distribution and/or service
(12b-1) fees, and other Fund expenses; and
(2) transaction costs, including sales charges (loads) on purchase payments.
This example is intended to help you understand your ongoing expenses (in
dollars) of investing in the Fund and to compare these costs with the ongoing
costs of investing in other mutual funds. The example is based on an investment
of $1,000 at the beginning of the Fund's latest six-month period and held
throughout the six months.
Using the Tables
- --------------------------------------------------------------------------------
Actual Expenses
The first table below provides information about actual account values and
actual expenses. You may use the information in this table, together with the
amount you invested, to estimate the expenses that you paid over the period as
follows:
1. Divide your account value by $1,000
Example: an $8,600 account value [divided by] $1,000 = 8.6
2. Multiply the result in (1) above by the corresponding share class's number
in the third row under the heading entitled "Expenses Paid During Period"
to estimate the expenses you paid on your account during this period.
Expenses Paid on a $1,000 Investment in Pioneer High Yield Fund
Based on actual returns from May 1, 2010 through October 31, 2010.
- ---------------------------------------------------------------------------------------------------------------------
Share Class A B C R Y Z
- ---------------------------------------------------------------------------------------------------------------------
Beginning Account $1,000.00 $1,000.00 $1,000.00 $1,000.00 $1,000.00 $1,000.00
Value on 5/1/10
- ---------------------------------------------------------------------------------------------------------------------
Ending Account Value $1,046.89 $1,044.66 $1,043.85 $1,045.75 $1,050.17 $1,052.93
(after expenses)
on 10/31/10
- ---------------------------------------------------------------------------------------------------------------------
Expenses Paid $6.09 $10.10 $9.69 $7.68 $4.08 $4.40
During Period*
- ---------------------------------------------------------------------------------------------------------------------
* Expenses are equal to the Fund's annualized expense ratio of 1.18%, 1.96%,
1.88%, 1.49%, 0.79% and 0.85% for class A, B, C, R, Y and Z, shares,
respectively, multiplied by the average account value over the period,
multiplied by 184/365 (to reflect the partial year period).
16 Pioneer High Yield Fund | Annual Report | 10/31/10
Hypothetical Example for Comparison Purposes
The table below provides information about hypothetical account values and
hypothetical expenses based on the Fund's actual expense ratio and an assumed
rate of return of 5% per year before expenses, which is not the Fund's actual
return. The hypothetical account values and expenses may not be used to
estimate the actual ending account balance or expenses you paid for the period.
You may use this information to compare the ongoing costs of investing in the
Fund and other funds. To do so, compare this 5% hypothetical example with the
5% hypothetical examples that appear in the shareholder reports of the other
funds.
Please note that the expenses shown in the tables are meant to highlight your
ongoing costs only and do not reflect any transaction costs, such as sales
charges (loads) that are charged at the time of the transaction. Therefore, the
table below is useful in comparing ongoing costs only and will not help you
determine the relative total costs of owning different funds. In addition, if
these transaction costs were included, your costs would have been higher.
Expenses Paid on a $1,000 Investment in Pioneer High Yield Fund
Based on a hypothetical 5% return per year before expenses, reflecting the
period from May 1, 2010 through October 31, 2010.
- ---------------------------------------------------------------------------------------------------------------------
Share Class A B C R Y Z
- ---------------------------------------------------------------------------------------------------------------------
Beginning Account $1,000.00 $1,000.00 $1,000.00 $1,000.00 $1,000.00 $1,000.00
Value on 5/1/10
- ---------------------------------------------------------------------------------------------------------------------
Ending Account Value $1,019.26 $1,015.32 $1,015.73 $1,017.69 $1,021.22 $1,020.92
(after expenses)
on 10/31/10
- ---------------------------------------------------------------------------------------------------------------------
Expenses Paid $6.01 $9.96 $9.55 $7.58 $4.02 $4.33
During Period*
- ---------------------------------------------------------------------------------------------------------------------
* Expenses are equal to the Fund's annualized expense ratio of 1.18%, 1.96%,
1.88%, 1.49%, 0.79% and 0.85% for class A, B, C, R, Y and Z, shares,
respectively, multiplied by the average account value over the period,
multiplied by 184/365 (to reflect the partial year period).
Pioneer High Yield Fund | Annual Report | 10/31/10 17
Schedule of Investments | 10/31/10
- ---------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate (d) Ratings Value
- ---------------------------------------------------------------------------------------------------
CONVERTIBLE CORPORATE BONDS -- 18.6%
ENERGY -- 2.8%
Coal & Consumable Fuels -- 0.9%
1,000,000 B-/NR International Coal Group, Inc.,
4.0%, 4/1/17 $ 1,232,500
26,438,000 BB-/NR Massey Energy Co., 3.25%, 8/1/15 25,281,338
--------------
$ 26,513,838
- ---------------------------------------------------------------------------------------------------
Oil & Gas Equipment & Services -- 0.5%
10,598,000 BB/NR Exterran Holdings, Inc., 4.25%, 6/15/14 $ 13,684,668
- ---------------------------------------------------------------------------------------------------
Oil & Gas Exploration & Production -- 1.4%
12,017,000 BB-/NR Bill Barrett Corp., 5.0%, 3/15/28 (b) $ 12,257,340
25,033,000 BB/Ba3 Chesapeake Energy Corp., 2.5%, 5/15/37 21,559,671
6,135,000 B/NR Penn Virginia Corp., 4.5%, 11/15/12 6,012,300
--------------
$ 39,829,311
--------------
Total Energy $ 80,027,817
- ---------------------------------------------------------------------------------------------------
MATERIALS -- 0.2%
Steel -- 0.2%
5,200,000 BB+/NR Steel Dynamics, Inc., 5.125%, 6/15/14 $ 6,006,000
--------------
Total Materials $ 6,006,000
- ---------------------------------------------------------------------------------------------------
CAPITAL GOODS -- 4.6%
Construction & Farm Machinery & Heavy Trucks -- 1.1%
10,274,000 CCC/Caa2 Greenbrier Co., Inc., 2.375%, 5/15/26 $ 9,272,285
17,300,000 B/B1 Navistar International Corp.,
3.0%, 10/15/14 20,781,625
--------------
$ 30,053,910
- ---------------------------------------------------------------------------------------------------
Electrical Components & Equipment -- 1.5%
10,874,000 B/B2 General Cable Corp., 4.5%, 11/15/29 $ 11,227,405
34,357,000 BB+/Ba1 Roper Industries, Inc., 1.4813%, 1/15/34 29,589,966
--------------
$ 40,817,371
- ---------------------------------------------------------------------------------------------------
Trading Companies & Distributors -- 2.0%
32,627,000 B/NR WESCO International, Inc.,
6.0%, 9/15/29 $ 56,485,494
--------------
Total Capital Goods $ 127,356,775
- ---------------------------------------------------------------------------------------------------
COMMERCIAL SERVICES & SUPPLIES -- 0.4%
Environmental & Facilities Services -- 0.4%
9,235,000 B/Ba3 Covanta Holding Corp., 3.25%, 6/1/14 $ 10,447,094
--------------
Total Commercial Services & Supplies $ 10,447,094
- ---------------------------------------------------------------------------------------------------
TRANSPORTATION -- 0.9%
Airlines -- 0.1%
2,575,000 CCC+/B3 Continental Airlines, Inc., 4.5%, 1/15/15 $ 4,448,313
- ---------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
18 Pioneer High Yield Fund | Annual Report | 10/31/10
- -------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate (d) Ratings Value
- -------------------------------------------------------------------------------------------------
Marine -- 0.8%
5,993,000 NR/NR DryShips, Inc., 0.5%, 12/1/14 $ 5,348,753
17,898,000 CCC+/Caa3 Horizon Lines, Inc., 4.25%, 8/15/12 16,376,670
--------------
$ 21,725,423
--------------
Total Transportation $ 26,173,736
- -------------------------------------------------------------------------------------------------
AUTOMOBILES & COMPONENTS -- 1.0%
Automobile Manufacturers -- 1.0%
16,811,000 B/Ba3 Ford Motor Co., 4.25%, 11/15/16 $ 29,209,113
--------------
Total Automobiles & Components $ 29,209,113
- -------------------------------------------------------------------------------------------------
CONSUMER DURABLES & APPAREL -- 0.4%
Homebuilding -- 0.4%
11,230,000 BB-/Ba3 D.R. Horton, Inc., 2.0%, 5/15/14 $ 12,044,175
--------------
Total Consumer Durables & Apparel $ 12,044,175
- -------------------------------------------------------------------------------------------------
RETAILING -- 0.2%
Automotive Retail -- 0.2%
5,825,000 B-/Caa3 Sonic Automotive, Inc., 5.0%, 10/1/29 $ 6,560,406
--------------
Total Retailing $ 6,560,406
- -------------------------------------------------------------------------------------------------
FOOD, BEVERAGE & TOBACCO -- 0.4%
Tobacco -- 0.4%
10,065,000 B-/Caa1 Alliance One International, Inc., 5.5%,
7/15/14 (144A) (b) $ 11,574,750
--------------
Total Food, Beverage & Tobacco $ 11,574,750
- -------------------------------------------------------------------------------------------------
HEALTH CARE EQUIPMENT & SERVICES -- 1.3%
Health Care Services -- 1.0%
31,615,000 B+/B1 OMNICARE, Inc., 3.25%, 12/15/35 $ 28,176,869
- -------------------------------------------------------------------------------------------------
Health Care Supplies -- 0.3%
8,220,000 B-/NR Alere, Inc., 3.0%, 5/15/16 $ 7,788,450
1,240,000 B-/NR Inverness Medical Innovation, 3.0%,
5/15/16 (144A) 1,174,900
--------------
$ 8,963,350
--------------
Total Health Care Equipment & Services $ 37,140,219
- -------------------------------------------------------------------------------------------------
PHARMACEUTICALS & BIOTECHNOLOGY -- 2.2%
Biotechnology -- 2.2%
9,250,000 B-/NA BioMarin Pharmaceutical, Inc.,
1.875%, 4/23/17 $ 12,880,625
5,500,000 NR/NR Cubist Pharmaceuticals, Inc.,
2.25%, 6/15/13 (b) 5,761,250
3,776,000 NR/NR Cubist Pharmaceuticals, Inc.,
2.5%, 11/1/17 3,809,040
19,255,000 NA/NA MannKind Corp., 3.75%, 12/15/13 (b) 12,732,369
The accompanying notes are an integral part of these financial statements.
Pioneer High Yield Fund | Annual Report | 10/31/10 19
Schedule of Investments | 10/31/10 (continued)
- ------------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate (d) Ratings Value
- ------------------------------------------------------------------------------------------------------
Biotechnology -- (continued)
24,210,000 NR/NR Vertex Pharmaceuticals, Inc.,
3.35%, 10/1/15 $ 25,420,500
--------------
$ 60,603,784
--------------
Total Pharmaceuticals & Biotechnology $ 60,603,784
- ------------------------------------------------------------------------------------------------------
DIVERSIFIED FINANCIALS -- 0.1%
Consumer Finance -- 0.1%
4,150,000 NA/NA Dollar Financial Corp., 2.875%,
6/30/27 (144A) (b) $ 3,968,438
--------------
Total Diversified Financials $ 3,968,438
- ------------------------------------------------------------------------------------------------------
REAL ESTATE -- 0.6%
Office Real Estate Investment Trust -- 0.3%
7,740,000 NR/B1 Lexington Realty Trust, 6.0%,
1/15/30 (144A) $ 9,142,875
- ------------------------------------------------------------------------------------------------------
Specialized Real Estate Investment Trust -- 0.3%
4,785,000 BB+/NR Host Hotels & Resorts LP,
2.5%, 10/15/29 $ 6,286,294
--------------
Total Real Estate $ 15,429,169
- ------------------------------------------------------------------------------------------------------
SOFTWARE & SERVICES -- 0.0%
Data Processing & Outsourced Services -- 0.0%
1,200,000 NR/WD CSG Systems International, Inc.,
2.5%, 6/15/24 $ 1,212,000
--------------
Total Software & Services $ 1,212,000
- ------------------------------------------------------------------------------------------------------
TECHNOLOGY HARDWARE & EQUIPMENT -- 1.5%
Communications Equipment -- 0.5%
10,980,000 B/NR CommScope, Inc., 3.25%, 7/1/15 (b) $ 14,383,800
- ------------------------------------------------------------------------------------------------------
Electronic Equipment & Instruments -- 0.8%
7,125,000 B+/NR L-1 Identity Solutions, Inc.,
3.75%, 5/15/27 $ 7,125,000
14,315,000 NR/NR Newport Corp., 2.5%, 2/15/12 14,368,681
--------------
$ 21,493,681
- ------------------------------------------------------------------------------------------------------
Technology Distributors -- 0.2%
1,570,000 B+/NR Anixter International, Inc., 1.0%, 2/15/13 $ 1,683,822
4,000,000 B+/NR Anixter International, Inc., 1.0%,
2/15/13 (144A) 4,290,000
--------------
$ 5,973,822
--------------
Total Technology Hardware & Equipment $ 41,851,303
- ------------------------------------------------------------------------------------------------------
SEMICONDUCTORS -- 1.2%
Semiconductors
14,570,000 B+/NR ON Semiconductor Corp.,
2.625%, 12/15/26 $ 15,225,650
2,155,000 BB-/NR SunPower Corp., 1.25%, 2/15/27 2,014,925
The accompanying notes are an integral part of these financial statements.
20 Pioneer High Yield Fund | Annual Report | 10/31/10
- ---------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate (d) Ratings Value
- ---------------------------------------------------------------------------------------------------
SEMICONDUCTORS -- (continued)
5,975,000 NR/NR SunPower Corp., 4.5%, 3/15/15 $ 5,497,000
12,184,000 BB-/NR SunPower Corp., 4.75%, 4/15/14 11,117,900
----------------
$ 33,855,475
----------------
Total Semiconductors $ 33,855,475
- ---------------------------------------------------------------------------------------------------
TELECOMMUNICATION SERVICES -- 0.6%
Integrated Telecommunication Services -- 0.6%
5,775,000 B+/NR MasTec, Inc., 4.25%, 121514 $ 6,172,031
8,963,000 B+/NR MasTec, Inc., 4.0%, 6/15/14 9,937,726
----------------
$ 16,109,757
----------------
Total Telecommunication Services $ 16,109,757
- ---------------------------------------------------------------------------------------------------
UTILITIES -- 0.2%
Multi-Utilities -- 0.2%
4,185,000 BB+/Ba1 CMS Energy Corp., 5.5%, 6/15/29 $ 5,770,069
----------------
Total Utilities $ 5,770,069
- ---------------------------------------------------------------------------------------------------
TOTAL CONVERTIBLE CORPORATE BONDS
(Cost $430,585,305) $ 525,340,080
- ---------------------------------------------------------------------------------------------------
PREFERRED STOCKS -- 4.2%
ENERGY -- 0.2%
Oil & Gas Exploration & Production -- 0.2%
59,180 Petroquest Energy, Inc.,
6.875%, 12/31/49 $ 2,050,670
46,800 SandRidge Energy, Inc., 8.5%, 12/31/99 4,851,756
----------------
$ 6,902,426
----------------
Total Energy $ 6,902,426
- ---------------------------------------------------------------------------------------------------
CAPITAL GOODS -- 0.3%
Electrical Component & Equipment -- 0.3%
68,400 General Cable Corp., 5.75%, 11/24/13 $ 9,567,450
----------------
Total Capital Goods $ 9,567,450
- ---------------------------------------------------------------------------------------------------
HEALTH CARE EQUIPMENT & SERVICES -- 0.6%
Health Care Supplies -- 0.6%
82,436 Alere, Inc., 3.0%, 12/31/49* $ 17,384,104
----------------
Total Health Care Equipment & Services $ 17,384,104
- ---------------------------------------------------------------------------------------------------
BANKS -- 0.7%
Thrifts & Mortgage Finance -- 0.7%
455,732 Sovereign Capital Trust IV,
4.375%, 3/1/34 $ 18,457,146
----------------
Total Banks $ 18,457,146
- ---------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer High Yield Fund | Annual Report | 10/31/10 21
Schedule of Investments | 10/31/10 (continued)
- ----------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate (d) Ratings Value
- ----------------------------------------------------------------------------------------------------
DIVERSIFIED FINANCIALS -- 0.5%
Diversified Finance Services -- 0.5%
859,500 2009 Dole Food Automatic Common
Exchange Security Trust $ 7,924,590
7,040 Bank of America Corp., 7.25%, 12/31/49 6,666,880
--------------
$ 14,591,470
--------------
Total Diversified Financials $ 14,591,470
- ----------------------------------------------------------------------------------------------------
REAL ESTATE -- 1.9%
Real Estate Operating Companies -- 1.9%
899,012 Forest City Enterprises, Inc.,
7.0%, 12/31/49 $ 52,929,331
--------------
Total Real Estate $ 52,929,331
- ----------------------------------------------------------------------------------------------------
TOTAL PREFERRED STOCKS
(Cost $113,915,764) $ 119,831,927
- ----------------------------------------------------------------------------------------------------
Shares
COMMON STOCKS -- 15.6%
ENERGY -- 0.8%
Integrated Oil & Gas -- 0.4%
185,100 Marathon Oil Corp. $ 6,584,007
99,500 QEP Resources, Inc. 3,286,485
--------------
$ 9,870,492
- ----------------------------------------------------------------------------------------------------
Oil & Gas Drilling -- 0.3%
2,437,937 Hercules Offshore, Inc.* $ 5,753,531
63,739 Transocean, Ltd.* 4,038,503
--------------
$ 9,792,034
- ----------------------------------------------------------------------------------------------------
Oil & Gas Exploration & Production -- 0.1%
543,713 SandRidge Energy, Inc. (b) $ 2,974,110
--------------
Total Energy $ 22,636,636
- ----------------------------------------------------------------------------------------------------
MATERIALS -- 3.7%
Commodity Chemicals -- 0.9%
1,364,100 Georgia Gulf Corp.* (b) $ 27,595,743
- ----------------------------------------------------------------------------------------------------
Construction Materials -- 0.2%
146,894 Texas Industries, Inc. (b) $ 5,019,368
- ----------------------------------------------------------------------------------------------------
Diversified Chemical -- 1.4%
109,042 FMC Corp. (b) $ 7,970,970
420,080 LyondellBasell Industries NV (Class B)* 11,295,951
764,759 LyondellBasell Industries NV (Class A)* 20,541,427
--------------
$ 39,808,348
- ----------------------------------------------------------------------------------------------------
Diversified Metals & Mining -- 1.2%
305,492 Freeport-McMoRan Copper & Gold, Inc.,
(Class B) $ 28,923,983
2,600,200 Polymet Mining Corp.* 4,810,370
--------------
$ 33,734,353
- ----------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
22 Pioneer High Yield Fund | Annual Report | 10/31/10
- --------------------------------------------------------------------------------------------
Floating S&P/Moody's
Shares Rate (d) Ratings Value
- --------------------------------------------------------------------------------------------
Steel -- 0.0%
27,854 KNIA Holdings, Inc.* (f) $ 194,698
--------------
Total Materials $ 106,352,510
- --------------------------------------------------------------------------------------------
CAPITAL GOODS -- 3.8%
Aerospace & Defense -- 1.8%
475,357 BE Aerospace, Inc.* (b) $ 17,474,123
266,203 DigitalGlobe, Inc.* 8,691,528
160,913 Geoeye, Inc.* (b) 7,123,619
201,875 ITT Corp. 9,526,481
468,500 Orbital Sciences Corp.* (b) 7,608,440
--------------
$ 50,424,191
- --------------------------------------------------------------------------------------------
Building Products -- 0.3%
176,212 Lennox International, Inc. $ 7,226,454
- --------------------------------------------------------------------------------------------
Construction & Farm Machinery & Heavy Trucks -- 0.2%
519,502 Commercial Vehicle Group, Inc.* (b) $ 6,976,912
- --------------------------------------------------------------------------------------------
Electrical Component & Equipment -- 0.8%
239,055 Cooper Industries Plc $ 12,531,263
321,400 General Cable Corp. (b) 8,979,916
--------------
$ 21,511,179
- --------------------------------------------------------------------------------------------
Industrial Machinery -- 0.7%
215,080 ESCO Technologies, Inc. (b) $ 7,372,942
392,965 Kennametal, Inc. 13,415,825
--------------
$ 20,788,767
- --------------------------------------------------------------------------------------------
Total Capital Goods $ 106,927,503
- --------------------------------------------------------------------------------------------
AUTOMOBILES & COMPONENTS -- 0.0%
Auto Parts & Equipment -- 0.0%
872 Lear Corp.* $ 77,085
--------------
Total Automobiles & Components $ 77,085
- --------------------------------------------------------------------------------------------
CONSUMER SERVICES -- 1.2%
Casinos & Gaming -- 0.5%
386,787 International Game Technology (b) $ 6,030,009
588,896 Scientific Games Corp.* (b) 4,652,278
96,200 WMS Industries Inc.* 4,197,206
--------------
$ 14,879,493
- --------------------------------------------------------------------------------------------
Restaurants -- 0.3%
314,243 Starbucks Corp. (b) $ 8,949,641
- --------------------------------------------------------------------------------------------
Specialized Consumer Services -- 0.4%
1,091,689 Service Corp. International $ 9,039,185
--------------
Total Consumer Services $ 32,868,319
- --------------------------------------------------------------------------------------------
RETAILING -- 0.3%
Automotive Retail -- 0.0%
210,574 Sonic Automotive, Inc. (b) $ 2,299,468
- --------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer High Yield Fund | Annual Report | 10/31/10 23
Schedule of Investments | 10/31/10 (continued)
- ------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Shares Rate (d) Ratings Value
- ------------------------------------------------------------------------------------------------
Department Stores -- 0.3%
173,900 J.C. Penney Co., Inc. (b) $ 5,422,202
--------------
Total Retailing $ 7,721,670
- ------------------------------------------------------------------------------------------------
FOOD, BEVERAGE & TOBACCO -- 0.2%
Tobacco -- 0.2%
1,334,100 Alliance One International, Inc.* (b) $ 5,896,722
--------------
Total Food, Beverage & Tobacco $ 5,896,722
- ------------------------------------------------------------------------------------------------
HEALTH CARE EQUIPMENT & SERVICES -- 0.7%
Health Care Supplies -- 0.1%
70,500 Alere, Inc.* $ 2,083,275
- ------------------------------------------------------------------------------------------------
Managed Health Care -- 0.6%
226,532 Aetna, Inc. $ 6,764,246
166,600 CIGNA Corp. 5,862,654
151,300 United Healthcare Group, Inc. 5,454,365
--------------
$ 18,081,265
--------------
Total Health Care Equipment & Services $ 20,164,540
- ------------------------------------------------------------------------------------------------
PHARMACEUTICALS & BIOTECHNOLOGY -- 1.5%
Life Sciences Tools & Services -- 1.5%
151,856 Bio-Rad Laboratories, Inc.* $ 13,761,191
302,262 Thermo Fisher Scientific, Inc.* 15,542,312
156,992 Waters Corp.* 11,637,817
--------------
$ 40,941,320
--------------
Total Pharmaceuticals & Biotechnology $ 40,941,320
- ------------------------------------------------------------------------------------------------
DIVERSIFIED FINANCIALS -- 0.2%
Asset Management & Custody Banks -- 0.2%
150,017 Legg Mason, Inc. (b) $ 4,655,028
--------------
Total Diversified Financials $ 4,655,028
- ------------------------------------------------------------------------------------------------
REAL ESTATE -- 0.3%
Mortgage Real Estate Investment Trust -- 0.3%
452,359 Annaly Capital Management, Inc. (b) $ 8,011,278
--------------
Total Real Estate $ 8,011,278
- ------------------------------------------------------------------------------------------------
SOFTWARE & SERVICES -- 0.1%
Application Software -- 0.1%
95,454 Blackboard, Inc.* $ 3,984,250
--------------
Total Software & Services $ 3,984,250
- ------------------------------------------------------------------------------------------------
TECHNOLOGY HARDWARE & EQUIPMENT -- 1.1%
Communications Equipment -- 0.4%
137,338 CommScope, Inc.* $ 4,348,121
108,400 Research In Motion, Ltd.* 6,173,380
--------------
$ 10,521,501
- ------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
24 Pioneer High Yield Fund | Annual Report | 10/31/10
- ----------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Shares Rate (d) Ratings Value
- ----------------------------------------------------------------------------------------------------------
Electronic Equipment & Instruments -- 0.4%
181,118 Itron, Inc.* (b) $ 11,006,541
- ----------------------------------------------------------------------------------------------------------
Electronic Manufacturing Services -- 0.3%
290,100 Tyco Electronics, Ltd. $ 9,190,368
--------------
Total Technology Hardware & Equipment $ 30,718,410
- ----------------------------------------------------------------------------------------------------------
TELECOMMUNICATION SERVICES -- 0.4%
Integrated Telecommunication Services -- 0.4%
872,200 Windstream Corp. (b) $ 11,042,052
--------------
Total Telecommunication Services $ 11,042,052
- ----------------------------------------------------------------------------------------------------------
UTILITIES -- 1.3%
Gas Utilities -- 0.0%
99,500 Questar Corp. $ 1,688,515
- ----------------------------------------------------------------------------------------------------------
Independent Power Producer & Energy Traders -- 0.4%
497,400 NRG Energy, Inc.* (b) $ 9,903,234
- ----------------------------------------------------------------------------------------------------------
Multi-Utilities -- 0.9%
761,634 CMS Energy Corp. (b) $ 14,002,641
147,500 Public Service Enterprise Group, Inc. 4,771,625
136,311 Sempra Energy Corp. 7,289,912
--------------
$ 26,064,178
--------------
Total Utilities $ 37,655,927
- ----------------------------------------------------------------------------------------------------------
TOTAL COMMON STOCKS
(Cost $358,405,807) $ 439,653,250
- ----------------------------------------------------------------------------------------------------------
Principal
Amount ($)
- ----------------------------------------------------------------------------------------------------------
ASSET BACKED SECURITIES- 0.1%
BANKS -- 0.1%
Thrifts & Mortgage Finance -- 0.1%
2,510,000 0.68 CCC/Baa2 Bear Stearns Asset Backed Securities, Inc.,
Floating Rate Note, 1/25/47 $ 1,102,382
1,712,379 0.96 AAA/Caa2 FBR Securitization Trust, Floating Rate
Note, 10/25/35 1,075,578
--------------
Total Banks $ 2,177,960
- ----------------------------------------------------------------------------------------------------------
TOTAL ASSET BACKED SECURITIES
(Cost $2,351,329) $ 2,177,960
- ----------------------------------------------------------------------------------------------------------
COLLATERALIZED MORTGAGE OBLIGATIONS -- 0.1%
TELECOMMUNICATION SERVICES -- 0.1%
Integrated Telecommunication Services -- 0.1%
1,585,000 NA/B2 Global Tower Partners Acquisition,
7.87%, 5/15/37 $ 1,652,935
--------------
Total Telecommunication Services $ 1,652,935
- ----------------------------------------------------------------------------------------------------------
TOTAL COLLATERALIZED MORTGAGE
OBLIGATIONS
(Cost $1,203,206) $ 1,652,935
- ----------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer High Yield Fund | Annual Report | 10/31/10 25
Schedule of Investments | 10/31/10 (continued)
- -------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate (d) Ratings Value
- -------------------------------------------------------------------------------------------------
CORPORATE BONDS -- 49.8%
ENERGY -- 8.7%
Coal & Consumable Fuels -- 0.4%
7,695,000 BB-/B2 Massey Energy Co., 6.875%, 12/15/13 $ 7,800,806
3,127,000 B+/Caa1 Murray Energy Co., 10.25%, 10/15/15 3,330,255
--------------
$ 11,131,061
- -------------------------------------------------------------------------------------------------
Oil & Gas Drilling -- 0.6%
15,825,000 B-/B3 Vantage Drilling Co., 11.5%, 8/1/15 $ 16,774,500
- -------------------------------------------------------------------------------------------------
Oil & Gas Equipment & Services -- 0.9%
6,323,000 B+/B1 American Petroleum, 10.25%, 5/1/15 $ 6,575,920
4,045,000 B+/B1 Complete Production Service,
8.0%, 12/15/16 4,257,363
13,565,000 B/B2 Expro Finance Luxembourg SCA,
8.5%, 12/15/16 13,361,525
--------------
$ 24,194,808
- -------------------------------------------------------------------------------------------------
Oil & Gas Exploration & Production -- 3.8%
3,425,000 BB-/B2 Berry Petroleum Corp., 6.75%, 11/1/20 $ 3,536,313
1,795,000 BB-/B1 Bill Barrett Corp., 9.875%, 7/15/16 1,974,500
2,277,000 B+/Caa2 Brigham Exploration Co., 8.75%, 10/1/18 2,459,160
2,561,000 B-/B3 Carrizo Oil & Gas, Inc.,
8.625%, 10/15/18 2,580,208
3,845,000 BB/B1 Denbury Resources, Inc., 9.75%, 3/1/16 4,354,463
15,705,000 BB-/B2 Hilcorp Energy Co., 7.75%,
11/1/15 (144A) 16,176,150
6,005,000 B/B3 Linn Energy LLC, 11.75%,
5/15/17 (144A) 6,965,800
7,150,000 B/B3 Linn Energy LLC, 8.625%,
4/15/20 (144A) 7,722,000
3,830,000 BB-/B1 Plains Exploration & Production Co.,
10.0%, 3/1/16 4,370,988
3,815,000 B-/B3 Quicksilver Resources, Inc.,
7.125%, 4/1/16 3,652,863
13,550,000 B+/B2 Quicksilver Resources, Inc.,
8.25%, 8/1/15 13,787,125
22,850,000 B+/B3 SandRidge Energy, Inc., 8.0%, 6/1/18 22,850,000
4,970,000 B+/B3 SandRidge Energy, Inc., 8.625, 4/1/15 5,081,825
7,250,000 BB-/B3 Swift Energy Co., 8.875%, 1/15/20 7,830,000
3,550,000 BB/Ba3 Whiting Petroleum, 6.5%, 10/1/18 3,807,375
--------------
$ 107,148,770
- -------------------------------------------------------------------------------------------------
Oil & Gas Refining & Marketing -- 2.6%
15,013,000 B+/B1 Holly Energy Partners LP, 6.25%, 3/1/15 $ 15,013,000
2,100,000 B+/B1 Holly Energy Partners LP, 6.25%,
3/1/15 (144A) 2,226,000
56,295,000 BB+/Ba1 Tesoro Corp., 6.625%, 11/1/15 (b) 56,857,950
--------------
$ 74,096,950
- -------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
26 Pioneer High Yield Fund | Annual Report | 10/31/10
- -------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate (d) Ratings Value
- -------------------------------------------------------------------------------------------------
Oil & Gas Storage & Transportation -- 0.4%
4,809,000 BB-/Ba2 Energy Transfer Equity LP,
7.5%, 10/15/20 $ 5,241,810
6,760,000 7.20 BB/Ba1 Southern Union Co., 7.2%, 11/1/66 6,236,100
--------------
$ 11,477,910
--------------
Total Energy $ 244,823,999
- -------------------------------------------------------------------------------------------------
MATERIALS -- 7.5%
Aluminum -- 1.2%
3,535,000 B-/B3 CII Carbon LLC, 11.125%, 11/15/15 $ 3,755,938
13,607,120 6.83 CCC+/B3 Noranda Aluminum Acquisition, Floating
Rate Note, 5/15/15 11,838,194
18,382,000 B-/B1 Novelis, Inc., 7.25%, 2/15/15 18,956,438
--------------
$ 34,550,570
- -------------------------------------------------------------------------------------------------
Commodity Chemicals -- 0.7%
14,240,000 CCC+/B3 Hexion US Finance Corp., 8.875%,
2/1/18 (144A) $ 15,290,200
6,275,000 CCC+/Caa1 Hexion US Finance Corp/Hexion Nova
Scotia Finance LLC, 9.0%, 11/15/20 6,526,000
--------------
$ 21,816,200
- -------------------------------------------------------------------------------------------------
Construction Materials -- 0.4%
10,830,000 B/B3 Texas Industries, Inc., 9.25%, 8/15/20 $ 11,398,575
- -------------------------------------------------------------------------------------------------
Diversified Chemical -- 0.9%
7,410,000 B/B2 Ineos Finance Plc, 9.0%,
5/15/15 (144A) (b) $ 7,854,600
10,058,000 CCC/Caa3 Ineos Group Holdings Plc, 8.50%,
2/15/16 (144A) (b) 9,152,780
7,558,000 CCC/Caa1 Momentive Performance Materials, Inc.,
9.0%, 1/15/21 7,841,425
--------------
$ 24,848,805
- -------------------------------------------------------------------------------------------------
Diversified Metals & Mining -- 0.1%
4,128,459 B/B2 Blaze Recycling & Metals LLC,
13.0%, 7/16/12 $ 3,426,621
- -------------------------------------------------------------------------------------------------
Metal & Glass Containers -- 0.9%
3,375,000 CCC+/B2 AEP Industries, Inc., 7.875%, 3/15/13 $ 3,349,688
2,290,000 CCC+/B3 BWAY Holding Co., 10.0%,
6/15/18 (144A) (b) 2,496,100
19,195,000 B+/B1 Crown Cork and Seal Co., Inc.,
7.375%, 12/15/26 19,314,969
--------------
$ 25,160,757
- -------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer High Yield Fund | Annual Report | 10/31/10 27
Schedule of Investments | 10/31/10 (continued)
- -------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate (d) Ratings Value
- -------------------------------------------------------------------------------------------------
Paper Packaging -- 0.4%
2,804,000 B-/Caa1 Graham Packaging Co. LP/GPC Capital
Corp., Inc., 8.25%, 10/1/18 $ 2,902,140
7,139,000 B-/Caa1 Graham Packaging Co.,
9.875%, 10/15/14 7,406,713
--------------
$ 10,308,853
- -------------------------------------------------------------------------------------------------
Paper Products -- 0.4%
11,046,000 NR/B1 ABI Escrow Corp., 10.25%, 10/15/18 (b) $ 11,791,605
325,000 B+/B1 Appleton Papers, Inc., 10.5%,
6/15/15 (144A) 313,625
--------------
$ 12,105,230
- -------------------------------------------------------------------------------------------------
Specialty Chemicals -- 1.9%
54,035,000 B+/B1 Nova Chemicals Corp., 7.875%, 9/15/25 $ 51,333,250
1,950,000 B-/B2 Omnova Solutions, Inc.,
7.875%, 11/1/18 1,993,875
--------------
$ 53,327,125
- -------------------------------------------------------------------------------------------------
Steel -- 0.6%
16,805,000 CCC+/Caa2 Algoma Acquisition Corp., 9.875%,
6/15/15 (144A) $ 15,460,600
--------------
Total Materials $ 212,403,336
- -------------------------------------------------------------------------------------------------
CAPITAL GOODS -- 7.3%
Aerospace & Defense -- 1.3%
18,628,000 B/B1 DynCorp International, Inc.,
10.375%, 7/1/17 $ 19,047,130
15,445,000 BB-/Ba3 GeoEye, Inc., 9.625%, 10/1/15 17,201,869
--------------
$ 36,248,999
- -------------------------------------------------------------------------------------------------
Building Products -- 0.1%
1,800,000 BB/B2 USG Corp., 9.75%, 8/1/14 (144A) $ 1,881,000
- -------------------------------------------------------------------------------------------------
Construction & Engineering -- 0.4%
2,550,000 B/B2 Esco Corp., 8.625%, 12/15/13 (144A) $ 2,626,500
525,000 6.65 B/B2 Esco Corp., Floating Rate Note,
12/15/13 (144A) 505,313
9,750,000 B+/Caa1 New Enterprise Stone & Lime Co.,
11.0%, 9/1/18 9,311,250
--------------
$ 12,443,063
- -------------------------------------------------------------------------------------------------
Construction & Farm Machinery & Heavy Trucks -- 1.4%
1,240,000 B/B2 Accuride Corp., 9.5%, 8/1/18 (b) $ 1,351,600
4,790,000 B+/Caa1 American Railcar, 7.5%, 3/1/14 4,849,875
16,400,000 BB+/Ba3 Case New Holland, Inc., 7.875%,
12/1/17 (144A) 18,327,000
15,775,000 CCC/Caa2 Greenbrier Co., Inc., 8.375%, 5/15/15 15,696,125
--------------
$ 40,224,600
- -------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
28 Pioneer High Yield Fund | Annual Report | 10/31/10
- ----------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate (d) Ratings Value
- ----------------------------------------------------------------------------------------------------
Electrical Component & Equipment -- 2.1%
31,930,000 BB/Ba2 Anixter International Corp.,
5.95%, 3/1/15 $ 31,770,350
12,925,000 B/B3 Baldor Electric Co., 8.625%, 2/15/17 (b) 13,797,438
3,100,000 B/B3 Coleman Cable, Inc., 9.0%, 2/15/18 (b) 3,243,375
9,336,000 B+/Ba3 General Cable Corp., 7.125%, 4/1/17 (b) 9,569,400
--------------
$ 58,380,563
- ----------------------------------------------------------------------------------------------------
Industrial Machinery -- 0.9%
5,500,000 B/B3 Liberty Tree Recycling LLC,
11.0%, 10/1/16 $ 5,726,875
18,776,000 CCC+/B3 Mueller Water Products, Inc.,
7.375%, 6/1/17 16,992,280
--------------
$ 22,719,155
- ----------------------------------------------------------------------------------------------------
Trading Companies & Distributors -- 1.1%
31,751,000 B/B1 WESCO Distribution, Inc.,
7.50%, 10/15/17 $ 32,386,020
--------------
Total Capital Goods $ 204,283,400
- ----------------------------------------------------------------------------------------------------
TRANSPORTATION -- 0.6%
Air Freight & Couriers -- 0.5%
8,900,000 CCC/Caa1 CEVA Group Plc, 11.5%, 4/1/18 (144A) $ 9,478,500
3,205,000 CCC/Caa1 CEVA Group Plc, 11.625%, 10/1/16 (b) 3,469,413
--------------
$ 12,947,913
- ----------------------------------------------------------------------------------------------------
Trucking -- 0.1%
4,640,000 B/B3 Syncreon Global Ireland, Ltd.,
9.5%, 5/1/18 $ 4,802,400
--------------
Total Transportation $ 17,750,313
- ----------------------------------------------------------------------------------------------------
AUTOMOBILES & COMPONENTS -- 0.6%
Auto Parts & Equipment -- 0.6%
9,980,000 CCC+/Caa2 Allison Transmission, Inc., 11.0%,
11/1/15 (144A) (b) $ 10,828,300
7,411,700 CCC+/Caa2 Allison Transmission, Inc., 11.25%,
11/1/15 (144A) 8,032,430
--------------
$ 18,860,730
--------------
Total Automobiles & Components $ 18,860,730
- ----------------------------------------------------------------------------------------------------
CONSUMER DURABLES & APPAREL -- 1.5%
Homebuilding -- 0.4%
11,745,000 CCC/Caa2 Beazer Homes USA, Inc.,
9.125%, 6/15/18 $ 11,422,013
- ----------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer High Yield Fund | Annual Report | 10/31/10 29
Schedule of Investments | 10/31/10 (continued)
- --------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate (d) Ratings Value
- --------------------------------------------------------------------------------------------------
Housewares & Specialties -- 1.1%
6,300,000 B/Caa1 Reynolds Group Issuer, Inc.,
9.0%, 4/15/19 $ 6,544,125
7,495,000 B-/Caa1 Reynolds Group Issuer, Inc., 8.5%,
5/15/18 (144A) 7,663,638
16,900,000 CCC+/Caa1 Yankee Acquisition Corp.,
9.75%, 2/15/17 17,618,250
--------------
$ 31,826,013
--------------
Total Consumer Durables & Apparel $ 43,248,026
- --------------------------------------------------------------------------------------------------
CONSUMER SERVICES -- 1.0%
Casinos & Gaming -- 0.9%
33,735,000 NR/WR Mashantucket Pequot Tribe, 8.5%,
11/15/15 (144A) (e) $ 4,722,900
5,648,000 B/Caa1 Pinnacle Entertainment, Inc.,
8.75%, 5/15/20 5,640,940
2,970,000 BB-/B1 Scientific Games Corp., 7.875%, 6/15/16 3,059,100
10,280,000 BB-/B1 Scientific Games International, Inc.,
9.25%, 6/15/19 (144A) 11,218,050
--------------
$ 24,640,990
- --------------------------------------------------------------------------------------------------
Leisure Facilities -- 0.1%
2,100,000 B-/B2 Cedar Fair LP/Canada, 9.125%, 8/1/18 $ 2,257,500
--------------
Total Consumer Services $ 26,898,490
- --------------------------------------------------------------------------------------------------
MEDIA -- 4.3%
Advertising -- 0.9%
11,985,000 B+/Ba2 Interpublic Group of Cos.,
10.0%, 7/15/17 $ 14,202,225
14,000,000 B-/Caa2 Sitel LLC/Sitel Finance Corp.,
11.5%, 4/1/18 11,305,000
--------------
$ 25,507,225
- --------------------------------------------------------------------------------------------------
Broadcasting -- 3.1%
4,647,000 B/B2 CCO Holdings LLC/CCO Holdings Capital
Corp., 7.25%, 10/30/17 $ 4,798,028
3,095,000 B/B1 Entravision Communications Corp.,
8.75%, 8/1/17 3,315,519
11,575,000 B/B1 Hughes Network Systems LLC,
9.5%, 4/15/14 12,066,938
11,389,061 CCC+/Caa3 Intelsat Bermuda, Ltd., 11.5%, 2/4/17 12,314,422
10,850,000 B+/B3 Intelsat Subsidiary Holding Co.,
8.5%, 1/15/13 10,944,938
4,750,000 B-/Caa1 Telesat Canada/Telesat LLC,
11.0%, 11/1/15 5,331,875
The accompanying notes are an integral part of these financial statements.
30 Pioneer High Yield Fund | Annual Report | 10/31/10
- --------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate (d) Ratings Value
- --------------------------------------------------------------------------------------------------
Broadcasting -- (continued)
8,990,000 B-/Caa1 Telesat Canada/Telesat LLC,
12.5%, 11/1/17 $ 10,608,200
26,462,317 CCC/Caa2 Univision Communications, Inc., 9.75%,
3/15/15 PIK (144A) 28,083,134
--------------
$ 87,463,054
- --------------------------------------------------------------------------------------------------
Publishing -- 0.3%
7,230,000 B-/Caa1 Interactive Data Corp., 10.25%, 8/1/18 $ 7,950,108
--------------
Total Media $ 120,920,387
- --------------------------------------------------------------------------------------------------
RETAILING -- 0.7%
Automotive Retail -- 0.2%
4,530,000 B-/Caa1 Sonic Automotive, Inc., 9.0%, 3/15/18 $ 4,750,838
- --------------------------------------------------------------------------------------------------
Internet Retail -- 0.5%
14,040,000 B/B1 Ticketmaster, 10.75%, 8/1/16 $ 15,549,300
--------------
Total Retailing $ 20,300,138
- --------------------------------------------------------------------------------------------------
FOOD & DRUG RETAILING -- 0.4%
Food Distributors -- 0.4%
12,139,000 BB-/B2 C&S Group Enterprise LLC, 8.375%,
5/1/17 (144A) (b) $ 12,139,000
--------------
Total Food & Drug Retailing $ 12,139,000
- --------------------------------------------------------------------------------------------------
FOOD, BEVERAGE & TOBACCO -- 1.0%
Tobacco -- 1.0%
26,500,000 B+/B2 Alliance One International, Inc.,
10.0%, 7/15/16 $ 29,150,000
--------------
Total Food, Beverage & Tobacco $ 29,150,000
- --------------------------------------------------------------------------------------------------
HOUSEHOLD & PERSONAL PRODUCTS -- 0.5%
Personal Products -- 0.5%
1,950,000 B/B3 NBTY, Inc., 9.0%, 10/1/18 $ 2,071,875
10,920,000 B-/B3 Revlon Consumer Products Corp.,
9.75%, 11/15/15 11,384,100
--------------
$ 13,455,975
--------------
Total Household & Personal Products $ 13,455,975
- --------------------------------------------------------------------------------------------------
HEALTH CARE EQUIPMENT & SERVICES -- 2.4%
Health Care Equipment -- 0.2%
4,000,000 CCC+/Caa2 Accellent, Inc., 10.0%, 11/1/17 $ 3,970,000
- --------------------------------------------------------------------------------------------------
Health Care Facilities -- 0.2%
2,325,000 B/B3 Capella Healthcare, Inc., 9.25%, 7/1/17 $ 2,534,250
2,205,000 BB-/B2 HCA, Inc., 9.875%, 2/15/17 (b) 2,475,113
--------------
$ 5,009,363
- --------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer High Yield Fund | Annual Report | 10/31/10 31
Schedule of Investments | 10/31/10 (continued)
- -------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate (d) Ratings Value
- -------------------------------------------------------------------------------------------------
Health Care Services -- 1.3%
2,530,000 B-/B3 BioScrip, Inc., 10.25%, 10/1/15 $ 2,675,475
7,479,000 B-/B2 Gentiva Health Services, Inc.,
11.5%, 9/1/18 8,170,808
8,295,000 CCC+/Caa1 Surgical Care Affiliates LLC, 10.0%,
7/15/17 (144A) 8,543,850
17,897,387 B-/B3 Surgical Care Affiliates LLC, 8.875%,
7/15/15 (144A) PIK 18,389,565
--------------
$ 37,779,698
- -------------------------------------------------------------------------------------------------
Health Care Supplies -- 0.7%
924,000 B-/B3 Alere, Inc., 9.0%, 5/15/16 $ 986,370
4,950,000 B/Caa1 Bausch & Lomb, Inc., 9.875%, 11/1/15 5,383,125
12,229,000 B-/B3 Biomet, Inc., 10.375%, 10/15/17 13,635,335
--------------
$ 20,004,830
--------------
Total Health Care Equipment & Services $ 66,763,891
- -------------------------------------------------------------------------------------------------
PHARMACEUTICALS & BIOTECHNOLOGY -- 0.9%
Biotechnology -- 0.4%
10,559,000 B+/B2 Lantheus Medical Imaging, Inc., 9.75%,
5/15/17 (144A) $ 11,034,155
- -------------------------------------------------------------------------------------------------
Life Sciences Tools & Services -- 0.5%
8,975,625 B/Caa1 Catalent Pharma Solution, Inc., 9.5%,
4/15/17 (144A) $ 9,110,259
5,836,000 B+/B3 PharmaNet Development Group, Inc.,
10.875%, 4/15/17 6,069,440
--------------
$ 15,179,699
--------------
Total Pharmaceuticals & Biotechnology $ 26,213,854
- -------------------------------------------------------------------------------------------------
DIVERSIFIED FINANCIALS -- 1.1%
Asset Management & Custody Banks -- 0.2%
4,650,000 B+/B1 Pinafore LLC/Pinafore, Inc.,
9.0%, 10/1/18 $ 4,975,500
- -------------------------------------------------------------------------------------------------
Diversified Finance Services -- 0.2%
2,700,000 6.66 BB+/NR Caelus Re II, Ltd., Floating Rate
Note, 5/24/13 $ 2,741,040
2,265,000 BB/NR Ibis Re, Ltd., 11.2775%, 5/10/12 2,460,243
--------------
$ 5,201,283
- -------------------------------------------------------------------------------------------------
Specialized Finance -- 0.7%
12,630,000 B+/B2 National Money Mart Co.,
10.375%, 12/15/16 $ 13,766,700
3,000,000 CCC/Caa2 NCO Group, Inc., 11.875%, 11/15/14 2,550,000
5,070,000 7.68 CCC/Caa1 NCO Group, Inc., Floating Rate
Note, 11/15/13 4,081,350
--------------
$ 20,398,050
--------------
Total Diversified Financials $ 30,574,833
- -------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
32 Pioneer High Yield Fund | Annual Report | 10/31/10
- ------------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate (d) Ratings Value
- ------------------------------------------------------------------------------------------------------
INSURANCE -- 2.4%
Insurance Brokers -- 1.1%
19,710,000 CCC/Caa1 Alliant Holdings, Inc., 11.0%,
5/1/15 (144A) $ 20,720,138
4,950,000 CCC+/Caa1 Hub International Holdings Co., 10.25%,
6/15/15 (144A) 4,962,375
6,063,000 6.68 CCC/B3 USI Holdings Corp., Floating Rate
Note, 11/15/14 5,244,495
--------------
$ 30,927,008
- ------------------------------------------------------------------------------------------------------
Multi-Line Insurance -- 0.8%
18,792,000 10.75 BB/Baa3 Liberty Mutual Group, Floating Rate Note,
6/15/58 (144A) $ 23,302,080
- ------------------------------------------------------------------------------------------------------
Reinsurance -- 0.5%
2,500,000 7.19 BB+/NR Blue Finance, Ltd., Floating Rate
Note, 4/10/12 $ 2,404,000
2,000,000 8.92 BB/NR Caelus Re, Ltd., Floating Rate
Note, 6/7/11 2,029,000
3,850,000 5.91 BB+/A2 Foundation Re III, Ltd., CAT Bond, Floating
Rate Note, 2/3/14 3,870,405
1,675,000 12.03 NR/B3 Globecat, Ltd., CAT Bond, Floating Rate
Note, 1/2/13 (144A) 1,619,055
625,000 8.78 NR/B1 Globecat, Ltd., CAT Bond, Floating Rate
Note, 1/2/13 (144A) 633,438
750,000 7.20 NR/Ba2 Muteki, Ltd., CAT Bond, Floating Rate
Note, 5/24/11 751,575
790,000 7.45 BB+/NA Newton Re, Ltd., CAT Bond, Floating Rate
Note, 12/24/10 (144A) 791,106
1,150,000 9.75 BB/NA Newton Re, Ltd., CAT Bond, Floating Rate
Note, 12/24/10 (144A) 1,158,280
--------------
$ 13,256,859
--------------
Total Insurance $ 67,485,947
- ------------------------------------------------------------------------------------------------------
REAL ESTATE -- 2.5%
Real Estate Operating Companies -- 2.5%
77,045,000 B-/B3 Forest City Enterprises, Inc.,
6.50%, 2/1/17 $ 67,029,150
1,140,000 B-/B3 Forest City Enterprises, Inc.,
7.625%, 6/1/15 1,068,750
--------------
$ 68,097,900
- ------------------------------------------------------------------------------------------------------
Specialized Real Estate Investment Trust -- 0.0%
1,800,000 B/B2 Sabra Health Care LP/Sabra Capital Corp.,
8.125%, 11/1/18 (b) $ 1,863,000
--------------
Total Real Estate $ 69,960,900
- ------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer High Yield Fund | Annual Report | 10/31/10 33
Schedule of Investments | 10/31/10 (continued)
- --------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate (d) Ratings Value
- --------------------------------------------------------------------------------------------------
SOFTWARE & SERVICES -- 0.8%
Application Software -- 0.5%
8,982,000 B-/NR Nuance Communications, Inc.,
2.75%, 8/15/27 $ 9,812,835
3,655,000 CCC+/Caa2 Vangent, Inc., 9.625%, 2/15/15 3,330,619
--------------
$ 13,143,454
- --------------------------------------------------------------------------------------------------
Data Processing & Outsourced Services -- 0.3%
10,500,000 B-/Caa1 First Data Corp., 9.875%, 9/24/15 (b) $ 8,872,500
- --------------------------------------------------------------------------------------------------
Internet Software & Services -- 0.0%
222,000 B-/B1 Terremark Worldwide, Inc.,
12.0%, 6/15/17 $ 254,745
--------------
Total Software & Services $ 22,270,699
- --------------------------------------------------------------------------------------------------
TECHNOLOGY HARDWARE & EQUIPMENT -- 0.0%
Electronic Manufacturing Services -- 0.0%
1,190,000 BB+/Ba1 Jabil Circuit, Inc., 5.625%, 12/15/20 $ 1,200,448
--------------
Total Technology Hardware & Equipment $ 1,200,448
- --------------------------------------------------------------------------------------------------
SEMICONDUCTORS -- 0.3%
Semiconductor Equipment -- 0.3%
8,570,000 B-/B3 Aeroflex, Inc., 11.75%, 2/15/15 $ 9,298,450
- --------------------------------------------------------------------------------------------------
Semiconductors -- 0.0%
2,060,000 B+/Ba3 Advanced Micro Devices, Inc., 7.75%,
8/1/20 (144A) $ 2,183,600
--------------
Total Semiconductors $ 11,482,050
- --------------------------------------------------------------------------------------------------
TELECOMMUNICATION SERVICES -- 3.9%
Alternative Carriers -- 1.3%
15,051,000 B/B2 Global Crossing, Ltd., 12.0%, 9/15/15 17,195,768
4,500,000 CCC+/Caa1 PAETEC Holdings Corp., 9.5%, 7/15/15 4,758,750
12,775,000 B/B1 PAETEC Holdings Corp., 8.875%,
6/30/17 (144A) $ 13,765,063
--------------
$ 35,719,581
- --------------------------------------------------------------------------------------------------
Integrated Telecommunication Services -- 2.6%
1,590,000 B+/B2 Cincinnati Bell, Inc., 7.0%, 2/15/15 $ 1,601,925
5,640,000 B+/B2 Cincinnati Bell, Inc., 8.25%, 10/15/17 5,724,600
13,820,000 B+/B2 Cincinnati Bell, Inc., 8.375%, 10/15/20 13,820,000
7,050,000 BB/Ba2 Frontier Communications Corp.,
8.5%, 4/15/20 8,142,750
12,150,000 BB/Ba2 Frontier Communications Corp.,
8.75%, 4/15/22 14,124,361
5,495,000 BB-/B2 GCI, Inc., 8.625%, 11/15/19 6,044,500
2,475,000 B-/B3 Global Crossing UK Finance Plc,
10.75%, 12/15/14 2,574,248
4,505,000 B+/B1 Mastec, Inc., 7.625%, 2/1/17 4,493,738
The accompanying notes are an integral part of these financial statements.
34 Pioneer High Yield Fund | Annual Report | 10/31/10
- ----------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate (d) Ratings Value
- ----------------------------------------------------------------------------------------------------
Integrated Telecommunication Services -- (continued)
6,675,000 B+/Ba3 Windstream Corp., 7.75%,
10/15/20 (144A) $ 7,075,500
9,445,000 B+/Ba3 Windstream Corp., 8.125%, 9/1/18 10,176,988
--------------
$ 73,778,610
--------------
Total Telecommunication Services $ 109,498,191
- ----------------------------------------------------------------------------------------------------
UTILITIES -- 1.4%
Electric Utilities -- 0.6%
2,320,000 BB-/Ba2 Public Service of New Mexico,
9.25%, 5/15/15 $ 2,511,400
13,500,000 CCC/Caa2 Texas Competitive Electric Holdings Corp.,
15.0%, 4/1/21 13,297,500
--------------
$ 15,808,900
- ----------------------------------------------------------------------------------------------------
Independent Power Producer & Energy Traders -- 0.8%
8,310,000 B+/B1 Calpine Corp., 7.875%, 7/31/20 $ 8,704,725
13,010,000 BB-/Ba3 Intergen NV, 9.00%, 6/30/17 14,050,800
--------------
$ 22,755,525
--------------
Total Utilities $ 38,564,425
- ----------------------------------------------------------------------------------------------------
TOTAL CORPORATE BONDS
(Cost $1,349,814,906) $1,408,249,032
- ----------------------------------------------------------------------------------------------------
MUNICIPAL BONDS -- 0.0%
COMMERCIAL SERVICES & SUPPLIES -- 0.0%
Environmental & Facilities Services -- 0.0%
10,000,000 7.29 NR/NR Ohio Air Quality Development, Floating
Rate Note, 6/8/22 (e)(f) $ 1,047,000
- ----------------------------------------------------------------------------------------------------
TOTAL MUNICIPAL BOND
(Cost $10,000,000) $ 1,047,000
- ----------------------------------------------------------------------------------------------------
SENIOR FLOATING RATE LOAN INTERESTS** -- 7.3%
ENERGY -- 0.3%
Oil & Gas Equipment & Services -- 0.2%
870,625 5.50 NR/NR Aquilex Holdings LLC, Term Loan, 4/1/16 $ 863,007
5,282,761 8.50 B+/NR Hudson Products Holdings, Inc., Term
Loan, 8/24/15 5,101,166
--------------
$ 5,964,173
- ----------------------------------------------------------------------------------------------------
Oil & Gas Exploration & Production -- 0.1%
3,469,300 4.31 B/B3 Venoco, Inc., Term Loan (Second Lien),
5/7/14 $ 3,287,885
--------------
Total Energy $ 9,252,058
- ----------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer High Yield Fund | Annual Report | 10/31/10 35
Schedule of Investments | 10/31/10 (continued)
- ----------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate (d) Ratings Value
- ----------------------------------------------------------------------------------------------------
MATERIALS -- 0.2%
Diversified Chemical -- 0.1%
2,475,000 7.50 B/B1 Ineos U.S. Finance LLC, Senior Credit
Facility Term B2 Loan, 12/16/13 $ 2,534,812
2,475,000 8.00 B/B1 Ineos U.S. Finance LLC, Senior Credit
Facility Term C2 Loan, 12/16/14 2,534,812
--------------
$ 5,069,624
- ----------------------------------------------------------------------------------------------------
Steel -- 0.1%
1,670,665 10.50 NR/NR Niagara Corp., Term Loan (New),
6/29/14 (f) $ 1,653,959
--------------
Total Materials $ 6,723,583
- ----------------------------------------------------------------------------------------------------
CAPITAL GOODS -- 0.4%
Aerospace & Defense -- 0.2%
2,362,179 4.04 NR/NR DAE Aviation Holdings, Tranche B1 Term
Loan, 7/31/14 $ 2,273,597
791,422 3.54 B-/B1 Hunter Defense Technology, Term
Loan, 8/22/14 752,840
2,287,358 4.04 NR/NR Standard Aero, Ltd., Tranche B2 Term
Loan, 7/31/14 2,201,582
750,673 5.50 NR/Ba2 Tasc, Inc., Tranche A Term
Loan, 12/18/14 754,114
645,125 5.75 NR/Ba2 Tasc, Inc., Tranche B Term
Loan, 12/18/15 650,165
--------------
$ 6,632,298
- ----------------------------------------------------------------------------------------------------
Electrical Component & Equipment -- 0.1%
1,184,050 6.5 NR/NR Scotsman Industries, Inc., Term
Loan, 4/30/16 $ 1,184,790
- ----------------------------------------------------------------------------------------------------
Industrial Conglomerates -- 0.1%
1,120,000 0.00 NR/NR Goodman Group Global Group, Inc., Initial
Term Loan (First Lien) $ 1,153,600
1,650,000 6.75 NR/NR Tomkins Plc, Term B Loan, 9/29/16 1,671,528
--------------
$ 2,825,128
--------------
Total Capital Goods $ 10,642,216
- ----------------------------------------------------------------------------------------------------
COMMERCIAL SERVICES & SUPPLIES -- 0.0%
Environmental & Facilities Services -- 0.0%
704,675 6.00 NR/Ba3 Advanced Disposal Services, Inc., Term B
Loan, 1/14/15 $ 709,079
--------------
Total Commercial Services & Supplies $ 709,079
- ----------------------------------------------------------------------------------------------------
TRANSPORTATION -- 0.2%
Air Freight & Couriers -- 0.2%
1,139,913 3.29 B-/B1 CEVA Group Plc, Additional Pre Funded
L/C Loan, 11/4/13 $ 1,021,170
2,776,702 3.26 NR/B1 CEVA Group Plc, EGL Term Loan, 11/4/13 2,494,403
The accompanying notes are an integral part of these financial statements.
36 Pioneer High Yield Fund | Annual Report | 10/31/10
- ----------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate (d) Ratings Value
- ----------------------------------------------------------------------------------------------------
Air Freight & Couriers -- (continued)
1,624,830 3.26 B-/B1 CEVA Group Plc, U.S. Term Loan
(Dollars), 11/4/13 $ 1,459,638
--------------
$ 4,975,211
--------------
Total Transportation $ 4,975,211
- ----------------------------------------------------------------------------------------------------
AUTOMOBILES & COMPONENTS -- 0.5%
Auto Parts & Equipment -- 0.2%
2,336,787 3.03 BB-/B2 Allison Transmission, Inc., Term
Loan, 8/7/14 $ 2,247,488
285,693 2.20 NR/NR Federal Mogul Corp., Tranche C Term
Loan, 12/28/15 254,312
559,959 2.20 NR/NR Federal Mogul Corp., Tranche B Term
Loan, 12/29/14 498,451
2,183,208 10.50 NR/B3 HHI Group Holdings LLC, Term
Loan, 3/30/15 2,215,956
--------------
$ 5,216,207
- ----------------------------------------------------------------------------------------------------
Tires & Rubber -- 0.3%
7,817,000 2.21 BB/Ba1 Goodyear Tire & Rubber Co., Term Loan
(Second Lien), 4/30/14 $ 7,540,145
--------------
Total Automobiles & Components $ 12,756,352
- ----------------------------------------------------------------------------------------------------
CONSUMER DURABLES & APPAREL -- 0.0%
Apparel, Accessories & Luxury Goods -- 0.0%
733,390 4.75 BBB/Ba2 Phillips-Van Heusen Corp., U.S. Tranche B
Term Loan, 5/6/16 $ 740,893
--------------
Total Consumer Durables & Apparel $ 740,893
- ----------------------------------------------------------------------------------------------------
CONSUMER SERVICES -- 0.6%
Casinos & Gaming -- 0.4%
10,947,753 10.50 NR/NR Gateway Casinos & Entertainment, Term
Facility, 3/16/14 (e) $ 10,975,122
8,980,000 6.03 NR/NR Gateway Casinos & Entertainment, Second
Lien Advance Lien, 7/16/14 (e) 1,574,306
--------------
$ 12,549,428
- ----------------------------------------------------------------------------------------------------
Education Services -- 0.1%
955,077 2.54 NR/NR Cengage Learning Acquisitions, Inc., Term
Loan, 7/3/14 $ 874,383
- ----------------------------------------------------------------------------------------------------
Restaurants -- 0.1%
2,280,000 6.25 BB+/Ba2 Burger King Holdings, Inc., Tranche B Term
Loan, 10/19/16 $ 2,303,655
--------------
Total Consumer Services $ 15,727,466
- ----------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer High Yield Fund | Annual Report | 10/31/10 37
Schedule of Investments | 10/31/10 (continued)
- --------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate (d) Ratings Value
- --------------------------------------------------------------------------------------------------
MEDIA -- 0.5%
Cable & Satellite -- 0.4%
1,691,479 3.54 NR/NR Charter Communications Operating LLC,
Term C Loan, 9/6/16 $ 1,663,388
4,937,625 4.50 BB-/Ba3 Mediacom Broadband LLC, Tranche F Term
Loan, 10/23/17 4,896,477
3,000,000 2.76 CCC/B2 WideOpenWest LLC, Term Loan
(First Lien), 6/30/14 2,797,500
--------------
$ 9,357,365
- --------------------------------------------------------------------------------------------------
Movies & Entertainment -- 0.1%
3,413,536 5.25 NR/NR Christie/AIX, Inc., Term Loan, 4/29/16 $ 3,396,468
--------------
Total Media $ 12,753,833
- --------------------------------------------------------------------------------------------------
FOOD, BEVERAGE & TOBACCO -- 0.6%
Packaged Foods & Meats -- 0.6%
2,900,000 11.25 NR/NR Pierre Foods, Inc., Term Loan
(First Lien), 9/29/17 $ 2,925,375
14,500,000 7.00 NR/NR Pierre Foods, Inc., Term Loan
(Second Lien), 9/30/16 14,373,125
--------------
$ 17,298,500
--------------
Total Food, Beverage & Tobacco $ 17,298,500
- --------------------------------------------------------------------------------------------------
HOUSEHOLD & PERSONAL PRODUCTS -- 0.2%
Household Products -- 0.1%
2,320,717 6.75 NR/NR Reynolds Group Holdings, Inc., U.S. Term
Loan, 5/5/16 $ 2,343,199
1,590,000 6.25 NR/NR Reynolds Group Holdings, Inc.,
Incremental U.S. Term Loan, 5/5/16 1,601,921
--------------
$ 3,945,120
- --------------------------------------------------------------------------------------------------
Personal Products -- 0.1%
2,019,850 6.00 NR/NR Revlon Consumer Products Corp., Term
Loan, 3/11/15 $ 2,025,981
--------------
Total Household & Personal Products $ 5,971,101
- --------------------------------------------------------------------------------------------------
HEALTH CARE EQUIPMENT & SERVICES -- 1.3%
Health Care Facilities -- 0.3%
3,870,550 6.50 B+/B1 Ardent Health Services LLC, Term
Loan, 9/15/15 $ 3,846,359
4,000,000 7.50 B+/Ba2 Sun HealthCare Group, Inc., Term
Loan, 10/18/16 3,967,500
--------------
$ 7,813,859
- --------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
38 Pioneer High Yield Fund | Annual Report | 10/31/10
- ---------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate (d) Ratings Value
- ---------------------------------------------------------------------------------------------------
Health Care Services -- 0.7%
11,300,000 6.75 BB-/Ba2 Gentiva Health Services, Inc., Term B
Borrowing Loan, 8/17/16 $ 11,380,038
6,676,450 7.25 NR/NR Prime Healthcare Services, Inc., Term B
Loan, 4/28/15 6,409,392
1,233,944 6.00 BB/Ba3 RehabCare Group, Inc., Term B
Loan, 11/24/15 1,239,491
1,031,228 7.00 CCC/B3 Rural/Metro Operating Co. LLC, Term
Loan, 12/9/14 1,031,873
--------------
$ 20,060,794
- ---------------------------------------------------------------------------------------------------
Health Care Supplies -- 0.3%
9,200,000 4.51 BB/B1 Alere, Inc., Term Loan
(Second Lien), 6/26/15 $ 8,932,625
--------------
Total Health Care Equipment & Services $ 36,807,278
- ---------------------------------------------------------------------------------------------------
PHARMACEUTICALS & BIOTECHNOLOGY -- 0.5%
Biotechnology -- 0.5%
190,958 6.50 NR/NR Harvard Drug Group, Delayed Draw Term
Loan, 4/8/16 $ 180,933
1,388,788 6.50 NR/NR Harvard Drug Group, Term Loan, 4/8/16 1,315,877
4,243,205 6.00 NR/Ba3 Warner Chilcott Corp., Term A
Loan, 10/30/14 4,244,678
3,410,683 6.25 NR/Ba3 Warner Chilcott Corp., Term B-2
Loan, 4/30/15 3,430,400
1,931,534 6.25 NR/Ba3 Warner Chilcott Corp., Term B-3
Loan, 4/30/15 1,941,851
2,048,235 6.25 NR/Ba3 Warner Chilcott Corp., Term B-1
Loan, 4/30/15 2,060,076
--------------
$ 13,173,815
--------------
Total Pharmaceuticals & Biotechnology $ 13,173,815
- ---------------------------------------------------------------------------------------------------
INSURANCE -- 1.2%
Insurance Brokers -- 0.9%
5,164,560 3.29 NR/NR Alliant Holdings I, Inc., Term
Loan, 8/21/14 $ 5,022,535
1,606,490 2.79 B/NR HUB International Holdings, Delayed Draw
Term Loan, 6/13/14 1,541,206
5,836,050 6.75 B/NR HUB International Holdings, Inc.,
Additional Term Loan, 6/13/14 5,792,280
7,146,899 2.79 B/NR HUB International Holdings, Initial Term
Loan, 6/13/14 6,856,467
The accompanying notes are an integral part of these financial statements.
Pioneer High Yield Fund | Annual Report | 10/31/10 39
Schedule of Investments | 10/31/10 (continued)
- ------------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate (d) Ratings Value
- ------------------------------------------------------------------------------------------------------
Insurance Brokers -- (continued)
6,307,508 2.76 B/B2 USI Holdings Corp., Tranche B Term
Loan, 5/5/14 $ 5,918,546
1,465,200 7.00 B/B2 USI Holdings Corp., Series C New Term
Loan, 5/5/14 1,438,094
--------------
$ 26,569,128
- ------------------------------------------------------------------------------------------------------
Multi-Line Insurance -- 0.3%
7,896,043 2.80 B-/NR AmWins Group, Inc., Initial Term
Loan, 6/8/13 $ 7,367,995
--------------
Total Insurance $ 33,937,123
- ------------------------------------------------------------------------------------------------------
SOFTWARE & SERVICES -- 0.5%
Internet Software & Services -- 0.3%
9,450,000 6.75 NR/NR SAVVIS, Inc., Term Loan, 8/4/16 $ 9,578,756
- ------------------------------------------------------------------------------------------------------
Systems Software -- 0.2%
2,430,313 8.50 CCC+/B1 Allen Systems Group, Inc., Term Loan
(First Lien), 10/18/13 $ 2,443,604
910,202 5.25 BB-/Ba3 Dealer Computer Services, Inc., (R&R),
Term Loan, 4/2/17 911,244
1,740,686 2.32 BB-/Ba3 Inverness Medical Innovations, Term Loan
(Second Lien), 2/14/13 1,671,059
1,502,450 6.75 B+/B1 Telcordia Technologies, Inc., Term
Loan, 4/30/16 1,516,771
--------------
$ 6,542,678
--------------
Total Software & Services $ 16,121,434
- ------------------------------------------------------------------------------------------------------
TELECOMMUNICATION SERVICES -- 0.1%
Wireless Telecommunication Services -- 0.1%
2,770,000 3.29 B+/B3 Intelsat Jackson Holdings, Ltd., Term Loan,
2/1/14 $ 2,643,618
--------------
Total Telecommunication Services $ 2,643,618
- ------------------------------------------------------------------------------------------------------
UTILITIES -- 0.2%
Electric Utilities -- 0.1%
2,494,800 3.76 B+/B2 Texas Competitive Electric Holdings Co.,
LLC, Delayed Draw Term Loan, 10/10/14 $ 1,951,207
- ------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
40 Pioneer High Yield Fund | Annual Report | 10/31/10
- ------------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate (d) Ratings Value
- ------------------------------------------------------------------------------------------------------
Independent Power Producer & Energy Traders -- 0.1%
1,640,858 1.79 BB+/Baa3 NRG Energy, Inc., Original Maturity Term
Loan, 2/1/13 $ 1,608,334
1,334,617 1.79 BB+/Baa3 NRG Energy, Inc., Original Maturity Credit-
Linked Deposit, 2/1/13 1,308,163
--------------
$ 2,916,497
--------------
Total Utilities $ 4,867,704
- ------------------------------------------------------------------------------------------------------
TOTAL SENIOR FLOATING RATE LOAN
INTERESTS
(Cost $210,177,946) $ 205,101,264
- ------------------------------------------------------------------------------------------------------
TEMPORARY CASH INVESTMENTS -- 6.5%
Repurchase Agreements -- 2.6%
8,095,000 0.22 NR/Aaa Bank of America, Inc., 0.22%, dated
10/29/10, repurchase price of
$8,095,000 plus accrued interest on
11/1/10 collateralized by
$8,232,048 Federal National Mortgage
Association, 4.0%, 10/1/40 $ 8,095,000
8,095,000 0.20 NR/Aaa Bank of America, Inc., 0.2%, dated
10/29/10, repurchase price of
$8,095,000 plus accrued interest on
11/1/10 collateralized by
$8,147,506 U.S. Treasury Notes,
3.125%, 5/15/19 8,095,000
8,095,000 0.18 NR/Aaa Barclays Plc, 0.18%, dated
10/29/10, repurchase price of
$8,095,000 plus accrued interest on
11/1/10 collateralized by $5,706,712
Federal National Mortgage Association,
4.5%, 6/1/40 - 9/1/40 $2,523,568
Freddie Mac Giant, 4.0%, 10/1/40 8,095,000
8,095,000 0.18 NR/Aaa Barclays Plc, 0.18%, dated 10/29/10,
repurchase price of $8,095,000 plus
accrued interest on 11/1/10
collateralized by
$8,234,150 U.S. Treasury Notes,
1.375%, 2/15/12 8,095,000
8,095,000 0.23 NR/Aaa BNP Paribas SA, 0.23%, dated
10/29/10, repurchase price of
$8,095,000 plus accrued interest on
11/1/10 collateralized by the following:
$5,019,893 Federal National Mortgage
Association (ARM), 2.673% - 5.446%,
1/1/23 - 10/1/40
$3,213,553 Federal Home Loan
Mortgage Corp., 0.0% - 5.416%,
1/5/36 - 10/1/40 8,095,000
The accompanying notes are an integral part of these financial statements.
Pioneer High Yield Fund | Annual Report | 10/31/10 41
Schedule of Investments | 10/31/10 (continued)
- ----------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate (d) Ratings Value
- ----------------------------------------------------------------------------------------------------
Repurchase Agreements -- (continued)
8,095,000 0.22 NR/Aaa Deutsche Bank Securities, Inc, 0.22%,
dated 10/29/10, repurchase price of
$8,095,000 plus accrued interest on
11/1/10 collateralized by $8,223,529
Federal National Mortgage Association,
5.0% - 6.0%, 6/1/35 - 2/1/38 $ 8,095,000
8,095,000 0.20 NR/Aaa Deutsche Bank, 0.2%, dated 10/29/10,
repurchase price of $8,095,000
plus accrued interest on 11/1/10
collateralized by $8,239,398 U.S.
Treasury Notes, 0.875, 1/31/12 8,095,000
8,095,000 0.22 NR/Aaa JPMorgan Securities, Inc., 0.22%,
dated 10/29/10, repurchase price of
$8,095,000 plus accrued interest on
11/1/10 collateralized by $8,256,934
Freddie Mac Giant 3.5% - 11.5%,
2/1/11 - 3/1/48 8,095,000
8,095,000 0.22 NR/Aaa SG Americas Securities LLC, 0.22%,
dated 10/29/10, repurchase price of
$8,095,000 plus accrued interest on
11/1/10 collateralized by the following:
$4,361,546 Federal National
Mortgage Association, 5.5%,
11/1/37 - 12/1/39
$3,863,916 Freddie Mac Giant,
4.5% - 6.5%, 11/1/37 - 11/1/39 8,095,000
--------------
Total Repurchase Agreements
(Cost $72,855,000) $ 72,855,000
- ----------------------------------------------------------------------------------------------------
Securities Lending Collateral -- 3.9% (c)
Certificates of Deposit:
$3,087,832 Bank of Nova Scotia, 0.37%, 9/29/11 $ 3,087,832
2,161,482 BBVA Group NY, 0.61%, 7/26/11 2,161,482
3,087,832 BNP Paribas Bank NY, 0.38%, 11/8/10 3,087,832
1,543,916 BNP Paribas Bank NY, 0.3%, 1/20/11 1,543,916
3,087,832 Canadian Imperial Bank of Commerce NY,
0.29%, 4/27/11 3,087,832
1,543,916 DNB Nor Bank ASA NY, 0.27%, 11/10/10 1,543,916
3,087,832 Nordea New York, 0.5%, 12/10/10 3,087,832
3,087,832 RoboBank Netherland NV NY,
0.44%, 8/8/11 3,087,832
3,087,832 Royal Bank of Canada NY, 0.26%, 1/21/11 3,087,832
3,087,832 SocGen NY, 0.34%, 11/10/10 3,087,832
1,543,916 Svenska NY, 0.275%, 11/12/10 1,543,916
--------------
28,408,054 $ 28,408,054
- ----------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
42 Pioneer High Yield Fund | Annual Report | 10/31/10
- ------------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate (d) Ratings Value
- ------------------------------------------------------------------------------------------------------
Repurchase Agreements -- (continued)
Commercial Paper:
$ 1,852,699 American Honda Finance, 0.28%, 5/4/11 $ 1,852,699
1,241,334 American Honda Finance, 1.04%, 6/20/11 1,241,334
1,135,502 Australia & New Zealand Banking Group,
1.04%, 8/4/11 1,135,502
3,149,835 Caterpillar Financial Services Corp.,
1.04%, 6/24/11 3,149,835
3,396,615 CBA, 0.31%, 1/3/11 3,396,615
2,160,645 CHARFD, 0.31%, 12/14/10 2,160,645
1,852,238 CLIPPR, 0.28%, 12/1/10 1,852,238
2,724,685 FAIRPP, 0.3%, 11/9/10 2,724,685
1,234,836 FASCO, 0.27%, 12/1/10 1,234,836
3,088,199 Federal Home Loan Bank, 0.37%, 6/1/11 3,088,199
1,543,849 GE Corp., 0.34%, 1/26/11 1,543,849
308,612 General Electric Capital Corp.,
0.37%, 6/6/11 308,612
1,234,836 OLDLLC, 0.27%, 12/1/10 1,234,836
1,691,898 OLDLLC, 0.27%, 12/2/10 1,691,898
3,084,487 SEB, 0.0%, 2/7/11 3,084,487
1,542,971 SOCNAM, 0.0%, 1/14/11 1,542,971
1,543,487 SRCPP, 0.27%, 12/6/10 1,543,487
2,316,543 STRAIT, 0.25%, 12/8/10 2,316,543
1,543,082 TBLLC, 0.0%, 1/10/11 1,543,082
1,543,534 TBLLC, 0.27%, 12/2/10 1,543,534
3,087,832 Toyota Motor Credit Corp., 0.44%, 9/8/11 3,087,832
1,881,123 VARFUN, 0.35%, 1/20/11 1,881,123
1,852,758 Wachovia, 0.39%, 3/22/11 1,852,758
1,236,110 Wachovia, 0.42%, 10/15/11 1,236,110
3,087,832 Westpac, 0.31%, 07/29/11 3,087,832
--------------
$ 49,335,542
- ------------------------------------------------------------------------------------------------------
Tri-party Repurchase Agreements:
8,248,896 Barclays Capital Markets,
0.22%, 11/1/10 $ 8,248,894
6,175,664 Deutsche Bank Securities, Inc.,
0.21%, 11/1/10 6,175,664
6,175,664 HSBC Bank USA NA, 0.22%, 11/1/10 6,175,664
3,087,832 RBS Securities, Inc., 0.22%, 11/1/10 3,087,832
--------------
$ 23,688,054
- ------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer High Yield Fund | Annual Report | 10/31/10 43
Schedule of Investments | 10/31/10 (continued)
- ---------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Shares Rate (d) Ratings Value
- ---------------------------------------------------------------------------------------------------
Money Market Mutual Funds:
3,087,832 BlackRock Liquidity Temporary Cash Fund $ 3,087,832
3,087,832 Dreyfus Preferred Money Market Fund 3,087,832
3,087,832 Fidelity Prime Money Market Fund 3,087,832
--------------
$ 9,263,496
--------------
Total Securities Lending Collateral
(Cost $110,695,146) $ 110,695,146
- ---------------------------------------------------------------------------------------------------
TOTAL TEMPORARY CASH INVESTMENTS
(Cost $183,550,146) $ 183,550,146
- ---------------------------------------------------------------------------------------------------
TOTAL INVESTMENT IN SECURITIES -- 102.2%
(Cost $2,660,004,409) (a) $2,886,603,594
- ---------------------------------------------------------------------------------------------------
OTHER ASSETS AND
LIABILITIES -- (2.2)% $ (63,073,775)
- ---------------------------------------------------------------------------------------------------
TOTAL NET ASSETS -- 100.0% $2,823,529,819
===================================================================================================
* Non-income producing security.
NR Not rated by either S&P or Moody's.
WR Withdrawn rating.
PIK Represents a pay in kind security.
(144A) Security is exempt from registration under Rule 144A of the Securities
Act of 1933. Such securities may be resold normally to qualified
institutional buyers in a transaction exempt from registration. At
October 31, 2010, the value of these securities amounted to $352,603,047
or 12.5% of total net assets.
** Senior floating rate loan interests in which the Fund invests generally
pay interest at rates that are periodically redetermined by reference to
a base lending rate plus a premium. These base lending rates are
generally (i) the lending rate offered by one or more major European
banks, such as LIBOR (London InterBank Offered Rate), (ii) the prime rate
offered by one or more major United States banks, (iii) the certificate
of deposit or (iv) other base lending rates used by commercial lenders.
The rate shown is the coupon rate at period end.
(a) At October 31, 2010, the net unrealized loss on investments based on cost
for federal income tax purposes of $2,671,229,352 was as follows:
Aggregate gross unrealized gain for all investments in which there is
an excess of value over tax cost $339,669,482
Aggregate gross unrealized loss for all investments in which there is
an excess of tax cost over value (124,295,240)
------------
Net unrealized gain $215,374,242
============
The accompanying notes are an integral part of these financial statements.
44 Pioneer High Yield Fund | Annual Report | 10/31/10
(b) At October 31, 2010, the following securities were out on loan:
- --------------------------------------------------------------------------------------------
Principal
Amount ($) Description Value
- --------------------------------------------------------------------------------------------
2,725,000 ABI Escrow Corp., 10.25%, 10/15/18 $2,908,938
491,000 Accuride Corp. , 9.5%, 8/1/18 535,190
2,425,000 Alliance One International, Inc., 5.5%, 7/15/14 (144A) 2,788,750
1,455,000 Allison Transmission, Inc., 11.0%, 11/1/15 (144A) 1,578,675
2,678,000 Baldor Electric, 8.625%, 2/15/17 2,858,765
1,571,000 Bill Barrett Corp., 5.0%, 3/15/28 1,602,420
1,000,000 BWAY Holding Co., 10.0%, 6/15/18 (144A) 1,090,000
9,945,000 C&S Group Enterprise LLC, 8.375%, 5/1/17 (144A) 9,945,000
1,000,000 CEVA Group Plc, 11.625%, 10/1/16 1,082,500
1,089,000 Coleman Cable, Inc., 9%, 2/15/18 1,139,366
2,423,000 CommScope, Inc., 3.25%, 7/1/15 3,174,130
1,282,000 Cubist Pharmaceuticals, Inc., 2.25%, 6/15/13 1,342,895
240,000 Dollar Financial Corp., 2.875%, 6/30/27 (144A) 229,500
4,920,000 First Data Corp., 9.875%, 9/24/15 4,157,400
501,000 General Cable Corp., 7.125%, 4/1/17 513,525
1,680,000 HCA, Inc., 9.875%, 2/15/17 1,885,800
3,749,250 Ineos Group Holdings Plc, 8.50%, 2/15/16 (144A) 3,411,818
1,996,000 MannKind Corp., 3.75%, 12/15/13 1,319,855
1,780,000 Sabra Health Care LP/Sabra Capital Corp., 8.125%, 11/1/18 1,842,300
1,050,000 Tesoro Corp., 6.625%, 11/1/15 1,060,500
10,925,000 Yankee Acquisition Corp., 9.75%, 2/15/17 11,389,313
The accompanying notes are an integral part of these financial statements.
Pioneer High Yield Fund | Annual Report | 10/31/10 45
Schedule of Investments | 10/31/10 (continued)
- --------------------------------------------------------------------------------------------
Shares Description Value
- --------------------------------------------------------------------------------------------
1,259,600 Alliance One International, Inc. * $ 5,567,432
12,500 Annaly Capital Management, Inc. 221,375
33,600 BE Aerospace, Inc. * 1,235,136
900 CMS Energy Corp. 16,547
46,500 Commercial Vehicle Group, Inc. * 624,495
91,200 ESCO Technologies, Inc. 3,126,336
3,700 FMC Corp. 270,470
69,900 General Cable Corp. 1,953,006
5,400 Geoeye, Inc. * 239,058
917,200 Georgia Gulf Corp. * 18,554,956
10,600 International Game Technology 165,254
1,800 Itron, Inc. * 28,062
172,100 J.C. Penney Co., Inc. 5,366,078
4,900 Legg Mason, Inc. 76,391
39,800 NRG Energy, Inc. * 792,418
24,000 Orbital Sciences Corp. * 389,760
538,200 SandRidge Energy, Inc. 2,943,954
50,700 Scientific Games Corp * 400,530
206,500 Sonic Automotive, Inc. 2,254,980
7,200 Starbucks Corp. 205,056
145,400 Texas Industries, Inc. 4,968,318
95,100 Windstream Corp. 1,203,966
- --------------------------------------------------------------------------------------------
Total $107,434,409
============================================================================================
(c) Securities lending collateral is managed by Credit Suisse AG, New York
Branch.
(d) Debt obligation with a variable interest rate. Rate shown is rate at end
of period.
(e) Security is in default and is non-income producing.
(f) Security is fair valued by management (see Note A).
Purchases and sales of securities (excluding temporary cash investments) for
the year ended October 31, 2010 aggregated $1,046,527,116 and 1,507,482,697,
respectively.
The accompanying notes are an integral part of these financial statements.
46 Pioneer High Yield Fund | Annual Report | 10/31/10
Various inputs are used in determining the value of the Fund's investments.
These inputs are summarized in the three broad levels listed below.
Highest priority is given to Level 1 inputs and lowest priority is given to
Level 3.
Level 1 -- quoted prices in active markets for identical securities
Level 2 -- other significant observable inputs (including quoted prices for
similar securities, interest rates, prepayment speeds, credit risk,
etc.)
Level 3 -- significant unobservable inputs (including the Fund's own
assumptions in determining fair value of investments)
The following is a summary of the inputs used as of October 31, 2010, in
valuing the Fund's assets:
- ---------------------------------------------------------------------------------------------------
Level 1 Level 2 Level 3 Total
- ---------------------------------------------------------------------------------------------------
Asset Backed Securities $ -- $ 2,177,960 $ -- $ 2,177,960
Collateralized Mortgage Obligations -- 1,652,935 -- 1,652,935
Corporate Bonds -- 1,408,249,032 -- 1,408,249,032
Convertible Corporate Bonds -- 525,340,080 -- 525,340,080
Preferred Stocks 14,591,470 105,240,457 -- 119,831,927
Municipal Bonds -- -- 1,047,000 1,047,000
Senior Floating Rate Loan Interests -- 203,447,305 1,653,959 205,101,264
Common Stocks 439,458,552 -- 194,698 439,653,250
Temporary Cash Investments -- 174,286,650 -- 174,286,650
Money Market Mutual Funds 9,263,496 -- -- 9,263,496
- ---------------------------------------------------------------------------------------------------
Total $463,313,518 $2,420,394,419 $2,895,657 $2,886,603,594
===================================================================================================
Other Financial Instruments* $ -- $ -- $ -- $ --
===================================================================================================
The following is a reconciliation of assets valued using significant observable
inputs (Level 3):
- ------------------------------------------------------------------------------------------------
Senior Floating
Rate Loan Common
Interests Stocks Municipal Total
- ------------------------------------------------------------------------------------------------
Balance as of 10/31/09 $ 1,043,970 -- -- $1,043,970
Realized gain (loss) -- -- -- --
Change in unrealized appreciation
(depreciation)1 (20,484) 6 -- (20,478)
Net purchases (sales) (1,022,082) -- -- (1,022,082)
Transfers in and out of Level 3* 1,652,555 194,692 1,047,000 2,894,247
- ------------------------------------------------------------------------------------------------
Balance as of 10/31/10 $ 1,653,959 $194,698 $1,047,000 $2,895,657
================================================================================================
1 Realized gain (loss) on these securities is included in the net realized
gain (loss) from investments in the Statement of Operations.
* Transfers are calculated on the date of transfer.
Net change in unrealized appreciation (depreciation) of investments still
held as of 10/31/10 $ (9)
The accompanying notes are an integral part of these financial statements.
Pioneer High Yield Fund | Annual Report | 10/31/10 47
Statement of Assets and Liabilities | 10/31/10
ASSETS:
Investment in securities (including securities loaned of $107,434,409)
(cost $2,660,004,409) $2,886,603,594
Cash 18,789,803
Receivables --
Investment securities sold 20,427,225
Fund shares sold 13,926,741
Dividends and interest 37,050,311
Due from Pioneer Investment Management, Inc. 789
Unrealized appreciation on unfunded corporate loans 37,753
Other 185,784
- -------------------------------------------------------------------------------------------
Total assets $2,977,022,000
- -------------------------------------------------------------------------------------------
LIABILITIES:
Payables --
Investment securities purchased $ 32,015,095
Fund shares repurchased 7,637,711
Dividends 2,257,722
Upon return of securities loaned 110,695,146
Due to affiliates 740,326
Accrued expenses 146,181
- -------------------------------------------------------------------------------------------
Total liabilities $ 153,492,181
- -------------------------------------------------------------------------------------------
NET ASSETS:
Paid-in capital $2,852,696,460
Undistributed net investment loss 3,306,127
Accumulated net realized loss on investments (259,109,706)
Net unrealized gain on investments 226,636,938
- -------------------------------------------------------------------------------------------
Total net assets $2,823,529,819
===========================================================================================
NET ASSET VALUE PER SHARE:
(No par value, unlimited number of shares authorized)
Class A (based on $1,584,197,814/160,309,988 shares) $ 9.88
Class B (based on $240,993,027/24,227,634 shares) $ 9.95
Class C (based on $599,656,008/59,698,194 shares) $ 10.04
Class R (based on $95,302,856/8,638,126 shares) $ 11.03
Class Y (based on $300,881,464/30,445,051 shares) $ 9.88
Class Z (based on $2,498,650/253,381 shares) $ 9.86
MAXIMUM OFFERING PRICE:
Class A ($9.88 [divided by] 95.5%) $ 10.35
===========================================================================================
The accompanying notes are an integral part of these financial statements.
48 Pioneer High Yield Fund | Annual Report | 10/31/10
Statement of Operations
For the Year Ended 10/31/10
INVESTMENT INCOME:
Dividends (net of foreign taxes withheld of $801) $ 11,053,291
Interest 167,729,182
Income from securities loaned, net 419,265
- -----------------------------------------------------------------------------------------
Total investment income $179,201,738
- -----------------------------------------------------------------------------------------
EXPENSES:
Management fees $ 17,387,985
Transfer agent fees and expenses
Class A 1,560,700
Class B 614,423
Class C 659,865
Class Y 92,111
Class R 17,573
Class Z 4,011
Distribution fees
Class A 3,532,123
Class B 3,019,739
Class C 5,966,816
Class R 516,836
Shareholder communication expense 2,826,877
Administrative reimbursements 859,019
Custodian fees 70,904
Registration fees 241,735
Professional fees 169,639
Printing expense 162,381
Fees and expenses of nonaffiliated trustees 92,884
Miscellaneous 330,973
- -----------------------------------------------------------------------------------------
Total expenses $ 38,126,594
Less fees waived and expenses reimbursed by
Pioneer Investment Management, Inc. (2,275)
- -----------------------------------------------------------------------------------------
Net expenses $ 38,124,319
- -----------------------------------------------------------------------------------------
Net investment income $141,077,419
- -----------------------------------------------------------------------------------------
REALIZED AND UNREALIZED GAIN ON INVESTMENTS
Net realized gain on:
Investments $ 69,169,365
Credit Default Swaps 364,861 $ 69,534,226
- -----------------------------------------------------------------------------------------
Change in net unrealized gain on:
Investments $275,821,780
Unfunded Corporate loans 318,557 $276,140,337
- -----------------------------------------------------------------------------------------
Net gain on investments $345,674,563
- -----------------------------------------------------------------------------------------
Net increase in net assets resulting from operations $486,751,982
=========================================================================================
The accompanying notes are an integral part of these financial statements.
Pioneer High Yield Fund | Annual Report | 10/31/10 49
Statements of Changes in Net Assets
For the Years Ended 10/31/10 and 10/31/09, respectively
- ---------------------------------------------------------------------------------------------------------
Year Ended Year Ended
10/31/10 10/31/09
- ---------------------------------------------------------------------------------------------------------
FROM OPERATIONS:
Net investment income $ 141,077,419 $ 166,863,186
Net realized gain (loss) on investments 69,534,226 (311,435,025)
Change in net unrealized gain on investments 276,140,337 949,634,539
- ---------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets resulting
from operations $ 486,751,982 $ 805,062,700
- ---------------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO SHAREOWNERS:
Net investment income:
Class A ($0.47 and $0.61 per share, respectively) $ (72,460,963) $ (89,468,028)
Class B ($0.40 and $0.56 per share, respectively) (13,155,069) (28,088,184)
Class C ($0.41 and $0.58 per share, respectively) (26,280,574) (40,305,401)
Class R ($0.50 and $0.67 per share, respectively) (5,041,495) (7,624,335)
Class Y ($0.52 and $0.65 per share, respectively) (19,799,731) (25,810,046)
Class z ($0.50 and $0.65 per share, respectively) (96,374) (50,842)
Net realized gain:
Class A ($0.00 and $0.09 per share, respectively) -- (12,024,228)
Class B ($0.00 and $0.09 per share, respectively) -- (4,927,662)
Class C ($0.00 and $0.09 per share, respectively) -- (6,192,743)
Class R ($0.00 and $0.09 per share, respectively) -- (941,525)
Class Y ($0.00 and $0.09 per share, respectively) -- (3,391,108)
Class Z ($0.00 and $0.09 per share, respectively) -- (5,411)
- ---------------------------------------------------------------------------------------------------------
Total distributions to shareowners $ (136,834,206) $ (218,829,513)
- ---------------------------------------------------------------------------------------------------------
FROM FUND SHARE TRANSACTIONS:
Net proceeds from sale of shares $ 1,255,562,665 $ 1,120,458,805
Reinvestment of distributions 100,904,604 $ 154,342,860
Cost of shares repurchased (1,772,142,556) $ (1,105,819,266)
- ---------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets resulting from
fund share transactions $ (415,675,287) $ 168,982,399
- ---------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets $ (65,757,511) $ 755,215,586
NET ASSETS:
Beginning of year 2,889,287,330 2,134,071,744
- ---------------------------------------------------------------------------------------------------------
End of year $ 2,823,529,819 $ 2,889,287,330
- ---------------------------------------------------------------------------------------------------------
Undistributed (distributions in excess of) net investment income $ 3,306,127 $ (11,431,441)
- ---------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
50 Pioneer High Yield Fund | Annual Report | 10/31/10
- ---------------------------------------------------------------------------------------------------------
'10 Shares '10 Amount '09 Shares '09 Amount
- ---------------------------------------------------------------------------------------------------------
Class A
Shares sold 94,387,088 $ 877,116,917 99,829,912 $681,835,019
Reinvestment of distributions 6,324,973 58,563,561 11,760,768 80,595,618
Less shares repurchased (101,272,169) (929,363,807) (84,521,880) (584,125,579)
- ---------------------------------------------------------------------------------------------------------
Net increase (560,108) $ 6,316,671 27,068,800 $178,305,058
=========================================================================================================
Class B
Shares sold 1,522,607 $ 14,269,679 4,614,511 $ 30,519,474
Reinvestment of distributions 976,587 9,065,983 2,831,923 19,119,535
Less shares repurchased (21,378,104) (198,746,483) (18,728,332) (132,206,352)
- ---------------------------------------------------------------------------------------------------------
Net decrease (18,878,910) $(175,410,821) (11,281,898) $(82,567,343)
=========================================================================================================
Class C
Shares sold 16,824,613 $ 159,998,328 24,074,469 $159,613,308
Reinvestment of distributions 1,841,206 17,299,864 4,168,622 28,797,538
Less shares repurchased (29,726,359) (278,242,994) (25,652,386) (175,055,921)
- ---------------------------------------------------------------------------------------------------------
Net increase (decrease) (11,060,540) $(100,944,802) 2,590,705 $ 13,354,925
=========================================================================================================
Class R
Shares sold 1,938,602 $ 19,998,238 5,177,337 $ 40,540,262
Reinvestment of distributions 467,649 4,816,792 1,055,590 8,080,989
Less shares repurchased (6,125,755) (62,993,476) (3,956,843) (31,508,458)
- ---------------------------------------------------------------------------------------------------------
Net increase (decrease) (3,719,504) $ (38,178,446) 2,276,084 $ 17,112,793
=========================================================================================================
Class Y
Shares sold 19,675,595 $ 181,904,792 28,310,480 $206,797,888
Reinvestment of distributions 1,202,048 11,098,350 2,607,357 17,722,878
Less shares repurchased (32,748,053) (301,428,450) (24,884,401) (182,617,089)
- ---------------------------------------------------------------------------------------------------------
Net increase (decrease) (11,870,410) $(108,425,308) 6,033,436 $ 41,903,677
=========================================================================================================
Class Z
Shares sold 246,206 $ 2,274,711 153,927 $ 1,152,854
Reinvestment of distributions 6,455 60,054 3,747 26,302
Less shares repurchased (149,462) (1,367,346) (42,673) (305,858)
- ---------------------------------------------------------------------------------------------------------
Net increase 103,199 $ 967,419 115,001 $ 873,298
=========================================================================================================
The accompanying notes are an integral part of these financial statements.
Pioneer High Yield Fund | Annual Report | 10/31/10 51
Financial Highlights
- ----------------------------------------------------------------------------------------------------------------------------------
Year Year Year Year Year
Ended Ended Ended Ended Ended
10/31/10 10/31/09 10/31/08 10/31/07 10/31/06
- ----------------------------------------------------------------------------------------------------------------------------------
Class A
Net asset value, beginning of period $ 8.69 $ 6.99 $ 11.51 $ 11.13 $ 11.18
- ----------------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income $ 0.49 $ 0.54 $ 0.56 $ 0.50 $ 0.55
Net realized and unrealized gain (loss) on investments 1.17 1.87 (3.98) 0.88 0.49
- ----------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 1.66 $ 2.41 $ (3.42) $ 1.38 $ 1.04
Distributions to shareowners:
Net investment income (0.47) (0.61) (0.53) (0.51) (0.57)
Net realized gain -- (0.09) (0.57) (0.49) (0.52)
- ----------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ 1.19 $ 1.70 $ (4.52) $ 0.38 $ (0.05)
- ----------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 9.88 $ 8.69 $ 6.99 $ 11.51 $ 11.13
==================================================================================================================================
Total return* 19.66% 37.79% (32.18)% 13.10% 9.98%
Ratio of net expenses to average net assets+ 1.18% 1.25% 1.20% 1.10% 1.11%
Ratio of net investment income to average net assets+ 5.28% 7.41% 5.63% 4.50% 5.02%
Portfolio turnover rate 20% 45% 29% 27% 19%
Net assets, end of period (in thousands) $1,584,198 $1,398,692 $935,580 $1,789,612 $2,192,694
Ratios with no waiver of fees by the Adviser and no reduction for
fees paid indirectly:
Net expenses 1.18% 1.25% 1.20% 1.10% 1.11%
Net investment income 5.28% 7.41% 5.63% 4.50% 5.02%
Ratios with waiver of fees by the Adviser and reduction for fees
paid indirectly:
Net expenses 1.18% 1.25% 1.20% 1.10% 1.10%
Net investment income 5.28% 7.41% 5.63% 4.50% 5.03%
==================================================================================================================================
* 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.
+ Ratios with no reduction for fees paid indirectly.
The accompanying notes are an integral part of these financial statements.
52 Pioneer High Yield Fund | Annual Report | 10/31/10
- ----------------------------------------------------------------------------------------------------------------------------------
Year Year Year Year Year
Ended Ended Ended Ended Ended
10/31/10 10/31/09 10/31/08 10/31/07 10/31/06
- ----------------------------------------------------------------------------------------------------------------------------------
Class B
Net asset value, beginning of period $ 8.74 $ 7.03 $ 11.56 $ 11.18 $ 11.22
- ----------------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income $ 0.40 $ 0.48 $ 0.49 $ 0.42 $ 0.47
Net realized and unrealized gain (loss) on investments 1.21 1.89 (3.99) 0.88 0.50
- ----------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 1.61 $ 2.37 $ (3.50) $ 1.30 $ 0.97
Distributions to shareowners:
Net investment income (0.40) (0.56) (0.46) (0.43) (0.49)
Net realized gain -- (0.09) (0.57) (0.49) (0.52)
- ----------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ 1.21 $ 1.71 $ (4.53) $ 0.38 $ (0.04)
- ----------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 9.95 $ 8.74 $ 7.03 $ 11.56 $ 11.18
==================================================================================================================================
Total return* 18.83% 36.89% (32.72)% 12.23% 9.25%
Ratio of net expenses to average net assets+ 1.96% 2.04% 1.91% 1.86% 1.84%
Ratio of net investment income to average net assets+ 4.52% 6.84% 4.90% 3.75% 4.30%
Portfolio turnover 20% 45% 29% 27% 19%
Net assets, end of period (in thousands) $240,993 $376,790 $382,124 $813,963 $1,063,908
Ratios with no waiver of fees by the Adviser and no reduction for
fees paid indirectly:
Net expenses 1.96% 2.04% 1.91% 1.86% 1.84%
Net investment income 4.52% 6.84% 4.90% 3.75% 4.30%
Ratios with waiver of fees by the Adviser and reduction for fees
paid indirectly:
Net expenses 1.96% 2.04% 1.90% 1.85% 1.83%
Net investment income 4.52% 6.84% 4.91% 3.76% 4.31%
==================================================================================================================================
* 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.
+ Ratios with no reduction for fees paid indirectly.
The accompanying notes are an integral part of these financial statements.
Pioneer High Yield Fund | Annual Report | 10/31/10 53
Financial Highlights (continued)
- ----------------------------------------------------------------------------------------------------------------------------------
Year Year Year Year Year
Ended Ended Ended Ended Ended
10/31/10 10/31/09 10/31/08 10/31/07 10/31/06
- ----------------------------------------------------------------------------------------------------------------------------------
Class C
Net asset value, beginning of period $ 8.83 $ 7.10 $ 11.68 $ 11.28 $ 11.32
- ----------------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income $ 0.42 $ 0.49 $ 0.50 $ 0.43 $ 0.48
Net realized and unrealized gain (loss) on investments 1.20 1.91 (4.05) 0.90 0.50
- ----------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 1.62 $ 2.40 $ (3.55) $ 1.33 $ 0.98
Distributions to shareowners:
Net investment income (0.41) (0.58) (0.46) (0.44) (0.50)
Net realized gain -- (0.09) (0.57) (0.49) (0.52)
- ----------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ 1.21 $ 1.73 $ (4.58) $ 0.40 $ (0.04)
- ----------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 10.04 $ 8.83 $ 7.10 $ 11.68 $ 11.28
==================================================================================================================================
Total return* 18.79% 37.01% (32.78)% 12.35% 9.22%
Ratio of net expenses to average net assets+ 1.88% 1.98% 1.89% 1.85% 1.82%
Ratio of net investment income to average net assets+ 4.60% 6.78% 4.94% 3.76% 4.33%
Portfolio turnover rate 20% 45% 29% 27% 19%
Net assets, end of period (in thousands) $599,656 $624,726 $483,992 $964,063 $1,247,550
Ratios with no waiver of fees by the Adviser and no reduction for
fees paid indirectly:
Net expenses 1.88% 1.98% 1.89% 1.85% 1.82%
Net investment income 4.60% 6.78% 4.94% 3.76% 4.33%
Ratios with waiver of fees by the Adviser and reduction for fees
paid indirectly:
Net expenses 1.88% 1.98% 1.89% 1.85% 1.81%
Net investment income 4.60% 6.78% 4.94% 3.76% 4.34%
==================================================================================================================================
* 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.
+ Ratios with no reduction for fees paid indirectly.
The accompanying notes are an integral part of these financial statements.
54 Pioneer High Yield Fund | Annual Report | 10/31/10
- ----------------------------------------------------------------------------------------------------------------------------------
Year Year Year Year Year
Ended Ended Ended Ended Ended
10/31/10 10/31/09 10/31/08 10/31/07 10/31/06
- ----------------------------------------------------------------------------------------------------------------------------------
Class R
Net asset value, beginning of period $ 9.70 $ 7.79 $ 12.74 $ 12.28 $ 12.29
- ----------------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income $ 0.49 $ 0.58 $ 0.60 $ 0.53 $ 0.56
Net realized and unrealized gain (loss) on investments 1.34 2.09 (4.42) 0.96 0.56
- ----------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 1.83 $ 2.68 $ (3.82) $ 1.49 $ 1.12
Distributions to shareowners:
Net investment income (0.50) (0.67) (0.56) (0.54) (0.61)
Net realized gain -- (0.09) (0.57) (0.49) (0.52)
- ----------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ 1.33 $ 1.91 $ (4.95) $ 0.46 $ (0.01)
- ----------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 11.03 $ 9.70 $ 7.79 $ 12.74 $ 12.28
==================================================================================================================================
Total return* 19.32% 37.73% (32.36)% 12.76% 9.67%
Ratio of net expenses to average net assets+ 1.49% 1.47% 1.47% 1.34% 1.45%
Ratio of net investment income to average net assets+ 5.00% 7.23% 5.44% 4.24% 4.60%
Portfolio turnover rate 20% 45% 29% 27% 19%
Net assets, end of period (in thousands) $ 95,303 $119,846 $78,537 $98,353 $54,188
Ratios with no waiver of fees by the Adviser and no reduction for
fees paid indirectly:
Net expenses 1.49% 1.47% 1.47% 1.34% 1.45%
Net investment income 5.00% 7.23% 5.44% 4.24% 4.60%
Ratios with waiver of fees by the Adviser and reduction for
fees paid indirectly:
Net expenses 1.49% 1.47% 1.47% 1.34% 1.45%
Net investment income 5.00% 7.23% 5.44% 4.24% 4.60%
==================================================================================================================================
* 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.
+ Ratios with no reduction for fees paid indirectly.
The accompanying notes are an integral part of these financial statements.
Pioneer High Yield Fund | Annual Report | 10/31/10 55
Financial Highlights (continued)
- --------------------------------------------------------------------------------------------------------------------------------
Year Year Year Year Year
Ended Ended Ended Ended Ended
10/31/10 10/31/09 10/31/08 10/31/07 10/31/06
- --------------------------------------------------------------------------------------------------------------------------------
Class Y
Net asset value, beginning of period $ 8.69 $ 6.99 $ 11.48 $ 11.11 $ 11.16
- --------------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income $ 0.51 $ 0.57 $ 0.60 $ 0.55 $ 0.59
Net realized and unrealized gain (loss) on investments 1.19 1.87 (3.95) 0.87 0.49
- --------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 1.70 $ 2.44 $ (3.35) $ 1.42 $ 1.08
Distributions to shareowners:
Net investment income (0.51) (0.65) (0.57) (0.56) (0.61)
Net realized gain -- (0.09) (0.57) (0.49) (0.52)
- --------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ 1.19 $ 1.70 $ (4.49) $ 0.37 $ (0.05)
- --------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 9.88 $ 8.69 $ 6.99 $ 11.48 $ 11.11
================================================================================================================================
Total return* 20.16% 38.59% (31.79)% 13.48% 10.43%
Ratio of net expenses to average net assets+ 0.79% 0.78% 0.76% 0.71% 0.68%
Ratio of net investment income to average net assets+ 5.67% 7.95% 6.15% 4.88% 5.39%
Portfolio turnover rate 20% 45% 29% 27% 19%
Net assets, end of period (in thousands) $300,881 $367,933 $253,593 $317,661 $265,107
Ratios with no waiver of fees by the Adviser and no reduction for
fees paid indirectly:
Net expenses 0.79% 0.78% 0.76% 0.71% 0.68%
Net investment income 5.67% 7.95% 6.15% 4.88% 5.39%
Ratios with waiver of fees by the Adviser and reduction for fees
paid indirectly:
Net expenses 0.79% 0.78% 0.76% 0.71% 0.68%
Net investment income 5.67% 7.95% 6.15% 4.88% 5.39%
================================================================================================================================
* 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.
+ Ratios with no reduction for fees paid indirectly.
The accompanying notes are an integral part of these financial statements.
56 Pioneer High Yield Fund | Annual Report | 10/31/10
- --------------------------------------------------------------------------------------------------------------------------------
Year Year Year
Ended Ended Ended 7/6/07 to
10/31/10 10/31/09 10/31/08 10/31/07 (a)
- --------------------------------------------------------------------------------------------------------------------------------
Class Z
Net asset value, beginning of period $ 8.65 $ 7.01 $ 11.51 $11.42
- --------------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income $ 0.53 $ 0.58 $ 0.60 $ 0.17
Net realized and unrealized gain (loss) on investments 1.18 1.80 (3.95) 0.09
- --------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 1.71 $ 2.38 $ (3.35) $ 0.26
Distributions to shareowners:
Net investment income (0.50) (0.65) (0.58) (0.17)
Net realized gain -- (0.09) (0.57) --
- --------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ 1.21 $ 1.64 $ (4.50) $ 0.09
- --------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 9.86 $ 8.65 $ 7.01 $11.51
================================================================================================================================
Total return* 20.35% 37.48% (31.76)% 2.35%(b)
Ratio of net expenses to average net assets+ 0.85% 0.85% 0.85% 0.67%**
Ratio of net investment income to average net assets+ 5.60% 7.49% 6.34% 4.92%**
Portfolio turnover rate 20% 45% 29% 27%(b)
Net assets, end of period (in thousands) $2,499 $1,300 $ 247 $ 101
Ratios with no waiver of fees by the Adviser and no reduction for fees
paid indirectly:
Net expenses 0.98% 0.98% 1.02% 0.67%**
Net investment income 5.47% 7.36% 6.17% 4.92%**
Ratios with waiver of fees by the Adviser and reduction for fees
paid indirectly:
Net expenses 0.85% 0.85% 0.85% 0.67%**
Net investment income 5.60% 7.49% 6.34% 4.92%**
================================================================================================================================
(a) Class Z shares were first publicly offered on July 6, 2007.
(b) Not annualized.
* 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.
** Annualized.
+ Ratios with no reduction for fees paid indirectly.
The accompanying notes are an integral part of these financial statements.
Pioneer High Yield Fund | Annual Report | 10/31/10 57
Notes to Financial Statements | 10/31/10
1. Organization and Significant Accounting Policies
Pioneer High Yield Fund (the Fund), a Delaware statutory trust, is registered
under the Investment Company Act of 1940 as a diversified, open-end management
investment company. The investment objective of the Fund is to maximize total
return through a combination of income and capital appreciation.
The Fund offers six classes of shares designated as Class A, Class B, Class C,
Class R, Class Y and Class Z shares. Class Z shares were first publicly offered
on July 6, 2007. Effective as of the close of business on December 31, 2009,
Class B shares are no longer offered to new or existing shareholders, except
that dividends and/or capital gain distributions may continue to be reinvested
in Class B shares, and shareholders may exchange their Class B shares for Class
B shares of other Pioneer funds, as permitted by existing exchange privileges.
Each class of shares represents an interest in the same portfolio of
investments of the Fund and has identical rights (based on relative net asset
values) to assets and liquidation proceeds. Share classes can bear different
rates of class-specific fees and expenses such as transfer agent and
distribution fees. Differences in class-specific fees and expenses will result
in differences in net investment income and, therefore, the payment of
different dividends from net investment income earned by each class. The
Amended and Restated Declaration of Trust of the Fund gives the Board the
flexibility to specify either per share voting or dollar-weighted voting when
submitting matters for shareholder approval. Under per share voting, each share
of a class of the Fund is entitled to one vote. Under dollar-weighted voting, a
shareholder's voting power is determined not by the number of shares owned, but
by the dollar value of the shares on the record date. Each share class has
exclusive voting rights with respect to matters affecting only that class,
including with respect to the distribution plan for that class. There is no
distribution plan for Class Y shares or Class Z shares. Class B shares convert
to Class A shares approximately eight years after the date of purchase.
At times, the Fund's investments may represent industries or industry sectors
that are interrelated or have common risks, making the Fund susceptible to any
economic, political, or regulatory developments or other risks affecting those
industries or sectors. The Fund invests in below investment grade (high yield)
debt securities and preferred stocks. Some of these high yield securities may
be convertible into equity securities of the issuer. Debt securities rated
below investment grade are commonly referred to as "junk bonds" and are
considered speculative. These securities involve greater risk of loss, are
subject to greater price volatility, and are less liquid, especially during
periods of economic uncertainty or change, than higher rated debt securities.
The Fund's prospectus
58 Pioneer High Yield Fund | Annual Report | 10/31/10
contains unaudited information regarding the Fund's principal risks. Please
refer to that documents when considering the Fund's principal risks.
The Fund's financial statements have been prepared in conformity with U.S.
generally accepted accounting principles that require the management of the
Fund to, among other things, make estimates and assumptions that affect the
reported amounts of assets and liabilities, the disclosure of contingent assets
and liabilities at the date of the financial statements, and the reported
amounts of income, expenses and gains and losses 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, which are consistent with
those policies generally accepted in the investment company industry:
A. Security Valuation
Security transactions are recorded as of trade date. 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. Senior
floating rate loan interests (senior loans) 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. Senior loans for which no reliable
price quotes are available will be valued by Loan Pricing Corporation
through the use of pricing matrices to determine valuations. Fixed income
securities with remaining maturity of more than sixty days are valued at
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. Valuations may be
supplemented by dealers and other sources, as required. Credit default swaps
are valued by an independent pricing service based upon valuation models
incorporating default probabilities, estimated recovery rates, actual
reported transactions, and other available market data. Equity securities
that have traded on an exchange are valued at 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. Securities or loans for which independent pricing services are
unable to supply prices or for which market prices and/or quotations are not
readily available or are considered to be unreliable are valued using fair
value methods pursuant to procedures adopted by the Board of Trustees.
The Fund may also 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. Thus, the valuation of the Fund's securities may differ from
exchange
Pioneer High Yield Fund | Annual Report | 10/31/10 59
prices. At October 31, 2010 3 securities were valued using fair value
methods (in addition to securities valued using prices supplied by
independent pricing services representing) 0.1% of net assets. 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. Short-term fixed income securities with remaining
maturities of sixty days or less generally are valued at amortized cost.
Money market mutual funds are valued at net asset value.
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 debt securities are accreted/amortized for
financial reporting purposes over the life of the respective securities, and
such accretion/amortization is included in interest income. Interest income
is recorded on the accrual basis, net of unrecoverable foreign taxes
withheld at the applicable country rates.
Dividend income is recorded on the ex-dividend date, except that certain
dividends from foreign securities where the ex-dividend date may have passed
are recorded as soon as the Fund becomes aware of the ex-dividend data in
the exercise of reasonable diligence. Interest income, including interest on
income bearing cash accounts, is recorded on the accrual basis, net of
unrecoverable foreign taxes withheld at the applicable country rates.
Gains and losses on sales of investments are calculated on the identified
cost method for both financial reporting and federal income tax purposes.
B. 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 taxable income and net realized capital gains, if any, to its
share-owners. Therefore, no federal income tax provision is required. Tax
years for the prior three fiscal years are subject to examination by tax
authorities.
The amounts and characterizations of distributions to shareowners for
financial reporting purposes are determined in accordance with federal
income tax rules. Therefore, the sources of the Fund's distributions may be
shown in the accompanying financial statements as from or in excess of net
investment income or as from net realized gain on investment transactions,
or as from paid-in capital, depending on the type of book/tax differences
that may exist.
At October 31, 2010, The Fund had a net capital loss carryforward of
$255,741,539 of which the following amounts will expire between 2011 and
2017 if not utilized: $884,417 in 2011 and $254,857,122 in 2017.
60 Pioneer High Yield Fund | Annual Report | 10/31/10
At October 31, 2010, the Fund reclassified $10,494,355 to increase
undistributed net investment income and $10,494,355 to decrease accumulated
net realized loss on investments to reflect permanent book/tax differences.
The reclassification has no impact on the net assets of the Fund and
presents the Fund's capital accounts on a tax-basis.
The tax character of distributions paid during the years ended October 31,
2010 and October 31, 2009 was as follows:
- --------------------------------------------------------------------------------
2010 2009
- --------------------------------------------------------------------------------
Distributions paid from:
Ordinary income $136,834,206 $191,293,201
Long-term capital gain -- 27,536,312
- --------------------------------------------------------------------------------
Total $136,834,206 $218,829,513
================================================================================
The following shows the components of distributable earnings on a federal
income tax-basis at October 31, 2010:
- --------------------------------------------------------------------------------
2010
- --------------------------------------------------------------------------------
Distributable earnings:
Undistributed ordinary income $ 13,420,625
Capital loss carryforward (255,741,539)
Current year dividend payable (2,257,722)
Unrealized appreciation 215,411,995
- --------------------------------------------------------------------------------
Total $(29,166,641)
================================================================================
The difference between book-basis and tax-basis unrealized appreciation is
attributable to the tax deferral of losses on wash sales, interest accruals
on preferred stocks, adjustments relating to catastrophe bonds, and interest
on defaulted bonds.
C. Fund Shares
The Fund records sales and repurchases of its shares as of trade date.
Pioneer Funds Distributor, Inc. (PFD), the principal underwriter for the
Fund and a wholly owned indirect subsidiary of UniCredit S.p.A. (Uni-Credit),
earned $115,639 in underwriting commissions on the sale of Class A shares
during the year ended October 31, 2010.
D. 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 B, Class C and Class R shares of the Fund,
Pioneer High Yield Fund | Annual Report | 10/31/10 61
respectively (see Note 4). Class Y and Class Z shares do not pay
distribution fees. All expenses and fees paid to the transfer agent, Pioneer
Investment Management Shareholder Services, Inc. (PIMSS), 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 B, Class C, Class R, Class Y
and Class Z shares can reflect different transfer agent and distribution
expense rates.
E. Repurchase Agreements
With respect to repurchase agreements entered into by the Fund, the value of
the underlying securities (collateral), including accrued interest, is
required to be equal to or in excess of the repurchase price. The collateral
for all repurchase agreements is held in safekeeping in the customer-only
account of the Fund's custodian or a subcustodian of the Fund. The Fund's
investment adviser, Pioneer Investment Management, Inc. (PIM), is
responsible for determining that the value of the collateral remains at
least equal to the repurchase price.
F. Securities Lending
The Fund lends securities in its portfolio to certain broker-dealers or
other institutional investors. When entering into a securities loan
transaction, the Fund typically receives cash collateral from the borrower
equal to at least the value of the securities loaned, which is invested in
temporary investments. Credit Suisse AG, New York Branch, as the Fund's
securities lending agent, manages the Fund's securities lending collateral.
The income earned on the investment of collateral is shared with the
borrower and the lending agent in payment of any rebate due to the borrower
with respect to the securities loan, and in compensation for the lending
agent's services to the Fund. The Fund also continues to receive payments in
lieu of dividends or interest on the securities loaned. Gain or loss on the
value of the loaned securities that may occur during the term of the loan
will be for the account of the Fund. The amount of the collateral is
required to be adjusted daily to reflect any price fluctuation in the value
of the loaned securities. If the required market value of the collateral is
less than the value of the loaned securities, the borrower is required to
deliver additional collateral for the account of the Fund prior to the close
of business on that day. The Fund has the right, under the lending
agreement, to terminate the loan and recover the securities from the
62 Pioneer High Yield Fund | Annual Report | 10/31/10
borrower with prior notice. The Fund is required to return the cash
collateral to the borrower and could suffer a loss if the value of the
collateral, as invested, has declined.
G. Credit Default Swap Agreements
A credit default swap is a contract between a buyer of protection and a
seller of protection against a pre-defined credit event. The Fund may buy or
sell credit default swap contracts to increase the Fund's income, to add
leverage to the Fund or to hedge the risk of default on portfolio
securities. When the Fund is 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 Fund as
seller of protection 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
described above.
When the Fund enters into a credit default swap contract, one party, the
protection buyer, makes an upfront or periodic payment to the protection
seller in exchange for the right to receive a contingent payment. An upfront
payment received by the Fund, as the protection seller, is recorded as a
liability in the Fund's records. An upfront payment made by the Fund, as the
protection buyer, is recorded as an asset in the Fund's records. Periodic
payments received or paid by the Fund are recorded as realized gains or
losses.
The credit default swap contracts are marked-to-market daily using
valuations supplied by independent sources and the change in value, if any,
is recorded as unrealized gain or loss. 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.
Credit default swap contracts involving the sale of protection may involve
greater risks than if the Fund had invested in the referenced debt
instrument directly. Credit default swap contracts are subject to general
market risk, liquidity risk, counterparty risk and credit risk. If the Fund
is a protection buyer and no credit event occurs, it will lose its
investment. If the Fund is a protection seller and a credit event occurs,
the value of the referenced debt instrument received by the Fund, together
with the periodic payments received, may be less than the amount the Fund
pays to the protection buyer, resulting in a loss to the Fund.
Pioneer High Yield Fund | Annual Report | 10/31/10 63
Notes to Financial Statements | 10/31/10
The Fund had no credit default swap contracts in the portfolio at October
31, 2010.
2. Management Agreement
PIM, a wholly owned indirect subsidiary of UniCredit, manages the Fund's
portfolio. Management fees are calculated daily at the annual rate of 0.70% of
the Fund's average daily net assets up to $500 million, 0.65% of the next $500
million, 0.60% of the next $4 billion, 0.55% of the next $1 billion, 0.50% of
the next $1 billion, 0.45% of the next $1 billion, 0.40% of the next $1
billion, 0.35% of the next $1 billion, and 0.30% on assets over $10 billion.
For the year ended October 31, 2010, the effective management fee was
equivalent to 0.47% of the Fund's average daily net assets.
PIM has contractually agreed to limit ordinary operating expenses to the extent
required to reduce Class Z expenses to 0.85% of the average daily net assets
attributable to Class Z shares. This expense limitation is in effect through
March 1, 2012 for Class Z shares. There can be no assurance that PIM will
extend the expense limitation agreement for a class of shares beyond the date
referred to above.
In addition, under the management and administration agreements, certain other
services and costs, including accounting, regulatory reporting and insurance
premiums, are paid by the Fund as administrative reimbursements. Included in
"Due to affiliates" reflected on the Statement of Assets and Liabilities is
$152,260 in management fees, administrative costs and certain other
reimbursements payable to PIM at October 31, 2010.
3. Transfer Agent
PIMSS, a wholly owned indirect subsidiary of UniCredit, provides substantially
all transfer agent and shareowner services to the Fund at negotiated rates.
In addition, the Fund reimburses PIMSS for out-of-pocket expenses incurred by
PIMSS related to shareholder communications activities such as proxy and
statement mailings, outgoing phone calls and omnibus relationship contracts.
For the year ended October 31, 2010, such out-of-pocket expenses by class of
shares were as follows:
64 Pioneer High Yield Fund | Annual Report | 10/31/10
- --------------------------------------------------------------------------------
Shareholder Communications:
- --------------------------------------------------------------------------------
Class A $1,687,074
Class B 192,485
Class C 417,127
Class R 281,746
Class Y 247,454
Class Z 991
- --------------------------------------------------------------------------------
Total $2,826,877
================================================================================
Included in "Due to affiliates" reflected on the Statement of Assets and
Liabilities is $439,233 in transfer agent fees and out-of-pocket reimbursements
payable to PIMSS at October 31, 2010.
4. Distribution and Service Plans
The Fund has adopted a Distribution Plan pursuant to Rule 12b-1 of the
Investment Company Act of 1940 with respect to its Class A, Class B, Class C
and Class R shares. Pursuant to the Plan, the Fund pays PFD 0.25% of the
average daily net assets attributable to Class A shares as compensation for
personal services and/or account maintenance services or distribution services
with regard to Class A shares. Pursuant to the Plan, the Fund also pays PFD
1.00% of the average daily net assets attributable to Class B and Class C
shares. The fee for Class B and 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 B
and Class C shares. Pursuant to the Plan, the Fund pays PFD 0.50% of the
average daily net assets attributable to Class R shares for distribution
services. Included in "Due to affiliates" reflected on the Statement of Assets
and Liabilities is $148,833 in distribution fees payable to PFD at October 31,
2010.
The Fund also has adopted a separate service plan for Class R shares (Service
Plan). The Service Plan authorizes the Fund to pay securities dealers, plan
administrators or other service organizations that agree to provide certain
services to retirement plans or plan participants holding shares of the Fund a
service fee of up to 0.25% of the Fund's average daily net assets attributable
to Class R shares held by such plans.
In addition, redemptions of each class of shares (except Class R, Class Y and
Class Z shares) may be subject to a contingent deferred sales charge (CDSC). A
CDSC of 1.00% may be imposed on redemptions of certain net asset value
purchases of Class A shares within 18 months of purchase (within 12 months for
purchases made on or after April 1, 2009). Class B shares that are redeemed
within five years of purchase are subject to a CDSC at declining rates
beginning at 4.00%, based on the lower of cost or market value of shares being
redeemed. Redemptions of Class C shares within one year 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
Pioneer High Yield Fund | Annual Report | 10/31/10 65
CDSC that applied to the original purchase of those shares. There is no CDSC
for Class R, Class Y or Class Z shares. Proceeds from the CDSCs are paid to
PFD. For the year ended October 31, 2010, CDSCs in the amount of $268,178 were
paid to PFD.
5. Expense Offset Arrangements
The Fund has entered into certain expense offset arrangements with PIMSS
resulting in a reduction in the Fund's total expenses, due to interest earned
on cash held by PIMSS. For the year ended October 31, 2010, the Fund's expenses
were not reduced under such arrangements.
6. Line of Credit Facility
The Fund has a $100 million committed, unsecured revolving line of credit
facility. The Fund may borrow up to the lesser of $100 million or the limit set
for borrowings by the Fund's prospectus and the 1940 Act. Interest on
borrowings is payable at the higher of the Federal Funds Rate as in effect on
that day, plus 1.25% on an annualized basis or the overnight London Interbank
Offered Rate (LIBOR) as in effect on that day plus 1.25% on an annualized
basis. The Fund pays a quarterly commitment fee for this facility.
For the year ended October 31, 2010, the average daily amount of borrowings
outstanding during the period was $3,342,510. The related weighted average
annualized interest rate for the period was 1.49%, and the total interest
expense on such borrowings was $101,035. As of October 31, 2010, there were no
borrowings outstanding.
7. Unfunded Loan Commitments
As of October 31, 2010, the fund had unfunded loan commitments of approximately
$4,287,753 (excluding unrealized appreciation on those commitments of $37,753
as of October 31, 2010) which could be extended at the option of the borrower,
pursuant to the following loan agreements:
- -----------------------------------------------------------------------------------------
Net
Unrealized
Loan Shares Cost Value Gain
- -----------------------------------------------------------------------------------------
Reynolds Group Holdings, Ltd.,
Incremental Tranche D Term Loan 4,250,000 $4,250,000 $4,287,753 $37,753
- -----------------------------------------------------------------------------------------
Total $37,753
=========================================================================================
66 Pioneer High Yield Fund | Annual Report | 10/31/10
In addition, the Fund had the following bridge Loan commitments outstanding as
of October 31, 2010:
- ---------------------------------------------------------------------------------------------------------
Net
Unrealized
Loans Shares Cost Value Gain
- ---------------------------------------------------------------------------------------------------------
MedAssets, Inc., Bridge Loan, 9/20/11 $10,690,760 $10,690,760 $10,690,760 $--
- ---------------------------------------------------------------------------------------------------------
PAETEC Holding Corp., Senior Secured
Bridge Facility Loan, 3/12/11 8,300,000 8,300,000 8,300,000 --
- ---------------------------------------------------------------------------------------------------------
Total $--
=========================================================================================================
8. Subsequent Events
In preparing these financial statements, PIM has evaluated the impact of all
events and transactions for potential recognition or disclosure and has
determined that there were no subsequent events requiring recognition or
disclosure in the financial statements.
Pioneer High Yield Fund | Annual Report | 10/31/10 67
Report of Independent Registered Public Accounting Firm
To the Board of Trustees and the Shareowners of
Pioneer High Yield Fund
- --------------------------------------------------------------------------------
We have audited the accompanying statement of assets and liabilities of Pioneer
High Yield Fund (the "Fund"), including the schedule of investments, as of
October 31, 2010, and the related statement of operations for the year then
ended, the statements of changes in net assets for each of the two years in the
period then ended, and the financial highlights for each of the periods
indicated therein. These financial statements and financial highlights are the
responsibility of the Fund's management. Our responsibility is to express an
opinion on these financial statements and financial highlights based on our
audits.
We conducted our audits in accordance with the standards of the Public Company
Accounting Oversight Board (United States). Those standards require that we
plan and perform the audit to obtain reasonable assurance about whether the
financial statements and financial highlights are free of material
misstatement. We were not engaged to perform an audit of the Fund's internal
control over financial reporting. Our audits included consideration of internal
control over financial reporting as a basis for designing audit procedures that
are appropriate in the circumstances, but not for the purpose of expressing an
opinion on the effectiveness of the Fund's internal control over financial
reporting. Accordingly, we express no such opinion. An audit also includes
examining, on a test basis, evidence supporting the amounts and disclosures in
the financial statements and financial highlights, assessing the accounting
principles used and significant estimates made by management, and evaluating
the overall financial statement presentation. Our procedures included
confirmation of securities owned as of October 31, 2010, by correspondence with
the custodian, brokers and agent banks or by other appropriate auditing
procedures where replies from brokers and agent banks were not received. We
believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements and financial highlights referred to
above present fairly, in all material respects, the financial position of
Pioneer High Yield Fund at October 31, 2010, the results of its operations for
the year then ended, the changes in its net assets for each of the two years in
the period then ended, and the financial highlights for each of the periods
indicated therein, in conformity with U.S. generally accepted accounting
principles.
/s/ Ernst & Young LLP
Boston, Massachusetts
December 28, 2010
68 Pioneer High Yield Fund | Annual Report | 10/31/10
ADDITIONAL INFORMATION (unaudited)
The percentages of the Fund's ordinary income distributions that are exempt
from nonresident alien (NRA) tax withholding resulting from qualified interest
income and qualified short term gains were 73.49% and 0.0%, respectively.
Pioneer High Yield Fund | Annual Report | 10/31/10 69
Trustees, Officers and Service Providers
Investment Adviser
Pioneer Investment Management, Inc.
Custodian
Brown Brothers Harriman & Co.
Independent Registered Public Accounting Firm
Ernst & Young LLP
Principal Underwriter
Pioneer Funds Distributor, Inc.
Legal Counsel
Bingham McCutchen LLP
Shareowner Services and Transfer Agent
Pioneer Investment Management Shareholder Services, Inc.
Proxy Voting Policies and Procedures of the Fund are available without charge,
upon request, by calling our toll free number (1-800-225-6292). Information
regarding how the Fund voted proxies relating to portfolio securities during
the most recent 12-month period ended June 30 is publicly available to
shareowners at www.pioneerinvestments.com. This information is also available
on the Securities and Exchange Commission's web site at http://www.sec.gov.
Trustees and Officers
The Fund's Trustees and officers are listed below, together with their
principal occupations during at least the past five years. Trustees who are
interested persons of the Fund within the meaning of the 1940 Act are referred
to as Interested Trustees. Trustees who are not interested persons of the Fund
are referred to as Independent Trustees. Each of the Trustees, except Mr. West,
serves as a trustee of each of the 57 U.S. registered investment portfolios for
which Pioneer serves as investment adviser (the "Pioneer Funds"). Mr. West
serves as a trustee of 44 U.S. registered investment portfolios for which
Pioneer serves as investment adviser. The address for all Trustees and all
officers of the Fund is 60 State Street, Boston, Massachusetts 02109.
The Statement of Additional Information of the Fund includes additional
information about the Trustees and is available, without charge, upon request,
by calling 1-800-225-6292.
70 Pioneer High Yield Fund | Annual Report | 10/31/10
Interested Trustees
- ------------------------------------------------------------------------------------------------------------------------------------
Position Held Length of Service Other Directorships
Name and Age with the Fund and Term of Office Principal Occupation Held by this Trustee
- ------------------------------------------------------------------------------------------------------------------------------------
John F. Cogan, Jr. (84)* Chairman of the Board, Trustee since 1999. Non-Executive Chairman and a None
Trustee and President Serves until a successor director of Pioneer Investment
trustee is elected or Management USA Inc. ("PIM-USA");
earlier retirement or Chairman and a director of Pioneer;
removal. Chairman and Director of Pioneer
Institutional Asset Management,
Inc. (since 2006); Director of
Pioneer Alternative Investment
Management Limited (Dublin);
President and a director of Pioneer
Alternative Investment Management
(Bermuda) Limited and affiliated
funds; Deputy Chairman and a
director of Pioneer Global Asset
Management S.p.A. ("PGAM") (until
April 2010); Director of PIOGLOBAL
Real Estate Investment Fund
(Russia) (until June 2006);
Director of Nano-C, Inc. (since
2003); Director of Cole Management
Inc. (since 2004); Director of
Fiduciary Counseling, Inc.;
President and Director of Pioneer
Funds Distributor, Inc. ("PFD")
(until May 2006); President of all
of the Pioneer Funds; and Of
Counsel, Wilmer Cutler Pickering
Hale and Dorr LLP
- ------------------------------------------------------------------------------------------------------------------------------------
Daniel K. Kingsbury (52)* Trustee and Executive Trustee since 2007. Director, CEO and President of None
Vice President Serves until a successor PIM-USA (since February 2007);
trustee is elected or Director and President of Pioneer
earlier retirement or and Pioneer Institutional Asset
removal. Management, Inc. (since February
2007); Executive Vice President of
all of the Pioneer Funds (since
March 2007); Director of PGAM (2007
- 2010); Head of New Europe
Division, PGAM (2000 - 2005); and
Head of New Markets Division, PGAM
(2005 - 2007)
- ------------------------------------------------------------------------------------------------------------------------------------
* Mr. Cogan and Mr. Kingsbury are Interested Trustees because they are officers
or directors of the Fund's investment adviser and certain of its affiliates.
Pioneer High Yield Fund | Annual Report | 10/31/10 71
Independent Trustees
- ------------------------------------------------------------------------------------------------------------------------------------
Position Held Length of Service Principal Occupation During Other Directorships
Name and Age with the Fund and Term of Office Past Five Years Held by this Trustee
- ------------------------------------------------------------------------------------------------------------------------------------
David R. Bock (66) Trustee Trustee since 2005. Interim Chief Executive Director of Enterprise
Serves until a successor Officer, Oxford Analytica, Community Investment, Inc.
trustee is elected or Inc. (privately held research (privately held affordable
earlier retirement or and consulting company) (2010 housing finance company) (1985
removal. - present); Managing Partner, - present); Director of Oxford
Federal City Capital Advisors Analytica, Inc. (2008 -
(corporate advisory services present); and Director of New
company) (1997 - 2004 and 2008 York Mortgage Trust (publicly
- present); Executive Vice traded mortgage REIT) (2004 -
President and Chief Financial 2009)
Officer, I-trax, Inc.
(publicly traded health care
services company) (2004 -
2007); and Executive Vice
President and Chief Financial
Officer, Pedestal Inc.
(internet-based mortgage
trading company) (2000 - 2002)
- ------------------------------------------------------------------------------------------------------------------------------------
Mary K. Bush (62) Trustee Trustee since 1999. President, Bush International, Director of Marriott
Serves until a successor LLC (international financial International, Inc. (2008 -
trustee is elected or advisory firm) (1991 - present); Director of Discover
earlier retirement or present); Managing Director, Financial Services (credit
removal. Federal Housing Finance Board card issuer and electronic
(oversight of Federal Home payment services) (2007 -
Loan Bank system) (1989 - present); Former Director of
1991); Vice President and Head Briggs & Stratton Co. (engine
of International Finance, manufacturer) (2004 - 2009);
Federal National Mortgage Director of UAL Corporation
Association (1988 - 1989); (airline holding company)
U.S. Alternate Executive (2006 - present); Director of
Director, International ManTech International
Monetary Fund (1984 - 1988); Corporation (national
Executive Assistant to Deputy security, defense, and
Secretary of the U.S. intelligence technology firm)
Treasury, U.S. Treasury (2006 - present); Member,
Department (1982 - 1984); and
Vice President and Team Leader
in Corporate Banking, Bankers
Trust Co. (1976 - 1982)
- ------------------------------------------------------------------------------------------------------------------------------------
72 Pioneer High Yield Fund | Annual Report | 10/31/10
- ------------------------------------------------------------------------------------------------------------------------------------
Position Held Length of Service Principal Occupation During Other Directorships
Name and Age with the Fund and Term of Office Past Five Years Held by this Trustee
- ------------------------------------------------------------------------------------------------------------------------------------
Mary K. Bush (62) (continued) Board of Governors, Investment
Company Institute (2007 -
present); Former Director of
Brady Corporation (2000 -
2007); Former Director of
Mortgage Guaranty Insurance
Corporation (1991 - 2006);
Former Director of Millennium
Chemicals, Inc. (commodity
chemicals) (2002 - 2005);
Former Director, R.J. Reynolds
Tobacco Holdings, Inc.
(tobacco) (1999 - 2005); and
Former Director of Texaco,
Inc. (1997 - 2001)
- ------------------------------------------------------------------------------------------------------------------------------------
Benjamin M. Friedman (66) Trustee Trustee since 2008. William Joseph Maier Professor Trustee, Mellon Institutional
Serves until a successor of Political Economy, Harvard Funds Investment Trust and
trustee is elected or University (1972 - present) Mellon Institutional Funds
earlier retirement or Master Portfolio (oversaw 17
removal. portfolios in fund complex)
(1989 - 2008)
- ------------------------------------------------------------------------------------------------------------------------------------
Pioneer High Yield Fund | Annual Report | 10/31/10 73
Independent Trustees (continued)
- ------------------------------------------------------------------------------------------------------------------------------------
Position Held Length of Service Principal Occupation During Other Directorships
Name and Age with the Fund and Term of Office Past Five Years Held by this Trustee
- ------------------------------------------------------------------------------------------------------------------------------------
Margaret B.W. Graham (63) Trustee Trustee since 1999. Founding Director, Vice None
Serves until a successor President and Corporate
trustee is elected or Secretary, The Winthrop Group,
earlier retirement or Inc. (consulting firm) (1982 -
removal. present); Desautels Faculty of
Management, McGill University
(1999 - present); and Manager
of Research Operations and
Organizational Learning,
Xerox PARC, Xerox's Advance
Research Center (1990 - 1994)
- ------------------------------------------------------------------------------------------------------------------------------------
Thomas J. Perna (60) Trustee Trustee since 2006. Chairman and Chief Executive Director, Broadridge Finan-
Serves until a successor Officer, Quadriserv, Inc. cial Solutions, Inc. (investor
trustee is elected or (technol- ogy products for communications and securities
earlier retirement or securities lending industry) processing provider for
removal. (2008 - present); Private financial services industry)
investor (2004 - 2008); and (2009 - present); and
Senior Executive Vice Director, Quadriserv, Inc.
President, The Bank of New (2005 - present)
York (financial and securities
services) (1986 - 2004)
- ------------------------------------------------------------------------------------------------------------------------------------
Marguerite A. Piret (62) Trustee Trustee since 1999. President and Chief Executive Director of New America High
Serves until a successor Officer, Newbury, Piret & Income Fund, Inc. (closed-end
trustee is elected or Company, Inc. (investment investment company) (2004 -
earlier retirement or banking firm) (1981 - present) present); and Member, Board of
removal. Governors, Investment Company
Institute (2000 - 2006)
- ------------------------------------------------------------------------------------------------------------------------------------
Stephen K. West (82) Trustee Trustee since 1999. Senior Counsel, Sullivan & Director, The Swiss Helvetia
Serves until a successor Cromwell LLP (law firm) (1998 Fund, Inc. (closed-end
trustee is elected or - present); and Partner, investment company); and
earlier retirement or Sullivan & Cromwell LLP (prior Director, AMVESCAP, PLC
removal. to 1998) (investment manager)
(1997 - 2005)
- ------------------------------------------------------------------------------------------------------------------------------------
74 Pioneer High Yield Fund | Annual Report | 10/31/10
Fund Officers
- ------------------------------------------------------------------------------------------------------------------------------------
Position Held Length of Service Other Directorships
Name and Age with the Fund and Term of Office Principal Occupation Held by this Officer
- ------------------------------------------------------------------------------------------------------------------------------------
Christopher J. Kelley (45) Secretary Since 2010. Serves at Vice President and Associate None
the discretion of the General Counsel of Pioneer
Board. since January 2008 and
Secretary of all of the
Pioneer Funds since June 2010;
Assistant Secretary of all of
the Pioneer Funds from
September 2003 to May 2010;
and Vice President and Senior
Counsel of Pioneer from July
2002 to December 2007
- ------------------------------------------------------------------------------------------------------------------------------------
Carol B. Hannigan (49) Assistant Secretary Since 2010. Serves at Fund Governance Director of None
the discretion of the Pioneer since December 2006
Board. and Assistant Secretary of all
the Pioneer Funds since June
2010; Manager -- Fund
Governance of Pioneer from
December 2003 to November
2006; and Senior Paralegal of
Pioneer from January 2000 to
November 2003
- ------------------------------------------------------------------------------------------------------------------------------------
Thomas Reyes (47) Assistant Secretary Since 2010. Serves at Counsel of Pioneer since June None
the discretion of the 2007 and Assistant Secretary
Board. of all the Pioneer Funds since
June 2010; and Vice President
and Counsel at State Street
Bank from October 2004 to June
2007
- ------------------------------------------------------------------------------------------------------------------------------------
Mark E. Bradley (50) Treasurer Since 2008. Serves at Vice President -- Fund None
the discretion of the Accounting, Administration and
Board. Controllership Services of
Pioneer; and Treasurer of all
of the Pioneer Funds since
March 2008; Deputy Treasurer
of Pioneer from March 2004 to
February 2008; Assistant
Treasurer of all of the
Pioneer Funds from March 2004
to February 2008; and
Treasurer and Senior Vice
President, CDC IXIS Asset
Management Services, from 2002
to 2003
- ------------------------------------------------------------------------------------------------------------------------------------
Luis I. Presutti (45) Assistant Treasurer Since 2000. Serves at Assistant Vice President -- None
the discretion of the Fund Accounting,
Board. Administration and
Controllership Services of
Pioneer; and Assistant
Treasurer of all of the
Pioneer Funds
- ------------------------------------------------------------------------------------------------------------------------------------
Gary Sullivan (52) Assistant Treasurer Since 2002. Serves at Fund Accounting Manager -- None
the discretion of the Fund Accounting,
Board. Administration and
Controllership Services of
Pioneer; and Assistant
Treasurer of all of the
Pioneer Funds
- ------------------------------------------------------------------------------------------------------------------------------------
Pioneer High Yield Fund | Annual Report | 10/31/10 75
Fund Officers (continued)
- ------------------------------------------------------------------------------------------------------------------------------------
Position Held Length of Service Other Directorships
Name and Age with the Fund and Term of Office Principal Occupation Held by this Officer
- ------------------------------------------------------------------------------------------------------------------------------------
David F. Johnson (30) Assistant Treasurer Since 2009. Serves at Fund Administration Manager -- None
the discretion of the Fund Accounting,
Board. Administration and
Controllership Services since
November 2008; Assistant
Treasurer of all of the
Pioneer Funds since January
2009; and Client Service
Manager -- Institutional
Investor Services at State
Street Bank from March 2003 to
March 2007
- ------------------------------------------------------------------------------------------------------------------------------------
Jean M. Bradley (58) Chief Compliance Since 2010. Serves at Chief Compliance Officer of None
Officer the discretion of the Pioneer and of all the Pioneer
Board. Funds since March 2010;
Director of Adviser and
Portfolio Compliance at
Pioneer since October 2005;
and Senior Compliance Officer
for Columbia Management
Advisers, Inc. from October
2003 to October 2005
- ------------------------------------------------------------------------------------------------------------------------------------
76 Pioneer High Yield Fund | Annual Report | 10/31/10
How to Contact Pioneer
We are pleased to offer a variety of convenient ways for you to contact us for
assistance or information.
Call us for:
- --------------------------------------------------------------------------------
Account Information, including existing accounts,
new accounts, prospectuses, applications
and service forms 1-800-225-6292
FactFone(SM) for automated fund yields, prices,
account information and transactions 1-800-225-4321
Retirement plans information 1-800-622-0176
Write to us:
- --------------------------------------------------------------------------------
PIMSS, Inc.
P.O. Box 55014
Boston, Massachusetts 02205-5014
Our toll-free fax 1-800-225-4240
Our internet e-mail address ask.pioneer@pioneerinvestments.com
(for general questions about Pioneer only)
Visit our web site: www.pioneerinvestments.com
This report must be preceded or accompanied by a prospectus.
The Fund files a complete schedule of investments with the Securities and
Exchange Commission for the first and third quarters for each fiscal year on
Form N-Q. Shareholders may view the filed Form N-Q by visiting the Commission's
web site at http://www.sec.gov. The filed form may also be viewed and copied at
the Commission's Public Reference Room in Washington, DC. Information regarding
the operations of the Public Reference Room may be obtained by calling
1-800-SEC-0330.
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 10(a), 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;
(2) Post the text of such code of ethics on its Internet website and
disclose, in its most recent report on this Form N-CSR, its Internet
address and the fact that it has posted such code of ethics on its
Internet website; or
(3) Undertake in its most recent report on this Form N-CSR to provide to
any person without charge, upon request, a copy of such code of ethics
and explain the manner in which such request may be made.
See Item 10(2)
ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.
(a) (1) Disclose that the registrant's board of trustees has determined that
the registrant either:
(i) Has at least one audit committee financial expert serving on its audit
committee; or
(ii) Does not have an audit committee financial expert serving on its audit
committee.
The registrant's Board of Trustees has determined that the registrant has at
least one audit committee financial expert.
(2) If the registrant provides the disclosure required by paragraph
(a)(1)(i) of this Item, it must disclose the name of the audit committee
financial expert and whether that person is "independent." In order to be
considered "independent" for purposes of this Item, a member of an audit
committee may not, other than in his or her capacity as a member of the audit
committee, the board of trustees, or any other board committee:
(i) Accept directly or indirectly any consulting, advisory, or other
compensatory fee from the issuer; or
(ii) Be an "interested person" of the investment company as defined in
Section 2(a)(19) of the Act (15 U.S.C. 80a-2(a)(19)).
Ms. Marguerite A. Piret, an independent trustee, is such an audit committee
financial expert.
(3) If the registrant provides the disclosure required by paragraph (a)(1)
(ii) of this Item, it must explain why it does not have an audit committee
financial expert.
Not applicable.
ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.
(a) Disclose, under the caption AUDIT FEES, the aggregate fees billed for each
of the last two fiscal years for professional services rendered by the principal
accountant for the audit of the registrant's annual financial statements or
services that are normally provided by the accountant in connection with
statutory and regulatory filings or engagements for those fiscal years.
Fees for audit services provided to the Fund, including fees associated
with the filings of its Form N-1A, totaled approximately $45,486 in
2010 and approximately $43,800 in 2009.
(b) Disclose, under the caption AUDIT-RELATED FEES, the aggregate fees billed in
each of the last two fiscal years for assurance and related services by the
principal accountant that are reasonably related to the performance of the audit
of the registrant's financial statements and are not reported under
paragraph (a) of this Item. Registrants shall describe the nature of the
services comprising the fees disclosed under this category.
There were no audit-related services in 2010 or 2009.
(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.
Fees for audit services provided to the Fund, including fees associated
with the filings of its Form N-1A, totaled approximately $45,486
in 2010 and approximately $43,800 in 2009.
(d) Disclose, under the caption ALL OTHER FEES, the aggregate fees billed in
each of the last two fiscal years for products and services provided by the
principal accountant, other than the services reported in paragraphs (a) through
(c) of this Item. Registrants shall describe the nature of the services
comprising the fees disclosed under this category.
There were no other services provided to the Fund during the fiscal
years ended October 31, 2010 and 2009.
(e) (1) Disclose the audit committee's pre-approval policies and procedures
described in paragraph (c)(7) of Rule 2-01 of Regulation S-X.
PIONEER FUNDS
APPROVAL OF AUDIT, AUDIT-RELATED, TAX AND OTHER SERVICES
PROVIDED BY THE INDEPENDENT AUDITOR
SECTION I - POLICY PURPOSE AND APPLICABILITY
The Pioneer Funds recognize the importance of maintaining the independence of
their outside auditors. Maintaining independence is a shared responsibility
involving Pioneer Investment Management, Inc ("PIM"), the audit committee and
the independent auditors.
The Funds recognize that a Fund's independent auditors: 1) possess knowledge of
the Funds, 2) are able to incorporate certain services into the scope of the
audit, thereby avoiding redundant work, cost and disruption of Fund personnel
and processes, and 3) have expertise that has value to the Funds. As a result,
there are situations where it is desirable to use the Fund's independent
auditors for services in addition to the annual audit and where the potential
for conflicts of interests are minimal. Consequently, this policy, which is
intended to comply with Rule 210.2-01(C)(7), sets forth guidelines and
procedures to be followed by the Funds when retaining the independent audit firm
to perform audit, audit-related tax and other services under those
circumstances, while also maintaining independence.
Approval of a service in accordance with this policy for a Fund shall also
constitute approval for any other Fund whose pre-approval is required pursuant
to Rule 210.2-01(c)(7)(ii).
In addition to the procedures set forth in this policy, any non-audit services
that may be provided consistently with Rule 210.2-01 may be approved by the
Audit Committee itself and any pre-approval that may be waived in accordance
with Rule 210.2-01(c)(7)(i)(C) is hereby waived.
Selection of a Fund's independent auditors and their compensation shall be
determined by the Audit Committee and shall not be subject to this policy.
SECTION II - POLICY
- ---------------- -------------------------------- -------------------------------------------------
SERVICE SERVICE CATEGORY DESCRIPTION SPECIFIC PRE-APPROVED SERVICE SUBCATEGORIES
CATEGORY
- ---------------- -------------------------------- -------------------------------------------------
I. AUDIT Services that are directly o Accounting research assistance
SERVICES related to performing the o SEC consultation, registration
independent audit of the Funds statements, and reporting
o Tax accrual related matters
o Implementation of new accounting
standards
o Compliance letters (e.g. rating agency
letters)
o Regulatory reviews and assistance
regarding financial matters
o Semi-annual reviews (if requested)
o Comfort letters for closed end
offerings
- ---------------- -------------------------------- -------------------------------------------------
II. Services which are not o AICPA attest and agreed-upon procedures
AUDIT-RELATED prohibited under Rule o Technology control assessments
SERVICES 210.2-01(C)(4) (the "Rule") o Financial reporting control assessments
and are related extensions of o Enterprise security architecture
the audit services support the assessment
audit, or use the
knowledge/expertise gained
from the audit procedures as a
foundation to complete the
project. In most cases, if
the Audit-Related Services are
not performed by the Audit
firm, the scope of the Audit
Services would likely
increase. The Services are
typically well-defined and
governed by accounting
professional standards (AICPA,
SEC, etc.)
- ---------------- -------------------------------- -------------------------------------------------
------------------------------------- ------------------------------------
AUDIT COMMITTEE APPROVAL POLICY AUDIT COMMITTEE
REPORTING POLICY
------------------------------------- ------------------------------------
o "One-time" pre-approval o A summary of all such
for the audit period for all services and related fees
pre-approved specific service reported at each regularly
subcategories. Approval of the scheduled Audit Committee
independent auditors as meeting.
auditors for a Fund shall
constitute pre approval for
these services.
------------------------------------- ------------------------------------
o "One-time" pre-approval o A summary of all such
for the fund fiscal year within services and related fees
a specified dollar limit (including comparison to
for all pre-approved specified dollar limits)
specific service subcategories reported quarterly.
o Specific approval is
needed to exceed the
pre-approved dollar limit for
these services (see general
Audit Committee approval policy
below for details on obtaining
specific approvals)
o Specific approval is
needed to use the Fund's
auditors for Audit-Related
Services not denoted as
"pre-approved", or
to add a specific service
subcategory as "pre-approved"
------------------------------------- ------------------------------------
SECTION III - POLICY DETAIL, CONTINUED
- ----------------------- --------------------------- -----------------------------------------------
SERVICE CATEGORY SERVICE CATEGORY SPECIFIC PRE-APPROVED SERVICE SUBCATEGORIES
DESCRIPTION
- ----------------------- --------------------------- -----------------------------------------------
III. TAX SERVICES Services which are not o Tax planning and support
prohibited by the Rule, o Tax controversy assistance
if an officer of the Fund o Tax compliance, tax returns, excise
determines that using the tax returns and support
Fund's auditor to provide o Tax opinions
these services creates
significant synergy in
the form of efficiency,
minimized disruption, or
the ability to maintain a
desired level of
confidentiality.
- ----------------------- --------------------------- -----------------------------------------------
- ------------------------------------- -------------------------
AUDIT COMMITTEE APPROVAL POLICY AUDIT COMMITTEE
REPORTING POLICY
- ------------------------------------- -------------------------
- ------------------------------------- -------------------------
o "One-time" pre-approval o A summary of
for the fund fiscal year all such services and
within a specified dollar limit related fees
(including comparison
to specified dollar
limits) reported
quarterly.
o Specific approval is
needed to exceed the
pre-approved dollar limits for
these services (see general
Audit Committee approval policy
below for details on obtaining
specific approvals)
o Specific approval is
needed to use the Fund's
auditors for tax services not
denoted as pre-approved, or to add a specific
service subcategory as
"pre-approved"
- ------------------------------------- -------------------------
SECTION III - POLICY DETAIL, CONTINUED
- ----------------------- --------------------------- -----------------------------------------------
SERVICE CATEGORY SERVICE CATEGORY SPECIFIC PRE-APPROVED SERVICE SUBCATEGORIES
DESCRIPTION
- ----------------------- --------------------------- -----------------------------------------------
IV. OTHER SERVICES Services which are not o Business Risk Management support
prohibited by the Rule, o Other control and regulatory
A. SYNERGISTIC, if an officer of the Fund compliance projects
UNIQUE QUALIFICATIONS determines that using the
Fund's auditor to provide
these services creates
significant synergy in
the form of efficiency,
minimized disruption,
the ability to maintain a
desired level of
confidentiality, or where
the Fund's auditors
posses unique or superior
qualifications to provide
these services, resulting
in superior value and
results for the Fund.
- ----------------------- --------------------------- -----------------------------------------------
- --------------------------------------- ------------------------
AUDIT COMMITTEE APPROVAL POLICY AUDIT COMMITTEE
REPORTING POLICY
- ------------------------------------- --------------------------
o "One-time" pre-approval o A summary of
for the fund fiscal year within all such services and
a specified dollar limit related fees
(including comparison
to specified dollar
limits) reported
quarterly.
o Specific approval is
needed to exceed the
pre-approved dollar limits for
these services (see general
Audit Committee approval policy
below for details on obtaining
specific approvals)
o Specific approval is
needed to use the Fund's
auditors for "Synergistic" or
"Unique Qualifications" Other
Services not denoted as
pre-approved to the left, or to
add a specific service
subcategory as "pre-approved"
- ------------------------------------- --------------------------
SECTION III - POLICY DETAIL, CONTINUED
- ----------------------- ------------------------- -----------------------------------------------
SERVICE CATEGORY SERVICE CATEGORY SPECIFIC PROHIBITED SERVICE SUBCATEGORIES
DESCRIPTION
- ----------------------- ------------------------- -----------------------------------------------
PROHIBITED SERVICES Services which result 1. Bookkeeping or other services
in the auditors losing related to the accounting records or
independence status financial statements of the audit
under the Rule. client*
2. Financial information systems design
and implementation*
3. Appraisal or valuation services,
fairness* opinions, or
contribution-in-kind reports
4. Actuarial services (i.e., setting
actuarial reserves versus actuarial
audit work)*
5. Internal audit outsourcing services*
6. Management functions or human
resources
7. Broker or dealer, investment
advisor, or investment banking services
8. Legal services and expert services
unrelated to the audit
9. Any other service that the Public
Company Accounting Oversight Board
determines, by regulation, is
impermissible
- ----------------------- ------------------------- -----------------------------------------------
- ------------------------------------------- ------------------------------
AUDIT COMMITTEE APPROVAL POLICY AUDIT COMMITTEE
REPORTING POLICY
- ------------------------------------------- ------------------------------
o These services are not to be o A summary of all
performed with the exception of the(*) services and related
services that may be permitted fees reported at each
if they would not be subject to audit regularly scheduled
procedures at the audit client (as Audit Committee meeting
defined in rule 2-01(f)(4)) level will serve as continual
the firm providing the service. confirmation that has
not provided any
restricted services.
- ------------------------------------------- ------------------------------
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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.
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(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.
Beginning with non-audit service contracts entered into on or after
May 6, 2003, the effective date of the new SEC pre-approval rules,
the Funds audit committee is required to pre-approve services to
affiliates defined by SEC rules to the extent that the services are
determined to have a direct impact on the operations or financial
reporting of the Fund. For the years ended October 31, 2010 and 2009,
there were no services provided to an affiliate that required the Funds
audit committee pre-approval.
(f) If greater than 50 percent, disclose the percentage of hours expended on the
principal accountant's 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 registrant's accountant
for services rendered to the registrant, and rendered to the registrant's
investment adviser (not including any sub-adviser whose role is primarily
portfolio management and is subcontracted with or overseen by another investment
adviser), and any entity controlling, controlled by, or under common control
with the adviser that provides ongoing services to the registrant for each of
the last two fiscal years of the registrant.
The aggregate non-audit fees for the Fund and affiliates, as previously
defined, totaled approximately $8,290 in 2010 and $8,290 in 2009.
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.
(h) Disclose whether the registrant's audit committee of the board of trustees
has considered whether the provision of non-audit services that were rendered to
the registrant's 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 registrants 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 I Investments in securities of unaffiliated issuers
as of the close of the reporting period as set forth in 210.12-
12 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 registrants portfolio (Portfolio Manager). Also state each Portfolio
Managers 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 registrants equity securities
that is registered by the registrant pursuant to Section 12 of the
Exchange Act (15 U.S.C. 781). Instruction to paragraph (a). Disclose
all purchases covered by this Item, including purchases that do not
satisfy the conditions of the safe harbor of Rule 10b-18 under the
Exchange Act (17 CFR 240.10b-18), made in the period covered by the
report. Provide disclosures covering repurchases made on a monthly basis.
For example, if the reporting period began on January 16 and ended on
July 15, the chart would show repurchases for the months from January 16
through February 15, February 16 through March 15, March 16 through
April 15, April 16 through May 15, May 16 through June 15, and June 16
through July 15.
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 registrants board of directors, where
those changes were implemented after the registrant last provided
disclosure in response to the requirements of Item 7(d)(2)(ii)(G)
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 registrants board of
directors since the registrant last provided disclosure in response
to the requirements of Item 7(d)(2)(ii)(G) 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 officer or
officers and principal financial officer or officers, or persons performing
similar functions, about the effectiveness of the registrant's disclosure
controls and procedures (as defined in Rule 30a-2(c) under the Act (17 CFR
270.30a-2(c))) based on their evaluation of these controls and procedures as of
a date within 90 days of the filing date of the report that includes the
disclosure required by this paragraph.
The registrant's principal executive officer
and principal financial officer have
concluded that the registrant's disclosure
controls and procedures are effective based
on their evaluation of these controls and
procedures as of a date within 90 days of the
filing date of this report.
(b) Disclose whether or not there were significant changes in the registrant's
internal controls or in other factors that could significantly affect these
controls subsequent to the date of their evaluation, including any corrective
actions with regard to significant deficiencies and material weaknesses.
There were no significant changes in the
registrant's internal control over financial
reporting that occurred during the second
fiscal quarter of the period covered by this
report that have materially affected, or are
reasonably likely to materially affect, the
registrant's internal control over financial
reporting.
The registrant's principal executive officer and principal financial
officer, however, voluntarily are reporting the following information:
In August of 2006 the registrant's investment adviser
enhanced its internal procedures for reporting performance
information required to be included in prospectuses.
Those enhancements involved additional internal controls
over the appropriateness of performance data
generated for this purpose. Such enhancements were made
following an internal review which identified
prospectuses relating to certain classes of shares of
a limited number of registrants where, inadvertently,
performance information not reflecting the deduction of
applicable sales charges was included. Those prospectuses
were revised, and the revised prospectuses were distributed to
shareholders.
ITEM 12. EXHIBITS.
File the exhibits listed below as part of this Form. Letter or number the
exhibits in the sequence indicated.
(a) 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.
(b) A separate certification for each principal executive officer and principal
financial officer of the registrant as required by Rule 30a-2 under the Act
(17 CFR 270.30a-2).
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/ John F. Cogan, Jr.
John F. Cogan, Jr, President
Date December 30, 2010
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/ John F. Cogan, Jr.
John F. Cogan, Jr., President
Date December 30, 2010
By (Signature and Title)* /s/ Mark Bradley
Mark Bradley, Treasurer
Date December 30, 2010
* Print the name and title of each signing officer under his or her signature.